Document:

EX-10.15

 Exhibit 10.15 

FINAL 
 AMENDED AND RESTATED
EXCHANGE AGREEMENT 
 THIS AMENDED AND RESTATED EXCHANGE AGREEMENT (this “Agreement”) is entered into as of October 24,
2014 among: 
  

	(1)	VX PARTNERS INC., an Ontario corporation (“VX1 GP”); 

  

	(2)	VX2 GENERAL PARTNER INC., an Ontario corporation (“VX2 GP”) 

  

	(3)	VACCINEX PRODUCTS, LP, a Delaware limited partnership (“LP”); 

  

	(4)	VACCINEX, INC., a Delaware corporation (“Vaccinex”); 

  

	(5)	FCMI FINANCIAL CORPORATION, an Ontario corporation (“FCMI”); 

  

	(6)	FCMI PARENT CO., a Nova Scotia Unlimited Liability Company (“FCMI Parent”). 

Each of the above are referred to herein individually, as a “Party,” and collectively, as the “Parties.” 

WHEREAS certain of the Parties, together with VX Limited Partnership, an Ontario limited partnership (“VX LP”), VX Therapeutics
Limited Partnership, a Delaware limited partnership (“VX1”), Vaccinex Products, LLC, a Delaware limited liability company (“Vaccinex Sub”), and FEZ Financial Corporation, an Ontario corporation, entered into a
certain Exchange Agreement, dated as of June 18, 2012 (the “Prior Agreement”); 
 AND WHEREAS Vaccinex Sub merged with
and into Vaccinex with Vaccinex surviving such merger and Vaccinex succeeded to the rights of Vaccinex Sub under the Prior Agreement; 
 AND
WHEREAS VX LP was liquidated and dissolved and the units of limited partnership interest in VX1 held by VX LP were distributed to VX LP’s limited partners; 

AND WHEREAS VX2 Limited Partnership (“VX2 LP”) was liquidated and dissolved and the units of limited partnership interest in VX2
(Delaware) Limited Partnership (“VX2”) held by VX2 LP were distributed to VX2 LP’s limited partners; 
 AND WHEREAS
immediately prior to the execution and delivery of this Agreement, VX1 and VX2 consolidated, with LP resulting from such consolidation (the “Consolidation”); 

AND WHEREAS pursuant to the Consolidation, LP issued units of limited partnership interest (the “Units”) to the limited partners of
VX1 and VX2 (each such limited partner, other than Vaccinex, shall be an “Investor” hereunder for so long as such person holds Units); 

AND WHEREAS VX1 GP was the general partner of VX1 prior to the Consolidation, and VX2 GP was the general partner of VX2 prior to the Consolidation;

 AND WHEREAS following the Consolidation, Vaccinex is the general partner of LP and one of the limited partners of LP; 

 AND WHEREAS pursuant to the Prior Agreement, Vaccinex and the limited partners of VX LP had certain
exchange rights to cause the exchange of 3.4 units of limited partnership interest of VX LP for 1 Vaccinex Share (as defined below); 
 AND
WHEREAS prior to the Consolidation, VX1 and VX2 effected a reverse unit split such that following the Consolidation, the number of Units held by the Investors in the aggregate is equal to the number of Vaccinex Shares issuable in the aggregate
under this Agreement; 
 AND WHEREAS that certain Agreement and Omnibus Amendment dated as of June 18, 2012 (“Omnibus
Amendment”), entered into by certain of the Parties, was terminated pursuant to the Consolidation; 
 AND WHEREAS VX1 GP and VX2 GP
are entering into this agreement as agent on behalf of the Investors and, in connection with approving the Consolidation, the Investors approved this Agreement; 

AND WHEREAS pursuant to Section 18 of the Prior Agreement, the Prior Agreement may be amended by the written agreement of Vaccinex and VX GP;

 AND WHEREAS in connection with the Consolidation and the termination of the Omnibus Amendment, all of the Parties agree to amend and restate
the Prior Agreement to provide the Investors and Vaccinex the right to exchange, or cause the exchange, of Units for Vaccinex Shares on the terms and subject to the conditions herein. 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the Parties hereby agree to amend and restate the Prior Agreement in its entirety as follows: 
  

	1.	As used herein, the following terms have the following meanings: 

  

	    	“Exchange” means the transfer by an Investor to Vaccinex of the number of Units in exchange for a number of Vaccinex Shares calculated pursuant to the Exchange Ratio. As of the date hereof, the
Investors hold an aggregate of 12,025,873 Units which are exchangeable hereunder for an aggregate of 12,025,873 Vaccinex Shares. 

