Document:

Exhibit 10.1

 

LICENSE
AGREEMENT

 

This
License Agreement (“Agreement”) by and between Nerviano Medical Sciences, Viale Pasteur 10, Nerviano, Milano,
Italy ( “Licensor” or “NMS”), and Tiziana Life Sciences Plc, 18 South Street, Mayfair, London W1K 1DG, United
Kingdom (“Licensee” or “TIZIANA”) is made effective as of the date that the Agreement is signed by
the last Party to sign below (“Effective Date”). Licensor and Licensee are each hereafter referred to individually
as a “Party” and together as the “Parties.”

 

WHEREAS,
TIZIANA and NMS are herewith entering into a license Agreement whereby TIZIANA will have the exclusive right to develop and commercialize
the Licensed Product(s) worldwide and NMS will receive from TIZIANA up-front payments and Equity Stock as well as success milestone
payments and royalties in consideration for the rights granted.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:

 

1. DEFINITIONS

 

Capitalized
terms used in this Agreement shall have the meanings specified below or elsewhere herein.

 

1.1. “Affiliate” means
any Person who directly or indirectly controls or is controlled by or is under common control with another Person. A Person
shall only be considered an Affiliate during the duration of such control. For purposes of this definition,
“control” or “controlled” means ownership, directly or through one or more Affiliates, of
fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a
corporation, or fifty percent (50%) or more of the equity interest, in the case of any other type of legal entity, or status
as a general partner in any partnership, or the contractual right to control the election of directors or direct the affairs
of any Person.

 

1.2. “Confidential
Information” means with respect to a Party (the “Receiving Party”), all information that is (i)
disclosed by the other Party (the “Disclosing Party”) to the Receiving Party; and (ii) would be reasonably
understood from notices or legends, the nature of such information itself or the circumstances of such information’s
disclosure to be confidential by a reasonable person familiar with the applicable industry; provided, however, that
Confidential Information shall not include information that the Receiving Party can demonstrate by its records or other
suitable documentary evidence, (a) as of the date of disclosure is demonstrably known to the Receiving Party or its
Affiliates other than by virtue of a prior confidential disclosure to such Party or its Affiliates; (b) as of the date of
disclosure is in, or subsequently enters, the public domain, through no fault or omission of the Receiving Party; (c) is
obtained from a Third Party having a lawful right to make such disclosure free from any obligation of confidentiality to the
Disclosing Party; or (d) is independently developed by or for the Receiving Party without reference to or reliance upon any
Confidential Information of the Disclosing Party.

 

     

     

    

 

1.3.
“Cover” (in all its verb and adjectival forms, such as “Covered” and “Covers”) means
with respect to Valid Claims in an issued patent, that, in the absence of a license, the use, sale, or manufacture of the
product in question would infringe such Valid Claim.

 

1.4.
“Diligent Efforts” The term ‘Diligent Efforts’ will mean those commercially reasonable efforts
and resources comparable with a Party’s internal program of similar market potential and market size, risk, and at a
similar stage of development.

 

1.5.
“Field” means any and all uses, including all diagnostic and therapeutic uses.

 

1.6.
“Improvement” means any improvement, enhancement or modification of or to any technology claimed or
described in the Licensed Patents, and any invention or discovery concerning any development, manufacture, use or testing of
any technology claimed or described in the Licensed Patents.

 

1.7.
“Indemnitee” means a Licensor Indemnitee or a Licensee Indemnitee, as applicable.

 

1.8.
“Licensor Indemnitees” means Licensor, its Affiliates and the directors, officers, employees and agents of
Licensor and its Affiliates.

 

1.9. Licensed
Patents” means any and all NMS Patents, patent applications and NMS Know-How owned or controlled by NMS or its
Affiliates (solely or jointly with TIZIANA), now or during the term of the Agreement, that are necessary or useful to
develop, make, use, sell, offer for sale or import Licensed Products in the Field in the Territory, including all
provisionals, substitutions, continuations, continuations-in-part, divisionals, supplementary protection certificates,
renewals, all letters patent granted thereon, and all reissues, reexaminations, extensions, confirmations, revalidations,
registrations, patents of addition thereof, and foreign equivalents to any of the foregoing, including without limitations,
the patents and patent applications listed on Schedule A hereto.

 

1.10.
“Licensed Product” means any product or service incorporating Milciclib as active ingredient and any product
controlled or owned by NMS as of the Effective Date, used to diagnose or assess responsiveness to Milciclib therapy or dosage
in patients, the manufacture, use, sale, importation or performance of which would, absent the license granted herein, infringe
a Valid Claim of the Licensed Patents.

 

1.11.
“Licensee Indemnitees” means Licensee, its Affiliates, Sublicensees, and the directors, officers, employees and
agents of Licensee and its Affiliates.

 

1.12.
“Manufacturing Technology” means all information, know-how and patents necessary for the manufacture of a
Licensed Product including without limitation, all tangible and intangible information, techniques, practices, trade secrets
methods, knowledge data and results, reports and batch records, analytical and quality control data, analytical methods,
packaging records, release, stability, storage, shelf-life data, manufacturing process information, results and descriptions
related to the production, manufacture, filling, finishing, packaging, labeling, inspection, receiving, holding and shipping
of Licensed Products.

 

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1.13.
“Net Sales” means, in the case of sales by or for the benefit of TIZIANA and its Affiliates (the “Seller”)
to independent, unrelated persons (“Buyers”) in bona fide arm’s length transactions (except as provided below with respect
to clinical trial samples), the gross amount billed or invoiced by Seller with respect to the Licensed Product, less the following
deductions, in each case to the extent actually allowed and taken by such Buyers and not otherwise recovered by or reimbursed
to Seller in connection with such Licensed Product (“Permitted Deductions”):

 

trade,
cash, promotional and quantity discounts to the extent that such amounts are set forth separately as such in the total amount
billed or invoiced;

 

taxes
on sales (such as excise, sales or use taxes or value added tax) to the extent imposed upon and paid directly with respect to
the sales price and set forth separately as such in the total amount billed or invoiced (and excluding national, state or local
taxes based on income);

 

taxes
on sales of pharmaceutical specialties reimbursed pursuant to a government health service, health insurance, social insurance
or similar social services program;

 

freight,
insurance, packing costs and other transportation charges to the extent added to the sales price and set forth separately as such
in the total amount billed or invoiced;

 

amounts
repaid or credits taken by reason of rejections, defects or returns or because of retroactive price reductions, or due to recalls
or laws or regulations requiring rebates;

 

free
goods, rebates taken by or fees paid to distributors, and charge-backs to the extent that such amounts are documented;

 

documented
customs duties actually paid by Seller on import into the country of sale; and

 

rebates
and/or discounts on sales of Licensed Product given to health insurance and other types of payers in any given country of the
Territory due to specific agreement (“claw-back” type of agreements) involving the Licensed Product.

 

“Net
Sales” shall not include any consideration received with respect to a sale, use or other disposition of any Licensed
Product in a country as part of a clinical trial necessary to obtain regulatory approval in such country. All of the
foregoing elements of Net Sales calculations shall be determined in accordance with IFRS or successor standards and
guidelines thereto. In the case of transfers of Licensed Product between any of TIZIANA, its sublicensees, and Affiliates of
any of the foregoing, for subsequent sale, rental, lease or other transfer of such Licensed Products to Third Parties, Net
Sales shall be the gross invoice or contract price charged to the Third Party customer for that Licensed Product, less the
deductions set forth in this clause.

 

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1.14.
“Person” means any individual, corporation, limited or general partnership, limited liability company, joint
venture, trust, unincorporated association, governmental body, authority, bureau or agency, or any other entity or body.

 

1.15.
“Release Event” means:

 

1.15.1.
a successful conclusion of a Phase II Trial for Hepatocellular Carcinoma or for Breast Cancer with a Licensed Product, where such
successful conclusion that renders the Licensed Product eligible for entry into a Phase III trial with no further clinical trial
study;

 

1.15.2.
the abandonment by Tiziana of development of any Licensed Product, or if Tiziana fails to be diligent in development of a Licensed
Product, except where such abandonment or failure to progress development occurs for bona fide scientific reasons; and

 

1.15.3.
the valid exercise of the Option.

 

1.16.
“Royalty Term” means, with respect to each Licensed Product, the period of time beginning on the first commercial
sale of such Licensed Product and will extend, on a Licensed Product by Licensed Product basis and on a country-by-country basis
until the later of (a) the expiration of the last to expire Valid Claim under the Licensed Patents or (b) five (5) years from
the date of first commercial sale.

 

1.17.
“Sublicensee” means any Third Party to whom Licensee grants a sublicense of some or all of the rights granted
to Licensee under this Agreement.

 

1.18.
“Substitute Interest” means any shares or stock or instruments convertible into shares, stock or cash proceeds
that are issued to NMS in exchange for, or in connection with, the sale or redemption of the Shares (as defined in clause 5.1
below).

 

1.19.
“Territory” means worldwide.

 

1.20.
“Third Party” means any person or entity other than Licensee, Licensor and their respective Affiliates.

 

1.21.
“Valid Claim” means a claim of an issued and unexpired patent that has not been: (i) disclaimed, (ii) dedicated
to the public, (iii) abandoned, or (iv) declared invalid, unenforceable, or revoked by a court or government agency of competent
jurisdiction from which no appeal can be or has been taken.

 

2. LICENSE
GRANT

 

2.1. License. Licensor
hereby grants to Licensee a worldwide, exclusive license (even as to Licensor), including the right to grant sublicenses to
Affiliates and Third Parties, under the Licensed Patents and under Licensor’s right, title and interest in and to
Improvements, for Licensee and its Affiliates to research, develop, make, have made, use, offer for sale, sell, have sold and
import Licensed Products for any and all uses in the Field in the Territory, subject to the terms and conditions of this
Agreement. The foregoing includes the right to employ Third Party distributors to sell Licensed Products and Third Party
contract manufacturers to make Licensed Products, neither of which shall be construed as a sub-license.

 

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2.2. Manufacturing
License. Licensor shall further grant to Licensee an exclusive license (with a right to grant sublicenses to Affiliates
and Third Parties) under any and all the Manufacturing Technology to make or have made Licensed Product in the Territory upon
conditions and subject to terms set forth in a Supply Agreement. The terms of the Supply Agreement shall be negotiated
in good faith and the consideration paid by TIZIANA for the manufacture of Licensed Product shall not include additional
milestones or royalties and shall be based on a cost plus basis (not to exceed cost plus 10%).

 

2.3. Necessary
Rights. Each Party shall use Diligent Efforts to conduct its respective tasks set forth in the JDC-approved
Development Plan (as defined in Section 3.2).

 

3.
DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS.

 

3.1. Governance. The
Parties will establish a Joint Development Committee (JDC), composed of at least two members of each Party, in charge of the
supervision, review and coordination of the Development Plan, including any changes to and following up of the implementation
of the Development Plan and the IP strategy. The JDC shall meet at least twice a year, at alternating sites (Milan, New York
and London) if not otherwise agreed, or by means of videoconference or telephone conferences. The JDC shall endeavor to make
decisions by consensus; provided that, in the event of disagreement, TIZIANA shall have the deciding vote on
any aspect of the Licensed Product(s). TIZIANA will keep NMS regularly informed about its development and commercialization
activities, including annual progress updates to NMS and prompt notices of any material events in the development of the
Licensed Product.

 

3.2. Clinical
Research Program. The Parties will, within ninety (90) days of the Effective Date negotiate in good faith an
initial JDC-approved development plan (“Development Plan”) that will detail the roles and responsibilities
of each Party. The Development Plan shall provide that TIZIANA shall be solely responsible and bear all costs for further
clinical development, however, TIZIANA will entrust at least the performance of the planned Phase II studies to NMS, provided
that the Parties shall negotiate in good faith the amounts to be invoiced by NMS for such Phase II studies, such amounts to
be commercially reasonable and not to exceed by more than 10% the amounts estimated to be invoiced by a reputable clinical
research organization.

 

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3.3. Responsibility
for Phase II Trial. The Parties may agree on a phase II development plan to be performed by NMS and financed by TIZIANA
based on a budget proposal acceptable to TIZIANA in accordance with section 3.2 above.

 

3.4. Manufacturing,
Clinical and Commercial Supply. NMS shall have sole responsibility for and use Diligent Efforts for the manufacturing of all
Licensed Products for clinical studies up to and including Phase II studies on commercially reasonable terms and conditions defined
in a Supply Agreement as set forth in section 2.2 above (which shall not include any additional milestones or royalties and shall
be based on a cost plus basis (not to exceed cost plus 10%).

 

3.5.
Manufacturing Technology Transfer. If requested by TIZIANA, NMS shall perform a technology transfer, at no additional cost
for up to 20 man days, after the end of the phase II, to allow TIZIANA and/or its designee to manufacture the Licensed Product.
Such transfer shall include all necessary NMS manufacturing know how and shall disclose and provide copies, as applicable, to
Tiziana, Affiliates and Sublicensees or a third party manufacturer to manufacture Licensed Product based on a manufacturing process
determined by the Parties.

 

3.6. Regulatory
Matters. Unless otherwise agreed to with NMS, TIZIANA (or its sublicensee(s)) shall be responsible for and shall use
Diligent Efforts for the compilation, preparation and filing of all regulatory documents for the development and the
commercialization of Licensed Product(s).

 

3.7. Diligence.
Each Party shall use Diligent Efforts to conduct its respective tasks set forth in the JDC-approved Development Plan. NMS
shall use Diligent Efforts on the manufacture of Licensed Product(s). TIZIANA (or its sublicensee(s)) shall have sole responsibility
for, bear all costs and use Diligent Efforts to develop and commercialize Licensed Product in at least one therapeutic indication
that arises out of the Development Plan.

 

3.8. Exclusivity
Term. During the term of the Development Plan (“Exclusivity Term”), TIZIANA and its Affiliates shall
not, directly or indirectly, develop, make, use, sell, offer for sale or import any small molecule compound or other
biological or chemical molecule other than Milciclib that directly binds to, with an affinity indicated by an IC50
of 100nM or less, and modulates the following specified pharmacological targets hit by Milciclib: Cdk-2, Cdc-4 and Cdc6. The
Exclusivity Term shall terminate upon early termination of the Development Plan by TIZIANA.

