Document:

EX-10.1

 Exhibit 10.1 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant
to Rule 406 of the Securities Act of 1933, as amended. 
 RESTATED AND AMENDED LICENSE AND ASSIGNMENT AGREEMENT 

 
  

entered into by and between 

Stichting VUmc 
 and 

LAVA Therapeutics B.V. 
  

 
 THIS AGREEMENT is entered into with effect
as from February 25, 2021 (“Restatement Effective Date”) by and between: 
 - STICHTING VUmc, with registered office at De
Boelelaan 1117, 1081 HV Amsterdam, The Netherlands (“VUmc”), represented by [***] 
 and 

- LAVA Therapeutics B.V. with registered office at Yalelaan 60, 3584 CM Utrecht, The Netherlands (“LAVA”), represented by [***]
and [***], 
 VUmc and LAVA jointly also referred to as “Parties” and individually as “Party”; 

WHEREAS: 
  

	 	A.	 VUmc is an academic hospital and medical faculty in Amsterdam, which stands for distinctive scientific research
combined with patient care and high quality scientific education. VUmc has valuable expertise in the field of preclinical models, inter alia testing of therapeutic and/or preventative effect and/or mode of action in in vitro and in
vivo studies. 

  

	 	B.	 LAVA is a biotechnology company that creates and develops next generation
gs T cell engaging bispecific antibodies for the treatment of cancer. LAVA intends to develop potent, safe and cost-effective biopharmaceuticals that arm the
immune system to recognize and destroy tumor cells. LAVA has proprietary rights on bispecific gs T cell engagers. 

 

	 	C.	 Parties have been collaborating since 2017. VUmc makes available certain employees to LAVA under various
secondment agreements. These VUmc employees perform research and preclinical development activities and prepare reports and publications. The VUmc employees are authorized to use VUmc’s laboratory, office spaces and other facilities and
utilities for the benefit of LAVA. Any future research staff employed by VUmc and involved by LAVA shall be subject to Parties entering into separate secondment agreements for each of these staff members. 

 

	 	D.	 Parties entered into that certain License and Assignment Agreement dated 1 January 2017 (the
“Original Agreement”), pursuant to which, among other things, LAVA obtained from VUmc, and VUmc granted to LAVA, an exclusive license and other rights under certain patents rights, tangible know how, and non-severable improvements and a non-exclusive license under certain non-tangible know-how to
exploit Products during the Term within the Territory. On 1 July 2017, Parties entered into an assignment letter (the “2017 Assignment Letter”) pursuant to which VUmc assigned to LAVA the Original Patent Rights. On
26 January 2018, Parties made an Addendum to the Original Agreement (the “Addendum”), in which Parties agreed that, subject to the terms and conditions therein, the milestone payment following an Exit (as defined below) will
not exceed [***] (attached as Schedule II), which agreement continues to apply after execution of this Agreement. 

  
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	 	E.	 On 13 May 2020, LAVA entered into a research collaboration and license agreement with Janssen (as defined
below) (the “Janssen Agreement”), pursuant to which Janssen obtained from LAVA, and LAVA granted to Janssen, a license to use (inter alia) the Patent Rights (as defined below) for the development and exploitation of certain products
[***]. On 6 July 2020, Parties entered into a Side Letter to the Original Agreement in relation to the Janssen Agreement, attached as Schedule III (the “Side Letter”). Parties desire to restate and amend the
Original Agreement to incorporate the provisions agreed in the Side Letter. 

  

	 	F.	 Within [***] of the Restatement Effective Date, the Parties shall execute an Assignment Letter to
document the assignment made effective hereunder by VUmc to LAVA all VUmc’s rights, title, and interest in and to any inventions claimed in the Patent Rights (other than the Original Patent Rights) set forth in subsection (b) of the
definition of Patent Rights (the “2021 Assignment Letter”). 

  

	 	G.	 Parties acknowledge and agree that as of the Restatement Effective Date, several conditions included in the
Original Agreement have been fulfilled and as a result, Parties now wish to restate and amend the Original Agreement to, among other things: 

  

	 	•	 	 clarify LAVA’s rights to the assigned patents; 

 

	 	•	 	 adapt and clarify LAVA’s payment obligations with respect to income received by LAVA under the Janssen
Agreement; 

  

	 	•	 	 confirm that the Historic Patent Costs referred to in Article 4.3 of the Original Agreement were reimbursed in
full by LAVA to VUmc as at the end of the Improvement Period; 

  

	 	•	 	 confirm that any rights of first negotiation (“RoFN”) granted by VUmc to LAVA under the Original
Agreement have lapsed and expired upon the start of the Post Improvement Period; 

  

	 	•	 	 confirm that, prior to the execution of this Agreement (as defined below), LAVA has obtained Independent Status
as referred to in Article 8.2 of the Original Agreement; and 

  

	 	•	 	 reaffirm that, with regard to the cooperation in recent years, Parties wish to continue to combine their diverse
capabilities and collaborate for the purpose of developing the best biopharmaceuticals and to further substantiate and amend their legal relationship by executing this Agreement. 

0. Definitions 
  

					
	Affiliate	  	means, with respect to any person, any other person that is directly or indirectly controlled by, controls, or is under common control with such person; for purposes hereof, “control” of a person means
(i) ownership of, or possession of the right to vote, more than fifty percent (50%) of the outstanding voting equity of that person or (ii) the right to control the appointment of the board of directors, management or executive officers of
that person.
		
	Agreement	  	means this restated and amended license and assignment agreement, including its exhibits, annexes and amendments.
		
	Assignment	  	means an assignment or other transfer of an ownership interest in and to any Patent Rights and/or Non-Severable Improvements to LAVA, including pursuant to the 2017 Assignment
Letter and the 2021 Assignment Letter.
		
	Change of Control	  	means a direct or indirect sale, disposal of or transfer, in one or more related transactions, to a third party of a majority interest in the shares of LAVA or properties or assets representing all or a substantial part
of the properties and assets of LAVA and its subsidiaries.
		
	 Confidential Information
	  	any information obtained by one Party from the other Party in the context of this Agreement which can either
			
		  	i)	  	be reasonably understood to be confidential (which, for the avoidance of doubt, includes all Know How), or
			
		  	ii)	  	is clearly marked or otherwise identified as being confidential [***] after disclosure.

  
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	Effective Date	  	means January 1, 2017.
		
	Exit	  	means (a) an Initial Public Offering or (b) Change of Control. This includes – without limitation – any transactions which otherwise effectuate an outcome that has the same economic effect.
		
	Field	  	means the treatment of cancer by means of ligands, including antibodies (e.g. (bispecific-)nanobodies and VHH’s) targeting immune effector cells (e.g. iNKT cells, gamma-deltaT-cells, MAIT cells and NK
cells).
		
	Historic Patent Costs	  	means all out of pocket costs incurred by VUmc until the Effective Date solely relating to the filing, prosecution and maintenance of the Original Patent Rights (as defined below) to the extent such costs are not already
reimbursed to VUmc under any governmental grant or subsidy or by LAVA.
		
	Improvement Period	  	means the period starting on the Effective Date and continuing until three years after the Effective Date.
		
	Initial Public Offering	  	means the initial listing of the majority of the shares in LAVA on a recognized stock exchange, including but not limited to the closing of the sale of LAVA Common Shares to the public in a firm-commitment underwritten
public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended.
		
	 Initial Public Offering Price:
	  	means the initial price to the public per LAVA Common Share in the Initial Public Offering.
		
	 Intellectual Property Rights
	  	means any patents, utility models, rights to inventions, copyright and neighbouring and related rights, trademarks, goodwill, rights in designs, database rights, and all other intellectual property rights, in each case whether
registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or
will subsist now or in the future in any part of the world.
		
	Janssen	  	means Janssen Biotech, Inc.
		
	 Janssen Net Sales
	  	means the net sales under the Janssen Agreement as “Net Sales” is defined therein.
		
	Know How	  	means any and all information, data and knowledge (including but not limited to ideas, concepts, discoveries, inventions, developments, methodologies, models, instructions, analyses, reports, processes, techniques,
procedures, working methods, specifications, test results, regulatory support data, trade secrets and business information), and any embodiments thereof that are in the possession of VUmc on the Effective Date and that are beneficial for the
exercise of the inventions embodied in the Patent Rights and/or the development, manufacture and/or sale of product and/or services associated with the Patent Rights within the Territory, in as far as these are not in the public domain.
		
	Net End-user Sales	  	means the gross sales of the Products that is due, or received by LAVA or its Affiliates or sublicensees, from Third Parties for such Products, less [***]. Net End-user
Sales shall not be based on sales (other than for end use) of Products between a Party and its Affiliates or sublicensees or between its Affiliates and sublicensees. The Janssen Net Sales are excluded from Net
End-user Sales.
		
	Net Exit Value	  	means the value of LAVA when an Exit occurs minus [***] x the total of capital investments (nominal and share premium value) by the shareholders and, if applicable, the holders of certificates of shares of LAVA,
in each case measured immediately prior to the Exit and excluding further investments made by the shareholders as part of the Exit. In the event of an Initial Public Offering, “value” means the
pre-money valuation of LAVA in the Initial Public Offering as determined by Initial Public Offering Price.

  
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	Non-Severable Improvements	  	means improvements that are generated by and within the research group lead by [***] (whether or not with a Third Party) during the Improvement Period within the Field, and which commercial exploitation would infringe one or
more Valid Claims in the Patent Rights in absence of a license.
		
	Original Patent Rights	  	means the patent applications with numbers: [***];
		
		  	and all patents and patent applications deriving from the foregoing in the Territory and benefiting from the same priority date, including divisional, continuations and continuations-in-part.
		
	Patent Rights	  	means (a) the Original Patent Rights and (b) the patent applications with application numbers: [***];
		
		  	and all patents and patent applications deriving therefrom in the Territory and benefiting from the same priority date, including divisional, continuations and continuations-in-part.
		
	Post Improvement Period	  	means the period after the Improvement Period, as from [***] until the expiration or termination of this Agreement.
		
	Product	  	means a product, the use, manufacture, sale and/or rendering of which would, on a country by country basis, infringe one or more Valid Claims in the Patent Rights in such country if no license would have been
granted.
		
	Royalties	  	has the meaning as outlined in Article 4.
		
	Severable Improvements	  	means improvements that are generated by and within the research group lead by [***] (whether or not with a Third Party) during the Improvement Period within the Field and which commercial exploitation would not infringe one
or more Valid Claims in the Patent Rights in absence of a license.
		
	Term	  	has the meaning assigned thereto in Article 17.
		
	Territory	  	means worldwide.
		
	Third Party	  	means a person or entity other than the Parties and/or their Affiliates.
		
	Valid Claim	  	means rights derived from (a) an issued and unexpired patent included within the Patents Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, without appeal or possibility of appeal within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise; or (b) a pending patent
application included within the Patents Rights which claim was filed in good faith and has not been abandoned or finally disallowed without the possibility of appeal or re-filing of the application.

  

	1.	 Post Improvement Period 

 

	1.1	 As from the start of the Post Improvement Period, any and all research by VUmc in relation to the Patent Rights
is performed in cooperation with LAVA under secondment agreements concluded between Parties. 

  

	1.2	 VUmc warrants that at the Restatement Effective Date, no research that is subsidised by a Third Party in
relation to the Patent Rights is performed or scheduled by [***] at VUmc. 

  

	2.	 License Grant, Non-Compete 

 

	2.1	 VUmc hereby grants to LAVA, and LAVA hereby accepts, an exclusive,
non-transferable (other than in accordance with Article 9 hereof), royalty bearing license, with the right to sublicense, to apply the Know How (with the exception of intangible Know How, which is hereby
licensed under the same conditions except for the fact that it is licensed non-exclusively) to develop, make, have made, use, import, have imported, sell, have sold, market and have marketed Products during
the Term and within the Territory as specified in this Agreement (“License”). 

  
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	2.2	 Intentionally omitted. 

 

	2.3	 LAVA hereby grants to VUmc, and VUmc hereby accepts a non-exclusive,
royalty free license to apply the Patent Rights and tangible Know How to conduct its own non-commercial research and/or for educational purposes (“License-Back”). For the sake of clarity, this
License-Back to VUmc excludes use of the Patent Rights and tangible Know How in collaborative research with commercial Third Parties where such Third Party receives access rights to the Patent Rights and tangible Know How, unless written permission
is obtained from LAVA. For the avoidance of doubt, this License-Back includes collaborations with non-commercial institutions for non-commercial research purposes only.

  

	Notwithstanding	 the foregoing, until the [***], VUmc shall not practice the License-Back to conduct any research on
compounds or molecules comprising [***]-specific antibody and a [***] and/or to use said compound for educational purposes, either alone or in collaboration with Third Parties (other than for research activities performed by VUmc in
relation to the Janssen Agreement and/or as expressly permitted by LAVA). LAVA shall adequately inform VUmc with respect to the expiration of the Exclusivity Period. 

 

	2.4	 Without limiting Article 2.3, from [***], VUmc shall not carry out any exploitation, either on its own
or with any Third Party, with respect to compounds or molecules comprising [***]-specific antibody and a [***]. 

  

	2.5	 During the Exclusivity Period (as defined in the Janssen Agreement), [***] at VUmc and those members of
the research group(s) at VUmc who are under the direct supervision of [***], shall not directly collaborate with or carry out any research or exploitation, either on his/their own, with other VUmc research groups or with any Third Parties
(other than for research activities performed by VUmc in relation to the Janssen Agreement and/or as expressly permitted by LAVA), on compounds or molecules that are directed to or bind or, or recognize [***]. If certain researchers within
[***]’s laboratory or research group nevertheless desire to perform such activities, VUmc may submit a written request to LAVA to make a specific exception to the obligation set forth in this Article 2.5, which the Parties shall then
discuss. 

  

	2.6	 The right to grant sub-licenses under the License is granted under the
conditions that LAVA: 

  

	 	(a)	 shall negotiate any sub-licenses at arms-length commercial conditions;

  

	 	(b)	 shall impose upon its sub-licensees substantially the same obligations
as are imposed upon LAVA in this Agreement (such as but not limited to obligations regarding royalties, auditing, reporting and confidentiality), except for obligations which are clearly specific to LAVA as the main licensee; 

 

	 	(c)	 shall send VUmc a full copy of each sub-license agreement concluded
with a sub-licensee within [***] from concluding such agreement, and shall inform VUmc without undue delay about material developments with respect to each
sub-license, such as but not limited to material breaches and termination. 

 LAVA
warrants that each sub-licensee shall fully comply with its obligations under the relevant sub-license agreement and LAVA shall hold VUmc harmless from any loss or
damages suffered as a result of breach by a sub-licensee of its sub-license agreement. 
  

	2.7	 LAVA shall grant any Third-Party licenses under the Patents at arms-length commercial conditions.

  

	3.	 Improvements 

  

	3.1	 Intentionally omitted. 

 

	3.2	 Intentionally omitted. 

 

	3.3	 Intentionally omitted. 

 

	3.4	 Intentionally omitted. 

  
 5 

	3.5	 Intentionally omitted. 

 

	3.6	 All inventions developed by LAVA, its employees or any seconded persons at LAVA, will be owned by LAVA. For the
avoidance of doubt: ‘seconded persons’ can be VUmc’s employees in case they are seconded on an at-arm’s-length, fee-for-service or consultancy basis. 

  

	3.7	 LAVA recognizes the wishes of VUmc to publish details of academic results in scientific journals. VUmc shall
not engage in any dissemination of data regarding Non-Severable Improvements and/or Severable Improvements without first obtaining the written consent of LAVA, which consent shall not be unreasonably withheld
and shall be provided within a period of [***] from the receipt of VUmc’s written request for consent. In case LAVA has not responded to such request within this [***] term, VUmc will be free to proceed with the publication
without further delay. 

  

	3.8	 LAVA shall have the right to withhold such consent only in case the publication: 

 

	 	(a)	 Contains information that may be subject of a patent application, in respect of which no patent application has
yet been filed. Such withholding of consent will not lead to a delay of publication for more than [***] from the date of notification by LAVA to VUmc. 

  

	 	(b)	 Contains proprietary information originating from LAVA, which has to be kept confidential. LAVA will indicate
the information which in the opinion of LAVA has to be held confidential. VUmc will then adapt the proposed publication in such a manner, that it will not publish the aforementioned proprietary information of LAVA. 

 

	3.9	 It is expressly understood between Parties that LAVA shall not make public any information that is proprietary
to VUmc before VUmc has had the opportunity to publish such information in scientific journals, unless VUmc has granted the permission in writing for such publication by LAVA. 

 

	4.	 Royalties and Historic Patent Costs 

 

	4.1	 In consideration for the assignment of the Patent Rights and for the License to
Know-How LAVA shall pay VUmc royalties on Net End-user Sales and Janssen Net Sales (pursuant to this Article 4.1), royalties on proceeds from indirect
commercialisation (pursuant to Article 4.6), and royalties consisting of a milestone payment on Exit (pursuant to Articles 4.7, 4.8, and 4.9) (collectively “Royalties”). For the avoidance of doubt: any proceeds will only be subject
to Royalties under one of Articles 4.1, 4.6, 4.7 or 4.8 and shall in no event lead to a payment under more than one sub-clause. 

 

	 	(a)	 Royalties on Net End-user Sales are calculated as follows:

  

	 	(i)	 [***] in case the cumulative aggregate Net End-user Sales are
[***]; 

  

	 	(ii)	 proportionally increasing from [***] in case the cumulative aggregate Net
End-user Sales are [***]. 

  

	 	(iii)	 [***] in case the cumulative aggregate Net End-user Sales
[***]. 

  

	 	(b)	 Royalties on Janssen Net Sales are calculated as follows: 

 

	 	(i)	 [***] in case the cumulative aggregate Janssen Net Sales are [***]; 

 

	 	(ii)	 proportionally increasing from [***] in case the cumulative aggregate Janssen Net Sales are
[***]; 

  

	 	(iii)	 [***] in case the cumulative aggregate Janssen Net [***]. 

For the avoidance of doubt: “annum” refers to a calendar year. 

 

	4.2	 Royalties under Article 4.1 are payable, on a country by country basis, until the last to expire Valid Claim in
such country that would be infringed by the use, manufacture and/or sale of a Product in such country if no license would have been granted or no Assignment made. Notwithstanding anything to the contrary, in no event will LAVA be required to pay
VUmc Royalties on Janssen Net Sales that exceed the royalty payments received by LAVA from Janssen under the Janssen Agreement on such Janssen Net Sales, provided that the license(s) were granted by LAVA to Janssen under reasonable arm’s length
commercial conditions. 

  
 6 

	4.3	 The Parties acknowledge that all Historic Patent Costs were reimbursed by LAVA to VUmc prior to the Restatement
Effective Date. 

  

	4.4	 In the event that Products are sold, transferred, or disposed of, by LAVA to a Third Party other than for cash,
the fair market value of any non-cash consideration received by LAVA for such sale, transfer or other disposition of the Product shall be deemed Net End-user Sales for
the purpose of this Agreement. For the sake of clarity, cash discounts are not considered as non-cash consideration, except if such cash discounts are used to promote sales of products other than Products.
Cash discounts shall be treated as set out in the definition of Net End-user Sales. No royalties shall be due for Products transferred to third parties solely for use with clinical trials for the development
of (other) Products or other validation studies of Products for the benefit of LAVA, during the Term. 

  

	4.5	 In the event any Products shall be sold, transferred, or disposed of, to a Third Party in a transaction that
does not represent an arm’s length transaction or a fair market value of the Product(s), then the royalties to be paid under this Agreement shall be based upon the average of Net End-user Sales to others
than such Third Party in the same country and the same accounting period such transaction with said Third Party occurred. 

  

	4.6	 A Royalty of [***] will be due on any proceeds from indirect commercialisation, such as proceeds from
upfront payments, milestone payments, advances, shares other than issued shares, commissions, fees and/or other proceeds from partnering and/or alliance activities, but excluding R & D contributions, running royalties received by LAVA in
connection with the grant of a sublicense hereunder (payment for which is already accounted for under Article 4.1), and any other amounts that LAVA is obligated to pay VUmc directly hereunder. 

 

	4.7	 In case of an Exit, the royalties consisting of a milestone payment on Exit are [***] of the part of the
Net Exit Value of LAVA in between [***], plus [***] of the part of the Net Exit Value of LAVA in between [***], plus [***] of the part of the Net Exit Value of LAVA in between [***], plus [***] of the part
of the Net Exit Value in between [***], plus [***] of the part of the Net Exit Value of LAVA between [***]. The milestone payment following an Exit (including an Initial Public Offering) will in no event exceed [***], as
agreed by Parties in the Addendum dated [***] (attached as Schedule II). Schedule I provides an example of the payments to be made in case of an Exit. As soon as reasonably practicable and in any event prior to an Exit occurring, LAVA will
either (i) ensure and confirm to VUmc in writing that Exit milestone payment is paid at the closing of the Exit event or (ii) procure that its shareholders commit in writing (e.g. in the shareholders agreement or the transaction documents
governing an Exit) that they will provide LAVA with the necessary funds to make the Exit milestone payment to the Licensor in case the Exit proceeds are not received by LAVA but by its shareholders. The obligation in the previous sentence shall
however not apply to the Intended 2021 IPO as defined in Clause 4.8 below. 

  

	4.8	 If LAVA completes an Initial Public Offering by December 31, 2021 (a “2021 IPO”) the parties
intend that a specific arrangement is appropriate for such 2021 IPO. The Parties agree that if a 2021 IPO materializes the following will apply. As of the Restatement Effective Date, the total capital investments to be taken into account for
calculating the Net Exit Value shall be as specified in Schedule V. The Exit payment shall be paid to VUmc as follows: 

  

	 	(i)	 Within [***] of the closing of a 2021 IPO, LAVA shall issue to Vumc a number of Common Shares equal to
[***] 

  

	 	(ii)	 On the [***] of a 2021 IPO, LAVA shall pay to Vumc [***]. Such payment shall be made at the
election of LAVA in (1) cash or (2) LAVA Common Shares valued using the closing price of LAVA Common Shares on the date [***] of the Initial Public Offering. 

 

	 	(iii)	 On the [***] of a 2021 IPO , LAVA shall pay to Vumc [***]. Such payment shall be made at the
election of LAVA in (1) cash or (2) LAVA Common Shares valued using the closing price of LAVA Common Shares on the date [***] of the Initial Public Offering. 

  
 7 

	 	(iv)	 In the event of a Change of Control prior to the payment to Vumc of the amounts under (ii) or (iii) above,
such amounts shall be due and payable within [***] of the closing of the Change of Control. 

  

	 	(v)	 As a condition to the receipt of shares pursuant to (i) above, Vumc shall enter into a lock-up agreement in the form entered into by LAVA’s major shareholders in connection with a 2021 IPO. 

  

	 	(vi)	 For clarity and notwithstanding anything to the contrary, the total Exit milestone payments under this Article
4 will in no event exceed [***]. 

 For the avoidance of doubt: VUmc shall not be required to pay any amount to LAVA
upon receiving Common Shares as contemplated above, nor shall VUmc be obliged to pay any fees or costs in relation thereto. The specific arrangement set out in this clause 4.8 shall cease to apply if a 2021 IPO is not realized before [***].

  

	4.9	 Any Royalties (not only on Net End-user Sales) paid prior to Exit will
be offset against the Exit milestone payment. For clarity, LAVA may offset from the Net Exit Value milestone payment all Royalties (a) already paid, (b) invoiced but not paid, but which remain payable and (c) accrued, not invoiced and
not paid, but which remain payable and may be invoiced on Exit. If prior to Exit royalties exceeding [***] were already paid, no such milestone payment shall be due upon Exit and no Royalties will have to be paid back by VUmc to LAVA.

  

	4.10	 Should the Exit payment (partially) take place on a non-cash basis
(such as shares for shares), then [***]. In the latter case, [***]. 

  

	4.11	 Only the obligation to pay Royalties on Net End-user Sales and Janssen
Net Sales (pursuant to Article 4.1) will continue to be in force after Exit and all other payment obligations hereunder will cease after an Exit. 

  

	4.12	 As of [***], or in case LAVA declares dividends, [***]. Such [***]. In case Parties cannot
agree on a fair valuation, Parties agree that [***]. The costs associated with [***]. 

  

	4.13	 In case LAVA is not able to pay [***], Parties can agree on a payment schedule over a period of
[***] to the sole discretion of LAVA. 