  

	    	“Exchange Notice” means a notice, in substantially the form of Schedule A attached hereto, provided by or on behalf of an Investor to exercise such Investor’s Exchange Right.

  

	    	“Exchange Ratio” means 1 Vaccinex Share for every 1 Unit transferred pursuant to an Exchange (subject to appropriate adjustment in the event of any splits, dividends, combinations, subdivisions,
recapitalizations or the like, affecting the Units or Vaccinex Shares, in each case, following the date hereof, provided, however, that no such adjustment shall be made to effect any such event affecting the Vaccinex Shares to the extent that a
corresponding adjustment is made to all issued and outstanding Units prior to such Exchange under the terms of the LPA). 

  

	    	“Exchange Right” means the right of the Investors, FCMI and Vaccinex hereunder to initiate an Exchange. 

  

	    	“LPA” means the Agreement of Limited Partnership of LP, dated as of the date hereof, between Vaccinex and the Investors. 

 

	    	“Vaccinex Shares” means shares of authorized common stock, par value $0.0001 per share, of Vaccinex. 

  
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	2.	In the event of a request of an Investor made to Vaccinex to exercise such Investor’s Exchange Right in respect of all but not less than all of that Investor’s Units (“Exchange Units”):

  

	 	(a)	Such Investor will transfer to Vaccinex the Exchange Units, or such transfer may be effected by Vaccinex, pursuant to the power of attorney granted by such Investor to Vaccinex as general partner of LP under the limited
partnership agreement of LP; 

  

	 	(b)	Vaccinex will issue to such Investor the number of Vaccinex Shares as determined by the Exchange Ratio in exchange for such Exchange Units. 

 

	    	The right of Investors to exercise an Exchange Right is expressly limited to those Units held by the Investors as of the date hereof (subject to appropriate adjustment in the event of any splits, dividends,
combinations, subdivisions, recapitalizations or the like, affecting the Units following the date hereof), which Units are set forth on Schedule B to the LPA as of the date hereof. 

 

	3.	Without limiting Section 2, in the event of a request of FCMI made to Vaccinex to exercise FCMI’s Exchange Right in respect of all but not less than all of FCMI’s Units: 

 

	 	(a)	Each Investor, including FCMI, will transfer to Vaccinex all but not less than all of that Investor’s Units, or such transfer may be effected by Vaccinex, pursuant to the power of attorney granted by such Investor
to Vaccinex as general partner of LP under the limited partnership agreement of LP; 

  

	 	(b)	Vaccinex will issue to each Investor, including FCMI, the number of Vaccinex Shares as determined by the Exchange Ratio in exchange for such Investor’s Units. 

 

	4.	Vaccinex may exercise the Exchange Right at its option, at any time, so as to result in the transfer of all but not less than all of the then-outstanding Units to Vaccinex in any of the following circumstances:

  

	 	(a)	upon or in connection with the completion of such Exchange, Vaccinex distributes an amount of cash to the Investors, in the case of FCMI, equal to 15% and, in the case of all other Investors, equal to 23%, in each case,
of the fair market value of the Vaccinex Shares delivered pursuant to such Exchange, as such fair market value is reasonably determined in good faith by the Board of Directors of Vaccinex (without limitation, such cash may be made available as a
cash distribution or through the purchase or repurchase of Vaccinex Shares or Units held by or issuable to the Investors); 

  

	 	(b)	Vaccinex has entered into (including by entering into definitive documents related thereto) a transaction such as a sale, merger or consolidation such that Vaccinex Shares are or will be sold or, exchanged for cash
and/or marketable securities; 

  

	 	(c)	At any time on or after the fifth anniversary of the date hereof; and 

  

	 	(d)	Vaccinex or LP has entered into (including by entering into definitive documents related thereto) a licensing, partnering or similar transaction, including a product sale or option to enter into the foregoing, with
respect to one or more of the products and indications licensed to LP by Vaccinex, and all amounts then due and owing to LP in connection with such transaction have been paid to LP; provided, that Vaccinex will use its commercially reasonable
efforts to structure the transaction, or enter into such related transactions, such that the Investors are either able to defer tax liabilities, to the extent permitted by law, or to monetize a portion of their Units or Vaccinex Shares so as to
defray any taxes arising as a result of the transaction, in each case, in accordance with applicable law. 

  
 - 3 - 

	    	For the avoidance of doubt, (i) following the consummation of an Exchange in accordance with this Agreement with respect to all Units, other than as a holder of Vaccinex Shares, if applicable, neither LP nor the
Investors shall have a right to receive proceeds of such transaction paid to Vaccinex or LP following the consummation of such Exchange, (ii) the Parties agree and acknowledge that nothing contained in this Agreement shall require Vaccinex or
LP to obtain the consent of any Party hereto in order to enter into or consummate any such transaction. 