 

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4. PAYMENTS

 

4.1. Upfront
Fee. In consideration of the transfer of rights and the grant of the Exclusive License, TIZIANA shall pay to NMS a non-refundable
initial license fee of USD 3,500,000 to be paid in two installments as follows:

 

(a) First
installment USD 1,500,000 within seven business days of signing of this Agreement;

 

(b) Second
installment USD 2,000,000 no later than June 22, 2015, with the restriction that if the USD 2.0 M is not timely paid, then TIZIANA
will forfeit the USD 1.5 M payment previously made and the Agreement shall be deemed terminated.

 

4.2.
Milestone Payments. Subject to the terms and conditions of this Agreement, and in consideration for the rights granted
to TIZIANA under the Agreement, TIZIANA will make the following further payments to NMS for the first Licensed Product that achieves
such development milestone within 30 days of such event:

 

(a) USD
100,000 upon initiation (First Patient Dosed; “FPD”) of the first Phase III Registration Trial in Thymic Carcinoma.

 

(b) USD
4,000,000 upon initiation (FPD) of the first Phase III Registration Trial in Hepatocellular Carcinoma.

 

(c) USD
6,000,000 upon initiation (FPD) of the first Phase III Registration Trial in Breast Cancer.

 

(d) Upon
the first NDA or equivalent in:

 

Thymic
Carcinoma USD 900,000

Hepatocellular
Carcinoma USD 9,000,000

Breast
Cancer USD 15,000,000

 

If
all milestones are achieved, then TIZIANA will pay a total of USD 35,000,000.

 

4.3.
Royalty Payments.

 

4.3.1.
Royalty Rates. Subject to the other terms of this Agreement, Licensee shall pay to Licensor a royalty of three and
one-half percent (3.5%) of annual Net Sales by Licensee and by Licensee Affiliates for each country as to which the Royalty Term
remains in effect.

 

4.3.2.
Royalty Offsets. On a country-by-country basis, TIZIANA will have the right to reduce any royalties owed to NMS by an amount
equal to 50% of any third party royalties required by TIZIANA or its Sublicensees to make, use, sell, offer for sale, or import
any Licensed Product. In the event of competition consisting of a competing product having a market share equal to or more than
20% of the aggregate of Licensed Product and generic product measured on a unit basis for any quarter, TIZIANA will have the right
to reduce any royalties owed to NMS by an amount equal to 50% for that period.

 

4.3.3.
One Royalty. Only one royalty shall be payable to Licensor hereunder for each sale of a Licensed Product.

 

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4.3.4.
Sublicense Revenue. TIZIANA will owe NMS 15% of Sublicense Revenues for the life of the Licensed Patents. Sublicense Revenues
consist of all consideration received by TIZIANA or its Affiliates from Sublicensees on account of the sale of Licensed Products.
Sublicense Revenues will not include: (a) amounts paid by such sublicensee as reimbursement for research and development costs
incurred under such Sublicense with respect to Licensed Products if Licensee collaborates on research and/or development with
such a Sublicensee; (b) bona fide loans; (c) reimbursement for clinical trial costs and expenses with respect to Licensed Products
incurred after the execution of such Sublicense; (d) equity investment in Licensee to the extent such investments reflect the
fair market value of such equity (any amounts paid in excess of fair market value shall be deemed Sublicense Revenues); (e) amounts
paid for supplies of Licensed Products or other tangible materials, or that are otherwise paid in reimbursement of costs or expenditures,
whether incurred before or after the date of the relevant sublicense agreement; (f) withholding taxes, taxes on sales (such as
excise, sales or use taxes or value added tax) or other amounts actually withheld from the amounts received. Sublicense Revenues
shall not include amounts received in connection with a merger, consolidation or sale of all or substantially all of the business
or assets of Licensee to which this Agreement relates.

 

4.4. Payment
Terms.

 

4.4.1.
Payment of Royalties. Licensee shall make any royalty payments owed to Licensor hereunder in arrears, within thirty (30)
days from the end of each half of the calendar year in which such payment accrues. Each royalty payment shall be accompanied by
a report for each country in which sales of Licensed Products occurred in the calendar half year covered by such statement, specifying:
the gross sales (if available) and Net Sales in each country’s currency; the applicable royalty rate under this Agreement; the
royalties payable in each country’s currency, including an accounting of deductions taken in the calculation of Net Sales in accordance
with Licensee’s accounting practices; the applicable exchange rate to convert from each country’s currency to United States Dollars;
and the royalties payable in United States Dollars.

 

4.4.2.
Accounting. All payments hereunder shall be made in United States dollars. Conversion of foreign currency to United States
dollars shall be made in the same manner as Licensee converts all of its other revenues, provided that (a) such manner is consistent
with United States generally accepted accounting principles, and (b) the exchange rates employed are those quoted by a reputable
source, such as a recognized money center bank such as JP Morgan, Bank of America or an equivalent, OANDA.com, or the Wall Street
Journal.

 

4.4.3. Tax
Withholding; Restrictions on Payment. All payments hereunder shall be made free and clear of any taxes, duties,
levies, fees or charges, except for withholding taxes and interest and penalties thereon (to the extent applicable). Licensee
shall make any applicable withholding payments due on behalf of Licensor and shall provide Licensor upon request with such
written documentation regarding any such payment as available to Licensee relating to an application by Licensor for a
foreign tax credit for such payment with the United States Internal Revenue Service. Licensor shall provide all information
necessary to determine if withholding taxes are applicable.

 

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4.5.
Records Retention by Licensee; Review.

 

4.5.1.
Royalty Records. Commencing as of the date of First Commercial Sale of the first Licensed Product hereunder, Licensee and
its Affiliates and Sublicensees shall keep for at least three (3) years from the end of the calendar year to which they pertain
complete and accurate records of sales by Licensee or its Affiliates and Sublicensees, as the case may be, of each Licensed Product,
in sufficient detail to allow the accuracy of the payments hereunder to be confirmed.

 

4.5.2.
Review. Subject to the other terms of this Section 4.5, at the request of Licensor, which shall not be made more frequently
than once per calendar year during the Term, and upon at least thirty (30) days’ prior written notice from Licensor, and
at the expense of Licensor (except as otherwise provided herein), Licensee shall permit an independent certified public accountant
selected by Licensor and reasonably acceptable to Licensee to inspect (during Licensee’s regular business hours) the relevant
records required to be maintained by Licensee under Section 4.5. In every case the accountant must have previously entered into
a confidentiality agreement with both Parties substantially similar to the provisions of Article 6 and limiting the disclosure
and use of such information by such accountant to authorized representatives of the Parties and the purpose of verifying royalties
payable to Licensor hereunder. Results of any such review shall be binding on both Parties absent manifest error. Licensor shall
treat the results of any such accountant’s review of Licensee’s records as Confidential Information of Licensee subject
to the terms of Article 6. If any review reveals a deficiency in the calculation and/or payment of royalties by Licensee, then
(a) Licensee shall pay Licensor the amount remaining to be paid, and (b) if such underpayment is by ten percent (10%) or more
for any twelve (12) month consecutive period, then Licensee shall reimburse Licensor for its reasonable out-of-pocket costs and
expenses incurred in performing the review.

 

5. CONSIDERATION
SHARES

 

5.1.
Issue of Shares. In consideration for granting of the license pursuant to clause 2 above, upon signing of the Agreement,
TIZIANA will pay to NMS the additional amount of £2,137,976.08 which shall only be payable by TIZIANA allotting and NMS
subscribing for 4,233,616 ordinary shares with nominal value of three pence each in the share capital of TIZIANA (“Shares”)
(being equivalent to five percent (5%) of the entire issued share capital). The Shares shall be issued fully paid and free
of liens and encumbrances (other than the restrictions as set out in this Agreement) and shall rank pari passu with all
other ordinary shares in the share capital of TIZIANA.

 

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 5.2. Restrictions
on Transfer. Prior to a Release Event:

 

5.2.1.
NMS agrees that it shall not transfer, dispose of, or grant options or other rights (including any grant or right of security)
over directly or indirectly any interest in the Shares (or, as the case may be, Substitute Interests);

 

5.2.2.
NMS acknowledges that it shall derive no financial benefit from the Shares (or, as the case may be, Substitute Interests) prior
to a Release Event and to the extent it receives any dividend or capital from the Shares it shall hold such interest in trust
for the benefit of itself (following a Release Event other than the exercise of the Option) or TIZIANA (following the exercise
of the Option);

 

5.2.3.
NMS shall be entitled to exercise all voting rights arising from the Shares.

 

5.3. Restrictions
following a Release Event. Following a Release Event the restrictions in clause 5.2 shall cease to apply to the Shares
and NMS undertakes that:

 

5.3.1.
for a period of 12 months following a Release Event it shall not directly or indirectly, transfer, sell, mortgage, charge, assign,
issue options in respect of, or otherwise dispose of or announce an offering or transfer of the legal and/or beneficial ownership
of or any other interest in the Shares (or, as the case may be, Substitute Interests) other than:

 

(i) with
the prior written consent of TIZIANA and TIZIANA’s nominated adviser from time to time (which consent may be refused, provided
or provided subject to such conditions as each may determine in its absolute discretion);

 

(ii) in
the acceptance of any takeover bids;

 

(iii) pursuant
to an offer by TIZIANA to purchase its own shares; or

 

(iv) where
required by law; and

 

5.3.2.
it will not directly or indirectly, transfer, sell, mortgage, charge, or otherwise dispose of:

 

(i) more
than 10% of the Shares (i.e. 423,362 ordinary shares) per calendar month; and

 

(ii) the
legal and/or beneficial ownership of or any other interest in any of the Shares (or, as the case may be, Substitute Interests)
owned by NMS (or in which NMS is otherwise interested), other than through TIZIANA’s broker from time to time (“Broker”)
and in accordance with the reasonable requirements of the Broker so as to ensure an orderly market for the issued share capital
of TIZIANA.

 

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5.4.
Trade sale.

 

5.4.1.
In the event there is an acquisition of the entire issued share capital of TIZIANA prior to a Release Event, then the consideration
which would otherwise be due to NMS if the Shares were unrestricted will be held in escrow (the “Escrowed Amount”)
by a 3rd party acceptable to both Parties and will be payable to NMS (following a Release Event other than the exercise of
the Option) or to the shareholders of TIZIANA (other than NMS) at the time of the Trade Sale pro rata to their shareholding (if
the Option would have become exercisable).

 

5.4.2.
In the event of a takeover which results in the Shares held by NMS being exchanged for Substitute Interests (which shall include
any shares in a proposed purchaser (“Proposed Purchaser”) that may be issued to NMS in connection with the acquisition
of TIZIANA), such Substitute Interests shall for the purposes of this Agreement be deemed to form part of the Shares held by NMS,
and this Agreement shall apply in respect of the Substitute Interests in the same manner as they would otherwise apply to the
Shares (with any necessary modifications). Thereafter, references in this clause 5 to TIZIANA shall, mutatis mutandis, be
deemed to be references to the Proposed Purchaser to the extent the context allows.

 

 5.5. Option.

 

5.5.1.
NMS grants to TIZIANA an option (“Option”) to purchase all of the Shares and any Substitute Interests (together
“Option Shares”) on the terms and conditions as set out in this clause 5.5 and subject to the authorization of
the terms of this agreement by a resolution of TIZIANA’s shareholders.

 

5.5.2.
The Option shall be exercisable by written notice to be given by TIZIANA (“Option Notice”) at any time after
the earlier of:

 

		(i)	an
unsuccessful Phase II Trial for Hepatocellular Carcinoma or an unsuccessful Phase II Trial for Breast Cancer with a Licensed Product
and the concomitant decision of TIZIANA, its Affiliates and sublicensees, as the case may be, to discontinue any development of
a Licensed Product; or

 

		(ii)	the
                                         fifth anniversary of the date of this Agreement, provided that if on such date a Phase
                                         II Trial has commenced but not been completed, the ability of TIZIANA to exercise the
                                         Option shall be delayed until the outcome of the Phase II Trial has become clear; or

 

		(iii)	the
                                         abandonment by Tiziana of development of any Licensed Product, where such abandonment
                                         or failure to progress development occurs for bona fide scientific reasons.

 

5.5.3.
The Option shall not be exercisable following a Release Event.

 

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5.5.4.
The price payable by TIZIANA to NMS upon exercise of the Option shall be £1 (“Purchase Price”).

 

5.5.5.
Upon the exercise of the Option, TIZIANA shall be bound to buy and NMS shall be bound to sell the Option Shares for the Purchase
Price.

 

5.5.6.
Completion of the sale and purchase of the Option Shares (“Option Completion”) shall take place at the registered
office of TIZIANA (or at such other place as may be agreed between the Parties) on the fifth business day after the receipt (or
deemed receipt) by NMS of the Option Notice.

 

5.5.7.
On Option Completion:

 

(i) NMS
shall:

 

		(a)	transfer
                                         or procure the transfer of the Option Shares to TIZIANA;

 

		(b)	deliver
                                         all relevant share certificates and other documents of title in respect of the Option
                                         Shares to TIZIANA;

 

		(c)	use
                                         its reasonable endeavors to procure registration of the transfers of the Option Shares
                                         forthwith (subject to the transfer being stamped with any necessary stamp duty at the
                                         expense of TIZIANA); and

 

		(d)	do
                                         such things and execute such documents as shall be necessary or as TIZIANA may request
                                         to give effect to the sale of the Option Shares; and

 

(ii) TIZIANA
shall, subject to applicable law:

 

		(a)	pay
                                         the Purchase Price to NMS; and

 

		(b)	return
                                         all rights in and to the Licensed Product to NMS.

 

5.6. Return
of the Licensed Product. In the event of TIZIANA’s abandonment of development of a Licensed Product for any reason,
then all rights in and to the Licensed Product shall be returned to NMS and consequences of termination as per section 10 of the
Agreement shall apply.