  

	4.14	 In the event LAVA is considering in good faith an Exit, the following Exit procedure will apply between
Parties: 

  

	 	(a)	 LAVA will timely notify VUmc of its intention to effectuate an Exit, reasonably in advance of the consummation
of such Exit; 

  

	 	(b)	 LAVA will provide VUmc with a calculation of the Net Exit Value, and shall substantiate the calculation of the
Net Exit Value by providing VUmc all information reasonably required to review and assess the calculation; 

  

	 	(c)	 VUmc will confirm whether its accepts this calculation in writing within [***] after receipt thereof;

  

	 	(d)	 if Parties are unable to agree on the Net Exit Value, Parties shall [***]. The Net Exit Value shall be
finally determined by [***]. Parties shall [***]; 

  

	 	(e)	 LAVA will pay the Exit payment to VUmc within [***] (including the schedule set forth in
Section 4.8 above). 

  

	5.	 Payment Conditions 

 

	5.1	 LAVA will within [***] after the end of [***], starting as from the first Net End-user Sales or Janssen Net Sales or first proceeds from indirect commercialisation, whichever is the first, calculate, substantiate and report Net End-user Sales, Janssen
Net Sales, and proceeds from indirect commercialisation, if any, and the corresponding Royalties due to VUmc; provided, that with respect to Janssen Net Sales, LAVA will calculate and report Janssen Net Sales within [***] following receipt by
LAVA of the relevant information from Janssen under the Janssen Agreement. 

  
 8 

	5.2	 LAVA will make payments due to VUmc within [***]. Payments will be made in Euro on a bank account
designated by VUmc, after having received an invoice from VUmc for such payment. 

  

	5.3	 All Royalties are net amounts, excluding any taxes, duties, fees or levies. In the event that LAVA is subject
to withholding taxes, such withholding taxes will be deducted from the Royalties and Parties shall render every assistance to each other to reclaim such amounts from the Dutch tax authorities pursuant to applicable tax treaties. LAVA shall be
responsible for the correct and timely payment of taxes and shall furnish to VUmc evidence of true and complete payment of such taxes. 

  

	5.4	 [***] interest per month will be charged on any unrealized payments that are due for a period of more
than [***]. 

  

	5.5	 LAVA shall cooperate in the event that VUmc will choose to enter into a monetization agreement on future
proceeds from this Agreement by paying Royalties to a new bank account as indicated by VUmc. VUmc shall bear all of LAVA’s reasonable costs associated with such monetization. 

 

	6.	 Royalty Audit 

 

	6.1	 LAVA agrees to keep accurate and complete records of all data pertaining to the commercial application of the
Patent Rights and Know How and of software, services and solutions deviated hereof. Furthermore, LAVA agrees to keep accurate and complete records of Net End-user Sales, Janssen Net Sales and Royalties.

  

	6.2	 As from receipt of the first Royalties, VUmc shall have the right to an independent audit of Royalty
calculations. LAVA shall make its records and books available to the extent reasonably required for inspection during normal business hours by an independent certified accountant selected by VUmc and reasonably acceptable to LAVA. Such inspection
shall take place upon reasonable notice during normal business hours and at VUmc’s expense for the sole purpose of verifying Royalty statements, but in no event more than [***] in each calendar year. All information and data offered
shall be used only for the purpose of verifying Royalties and shall be treated as LAVA Confidential Information subject to the obligations of this Agreement. Disclosure of such information by such accountant to VUmc shall be limited to the
information necessary to quantify any underpayment and to identify the cause thereof, including without limitation the amount, if any, that any such Royalties have been underpaid. In case actual Royalties per annum deviate more than [***]
from Royalties reported by LAVA, the cost of such audit will be borne by LAVA. 

  

	7.	 Diligence and Reporting. 

 

	7.1	 LAVA agrees to use commercially reasonable efforts to develop, manufacture and sell Products either by itself
or through (sub)licensees or other Third Parties up until 2 years after Exit. 

  

	7.2	 Until the date that first Net End-user Sales are generated, LAVA will
present on [***] basis (a) a development plan as may be updated by LAVA from time to time and (b) a progress report reporting on the progress of the development plan and the use of the Patent Rights and the Know How
(“voortgangsrapportage”) in order to allow VUmc to verify that LAVA complies to the terms of this Agreement (c) a date on which first market approval is expected and Net End-user Sales
might be generated. 

  

	7.3	 LAVA will provide to VUmc on [***] (and in addition to the reports meant under 5.1):

  

	 	(a)	 an integrated [***] Royalty report in relation to royalties due with respect to the Patent Rights and Know-How and any licences granted thereunder by LAVA to Third Parties; and 

  

	 	(b)	 an [***] progress report, which obligation shall end upon Exit. 

All information so disclosed to VUmc is the Confidential Information of LAVA. 

 

	7.4	 Intentionally omitted. 

 

	7.5	 Intentionally omitted. 

  
 9 

	8.	 Ownership and Assignment 

 

	8.1	 Parties acknowledge and agree that VUmc has assigned to LAVA the Original Patent Rights pursuant to the 2017
Assignment Letter and its rights to the inventions claimed in the remaining Patent Rights pursuant to the 2021 Assignment Letter. VUmc shall cooperate – without delay and to the extent necessary- in order to have each Assignment formalized in
public registers or complying with other legal requirements. 

  

	8.2	 Intentionally omitted. 

 

	8.3	 Intentionally omitted. 

 

	8.4	 After the Assignment made pursuant to the 2017 Assignment Letter, the following applies: 

 

	 	(a)	 the terms of the Agreement, save for part of Article 2 and Article 12, remain unchanged including but not
limited to Royalty obligations; 

  

	 	(b)	 LAVA shall refrain from (i) having offices at the campus of VUmc; (ii) engaging its own activities at
the campus of VUmc and/or (iii) collaborating with VUmc other than at arm’s length and on commercial terms; 

  

	 	(c)	 Intentionally omitted; 

 

	 	(d)	 In case LAVA intends to abandon any Patent Rights, LAVA shall provide to VUmc a written proposition to re-acquire such patent at no cost, provided that the re-acquisition of the abandoned patent by VUmc does not block the business of LAVA. Such proposition will be sent at least
[***] prior to the final date or deadline of abandonment. After Exit, the Patent Rights can be abandoned without approval by the VUmc; and 

  

	 	(e)	 Unless in case of an Exit, LAVA shall not sell, transfer or assign Patent Rights or Non-Severable Improvements that were assigned to LAVA under this Agreement, without the prior written consent of VUmc, such consent not to be unreasonably withheld or delayed. 

 

	9.	 Assignment to Third Parties 

 

	9.1	 LAVA shall not assign this Agreement without the prior written consent of VUmc, such consent shall not
unreasonably be withheld in case of: 1) a change of control of the LAVA; or 2) an assignment of this Agreement to a party which is a wholly owned subsidiary of the LAVA; or 3) a transfer of all or a substantial part of LAVA’s assets.

  

	10.	 Management of Patent Rights 

 

	10.1	 LAVA shall file, prosecute and maintain the Patent Rights, as well as any intellectual property rights vested
in any improvements related to the Patent Rights that are generated by or on behalf of LAVA. 

  

	10.2	 If necessary and appropriate, Parties shall cooperate with each other in gaining term extensions (such as
supplemental protection certificates) wherever applicable to the Patent Rights. Parties shall, if necessary and appropriate, use reasonable efforts to agree upon a strategy relating to filings and term extensions in relation to the Patent Rights.
LAVA shall make the final decision relating thereto. LAVA shall be responsible for the costs of seeking and/or obtaining term extensions with respect to the Patent Rights. LAVA shall be in the lead as to the selection of patent counsel.

  

	10.3	 During the Term, Parties shall provide each other in a timely manner with information required for the filing,
prosecution and maintenance of the Patent Rights. 

  

	10.4	 Intentionally omitted. 

 

	11.	 Confidentiality 

 

	11.1	 Parties mutually commit themselves to the confidentiality of all data and information concerning each
other’s organization, clients, files, Products of which they become aware. Data and information may only be used in order to carry out the Agreement between Parties. Each Party shall maintain the confidentiality of any Confidential Information
of any other Party and shall use such Confidential Information only for the purpose of this Agreement. 

  
 10 

	11.2	 The confidentiality obligations set out above shall not apply to information with respect to which a receiving
Party can prove by documentary evidence: 

  

	 	(a)	 that it was in its possession or in the public domain prior to the disclosure under this Agreement; or

  

	 	(b)	 that, after its disclosure under this Agreement, it became part of the public domain by publication or
otherwise through no fault of a receiving Party; or 

  

	 	(c)	 that, after its disclosure under this Agreement, it was received by a receiving Party from a third party who
did not receive it directly or indirectly from the disclosing Party, or 

  

	 	(d)	 that, after its disclosure under this Agreement, it was independently developed by employees of a receiving
Party and/or of its affiliates who were not aware of the disclosed information. 

  

	11.3	 If a receiving Party is required by law, regulation, rule, act, or order of any governmental authority or
agency to disclose Confidential Information it may do so, provided however, that a receiving Party 

  

	 	(a)	 will give the other Party sufficient advance written notice to permit it to seek a protective order or other
similar order with respect to such Confidential Information and 

  

	 	(b)	 thereafter will disclose only the minimum Confidential Information required in order to comply.

  

	11.4	 Each Party will disclose Confidential Information of any other Party to its personnel or third part contractors
only on a need-to-know basis, and will ensure and warrants that the individuals concerned are bound by and will comply with substantially the same obligations of
confidentiality and non-use as set out in this Agreement. 

  

	11.5	 It is understood between the Parties that it may be necessary to disclose part of any other Party’s
Confidential Information to regulatory bodies in order to acquire registration and/or market authorization. The receiving Party may request permission to do so from a disclosing Party, which will not unreasonably be withheld. In such event, the
Parties shall consult on the best way of submitting such information and the Party in charge of the registration shall make all possible efforts to ensure confidential treatment of the information by those regulatory bodies. 

 

	12.	 Intentionally omitted. 

 

	13.	 No warranty 

  

	13.1	 Any transfer or license of Patent Rights and Know How by VUmc was done so ‘as is’, without any
explicit or implied warranty whatsoever. VUmc explicitly does not warrant that the exercise of the inventions claimed in the Patent Rights and/or the Know How does not infringe any intellectual property right of a Third Party, shall function without
interruption or without errors, is suitable for every intended use by LAVA and/or will lead to results desired by LAVA. 

  

	13.2	 Notwithstanding Article 13.1, and after using their best efforts to determine inventorship, VUmc warrants that
to the best of its knowledge, the inventors named in the Patent Rights are the sole inventors of the Patent Rights, and that no other inventors may lay claim to the Patent Rights. Furthermore, VUmc warrants that (i) all such known inventors
have, by law or by contract, duly assigned their rights in and to the invention claimed in the Patent Rights to VUmc, respectively so that VUmc are the sole co-owners of the Patent Rights and Know How,
(ii) that LAVA does not have any obligation to pay royalties or other consideration directly to such inventors, that (iii) VUmc have not granted a license to Patent Rights or Know How to any Third Party, and that (iv) the Patent
Rights are unencumbered and that VUmc had the right to grant an exclusive license of the Patent Rights and Know How to LAVA as set out in the Original Agreement. 

 

	14.	 Limitation of liability/indemnification 

 

	14.1	 VUmc is not liable for any damages incurred by LAVA or any Third Parties in relation to this Agreement and the
Original Agreement regardless of the cause, unless the damages are a result of wilful misconduct (opzet) and/or gross negligence (grove schuld) on the part of VUmc. LAVA undertakes to indemnify and hold harmless VUmc and its Affiliates
at all times against any claims relating to this Agreement and the Original Agreement and/or the use of the Patent Rights and/or the Know How by LAVA, its Affiliates and/or its sublicensees save for damages for which VUmc is liable pursuant to the
first sentence of this Article 14.1. 

  
 11 

	14.2	 Either Party’s liability for indirect damage, including but not limited to consequential damage, loss of
profit, loss of savings, mutilated and/or lost data, delays, losses, damage through corporate inactivity and/or claims from Third Parties, is expressly rejected. 

 

	14.3	 If, despite the previous alineas, VUmc is held liable for damages in relation to this Agreement or the Original
Agreement after a final judgment in an arbitration procedure or court of law, the amount of compensation to be paid will be limited to compensation for direct damage to a maximum of the total amount of money received by VUmc from LAVA under this
Agreement and the Original Agreement, with a maximum amount of [***]. 

  

	14.4	 Any direct cash damages incurred by LAVA due to infringement of Third Party patents by development, manufacture
and/or sale of the Product may be settled with Royalty payments as of the date of the imposition of such damages. 

  

	14.5	 LAVA hereby agrees to indemnify, defend, and hold VUmc, VUmc’s Affiliates, employees, officers and
subcontractors harmless from any claims or demands for damages, liabilities, losses, actions and/or suits, including attorney’s fees and court or arbitration costs arising as a result of any and all infringement of Third Party rights
(including, but not limited to, Third Party intellectual property) caused by LAVA’s use of the Patent Rights and the Know How. 

  

	15.	 Consent Rights 

 

	15.1	 Intentionally omitted. 

 

	15.2	 Intentionally omitted. 

 

	15.3	 Intentionally omitted. 

 

	15.4	 The following actions at all times require prior written approval of the Technology Transfer Office of VUmc
(IXA) or the VUmc department head or the VUmc division manager, not to be unreasonably withheld; (a) the appointment of new LAVA employees who are also employees of VUmc or (b) (direct or indirect) hiring by LAVA of advisors or consultants who
are also employees of VUmc or (c) secondment of employees of VUmc at LAVA or (d) the executing of new agreements or amending existing agreements between LAVA and VUmc or between LAVA and Affiliates of VUmc. 

 

	15.5	 This Article 15 shall lapse upon an Exit. 

 

	16.	 Use of names / Promotion 

LAVA shall only use the names and/or logos of (employees) of VUmc or Affiliates of VUmc after prior written consent of VUmc. 

 

	17.	 Term/Termination 

 

	17.1	 The Agreement shall enter into force on the Restatement Effective Date and shall expire upon the expiration of
LAVA’s payment obligations under Article 4 (the “Term”). The Royalty payment obligations shall continue for the duration of the Patent Rights described in Article 4.3, and shall survive any termination of this Agreement for
such duration plus the time needed for LAVA to fulfil such obligations. 

  

	17.2	 The Agreement automatically terminates (a) in the event that LAVA enters into creditor protection,
receivership, bankruptcy or voluntary liquidation, or (b) in the event that LAVA ceases its present business prior to an Exit. 

  

	17.3	 In case of a termination of this Agreement, LAVA shall: 

 

	 	(a)	 Immediately cease to use the Patent Rights (including Non-Severable
Improvements) and the Know How, and 

  

	 	(b)	 Transfer back to VUmc the Patent Rights, Non-Severable Improvements,
tangible Know How, and carriers/embodiments of intangible Know How, in each case as and to the extent such rights were transferred, assigned, or licensed to Lava, such that VUmc can enable a new licensee or assignee to continue the development and
commercialization of the Patent Rights, Non-Severable Improvements and Know How, and 

  
 12 

	 	(c)	 Offer a right of first negotiation to VUmc, either for a license (with right to sublicense) under, or for a
transfer of, relevant intellectual property developed and owned by LAVA at a consideration to be agreed in good faith, such that VUmc can enable a new licensee or assignee to continue the development and commercialization of the Patent Rights, Non-Severable Improvements and Know How. 

  

	17.4	 If this Agreement terminates pursuant to Article 17.2(a), VUmc shall (i) within [***] of the
effective date of such termination, provide Janssen with written notice of such termination marked for the attention of [***] with receipt, and (ii) conclude a license agreement directly with Janssen that is similar to the license
granted to LAVA under the Original Agreement, which shall include the same commercial terms as set out in this Agreement, such as royalty rates and payment timing, in each case as such rights and obligations may be applicable to Janssen, but shall
exclude provisions that clearly relate to the specific relationship between VUmc and LAVA at the time. In no event shall any amount payable to VUmc by Janssen under such new license agreement exceed the corresponding payment obligation of Janssen to
LAVA under the Janssen Agreement or duplicate a corresponding payment made by Janssen to LAVA under the Janssen Agreement prior to its termination. The license shall be granted with respect to all rights previously licensed under the Original
Agreement solely to the extent that VUmc still or again holds such rights following termination pursuant to Article 17.2 (a). Such license shall be concluded only if (1) Janssen is not in breach of the Janssen Agreement as of the effective date
of such termination, and (2) Janssen provides VUmc with written notice of its desire to conclude such new license agreement. This Article 17.4 will survive termination of this Agreement pursuant to Article 17.2(a), and Janssen is a third-party
beneficiary to this Article 17.4. 

  

	17.5	 VUmc has the right, but not the obligation, to terminate the Agreement in case LAVA is in material breach (with
a [***] remedy period) of this Agreement. 

  

	17.6	 LAVA shall be permitted to terminate this Agreement for any reason or no reason at all by providing the VUmc
[***] prior written notice. 

  

	17.7	 LAVA shall not directly or indirectly attempt to invalidate patents or patent applications included in the
Patent Rights. 

  

	17.8	 Intentionally omitted. 

 

	18.	 Notices 

Any formal notice or request under or with respect to this Agreement shall be in writing and shall be deemed to have been duly given if sent
(i) by email and (ii) by registered mail or internationally recognized overnight courier service with confirmation of receipt to the relevant Party at the address set forth below: 

 

					
	 	  	 VUmc
	  	 LAVA

	 Name
	  	[***]	  	[***]
	 Attn.
	  	[***]	  	[***]
	 Address
	  	[***]	  	[***]
	 Email
	  	[***]	  	[***]
	 Phone
	  	[***]	  	[***]

 Changes of address and/or of the individuals to be addressed will be notified to another Party in writing.

  
 13 

	19.	 Miscellaneous 

 

	19.1	 This Agreement, including the schedules attached hereto, contains the entire agreement between the Parties with
respect to the subject hereof and supersedes all previous agreements and understandings between the Parties thereto, including the Addendum and the Side Letter. For clarity, all Assignment letters or agreements, including the 2017 Assignment Letter
and the 2021 Assignment Letter, shall continue in effect in accordance with their respective terms and conditions. This Agreement may not be modified except by an instrument in writing signed by the duly authorized representatives of the Parties.

  

	19.2	 The rights and obligations under this Agreement that by their nature would be expected to survive termination
of this Agreement shall survive such termination. These rights and obligations include, but are not limited to Articles 4 (Royalties), 5 (Payments), 6 (Royalty audit), 11 (Confidentiality), 13 (No warranty), 14 (Limitation of liability), 18
(Notices) and 19 (Miscellaneous). 

  

	19.3	 The Parties understand this Agreement to be in compliance with the relevant competition laws and regulations.

  

	19.4	 The invalidity of unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. Any such invalid or unenforceable provision shall be replaced or be deemed to be replaced by a provision that is considered to be valid and enforceable and which interpretation shall be as
close as possible to the intent of the invalid or unenforceable provision. 

  

	19.5	 All references in this Agreement to a singular noun shall include its plural and vice versa, unless the context
requires otherwise. 

  

	19.6	 This Agreement shall in all respects be governed by, and is construed in accordance with the laws of the
Netherlands, excluding its conflicts of law provisions and the Convention on Contracts for the International Sale of Goods (CISG). 

  

	19.7	 All disputes between the Parties hereunder or relating to the subject matter of this Agreement shall be subject
to the exclusive jurisdiction of the courts in The Hague, the Netherlands. 

  
 14 

 This Agreement has been made in duplicate, signed and initialled by duly authorized officers of the Parties,
each of whom has received one original. 
  

					
	STICHTING VUMC	  		  	LAVA THERAPEUTICS B.V.
	duly represented by	  		  	duly represented by
			
	Name: [***]	  		  	Name: [***]
			
	Position: [***]	  		  	Position: [***]
			
	  
	  		  	  

	Place: Amsterdam, The Netherlands	  	        	  	Place: Philadelphia, Pennsylvania USA
			
		  		  	Name: [***]
			
		  		  	Position: [***]
			
		  		  	  

		  		  	Place:

  
 15 

 Schedules 
  

	 	  I.	 Milestone payment calculation model 

 

	 	 II.	 Addendum to the License and Assignment Agreement dated 26 January 2018 

 

	 	III.	 LAVA and VUmc License and Assignment Agreement Side Letter dated 6 July 2020 

 

	 	IV.	 Assignment Letter between the Parties dated 1 July 2017 (Original Patent Rights) 

 

	 	 V.	 Total of capital investments as of the Restatement Effective Date 

  
 16 

 Schedule I: Milestone Payment Calculation Model 

[***] 

  
 17 

 Schedule II: Addendum to the License and Assignment Agreement dated 26 January 2018 

  
 18 

 Schedule III: LAVA and VUmc License and Assignment Agreement Side Letter dated 6 July 2020 

  
 19 

 Schedule IV: Assignment Letter between the Parties dated 1 July 2017 (Original Patent Rights) 

  
 20 

 Schedule V: Total of capital investments as of the Restatement Effective Date 

[***] 

  
 21EX-10.2

 Exhibit 10.2 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
406 of the Securities Act of 1933, as amended. 
 EXECUTION VERSION 

RESEARCH COLLABORATION AND LICENCE AGREEMENT 

THIS RESEARCH COLLABORATION AND LICENCE AGREEMENT (the “Agreement”) dated as of May 13, 2020 (“Effective
Date”) is entered into between Lava Therapeutics B.V., a limited liability company incorporated under the laws of the Netherlands, with offices at Yalelaan 60, 3584CM, Utrecht, The Netherlands (“LAVA”), and JANSSEN Biotech,
Inc., a Pennsylvania corporation, with offices at 800 Ridgeview Drive, Horsham, PA 19044, USA. (“JANSSEN”). 
 BACKGROUND

  

	A.	 LAVA owns or otherwise controls certain patents, patent applications, technology, know-how, scientific and technical information and other proprietary rights and information relating to [***] Antibodies and [***] Multispecific Antibodies and has experience and expertise in the Development of
biopharmaceutical products. 

  

	B.	 JANSSEN owns or otherwise controls certain patent applications, technology,
know-how, scientific and technical information and other proprietary rights and information relating to Anti-[***] Antibodies and has experience and expertise in the Development and Commercialisation of
biopharmaceutical products. 

  

	C.	 LAVA and JANSSEN wish LAVA to undertake discovery, research and certain early
pre-clinical development to develop [***] and [***] directed bispecific antibodies, as further described in this Agreement. 

 

	D.	 Subject to the terms of this Agreement, JANSSEN and LAVA each wish to grant (and receive, as applicable) the
licences as set forth in this Agreement. 

 THE PARTIES HEREBY AGREE AS FOLLOWS: 

Clause 1 - DEFINITIONS 

The following terms (and their cognates) shall have the following meanings as used in this Agreement: 

1.1 “Academic Laboratory” means [***] at VU, and those members of the research group(s) at VU, who during the Exclusivity
Period are under the direct supervision of [***]. 
 1.2 “Acquirer Competing Product” means any [***] Biologic other than an
Excluded Product. 

  
 -1- 

 EXECUTION COPY 
  

 1.3 “Affiliate” of a party) shall mean any other legal entity that (directly
or indirectly) is controlled by, controls or is under common control with such party. For the purposes of this Clause 1.3 (Affiliate), the term “control” (including the terms “controlled by” and “under common control
with”) means (a) direct or indirect ownership of voting securities entitled to cast more than fifty percent (50%) of the votes in the election of directors or (b) the ability to direct the casting of more than fifty percent (50%) of
the votes exercisable at general meetings of that legal entity on all, or substantially all, matters; (c) the right to appoint or remove directors of that legal entity holding a majority of the voting rights at meetings of the board of
directors on all, or substantially all, matters; or (d) the power to direct the management and policies of such entity, provided that if local law restricts foreign ownership, control is established by direct or indirect ownership of the
maximum ownership percentage that may, under such local law, be owned by foreign interests. 
 1.4 “Anti-[***] Antibody”
shall mean any immunoglobulin polypeptide having a specific amino acid sequence (i) generated or otherwise Controlled by JANSSEN and provided to LAVA for use in the Research Plan, or (ii) generated by or on behalf of LAVA pursuant to
the Research Plan, which in each case of (i) or (ii) comprises [***]. 
 1.5 “Applicable Law” shall mean all applicable
provisions of any and all federal, national, provincial and local laws, rules and regulations (including any rules, regulations, guidelines or other requirements of any Government Authority or Regulatory Authority within the applicable jurisdiction
that may be in effect from time to time including, General Data Protection Regulation (EU) 2016/679 and equivalent legislation in the applicable jurisdiction; good laboratory and manufacturing practices; the Clinical Trials Regulation (EU) 536/2014,
Clinical Trials Directive 2001/20/EC and Good Clinical Practice Directive 2005/28/EC and all applicable implementing or amending legislation and guidelines for countries within the EU; the current version of the Declaration of Helsinki in force; the
current International Conference on Harmonization Guidelines for Good Clinical Practice in force and the United States Federal Food, Drug, and Cosmetic Act (FFDCA), Prescription Drug Marketing Act of 1987 (21 U.S.C. §§331, 333, 353, 381),
the Generic Drug Enforcement Act of 1992 (21 U.S.C. §335(a) et seq.), U.S. Patent Act (35 U.S.C. §1 et seq.), Federal False Claims Act (31 U.S.C. §3729 et seq.), and the Anti-Kickback Statute (42 U.S.C.
§1320a-7b et seq.), all as amended from time to time, together with any rules, regulations, and compliance guidance promulgated thereunder. 