  

	5.	In the event either an Investor, FCMI or Vaccinex exercise their Exchange Right hereunder, each Investor, FCMI and Vaccinex shall take all steps necessary to effect the applicable Exchange on the terms and conditions
contained herein, including by taking any action reasonably requested by Vaccinex with respect to the transfer of Units. 

  

	6.	Vaccinex Shares issued in connection with an Exchange shall be issued in accordance with the registration instructions set forth in the Exchange Notice, in the absence of which they shall be issued in the name of the
applicable Investor. 

  

	7.	Notwithstanding anything herein to the contrary, if applicable, no fractional Vaccinex Shares shall be issuable upon exercise of the Exchange Right or in connection with an Exchange. If applicable, the number of
Vaccinex Shares to be issued shall be rounded down to the nearest whole number of Vaccinex Shares. 

  

	8.	Prior to the consummation of an applicable Exchange in accordance with this Agreement, no Investor shall have any rights of a holder of Vaccinex Shares, or otherwise as a stockholder of Vaccinex, including, without
limitation, the right to vote on any matter presented to the stockholders of Vaccinex or receive any dividends or distributions on Vaccinex Shares or other shares of Vaccinex stock. Following the consummation of an applicable Exchange in accordance
with this Agreement, the Investors shall not have any rights as a holder of Units, including, without limitation, with respect to the management of LP, any distribution made to the holders of Units or any other interest in LP. 

 

	9.	Vaccinex shall reserve and keep available during the term of this Agreement, out of its authorized and unissued shares of common stock, that number of Vaccinex Shares that will from time to time be sufficient to permit
the exercise in full of the Exchange Right. If in connection with the exercise of an Exchange Right, Vaccinex does not have sufficient authorized and unissued Vaccinex Shares to permit the exercise in full of the Exchange Right, Vaccinex will
promptly take such actions as are reasonably necessary to authorize additional Vaccinex Shares to permit the exercise in full of the Exchange Right, subject to applicable laws and the rights of Vaccinex stockholders. 

 

	10.	The Parties hereby represent and warrant to each other as follows: 

  

	 	(a)	Such Party has the full corporate or limited partnership power and authority, as applicable, to execute and deliver this Agreement and to carry out the transactions contemplated hereby; 

 

	 	(b)	The execution and delivery of, and performance by such Party under, this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate or limited partnership
action, as applicable, on the part of such Party and LP; 

  
 - 4 - 

	 	(c)	Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will (i) violate any provision of the organizational documents of such Party, (ii) violate any
provision of applicable law binding on such Party, or (iii) conflict with, result in a breach of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any material contract binding
on such Party; 

  

	 	(d)	Schedule A to the LPA sets forth the true, correct and complete capitalization of LP, including all issued and outstanding Units and the holders thereof, and there are no holders of equity interests in or other
securities of LP except for the Investors (all of whom are set forth on such Schedule A) and the general partnership interest and limited partnership interest of Vaccinex; and 

 

	 	(e)	Except for the Units set forth on Schedule A to the LPA, there are no outstanding units or other partnership interests in LP, or options, warrants, rights (including conversion or preemptive rights and rights of first
refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from LP any units or partnership interests, or any securities convertible into or exchangeable for units or partnership interests of LP. 

 

	11.	Vaccinex and LP hereby represent and warrant to VX GP and VX LP as follows: 

  

	 	(a)	Each of Vaccinex and LP have the full corporate or limited liability company power and authority, as applicable, to execute and deliver this Agreement and to carry out the transactions contemplated hereby;

  

	 	(b)	The execution and delivery of, and performance by Vaccinex and LP under, this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate or limited
liability company action, as applicable, on the part of Vaccinex and LP, and no other corporate or limited liability company proceedings, as applicable, are necessary to authorize this Agreement and the transactions contemplated hereby;

  

	 	(c)	Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will (i) violate any provision of the organizational documents of Vaccinex or LP, or
(ii) violate any provision of applicable law binding on such Party; and 

  

	 	(d)	All Vaccinex Shares which may be issued upon an Exchange hereunder shall, upon issuance in accordance with this Agreement, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and
encumbrances except as may be provided herein, restrictions under applicable federal and state securities laws, the certificate of incorporation of Vaccinex, as then in effect, or the Stockholders Agreements (as defined below) if then in effect, and
for such liens and encumbrances as may be created by an Investor. 