 

    	 	12	 

     

    

 

6. TREATMENT
OF CONFIDENTIAL INFORMATION

 

6.1. Confidential
Obligations. Licensor and Licensee each recognize that the other Party’s Confidential Information constitutes highly
valuable and proprietary confidential information. Licensor and Licensee each agree that during the Term and for five (5)
years thereafter, it will keep confidential, and will cause its employees, consultants (including academic collaborators,
CROs and manufacturers), professional advisors, Affiliates and, in the case of Licensee, Sublicensees to keep confidential,
all Confidential Information of the other Party. Neither Licensor nor Licensee nor any of their respective employees,
consultants, Affiliates or, in the case of Licensee, Sublicensees, shall use any Confidential Information of the other Party
for any purpose whatsoever other than exercising any rights granted to it or reserved by it hereunder or as expressly
permitted in this Article 6. Licensee may disclose Licensor’s Confidential Information to the extent such disclosure is
reasonably necessary to file and prosecute patent applications and/or maintain patents which are filed or prosecuted in
accordance with the provisions of this Agreement, or to obtain any authorization to conduct clinical studies or any
regulatory approval for Licensed Products. Each Party may disclose the other Party’s Confidential Information as reasonably
necessary to file, conduct or defend litigation in accordance with the provisions of this Agreement or comply with applicable
laws, regulations or court orders; provided, however, that if a Party is required to make any such disclosure of the other
Party’s Confidential Information in connection with any of the foregoing, it will give reasonable advance notice to the other
Party of such disclosure requirement and will use reasonable efforts to assist such other Party in efforts to
secure confidential treatment of such information required to be disclosed.

 

6.2. Limited
Disclosure and Use. Each Party may disclose the other Party’s Confidential Information to any of its officers, employees,
consultants, agents or Affiliates, or in the case of Licensee, Sublicensees, if and only to the extent necessary to carry out
its rights and responsibilities under this Agreement. Such disclosures shall be limited to the maximum extent possible
consistent with such rights and responsibilities and shall only be made to the extent any such persons receiving the other
Party’s Confidential Information are bound by written confidentiality obligations to maintain the confidentiality thereof and
not to use such Confidential Information except as expressly permitted by this Agreement. Licensor and Licensee each agree
not to disclose or transfer the other Party’s Confidential Information to any Third Parties under any circumstance without
the prior written approval from the other Party, except as otherwise required by law, and except as otherwise expressly
permitted under this Article 6 or elsewhere in this Agreement. Each Party shall take such action, and shall cause its
Affiliates, and in the case of Licensee, Sublicensees, to take such action, to preserve the confidentiality of each other’s
Confidential Information as it would customarily take to preserve the confidentiality of its own Confidential Information,
using, in all such circumstances, not less than reasonable care. Each Party, upon the request of the other Party, will return
all the Confidential Information disclosed or transferred to it by the other Party pursuant to this Agreement, including all
copies and extracts of documents and all manifestations in whatever form, in such Party’s possession within sixty (60) days
of such request or, if earlier, the termination or expiration of this Agreement; provided however, that a Party may retain
(a) any Confidential Information of the other Party relating to any license that is still in force hereunder or which
expressly survives such termination, and (b) one (1) copy of all other Confidential Information in inactive archives solely
for the purpose of establishing the contents thereof.

 

    	 	13	 

     

    

 

6.3. Terms
of Agreement. The terms of this Agreement constitute each Party’s Confidential Information; provided, however, that
either Party may disclose the terms of this Agreement (a) to the extent required by law or by the requirements of any
nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities
listed or traded, or (b) in confidence to its attorneys, accountants and other fiduciaries, and (c) to any acquirers,
potential acquirers, investors, prospective investors, lenders and other potential financing sources who are obligated by
contract to keep such information confidential.

 

6.4. Press
Release. The Parties shall diligently work together to draft a mutually agreeable press release announcing the execution of
this Agreement, and shall publish such press release in a mutually agreeable manner no later than 07:00 UK time on the day after
the Effective Date.

 

7. FILING,
PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

 

7.1. Patent
Prosecution Control. For purposes of this Article, the right to control prosecution of a Patent Right shall include the right
to control preparing, filing, and prosecuting patent applications therefor, and obtaining and maintaining any resulting patents,
including the conduct of interferences, the defense of oppositions and other similar proceedings with respect to a patent. After
the successful payment of the first and second installment of the Upfront Payment as per Section 16 above, TIZIANA shall have
the diligent obligation and primary responsibility, for the preparation, filing, prosecution, maintenance and enforcement of the
Licensed Technology, at its own expense and using attorneys of its choice. For the avoidance of doubt, the diligent obligation
and primary responsibility remains with NMS prior to the payment of the second installment. NMS will have the opportunity to review
and provide comment on any such prosecution in advance of filing any paper in a patent office.

 

7.2. Patent
Enforcement. If, during the Term, either Party learns of any actual, alleged or threatened infringement by a Third Party of
any Licensed Patents, such Party shall promptly notify the other Party and shall provide the other Party with available evidence
of such infringement. TIZIANA shall have the first right (but not the obligation), at its own expense and with legal counsel of
its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement
of the Licensed Technology by any product or service that competes with a Licensed Product, as reasonably determined by TIZIANA.
NMS shall take all actions necessary to assist Licensee in any suit, including joining in such suit as a party if legally required.
NMS shall have the right, at its own expense, to be represented in any such action by counsel of NMS’s own choice; provided, however,
that the foregoing shall not affect the right of TIZIANA to control the suit. If TIZIANA exercises its right to sue, out of any
sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable
attorneys’ fees, necessarily incurred in the prosecution of any such suit it shall first reimburse each Party’s costs incurred.
If, after such reimbursement, any funds shall remain from said recovery, then NMS shall receive an amount equal to ten percent
(10%) of such funds and the remaining ninety percent (90%) of such funds shall be retained by TIZIANA.

 

    	 	14	 

     

    

 

8. REPRESENTATIONS
AND WARRANTIES

 

8.1. Licensor
Representations. Licensor represents, warrants and covenants to Licensee that:

 

(a) the
execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized
by all appropriate Licensor corporate action;

 

(b) this
Agreement is a legal and valid obligation binding upon Licensor and enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to
which Licensor is a party or by which it is bound;

 

(c) Licensor
has the full right and legal capacity to grant the rights granted to Licensee hereunder;

 

(d) the
Licensed Patents have been properly filed and prosecuted as of the Effective Date;

 

(e) Licensor
and its Affiliates is the sole owner of the entire right, title and interest in and to the Licensed Patents and no other party
has any right, title or interest in and to the Licensed Patents;

 

(f) as
of the Effective Date, Licensor has not licensed to any Third Party any rights under the Licensed Patents;

 

(g) Licensor
is not aware of any Third Party patent, patent application or other intellectual property right that would be infringed (i) by
practicing any process or method or by making, using or selling any composition which is claimed or disclosed in, or which constitutes,
Licensed Patents, or (ii) by making, using, offering for sale, selling or importing Licensed Products; and

 

(h) Licensor
is not aware of any infringement or misappropriation by a Third Party of the Licensed Patents as of the Effective Date.

 

8.2. Licensee
Representations. Licensee represents and warrants to Licensor that:

 

8.2.1.
the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized
by all appropriate Licensee corporate action; and

 

    	 	15	 

     

    

 

8.2.2.
this Agreement is a legal and valid obligation binding upon Licensee and enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to
which Licensee is a party or by which it is bound.

 

8.3. No
Warranties. Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY
WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE, OR OF NON-INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES, OR AS
TO THE SUCCESS OR LIKELIHOOD OF SUCCESS OF THE RESEARCH, DEVELOPMENT OR COMMERCIALIZATION OF LICENSED PRODUCTS UNDER THIS
AGREEMENT, OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES.

 

9. INDEMNIFICATION

 

9.1. Indemnification
by Licensee. Licensee shall indemnify, defend and hold harmless the Licensor Indemnitees from and against any and all
losses, damages, fees, expenses, settlement amounts and costs (including reasonable attorneys’ fees and witness fees)
(collectively, “Losses”) relating to or in connection with a Third Party claim arising after the Effective
Date out of (a) any breach by Licensee of its representations, warranties or covenants made under this Agreement, or (b) any
actual or alleged death, personal bodily injury or damage to real or tangible personal property claimed to result, directly
or indirectly, from the possession, use or consumption of, or treatment with, the Licensed Product made or sold by or on
behalf of Licensee or its Affiliates or Sublicensees, including any product liability claims; provided, however, that the
foregoing indemnity shall not apply to the extent that any such Losses (i) are attributable to the negligence or willful
misconduct of the Licensor Indemnitees, or (ii) are subject to an obligation by Licensor to indemnify the Licensee
Indemnitees under Section 9.2. For the avoidance of doubt, Licensee shall not indemnify Licensor for any activities,
including clinical trial activities, carried out by Licensor or Licensor’s agents prior to the Effective Date.

 

9.2. Indemnification
by Licensor. Licensor shall indemnify, defend and hold harmless the Licensee Indemnitees from and against any and all Losses
relating to or in connection with a Third Party claim arising after the Effective Date out of (a) any breach by Licensor of its
representations, warranties or covenants made under this Agreement, or (b) any negligent act or omission or willful misconduct
of Licensor or its Affiliates or its or their sublicensees, or any of their employees, contractors or agents, in performing Licensor’s
obligations or exercising Licensor’s rights under this Agreement; provided, however, that the foregoing indemnity shall not apply
to the extent that any such Losses are attributable to (i) the negligence or willful misconduct of the Licensee Indemnitees, or
(ii) are otherwise subject to an obligation by Licensee to indemnify the Licensor Indemnitees under Section 9.1. For the avoidance
of doubt, Licensor shall not indemnify Licensee for any activities, including clinical trial activities, carried out by Licensee
or Licensee’s agents after the Effective Date.

 

    	 	16	 

     

    

 

10. TERM
AND TERMINATION

 

10.1.
Term; Expiration. Unless earlier terminated in accordance with this Article, the term of this Agreement (the “Term”)
shall commence as of the Effective Date and remain in force until the Royalty Term has expired with respect to all Licensed Products
in all countries.

 

10.2.
Termination During Exclusivity Term. During the Exclusivity Term, TIZIANA will have the right to terminate activities and
funding after 24 months from the beginning of the Exclusivity Term but not prior thereto. In the event of termination under these
circumstances, TIZIANA will agree to transfer to NMS relevant data and Licensed Products and grant NMS an exclusive license, with
the right to sublicense, under the TIZIANA Patents and other patents controlled by TIZIANA that cover the Licensed Product (“TIZIANA
Project Patents”) that are necessary to develop, make, use, sell, offer for sale, or import Licensed Products. In such a
case, NMS shall pay TIZIANA a 1.5% royalty on annual net sales of Licensed Products where the sale of such Licensed Product would
infringe a valid, issued claim within TIZIANA Project Patents in the country of sale. The royalty term will begin upon the first
commercial sale of such Licensed Product and will extend on a Licensed Product-by-Licensed Product basis and on a country-by-country
basis until the expiration of the last to expire Valid Claim under the TIZIANA Project Patents covering such Licensed Product
in the country of sale.

 

10.3.
Voluntary Termination. After the Exclusivity Term has expired, Licensee may terminate this Agreement at any time upon ninety
(90) days’ notice to Licensor.

 

10.4.
Termination for Breach. Subject to the other terms of this Agreement, this Agreement and the rights granted herein may
be terminated by either Party for the material breach by the other Party of any material obligation or condition hereof, provided
that the breaching Party has not cured such breach within forty-five (45) days after the date of written notice to the breaching
Party in the case of a payment breach and one hundred twenty (120) days after the date of written notice to the breaching Party
in the case of any other breach, which notice shall describe such breach in reasonable detail and shall state the non-breaching
Party’s intention to terminate this Agreement pursuant to this Section. In the case of the uncured material breach by Licensee,
Licensor shall in its notice of termination, indicate its intention to elect its remedy under Section 10.6 below. In the case
of uncured material breach by Licensor, Licensee shall in its notice of termination, indicate its intention to either terminate
this Agreement or elect its alternative remedy pursuant to Section 10.10.

 

10.5.
Termination for Bankruptcy of Licensee or Licensor. In the event Licensee declares bankruptcy or otherwise becomes insolvent,
then the Agreement shall terminate, subject to the provisions of section 10.6 and all rights shall revert to Licensor. In the
event Licensor declares bankruptcy or otherwise becomes insolvent, then the Licensed Patents shall be assigned to Licensee and
Licensee shall continue to make any payments under this Agreement to the Trustee in bankruptcy for the benefit of NMS.

 

    	 	17	 

     

    

 

10.6.
Effects of Expiration or Termination for Breach and Termination by Tiziana after the Development Term. If (a) NMS terminates
for an uncured material breach by TIZIANA, or (b) after the Exclusivity Term ends TIZIANA voluntarily terminates activities and
funding on a Licensed Product, TIZIANA will agree to transfer to NMS relevant data (including all preclinical and clinical data
generated by or for TIZIANA), regulatory filings and Licensed Product and grant NMS an exclusive license, with right to sublicense,
under Licensed Patents, TIZIANA Project Patents and, to the extent invented as a direct result of performing activities under
the Agreement or actually used or embodied in the Reversion Products at the time of termination, other intellectual property controlled
by TIZIANA that covers the Reversion Product (as defined below) (and a non-exclusive license under any patents controlled by TIZIANA
that cover the applicable Licensed Product) that is necessary to develop, make, use, sell, offer for sale or import only Reversion
Products. In addition, at the time of transfer of the Reversion Product to NMS, TIZIANA will agree to negotiate in good faith
a license to other intellectual property owned or controlled by TIZIANA necessary to make, use, sell, offer for sale, or import
such Reversion Product in its then current form. TIZIANA shall also wind down all pending clinical trials, transfer, if applicable,
the manufacturing processes for the Reversion Product and, subject to commercially reasonable compensation, supply Reversion Products
for a transition period to be negotiated in good faith by the Parties. “Reversion Product” means all Licensed Products
that were being developed or commercialized by TIZIANA at the time of termination.