1.6 “Biosimilar Product” means, with respect to a Product, any product in the same dosage form and approved for the same
indication for use as the Product in a given country in the Territory, that is sold by a Third Party (including a “comparable”, “generic product”, “biogeneric”, “follow-on
biologic”, “follow-on biological product”, “follow-on protein product”, “similar biological medicinal product” “biosimilar”
or “biosimilar product”), that is approved in such country by way of an abbreviated regulatory mechanism by the Regulatory Authority in such country that, in each case, meets the equivalency determination by the applicable Regulatory
Authority (including a determination that the product is “comparable”, “interchangeable”, “bioequivalent”, “biosimilar” or other term of similar meaning, with respect to such Licensed Product), in each case,
as is necessary to permit substitution of the Product for the Biosimilar Product under Applicable Law. A product shall not be considered to be a Biosimilar Product if JANSSEN or any of its Affiliates were involved in the Development, manufacture or
Commercialisation of such product, excluding by way of a settlement agreement. 

  
 -2- 

 EXECUTION COPY 
  

 1.7 “BLA” shall mean (i) a Biologics Licence Application submitted to
the FDA pursuant to Clause 351(a) of the Public Health Service Act and the regulations promulgated thereunder, including all amendments and Supplemental Applications with respect thereto; (ii) an application for authorisation to market or sell
a biological product submitted to a Regulatory Authority in any country or jurisdiction other than the U.S., including all amendments with respect thereto, including, with respect to the EU, a marketing authorisation application filed with the EMA
pursuant to the Centralised Approval Procedure or with the applicable Regulatory Authority of a country in the European Economic Area with respect to the decentralised procedure, mutual recognition or any national approval procedure
(“MAA”); or (iii) with respect to any biological product for which a BLA or MAA has been approved by the applicable Regulatory Authority, an application to supplement or amend such BLA or MAA to expand the approved label for
such biological product to include use of such biological product for an additional indication (“Supplemental Application”). 

1.8 “Business Day” shall mean a day other than a Saturday, Sunday or any other day on which banking institutions in New York,
New York or in Amsterdam, the Netherlands are closed for business. 
 1.9 “Calendar Month” shall mean a financial month
based on the Johnson & Johnson Universal Calendar for that year that is used by Johnson & Johnson for internal and external reporting purposes, provided, however, that the first Calendar Month for the first Calendar Year shall
extend from the Effective Date to the end of the then-current Calendar Month and the last Calendar Month shall extend from the first day of such Calendar Month until the effective date of the termination or expiration of this Agreement. 

1.10 “Calendar Quarter” shall mean a financial quarter based on the Johnson & Johnson Universal Calendar for that
year and is used by JANSSEN or its Affiliates for internal and external reporting purposes; provided, however, that the first Calendar Quarter for the first Calendar Year extends from the Effective Date to the end of the then-current Calendar
Quarter and the last Calendar Quarter extends from the first day of such Calendar Quarter until the effective date of the termination or expiration of the Agreement. 

1.11 “Calendar Year” shall mean a year based on the Johnson & Johnson Universal Calendar for that year (a copy of
which is attached hereto as Exhibit 4 (Johnson & Johnson Universal Calendar)). The last Calendar Year of the Term begins on the first day of the Johnson & Johnson Universal Calendar Year for the year during which termination
or expiration of the Agreement will occur, and the last day of such Calendar Year will be the effective date of such termination or expiration. The first Calendar Year will begin on the Effective Date and end on the last day of the first full
Calendar Year thereafter. 
 1.12 “[***]” shall mean [***], including [***]. 

1.13 “Change of Control” shall mean, with respect to either Party: (a) the sale of all or substantially all of such
Party’s assets or business relating to this Agreement to a Third Party; (b) a merger, reorganization, or consolidation involving such Party with or into any Third Party in which the shareholders of such Party immediately prior thereto
cease to own less than fifty percent (50%) of the combined voting power of the surviving entity immediately after such merger, reorganization, or consolidation; or (c) a person, or group of persons, acting in concert acquire more than fifty
percent (50%) of the voting equity securities or management control of such Party. Notwithstanding anything to the contrary herein, an initial public offering shall not constitute a Change of Control for purposes of this Agreement. For the purposes
of this definition, a “person” means an individual, corporation, partnership, limited liability company, limited partnership, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole
proprietorship, unincorporated organization, Governmental Authority or any other form of entity not specifically listed herein. 

  
 -3- 

 EXECUTION COPY 
  

 1.14 “Clinical Studies” shall mean, individually and collectively, any Phase
I Clinical Studies, Phase II Clinical Studies, Phase III Clinical Studies, and any other study in which human subjects are dosed with a drug, whether approved or investigational, in each case of a Product. 

1.15 “Commercialisation” shall mean any and all activities related to the marketing, promotion, distribution, pricing,
reimbursement, offering for sale and sale of a pharmaceutical or biologic product and interacting with Regulatory Authorities following receipt of Regulatory Approval in the applicable country or region for such pharmaceutical or biologic product
regarding the foregoing, but excluding activities relating to manufacturing, Development or medical affairs. “Commercialise”, “Commercialising” and “Commercialised” shall be construed accordingly.

 1.16 “Commercially Reasonable Efforts” shall mean, (a) with respect to the Development or Commercialisation of a
Product by or on behalf of JANSSEN, [***] or (b) with respect to the efforts to be expended by LAVA with respect to the Research Plan those reasonable efforts to accomplish such objective or perform such activity as would normally be used in
the pharmaceutical industry to accomplish a similar objective. 
 1.17 “Control” or “Controlled” shall
mean, with respect to any Know-How, Patent, other Intellectual Property, or regulatory submission, the ability of a Party to grant to the other Party access or a licence or
sub-licence to such Know-How, Patent, other Intellectual Property, or regulatory submission without violating the terms of any agreement or other arrangement with any
Third Party, provided that, with respect to any Know-How, Patents or other Intellectual Property, or regulatory submission obtained by either Party after the Effective Date from a Third Party, such Party shall
be deemed to Control such Know-How, Patents or other Intellectual Property or regulatory submission only if such Party possesses the right to grant such licence, sublicense, or other right thereto without
being obligated to pay any royalties or other consideration therefor, unless the other Party agrees to include such licence, sublicense, or other right within the scope of this Agreement pursuant to the process set forth in Clause 4.9 or 4.10. For
the avoidance of doubt, LAVA shall, during the Term, be deemed to have Control of all Intellectual Property and Materials that are licensed or assigned at any time to LAVA under the VU Licence. 

1.18 “Cover,” “Covering” or “Covered” shall mean, with respect to a product or with respect
to technology, that, in the absence of a licence granted under a Valid Claim, the making, use, offering for sale, sale, or importation of such product or the practice of such technology would infringe such Valid Claim. 

1.19 “Currency Hedge Rate” shall mean the rate that is calculated as a weighted average hedge rate of the outstanding external
foreign currency forward hedge contracts of Johnson & Johnson with Third Party banks. 

  
 -4- 

 EXECUTION COPY 
  

 1.20 “Data Protection Laws” means any applicable local law or regulation
relating to the protection of personal data or the privacy of individuals that may apply from time to time, including but not limited to Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection
of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (“General Data Protection Regulation” or “GDPR”), the Data Protection Act 2018 and
any other local or national legislation implementing the requirements of the GDPR. 
 1.21 [***] Antibody” means any
immunoglobulin molecule [***] such a molecule comprising or containing [***] and generated by or on behalf of LAVA prior to or pursuant to the Research Plan or generated by or on behalf of LAVA during the Term of the Agreement through activities
independent of the Research Plan. 
 1.22 “[***] Multispecific Antibody” means [***] immunoglobulin comprising or containing
[***].In addition to these variable domains, [***] may comprise or contain [***]. 
 1.23 “Disease Indication” shall mean a
[***] Cancer Indication. 
 1.24 “Development” shall mean all internal and external research, development, and regulatory
activities related to pharmaceutical or biologic products, including (a) research, non-clinical testing, toxicology, testing and studies, non-clinical and
preclinical activities, and clinical trials and (b) preparation, submission, review, and development of data or information for the purpose of submission to a Regulatory Authority to obtain authorisation to conduct Clinical Studies and to
obtain, support or maintain Regulatory Approval of a pharmaceutical or biologic product, but excluding activities that are directed to manufacturing, medical affairs, or Commercialisation. Development will include development and regulatory
activities for additional forms, formulations or indications for a pharmaceutical or biologic product after receipt of Regulatory Approval of such product (including label expansion), including Clinical Studies initiated following receipt of
Regulatory Approval or any Clinical Studies to be conducted after receipt of Regulatory Approval that was mandated by the applicable Regulatory Authority as a condition of such Regulatory Approval with respect to an approved formulation or
indication (such as post-marketing studies and observational studies, if required by any Regulatory Authority in any region in the Territory to support or maintain Regulatory Approval for a pharmaceutical or biologic product in such region).
“Develop”, “Developing” and “Developed” shall be construed accordingly. 
 1.25
“EU” shall mean the UK and the countries which form the European Union as at the Effective Date. 
 1.26 “Excluded
Product” means any bi-specific or multi-specific product comprising or containing [***]. In addition [***] an Excluded Product may comprise or contain [***]. 

1.27 “Exclusivity Period” means the period commencing on the Effective Date and expiring either the earlier of
(i) termination of the Agreement; or (ii) [***]. 
 1.28 “Executive Officers” shall mean (i) for LAVA, the [***]
and (ii) for JANSSEN, the [***]. If the position of any of the Executive Officers identified above no longer exists due to a corporate reorganisation, corporate restructuring or the like that results in the elimination of the identified
position, the applicable Executive Officer shall be replaced with another executive officer with responsibilities and seniority comparable to the eliminated Executive Officer. 

  
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 1.29 “Exploit” shall mean to make, have made, hold or keep (whether for
disposal or otherwise) import, export, use, have used, manufacture, have manufactured, sell or offer for sale, including to research, Develop, promote, obtain and maintain Regulatory Approvals and Commercialise. “Exploitation”,
“Exploiting” and “Exploited” shall be construed accordingly. 
 1.30 “Field” shall mean
all fields of use. 
 1.31 “First Commercial Sale” shall mean with respect to a Product in any country in the Territory, the
first sale by JANSSEN or its Affiliates or sub-licensees in an arms-length transaction to a Third Party (other than a sub-licensee) for use or consumption by the general
public of that Product in a country after all required Regulatory Approvals and Price and Reimbursement Approval for commercial sale of that Product have been obtained in such country. Product provided for: (a) research and Clinical Study
purposes; (b) compassionate use, named patient sales, patient assistance programs; (c) similar uses in a limited number to support Regulatory Approvals, such as test marketing programs or other similar programs or studies (provided that
the Product is not otherwise generally available for purchase in such country); and (d) early access programs, in each case ((a) – (d)), shall not constitute a First Commercial Sale of such Product. In addition, sales of a Product by and
between JANSSEN and its Affiliates or sub-licensees shall not constitute a First Commercial Sale. 

1.32 “Government Authority” shall mean any national, federal, state or local government, or political subdivision thereof, or
any multinational organisation or authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department,
bureau or division thereof) or any government arbitrator or arbitral body. 
 1.33 [***]. 

1.34 “Indication” shall mean a separately defined, well-categorized class of human disease or condition for which a separate
Regulatory Approval is needed for approval to market a Product. 
 1.35 “IND” shall mean (a) an Investigational New
Drug Application as defined in the United States Federal Food, Drug and Cosmetic Act, as amended, and applicable regulations promulgated thereunder by the FDA, or (b) the equivalent application to the applicable Regulatory Authority in any
other regulatory jurisdiction, the filing of which is necessary to initiate or conduct clinical testing of a pharmaceutical product in humans in such jurisdiction. 

1.36 “Improvements” shall mean any improvements to the structural or functional properties of a product and/or a process in
each case resulting in improved properties in an in vitro, in vivo, or ex vivo setting. 
 1.37 “Intellectual Property”
shall mean Patents, trade marks, service mark, registered designs, copyrights, database rights, design rights, Know-How, confidential information, applications for any of the above and any similar right
recognised from time to time in any jurisdiction. 

  
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 1.38 “JANSSEN Arising Patents” shall mean Patents directed to an invention
conceived and/or reduced to practice solely or jointly by employees, agents or consultants of JANSSEN (or its Affiliates) on the one hand, and/or employees, agents or consultants of LAVA (or its Affiliates) on the other hand, in each case in the
course of performing their respective activities during the Term pursuant to this Agreement where such invention (1) is an Improvement of JANSSEN Background Technology or JANSSEN Background Patents, or (2) is an Anti-[***] Antibody, or
(3) is a medical use or a method of treatment, including combination therapy or (4) is a Product or (5) is a method of manufacture, formulation and/or use of an Anti-[***] Antibody and/or a Product. 

1.39 “JANSSEN Arising Technology” shall mean, (i) the JANSSEN Arising Patents and,
(ii) Know-How, Materials and any other Intellectual Property or intangible right that in each case is generated solely or jointly by employees, agents or consultants of JANSSEN (or its Affiliates) on the
one hand, and/or employees, agents or consultants of LAVA (or its Affiliates) on the other hand, in each case in the course of performing their respective activities during the Term pursuant to this Agreement where such Know-How, Materials and any other Intellectual Property or intangible right in case of (ii) (1) is an Improvement of JANSSEN Background Technology or JANSSEN Background Patents, or (2) is an Anti-[***]
Antibody, or (3) is a medical use or a method of treatment, including combination therapy, or (4) a Product or (5) a method of manufacture, formulation and/or use of an Anti-[***] Antibody and/or a Product. 

1.40 “JANSSEN Background Patents” shall mean the Patents on Exhibit 3, the Patents claiming any inventions forming part
of the JANSSEN Background Technology and any Patents claiming priority, issued or granted from any such Patents. 
 1.41 “JANSSEN
Background Technology” shall mean the JANSSEN Background Patents, all other Intellectual Property, Materials and Know-How generated and/or Controlled by JANSSEN or its Affiliates, as of the Effective
Date or during the term of the Agreement through activities independent of the Agreement, and in each case provided or used by either Party in performing their respective activities in connection with the Research Plan. 

1.42 “JANSSEN Materials” shall mean (i) [***] Antibodies; (ii) biological materials, cell lines, excipients, assays and
other biological materials that are transferred from JANSSEN to LAVA, and (iii) the Products, together with all modifications, progeny and derivatives of each of the foregoing (i) (ii) and (iii). 

1.43 “JANSSEN Technology” shall mean the JANSSEN Arising Technology and JANSSEN Background Technology. 

1.44 “Joint Arising Patents” shall mean Patents (i) directed to an invention conceived and/or reduced to practice jointly
by employees, agents or consultants of JANSSEN (or its Affiliates) on the one hand, and employees, agents or consultants of LAVA (or its Affiliates) on the other hand, in each case in the course of performing their respective activities pursuant to
this Research Plan and (ii) that the Joint Patent Committee deems not to be JANSSEN Arising Patents or LAVA Arising Patents. 

  
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 1.45 “Joint Arising Technology” shall mean (i) the Joint Arising
Patents and (ii) Know-How, Materials and any other Intellectual Property generated jointly by employees, agents or consultants of JANSSEN (or its Affiliates) on the one hand, and employees, agents or
consultants of LAVA (or its Affiliates) on the other hand, in each case in the course of performing their respective activities pursuant to this Research Plan and that the Joint Patent Committee deems not to be JANSSEN Arising Technology or LAVA
Arising Technology. 
 1.46 “Know-How” shall mean any information not generally
known to the public, whether patentable or not, including ideas, concepts, formulas, methods, procedures, designs, compositions, plans, documents, data, inventions, discoveries and works of authorship.
Know-How excludes information contained in a published patent application. 
 1.47 “LAVA
Arising Patents” shall mean (i) Patents directed to an invention conceived and/or reduced to practice solely or jointly by employees, agents or consultants of LAVA (or its Affiliates) on the one hand, and/or employees, agents or
consultants of JANSSEN (or its Affiliates) on the other hand, in each case in the course of performing their respective activities pursuant to this Agreement where such invention (1) is an Improvement of LAVA Background Technology or LAVA
Background Patents and such invention is not a Product, or (2) is an invention obtained from use of any [***] Antibody on its own but not as part of a Product. 

1.48 “LAVA Arising Technology” shall mean (i) the LAVA Arising Patents,
(ii) Know-How, Materials and any other Intellectual Property generated solely or jointly by employees, agents or consultants of LAVA (or its Affiliates) on the one hand, and/or employees, agents or
consultants of JANSSEN (or its Affiliates) on the other hand, in each case in the course of performing their respective activities pursuant to this Agreement where such Know-How, Materials and any other
Intellectual Property (1) is an Improvement of LAVA Background Technology or LAVA Background Patents but is not a Product, or (2) is obtained from use of any [***] Antibody but not as part of a Product. 

1.49 “LAVA Background Patents” shall mean the (i) Patents on Exhibit 1 and any Patents claiming priority, issued
or granted from such Patents, (ii) Patents claiming the LAVA Materials and (iii) other Patents Controlled by LAVA or its Affiliates at any time during the term of the Exclusive Licence that claim the composition of matter, manufacture, or
method of use of a [***] Antibody or [***] Multispecific Antibody generated outside of the Research Plan, but in each case excluding all Patents owned or Controlled by a Third Party that acquires LAVA by way of Change of Control. 

1.50 “LAVA Background Technology” shall mean the (i) LAVA Background Patents (ii) the LAVA Know-How and/or (iii) the LAVA Materials. 
 1.51 “LAVA
Know-How” shall mean the Know-How (i) Controlled by LAVA as of the Effective Date or (ii) developed and Controlled by LAVA during the Term through
activities independent of the Research Plan, to the extent that in each case of (i) and (ii) such Know-How are necessary or useful for the conduct of the Research Plan or otherwise for the Development,
manufacture and Commercialization of the Products, but in each case excluding all Know-How owned or Controlled by a Third Party that acquires LAVA by way of Change of Control. 

  
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 1.52 “LAVA Materials” shall mean any Materials (i) Controlled by LAVA
as of the Effective Date or (ii) developed and/or Controlled by LAVA during the Term through activities independent of the Research Plan, that are in each case of (i) or (ii) necessary or useful for the conduct of the Research Plan or
otherwise for the generation, Development, manufacture and Commercialization of Products. LAVA Materials shall not include any Product. 

1.53 “LAVA Technology” shall mean the LAVA Background Technology and LAVA Arising Technology. 

1.54 “Lead Product” shall mean no more than [***] Product(s) selected as the lead candidates by the JSC for further
Development; 
 1.55 “Materials” shall mean all biological and other physical materials, including antibodies, cell lines,
reagents, excipients and assays. 
 1.56 “Major European Country” shall mean any one of the following: [***]. 

1.57 “Milestone” shall mean any Research Milestone, Development Milestone or Sales Milestone. 

1.58 “Net Sales” means the gross amounts invoiced on sales of Products by JANSSEN, or any of its Affiliates or sub-licensees (excluding any Third Party distributor) to a Third Party purchaser (including any Third Party distributor), less the following customary and commercially reasonable deductions, determined in accordance
with U.S. generally accepted accounting principles and internal policies and actually taken, paid, accrued, allocated or allowed based on good faith estimates: 
  

	 	a.	 [***]; 

  

	 	b.	 [***]; 

  

	 	c.	 [***]; 

  

	 	d.	 [***]; 

  

	 	e.	 [***]; 

  

	 	f.	 [***]; 

  

	 	g.	 [***]; 

  

	 	h.	 [***]. 

  

	 	(a)	 [***]. 

  

	 	(b)	 [***]. 

[***] 

  
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 If a Product is sold as part of a Combination Product in a given country in the Territory, then Net Sales for
such Combination Product in such country shall be determined as follows: 
  

	 	A.	 [***]. 

  

	 	B.	 [***]. 

  

	 	C.	 [***]. 

  

	 	D.	 [***] Payments related to such Combination Product under this Agreement, including royalty payments, shall be
calculated, due and payable based only on such allocated Net Sales. 

 As used above, the term “Combination Product”
shall mean any pharmaceutical product that contains (i) in a single formulation a Product and one or more other active ingredients, or (ii) in a single package or container two or more products as components including a Product and/or one
or more other products or components. 
 1.59
“Out-of-Pocket Costs” shall mean expenses actually paid (with no mark-up) to any Third Party that is either:
(i) not an Affiliate of a Party claiming such expenses, or (ii) is an Affiliate of that Party where such payment is limited to reimbursing such Affiliate for expenses actually paid by such Affiliate to a Third Party that is not an
Affiliate of the Party claiming such expenses. 
 1.60 “Parties” shall mean LAVA and JANSSEN. 

1.61 “Party” shall mean either LAVA or JANSSEN. 

1.62 “Patents” shall mean all original (priority establishing) patent and utility model applications claiming one or more
inventions filed anywhere in the world, including provisionals and non-provisionals, and all related applications thereafter filed, including any continuations, continuations-in-part, divisions, or substitute applications, any patents issued or granted from any such patent applications, and any reissues, reexaminations, renewals or extensions (including by virtue of
any supplementary protection certificates) of any such patents, and any confirmation patents or registration patents or patents of addition based on any such patents, and all foreign counterparts or equivalents of any of the foregoing. 

1.63 “Person” shall mean any natural person, corporation, firm, business trust, joint venture, association, organization,
company, partnership or other business entity, or any government, or any agency or political subdivisions thereof. 
 1.64 “Phase I
Clinical Study” shall mean any study in humans the principal purpose of which is preliminary determination of safety in healthy individuals or patients as described under 21 C.F.R. §312.21(a) with respect to the United States, or, with
respect to a jurisdiction other than the United States, a similar clinical study. 

  
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 1.65 “Phase II Clinical Study” shall mean a preliminary efficacy,
dose-focusing (to provide initial information on exposure-response or dose-response relationships, and help determine appropriate dose-range) or safety human clinical study of a Product in the target patient population, as described under 21 C.F.R.
§312.21(b) with respect to the United States, or, with respect to a jurisdiction other than the United States, a similar clinical study. 

1.66 “Phase III Clinical Study” shall mean a clinical study designed as a pivotal confirmatory study to demonstrate the
efficacy and safety of a Product with respect to a given indication, which study is performed for purposes of filing an NDA, BLA, MAA or similar application to obtain Regulatory Approval for such Product for such indication in any country
(regardless of whether such Clinical Study is identified as a phase III clinical study on ClinicalTrials.gov), including a clinical study as described under 21 C.F.R. §312.21(c) with respect to the United States, or, with respect to a
jurisdiction other than the United States, a similar clinical study. For clarity, the portion of a Phase I Clinical Study or Phase II Clinical Study that meets the foregoing criteria shall be deemed to be a Phase III Clinical Study. 

1.67 “Price and Reimbursement Approval” shall mean any approvals, licences, registrations or authorisations of any
supranational, national, regional, state or local Regulatory Authority or other regulatory agency, department, bureau or Government Authority, required by Applicable Law to determine or set the pricing of a Product, or its reimbursement level by the
relevant health authorities, providers or other funding institutions, at supranational, national, regional, state or local level. 
 1.68
“Product” shall mean any product: (i) comprising a [***] Multispecific Antibody in which one variable domain is specific to [***]; and (ii) [***]. 