 

NMS
shall pay TIZIANA a royalty on its net sales of Reversion Products as follows:

 

	Development
Status at Termination
	 	Royalty Rate	 
	Prior to commencement of a Phase II clinical trial	 	 	none	 
	Prior to commencement of a Phase III or other pivotal clinical trial	 	 	1.5	%
	After commencement of a Phase III or other pivotal clinical trial	 	 	2.0	%

 

If
NMS reasonably believes in good faith, as evidence primarily by documents from regulatory agencies, or by documents from
independent experts chosen by both parties, that the results of TIZIANA’s development reasonably require that portions of
such development efforts must be redone to bring such Licensed Product to the development stage it achieved when applying
industry standards, the parties shall negotiate in good faith an equitable adjustment of the applicable royalty rate to take
into account the value that must be recreated by NMS by redoing such development efforts. One example of the foregoing is a
product that completed Phase II, but adverse events require reformulating the product or using a different dosing regimen and
NMS must develop such formulation and redo the Phase II trials. The royalty term will begin upon the first commercial sale of
such Reversion Product and will extend on a Licensed Product-by-Licensed Product basis and on a country-by-country basis
until the expiration of the last to expire Valid Claim under the Licensed Intellectual Property or TIZIANA Project Patents
covering such Licensed Product in the country of sale.

 

    	 	18	 

     

    

 

10.7.
Survival of Sublicenses. Notwithstanding anything to the contrary, no termination of this Agreement shall be construed
as a termination of any sublicense of any Sublicensee, and thereafter each such Sublicensee shall be considered a direct licensee
of Licensor, provided that (i) Licensee represents and warrants to Licensor that, to Licensee’s actual knowledge, as of the effective
date of such termination, such Sublicensee is then in full compliance with all terms and conditions of its sublicense, (ii) such
Sublicensee agrees in writing to assume all applicable obligations of Licensee under this Agreement.

 

10.8.
Remedies. Except as otherwise expressly set forth in this Agreement, the termination provisions of this Article are in
addition to any other relief and remedies available to either Party at law.

 

10.9.
Surviving Provisions. Notwithstanding any provision herein to the contrary, the rights and obligations of the Parties set
forth in Articles and Sections 1 (Definitions), 4.5 (Records Retention by Licensee; Review), 6 (Treatment of Confidential Information),
8 (Representations and Warranties), 9 (Indemnification), 10.6 (Effects of Expiration or Termination), 10.7 (Survival of Sublicensees),
10.8 (Remedies), 10.9 (Surviving Provisions), and 011 (Miscellaneous) as well as any rights or obligations
otherwise accrued hereunder (including any accrued payment obligations), shall survive the expiration or termination of the Term.
Without limiting the generality of the foregoing, Licensee shall have no obligation to make any milestone or royalty payment to
Licensor that has not accrued prior to the effective date of any termination of this Agreement.

 

10.10.
Remedy in Lieu of Termination. If Licensor materially breaches or defaults with respect to any material obligation or condition
of this Agreement and fails to cure such breach or default within one hundred twenty (120) days after receipt of written notice
from Licensee that describes such breach in reasonable detail, Licensee may reduce each of its payment obligations under this
Agreement by fifty percent (50%), which reduction shall be effective with respect to any payment obligations that come due on
or after the first day following such one hundred twenty (120) day cure period. The foregoing shall be in lieu of any right of
termination of this Agreement, if any, for such material breach or default, but in any event will be without prejudice to any
other right or remedy that may be available to Licensee under this Agreement or at law or in equity.

 

    	 	19	 

     

    

 

11.
MISCELLANEOUS

 

11.1.
Notices. All notices, requests and other communications hereunder shall be in writing, shall be addressed to the receiving
Party’s address set forth below or to such other address as a Party may designate by notice hereunder, and shall be either (i)
delivered by hand, (ii) made by email transmission (to be followed with written postal confirmation), (iii) sent by private courier
service providing evidence of receipt, or (iv) sent by registered or certified mail, return receipt requested, postage prepaid.
The addresses and other contact information for the Parties are as follows:

 

If
to Licensor: Nerviano Medical Sciences S.r.L.

Viale
Pasteur, 10

20014
Nerviano (MI) Italy

Phone
+ 390331581111

Fax +
390331581753

 

		If to
Licensee:	 Tiziana Life Sciences

Phone:
+44 (0)20 7493 2853

Fax: +44 (0) 20 7495 2379

 

All
notices, requests and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of
the delivery thereof to the receiving Party at the address of such Party set forth above, (ii) if made by telecopy or email transmission,
at the time that receipt thereof has been acknowledged by the recipient, (iii) if sent by private courier, on the day such notice
is delivered to the recipient, or (iv) if sent by registered or certified mail, on the seventh (7th) business day following the
day such mailing is made.

 

11.2.
Language. The Parties hereto have requested that this Agreement and any related documents be drafted in English, which
shall be controlling for all purposes. Any translation of this Agreement or any part hereof into a language other than English
is for convenience only, and only the original English language version of this Agreement, as it may be amended from time to time
as permitted herein, shall have legal effect.

 

11.3.
Governing Law. This Agreement will be construed, interpreted and applied in accordance with the laws of England and Wales
(excluding any body of law controlling conflicts of law). The UN Convention for the International Sale of Goods shall not apply
to this Agreement.

 

11.4. Venue. Any
dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this Agreement, or the
performance by either Party of its obligations under this Agreement, whether before or after termination of this
Agreement, shall be subject to the sole jurisdiction of, and venue in, the courts of competent jurisdiction located within
England and Wales. Licensee and Licensor each irrevocably consent to the jurisdiction of such courts, irrevocably waive any
objection based on inconvenience of forum, and agree that process may be served in the manner provided herein for giving
notices or otherwise as allowed by applicable English law. Notwithstanding the foregoing, either Party shall have the right,
without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain from any
court of competent jurisdiction any Interim or provisional relief that is necessary or desirable to protect the rights or
property of such Party.

 

    	 	20	 

     

    

 

11.5.
Entire Agreement; Amendment. This Agreement comprises the entire Agreement between the Parties with respect to the subject
matter hereof and thereof and supersede all prior representations, understandings and agreements between the Parties with respect
to the subject matter hereof. No modification shall be effective unless in writing with specific reference to this Agreement and
signed by the Parties.

 

11.6.
Assignment. This Agreement may not be assigned by either Party without the prior written consent of the other Party, which
shall not be unreasonably withheld. Notwithstanding the foregoing, Licensee may, without the written consent of Licensor, assign
this Agreement (i) in whole or in part to an Affiliate for any reason and (ii) in whole or in part, and its rights and delegate
its obligations hereunder to its Affiliates, in connection with a transfer of substantially all the assets to which this Agreement
pertains, for in the event of its merger, consolidation, change in control or similar transaction. Any permitted assignee shall
assume all obligations of its assignor under this Agreement. The terms and conditions of this Agreement shall be binding upon
and inure to the benefit of the permitted successors and assigns of the Parties.

 

11.7.
Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement,
and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond
the reasonable control of such Party. In event of such force majeure, the Party affected thereby shall use reasonable efforts
to cure or overcome the same and resume performance of its obligations hereunder.

 

11.8.
Construction. The Parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and negotiated the
terms and provisions of this Agreement and have contributed to its revision; (ii) the rule of construction to the effect that
any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (iii)
the terms and provisions of this Agreement shall be construed fairly as to all Parties hereto and not in favor of or against any
Party, regardless of which Party was generally responsible for the preparation of this Agreement. In this Agreement: (a) the word
“including” shall be deemed to be followed by the phrase “without limitation” or like expression; (b)
the singular shall include the plural and vice versa; (c) masculine, feminine and neuter pronouns and expressions shall be interchangeable,
(d) all references to “days” means “calendar days” unless expressly stated to be “business days,”
and (e) all references to dollars or $ are to United States dollars, whether or not so expressly stated.

 

11.9. Severability. If
any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are
deemed unenforceable under then-current applicable law from time to time in effect during the Term hereof, it is the
intention of the Parties that such provision(s) be deemed to be severed from this Agreement and the remainder of
this Agreement shall not be affected thereby. The Parties hereto agree to renegotiate any such severed provision in good
faith in order to provide a reasonably acceptable, valid alternative to the severed provision, it being the intent of the
Parties that the basic purposes of this Agreement are to be effectuated.

 

11.10.
Status. Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do
all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

11.11.
Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

[Remainder of page intentionally left blank]

 

    	 	21	 

     

    

 

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

 

	NERVIANO MEDICAL SCIENCES	 	TIZIANA LIFE SCIENCES
	 	 	 
	By:	/s/ Marco A. Pierotti	 	By:	/s/ Gabriele Cerrone
	Name: 	Dr. MARCO A. PIEROTTI	 	Name :	Gabriele Cerrone
	Title:	President and Chief Executive Officer	 	Title:	Chairman
	 	 	 	 	 
	Date:	22 December 2014	 	Date:	January 19th 2015

 

    	 	22	 

     

    

 

Schedule
A — Licensed Patents

 

Case
Number: 1079 NMS

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.l.

 

Title:
PYRAZOLO-QUINAZOLINE DERIVATIVES, PROCESS FOR THEIR PREPARATION AND THEIR USE AS KINASE INHIBITORS

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	United States of America 	 	60/472661	 	22-May-2003

 

Foreseen Expiry: 2024

 

	Abstract:	Pyrazolo-quinazoline
derivatives of formula (Ia) or (Ib) as defined in the specification, and pharmaceutically acceptable salts thereof, process for
their preparation and pharmaceutical compositions comprising them are disclosed; the compounds of the invention may be useful,
in therapy, in the treatment of diseases associated with a disregulated protein kinase activity, like cancer.

 

Inventors:

 

TRAQUANDI,
GABRIELLA

BRASCA,
MARIA GABRIELLA

D’ALESSIO,
ROBERTO

POLUCCI, PAOLO

ROLETTO, FULVIA

VULPETTI, ANNA

PEVARELLO,
PAOLO

PANZERI,
ACHILLE

QUARTIERI, FRANCESCA

FERGUSON, RONALD DALE

VIANELLO, PAOLA

FANCELLI, DANIELE

 

	Country Exp.date	 	Status	 	AppNumber	 	FilDate	 	PatNumber	 	IssDate	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	African Regional Industrial	 	 	Granted	 	AP/P/2005/003452	 	4/27/2004	 	AP 2064	 	10/30/2009	 	4/27/2024	 
	Property Organization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	African Union Territories (OAPI)	 	 	Granted	 	 	1200500329	 	 	4/27/2004	 	 	13170	 	 	6/30/2006	 	 	4/27/2024	 
	Algeria	 	 	Granted	 	 	050451	 	 	4/27/2004	 	 	5017	 	 	10/25/2009	 	 	4/27/2024	 
	Antigua and Barbuda	 	 	Pending	 	 	3/2005	 	 	11/21/2005	 	 	 	 	 	 	 	 	 	 
	Argentina	 	 	Published	 	 	P040101748	 	 	5/20/2004	 	 	 	 	 	 	 	 	 	 
	Armenia	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Australia	 	 	Granted	 	 	2004240772	 	 	4/27/2004	 	 	2004240772	 	 	8/11/2011	 	 	4/27/2024	 
	Austria	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Azerbaijan	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Barbados	 	 	Pending	 	 	2001/1177	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Belarus	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Belgium	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Bosnia and Herzegovina	 	 	Granted	 	 	BAP052273A	 	 	4/27/2004	 	 	BAP052273	 	 	9/30/2009	 	 	4/27/2024	 
	Brazil	 	 	Published	 	 	PI0410563-0	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Bulgaria	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Canada	 	 	Granted	 	 	2526578	 	 	4/27/2004	 	 	2,526,578	 	 	1/24/2012	 	 	4/27/2024	 
	Chile	 	 	Abandoned	 	 	1173-2004	 	 	5/20/2004	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	 	Abandoned	 	 	200480021075.2	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	 	Abandoned	 	 	201010586319.9	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Colombia	 	 	Granted	 	 	05.118.410	 	 	4/27/2004	 	 	1212	 	 	5/16/2011	 	 	4/27/2024	 
	Costa Rica	 	 	Granted	 	 	8102	 	 	4/27/2004	 	 	2799	 	 	11/30/2011	 	 	5/22/2023	 
	Costa Rica	 	 	Pending	 	 	2011-81	 	 	2/11/2011	 	 	 	 	 	 	 	 	 	 
	Croatia	 	 	Granted	 	 	P20050967A	 	 	4/27/2004	 	 	P20050967	 	 	3/13/2014	 	 	4/27/2024	 
	Cuba	 	 	Granted	 	 	2005/0228	 	 	4/27/2004	 	 	23596	 	 	10/8/2010	 	 	4/27/2024	 
	Cyprus, Republic of	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Czech Republic	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Denmark	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Ecuador	 	 	Granted	 	 	SP-05-6194	 	11/30/2005	 	 	PI 13-2117	 	9/30/2013	 	4/27/2024	 
	Egypt	 	 	Pending	 	 	749/2005	 	 	11/22/2005	 	 	 	 	 	 	 	 	 	 

 

    	 	Sch A-1	 

     

    

 

	Country
    Exp.date	 	 	Status	 	 	AppNumber	 	 	FilDate	 	 	PatNumber	 	 	IssDate	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Estonia	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Eurasian Patent Organization	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	European Patent Convention	 	 	Inactive	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Finland	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	France	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Georgia	 	 	Granted	 	 	AP2004009128	 	 	4/27/2004	 	 	P4664	 	 	4/10/2009	 	 	4/27/2024	 
	Germany	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	60
                                         2004 043	 	 	10/9/2013	 	 	4/27/2024	 
	Greece	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Hong Kong	 	 	Published	 	 	06110800.3	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Hungary	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Iceland	 	 	Pending	 	 	8132	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	India	 	 	Granted	 	 	5352/DELNP/2005	 	 	4/27/2004	 	 	247222	 	 	3/30/2011	 	 	4/27/2024	 
	Indonesia	 	 	Pending	 	 	W-00200503092	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Ireland	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Israel	 	 	Pending	 	 	172046	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Italy	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Japan	 	 	Granted	 	 	2006-530168	 	 	4/27/2004	 	 	5043432	 	 	7/20/2012	 	 	4/27/2024	 
	Kazakhstan	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Korea, Republic of	 	 	Granted	 	 	10-2005-7022355	 	 	4/27/2004	 	 	10-1084871	 	 	11/11/2011	 	 	4/27/2024	 
	Kosovo	 	 	Granted	 	 	119/1A 	 	 	4/27/2004	 	 	506	 	 	3/7/2012	 	 	4/27/2024
	Kyrgyz Republic	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Liechtenstein	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Luxembourg	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Malaysia	 	 	Granted	 	 	PI20041795	 	 	5/13/2004	 	 	MY-142019-A	 	 	8/16/2010	 	 	5/13/2024	 
	Mexico	 	 	Granted	 	 	PA/A/2005/012573	 	 	4/27/2004	 	 	273468	 	 	1/18/2010	 	 	4/27/2024	 
	Moldova	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Monaco	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Mongolia	 	 	Granted	 	 	3677	 	 	4/27/2004	 	 	2745	 	 	6/26/2006	 	 	6/26/2026	 
	Montenegro	 	 	Granted	 	 	P-259/08	 	 	4/27/2004	 	 	00142	 	 	8/24/2010	 	 	4/27/2024	 
	Netherlands	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	New Zealand	 	 	Granted	 	 	543661	 	 	4/27/2004	 	 	543661	 	 	9/10/2009	 	 	4/27/2024	 
	Nicaragua	 	 	Granted	 	 	2005/0202-I	 	 	4/27/2004	 	 	2263
                                         RPI	 	 	10/25/2013	 	 	4/27/2024	 
	Norway	 	 	Granted	 	 	20055496	 	 	4/27/2004	 	 	334992	 	 	8/18/2014	 	 	4/27/2024	 
	Pakistan	 	 	Granted	 	 	367/2004	 	 	5/22/2003	 	 	138943	 	 	9/20/2006	 	 	5/22/2023	 
	Patent Cooperation Treaty	 	 	Inactive	 	 	PCT/EP2004/050612	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Philippines	 	 	Granted	 	 	1-2005-502088	 	 	4/27/2004	 	 	1-2005-502088	 	 	7/19/2012	 	 	4/27/2024	 
	Poland	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Portugal	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024
                                         	 
	Romania	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 

 

    	 	Sch A-2	 

     

    

 

	Country
    Exp.date	 	 	Status	 	 	AppNumber	 	 	FilDate	 	 	PatNumber	 	 	IssDate	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Russian Federation	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Serbia	 	 	Granted	 	 	P-944/05	 	 	4/27/2004	 	 	52899	 	 	10/24/2013	 	 	4/27/2024	 
	Singapore	 	 	Granted	 	 	200507117-0	 	 	4/27/2004	 	 	117008	 	 	12/31/2007	 	 	4/27/2024	 
	Slovakia	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Slovenia	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	South Africa	 	 	Granted	 	 	2005/09486	 	 	4/27/2004	 	 	2005/09486	 	 	9/25/2008	 	 	4/27/2024	 
	Spain	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Sri Lanka	 	 	Granted	 	 	13892	 	 	4/27/2004	 	 	13892	 	 	5/25/2011	 	 	4/27/2024	 
	Sweden	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Switzerland	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Taiwan	 	 	Granted	 	 	93112449	 	 	5/4/2004	 	 	1-349672	 	 	10/1/2011	 	 	5/4/2024	 
	Tajikistan	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Thailand	 	 	Pending	 	 	090552	 	 	4/30/2004	 	 	 	 	 	 	 	 	 	 
	Trinidad and Tobago	 	 	Pending	 	 	TT/A/2005/00188	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Tunisia	 	 	Pending	 	 	SN05298	 	 	4/27/2004	 	 	 	 	 	 	 	 	 	 
	Turkey	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	Turkmenistan	 	 	Granted	 	 	200501849	 	 	4/27/2004	 	 	010904	 	 	8/29/2008	 	 	4/27/2024	 
	Ukraine	 	 	Granted	 	 	200512347	 	 	4/27/2004	 	 	80763	 	 	10/25/2007	 	 	4/27/2024	 
	United Kingdom	 	 	Granted	 	 	04741483.4	 	 	4/27/2004	 	 	1636236	 	 	10/9/2013	 	 	4/27/2024	 
	United States of America	 	 	Abandoned	 	 	60/472661	 	 	5/22/2003	 	 	 	 	 	 	 	 	 	 
	United States of America	 	 	Granted	 	 	10/557565 	 	 	11/21/2005	 	 	7,482,354	 	 	1/27/2009	 	 	5/16/2024
	United States of America	 	 	Granted	 	 	12/262,933	 	 	10/31/2008	 	 	8,541,429	 	 	9/24/2013	 	 	4/27/2024	 
	United States of America	 	 	Published	 	 	13/972,659	 	 	8/22/2013	 	 	 	 	 	 	 	 	 	 
	Uzbekistan	 	 	Granted	 	 	IAP20050435	 	 	4/27/2004	 	 	IAP
                                         03934	 	 	5/29/2009	 	 	4/27/2024	 
	Venezuela	 	 	Pending	 	 	2004-000815	 	 	5/21/2004	 	 	 	 	 	 	 	 	 	 
	Viet Nam	 	 	Granted	 	 	1-2005-01901	 	 	4/27/2004	 	 	11081	 	 	1/28/2013	 	 	4/27/2024	 

 

    	 	Sch A-3	 

     

    

 

Case
Number: NMS 005

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.1.

 

Title:
COMBINATIONS COMPRISING A CDK INHIBITOR AND A GROWTH FACTOR ANTIBODY OR ANTI-MITOTIC

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	European Patent Convention	 	06101523.6	 	10-Feb-2006

 

 Foreseen Expiry: 2027

 

	Abstract:	The
present invention provides a combination comprising a compound A of formula (I) as set forth in the specification, and an antibody
inhibiting a growth factor or its receptor and/or an anti-mitotic agent or a derivative or prodrug thereof, useful in the treatment
of tumors. The combination resulted to be highly effective without increased toxicity

 

Inventors:

 

MERCURIO,
CIRO

PESENTI,
ENRICO

PORRO,
MARIA GRAZIA

PEVARELLO,
PAOLO

 

	Country Exp.date	 	Status	 	AppNumber	 	FilDate	 	PatNumber	 	IssDate	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Argentina	 	Abandoned	 	 	P-070100470	 	2/5/2007	 	 	 	 	 	 	 
	Australia	 	Abandoned	 	 	2007213791	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	Austria	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Belgium	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Brazil	 	Abandoned	 	 	PI
                                         0707580-4	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	Canada	 	Abandoned	 	 	2623729	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	Chile	 	Abandoned	 	 	2007-355	 	 	2/9/2007	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	Granted	 	 	200780001301.4	 	 	2/2/2007	 	 	ZL20078000	 	 	1/10/2013	 	 	2/2/2027	 
	Eurasian Patent Organization	 	Abandoned	 	 	200801308	 	 	2/2/2007	 	 	014231
	 	 	10/29/2010	 	 	2/2/2027	 
	European Patent Convention	 	Abandoned	 	 	06101523.6	 	 	2/10/2006	 	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	Inactive	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	France	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Germany	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	60
                                         2007 024	 	 	8/15/2012	 	 	2/2/2027	 
	Hong Kong	 	Abandoned	 	 	09103726.6	 	 	4/22/2009	 	 	 	 	 	 	 	 	 	 
	India	 	Abandoned	 	 	4772/CHENP/2008	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	Ireland	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Italy	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Japan	 	Granted	 	 	2008-553730	 	 	2/2/2007	 	 	5537035	 	 	5/9/2014	 	 	2/2/2027	 
	Liechtenstein	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Mexico	 	Abandoned	 	 	MX/a/2008/010096	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	Netherlands	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Patent Cooperation Treaty	 	Inactive	 	 	PCT/EP2007/051020	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	Spain	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Sweden	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Switzerland	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	Taiwan	 	Abandoned	 	 	96104553	 	 	2/8/2007	 	 	 	 	 	 	 	 	 	 
	Thailand	 	Abandoned	 	 	0701000465	 	 	2/2/2007	 	 	 	 	 	 	 	 	 	 
	United Kingdom	 	Granted	 	 	07726297.0	 	 	2/2/2007	 	 	1986632	 	 	8/15/2012	 	 	2/2/2027	 
	United States of America	 	Granted	 	 	12/278,530	 	 	2/2/2007	 	 	8,084,027	 	 	12/27/2011	 	 	8/26/2027	 

 

    	 	Sch A-4	 

     

    

 

Case
Number: NMS 044

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.l.

 

Title:
THERAPEUTIC COMBINATION COMPRISING A CDKs INHIBITOR AND AN ANTINEOPLASTIC AGENT

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	European Patent Convention	 	08161320.0	 	29-Jul-2008

 

Foreseen
Expiry: 2029

 

	Abstract:	The
present invention provides a therapeutic combination comprising (a) a compound of formula (I) as set forth in the specification
and (b) one or more antineoplastic agents selected from the group consisting of alkylating or alkylating-like agents, antimetabolite agents and topoisomerase I inhibitors, wherein the active ingredients are present in each case in (free
form or in the form of a pharmaceutically acceptable salt or any hydrate thereof. 

 

Inventors:

 

CIOMEI,
MARINA

MARSIGLIO,
AURELIO

CROCI,
VALTER DOMENICO

PESENTI,
ENRICO

 

	Country Exp.date	 	Status	 	AppNu mber	 	FilDate	 	 	PatNumber	 	IssDate	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	 	Granted	 	 	200980129267.8	 	 	7/29/2009	 	 	 	ZL20098012	 	 	10/17/2012	 	 	7/29/2029	 
	European Patent Convention	 	 	Published	 	 	09781243.2	 	 	7/29/2009	 	 	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	 	Abandoned	 	 	EP08161320.0	 	 	7/29/2008	 	 	 	 	 	 	 	 	 	 	 
	Hong Kong	 	 	Published	 	 	11108482.5	 	 	7/29/2009	 	 	 	 	 	 	 	 	 	 	 
	Japan	 	 	Granted	 	 	2011-520505	 	 	7/29/2009	 	 	 	5579715	 	 	7/18/2014	 	 	7/29/2029	 
	Patent Cooperation Treaty	 	 	Inactive	 	 	PCT/EP2009/059815	 	 	7/29/2009	 	 	 	 	 	 	 	 	 	 	 
	United States of America	 	 	Granted	 	 	13/055,541	 	 	7/29/2009	 	 	 	8,518,930	 	 	8/27/2013	 	 	2/5/2030	 

 

    	 	Sch A-5	 

     

    

 

Case
Number: NMS 050

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.1.

 

Title:
USE OF A CDK INHIBITOR FOR THE TREATMENT OF GLIOMA

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	European Patent Convention	 	08161323.4	 	29-Jul-2008

 

Foreseen
Expiry: 2029

 

	Abstract:	The
invention provides a low molecular weight ATP-competitive CDK inhibitor able to cross the blood brain barrier for use in the treatment
of malignant glioma and, in particular, of glioblastoma. The compound can be administered together with one or more agents selected
from the group consisting of cytotoxic or cytostatic agents and ionizing radiation.

 

Inventors:

 

CIOMEI,
MARINA

FIORENTINI,
FRANCESCO

PESENTI,
ENRICO

 

	Country Exp.date	 	Status	 	AppNumber	 	FilDate	 	 	PatNumber	 	IssDate	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	 	Granted	 	 	200980129259.3	 	 	7/28/2009	 	 	CN1021051	 	 	12/18/2013	 	 	7/28/2029	 
	European Patent Convention	 	 	Published*	 	 	09781195.4	 	 	7/28/2009	 	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	 	Abandoned	 	 	08161323.4	 	 	7/29/2008	 	 	 	 	 	 	 	 	 	 
	Hong Kong	 	 	Granted	 	 	11108251.4	 	 	7/28/2009	 	 	HK1153938	 	 	8/29/2014	 	 	7/28/2029	 
	Japan	 	 	Published	 	 	2011-520488	 	 	7/28/2009	 	 	 	 	 	 	 	 	 	 
	Patent Cooperation Treaty	 	 	Inactive	 	 	PCT/EP2009/059747	 	 	7/28/2009	 	 	 	 	 	 	 	 	 	 
	United States of America	 	 	Published	 	 	13/055,533	 	 	7/28/2009	 	 	 	 	 	 	 	 	 	 

 

*Notice
of allowability issued on 9 May 2014

 

    	 	Sch A-6	 

     

    

 

Case
Number: NMS 058

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.l.

 

Title:
CDK INHIBITOR FOR THE TREATMENT OF MESOTHELIOMA

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	European Patent Convention	 	08169790.6	 	24-Nov-2008

 

Foreseen
Expiry: 2029

 

	Abstract:	The
invention provides a low molecular weight ATP-competitive CDK inhibitor for use in the treatment of mesothelioma. The compound
can be administered together with one or more cytotoxic or cytostatic agents.

 

Inventors:

 

CIOMEI,
MARINA

SCABURRI,
ANGELA

 

	Country Exp.date	 	Status	 	AppNumber	 	FilDate	 	PatNumber	 	IssDate	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	 	Granted	 	 	200980146449.6	 	 	11/23/2009	 	 	ZL20098014	 	 	4/3/2013	 	 	11/23/2029	 
	European Patent Convention	 	 	Inactive	 	 	09760831.9	 	 	11/23/2009	 	 	2376084	 	 	7/17/2013	 	 	11/23/2029	 
	European Patent Convention	 	 	Abandoned	 	 	08169790.6	 	 	11/24/2008	 	 	 	 	 	 	 	 	 	 
	France	 	 	Granted	 	 	09760831.9	 	 	11/23/2009	 	 	2376084	 	 	7/17/2013	 	 	11/23/2029	 
	Germany	 	 	Granted	 	 	09760831.9	 	 	11/23/2009	 	 	60 2009 017	 	 	7/17/2013	 	 	11/23/2029	 
	Hong Kong	 	 	Granted	 	 	12101219.9	 	 	11/23/2009	 	 	HK1160779	 	 	11/8/2013	 	 	11/23/2029	 
	Italy	 	 	Granted	 	 	09760831.9	 	 	11/23/2009	 	 	2376084	 	 	7/17/2013	 	 	11/23/2029	 
	Japan	 	 	Abandoned	 	 	2011-536889	 	 	11/23/2009	 	 	 	 	 	 	 	 	 	 
	Patent Cooperation Treaty	 	 	Inactive	 	 	PCT/EP2009065643	 	 	11/23/2009	 	 	 	 	 	 	 	 	 	 
	United Kingdom	 	 	Granted	 	 	09760831.9	 	 	11/23/2009	 	 	2376084	 	 	7/17/2013	 	 	11/23/2029	 
	United States of America	 	 	Published	 	 	13/130,903	 	 	11/23/2009	 	 	 	 	 	 	 	 	 	 

 

    	 	Sch A-7	 

     

    

 

Case
Number: NMS 061

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.l.