1.69 “Prosecution and Maintenance” or “Prosecute and Maintain” with regard to a Patent shall mean the
preparing, filing, prosecuting and maintenance of such Patent, as well as re-examinations, reissues, requests for patent term extensions and the like with respect to such Patent, together with the conduct of
interferences, the defense of oppositions and other similar proceedings with respect to the particular Patent. 
 1.70 “Regulatory
Approval” shall mean the approval of the applicable Regulatory Authority necessary for the marketing and sale of a Product in the Field in a country. “Regulatory Approval” shall not include any government pricing or reimbursement
approvals or authorisations issued by a Regulatory Authority or any other Government Authority in any country or jurisdiction. 
 1.71
“Regulatory Authority” shall mean any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other Government Authority with authority over the marketing and sale of a pharmaceutical
product in a country, including the United States Food and Drug Administration and the European Medicines Agency. 
 1.72 “Regulatory
Filing” shall mean any documentation comprising or relating to or supporting any filing or application with any Regulatory Authority with respect to a Product, or its use or potential use in humans, including any documents submitted to any
Regulatory Authority and all supporting data, including INDs, NDAs, BLAs and MAAs, and all correspondence with any Regulatory Authority with respect to any Product (including minutes of any meetings, telephone conferences or discussions with any
Regulatory Authority). 

  
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 1.73 “Research Activities” shall mean the activities undertaken or to be
undertaken pursuant to the Research Plan. 
 1.74 “Research Bi-specific Antibodies”
shall mean bi-specific antibodies generated by LAVA or its subcontractors under the Research Plan (i) containing [***] and provided by LAVA and [***] provided by JANSSEN or generated or provided by LAVA
under the Research Plan; and (ii) intended to be capable of [***]. 
 1.75 “Research Plan” shall mean the research plan
attached hereto as Exhibit 2 (the “Initial Research Plan”) as may be updated from time to time in accordance with Clause 2.1.3. 

1.76 “Relevant Factors” means all relevant scientific, technical, operational, commercial, economic and other factors that may
affect the Development, Regulatory Approval, manufacturing or Commercialisation of a Product, including (as applicable) without limitation: actual and potential issues of safety, efficacy and/or stability; expected and actual Product profile
(including Product modality, category and mechanism of action); stage of development or life cycle status; actual and projected Development, Regulatory Approval, manufacturing, and Commercialisation costs, timelines and budgets; any issues regarding
the ability to manufacture or have manufactured the Product; the likelihood of obtaining Regulatory Approvals and Pricing and Reimbursement Approval; the timing of such approvals; labelling or anticipated labelling; the then-current competitive
environment and the likely competitive environment at the time of projected entry into the market, including the expected and actual competitiveness of alternative products sold by Third Parties in the market; past performance of the Product or
similar products; present and future market potential; existing or projected pricing, sales, reimbursement and profitability; and expected and actual proprietary position, strength and duration of patent protection and anticipated regulatory or
other exclusivity. 
 1.77 “Royalty Term” means, on a
Product-by-Product and country-by-country basis, the period commencing on the First
Commercial Sale of such Product in such country of sale and expiring ten (10) years from First Commercial Sale of such Product in such country of sale. 

1.78 “Side Letter” shall mean the letter agreement between LAVA and VU dated on or before the Effective Date. 

1.79 “Solid Tumour Indication” shall mean an Indication related to solid tumors (i.e. any abnormal mass of tissue that usually
does not contain cysts or liquid areas regardless of the type of cells that form such mass), excluding leukemia and lymphoma. 
 1.80
“Territory” shall mean any country or territory in the world. 
 1.81 “Third Party” shall mean any Person
other than LAVA, JANSSEN and their respective Affiliates. 
 1.82 “Third Party Acquiror” shall mean a Third Party that at
any time after the Effective Date becomes an acquiror of LAVA by way of a Change of Control of LAVA. 

  
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 1.83 “Transferee” shall mean a Person to whom a Party, its Affiliates or
licensees have transferred (whether by asset sale, licence or otherwise) Intellectual Property rights in any Product. For clarity, Transferees include multiple tiers of sub-licensees. 

1.84 “United States” or “U.S.” shall mean the United States of America and its territories and possessions.

 1.85 “United States – Netherlands Tax Convention” means the convention between the United States of America and the
Kingdom of the Netherlands for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income. 
 1.86
“Valid Claim” shall mean a claim (i) of any issued, unexpired Patent that has not been revoked or held unenforceable or invalid by a decision of a court or Government Authority of competent jurisdiction from which no appeal can
be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and that has not been disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise or (ii) of any patent application
that has not been cancelled, withdrawn or abandoned or been pending or filed more than [***] from the earliest possible priority date for said application (provided that if after such [***] period a Patent issues from such application, the same
would be deemed a Valid Claim). 
 1.87 “VU” shall mean the VU University Medical Center in Amsterdam and any successor in
interest thereto, including the Amsterdam University Medical Centers. 
 1.88 “VU Licence” shall mean the licence agreement
between VU and LAVA dated [***] and any subsequent amendments thereto. 
 1.89 Additional Definitions. Each of the following terms
shall have the meaning described in the corresponding Clause of this Agreement indicated below:

					
	 aBPA
	  	 	6.6	 
	 Alliance Manager
	  	 	2.1.5	 
	 Annual Report
	  	 	2.1.6	 
	 Anti-Corruption Laws
	  	 	11.15.4	 
	 Bankrupt Party
	  	 	10.4	 
	 Bankruptcy Event
	  	 	10.4	 
	 Bankruptcy Law
	  	 	10.4	 
	 Candidate Selection Report
	  	 	2.3.2	 
	 [***] Biologic
	  	 	4.3	 
	 Indication
	  	 	1.34	 
	 Indirect Taxes
	  	 	5.6.7	 
	 Income Taxes
	  	 	5.6.7	 
	 Invalidity Claim
	  	 	6.4	 
	 JANSSEN Witholding Tax
	  	 	5.6.5	 
	 Action
	  			
	 JAMS Rules
	  	 	11.1.2	(i) 
	 JANSSEN Indemnitees
	  	 	9.2	 
	 JANSSEN Materials
	  	 	4.6	 

 

					
	 Claim
	  	 	9.3.1	 
	 Combination Product
	  	 	1.53	 
	 Commercial Milestone
	  	 	5.3.3	 
	 Confidential Information
	  	 	7.1	 
	 Development Milestone
	  	 	5.3.2	 
	 Dispute
	  	 	11.1.1	 
	 Exclusive Licence
	  	 	4.2.1	 
	 Indemnified Party
	  	 	9.3.1	 
	 Indemnifying Party
	  	 	9.3.1	 

 
 

  
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	 JPC
	  	 	6.1.2	 
	 JSC
	  	 	2.1.1	 
	 MAA
	  	 	1.7	 
	 Non-Bankrupt Party
	  	 	10.4	 
	 Onboarding Date
	  	 	2.3.2	 
	 Onboarding
	  	 	2.3.2	 
	 Payee
	  	 	5.6.2	 
	 Payor
	  	 	5.6.2	 
	 Permitted Sub-licensee
	  	 	4.1.2	 
	 Prior CDA
	  	 	7.5	 
	 Product-Specific Claims
	  	 	6.2.1.1	 
	 Product Patents
	  	 	6.1.2	 
	 Research Milestone
	  	 	5.3.1	 
	 Research Term
	  	 	2.2	 
	 Royalty Report
	  	 	5.4.6	 
	 Sales Milestone
	  	 	5.3.3	 
	 Stage
	  	 	2.3.1	 
	 Tax or Taxes
	  	 	5.6.6	 
	 LAVA Indemnitees
	  	 	9.1	 
	 Reversion Licence
	  	 	10.5.4.1	 
	 ROFN
	  	 	10.5.4.1	 
	 Research Funds
	  	 	8.2.19	 
	 Term
	  	 	10.1	 
	 Third Party Losses
	  	 	9.1	 
	 Third Party Royalty Payment
	  	 	8.2.19	 

 

 
 

  
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 Clause 2—RESEARCH ACTIVITIES 

2.1 Joint Steering Committee. 
  

	 	2.1.1	 Establishment and membership. Promptly after the Effective Date (and in any event within [***]
thereafter), the Parties shall establish a joint steering committee (“JSC”) to oversee, review and coordinate the Research Plan and the Research Activities, as further described in this Clause 2.1. The JSC shall be comprised of an
equal number of representatives from each of JANSSEN and LAVA. Unless otherwise agreed by the Parties, each Party shall have three (3) representatives on the JSC. Either Party may replace its respective JSC representatives at any time upon
prior written notice to the other Party, provided that such replacement is of comparable authority within that Party’s organisation as the person he or she is replacing. The JSC shall be chaired by one designated representative of JANSSEN. The
chairperson of the JSC shall not have any greater authority than any other representative on the JSC. The chairperson, or their delegate, shall be responsible for (i) calling meetings of the JSC; (ii) preparing and circulating an agenda in
advance of each JSC meeting, provided that the chairperson shall include on such agenda any reasonable agenda items proposed by either Party;(iii) ensuring that all decision-making is carried out in accordance with the voting and dispute resolution
mechanisms set forth in this Agreement; and (iv) preparing and issuing minutes of each meeting within [***] thereafter. 

  

	 	2.1.2	 Meetings. The JSC shall hold meetings at such times as the JSC determines, but in no event less
frequently than [***], approximately once every Calendar Quarter during the Research Term. The JSC may meet in person or by audio or video conference as the Parties may mutually agree, provided that the JSC shall meet in person at least [***] per
Calendar Year during the Research Term, if possible. For in-person meetings, the JSC shall meet at location(s) designated by JANSSEN and by LAVA in an alternating fashion which are reasonably acceptable to the
non-designating Party, with the location of the first in-person meeting designated by JANSSEN. Other representatives of the Parties and their Affiliates may attend
meetings of the JSC as nonvoting observers, subject to Clause 7. The JSC may agree to meet in person or by way of a video or audio call on an ad hoc basis between regularly scheduled meetings in order to address and resolve time-sensitive issues
within the JSC’s purview that may arise from time to time. No action or vote taken at a JSC meeting shall be effective unless a representative of each Party is present. Neither Party shall unreasonably withhold attendance of at least one
representative of such Party at any meeting of the JSC. Each Party shall be responsible for its own costs associated with meetings of the JSC. 

  

	 	2.1.3	 Responsibilities. The JSC shall be responsible for overall supervision, direction, oversight and
management of the Research Plan and the Research Activities and ongoing dialogue between the Parties with regard to the Research Plan and the Research Activities, including (a) setting specific research goals subject to subsection (f) of
this Clause 2.1.3; (b) setting the criteria by which the Anti-[***] Antibody, [***] Antibodies and Products will be evaluated; (c) evaluating and 

  
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integrating all scientific data generated by Research Activities during the prior Calendar Quarter; (d) monitoring and reviewing progress and results of the Research Plan; (e) at the
end of each Stage, reviewing the data from such Stage to decide whether or not to proceed to the next Stage; (f) periodically reviewing and revising the Research Plan except that the JSC has no authority to revise the Research Plan in a manner
that would (i) change the scope of the activities or the timelines by more than [***] from the Initial Research Plan or (ii) change the scope of activities of the Initial Research Plan that imposes an additional financial obligation on
either Party beyond the research budget set forth in Clause 5.2 (or otherwise agreed in writing by LAVA) without the Parties agreeing a mechanism for payment for such additional financial burden for the Party in question; (g) determining
whether the Research Milestones have been achieved; (h) performing such other duties as are specifically assigned to the JSC in this Agreement and (i) selecting the Lead Product. 

 

	 	2.1.4	 Decision making. Decisions of the JSC, except decisions related to payment of Research Milestones, shall
be made by unanimous agreement of the representatives participating in any JSC meeting with each Party having one vote. If the JSC is unable to reach unanimous agreement on a particular matter within its authority, then JANSSEN shall have the final
say. JANSSEN has sole decision making authority with respect to decisions related to [***]. The JSC shall not have authority to amend or alter any provision of this Agreement. 

 

	 	2.1.5	 Alliance Managers. Promptly after the Effective Date, each Party shall appoint an individual to act as
the alliance manager for such Party (each, an “Alliance Manager”). Each Alliance Manager, if not a member of the JSC, shall thereafter be permitted to attend meetings of the JSC as a nonvoting observer, subject to the
confidentiality provisions of Clause 7. The Alliance Managers shall be the primary point of contact for the Parties regarding the Research Activities and shall facilitate communication regarding all such activities. The Alliance Managers shall lead
the communications between the Parties and shall be responsible for following-up on decisions made by the JSC. The name and contact information for such Alliance Manager, as well as any replacement(s) chosen
by LAVA or JANSSEN, in their sole discretion, from time to time, shall be promptly provided to the other Party. 

  

	 	2.1.6	 Disbanding. The JSC shall be disbanded on the Onboarding Date. Thereafter, JANSSEN shall provide LAVA
with an annual report as described in Clause 3.3 (the “Annual Report”). 

 2.2 Research Term. The
term of the Research Plan shall commence as of the Effective Date and continue thereafter until the earlier of the Onboarding Date or [***] (the “Research Term”). 

  
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 2.3 Research Plan. 

 

	 	2.3.1	 Conduct of Research Plan. Subject to the terms and conditions set forth herein, during the Research Term
LAVA shall be responsible for conducting all the Research Activities in accordance with the terms and conditions of this Agreement and the Research Plan save that JANSSEN may upon reasonable notice to the JSC and at JANSSEN’s sole discretion,
opt to carry out, one or more of the Research Activities originally allocated to LAVA. The Research Activities shall be overseen by the JSC described in Clause 2.1. The initial Research Plan is attached as Exhibit 2 to this Agreement and may
be amended from time to time upon agreement of the JSC in accordance with Clause 2.1.3. To the extent that LAVA is responsible for carrying out any animal studies as part of the Research Activities, LAVA shall ensure that such Research Activities
are carried out in compliance with all Applicable Laws including the animal welfare policy set out in Exhibit 6. To the extent that LAVA is responsible for carrying out any studies as part of the Research Activities that involve use of human tissue
samples, LAVA shall ensure that such Research Activities are carried out in compliance with all Applicable Laws (including appropriate Data Protection Laws) and that appropriate informed consents have been obtained from human subjects that enable
LAVA to use the human tissue samples to carry out the applicable Research Activities and to provide JANSSEN with the results of such Research Activities. The initial Research Plan shall be divided into three stages (each a “Stage”
and, together, the “Stages”) and shall include the activities to be conducted under each of the three stages of the Research Plan in accordance with this Agreement as follows: 

2.3.1.1 the activities in the Research Plan entitled “VHH lead generation” (“Stage 1”); 

2.3.1.2 the activities in the Research Plan entitled “Bispecific
hit-to-lead generation activities” (“Stage 2”); and 

2.3.1.3 the activities in the Research Plan entitled “Lead optimisation activities to pre-agreed
candidate criteria (but excluding non-human primate developability studies)” (“Stage 3”). 

The JSC shall review the data from Stage 1 and Stage 2. The JSC may decide at any time prior to, but in any event shall decide no later than,
[***] from the date of completion of the relevant Research Activities for each such Stage whether to move forward to the next Stage. If the JSC decides not to move forward to the next Stage or makes no decision within such [***] period, then
(i) JANSSEN will be deemed to have decided not to proceed; and (ii) this Agreement shall terminate either on the day the JSC decides not to move forward or where the JSC makes no decision to move forward, on termination of the [***] period
and the terms of Clauses 10.5.2 and 10.5.3 shall take effect. 
  

	 	2.3.2	 Candidate Selection Report. Promptly after completion of all three Stages of the Research Plan but not
later than [***] from completion of the Stage 3 Research Activities, LAVA shall prepare and submit to JANSSEN a comprehensive detailed written report consistent with its normal practices which shall (i) describe all of the results, data and
Materials generated by the Research Activities and (ii) list the Lead Products (the “Candidate Selection Report”). The Candidate Selection Report shall be in sufficient detail such that JANSSEN can evaluate the scientific and

  
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commercial value of the outputs of the Research Activities. The Candidate Selection Report shall first be provided to JANSSEN in draft form so that, within the [***] period following submission
of such draft report by LAVA to JANSSEN, JANSSEN shall have the opportunity to request LAVA to make reasonable revisions, additions or clarifications to the draft report. LAVA shall within [***] of receiving any requests by JANSSEN amend and deliver
to JANSSEN an amended version of the draft final report. JANSSEN shall confirm in writing its acceptance of the Candidate Selection Report within [***] of receiving the revised Candidate Selection Report from LAVA. The Candidate Selection Report
shall be deemed to have been accepted by JANSSEN as of the date LAVA receives JANSSEN’S written notification of acceptance of such report or upon the expiration of [***] period, whichever is earlier. Within [***] of the Candidate Selection
Report, LAVA shall deliver to JANSSEN all raw data and information generated in carrying out the Research Activities, which shall be provided by or on behalf of LAVA to JANSSEN in such formats as are agreed by the Parties. At any time during the
Research Term, but in any event no later than [***] from the date of the acceptance of the Candidate Selection Report pursuant to this Clause 2.3.2, JANSSEN shall determine and notify LAVA whether it intends to commence the Exploitation of a Product
(“Onboarding”) and the date of such notice indicating intent to Onboard, the “Onboarding Date”). This Agreement will terminate automatically on the earlier of (a) the expiration of such [***] period if JANSSEN
fails to timely notify LAVA in writing of JANSSEN’s Onboarding decision or (b) upon receipt by LAVA of JANSSEN’s written notice declining to Onboard and in each case of (a) and (b) the terms of Clauses 10.5.2 and 10.5.3 shall
then take effect. For clarity, if JANSSEN, has terminated the Agreement prior to the Onboarding Date, JANSSEN shall have no obligation to pay any payment set forth in Clause 5 for deliverables or milestones that have yet to be achieved as of the
effective date of termination. 

 2.4 Information and Reports. LAVA shall make available and disclose to JANSSEN any and
all LAVA Arising Technology, including data and results from the Research Activities throughout the Research Term, with significant discoveries or advances being communicated as soon as reasonably practical. During the Research Term, LAVA will
provide JANSSEN, at least once each [***] (in advance of the JSC meeting [***]), with a written summary of research conducted and results obtained in the Research Activities to date, which summary may be provided in the form of PowerPoint slides
presented to the JSC. LAVA will provide further details of LAVA Arising Technology, including access to raw data for any work performed, at the written request of JANSSEN. 

2.5 Records. LAVA shall and shall require its Affiliates, and Permitted Sub-licensees to,
maintain complete and accurate records in segregated books (which may include dedicated portions of electronic lab notebook systems) of all work conducted in furtherance of the Research Plan, including the Development of Products, and all results,
data and developments made in conducting such activities. Such records shall be complete and accurate and shall fully and properly reflect all work done and results achieved in sufficient detail and in a manner appropriate for patent and regulatory
purposes. Such information shall include any information necessary for data integrity purposes. 

  
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 2.6 JANSSEN Audit Right. During the Research Term and for [***] thereafter, JANSSEN
will have the right to conduct reasonable data integrity quality audits with respect to the Research Plan, at JANSSEN’s sole cost and expense, upon [***] prior written notice to LAVA and during normal business hours, to inspect and audit the
research records of LAVA and its Affiliates for the sole purpose of verifying the integrity of the data generated during the Research Activities in accordance with JANSSEN’s customary data integrity audit procedures. During such audits, LAVA
will make available to JANSSEN or its authorized representative the appropriate knowledgeable personnel of LAVA. LAVA will also make available to JANSSEN’s duly authorized representatives and agents all relevant laboratory notebooks, records
and documents that are required to be kept by LAVA pursuant to Clause 2.5 and are relevant to data integrity to confirm the integrity of the data generated in the Research Activities. In the event that LAVA is found responsible for quality or data
integrity issues with the data generated under the Research Plan, LAVA shall seek to resolve any such quality or data integrity issued identified by JANSSEN by a mutually agreed upon date. 

2.7 Records Retention. LAVA shall maintain and manage all paper or electronic records, files, documents, work papers, receipts and all
other information in any form LAVA, its Affiliates or their respective employees or agents or Permitted Sub-licensees generate in connection with the Research Plan, in accordance with all Applicable Laws and
Data Integrity requirements set out in Exhibit 5. 
 2.8 Subcontracting. Subject to all terms and conditions of this Agreement,
JANSSEN shall have the right to engage Affiliates or subcontractors and LAVA shall have a right to engage Permitted Sub-licensees to perform any of its obligations hereunder; provided, that with respect to
each subcontract or sublicence, the Party in question shall: (i) ensure that each of its subcontractors (in case of JANSSEN) or Permitted Sub-licensee (in case of LAVA) is subject to a written agreement
no less protective of the other Party than those of this Agreement; and (ii) remain responsible for the performance of its subcontractors (in case of JANSSEN) or Permitted Sub-licensee (in case of LAVA)
hereunder. Additionally, during the Research Term LAVA shall notify JANSSEN in writing in advance of the identity of the contractor and a description of the activities to be subcontracted. 

2.9 Employment Regulations The Parties do not consider that the performance of the Research Activities, nor coming into effect of the
Exclusive Licence pursuant to the provisions of the Agreement shall result in a transfer of any employees pursuant to the Employment Regulations and therefore there will be no transfer of any personnel (including permanent and temporary employees,
agents and individual contractors) employed or engaged by LAVA to JANSSEN or by JANSSEN to LAVA pursuant to the Employment Regulations as a result of the Exclusive Licence coming into force. “Employment Regulations” means the
Transfers of Undertakings Directive 2001/23/EC, and any legislation implementing this Directive in a jurisdiction that is applicable to LAVA. 

Clause 3 - COMMERCIAL DEVELOPMENT 

3.1 General. After the Onboarding Date, JANSSEN shall have sole responsibility (as between the Parties) for the Development,
manufacture and Commercialisation of Products. 

  
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 3.2 Diligence. After the Onboarding Date, JANSSEN shall use Commercially Reasonable
Efforts to [***]. 
 3.3 Reporting. After the Onboarding Date, JANSSEN shall submit to LAVA annual progress reports summarising the
progress and activities of JANSSEN (and its Affiliates and any sub-licensees or Transferees) with respect to the on the status of all material Development activities conducted by or on behalf of JANSSEN in
respect of the first Product. JANSSEN’s obligations under this Clause 3.3 (Reporting) shall terminate following achievement of all Development Milestone Events. In addition, JANSSEN shall provide access to the project lead for the appropriate
project team handing the particular Development aspect referred to in the underlying progress report, on reasonable advance notice to discuss such progress reports. In addition, JANSSEN shall provide Royalty Reports when applicable and as described
in Clause 5.4.6. LAVA’s use of the information disclosed pursuant to this Clause 3.3 or Clause 5.4.6 shall be subject to the terms set forth in this Agreement, including Clause 7 (Confidentiality). 

3.4 Manufacture and Supply. After the Onboarding Date, JANSSEN shall have the responsibility, at JANSSEN’s sole cost and expense,
to make or have made all of its requirements of any Product for any and all Development, manufacture and Commercialisation activities by JANSSEN. JANSSEN shall maintain complete, current and accurate records of all Development, manufacture, and
Commercialisation activities conducted by or on behalf of JANSSEN and all data and other information resulting from such activities. All such records shall be maintained in good scientific manner appropriate for regulatory and patent purposes and in
accordance with Applicable Law. 
 3.5 Technology transfer and assistance. Promptly after the Onboarding Date, the Parties shall
develop and agree upon a manufacturing technology transfer plan for the Products generated or developed as part of the Research Activities that will include all activities necessary to enable JANSSEN (or a contract manufacturer designated by
JANSSEN) to manufacture the Products. Prior to the Onboarding Date, LAVA shall use reasonable efforts to provide JANSSEN with access to: (i) a summary of all LAVA Know-How necessary or useful for the
Development, manufacturing or Commercialisation of Products; (ii) all Materials in LAVA’s possession or control useful or reasonably necessary for the Development, manufacturing or Commercialisation of Products; (iii) copies of all
relevant regulatory, CMC, preclinical and clinical documents and reports generated in performing the Research Activities; (iv) copies or embodiments of the LAVA Arising Technology; and (v) any other items set forth herein or otherwise
acquired for the purposes of, or generated by, the Research Activities. Upon JANSSEN’s reasonable request, LAVA shall transfer any raw data related to any of the foregoing, and LAVA shall transfer hard copies of laboratory notebooks containing
information that are necessary or useful for JANSSEN’s regulatory or Intellectual Property activities will be transferred to JANSSEN to the extent not already transferred to JANSSEN prior to the Onboarding Date. In addition, for a period of
[***], LAVA shall make available, at LAVA’s expense, to JANSSEN and its designees any technical personnel of LAVA as may reasonably be requested by JANSSEN in connection with such transfer(s) or subsequent Regulatory Filings at no additional
cost to JANSSEN. On or after [***], all technology transfer and assistance shall be executed at JANSSEN’s cost and expense. 