 

Title:
USE OF A KINASE INHIBITOR FOR THE TREATMENT OF THYMOMA

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	European Patent Convention	 	09155745.4	 	20-Mar-2009

 

Foreseen Expiry: 2030

 

	Abstract:	The
invention provides a low molecular weight ATP-competitive CDK inhibitor and TRKA inhibitor for use in the treatment of thymoma.
The compound can be administered together with one or more cytotoxic or cytostatic agents.

 

Inventors:

 

SCABURRI,
ANGELA

PACCIARINI,
MARIA ADELE

CIOMEI,
MARINA

LAFFRANCHI,
BERNARD

COMIS,
SILVIA

 

	Country Exp.date	 	Status	 	AppNumber	 	FilDate	 	 	PatNumber	 	IssDate	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Austria	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Belgium	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	China (People’s Republic)	 	 	Published	 	 	201080012093.X	 	 	3/15/2010	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	 	Abandoned	 	 	09155745.4	 	 	3/20/2009	 	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	 	Inactive	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	France	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Germany	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	60 2010 012	 	 	1/8/2014	 	 	3/15/2030	 
	Hong Kong	 	 	Published	 	 	12107532.6	 	 	3/15/2010	 	 	 	 	 	 	 	 	 	 
	Ireland	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Italy	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Japan	 	 	Published	 	 	2012-500209	 	 	3/15/2010	 	 	 	 	 	 	 	 	 	 
	Liechtenstein	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Netherlands	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Patent Cooperation Treaty	 	 	Inactive	 	 	PCT/EP2010/053311	 	 	3/15/2010	 	 	 	 	 	 	 	 	 	 
	Spain	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Sweden	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	Switzerland	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	United Kingdom	 	 	Granted	 	 	10708552.4	 	 	3/15/2010	 	 	2408776	 	 	1/8/2014	 	 	3/15/2030	 
	United States of America	 	 	Granted	 	 	13/256,467	 	 	3/15/2010	 	 	8,580,793	 	 	11/12/2013	 	 	3/15/2030	 

 

    	 	Sch A-8	 

     

    

 

Case
Number: NMS 012

 

Owner:
NERVIANO MEDICAL SCIENCES S.r.l.

 

Title: CDK INHIBITOR SALTS

 

Priority:

 

	Country 	 	Application Number 	 	Filing Date
	 	 	 	 	 
	European Patent Convention	 	09159030.7	 	29-Apr-2009

 

Foreseen
Expiry: 2030

 

	Abstract:	The
present invention relates to novel crystalline form(s) of water-soluble salts and of free base of a cdk inhibitor. Such crystal
salts are for example fumarate, L-malate, maleate, succinate, adipate, malonate, glycolate, phosphate, mesylate, L-lactate, hydrochloride,
di-hydrochloride, tri-hydrochloride. Hydrates and polymorphs of such new salt forms, a process for their preparation, their utility
in therapy and to the pharmaceutical compositions containing them are also claimed and described in the present application.

 

Inventors:

 

ZAMPIERI,
MASSIMO

AIROLDI,
ANNALISA

FORNARETTO,
MARIA GIOIA

BRASCA,
MARIA GABRIELLA

 

	Country	 	Status	 	AppNumber	 	FilDate	 	PatNumber	 	IssDate	 	Exp.date	 
	Argentina	 	 	Abandoned	 	 	P 10 01 01427	 	 	4/28/2010	 	 	 	 	 	 	 	 	 	 
	China (People’s Republic)	 	 	Published	 	 	201080018865.0	 	 	4/23/2010	 	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	 	Published	 	 	10715240.7	 	 	4/23/2010	 	 	 	 	 	 	 	 	 	 
	European Patent Convention	 	 	Abandoned	 	 	09159030.7	 	 	4/29/2009	 	 	 	 	 	 	 	 	 	 
	Hong Kong	 	 	Published	 	 	12110192.1	 	 	4/23/2010	 	 	 	 	 	 	 	 	 	 
	Japan	 	 	Pending	 	 	2012-507696	 	 	4/23/2010	 	 	 	 	 	 	 	 	 	 
	Patent Cooperation Treaty	 	 	Inactive	 	 	PCT/EP2010/055463	 	 	4/23/2010	 	 	 	 	 	 	 	 	 	 
	Taiwan	 	 	Abandoned	 	 	099113232	 	 	4/27/2010	 	 	 	 	 	 	 	 	 	 
	United States of America	 	 	Granted	 	 	13/265,918	 	 	4/23/2010	 	 	8,586,598	 	 	11/19/2013	 	 	4/23/2030	 

 

 

Sch
A-9Exhibit
10.2

 

LICENSE
AND SUBLICENSE AGREEMENT

 

This
License and Sublicense Agreement (“Agreement”) is made effective as of December 19th, 2014
(“Effective Date”) by and between on the one hand NovImmune S.A., 14 Chemin des Aulx, 1228 Plan les Ouates,
Geneva, Switzerland (“Licensor”), and Tiziana Life Sciences Plc, 18 South Street, Mayfair, London, W1K 1DG, UK (“Licensee”).
Licensor and Licensee are each hereafter referred to individually as a “Party” arid together as the “Parties.”

 

WHEREAS,
Licensee desires to obtain an exclusive license to patents owned or controlled by Licensor, a sublicense to certain patents licensed
from Bristol-Myers Squibb Company (“BMS”), along with any associated know-how, biologic materials, clinical data or
other technology relating to CD3 receptor monoclonal antibodies and their use in order to research, develop and commercialize
products and services;

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.
DEFINITIONS

 

Capitalized
terms used in this Agreement shall have the meanings specified below or elsewhere herein.

 

1.1.
“Affiliate” means any Person who directly or indirectly controls or is controlled by or is under common control
with another Person. A Person shall only be considered an Affiliate during the duration of such control. For purposes of this
definition, “control” or “controlled” means ownership, directly or through one or more Affiliates,
of fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation,
or fifty percent (50%) or more of the equity interest, in the case of any other type of legal entity, or status as a general partner
in any partnership, or the contractual right to control the election of directors or direct the affairs of any Person.

 

1.2.
“Confidential Information” means with respect to a Party (the “Receiving Party”), all information
that is (i) disclosed by the other Party (the “Disclosing Party”) to the Receiving Party; and (ii) would be
reasonably understood from notices or legends, the nature of such information itself or the circumstances of such information’s
disclosure to be confidential by a reasonable person familiar with the applicable industry; provided, however, that Confidential
Information shall not include information that the Receiving Party can demonstrate by its records or other suitable documentary
evidence, (a) as of the date of disclosure is demonstrably known to the Receiving Party or its Affiliates other than by virtue
of a prior confidential disclosure to such Party or its Affiliates; (b) as of the date of disclosure is in, or subsequently enters,
the public domain, through no fault or omission of the Receiving Party; (c) is obtained from a Third Party having a lawful right
to make such disclosure free from any obligation of confidentiality to the Disclosing Party; or (d) is independently developed
by or for the Receiving Party without reference to or reliance upon any Confidential Information of the Disclosing Party.

 

     

     

    

 

1.3.
“Cover” means with respect to Valid Claims in an issued patent, that, in the absence of a license, the use,
sale, or manufacture of the product in question would infringe such Valid Claim.

 

1.4.
“Field” means any and all uses including all therapeutic uses.

 

1.5.
“First Commercial Sale” means, on a country-by-country basis, the date of the first arm’s length transaction,
transfer or disposition for value by or on behalf of Licensee or any Affiliate or Sublicensee of Licensee to a Third Party of
a Licensed Product after the granting of all regulatory approvals and marketing authorizations. First Commercial Sale excludes
any sale or other distribution in connection with seeking regulatory approval.

 

1.6,“Licensor
Indemnitees” means Licensor, its Affiliates arid the directors, officers, employees and agents of LICENSOR and its Affiliates.

 

1.7.
“Licensed Patents” means the patents and patent applications listed on Exhibit 1 hereto, and including all
provisionals, substitutions, continuations, continuations-in-part, divisionals, supplementary protection certificates, renewals,
all letters patent granted thereon, and all reissues, reexaminations, extensions, confirmations, revalidations, registrations,
patents of addition thereof, and foreign equivalents to any of the foregoing,

 

1.8.“Licensed
Product” means any product or service, the manufacture, use, sale, importation or performance of which would, absent
the license granted herein, infringe a Valid Claim of the Licensed Patents.

 

1.9.
“Licensee Indemnitees” means Licensee, its Affiliates, Sublicensees, and the directors, officers, employees
and agents of Licensee and its Affiliates.

 

1.10.
“Net Sales” means, for any period, the gross amount invoiced by Licensee and its Affiliates for the sale of
Licensed Products to third parties, less deduction for:

 

(a)
normal and customary trade, quantity and cash discounts and sales returns and allowances including (i) those granted on account
of price adjustments, billing errors, rejected goods, damaged goods, returns and rebates, (ii) administrative and other fees and
reimbursements and similar payments directly related to the sale or delivery of Licensed Products paid to wholesalers and other
distributors, buying groups, pharmacy benefit management organizations, health care insurance carriers and other institutions,
(iii) allowances, rebates, and fees directly related to the sale of delivery of License Products paid to distributors and (iv)
chargebacks;

 

(b)
freight, postage, shipping and insurance costs to the extent that such items are included in the gross amount invoiced;

 

(c)
customs and excise duties and other duties related to the sales to the extent that such items are included in the gross amount
invoiced;

 

(d)
rebates and similar payments made with respect to sales paid for or reimbursed by any governmental or regulatory authority such
as, by way of illustration, federal or state Medicaid, Medicare or similar state program or equivalent foreign governmental program;

 

    	 	2	 

     

    

  

(e)
sales and other taxes and duties directly related to the sale or delivery of Licensed Products (but not including taxes assessed
against the income derived from such sale) to the extent that such items are included in the gross amount invoiced;

 

(f)
distribution costs and expenses to the extent that such items are included in the gross amount invoiced;

 

(g)
any such invoiced amounts that are not collected by the parties or their Affiliates;

 

provided
that with respect to the deductions specified in subsections (a) through (g) above, an amount shall be deducted only once regardless
how many categories may apply to it.

 

Any
of the deductions listed above that involves a payment by Licensee or its Affiliates shall be taken as a deduction in the calendar
quarter in which the payment is accrued. Deductions pursuant to section (g) above shall be taken in the calendar quarter in which
such sales are no longer recorded as a receivable. For purposes of determining Net Sales, the Licensed Products shall be deemed
to be sold when invoiced and a “sale” shall not include transfers or dispositions for charitable, promotional, pre-clinical,
clinical, regulatory or governmental purposes.

 

For
the purposes of calculating Net Sales of Licensed Products, sales between or among Licensee or its Affiliates shall be excluded
from the computation of Net Sales, but sales by Licensee or its Affiliates to third parties shall be included in the computation
of Net Sales.

 

In
the event that a Licensed Product is sold in any country in the form of a combination product containing one or more therapeutically
active ingredients in addition to the Licensed Product, with respect thereto, the parties shall negotiate in good faith to determine
what portion of the net sales of such combination product shall be treated as Net Sales under the Agreement, which determination
shall be based on the value added by the Licensed Product compared to the value added by such other therapeutically effective
ingredients, to the invoice price of such combination product.

 

1.11.
“NI-0401” means the CD3 receptor monoclonal antibody Licensed Product

 

1.12.
“Person” means any individual, corporation, limited or general partnership, limited liability company, joint
venture, trust, unincorporated association, governmental body, authority, bureau or agency, or any other entity or body.

 

1.13.
“Royalty Term” means, with respect to each Licensed Product, the period of time beginning on the First Commercial
Sale of such Licensed Product in a country following the receipt of applicable regulatory approval with respect to such sale of
such Licensed Product in such country and continuing on a country-by-country and product-by-product basis until the later of
(a) the expiration of the last Valid Claim of the Licensed Patents which Covers the sale of such Licensed Product in such country
or (b) the end of any market exclusivity period granted by the relevant governmental authority in a country that prevents another
party from marketing the same Licensed Product. 

 

    	 	3	 

     

    

 

1.14.
“Sublicensee” means any Third Party to whom Licensee grams a sublicense of some or all of the rights granted
to Licensee under this Agreement

 

1.15.
“Sublicense Revenue” means all cash payments received by Licensee or its Affiliates from Sublicensees in consideration
for and directly attributable to the grant by Licensee of a sublicense under the Licensed Patents, including any upfront payments,
license maintenance fees, milestone payments and the like. Sublicense Revenue will not include: (a) in the case where Licensee
collaborates on research and/or development with a Sublicensee, amounts paid by such Sublicensee as reimbursement for research
and development costs; (b) bona fide loans; (c) reimbursement for clinical trial costs and expenses; (d) equity investment in
Licensee to the extent such investments reflect the fair market value of such equity (any amounts paid in excess of fair market
value shall be deemed Sublicense Revenues); (e) amounts paid for supplies of Licensed Products or other tangible materials, or
that are otherwise paid in reimbursement of costs or expenditures, whether incurred before or after the date of the relevant sublicense
agreement; and (g) withholding taxes or other amounts actually withheld from the amounts received.

 

1.16.
Territory. Worldwide.

 

1.17.
“Third Party” means any person or entity other than Licensee, Licensor and their respective Affiliates.

 

1.18.
“Valid Claim” means a claim in an issued, unexpired patent within the Licensed Patents or a claim that has
not been pending more than five (5) years, in either case that (a) has not been finally cancelled, withdrawn, abandoned or rejected
by any administrative agency or other body of competent jurisdiction, (b) has not been revoked, held invalid, or declared unpatentable
or unenforceable in a decision of a court or other body of competent jurisdiction that is unappealable or unappealed within the
lime allowed for appeal, (c) has not been rendered unenforceable through disclaimer or otherwise, and (d) is not lost through
an interference proceeding.

 

2.
LICENSE GRANT

 

2.1.
License. Licensor hereby grants to Licensee a worldwide, exclusive license (even as to Licensor), including the right to
grant sublicenses, under the Licensed Patents, for Licensee and its Affiliates to research, develop, make, have made, use, offer
for sale, sell, have sold and import Licensed Products for any and all uses in the Field in the Territory, subject to the terms
and conditions of this Agreement. The foregoing includes the right to employ Third Party distributors to sell Licensed Products
and Third Party contract manufacturers to make Licensed Products, neither of which shall be construed as a sublicense.

 

    	 	4	 

     

    

 

2.2.
Sublicense to BMS Rights. Licensor hereby grants an exclusive sublicense to Licensee, including the right to grant
further sublicenses, under the Research and Commercialization Agreement between NovImmune and BMS dated September 30, 2004 and
any amendments thereto, and the Exclusive Commercial License between NovImmune and BMS dated February 17, 2005, for the CD3 Antibody
Licensed Product, copies of which are attached hereto as Schedule A, to make, have made, use, offer for sale, sell, have sold
and/or import Licensed Products in the Field in the Territory. Licensee acknowledges and agrees that the terms of the sublicense
pursuant to this Agreement shall be subordinate to and consistent with all the terms and conditions of the Research and Commercialization
Agreement and any amendments thereto, and the Exclusive Commercial License between  and BMS.

 

3.
DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS.

 

3.1.
Authority. Licensee shall have full control and authority over the research, development (including regulatory matters)
and commercialization of Licensed Products in the Field worldwide.

 

3.2.
Diligence. Licensee will, itself or through its Affiliates or Sublicensees, at all times exercise commercially reasonable
efforts to commercialize Licensed Products.

 

3.3.
Drug Substance, Storage Testing and Transfer. Licensor has a quantity of NI-0401 drug substance manufactured and stored
by Licensor which Licensee will require for development purposes. Within 30 days of signing the agreement Licensee may elect to
instruct Licensor on its requirements for drug substance which may include:

 

3.3.1.
Transfer of drug substance to another location in a timeframe to be agreed.

 

3.3.2.
Continued storage by Licensor and any required testing schedule, followed by later requests for transfer to another location.

 

3.3.3.
Licensee agrees to pay the costs of transfer of drug substance, and the costs of any storage and testing schedule, such costs
to include consumables, third party services, and documented Licensor personnel time charged at fully loaded cost (CHF375,000/FTE).

 

3.3.4.
Licensor will not charge Licensee for the existing drug substance itself, only the costs required to store, test and transfer
the drug substance.

 

3.4.
Drug Manufacturing. Licensor has an established manufacturing process for NI-0401, and relationships with a contract manufacturing
organisation for the manufacturing of drug substance and drug product Licensee may elect to request assistance from Licensor to
manufacture additional quantities of NI-0401 drug substance and/or drug product. Upon such request, Licensor will provide a proposal
for providing such assistance which will include the pass through of costs from the contract manufacturer, plus the cost of Licensor’s
personnel time charged at fully loaded cost (CHF375,000/FTE).

 

 

    	 	5	 

     

    

 

3.5.
Transfer of Data and Know How. Licensor will transfer all data and documentation relevant to NI-0401 to Licensee at no
cost. For a period of 90 days from signature, Licensor will make key personnel available to Licensee for briefings, to answer
questions, and offer advice on pro-clinical data, science, and manufacturing. As Licensee contemplates pursuing an alternative
clinical indication Licensor will not be able to assist in advising on clinical development. Should the tune requirement for Licensor
personnel supporting Licensee to take over the NI-0401 program become burdensome to Licensor, the parties will discuss and agree
to an alternative mutually satisfactory arrangement.

 

4.
PAYMENTS

 

4.1.
Upfront Fee for BMS Obligation. Within five (5) days of the Effective Date, Licensee shall pay to Licensor the amount of
$750,000 USD owed to BMS under the diligence obligations in Section 8.3.4 of the Research and Commercialization Agreement and
Licensor shall forward that payment to BMS forthwith.

 

4.2.
Upfront Fee to Novlmmune. Within sixty (60) days of the Effective Date, Licensee shall pay to Licensor the amount of $500,000
USD.

 

4.3.
Anniversary Fee. On each of the 14 month, 26 month and 38 month anniversary of the Effective Date of the Agreement, Licensee
shall pay Licensor the sum of $250,000 USD (for a total of $750,000 USD).

 

4.4.
Milestone and Diligence obligations Payments. Subject to the terms and conditions of this Agreement, Licensee shall pay
all milestone and Diligence obligations payments owed to BMS, except the December 2014 Diligence obligation payment owed to BMS
which will be forwarded to Licensor for payment to BMS.

 

4.5.
Royalty and Sublicense Revenue. Licensee will pay to Licensor a royalty or Sublicense Revenue based on sales of the Licensed
Product as follows:

 

4.5.1.
In the event that Licensee or its Affiliates sell Licensed Product to third parties, Licensee shall pay to Licensor a running
royalty of 3.5% on Net Sales for the Royalty Term.

 

4.5.2.
In the event that Licensee sublicenses its rights under this agreement to a sublicensee, then Licensee shall first be reimbursed
front whatever revenues it receives from sales of Licensed Product by such sublicensee for (a) all payments made to BMS and (b)
for all documented clinical trial and development costs and expenses incurred in the development and commercialization of a Licensed
Product. Thereafter Licensee shall pay to Licensor 17.5% of all Sublicense Revenue it receives from such sublicensee as consideration
for Licensed Product.

 

4.6.
Payment Terms.

 

4.6.1.
Payment of Received Revenue. Licensee shall make any payments owed to Licensor hereunder in arrears, within ninety (90)
days from the end of each quarter in which such payment accrues. Each payment shall be accompanied by a report for each country
in which sales of Licensed Products occurred in the calendar quarter covered by such statement, specifying: the gross sales (if
available) and sales in each country’s currency; the applicable revenue sharing amount under this Agreement; the amount
payable in each country’s currency, including an accounting of deductions taken in accordance with Licensee’s accounting
practices; the applicable exchange rate to convert from each country’s currency to United States Dollars; and the amounts
payable in United States Dollars.

 

    	 	6	 

     

    

  

4.6.2.
Accounting. All payments hereunder shall be made in in United States dollars. Conversion of foreign currency to United
States dollars shall be made in the same manner as Licensee converts all of its other revenues, provided that (a) such manner
is consistent with United States generally accepted accounting principles, and (b) the exchange rates employed are those quoted
by a reputable source, such as a recognized money center bank such as JP Morgan, Bank of America or an equivalent,.

 

4.6.3.
Tax Withholding; Restrictions on Payment. All payments hereunder shall be made free and clear of any taxes, duties, levies,
fees or charges, except for withholding taxes and interest and penalties thereon (to the extent applicable). Licensee shall make
any applicable withholding payments due on behalf of Licensor and shall provide Licensor upon request with such written documentation
regarding any such payment as available to Licensee relating to an application by Licensor for a foreign tax credit for such payment
with the United States Internal Revenue Service. Licensor shall provide all information necessary to determine if withholding
taxes are applicable.

 

4.7.
Records Retention by Licensee; Review.

 

4.7.1.
Royalty Records. Commencing as of the date of First Commercial Sale of the first Licensed Product hereunder, Licensee and
its Affiliates and Sublicensees shall keep for at least three (3) years from the end of the calendar year to which they pertain
complete and accurate records of sales by Licensee or its Affiliates and Sublicensees, as the case may be, of each Licensed Product,
in sufficient detail to allow the accuracy of the payments hereunder to be confirmed.

 

4.7.2.
Review. Subject to the other terms of this Section 4.7, at the request of Licensor, which shall not be made more frequently
than once per calendar year during the Term, and upon at least thirty (30) days’ prior written notice from Licensor, and
at the expense of Licensor (except as otherwise provided herein), Licensee shall permit an independent certified public accountant
selected by Licensor and reasonably acceptable to Licensee to inspect (during Licensee’s regular business hours) the relevant
records required to be maintained by Licensee under Section 4.7. In every case the accountant must have previously entered into
a confidentiality agreement with both Parties substantially similar to the provisions of Article 5 and limiting the disclosure
and use of such information by such accountant to authorized representatives of the Parties and the purpose of verifying amounts
payable to Licensor hereunder. Results of any such review shall be binding on both Parties absent manifest error. If any review
reveals a deficiency in the calculation and/or payment of amounts owed by Licensee, then (a) Licensee shall pay Licensor the amount
remaining to be paid, and (b) if such underpayment is by ten percent (10%) or more for any twelve (12) month consecutive period,
then Licensee shall reimburse Licensor for its reasonable out-of-pocket costs and expenses incurred in performing the review.

 

    	 	7	 

     

    

  

5.
TREATMENT OF CONFIDENTIAL INFORMATION

 

5.1.
Confidential Obligations. Licensor and Licensee each recognize that the other Party’s Confidential Information constitutes
highly valuable and proprietary confidential information, Licensor and Licensee each agree that during the Term and for five (5)
years thereafter, it will keep confidential, and will cause its employees, consultants (including academic collaborators, CROs
and manufacturers), professional advisors, Affiliates and, in the case of Licensee, Sublicensees to keep confidential, all Confidential
Information of the other Party, Neither Licensor nor Licensee nor any of their respective employees, consultants, Affiliates or,
in the case of Licensee, Sublicensees, shall use any Confidential Information of the other Party for any purpose whatsoever other
than exercising any rights granted to it hereunder or as expressly permitted in this Article 5. Licensee may disclose Licensor’s
Confidential Information to the extent such disclosure is reasonably necessary to file and prosecute patent applications and/or
maintain patents which are filed or prosecuted in accordance with the provisions of this Agreement, or to obtain any authorization
to conduct clinical studies or any regulatory approval for Licensed Products. Each Party may disclose the other Party’s
Confidential Information as reasonably necessary to file, conduct or defend litigation in accordance with the provisions of this
Agreement or comply with applicable laws, regulations or court orders; provided, however, that if a Party is required to make
any such disclosure of the other Party’s Confidential Information in connection with any of the foregoing, it will give
reasonable advance notice to the other Party of such disclosure requirement and will use reasonable efforts to assist such other
Party in efforts to secure confidential treatment of such information required to be disclosed.

 

5.2.
Limited Disclosure and Use. Each Party may disclose the other Party’s Confidential Information to any of its officers,
employees, consultants, agents or Affiliates, or in the case of Licensee, Sublicensees, if and only to the extent necessary to
carry out its rights and responsibilities under this Agreement. Such disclosures shall be limited to the maximum extent possible
consistent with such rights and responsibilities and shall only be made to the extent any such persons receiving the other Party’s
Confidential Information are bound by written confidentiality obligations to maintain the confidentiality thereof and not to use
such Confidential Information except as expressly permitted by this Agreement. LICENSOR and Licensee each agree not to disclose
or transfer the other Party’s Confidential Information to any Third Parties under any circumstance without the prior written
approval from the other Party, except as otherwise required by law, and except as otherwise expressly permitted under this Article
5 or elsewhere in this Agreement. Each Party shall take such action, and shall cause its Affiliates, and in the case of Licensee,
Sublicensees, to take such action, to preserve the confidentiality of each other’s Confidential Information as it would
customarily take to preserve the confidentiality of its own Confidential Information, using, in all such circumstances, not less
than reasonable care. Each Party, upon the request of the other Party, will return all the Confidential Information disclosed
or transferred to it by the other Party pursuant to this Agreement, including all copies and extracts of documents and all manifestations
in whatever form, in such Party’s possession within sixty (60) days of such request or, if earlier, the termination or expiration
of this Agreement; provided however, that a Party may retain (a) any Confidential Information of the other Party relating to any
license that is still in force hereunder or which expressly survives such termination, and (b) one (1) copy of all other Confidential
Information in inactive archives solely for the purpose of establishing the contents thereof.

 

    	 	8	 

     

    

  

5.3.
Terms of Agreement. The terms of this Agreement constitute each Party’s Confidential Information; provided, however,
that either Party may disclose the terms of this Agreement (a) to the extent required by law or by the requirements of any nationally
recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities listed or traded,
or (b) in confidence to its attorneys, accountants and other fiduciaries, and (c) to any acquirers, potential acquirers, investors,
prospective investors, lenders and other potential financing sources who are obligated to keep such information confidential.

 

5.4.
Press Release. The Parties shall diligently work together to draft a mutually agreeable press release announcing the execution
of this Agreement such announcement to be made no later than 07:00 on the day following the Effective Date, and shall publish
such press release in a mutually agreeable manner.

 

6.
FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

 

6.1.
Prosecution Control. For purposes of this Article 6, the right to control prosecution of a Patent Right shall include the
right to control preparing, filing, and prosecuting patent applications therefor, and obtaining and maintaining any resulting
patents, including the conduct of interferences, the defense of oppositions and other similar proceedings with respect to a patent.

 

6.2.
Patent Prosecution. Licensee shall, at its expense, assume control of the prosecution of the Licensed Patents, subject
to the provisions of this Article 6. If Licensee decides not to prosecute or maintain any Patent Right within the Licensed Patents,
then Licensee shall provide Licensor with written notice of such decision prior to the deadline for taking any action for such
Patent Right or the date on which the abandonment of’ any such Patent Right would become effective, whichever is earlier.
If Licensee does not wish to continue prosecution of a case or decides not to file in a particular country, then Licensor may
do so at Licensor’s own cost. Licensee shall pay the December 2014 costs of National Phase entry for Licensed Patents.

 

6.3.
Right of Review and Comment. Licensee shall consult with Licensor regarding the prosecution of the Licensed Patents by
using commercially reasonable efforts to provide Licensor a Reasonable Opportunity to review and comment on all proposed submissions
to any patent office before submission, where “Reasonable Opportunity” means that Licensee shall provide Licensor
or patent counsel true copies of all documents relating to filing, registration, prosecution, and maintenance of patent applications
and patents within the Licensed Patents as soon as reasonably practical after Licensee has received such documents and materials.
Licensee shall consider in good faith Licensor’s comments concerning such documents and materials that it timely receives.