  
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 Clause 4 - LICENCE GRANTS 

4.1 Performance of Research Plan. 
  

	 	4.1.1	 Research Licence. JANSSEN hereby grants to LAVA a non-exclusive,
worldwide licence under the JANSSEN Technology, solely to conduct activities allocated to LAVA under the Research Plan during the Research Term. 

  

	 	4.1.2	 Sublicensing. LAVA may only sub-license the rights granted under
Clause 4.1.1 to sub-contractors that the JSC has approved (such approval not to be unreasonably withheld or delayed) and that are retained by LAVA to carry out activities allocated to LAVA under the Research
Plan during the Research Term (“Permitted Sub-licensees”). LAVA shall remain responsible for all of its obligations under this Agreement and the acts or omissions of any such Permitted Sub-licensee. Any such Permitted Sub-licences shall comply with the following conditions: 

4.1.2.1 any such sub-licence granted by LAVA shall be in writing and expressed to terminate
automatically either upon the termination of this Agreement for any reason; and 
 4.1.2.2 LAVA shall ensure that there are included in the
terms of any such sub-licence obligations and undertakings on the part of the Permitted Sub-licensee consistent with these contained in this Agreement and shall further
ensure that all Permitted Sub-licensee(s) duly observe and perform the same and, if requested by JANSSEN, shall provide a copy of such sub-licence agreement to JANSSEN.

  

	 	4.1.3	 Without prejudice to the generality of Clause 4.1.2, LAVA shall procure that each such Permitted Sub-licensee(s) shall enter into a confidentiality undertaking with LAVA with respect to any Confidential Information of JANSSEN disclosed pursuant to this Agreement on terms no less stringent than the terms of this
Agreement and shall provide a copy of such confidentiality undertaking to JANSSEN upon request. 

  

	 	4.1.4	 LAVA shall remain responsible and liable to JANSSEN for the performance of all such Permitted Sub-licensees under the sub-licences to the same extent as if such activities were conducted by LAVA. 

4.2 Exclusive Licence to JANSSEN. 
  

	 	4.2.1	 Licence grant. LAVA hereby grants to JANSSEN an exclusive, royalty-bearing licence, with the right to
grant sub-licences as set forth in Clause 4.2.2, under the LAVA Technology and LAVA’s rights in the Joint Arising Technology to Exploit any Product in the Field throughout the Territory (the
“Exclusive Licence”). 

  

	 	4.2.2	 Sub-licences. JANSSEN may grant
sub-licences to its Affiliates or to Third Parties (including through multiple tiers), within the scope of the Exclusive Licence granted to JANSSEN pursuant to Clause 4.2.1 above. All such sub-licences shall be consistent with the terms and conditions of this Agreement. JANSSEN shall remain responsible and liable to LAVA for the performance of all sub-licensees
under the sub-licences to the same extent as if such activities were conducted by JANSSEN 

  
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	 	4.2.3	 Exclusions. Notwithstanding anything to the contrary, the Exclusive Licence does not include the right
to Exploit any [***] Antibody or [***] Multispecific Antibody other than as embodied in the Product. 

 4.3
Exclusivity. For the duration of the Exclusivity Period, LAVA shall not on its own or with a Third Party and shall procure that its Affiliates (subject to the provisions of Clause 4.4) shall not on their own or with a Third Party, [***]. 

4.4 Exclusivity upon a Change of Control of LAVA. The provisions of Clause 4.3 shall not prevent a Third Party Acquiror (and the
Affiliates of such Third Party Acquiror other than LAVA and/or its Affiliates prior to the Change of Control of LAVA) from [***], provided that [***] activities of the Acquiror Competing Product is conducted independently of the activities of
this Agreement (including maintaining separate lab notebooks) and without use of any LAVA Technology or the Joint Arising Technology, (b) no JANSSEN Technology, or other Confidential Information of JANSSEN, is provided to or shared with any
personnel of the Third Party Acquiror (and the Affiliates of such Third Party Acquiror) working on the Acquiror Competing Product, (c) no personnel of LAVA and/or its Affiliates (as of the signing date of the acquisition agreement) other than
employees of the Third Party Acquiror carry out any [***] activities in relation to the Acquiror Competing Product and (d) LAVA puts in place firewalls reasonably designed to ensure that the foregoing clauses (a), (b), (c), and (d) are
complied with at all times. LAVA expressly acknowledges that by way of acquiring LAVA, such Third Party Acquiror (and the Affiliates of such Third Party Acquiror including LAVA) shall not under any circumstances be deemed to have acquired or been
granted any rights or licences (implied or express) under the LAVA Technology or the Joint Arising Technology with respect to any Acquiror Competing Product, and that JANSSEN shall be entitled to enforce its rights against LAVA or such Third Party
acquiror and their Affiliates under this Agreement. LAVA expressly acknowledges that this Clause 4.4 does not give (i) LAVA and/or its Affiliates (including any Third Party Acquiror), any right to, on their own or with a Third Party, Develop,
Exploit and/or Commercialise any Excluded Product for the duration of the Exclusivity Period or any Anti-[***] Antibody at any time; and (ii) LAVA and/or its Affiliates (excluding any Third Party Acquiror) any rights to their own or with a
Third Party, [***] any [***] Biologic for the duration of the Exclusivity Period. 
 4.5 No implied licences. Each Party acknowledges
that the licences granted under this Clause 4 are limited to the scope expressly granted, and all other rights to the LAVA Technology, the Joint Arising Technology, the JANSSEN Background Technology, the JANSSEN Arising Technology and all other
Intellectual Property or Materials of a Party, as applicable, are expressly reserved to the Party owning or Controlling the same. 
 4.6
Limited use of Materials and Products. JANSSEN (or its Affiliates) shall transfer to LAVA JANSSEN Materials during the Research Term for the sole purpose of LAVA carrying out the Research Activities. LAVA agrees, with respect to the JANSSEN
Materials and the Product, that: (i) it shall not, and shall ensure that its Affiliates and Permitted Sub-licensees do not, use the JANSSEN Materials or any Product for any purpose other than conducting
the activities 

  
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allocated to LAVA under the Research Plan, and (ii) it shall not, and shall ensure its Affiliates, Permitted sub-licensees do not, transfer JANSSEN
Materials or any Product to any Third Party except solely for the purpose of conducting the activities as set out in the Research Plan, in each case ((i) and (ii)) without the express prior written consent of JANSSEN. JANSSEN agrees, with respect to
the LAVA Materials and the Product, that (i) it shall not, and shall ensure that its Affiliates and sub-licensees do not, use the LAVA Materials or any Product for any purpose other than conducting the
activities licensed to JANSSEN and (ii) it shall not, and shall ensure its Affiliates, sub-licensees do not, transfer LAVA Materials or any Product except in accordance with, and subject to, the rights
granted to JANSSEN hereunder. 
 4.7 No Transfer. The Parties expressly agree that exhaustion of Intellectual Property rights will not
apply to any transfer of ownership of any of JANSSEN Materials to LAVA or its Permitted Sub-licensees. 

4.8 Non-Exclusive Licence to LAVA. Without prejudice to Clause 4.3, JANSSEN hereby grants to
LAVA a non-exclusive, worldwide, perpetual, non-royalty bearing licence, with the right to grant sub-licences through multiple
tiers, under the JANSSEN Arising Technology (excluding Product Patents) that solely relates to a medical use or a method of treatment, excluding combination therapy, and which is necessary to Exploit a [***] Antibody or [***] Multispecific Antibody
(other than a Product, Excluded Product and/or an Anti-[***] Antibody). The licence granted in this Clause 4.8 shall survive expiration or termination of the Agreement except that this licence shall terminate in the event the Agreement is terminated
by JANSSEN by reason of breach of LAVA or reason of Change of Control of LAVA. 
 4.9 Notice of Acquired Information. LAVA shall
notify JANSSEN in writing of any Know-How or Patent that LAVA acquires or licenses after the Effective Date that is not Controlled by LAVA pursuant to Clause 1.17 and that LAVA reasonably determines is within
the scope of LAVA Technology. LAVA shall provide JANSSEN with such information as JANSSEN may reasonably request in connection with such notification to determine whether JANSSEN wishes to incorporate or utilize any of the foregoing in connection
with the Exploitation of Products, including any actual or potential obligations, financial or otherwise, to Third Parties of which LAVA is aware. JANSSEN shall have the right, on written notice to LAVA during the [***] period following such
disclosure, to include such Know-How, Patent, or other Intellectual Property, or regulatory submission in the license grants hereunder. If JANSSEN elects in writing not to include the foregoing or fails to
provide any such notice within such [***] period, JANSSEN shall have no rights, and LAVA would have no obligations, with respect to JANSSEN in regards to such Know-How, Patent, or other Intellectual Property,
or regulatory submission. LAVA warrants to JANSSEN as of the Effective Date that LAVA is not aware of any Know-How or Patent Controlled by a Third Party that LAVA reasonably determines is within the scope of
LAVA Technology. 
 4.10 Third Party Acquiror Patents. Following the closing of a Change of Control of LAVA, LAVA shall notify JANSSEN
in writing of any Patent that any acquiror (by way of a Change of Control) of LAVA (including Affiliates of such acquiror as of the date of the acquisition agreement) Controls as of the signing date of the acquisition agreement that would be
necessary to practice the LAVA Technology as of such date with respect to a Product. To the extent such Patent owned by the acquiror is not encumbered with respect to [***], LAVA shall in consultation with JANSSEN and in good faith negotiate fair
and reasonable commercial terms with such 

  
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acquiror pursuant to which JANSSEN shall receive a licence from LAVA or its acquiror to such Patent for Exploitation of the Product. To the extent such Patent owned by the acquiror is encumbered
with respect to [***], LAVA shall ensure that such acquiror grants JANSSEN a covenant not to bring any infringement or misuse actions or proceedings against JANSSEN and/or its Affiliates or sub-licensees of
JANSSEN and/or its Affiliates for the Exploitation of a Product in a given country. 
 Clause 5 - PAYMENTS 

5.1 Upfront Fee. In consideration of the grant of the Exclusive Licence by LAVA to JANSSEN, JANSSEN shall pay to LAVA an upfront, non-refundable fee of eight million US dollars ($8,000,000) within forty-five (45) days of the Effective Date. 

5.2 Research Plan Activities; Development and Commercialisation. As between the Parties, LAVA shall be solely responsible for the
expense of the activities of LAVA and its Affiliates and their Third Party Permitted Sub-licensees in connection with the Research Activities to be conducted by LAVA under the Research Plan, provided that in
no event shall such expense exceed the budget set forth in the Research Plan agreed by the JSC. As between the Parties, JANSSEN shall be solely responsible for the expense of the activities of JANSSEN and its Affiliates and their sub-licensees: (a) as of the Onboarding Date, in connection with the Development and Commercialisation of the Product, and (b) in connection with any Research Activities to be conducted by JANSSEN under
the Research Plan pursuant to Clause 2.3.1. 
 5.3 Milestone Payments. 

 

	 	5.3.1	 Research Milestones. Any time after the JSC’s decision to begin the next applicable Stage of the
Research Plan indicated in the table 5.3.1 below (each a “Research Milestone”), LAVA shall issue JANSSEN with the invoice for the corresponding non-refundable Research Milestone payment amount
indicated in the table 5.3.1 below and JANSSEN shall pay to LAVA the corresponding non-refundable research milestone payment amount indicated in the invoice within [***] of receipt of the invoice by LAVA.

  

			
	 Research Milestone Events
	  	Research Milestone Payment
(USD/$)
	 Start of Stage 2
	  	One Million (1,000,000)
	 Start of Stage 3
	  	One Million (1,000,000)

  

	 	5.3.2	 Development Milestones. In partial consideration of the grant of the Exclusive Licence by LAVA to
JANSSEN and of LAVA carrying out the Research Plan, and subject always to the provisions of Clause 5.3.5, upon the first achievement by or on behalf of JANSSEN or any of its Affiliates, Transferees or
sub-licensees of each of the development milestone event set forth in the table 5.3.2 below for the first Product (each such event a “Development Milestone”), JANSSEN shall pay to

  
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LAVA the corresponding Development Milestone payment amount indicated in table 5.3.2 below. Each Development Milestone payment shall be payable only once. JANSSEN shall, notify LAVA in writing
upon the occurrence of the achievement of any of the Development Milestones set forth in the table 5.3.2 below by or on behalf of JANSSEN (or its Affiliate, Transferee or sub-licensee) and pay to LAVA the
corresponding Development Milestone payment indicated in the table below within [***] after receipt of an invoice from LAVA. LAVA shall not submit an invoice for payment in connection with the achievement of a Development Milestone until after LAVA
has received written confirmation from JANSSEN that the corresponding Development Milestone has been achieved. 

  

			
	 Development Milestone Event*
	  	Development Milestone
Payment (USD / $)
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 [***] 

 

	 	5.3.3	 Sales Milestones. In partial consideration of the grant of the Exclusive Licence by LAVA to JANSSEN and
of LAVA carrying out the Research Plan, and subject always to the provisions of Clause 5.3.4, and 5.3.5, upon the first achievement by or on behalf of JANSSEN or any of its Affiliates, Transferees or
sub-licensees of each sales milestone event set forth in the table 5.3.3 below for the first Product (each such event a “Sales Milestone”), JANSSEN shall pay to LAVA the corresponding Sales
Milestone payment amount indicated in Table 5.3.3 below. Each Sales Milestone Payment shall be payable only once. JANSSEN shall, within [***] of achieving a Sales Milestone, notify LAVA in writing upon the occurrence of the achievement of any of the
Sales Milestones set forth in the table below by or on behalf of JANSSEN (or its Affiliate, Transferee or sub-licensee). Janssen shall pay LAVA the corresponding Sales Milestone payment indicated in the table
5.3.3 below not later than [***] after receipt of an invoice from LAVA which LAVA shall issue anytime after receiving written notification from JANSSEN confirming achievement of the Sales Milestone in question. 

  
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	 Sales Milestones Event
	  	Sales Milestone Payments (USD / $)
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 [***] 
  

	 	5.3.4	 If, in a Calendar Year [***]. 

 

	 	5.3.5	 Each of the Research Milestones, Development Milestones and Sales Milestones described above shall be due the
first time the relevant Milestone is achieved, regardless of the number of times such Milestone is achieved with respect to each such Product and regardless of the number of Products to achieve such Milestones. 

5.4 Royalties. 
  

	 	5.4.1	 Royalties on Net Sales. Subject to the provisions of Clauses 5.4.2, 5.4.3, 5.4.4 and 5.4.5, JANSSEN
shall pay LAVA royalties on Net Sales of the Product(s) during each Calendar Year of the applicable Royalty Term in accordance with the provisions of this Clause 5.4. The royalties payable shall be as set forth in Table 5.4.1. 

 

			
	 Net Sales of Product in a Calendar Year
	  	Percentage of Royalty
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  
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	 	5.4.2	 Certain reductions; Valid Claim. On a Product-by-Product and country-by-country basis, if during the Royalty Term (including on First Commercial Sale) of a Product in
a country in the Territory, there does not exist at the time of sale of such Product in such country a Valid Claim within the LAVA Background Patents or the Product Patents that Covers [***] the Product, then, for the remaining duration of the
Royalty Term for such Product in such country of sale, the royalty rate specified in Clause 5.4.1 above shall be reduced by [***] of the indicated rate with respect to Net Sales of Products in the applicable country of sale for such Product. For the
avoidance of doubt, only one royalty shall be due with respect to the same unit of Product. 

  

	 	5.4.3	 Biosimilar Product; If in a particular country, there is a First Commercial Sale of a Biosimilar Product
with respect to a particular Product in a country, then the royalties payable by JANSSEN pursuant to Clause 5.4.1 (Royalties) for such Product in such country shall be reduced by [***] for the remainder of the Royalty Term for such Product in such
country. 

  

	 	5.4.4	 Royalty adjustment for Third-Party Licences. If, during the Royalty Term, JANSSEN, its Affiliates,
Transferees or sub-licensees are obligated to pay royalties to a Third Party under an agreement to avoid infringement of Third Party Intellectual Property with respect to the use or Exploitation of a Product
(but excluding any such Intellectual Property with respect to the Anti-[***] Antibody portion thereof), as contemplated under this Agreement, of any Product in any country in the Territory, (a “Third Party Royalty Payment”), the
royalties payable under Clause 5.4.1, in each case with respect to any such Product in such country in the Territory, shall be decreased by [***] of the amount of such Third Party Royalty Payment attributed to sales of the applicable Product.

  

	 	5.4.5	 Maximum Payment Adjustments. During the Royalty Term, JANSSEN shall have the right to adjust or reduce
the royalties payable under Clause 5.4.1 pursuant to the provisions of Clauses 5.4.2, 5.4.3, and 5.4.4 provided however, that in no case shall such adjustment or reductions lower the amount of royalty payable under Clause 5.4.1 below [***] of the
amount otherwise due. JANSSEN shall be entitled to carry forward any such reductions permitted under Clauses 5.4.2, 5.4.3, and 5.4.4 that are incurred or accrued in a Calendar Quarter but are not applied against royalties due to LAVA in such
Calendar Quarter as a result of the foregoing floor and apply such amounts against royalties due to LAVA in any subsequent Calendar Quarter until the amount of such reduction has been fully applied against royalties due to LAVA.

  

	 	5.4.6	 Reports, Sales Milestones (where applicable) and Royalty Payments. Within [***], beginning with the
Calendar Quarter in which the First Commercial Sale of a Product is made, JANSSEN shall send to LAVA a written report stating, separately for each Product for such Calendar Quarter: (i) Net Sales; and (ii) JANSSEN’s calculation of the
royalties owed to LAVA pursuant to Clause 5.4.1 for Net Sales of Products during such Calendar Quarter, with all such amounts reflected in United States Dollars (each, a “Royalty Report”). JANSSEN shall make payment of the royalties
due hereunder within [***] in which the relevant Net Sales were invoiced by JANSSEN and/or its Affiliates or sub-licensees. 

  
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 5.5 Invoicing and Payment. 

 

	 	5.5.1	 Payments. If specified by JANSSEN, LAVA shall ensure that all invoices it submits to JANSSEN include a
valid purchase order number which LAVA shall request from JANSSEN when the payment is due. LAVA may either submit all completed invoices electronically to: [***], or it may submit the invoices electronically through JANSSEN’s web-based system as specified by JANSSEN. JANSSEN reserves the right to return to LAVA unprocessed and unpaid those invoices that do not reference: 

 

	 	•	 	 Invoice number 

  

	 	•	 	 Invoice date 

  

	 	•	 	 Amount of invoice 

  

	 	•	 	 Description of activities completed or costs incurred 

 

	 	•	 	 Remit to address 

  

	 	•	 	 a valid P.O. number, if applicable. 

 

	 	5.5.2	 If LAVA wishes to submit invoices electronically through JANSSEN’s
web-based system as specified by JANSSEN, then LAVA shall submit invoices to Accounts Payable at www.ap.jnj.com. All invoices shall contain such information concerning the account (such as a valid JANSSEN
purchase order number, supplier number, IBAN Numbers, bank name, etc.) necessary to make payment of the invoice and as will be set forth on the Accounts Payable section of www.ap.jnj.com. When logging into the website, LAVA will be prompted for its
supplier number, as provided on the relevant purchase order. 

  

	 	5.5.3	 All payments under this Agreement shall be (i) payable in U.S. dollars regardless of the country where
sales are made; and (ii) paid by wire transfer of immediately available funds to the bank account designated in writing by LAVA. With respect to sales of Product invoiced in a currency other than U.S. Dollars such amounts and the amounts
payable hereunder shall be expressed in their U.S. Dollar equivalent calculated as follows: For the upcoming Calendar Year, JANSSEN shall provide LAVA the Currency Hedge Rate(s) to be used for the local currency of each country of the Territory
not later than [***] after the Currency Hedge Rate(s) becomes available to JANSSEN or its Affiliates. LAVA acknowledges that Currency Hedge Rate(s) shall remain constant throughout the upcoming Calendar Year. JANSSEN shall use the Currency Hedge
Rate(s) to convert Net Sales to U.S. Dollars for the purpose of calculating royalties and sales milestones. 

  
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	 	5.5.4	 Interest on Late Payments. If JANSSEN fails to pay any sum due under this Agreement in full by the due
date for payment then LAVA shall be entitled to charge interest on any outstanding amount on a daily basis at a rate equivalent to [***] above the base rate of the Bank of England then in force in London. With respect to any underpayment of
royalties by JANSSEN identified following completion of an audit pursuant to the provisions of Clause 5.6.9, any underpayment of royalties due to LAVA hereunder shall not be subject to any interest referred to in this Clause 5.5.4.

 5.6 Taxes. 
  

	 	5.6.1	 Except as otherwise provided in this Clause 5.6, all payments under this Agreement shall be made without
deduction or withholding for Taxes (as that term is defined in Clause 5.6.5 below) except to the extent that any such deduction or withholding is required by Applicable Law in effect at the time of payment. 

 

	 	5.6.2	 Any Tax required to be withheld by a Party on amounts payable under this Agreement will promptly be paid by
such Party making the payment (the “Payor”) on behalf of the Party receiving the payment (the “Payee”) to the appropriate Government Authority, and Payor will furnish Payee with proof of payment of such Tax,
provided that the Parties will cooperate to take all reasonable and lawful actions to avoid or minimize such withholding and Payor promptly notifies the Payee in writing of any withholding to be paid, so that the Payee may also take lawful actions
itself to avoid or minimize such withholding. . 

  

	 	5.6.3	 Payor will furnish Payee with proof of payment of such Tax paid pursuant to Clause 5.6.2.

  

	 	5.6.4	 Payor and Payee will cooperate with respect to all documentation required by any taxing authority or reasonably
requested by Payor to secure a reduction in the rate of applicable withholding Taxes. Notwithstanding the foregoing, the Parties acknowledge and agree that as of the Effective Date and under Applicable Law, no withholding tax will be applicable to
payments made to LAVA pursuant to this Agreement provided LAVA provides JANSSEN with a valid and complete IRS form W-8BEN-E claiming the payments made under this
Agreement are eligible for benefits of the United States – Netherlands Tax Convention at a zero percent rate of withholding. Prior to the Effective Date, LAVA will deliver to JANSSEN an accurate and complete Internal Revenue Service Form W-8BEN-E . 

  

	 	5.6.5	 Notwithstanding the foregoing, the Parties acknowledge and agree that if JANSSEN (or its Affiliate,
Sublicensee, successor or assignee pursuant to Clause 11.3) is required by Applicable Law to withhold taxes in respect of any amount payable under this Agreement, and if such withholding obligation solely arises as a result of any action taken by
JANSSEN or its Affiliate or successor or assignee, including without limitation an assignment of this Agreement as permitted under Clause 11.3 of this Agreement, a change in tax residency of JANSSEN or such successor or assignee, or payments arise
or are deemed to arise through a branch, Affiliate, or Sublicensee, of JANSSEN and such withholding taxes exceed the amount of withholding taxes that would have been applicable if such action had not occurred (each a “JANSSEN Withholding Tax
Action”), then notwithstanding anything to the contrary herein, any such amount payable shall be increased to take into account such increased withholding taxes as may be necessary so that, after making all required withholdings LAVA (or
its assignee pursuant to Clause 11.3) receives an amount equal to the sum it would have received had no such JANSSEN Withholding Tax Action occurred. 

  
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	 	5.6.6	 For purposes of this Clause 5.6, “Tax” or “Taxes” shall mean any present or future taxes,
levies, imposts, duties, charges, assessments or fees of any nature (including interest, penalties and additions thereto). 

  

	 	5.6.7	 All fees charged by LAVA shall be exclusive of value added, sales, use, goods and services, transfer, services,
consumption, or transaction taxes (“Indirect Taxes”), as well as gross receipts, excise, and other taxes. Each party shall be responsible for: taxes based on its own income (“Income Taxes”); gross receipts, capital
stock, and net worth taxes; franchise and privilege taxes on its business; employment taxes of its employees; and taxes on any property it owns or leases. LAVA shall not pass on to JANSSEN and JANSSEN shall not be responsible for any taxes that LAVA
incurs in subcontracting the performance of any services under this Agreement except to the extent such taxes are included in the pricing set forth in this Agreement. JANSSEN and LAVA will reasonably cooperate with each other to more accurately
determine a Party’s tax liability and to minimize such liability, to the extent legally permissible. 

  

	 	5.6.8	 LAVA may charge JANSSEN for Indirect Taxes, as long as the amount of Indirect Taxes are specified in a valid
invoice compliant with Applicable Law. JANSSEN shall either pay such invoiced amount or supply valid exemption documentation. If LAVA does not provide JANSSEN with a valid invoice (including separate identification of Indirect Taxes where required
by applicable law), LAVA shall assume responsibility for such non-compliance, including payment of any tax-related interest and penalties. LAVA shall segregate on the
invoice fees for taxable services from fees for nontaxable services. 

  

	 	5.6.9	 Financial Audits. JANSSEN shall maintain complete and accurate records regarding all items to be
reported in each Royalty Report and any other items necessary to determine the accuracy of the Milestone payments payable hereunder for a period of [***] to which such records pertain. Up to [***] prior written notice from LAVA, JANSSEN shall make
available all such records to an independent, certified public accountant, selected by LAVA and reasonably acceptable to JANSSEN, for such accountant to review and audit such records at LAVA’s expense in the location(s) where such records are
maintained, during regular business hours and under obligations of confidence, for the sole purpose of verifying the accuracy of JANSSEN’s Royalty Reports and the corresponding royalty payments or any Sales Milestone payments hereunder with
respect to Products within the [***] period preceding such review and audit. LAVA shall treat 

  
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	 	any records of JANSSEN that are so reviewed and audited as Confidential Information of JANSSEN subject to Clause 7, and shall cause the independent, certified public accountant to retain all such records and information
in confidence. The report of the independent, certified public accountant shall be shared with JANSSEN prior to distribution to LAVA such that JANSSEN can provide the independent, certified public accountant with justifying remarks for inclusion in
the report prior to sharing the conclusions of such audit with LAVA; provided that such report shall be distributed to LAVA no later than [***] after its distribution to JANSSEN. The final audit report shall be shared with JANSSEN and LAVA at the
same time and specify whether the amounts paid to LAVA were correct or, if incorrect, the amount of any underpayment or overpayment. If such review and audit reveals an underpayment of royalties or Sales Milestones due to LAVA hereunder, JANSSEN
shall promptly pay LAVA any underpaid amounts due, and if such review and audit reveals an overpayment of royalties or Sales Milestones due to LAVA hereunder, JANSSEN shall be entitled to credit such overpayments against subsequent payments that may
become due hereunder; provided, however, that the foregoing shall not be construed to limit the application of Clause 11.1 with respect to any dispute regarding royalties or Sales Milestones due hereunder. In the event that such a review and audit
identifies an underpayment of royalties due to LAVA hereunder greater than [***] of the royalty amounts actually due for the period reviewed and audited, or identifies any unpaid Sales Milestone that should have been paid, JANSSEN shall reimburse
LAVA for reasonable and documented Out-of-Pocket Costs incurred by LAVA for the conduct of such review and audit. Upon the expiration of [***], except with respect to
(i) ongoing unresolved Disputes, if any, regarding royalties or Sales Milestones due hereunder for which arbitration proceedings have been initiated in accordance with Clause 11.1, and (ii) fraudulent activities by JANSSEN, the calculation
of royalties and Sales Milestones payable with respect to such year shall be binding and conclusive upon the Parties and JANSSEN shall be released from any liability or accountability with respect to royalties and Sales Milestones for such Calendar
Year. 

 5.7 Designation of paying agent. JANSSEN R&D, LLC, an Affiliate of JANSSEN acting as a paying agent for
JANSSEN, may make certain payments due under this Agreement. 
 Clause 6 - INTELLECTUAL PROPERTY 

6.1 Ownership. 
  

	 	6.1.1	 Background. As between the Parties, JANSSEN shall retain all of its right, title and interest in and to
the JANSSEN Technology, and LAVA shall retain all of its right, title and interest in and to the LAVA Technology including the right to transfer or licence such Intellectual Property to others for any purpose, subject to its obligations under this
Agreement, including but not limited to licences granted hereunder. 

  
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	 	6.1.2	 Joint Patent Committee: Within [***], the Parties shall establish a Joint Patent Committee
(“JPC”) to (i) identify Joint Arising Patents and (ii) oversee, review and coordinate the Prosecution and Maintenance of the JANSSEN Arising Patents claiming the composition of matter of the Product(s) (“Product
Patents”), the LAVA Background Patents, the LAVA Arising Patents and the Joint Arising Patents. The JPC shall comprise of two (2) patent attorneys or patent representatives with one (1) from each of JANSSEN and LAVA. The JPC shall
be entitled to, by mutual consent, invite additional individuals to its meetings. The JPC shall hold meetings (by way of an audio or video call or in person) at such time the JPC determines but in no event less than [***] during the Research Term
and [***] during the term of the Exclusive Licence. No action or vote taken at a JPC meeting shall be effective unless a representative of each Party is present. Neither Party shall unreasonably withhold attendance of at least one
(1) representative of such Party at any meeting of the JPC. Each Party shall be responsible for its own costs associated with meetings of the JPC. Decisions of the JPC, shall be made by unanimous agreement of the permanent (and not ad-hoc) representatives participating in any JPC meeting with each Party having one vote. The JPC shall not have authority to amend or alter any provision of this Agreement. In the event patent representatives of
each Party cannot reach agreement on any issue, claim, or matter, the Parties shall submit such Dispute to executive resolution pursuant to Clause 11.1.1. If the Executive Officers fail to come to a consensus regarding, or do not resolve, such a
matter within [***] after the date on which the matter is referred to the Executive Officers (unless a longer period is agreed to by the Parties), then LAVA shall have the final decision-making authority with respect to LAVA Background Patents if
the subject matter does not exclusively relate to [***] and/or a Product. 

  

	 	6.1.3	 Arising Technology. JANSSEN shall own all right, title and interest in and to any and all JANSSEN
Arising Technology, which shall be the Confidential Information of JANSSEN. LAVA shall acquire no rights or interest in or to any JANSSEN Arising Technology except as expressly set out in this Agreement. LAVA shall own all right, title and interest
in and to any and all LAVA Arising Technology, which shall be the Confidential Information of LAVA. JANSSEN shall acquire no rights or interest in or to any LAVA Arising Technology except as expressly set out in this Agreement. JANSSEN and LAVA
shall jointly own all right title and interest in and to any and all Joint Arising Technology. All Joint Arising Patents shall be filed in the joint names of the Parties and both Parties shall be responsible for sharing the costs (on a fifty/fifty
basis) of the Prosecution and Maintenance of the Joint Arising Patents. LAVA shall be entitled to Exploit products and/or processes to which the Joint Arising Technology apply provided such Exploitation is outside the scope of the Exclusive Licence
and does not involve the use of any Products. Neither Party shall assign or otherwise transfer to any Third Party any right, title or interest in any Joint Arising Technology without the prior written consent of the other Party save that JANSSEN
will be entitled to assign or transfer any aspects of the Joint Arising Technology to any of its Affiliates. 

  
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	 	6.1.4	 Assignment. LAVA hereby assigns to JANSSEN with full title guarantee all its right, title and interest
in and to any and all JANSSEN Arising Technology, including any Intellectual Property subsisting therein or arising therefrom. LAVA shall, and shall procure that its Affiliates and Permitted Sub-licensees
shall, sign and deliver or cause to be signed and delivered to JANSSEN all documents and do all such things as may be reasonably required to vest in JANSSEN as its sole and exclusive property the entire right, title and interest in and to any and
all such JANSSEN Arising Technology and any Intellectual Property subsisting therein or arising therefrom. Where a present assignment of future rights is not legally permissible or competent or is not otherwise possible, for whatever reason, LAVA
hereby undertakes to assign such JANSSEN Arising Technology, and any Intellectual Property subsisting therein or arising therefrom, to JANSSEN promptly upon creation and until such assignment becomes effective LAVA shall hold such JANSSEN Arising
Technology and any Intellectual Property subsisting therein or arising therefrom on trust for and for the benefit of JANSSEN only and LAVA hereby grants, or shall grant, or cause to be granted, as the case may be, to JANSSEN an exclusive, worldwide,
perpetual, irrevocable, unlimited, royalty-free and transferable licence, with the right to sub-license through multiple tiers, under the JANSSEN Arising Technology and any Intellectual Property subsisting
therein or arising therefrom. JANSSEN hereby assigns to LAVA with full title guarantee all its right, title and interest in and to any and all LAVA Arising Technology, including any Intellectual Property subsisting therein or arising therefrom.
JANSSEN shall, and shall procure that its Affiliates and sub-licensees shall, sign and deliver or cause to be signed and delivered to LAVA all documents and do all such things as may be reasonably required to
vest in LAVA as its sole and exclusive property the entire right, title and interest in and to any and all such LAVA Arising Technology and any Intellectual Property subsisting therein or arising therefrom. Where a present assignment of future
rights is not legally permissible or competent or is not otherwise possible, for whatever reason, JANSSEN hereby undertakes to assign such LAVA Arising Technology, and any Intellectual Property subsisting therein or arising therefrom, to LAVA
promptly upon creation and until such assignment becomes effective JANSSEN shall hold such LAVA Arising Technology and any Intellectual Property subsisting therein or arising therefrom on trust for and for the benefit of LAVA only and JANSSEN hereby
grants, or shall grant, or cause to be granted, as the case may be, to LAVA an exclusive, worldwide, perpetual, irrevocable, unlimited, royalty-free and transferable licence, with the right to sub-license
through multiple tiers, under the LAVA Arising Technology and any Intellectual Property subsisting therein or arising therefrom. 

  

	 	6.1.5	 LAVA shall procure that, prior to the performance of any activities under this Agreement by an Affiliate or
Permitted Sub-licensee of LAVA or its or their respective employees, consultants or any other Person that it or they engage, use or involve in the performance of any such activity, such Person enter into and
be bound by a valid written agreement with LAVA pursuant to which all right, title and interest in and to any Intellectual Property, information or Materials conceived, developed or generated in the performance of such activity shall vest in LAVA to
the fullest extent permitted by Applicable Law. To the extent such right, title and interest does not vest in LAVA for whatever reason, LAVA shall procure that such Person shall assign, or procure the assignment from the relevant Person(s), to LAVA
of all such right, title and interest as soon as legally possible. In the event that any such assignment is legally impossible under Applicable Law, LAVA shall 

  
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procure that such Person shall immediately grant to LAVA an exclusive, worldwide, perpetual, irrevocable, unlimited, royalty-free and transferable licence, with a right to sub-license through multiple tiers, under such Intellectual Property, information and Materials. JANSSEN shall procure that, prior to the performance of any activities under the Research Plan by an Affiliate or sub-licensee of JANSSEN or its or their respective employees, consultants or any other Person that it or they engage, use or involve in the performance of any such activity, shall Person enter into and be bound by a
valid written agreement with JANSSEN pursuant to which all right, title and interest in and to any Intellectual Property, information or Materials conceived, developed or generated in the performance of such activity shall vest in JANSSEN to the
fullest extent permitted by Applicable Law. To the extent such right, title and interest does not vest in JANSSEN for whatever reason, JANSSEN shall procure that such Person shall assign, or procure the assignment from the relevant Person(s), to
JANSSEN of all such right, title and interest as soon as legally possible. In the event that any such assignment is legally impossible under Applicable Law, JANSSEN shall procure that such Person shall immediately grant to JANSSEN an exclusive,
worldwide, perpetual, irrevocable, unlimited, royalty-free and transferable licence, with a right to sub-license through multiple tiers, under such Intellectual Property, information and Materials.

 6.2 Patent Prosecution and Maintenance. 
  

	 	6.2.1	 Prosecution Control. 

6.2.1.1 LAVA Background Patents and LAVA Arising Patents. LAVA shall, at its sole expense, diligently Prosecute and
Maintain the LAVA Background Patents and LAVA Arising Patents in its own name, and LAVA and JANSSEN will cooperate through the JPC in the Prosecution and Maintenance of such Patents. As part of such cooperation, the Parties through the JPC shall
consult regarding the scope of foreign filing. LAVA shall provide JANSSEN with advance copies (which may be in draft form) of all material filings as well as copies of all material correspondence from the relevant patent office, in each case
relating to such LAVA Background Patents or LAVA Arising Patents, and shall consider in good faith all comments from JANSSEN relating to such filings and correspondence. LAVA shall consult with JANSSEN’s representative on the JPC prior to all
material actions in relation to any claims of the LAVA Background Patents or the LAVA Arising Patents, in each case to the extent such claims Cover the [***] Antibody portion of a Product, the Product or use of the foregoing (such claims
“Product-Specific Claims”). LAVA shall implement all reasonable suggestions, directions and instructions of JANSSEN and its Patent Representative in Prosecuting and Maintaining any Product-Specific Claims, including with respect to
the filing of any continuation, divisional, or other continuing applications and with respect to any oppositions or interference actions involving the Product-Specific Claims. Further, LAVA shall consult with JANSSEN in relation to all changes to
the Product-Specific Claims or related specifications and shall not make any such changes without JANSSEN’s prior written consent. If LAVA elects not to file, Prosecute or Maintain any Product-Specific Claim in any LAVA Background Patent or
LAVA Arising Patent in a country (including not to validate in any particular country) contrary to the recommendation of the JPC or the 

  
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JANSSEN patent representative, LAVA shall give JANSSEN notice thereof within a reasonable period prior to allowing such Product-Specific Claim to lapse or become abandoned or unenforceable, and
JANSSEN shall thereafter have the right, but not the obligation, to oblige LAVA to continue with the Prosecution and Maintenance of such Product-Specific Claim at JANSSEN’s expense. 

6.2.1.2 JANSSEN Background Patents and JANSSEN Arising Patents. JANSSEN shall have the first right, but not the
obligation, at its sole expense and in its sole discretion, to Prosecute and Maintain the JANSSEN Background Patents and the JANSSEN Arising Patents in its name. LAVA shall, and shall cause its Affiliates to, cooperate fully with JANSSEN and provide
all reasonable assistance (provided that JANSSEN shall reimburse its and their reasonable and documented Out-of-Pocket Costs), in JANSSEN’s efforts to Prosecute and
Maintain such Patents. 
 6.2.1.3 JANSSEN Arising Patents. JANSSEN shall, at its sole expense and discretion,
diligently Prosecute and Maintain the JANSSEN Arising Patents in its own name, and LAVA and JANSSEN by way of the JPC will cooperate in the Prosecution and Maintenance of the Product Patents. JANSSEN shall provide LAVA with advance copies (which may
be in draft form) of all material filings as well as copies of all material correspondence from the relevant patent office, in each case relating to Product Patents, and shall consider in good faith all comments from LAVA relating to such filings
and correspondence. JANSSEN shall consult with LAVA’s representative on the JPC prior to all material actions in relation to the Product Patents and shall implement all reasonable suggestions, directions and instructions of LAVA and its Patent
Representative in Prosecuting and Maintaining any such Patents, including with respect to the filing of any continuation, divisional, or other continuing applications and with respect to any oppositions or interference actions. Further, JANSSEN
shall notify LAVA through the JPC in relation to all changes to the patent claims or specifications on the Product Patents. 

6.2.1.4 Joint Research Agreement. This Agreement is a joint research agreement in accordance with 35 U.S.C.
§103(c)(3) to develop and commercialise the Products. Neither Party is required by this reference to have any Patent take advantage of or become subject to such §103(c)(3) except in accordance with the provisions of Clause 6.2.1 regarding
the Prosecution and Maintenance of such Patent. 
  

	 	6.2.2	 Trade Marks. JANSSEN shall be entitled to and shall be responsible for selecting all trade marks used in
connection with the Exploitation of Products in its sole discretion. JANSSEN shall, as between the Parties, own and be responsible for all such trade marks and the use thereof. 

 

	 	6.3	 Enforcement. 

  

	 	6.3.1	 Notification. To the extent that a Party has the legal right to do so without breaching any Third Party
agreement, each Party shall promptly notify the other of any apparent, threatened or actual infringement by a Third Party of any LAVA Background Patent or LAVA Arising Patent, JANSSEN Background Patent or JANSSEN Arising Patent, or Joint Arising
Patent of which it becomes aware to the extent such Patent Covers the Product (“Competitive Infringement”). 

  
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	 	6.3.2	 Enforcement. JANSSEN shall have the first right, at JANSSEN’s expense, to institute infringement
suits or take other action to enforce the JANSSEN Background Patents and the JANSSEN Arising Patents against any Competitive Infringement, where JANSSEN reasonably determines that a Third Party is infringing or planning to infringe any such Patents.
JANSSEN shall have the right to institute such suit or other appropriate action in the name of JANSSEN or of LAVA, or in the names of both of them. JANSSEN shall have the first right, at JANSSEN’s expense, to institute infringement suits or
take other action to enforce any Product-Specific Claims of any Joint Arising Patents, LAVA Arising Patents or LAVA Background Patents, where JANSSEN reasonably determines that a Third Party is infringing or planning to infringe any such claims.
JANSSEN shall have the right to institute such suit or other appropriate action in the name of JANSSEN or of LAVA, or in the names of both of them. 

  

	 	6.3.3	 Participation. LAVA shall have a right, in LAVA’s sole discretion and at LAVA’s expense, to
join or otherwise participate in such legal action with legal counsel selected by LAVA, and JANSSEN shall notify and keep LAVA apprised in writing of such action and shall consider and take into account LAVA’s reasonable interests and requests
regarding such action. 

  

	 	6.3.4	 Conduct of certain actions; Costs. JANSSEN shall have the sole and exclusive right to select counsel for
any suit initiated by it pursuant to Clause 6.3. If required under Applicable Law in order for JANSSEN to initiate or maintain such suit, LAVA shall join as a party to the suit. LAVA shall, and shall cause its Affiliates to, assist and cooperate
fully with JANSSEN in connection therewith at no charge except for reimbursement of reasonable and documented Out-of-Pocket Costs that are incurred in rendering such
assistance. JANSSEN shall assume and pay all of its own Out-of-Pocket Costs that are incurred in connection with any litigation or proceedings initiated by it pursuant
to this Clause 6.3, including the fees and expenses of the counsel selected by it, and the reasonable and documented Out-of-Pocket Costs that are incurred by LAVA in
connection with such litigation or proceedings if JANSSEN requests LAVA to join such proceeding, or such joinder is required in order for JANSSEN to initiate or maintain such suit. 

 

	 	6.3.5	 Recoveries. With respect to any suit or action initiated pursuant to this Clause 6.3, any recovery
obtained as a result of any such proceedings, by settlement or otherwise, shall be applied in the following order of priority: (a) first, JANSSEN shall be reimbursed for all costs incurred in connection with such proceedings and not otherwise
recovered; and (b) second, any remainder shall be treated as Net Sales, with LAVA receiving a royalty on such remaining funds pursuant to the terms of Clause 5.4.1. 

  
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	 	6.3.6	 Settlement consultation. No settlement of any infringement action which restricts the scope, or
materially or adversely affects the enforceability, of a LAVA Background Patent or LAVA Arising Patent shall be entered into by JANSSEN without prior approval of LAVA. 

 

	 	6.3.7	 LAVA step-in rights. In the event that JANSSEN does not
institute an infringement suit to enforce any Product-Specific Claims of any LAVA Background Patents or LAVA Arising Patents pursuant to Clause 6.3.2 for a period of [***] after becoming aware of the applicable infringement or suspected infringement
thereof (including any notice received from LAVA or a Third Party regarding such infringement or potential infringement), LAVA shall have the right to enforce such claims at LAVA’s expense. 

6.4 Patent Invalidity Claim. 
  

	 	6.4.1	 Right to respond. If a declaratory judgment action is brought naming either Party as a defendant or, if
in response to an enforcement action pursuant to Clause 6.3 a counter claim for invalidity is brought, in each case alleging invalidity or unenforceability of any Joint Arising Patent, JANSSEN Background Patent or Product Patent and any
Product-Specific Claim in any LAVA Background Patent or LAVA Arising Patent (each an “Invalidity Claim”), the Party first having notice of the claim or assertion shall promptly notify the other Party, and the Parties shall promptly
confer to consider the claim or assertion and the appropriate course of action. Unless the Parties otherwise agree in writing, each Party shall have the right to defend itself against a suit that names it as a defendant (the “controlling
Party”). Neither Party shall compromise or enter into any settlement of any claim described in this Clause 6.4.1 that (i) admits to the invalidity or unenforceability, reduces the scope of, or materially or adversely affects the
enforceability of any applicable claims or Patents, (ii) incurs any financial liability on the part of the other Party, (iii) requires an admission of liability, wrongdoing or fault on the part of the other Party or, (iv) in the case
that JANSSEN is the settling Party, in LAVA’s reasonable determination, conflicts with LAVA’s obligations to its other licensees or sub-licensees, without such other Party’s prior written
consent, such consent not to be unreasonably withheld. Amounts, if any, paid in settlement of such Invalidity Claim shall be borne by the controlling Party, unless otherwise mutually agreed by the Parties. Notwithstanding the foregoing, JANSSEN
shall have the sole right to control all Invalidity Claims regarding the JANSSEN Background Patents and JANSSEN Arising Patents (other than any Product-Specific Claims in any such JANSSEN Arising Patent which shall be subject to this Clause 6.4.1).

  

	 	6.4.2	 Conduct of certain actions; Costs. The non-controlling Party
shall cooperate with the controlling Party in the preparation and formulation of a response to an Invalidity Claim, and in taking other steps reasonably necessary to respond, to such Invalidity Claim. The controlling Party shall have the sole and
exclusive right to select counsel for the response to such Invalidity Claim. If required under Applicable Law in order for the controlling Party to maintain a suit in response to such Invalidity Claim, the
non-controlling Party shall join as a party to the proceedings. Such non-controlling Party shall offer reasonable assistance to the controlling Party in connection
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Pocket Costs in defending, and providing requested assistance in the defence of, such Invalidity Claim shall be borne by the Party controlling such suit in response. The non-controlling Party shall also have the right to participate and be represented relative to such proceedings by its own counsel at its own expense. 

6.5 Patent term extensions. After the Onboarding Date, JANSSEN shall have the right to determine which of the Joint Arising Patents,
LAVA Background Patents, LAVA Arising Patents, the JANSSEN Background Patents and the JANSSEN Arising Patents, if any, are extended pursuant to the U.S. Drug Price Competition and Patent Term Restoration Act of 1984, the Supplementary Certificate of
Protection of Member States of the EU and other similar measures in any other country, provided that JANSSEN shall not file an application seeking patent term extension for any LAVA Background Patent or LAVA Arising Patent without LAVA’s prior
written consent, such consent not to be unreasonably withheld. LAVA shall reasonably cooperate with efforts of JANSSEN to gain such patent term extensions. All filings for such extensions shall be made by the Party responsible for the Prosecution
and Maintenance of the applicable Patents. If JANSSEN elects not to seek patent term extension under any LAVA Background Patents, LAVA Arising Patents, pursuant to this Clause 6.5, JANSSEN shall give LAVA notice thereof within a reasonable period
prior to expiration of the applicable Patent term, and LAVA shall thereafter have the right, but not obligation, to seek such patent term extension. 

6.6 Notification of filing of aBPA. Each Party shall notify the other Party of notice submitted by a Third Party that such Third
Party’s abbreviated biological product application (“aBPA”), or any foreign equivalent thereof, for a product that is similar to or interchangeable with a Product was accepted by a Regulatory Authority. Such notification shall
be provided to the other Party within [***] after a Party receives such notification. In addition, upon request of a Party, the other Party shall provide reasonable assistance and cooperation (including making available to such first Party documents
possessed by such other Party that are reasonably required by such first Party and making available personnel for interviews and testimony) in any actions reasonably undertaken by such first Party in accordance with this Clause 6.6. The Parties
shall cooperate to compile an accurate list of all Patents required to be provided by either Party pursuant to 42 U.S.C. Section 262(l)(3)(A). Notwithstanding the preceding sentence, after the Onboarding Date, JANSSEN will retain final
decision-making authority as to such listing of all applicable Patents for such Product. 
 6.7 Defence against claims of infringement of
Third Party Patents. If a Third Party asserts that a Patent or other right owned by it is or has been infringed by any activity conducted in the performance of this Agreement or exercise of the rights granted under it, including the manufacture,
use, sale, offer for sale or import of a Product in the Territory, the Party first obtaining knowledge of such a claim shall immediately provide the other Party written notice of such claim along with the related facts in reasonable detail. Unless
the Parties otherwise agree, JANSSEN shall have the first right, but not the obligation, at its expense, to control such defence with respect to such Third Party assertion. LAVA shall cooperate with JANSSEN, at JANSSEN’s reasonable request and
expense, and shall have the right to be represented separately by counsel of its own choice, but at its own expense. JANSSEN shall also control settlement of such claim. 