 

    	 	9	 

     

    

 

7.
PATENT ENFORCEMENT

 

7.1.
Notice of Infringement. If, during the Term, either Party learns of any actual, alleged or threatened infringement by a
Third Party of any Licensed Patents, such Party shall promptly notify the other Party and shall provide the other Party with available
evidence of such infringement.

 

7.2.
Infringement of Patent Rights. Licensee shall have the first right (but not the obligation), at its own expense and with
legal counsel of its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened
infringement of the Licensed Patents in the Field by any product or service that competes with a Licensed Product, as reasonably
determined by Licensee. Licensor shall take all actions necessary to assist Licensee in any suit, including joining in such suit
as a party if legally required, at Licensee’s expense. Licensor shall have the right, at its own expense, to be represented
in any such action by counsel of Licensor’s own choice; provided, however, that the foregoing shall not affect the right
of Licensee to control the suit as described in this Section. In the event that the Licensee does not bring suit, Licensor shall
have the right to bring suit, provided that there is no commercially reasonable reason that Licensee did not bring suit.

 

8.
REPRESENTATIONS AND WARRANTIES

 

8.1.
Licensor Representations. Licensor represents, warrants and covenants to Licensee that:

 

8.1.1.
the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized
by all appropriate Licensor corporate action;

 

8.1.2.
this Agreement is a legal and valid obligation binding upon Licensor and enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to
which Licensor is a party or by which it is bound;

 

8.1.3.
Licensor has the full right and legal capacity to grant the rights granted to Licensee hereunder;

 

8.1.4.
the Licensed Patents have been properly filed and prosecuted as of the Effective Date;

 

8.1.5.
Licensor is the sole owner of the Licensed Patents;

 

8.1.6.
as of the Effective Date, Licensor has not licensed or transferred to any Person, including Licensor Affiliates, any rights under
the Licensed Patents; and

 

8.1.7.
Licensor is not aware of any Third Party patent, patent application or other intellectual property right that would be infringed
(i) by practicing any process or method or by making, using or selling any composition which is claimed or disclosed in, or which
constitutes, Licensed Patents, or (ii) by making, using, offering for sale, selling or importing Licensed Products.

 

    	 	10	 

     

    

  

8.2.
Licensee Representations. Licensee represents and warrants to Licensor that:

 

8.2.1.
the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized
by all appropriate Licensee corporate action; and

 

8.2.2.
this Agreement is a legal and valid obligation binding upon Licensee and enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to
which Licensee is a party or by which it is bound.

 

8.3.
No Warranties. Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES
OF ANY KIND, EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE, OR OF NON-INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES, OR AS TO THE SUCCESS OR
LIKELIHOOD OF SUCCESS OF THE RESEARCH, DEVELOPMENT OR COMMERCIALIZATION OF LICENSED PRODUCTS UNDER THIS AGREEMENT, OR ANY OTHER
EXPRESS OR IMPLIED WARRANTIES.

 

9.
INDEMNIFICATION

 

9.1.
Indemnification by Licensee. Licensee shall indemnify, defend and hold harmless the Licensor Indemnitees from and against
any and all losses, damages, fees, expenses, settlement amounts and costs (including reasonable attorneys’ fees and witness fees)
(collectively, “Losses”) relating to or in connection with a Third Party claim arising after the Effective
Date out of (a) any breach by Licensee of its representations, warranties or covenants made under this Agreement, or (b) any actual
or alleged death, personal bodily injury or damage to real or tangible personal property claimed to result, directly or indirectly,
from the possession, use or consumption of, or treatment with, the Licensed Product made or sold by or on behalf of Licensee or
its Affiliates or Sublicensees, including any product liability claims; provided, however, that the foregoing indemnity shall
not apply to the extent that any such Losses (i) are attributable to the negligence or willful misconduct of the Licensor Indemnitees,
or (ii) are subject to an obligation by Licensor to indemnify the Licensee Indemnitees under Section 9.2. For the avoidance of
doubt, Licensee shall not indemnify Licensor for any activities, including clinical trial activities, carried out by Licensor
or Licensor’s agents prior to the Effective Date.

 

9.2.
Indemnification by Licensor. Licensor shall indemnify, defend and hold harmless the Licensee Indemnitees from and against
any and all Losses relating to or in connection with a Third Party claim arising after the Effective Date out of (a) any breach
by Licensor of its representations, warranties or covenants made under this Agreement, or (b) any negligent act or omission or
willful misconduct of Licensor or its Affiliates or its or their sublicensees, or any of their employees, contractors or agents,
in performing Licensor’s obligations or exercising Licensor’s rights under this Agreement; provided, however, that the foregoing
indemnity shall not apply to the extent that any such Losses are attributable to (i) the negligence or willful misconduct of the
Licensee Indemnitees, or (ii) are otherwise subject to an obligation by Licensee to indemnify the Licensor Indemnitees under Section
9.1. For the avoidance of doubt, Licensor shall not indemnify Licensee for any activities, including clinical trial activities,
carried out by Licensee or Licensee’s agents after to the Effective Date.

 

    	 	11	 

     

    

 

10.
TERM AND TERMINATION

 

10.1.
Term; Expiration. Unless earlier terminated in accordance with this Article, the term if this Agreement (the “Term”)
shall commence as of the Effective Date and remain in force until the Royalty Term has expired with respect to all Licensed Products
in all countries.

 

10.2.
Termination for Breach. Subject to the other terms of this Agreement, this Agreement and the rights granted herein may
be terminated by either Party for the material breach by the other Party of any material obligation or condition hereof, provided
that the breaching Party has not cured such breach within forty-five (45) days after the date of written notice to the breaching
Party in the case of a payment breach and one hundred twenty (120) days after the date of written notice to the breaching Party
in the case of any other breach, which notice shall describe such breach in reasonable detail and shall state the non-breaching
Party’s intention to terminate this Agreement pursuant to this Section or in the case of Licensee, its intention to either terminate
this Agreement or elect its alternative remedy pursuant to Section 10.8.

 

10.3.
Voluntary Termination. Licensee may terminate this Agreement at any time upon ninety (90) days’ notice to Licensor.

 

10.4.
Effects of Expiration or Termination. Upon any termination of this Agreement (i) as of the effective date of such termination
all licenses granted by Licensor to Licensee under this Agreement hereunder shall terminate automatically; provided, however,
that Licensee and its Affiliates and Sublicensees may sell Licensed Products in their inventory as of the effective date of such
termination, subject to the payment of royalties under Section 4, and (ii) each Party shall return all Confidential Information
of the other Party. For the avoidance of doubt, in the event of a voluntary termination or termination due to uncured breach by
Licensee, then all Licensed Patents and any improvements thereto necessary to make use and sell a Licensed Product, as well as
all clinical trial data, biologic materials and other information necessary and desirable to make, use and sell Licensed Product
shall revert to Licensor.

 

10.5.
Survival of Sublicenses. Notwithstanding anything to the contrary, no termination of this Agreement shall be construed
as a termination of any sublicense of any Sublicensee, and thereafter each such Sublicensee shall be considered a direct licensee
of Licensor, provided that (i) Licensee represents and warrants to Licensor that, to Licensee’s actual knowledge, as of the effective
date of such termination, such Sublicensee is then in full compliance with all terms and conditions of its sublicense, (ii) such
Sublicensee agrees in writing to assume all applicable obligations of Licensee under this Agreement.

 

    	 	12	 

     

    

 

10.6.
Remedies. Except as otherwise expressly set forth in this Agreement, the termination provisions of this Article 11 are
in addition to any other relief and remedies available to either Party at law.

 

10.7.
Surviving Provisions. Notwithstanding any provision herein to the contrary, the rights and obligations of the Parties set
forth in Articles and Sections 1 (Definitions), 4.7 (Records Retention by Licensee; Review), 5 (Treatment of Confidential Information),
8 (Representations and Warranties), 9 (Indemnification), 10,4 (Effects of Expiration or Termination), 10,5 (Survival of Sublicensees),
10.6 (Remedies), 7 (Surviving Provisions), and 11 (Miscellaneous) as well as any rights or obligations otherwise accrued hereunder
(including any accrued payment obligations), shall survive the expiration or termination of the Term. Without limiting the generality
of the foregoing, Licensee shall have no obligation to make any milestone or payment to Licensor that has not accrued prior to
the effective date of any termination of this Agreement.

 

10.8.
Remedy in Lieu of Termination. If Licensor materially breaches or defaults with respect to any material obligation or condition
of this Agreement and fails to cure such breach or default within one hundred twenty (120) days after receipt of written notice
from Licensee that describes such breach in reasonable detail, Licensee may reduce each of its payment obligations under this
Agreement by fifty percent (50%), which reduction shall be effective with respect to any payment obligations that come due on
or after the first day following such one hundred twenty (120) day cure period. The foregoing shall be in lieu of any right of
termination of this Agreement, if any, for such material breach or default, but in any event will be without prejudice to any
other right or remedy that may be available to Licensee under this Agreement or at law or in equity.

 

11.
MISCELLANEOUS

 

11.1.
Notices. All notices, requests and other communications hereunder shall be in writing, shall be addressed to the receiving
Party’s address set forth below or to such other address as a Party may designate by notice hereunder, and shall be either (i)
delivered by hand, (ii) made by email (to be followed with postal confirmation), (iii) sent by private courier service providing
evidence of receipt, or (iv) sent by registered or certified mail, return receipt requested, postage prepaid. The addresses and
other contact information for the Parties are as follows:

 

	If
    to LICENSOR:	Novlmmune
    S.A.
	 	14
    Chemin des Aulx
	 	1228
    Plan les Ouates, Geneva, Switzerland
	 	Phone:
    +41 22 839 71 41 
	 	Fax:
    +41 22 839 71 43

 

    	 	13	 

     

    

 

	If
    to Licensee:	Tiziana
    Life Sciences Plc
	 	18
    South Street, Mayfair, London W1K 1DG, UK
	 	Phone:
    +44 (0) 20 7493 2853
	 	Fax:
    +44 (0) 20 7495 2379

 

All
notices, requests and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of
the delivery thereof to the receiving Party at the address of such Party set forth above, (ii) if made by telecopy or facsimile
transmission, at the time that receipt thereof has been acknowledged by the recipient, (iii) if sent by private courier, on the
day such notice is delivered to the recipient, or (iv) if sent by registered or certified mail, on the seventh (7th) business
day following the day such mailing is made.

 

11.2.
Language. The Parties hereto have requested that this Agreement and any related documents be drafted in English, which
shall be controlling for all purposes. Any translation of this Agreement or any part hereof into a language other than English
is for convenience only, and only the original English language version of this Agreement, as it may be amended from time to time
as permitted herein, shall have legal effect.

 

11.3.
Governing Law. This Agreement will be construed, interpreted and applied in accordance with the laws of England and Wales
(excluding any law controlling conflicts of law). The UN Convention for the International Sale of Goods shall not apply to this
Agreement.

 

11.4.
Venue. Any dispute. controversy or claim initiated by either Party arising out of, resulting from or relating to this Agreement,
or the performance by either Party of its obligations under this Agreement, whether before or after termination of this Agreement,
shall be subject to the sole jurisdiction of; and venue in, the courts of competent jurisdiction located within England and Wales.
Licensee and Licensor each irrevocably consent to the jurisdiction of such courts, irrevocably waive any objection based on inconvenience
of forum, and agree that process may be served in the manner provided herein for giving notices or otherwise as allowed by the
law of England and Wales. Notwithstanding the foregoing, either Party shall have the right, without waiving any right or remedy
available to such Party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any Interim
or provisional relief that is necessary or desirable to protect the rights or property of such Party.

 

11.5.
Entire Agreement; Amendment. This Agreement comprises the entire Agreement between the Parties with respect to the subject
matter hereof and thereof and supersede all prior representations, understandings and agreements between the Parties with respect
to the subject matter hereof. No modification shall be effective unless in writing with specific reference to this Agreement and
signed by the Parties.

 

11.6.
Assignment. Licensee may, without the written consent of Licensor, assign this Agreement, in whole or in part, and its
rights and delegate its obligations hereunder to its Affiliates, for any reason, including without limitation in the event of
its merger, consolidation, change in control or similar transaction. Any permitted assignee shall assume all obligations of its
assignor under this Agreement The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the
permitted successors and assigns of the Parties.

 

    	 	14	 

     

    

 

11.7.
Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement,
and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond
the reasonable control of such Party. In event of such force majeure, the Party affected thereby shall use reasonable efforts
to cure or overcome the same and resume performance of its obligations hereunder.

 

11.8.
Construction. The Parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and negotiated the
terms and provisions of this Agreement and have contributed to its revision; (ii) the rule of construction to the effect that
any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (iii)
the terms and provisions of this Agreement shall be construed fairly as to all Parties hereto and not in favor of or against any
Party, regardless of which Party was generally responsible for the preparation of this Agreement, In this Agreement: (a) the word
“including” shall be deemed to be followed by the phrase “without limitation” or like expression; (b) the
singular shall include the plural and vice versa; (c) masculine, feminine and neuter pronouns and expressions shall be interchangeable,
(d) all references to “days” means “calendar days” unless expressly stated to be “business days,”
and (e) all references to dollars or $ are to United States dollars, whether or not so expressly stated.

 

11.9.
Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent
jurisdiction or are deemed unenforceable under then-current applicable law from time to time in effect during the Term hereof,
it is the intention of the Parties that such provision(s) be deemed to be severed from this Agreement and the remainder of this
Agreement shall not be affected thereby, The Parties hereto agree to renegotiate any such severed provision in good faith in order
to provide a reasonably acceptable, valid alternative to the severed provision, it being the intent of the Parties that the basic
purposes of this Agreement are to be effectuated.

 

11.10.
Status Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do
all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

11.11.
Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

[Remainder
of page intentionally left blank]

 

    	 	15	 

     

    

 

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

 

	NOVIMMUNE	 	TIZIANA
    LIFE SCIENCES
	 	 	 
	/s/
    Eduard E. Holdener	 	/s/
    Gabriele Cerrone
	Eduard
    E. Holdener, MD	 	Gabriele
    Cerrone
	Executive
    Chairman	 	Executive
    Chairman

 

	/s/
    Jack Barbut	 
	Jack
    Barbut, ScD	 
	CEO	 

 

    	 	16	 

     

    

 

 

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