  
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 Clause 7—CONFIDENTIALITY 

7.1 Confidentiality. Except to the extent expressly authorised by this Agreement or otherwise agreed in writing, the Parties agree that
the receiving Party shall keep confidential, and shall not publish or otherwise disclose or use for any purpose other than uses as provided for in this Agreement (which permitted uses, for the avoidance of doubt, include the exercise of the licences
set forth herein and, with respect to JANSSEN, the Exploitation of Product), any Know-How or other non-public business, technical or financial information furnished to
it by or on behalf of the other Party, the disclosing Party, pursuant to this Agreement (collectively, “Confidential Information”). Pursuant to Clause 6.1.2, the JANSSEN Arising Technology and the Joint Arising Technology is the
Confidential Information of JANSSEN notwithstanding that it may have been initially disclosed by LAVA to JANSSEN, such that JANSSEN shall be deemed the disclosing Party and LAVA shall be deemed the receiving Party in respect of any and all JANSSEN
Arising Technology and Joint Arising Technology for the purposes of this Clause 7.1. 
 7.2 Exceptions. The obligations of the
receiving Party under this Clause 7 not to disclose or use Confidential Information received from the disclosing Party shall not apply, however, to the extent that the receiving Party can establish that such information, data or materials: 

(i) is in the lawful knowledge and possession of the receiving Party prior to the time it is disclosed by the disclosing Party to, or learned
by, the receiving Party, as evidenced by the receiving Party’s written records existing prior to such disclosure; 
 (ii) is or becomes
generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party, other than by acts or omissions of the receiving Party in breach of this Agreement; 

(iii) is disclosed to the receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the
disclosing Party not to disclose such information to others; or 
 (iv) is subsequently and independently developed by the receiving Party
without use of, or reference to, any Confidential Information of the disclosing Party, as shown by written records prepared contemporaneously with such disclosure. 

7.3 Authorised use and disclosure. Except as expressly provided otherwise in this Agreement, each Party may only use and disclose
Confidential Information of the other Party as follows: (a) under appropriate confidentiality provisions substantially equivalent to those in this Agreement, in connection with the performance of its obligations or exercise of rights granted in
this Agreement; (b) to the extent such disclosure is reasonably necessary in filing or prosecuting Patent or other Intellectual Property applications, in submissions to Regulatory Authorities or as otherwise required by Applicable Law,
regulation, or court order, including in connection with jurisdictional securities filings and regulations; provided, however, that if a Party is required by Applicable Law, regulation, or court order to make any such disclosure of the other
Party’s Confidential Information, it shall give reasonable advance notice to the other Party of such disclosure and, except to the extent inappropriate in the case of Patent applications, will use its

  
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reasonable efforts to secure confidential treatment of Confidential Information of the other Party that is so required to be disclosed; and (c) by mutual written agreement of the Parties. A
receiving Party may also disclose Confidential Information of the other Party to its employees, consultants, advisors or others who have a “need to know” for the purpose of exercising the receiving Party’s rights or fulfilling its
obligations hereunder, in each case subject to written confidentiality and non-use provisions substantially equivalent to those of this Agreement. Nothing in this Clause 7.3 (including the previous sentence)
shall supersede or amend the obligations of non-disclosure of JANSSEN Materials pursuant to Clause 4.6. 

7.4 Duration of Confidentiality Obligation on Third Parties LAVA acknowledges that to the extent JANSSEN is required to disclose the
LAVA Know-How to a Third Party sub-contractor or sub-licensee with respect to Development or Commercialisation of a Product,
JANSSEN shall have the option to impose confidentiality obligations on such Third Party that are shorter in duration than the duration of confidentiality obligations under this Agreement but are not in any event shorter than [***] from the
expiration or termination of the written agreement with such Third Party. 
 7.5 Prior agreement superseded. This Agreement supersedes
the Mutual Confidentiality Agreement between JANSSEN’s Affiliate Janssen Pharmaceutica NV and LAVA dated [***], as amended [***] (the “Prior CDA”). All information exchanged between a Party or its Affiliate, on the one hand,
and the other Party or its Affiliate, on the other hand, under the Prior CDA shall be deemed to have been disclosed under this Agreement and, on a going-forward basis, shall be subject to the terms of this Clause 7 from the effective date of the
Prior CDA. 
 7.6 Confidentiality of Terms; Publicity. Subject to Clause 7.8, each Party agrees not to disclose the terms of this
Agreement to any Third Party without the prior written consent of the other Party, except to such Party’s attorneys, advisors, and to any bona fide potential or actual investor, shareholder, investment banker, acquiror, merger partner or other
potential or actual financial partner on a “need to know” basis under circumstances that reasonably ensure the confidentiality thereof, or to the extent required by Applicable Law (including applicable rules of a public stock exchange) or
court order including those of the Securities and Exchange Commission, provided that the Party filing this Agreement shall first confer with the non-filing Party regarding which of the provisions of this
Agreement the filing Party shall seek confidential treatment of, and shall seek confidential treatment for provisions reasonably requested by the non-filing Party and in any event shall seek confidential
treatment for the financial terms of the Agreement to the extent permitted by laws and regulations, in each case to the extent not determined to be required by such Party to be disclosed under the applicable rules and regulations or regulations of
the Securities and Exchange Commission or rules of a securities exchange or the securities regulations of any state or other jurisdiction or other applicable regulations. After the Onboarding Date, JANSSEN may make public announcements (including
those in relation to compliance with the applicable rules of the relevant public stock exchange) regarding the Exploitation of Products. 

7.7 Publications. LAVA shall, with the exception of publications generated by or in collaboration with a Third Party licensee (excluding
any sub-contractor) of the LAVA Technology, provide JANSSEN with a draft copy of any proposed publication in any form (including any abstract, manuscript, poster, or slide presentation) related to the [***]
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evaluated as part of the Research Activities (other than in the context of a Product) and the LAVA Technology to the extent it relates to the [***] Antibodies that are being evaluated as part of
the Research Activities. After the Onboarding Date, LAVA shall only provide JANSSEN with such draft copies if they relate to the [***] Antibody incorporated in the Product. In each case, LAVA shall provide draft copies at least [***] prior to the
date of public disclosure of such publication to allow JANSSEN a reasonable opportunity to review and comment on such proposed publication. LAVA shall consider such comments in good faith, shall remove all Confidential Information of JANSSEN upon
request of JANSSEN, and shall delay such publication up to [***] to allow for regulatory filings, patent filings or other protection of proprietary content in the proposed publication. LAVA and/or its Affiliates shall not have any right to publish
or disclose any information in relation to the Products. Janssen shall have a right to publish on Products and Anti-[***] Antibodies. 
 7.8
Press Release. LAVA may issue a press release in the form and content agreed to by JANSSEN any time after the Effective Date provided that such press release shall not disclose the identity of JANSSEN or any of its Affiliates or refer to
[***] or Anti-[***] Antibodies without JANSSEN’s prior written approval. After the issuance of such press release, either Party may make subsequent public disclosures reiterating such information as set out in the agreed press release without
having to obtain the other Party’s prior consent. 
 Clause 8—REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

8.1 Mutual representations, warranties and undertakings. Each Party represents and warrants to the other Party as of the Effective Date
that: 
  

	 	8.1.1	 it is duly organized, validly existing and in good standing under the Applicable Law of the jurisdiction of its
incorporation; 

  

	 	8.1.2	 it has the full power and authority to enter into and perform this Agreement without obtaining the further
consent of any Third Party and has taken all necessary action to authorise the execution, delivery and performance of this Agreement; and 

  

	 	8.1.3	 it has duly executed and delivered this Agreement and it is a legal, valid and binding obligation on it.

 8.2 Additional representations, warranties and undertakings of LAVA. LAVA hereby represents, warrants and
undertakes to JANSSEN that, as of the Effective Date: 
  

	 	8.2.1	 LAVA Controls the LAVA Background Patents set forth on Exhibit 1 and these are all of the Patents Controlled by
LAVA or its Affiliates as of the Effective Date, that would, but for the rights granted to JANSSEN pursuant to this Agreement, be infringed by the exercise by JANSSEN of its rights under this Agreement. 

 

	 	8.2.2	 There is no pending or, to the knowledge of LAVA, threatened litigation that alleges that the LAVA Background
Patents are invalid or unenforceable. 

  
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	 	8.2.3	 The LAVA Background Patents are and have been diligently Prosecuted and Maintained and procured from the
respective patent offices in accordance with all Applicable Laws. In respect of any pending U.S. patent applications included in the LAVA Background Patents, all relevant prior art of which LAVA, to the best of LAVA and its Affiliate’s
knowledge, and of which VU and the inventors are aware has been presented to the relevant examiner at the U.S. Patent and Trademark Office. 

  

	 	8.2.4	 The practice of the LAVA Background Patents (that exist as of the Effective Date), the practice of the LAVA Know-How and/or the use of the [***] Antibodies and [***] Multispecific Antibodies by LAVA does not, to LAVA’s Knowledge, infringe or been alleged to infringe any Intellectual Property rights of any Third Party
and neither LAVA nor any of its Affiliates is aware of any facts or circumstances or have received any notification from a Third Party which might lead to such an allegation of infringement or alleges an infringement. 

 

	 	8.2.5	 The LAVA Background Technology is not subject to any Third Party rights (including academic research rights or
any step-in rights), other than the rights retained by VU under the VU Licence. 

  

	 	8.2.6	 LAVA has disclosed to JANSSEN accurate and complete details of all agreements under which LAVA acquired or
licensed any rights in the LAVA Background Technology. As of the Effective Date, neither of the licensor, LAVA or any of their Affiliates are in breach of any such agreement and the execution and performance of this Agreement shall not constitute or
trigger a breach of any such agreement. 

  

	 	8.2.7	 The LAVA Know-How has been kept confidential and has been disclosed to
Third Parties only under terms of confidentiality. 

  

	 	8.2.8	 To LAVA’s knowledge, there is no Intellectual Property owned or Controlled by VU or its Affiliates which
will be infringed by the performance of, or exercise of rights granted under, this Agreement. 

  

	 	8.2.9	 LAVA does not own or Control any specific amino acid sequence comprising [***] and is not on its own or with a
Third Party, Developing, Commercialising or in any way Exploiting any product comprising any biological molecule (including an antibody, a vaccine or a cell) that is targeted to, binds to or recognises [***]. 

 

	 	8.2.10	 LAVA has not granted any right or licence to any Third Party relating to any of the LAVA Background Patents,
LAVA Materials or LAVA Know-How that would conflict or interfere with any of the rights or licences granted to JANSSEN hereunder. 

 

	 	8.2.11	 Other than the research rights under the Patents and Know-How (as
defined in the VU Licence) that are granted to VU under the VU Licence, LAVA has not granted any right or licence to any Third Party under any of the LAVA Background Patents or LAVA Know-How for Exploitation
of (i) [***] Antibodies or [***] Multispecific Antibodies that are in LAVA’s possession as of the Effective Date or (ii) any Product or Excluded Product. 

  
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	 	8.2.12	 LAVA has not granted VU any rights (academic or otherwise) or licence to use or disclose for any purposes, the
Materials including the Products, the Know-How or Intellectual Property that may be generated under the Research Plan. 

 

	 	8.2.13	 Neither LAVA nor any of its Affiliates are aware of any scientific or technical facts or circumstances which
would adversely affect the scientific, therapeutic or commercial potential of the [***] Antibodies, [***] Multispecific Antibodies, or any Product incorporating them or the acceptance or subsequence approval by any Regulatory Authority of any
Regulatory Filing in relation thereto. 

  

	 	8.2.14	 The employees of LAVA which are or shall be engaged in performing any of LAVA’s obligations under this
Agreement have the necessary experience, expertise, qualifications and skill and are appropriately authorised to perform such obligations in accordance with the provisions of this Agreement. 

 

	 	8.2.15	 LAVA has conducted the Development of the [***] Antibodies and [***] Multispecific Antibodies prior to the
Effective Date and shall discharge its obligations under this Agreement with all due skill, care and diligence according to good industry practice and in accordance with Applicable Law. 

 

	 	8.2.16	 LAVA has received written undertakings from VU, by way of a Side Letter, that (i) beginning on the
Effective Date and continuing for a period of [***] thereafter, VU shall not carry out any Exploitation either on its own, with LAVA or any other Third Party, with respect to compounds or molecules comprising a [***]-specific antibody and a [***]
and (ii) during the Exclusivity Period, the Academic Laboratory shall not directly collaborate and/or carry out any research or Exploitation either on its own, with other VU research groups, with LAVA (with the exception of the Research
Activities) or any other Third Party on compounds or molecules that are directed to, bind to, or recognize [***]. 

  

	 	8.2.17	 LAVA’s facilities are in compliance with all Applicable Law, including local environmental laws and
regulations applicable to its obligations pursuant to this Agreement. 

  

	 	8.2.18	 LAVA has achieved Independent Status (as defined in the VU Licence) and has been assigned certain Patent rights
under the VU Licence in accordance with that certain Assignment Letter by and between LAVA and VU dated July 1, 2017, as disclosed to JANSSEN. 

  

	 	8.2.19	 LAVA has in its possession and access to sums that are of sufficient amounts such that LAVA is able to carry
out and pay for all costs in relation to its assigned Research Activities (“Research Funds”) during the Research Term and that LAVA shall set aside the Research Funds solely for the purpose of carrying out its assigned Research
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 8.3 LAVA Undertakings. LAVA undertakes to JANSSEN that: 

 

	 	8.3.1	 LAVA shall retain the full right, power and authority to grant to JANSSEN the Exclusive Licence under this
Agreement; 

  

	 	8.3.2	 LAVA shall not enter into any agreement, arrangement or understanding with any Third Party that would be
inconsistent with the provisions of this Agreement, including giving rise to a conflict of interest with LAVA’s obligations hereunder; 

  

	 	8.3.3	 LAVA shall not sell, assign, or otherwise transfer to any Third Party, any LAVA Technology or Joint Arising
Technology (or agree to do any of the foregoing), but LAVA shall be entitled to undergo a Change of Control provided JANSSEN’s rights (including the Exclusive Licence) are maintained hereunder; 

 

	 	8.3.4	 LAVA shall not amend the Side Letter or the VU Licence in any manner that limits the rights granted by LAVA to
JANSSEN under this Agreement without the prior written knowledge and consent of JANSSEN; 

  

	 	8.3.5	 LAVA shall not assign or otherwise transfer or novate to any Third Party the VU Licence (or agree to do any of
the foregoing) without providing prior written notice to Janssen; 

  

	 	8.3.6	 During the Exclusivity Period, LAVA shall not grant any rights or licences under the LAVA Technology or Joint
Arising Technology in relation to [***]; 

  

	 	8.3.7	 LAVA shall remain in compliance in all material respects with the VU Licence and it will provide prompt notice
to JANSSEN of any alleged breach or default or request for amendment or termination of the VU Licence; 

  

	 	8.3.8	 LAVA shall keep in force all necessary consents, licences, permits, approvals and other permissions to enable
it to perform its obligations under this Agreement; and 

  

	 	8.3.9	 On the date of assignments pursuant to provisions under Clause 6.1.4 by LAVA to JANSSEN, all right, title and
interest in and to any and all JANSSEN Arising Technology, including any Intellectual Property subsisting therein or arising therefrom, shall vest in JANSSEN free from any encumbrances whatsoever. 

8.4 Disclaimer. Except as otherwise expressly set forth in this Agreement, neither Party makes any representation nor extends any
warranties of any kind, either express or implied, including warranties of merchantability, fitness for a particular purpose, validity of any Patents issued or pending or non-infringement of the Intellectual
Property rights of any Person. JANSSEN does not make any representation or give any warranty that any Products will be successfully Developed or Commercialised. 

Clause 9—INDEMNIFICATION; LIMITATION OF LIABILITY 

9.1 Indemnification by JANSSEN. Subject to LAVA’s compliance with Clause 9.3, JANSSEN shall indemnify and defend LAVA and its
Affiliates and their respective directors, officers, shareholders, employees and agents (collectively, “LAVA Indemnitees”) from and against any and all liabilities, claims, damages, losses, expenses or costs (including reasonable

  
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legal expenses and attorneys’ fees) (“Third Party Losses”) in each case that are payable by the LAVA Indemnitee to a Third Party to the extent that such Third Party Losses
arise out of or result from a Third Party claim related to: (a) any breach of a warranty, made by JANSSEN in this Agreement, or (b) the infringement or alleged infringement of any Third Party Intellectual Property as a result of use of
Anti-[***] Antibodies in connection with the Research Activities or (c), JANSSEN’s Exploitation of Products; except in each case to the extent such Third Party Losses are attributable to the breach of this Agreement by LAVA or the fraud,
negligence, wilful misconduct or breach of Applicable Law by the LAVA Indemnitee. JANSSEN shall not be obligated to indemnify LAVA Indemnitees for any Third Party Losses to the extent such Third Party Losses would be subject to indemnification by
LAVA pursuant to Clause 9.2. 
 9.2 Indemnification by LAVA. Subject to JANSSEN’s compliance with Clause 9.3, LAVA shall
indemnify and defend JANSSEN and its Affiliates and their respective directors, officers, shareholders, employees and agents (collectively, “JANSSEN Indemnitees”) from and against any and all Third Party Losses in each case that are
payable by the JANSSEN Indemnitee to a Third Party to the extent that such Third Party Losses arise out of or result from a Third Party claim related to: (a) the infringement or alleged infringement of any Third Party Intellectual Property as a
result of use of the LAVA Technology (excluding Anti-[***] Antibodies) in connection with the Research Activities or (b) any breach of a warranty made by LAVA in this Agreement; except, in each case, to the extent such Third Party Losses are
attributable to the breach of this Agreement by JANSSEN or the fraud, negligence, wilful misconduct or breach of Applicable Law by the JANSSEN Indemnitee. LAVA shall not be obligated to indemnify JANSSEN Indemnitees for any Third Party Losses to the
extent such Third-Party Losses would be subject to indemnification by LAVA pursuant to Clause 9.1. 
 9.3 Procedure. 

 

	 	9.3.1	 Notice. A Person entitled to indemnification under Clause 9.1 or 9.2 (an “Indemnified
Party”) shall give prompt written notification to the Party from whom indemnification is sought (the “Indemnifying Party”) of the commencement of any action, suit or proceeding relating to a Third Party claim for which
indemnification may be sought (each, a “Claim”) or, if earlier, upon the assertion of any such Claim by a Third Party; provided, however, failure by an Indemnified Party to give notice of a Claim as provided in this Clause 9.3 shall
not relieve the Indemnifying Party of its indemnification obligation under this Agreement, except and only to the extent that such Indemnifying Party is actually prejudiced as a result of such failure to give notice. 

 

	 	9.3.2	 Defence. Within [***] after delivery of a notice of any Claim in accordance with Clause 9.3.1, the
Indemnifying Party shall have the right, upon written notice thereof to the Indemnified Party, to assume sole control of the defence of such Claim. The Indemnifying Party will provide the Indemnified Party with notice identifying the counsel
defending such claim. If the Indemnifying Party does not assume control of such defence, the Indemnified Party shall control such defence. 

  

	 	9.3.3	 Participation. The Party not controlling such defence may participate therein at its own expense.

  
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	 	9.3.4	 Cooperation. The Party controlling the defence of any Claim shall keep the other Party advised of the
status of such Claim and the defence thereof and shall reasonably consider recommendations made by the other Party with respect thereto. The other Party shall cooperate fully with the Party controlling such defence and its Affiliates and agents in
defence of the Claim (all reasonable and documented Out-of-Pocket Costs of such cooperation to be borne by the Party controlling such defence, subject to the
indemnification right of the non-controlling Party). 

  

	 	9.3.5	 Obligation to mitigate. The Indemnified Party shall take all reasonable steps (in consultation with the
Indemnifying Party) to minimise the extent of the Third Party Losses. 

  

	 	9.3.6	 Settlement. The Indemnified Party shall not admit liability in respect of, or compromise or agree to any
settlement of such Claim without the prior written consent of the Indemnifying Party, which shall not be unreasonably withheld, delayed or conditioned. The Indemnifying Party shall not agree to any settlement of such Claim or consent to any judgment
in respect thereof that does not include a complete and unconditional release of the Indemnified Party from all liability with respect thereto or that imposes any liability or obligation on the Indemnified Party without the prior written consent of
the Indemnified Party, which shall not be unreasonably withheld, delayed or conditioned. The Indemnified Party shall not, except at its own cost, voluntarily make any payment to incur any expense with respect to any Claim to be indemnified hereunder
without the prior written consent of the Indemnifying Party, which consent such Indemnifying Party shall not be required to give. 

  

	 	9.3.7	 Limitation of liability. EXCEPT FOR EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER
CLAUSE 7, NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE IN CONTRACT, TORT, BREACH OF STATUTORY DUTY OR OTHERWISE TO THE OTHER FOR ANY PUNITIVE, SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES OR FOR LOSS OF OPPORTUNITY, GOODWILL OR
REPUTATION OR FOR WASTED EXPENDITURE (EVEN IF DETERMINED TO BE DIRECT DAMAGES) ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY; provided however that nothing in this Clause 9.3.7 shall be deemed to limit:

 9.3.7.1 the indemnification obligations of either Party set forth above in this Clause 9 to the extent a Third Party
recovers any such punitive, special, consequential, incidental, indirect or direct damages from an Indemnified Party; or 
 9.3.7.2 either
Party’s liability under or in connection with this Agreement in respect of (i) any death or personal injury caused by its negligence or that of its employees, agents, Affiliates or sub-licensees (as
applicable), (ii) fraud or fraudulent misrepresentation by it or its employees, or (iii) any other liability to the extent the same may not be excluded or limited as a matter of Applicable Law. 

  
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	 	9.3.8	 Insurance LAVA shall procure and maintain general liability and public liability insurance during the
Term of this Agreement, including in relation to and for at least [***] thereafter in an aggregate coverage amount of [***]. Upon request, LAVA shall provide JANSSEN with a certificate of insurance evidencing the coverage required under this Clause
9.3.8. LAVA’s insurance coverage under this Clause 9.3.8. shall not be construed to create a limit of LAVA’s liability under this Agreement. LAVA shall provide JANSSEN with written notice at least [***] prior to the cancellation, non-renewal or material change in such insurance that materially adversely affects the rights of JANSSEN hereunder. 

Clause 10—TERM AND TERMINATION 

10.1 Term. The term of this Agreement commences on the Effective Date and, unless terminated earlier pursuant to Clause 2.3.1, 2.3.2,
10.2, 10.3 or 10.4 below, shall expire, on a Product-by-Product basis, upon the expiration of all of JANSSEN’s payment obligations to LAVA under this Agreement with
respect to such Product (the “Term”). Following such expiration of this Agreement with respect to a particular Product, JANSSEN will thereafter have a fully paid-up, exclusive, perpetual and
irrevocable licence under the LAVA Technology and Lava’s rights in the Joint Arising Technology to Exploit such Product in the Field in the Territory. 

10.2 Termination. 
  

	 	10.2.1	 JANSSEN may terminate this Agreement at any time (i) in its entirety, (ii) on a country-by-country basis, in each case upon [***] written notice to LAVA. 

  

	 	10.2.2	 In addition, at any time within the [***] period following the Change of Control of LAVA, JANSSEN may terminate
this Agreement in its entirety upon [***] written notice to LAVA. 

 10.3 Termination For Material Breach. Either
Party may terminate this Agreement in its entirety in the event the other Party shall have committed a material breach of this Agreement, and such breach is not cured by the other Party within [***] after receiving a written notice of such breach
from the non-breaching Party, which notice shall reasonably identify the applicable breach and clearly state the non-breaching Party’s intent to terminate this
Agreement if such material breach is not cured, within the [***] period. Any termination shall become effective at the end of such [***] period, unless the breaching Party has cured such breach prior to the expiration of such period. 

10.4 Termination on Bankruptcy. If, at any time, (i) a Party voluntarily files in any court or agency pursuant to any statute or
regulation of any state or country, a petition in bankruptcy or insolvency or for reorganisation or for an arrangement or for the appointment of a receiver or trustee of the Party or of substantially all of its assets, (ii) a Party is served
with an involuntary petition against it filed in any insolvency proceeding, and such petition is not dismissed within [***] after the filing thereof, (iii) a Party dissolves or is liquidated without a successor, (iv) a Party makes an
assignment of substantially all of its assets for the benefit of creditors or (v) a Party ceases for any reason to carry on business (each a “Bankruptcy Event”), the other Party may thereafter terminate this Agreement upon
[***] written notice. If this Agreement is terminated by 

  
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either Party (the “Non-Bankrupt Party”) pursuant to this Clause 10.4 due to the rejection of this Agreement by or on behalf of the other
Party (the “Bankrupt Party”) under Clause 365 of the United States Bankruptcy Code or the bankruptcy or insolvency legislation in the country of incorporation of the Bankrupt Party (the “Bankruptcy Law”), all
licences and rights to licences granted under or pursuant to this Agreement by the Bankrupt Party to the Non-Bankrupt Party are, and shall otherwise be deemed to be, for purposes of Clause 365(n) of the United
States Bankruptcy Code, licences of rights to “intellectual property” as defined under Clause 101(35A) of the United States Bankruptcy Code. The Parties agree that the Non-Bankrupt Party, as a
licensee of rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Laws. The foregoing provisions are subject to Applicable Law and without prejudice to any rights either Party or any
Third Party may have arising under the Bankruptcy Laws or other Applicable Law. LAVA shall promptly notify JANSSEN in writing if one or more Bankruptcy Events occur in relation to LAVA or if it reasonably believes that one or more Bankruptcy Events
will occur in the forthcoming year. Upon notification of an anticipated Bankruptcy Event, JANSSEN shall be entitled to take over (or appoint a Third Party to take over) LAVA’s activities under the Research Plan, and LAVA shall give JANSSEN
(and/or a Third Party appointed by JANSSEN) reasonable assistance in this regard. To the extent, JANSSEN does not take over LAVA’s activities, JANSSEN shall be entitled to terminate this Agreement in its entirety. 

10.5 Effects of expiration or termination. 
  

	 	10.5.1	 Accrued rights, surviving obligations. Expiration or termination of the Agreement for any reason shall
be without prejudice to any obligations, including payment obligations under 4.10 hereof, accruing on or prior to such termination or expiration or that are attributable to a period prior to such expiration or termination, nor preclude either Party
from pursuing any rights and remedies it may have under this Agreement, or at law or in equity, that accrued or are based upon any event occurring prior to such termination or expiration. 

 

	 	10.5.2	 Consequences termination for any reasons: In the event of termination of this Agreement for any reason,
the following shall apply: 

 10.5.2.1 Termination of Research Licence. Subject to Clause 4.8 and this Clause
10.5.2, all rights and licences granted by JANSSEN to LAVA under this Agreement, including under Clause 4.1.1, shall terminate concurrently with termination of the Agreement. 

10.5.2.2 Termination of Exclusive Licence. Except where JANSSEN terminates this Agreement pursuant to Clause 10.3, and Clause 10.4, all
rights and licences granted by LAVA to JANSSEN under this Agreement, including under Clause 4.2, shall terminate concurrently with termination of the Agreement. 

10.5.2.3 Sub-licences. LAVA will consider in good faith the request of a sub-licensee of JANSSEN to obtain a direct licence from LAVA on the terms of this Agreement to the extent that the terms of any such sub-licence granted to such sub-licensee by or on behalf of JANSSEN are no more onerous than the terms of this Agreement, provided that: 

  
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	 	(A)	 any such sub-licence has been entered into in accordance with Clause
4.2.2; 

  

	 	(B)	 the sub-licensee under any such
sub-licence is not in breach of the sub-licence; and 

  

	 	(C)	 the termination of this Agreement has not been caused in whole or in part by any act or omission of any such sub-licensee. 

 10.5.2.4 Final written report. If this Agreement is terminated
prior to the Onboarding Date, LAVA shall provide to JANSSEN a final written report setting out its progress against the Research Plan. 
  

	 	10.5.3	 Consequences of Termination prior to Onboarding. If LAVA terminates this Agreement pursuant to Clause
10.3, JANSSEN terminates this Agreement pursuant to Clause 10.2.1, or the Agreement terminates pursuant to either Clause 2.3.1 or 

  

	 	10.5.4	 and in each case, such termination takes effect prior to the Onboarding Date, LAVA shall have the exclusive
option, exercisable in its sole discretion within [***] of the effective date of such termination to be granted an exclusive, worldwide, non-royalty-bearing, licence with the right to sublicense through
multiple tiers under the JANSSEN Technology solely for the purpose of Exploiting the Lead Products in the Field. To the extent that the Lead Products have not been identified by the JSC as of the effective date of termination of the Agreement, the
licence granted to LAVA pursuant to this Clause 10.5.3 shall be limited to Exploitation of Research Bi-Specific Antibodies. The licence granted to LAVA shall not under any circumstance grant LAVA any right to
Exploit the [***] forming part of the Lead Product (or where applicable the Research Bi-Specific Antibodies) in any format other than in the context of the Lead Product (or where applicable the Research Bi-Specific Antibodies). Additionally, the licence granted to LAVA shall take effect as of the date of the written notice of exercise of the option by LAVA, and LAVA shall have no right to enforce the JANSSEN
Arising Patents or any JANSSEN Background Patents under such licence. In the event that JANSSEN terminates this Agreement pursuant to Clause 10.2.2 for Change of Control of Lava, then the preceding exclusive option shall not apply, and JANSSEN shall
have the right in its sole discretion to grant any rights to the Janssen Technology to LAVA after such termination. 

  

	 	10.5.5	 Consequences of Termination on or after Onboarding. 

10.5.5.1 Reversion Licence. If JANSSEN terminates this Agreement pursuant to Clause 10.2, and such termination takes effect on or after
the Onboarding Date, LAVA shall have an exclusive first right to negotiate (“ROFN”), exercisable in its sole discretion within [***] of the effective date of such termination, to enter into an agreement with JANSSEN (and/or its applicable
Affiliate) on fair and reasonable terms pursuant to which LAVA would receive from JANSSEN and/or its applicable Affiliate an exclusive, worldwide licence with the right to sublicense through multiple tiers under the JANSSEN Technology solely for the
purpose of Exploiting the Lead Product(s) in the Field (“Reversion Licence”). If LAVA notifies JANSSEN within [***] of the effective date of such termination that LAVA wishes to exercise

  
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this ROFN, the Parties shall have [***] from the date of the written notice of exercise of the ROFN by LAVA within which to exclusively negotiate, in good faith, a written licence agreement under
which JANSSEN would grant to LAVA the Reversion Licence. In addition, in exchange for a commercially reasonable royalty and reimbursement by LAVA of JANSSEN’s and its Affiliates’ reasonable Out-of-Pocket Costs associated with the transfer to LAVA of any Regulatory Filings and/or Regulatory Approvals that solely relate to the Reversion Licence, JANSSEN shall as part of the written licence
agreement agree to transfer to LAVA Regulatory Filings and/or Regulatory Approvals that solely relate to the Reversion Licence and that JANSSEN is legally permitted to transfer. Upon LAVA’s reasonable request, JANSSEN shall, to the extent
JANSSEN is legally permitted, assign any agreements or arrangements JANSSEN or its Affiliate may have with any Third Party for the Exploitation of Lead Products; and 

10.5.5.2 Inventory. LAVA shall have the right, but not the obligation, to purchase any and all of the inventory of the Lead Product, if
any, held by JANSSEN or its Affiliates or sub-licensees as of the date of termination. 
 10.6
Survival of Licence to JANSSEN. In the event JANSSEN terminates the Agreement pursuant to Clause 10.3 after the Onboarding Date, the Exclusive Licence shall continue in full force and effect and remain subject to all applicable Milestone and
royalty payments pursuant to Clauses 5.3 and 5.4 respectively (and associated reporting obligations) provided that all such amounts shall be reduced by [***]. 

10.7 Common Law Rights of Termination. Neither Party shall have the right to terminate this Agreement except in accordance with the
termination provisions of this Agreement and the Parties hereby waive any common law rights they may have to terminate this Agreement including for repudiatory breach 

10.8 General survival. Except as expressly set forth in Clause 10.5 above or this Clause 10.8, upon the expiration or termination of
this Agreement for any reason, all rights and obligations of the Parties under this Agreement shall terminate. Clauses 2.5, 2.7, Clause 5 (if the provisions of Clause 10.6 apply), Clauses 6.1.3, 6.1.4 and 6.1.5, Clause 7, Clauses 9.3.7, 10.5, 10.6,
10.8 and Clause 11 shall survive the expiration and any termination of this Agreement. 
 Clause 11—MISCELLANEOUS 

11.1 Dispute resolution. 
  

	 	11.1.1	 Referral to Executive Officers. Either Party may refer to the Parties’ Executive Officers, for
discussion and potential resolution, (i) any matter within the scope of the JSC’s authority that has not be resolved or approved by the JSC within [***] after the JSC begins considering such matter, or (ii) any other dispute, claim or
controversy arising from or related in any way to this Agreement, including the interpretation, application, breach, termination or validity thereof, including any claim of inducement of this Agreement by fraud or otherwise, and further including
any such controversy or claim involving the Affiliates of any Party, any dispute, claim or controversy arising under, out of or in connection with this Agreement (any of the foregoing referred to herein as a “Dispute”). The
Executive Officers 

  
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shall discuss any such matter referred to them in good faith and attempt to find a mutually satisfactory resolution to the issue. If the Executive Officers fail to come to a consensus regarding,
or do not resolve, such a matter within [***] after the date on which the matter is referred to the Executive Officers (unless a longer period is agreed to by the Parties), then, except for those matters within the authority of the JSC with respect
to which JANSSEN has the deciding vote as set forth in Clause 2.1.4 and the JPC, the provisions of Clause 11.1.2 shall apply. 

  

	 	11.1.2	 Arbitration. With the exception of those matters within the authority of the JSC with respect to which
JANSSEN has the deciding vote as set forth in Clause 2.1.4 and the JPC, any Dispute that has been referred to the Executive Officers for resolution in accordance with Clause 11.1.1 and has not been resolved within the [***] period after referral to
the Executive Officers, shall, upon referral or submission by either Party, be resolved in accordance with the following procedures: 

(i) If the Parties fail to resolve the Dispute, and a Party desires to pursue resolution of the Dispute, the Dispute shall be submitted by
either Party for resolution in arbitration pursuant to the then current International Arbitration Rules and Procedures of Judicial Arbitration and Mediation Services, Inc. (the “JAMS Rules”), except where they conflict with these
provisions, in which case these provisions control. The arbitration will be held in London, England. All aspects of the arbitration shall be treated as confidential. 

(ii) The arbitrators will be chosen according to the JAMS Rules, except where they conflict with these provisions, in which case these
provisions control. To the extent that the Dispute requires special expertise, the Parties will so inform JAMS prior to the beginning of the selection process. 

(iii) The arbitration tribunal shall consist of three arbitrators and each Party shall be entitled to nominate one arbitrator. The third
arbitrator will be chosen in accordance with the JAMS Rules. If, however, the aggregate award sought by the Parties is less than [***] and equitable relief is not sought, a single arbitrator shall be appointed in accordance with the JAMS Rules. 

(iv) The Parties agree to select the arbitrator(s) within [***] of initiation of the arbitration. The hearing will be concluded within [***]
after selection of the arbitrator(s) and the award will be rendered within [***] of the conclusion of the hearing, or of any post hearing briefing, which briefing will be completed by both sides within [***] after the conclusion of the hearing. In
the event the Parties cannot agree upon a schedule, then the arbitrator(s) shall set the schedule following the time limits set forth above as closely as practical. 

(v) The hearing will be concluded in [***], if possible. Multiple hearing days will be scheduled consecutively to the greatest extent possible.
A transcript of the testimony adduced at the hearing shall be made and shall be made available to each Party. 
 (vi) The Parties will
attempt to agree on modes of document disclosure, electronic discovery, witness presentation, etc. If the Parties cannot agree on discovery and presentation issues, the arbitrator(s) shall decide on presentation modes and the scope and timing for
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 (vii) The arbitrator(s) shall decide the merits of any Dispute in accordance with the law
governing this Agreement, without application of any principle of conflict of laws that would result in reference to a different law. The arbitrator(s) may not apply principles such as “amiable compositeur” or “natural justice and
equity.” 
 (viii) The arbitrator(s) shall render a written opinion stating the reasons upon which the award is based. The Parties
consent to the jurisdiction of the English Court for the enforcement of these provisions and the entry of judgment on any award rendered hereunder. Should such court for any reason lack jurisdiction, any court with jurisdiction may act in the same
fashion. 
 (ix) Each Party has the right to seek injunctive or other equitable relief at any time from any court to avoid irreparable harm,
maintain the status quo, or preserve the subject matter of the Dispute. 
 11.2 Governing law. This Agreement and any non-contractual obligations arising out of or connected to it are governed by and shall be construed in accordance with English law. 

11.3 Assignment. Either Party may assign or transfer this Agreement: (a) without the written consent of the other Party, in
connection with a Change of Control; and (b) in any other circumstance, only with the prior written consent of the other Party; provided that in each case of (a) or (b) the assignee agrees in writing to be bound by the terms and conditions
of this Agreement and to assume all obligations of the assignor under this Agreement. Subject to the foregoing, this Agreement shall be binding upon, and inure to the benefit of, the permitted successors and assigns of the Parties. Any assignment in
contravention of this Clause 11.3 shall be null and void. JANSSEN may assign this Agreement without the consent of the LAVA to an Affiliate of JANSSEN. 

11.4 Performance warranty. Notwithstanding anything to the contrary set forth in this Agreement, JANSSEN may perform any or all of its
obligations and exercise any or all of its rights under this Agreement through any Affiliate. JANSSEN shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance. 

11.5 Acknowledgement. LAVA acknowledges and agrees that JANSSEN and/or its Affiliates may have been involved prior
to the Effective Date and may be involved during the Term in Developing, Commercialising, manufacturing or otherwise Exploiting products that may compete with the Products, and nothing in this Agreement shall restrict or prohibit JANSSEN or any of
its Affiliates from Developing, Commercialising, manufacturing or otherwise Exploiting any such competitive products during the term of this Agreement or thereafter. 

11.6 Notices. Unless otherwise agreed by the Parties or specified in this Agreement, all notices, requests and communications between
the Parties, and all written documentation to be prepared and provided under, this Agreement shall be in writing in the English language and shall be (a) personally delivered; (b) sent by registered or certified mail; (c) sent by
international express courier service providing evidence of receipt (e.g., Federal Express), or (d) by email (with confirmation by registered mail or courier) where applicable to the following addresses of the Parties, or such other address for
a Party as may be specified by like notice: 

  
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 If to LAVA, 

addressed to: [***] 
 If to JANSSEN, 

addressed to: [***] 
 With a
copy to: [***] 
 Any notice required or permitted to be given under this Agreement shall be effective upon receipt by the Party to whom it
is addressed or within [***] after dispatch, whichever is earlier. 
 11.7 Waiver. Except as otherwise expressly provided in this
Agreement, any term of this Agreement may be waived only by a written instrument executed by a duly authorised representative of the Party waiving compliance. The delay or failure of either Party at any time to require performance of any provision
of this Agreement shall in no manner affect such Party’s rights at a later time to enforce the same. No waiver by either Party of any condition or term in any one or more instances shall be construed as a further or continuing waiver of such
condition or term or of another condition or term. The rights of each Party under this Agreement, unless otherwise expressly provided in this Agreement are cumulative and not exclusive of the rights and remedies provided by law. 

11.8 Severability. If the whole or part of any provision hereof should be held invalid, illegal or unenforceable in any jurisdiction,
such provision or part thereof shall be limited or eliminated, to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable, and all other provisions hereof shall remain in full force and
effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the Parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability shall not affect the validity, legality or
enforceability of such provision in any other jurisdiction. To the extent necessary, the Parties shall work in good faith to replace the limited or eliminated provision with one achieving the purpose of the limited or eliminated provision that is
valid, legal and enforceable. 
 11.9 Entire agreement; Amendment. 

(i) This Agreement (including the Exhibits attached hereto) sets forth the entire agreement between the Parties with respect to the subject
matter hereof and supersedes all prior or contemporaneous agreements, understanding or representations, either written or oral, between the Parties with respect to such subject matter. 

(ii) No subsequent alteration, amendment, modification, change or addition to this Agreement shall be binding upon the Parties unless reduced
to writing and signed by duly authorised representatives of each Party. No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an
agreement in writing and signed by a duly authorised representative of each Party. 
 (iii) Each Party acknowledges that it has not entered
into this Agreement on the basis of or relied upon any express or implied warranty, representation, collateral contract, statement, agreement, assurance or undertaking except those expressly set out in this Agreement. 

  
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 (iv) Each Party waives any rights and remedies, claims for breach of this Agreement or any
right to rescind this Agreement in respect of any representation which is not an express provision of this Agreement. 
 (v) This Clause 11.9
does not exclude any liability which either Party may have to the other (or any right which either Party may have to rescind this Agreement) in respect of any fraud or fraudulent misrepresentation or fraudulent concealment prior to the execution of
this Agreement. 
 11.10 Third Parties. No one except a Party to this Agreement has any right to prevent the amendment of this
Agreement or its termination, and no one except a Party to this Agreement may enforce any benefit conferred by this Agreement including under the Contracts (Rights of Third Parties) Act 1999, unless this Agreement expressly provides otherwise. 

11.11 Independent contractors. Nothing in this Agreement is intended, nor shall be construed, to create any relationship of employer and
employee, agent and principal, partnership, joint venture or other fiduciary relationship between the Parties. Each Party is an independent contractor. Neither Party shall assume, either directly or indirectly, any liability of or for the other
Party. Neither Party shall have the authority to bind or obligate the other Party, and neither Party shall represent that it has such authority. 

11.12 Force majeure. If the performance of any part of this Agreement by either Party is prevented, restricted, interfered with or
delayed by reason of force majeure (meaning a cause beyond the reasonable control of a Party, including, fire, flood, embargo, acts of war, insurrection, riot, terrorism, strike, lockout or other labor disturbance, acts of God, or pandemic,
including COVID-19), the Party so affected shall, upon giving written notice to the other Party, be excused from such performance to the extent of such prevention, restriction, interference or delay, for a
period agreed by the Parties provided that the affected Party shall use commercially reasonable efforts to avoid or remove such causes of non-performance and shall continue performance with the utmost dispatch
whenever such causes are removed. 
 11.13 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed
an original, and all of which together, shall constitute one and the same instrument. Signatures to this Agreement may be delivered by facsimile or PDF (Portable Document Format) or other similar electronic transmission, and copies of executed
signature pages obtained in such a manner shall be binding as originals. Electronic or digital signatures shall have the full force and effect of an original signature. 

11.14 Construction. This Agreement shall be deemed to have been jointly drafted by the Parties, and no rule of strict construction shall
apply against either. All headings and the cover page are inserted for convenience of reference only and shall not affect the meaning or interpretation of any provision hereof. As used in this Agreement, unless the context otherwise requires,
(a) words of any gender include each other gender, (b) words such as “herein”, “hereof” or “hereunder” refer to this Agreement as a whole and not merely to the particular provision in which such words appear,
(c) words using the singular shall include the plural, and vice versa, (d) the words “including”, “comprising”, and “containing” are used in an open, non-limiting sense
(e.g., whenever the word “including” appears, it means “including without limitation” or “including but not limited to”), and (e) the word “or” has the inclusive meaning represented by the phrase
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 11.15 Compliance with Anti-Corruption Laws and Healthcare Compliance. 

 

	 	11.15.1	 Anti-Kickback and Stark Compliance. Each Party shall comply with Applicable Law, including the federal
anti-kickback statute (42 U.S.C. § 1320a-7b), the related safe harbor regulations, and the Limitation on Certain Physician Referrals, also referred to as the “Stark Law” (42 U.S.C. §
1395nn) in connection with its activities under this Agreement. Accordingly, no part of any consideration paid hereunder is a prohibited payment for the recommending or arranging for the referral of business or the ordering of items or services; nor
are the payments intended to induce illegal referrals of business. 

  

	 	11.15.2	 Exclusion from Federal Health Care Programs. Without prejudice to the generality of Clause 11.15, each
Party shall conduct activities pursuant to this Agreement in accordance with Applicable Law and any applicable regulations regarding Medicare, Medicaid, and other third party-payer programs, if any. Neither Party shall (a) become excluded from,
and shall not be convicted of any crime or engaged in any conduct that could result in exclusion from, participation in any state or federal healthcare program, as defined in 42 U.S.C. §1320a-7b(f), for
the provision of items or services for which payment may be made by a federal healthcare program and (b) contract with any employee, contractor, agent or vendor to perform work under this Agreement who is excluded from participation in any
state or federal healthcare program. Each Party shall notify the other Party of any final adverse action, discovery of contract with an excluded entity or individual, or exclusion within [***] of such action and will terminate any such contract
effective immediately. 

  

	 	11.15.3	 No Debarred Individuals. Each Party shall not engage, in any capacity in connection with this Agreement,
any person who has been debarred by FDA, is the subject of a conviction described in 21 U.S.C. 335a, or is subject to any similar sanction. Each Party shall promptly inform the other Party in writing if it or any person performing activities under
this Agreement is debarred or is the subject of a conviction described in 21 U.S.C. 335a, or if any action, suit, claim, investigation, or legal or administrative proceeding is pending or threatened relating to the debarment of conviction of such
Party or any such person performing activities in connection with this Agreement. Upon written request from a Party, the other Party shall, within [***], provide written confirmation that it has complied with the foregoing obligation.

  

	 	11.15.4	 Anti-Corruption Laws. Without prejudice to the generality of Clause 11.15, neither Party nor any of
their Affiliates shall, and each Party shall procure that none of its Permitted Sub-licensees shall, perform any actions in connection with this Agreement that are prohibited by local and other anti-corruption
laws or anti-bribery (collectively “Anti-Corruption Laws”) that may be applicable to either Party. Without limiting the foregoing, neither Party nor any of their Affiliates shall,

  
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and each Party shall procure that none of its Permitted Sub-licensees shall, make any payments, or offer or transfer anything of value, to any government
official or government employee, to any political party official or candidate for political office or to any other Third Party related to the transactions contemplated by this Agreement in a manner that would violate Anti-Corruption Laws.

 11.16 Data Protection. Definitions 

In this Agreement, including in Exhibit 7: 
  

	 	11.16.1	 The terms “Controller”, “Data Subjects”, “Joint Controller”, “Personal
Data”, “Personal Data Breach”, “Process” and “Processor” will have the meaning given to them by the GDPR; 

  

	 	11.16.2	 “Shared Personal Data” means Personal Data processed in respect of the Research Activities;

  

	 	11.16.3	 “Transparency Requirements” means the requirements around ensuring that processing is fair and
transparent, as set out in the Data Protection Laws including the measures set out in Article 5(1)(a) and Articles 13 and 14 of the GDPR. 

11.17 Obligations of the Parties: 
  

	 	11.17.1	 In relation to the Shared Personal Data, JANSSEN and LAVA acknowledge that they jointly determine the purposes
and means of processing of the Shared Personal Data and are accordingly acting as Joint Controllers under Article 26 of the GDPR. 

  

	 	11.17.2	 This Agreement and in particular Exhibit 7 determines each Party’s responsibilities for compliance with
their respective obligations under the Data Protection Laws, in particular as regards the rights of Data Subjects and the Transparency Requirements. Each Party undertakes to comply with its contractual obligations under this Agreement when
processing Shared Personal Data. 

  

	 	11.17.3	 JANSSEN and LAVA shall process Shared Personal Data only for the purposes of the Research Activities
(“Agreed Purposes”). 

  

	 	11.17.4	 JANSSEN and LAVA acknowledge that they are acting as independent Controllers in relation to any other Personal
Data that is processed in respect of this Agreement. Each Party undertakes to comply with the Data Protection Laws and with its contractual obligations under this Agreement when processing Personal Data. 

[Remainder of page intentionally left blank; signature page follows] 

  
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 AGREED BY, the Parties through their duly authorised representatives as of the
Effective Date. 
  

									
	LAVA THERAPEUTICS B.V.	  	    	  	JANSSEN BIOTECH INC.
					
	By:	  	 /s/ Stephen Hurly
	  		  	By:	  	 /s/ Thomas Cavanaugh

	Name:	  	Stephen Hurly	  		  	Name:	  	Thomas Cavanaugh
	Title:	  	CEO	  		  	Title:	  	President

  
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 EXHIBIT 1 

LAVA Background Patents 

[***] 

  
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 EXHIBIT 2 

Research Plan 
 [***] 

  
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 EXHIBIT 3 

JANSSEN Background Patents 

[***] 

  
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 EXHIBIT 4 

JOHNSON & JOHNSON UNIVERSAL CALENDAR 

[***] 

  
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 EXHIBIT 5 

Data Integrity Requirements 

[***] 

  
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 EXHIBIT 6 

JANSSEN ANIMAL POLICY 

[***] 

  
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 EXHIBIT 7 

Data Processing Agreement 

[***] 

  
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