  

	12.	Each Party acknowledges that the Omnibus Amendment has been terminated in connection with the Consolidation. 

  
 - 5 - 

	13.	Vaccinex may not unreasonably withhold its consent from any proposed transfer of Units to any person or entity which is not an Investor as of the date hereof (as reflected on Schedule A to the LPA as of the date
hereof), and any holder of Units may, without the prior written consent of Vaccinex, transfer Units for bona fide estate planning purposes, either during or after such holder’s lifetime or upon death by will or intestacy, to his or her spouse,
child (natural or adopted), or any other direct lineal descendant of such holder (or of his or her spouse) (all of the foregoing collectively referred to as “Family Members”), or any custodian or trustee of any trust, partnership or
limited liability company for the benefit of, or the ownership interests of which are owned wholly by, such holder or any such family members; provided, that (i) such holder shall deliver prior written notice to Vaccinex of such transfer,
(ii) such Units and such transferee(s) shall remain subject to the terms of this Agreement; and (iii) such transfer shall be permitted by applicable law. 

 

	14.	The obligations of Vaccinex to issue Vaccinex Shares and the rights of any holder of Units to receive Vaccinex Shares hereunder in connection with an Exchange are expressly subject to the execution and delivery by any
recipient of Vaccinex Shares (including Investors, as applicable) of joinders or counter-part signature pages to all stockholders agreements binding on holders of Vaccinex Shares and such other documents or instruments as may be reasonably requested
by Vaccinex, which may include transfer instruments with respect to the Units, transfer restrictions applicable to other holders of Vaccinex Shares, representations and warranties of such recipient regarding their ownership of the Units and/or the
Vaccinex Shares or as may be necessary or advisable under United States federal and state securities laws (the “Stockholders Agreements”). 

  

	15.	The undersigned Parties agree that, notwithstanding Section 19(b) of the Prior Agreement, this Agreement shall amend, supersede and replace the Prior Agreement in all respects and this Agreement represents the
entire understanding between the Parties with respect to the subject matter contained herein and supersedes all prior understandings and agreements, whether oral or written, including the Prior Agreement, among the Parties with respect to the
subject matter contained herein. 

  

	16.	This Agreement shall be effective as of the date first written above upon the execution and delivery hereof by each Party hereto. 

  

	17.	This Agreement may be amended by mutual written agreement of Vaccinex and FCMI. 

  

	18.	This Agreement may be terminated by mutual written agreement of Vaccinex and FCMI, and shall automatically terminate upon (a) the consummation of the Exchange with respect to all Units or (b) upon FCMI’s
prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), a merger or consolidation of LP with or into Vaccinex or any of its direct or indirect subsidiaries or controlled affiliates. 

 

	19.	Any notice, consent, waiver or other communication given under this Agreement must be in writing and may be given by delivering it or sending it by confirmed email addressed: 

 

	 	(a)	to Vaccinex: 

  

	 	Attention:	Maurice Zauderer 

	 	Email:	mzauderer@vaccinex.com 

  

	 	with	a copy (which shall not constitute notice) to: 

  

	 	Attention:	Asher M. Rubin 

	 	Email:	asher.rubin@hoganlovells.com 

  
 - 6 - 

	 	(b)	to LP: 

  

	 	Attention:	Maurice Zauderer 

	 	Email:	mzauderer@vaccinex.com 

  

	 	with	a copy (which shall not constitute notice) to: 

  

	 	Attention:	Asher M. Rubin 

	 	Email:	asher.rubin@hoganlovells.com 

  

	 	(c)	to FCMI or FCMI Parent: 

  

	 	Attention:	Dan Scheiner 

  

	 	with	a copy (which shall not constitute notice) to: 

  

	 	Attention:	Ronald Rutman 

  

	 	    	Any such communication is deemed to have been delivered on the date of confirmed transmission, unless that day is not a business day in Canada or in the United States or if such confirmed transmission is not received
during normal business hours of the recipient, in which event it will be deemed delivered on the next following business day. Any Party may change its email address for service by notice given in accordance with the foregoing and any subsequent
notice must be sent to such Party at its changed email address. 

  

	20.	None of the Parties shall sell, transfer or assign (including by operation of law) its interest in this Agreement without (a) providing reasonable prior written notice to the other Parties, and (b) subject to
Section 13, obtaining the prior written consent of Vaccinex. Any transfer or assignment not permitted under this section shall be null and void and of no effect whatsoever. 

 

	21.	The provisions hereof shall inure to the benefit of the Parties and their respective successors and permitted assigns. 

  

	22.	Nothing in this Agreement, express or implied, is intended to confer upon any person other than the Parties hereto or their respective successors and permitted assigns and the Investors any rights, remedies,
obligations, or liabilities under or by reason of this Agreement. 

  

	23.	Without limiting anything else contained herein, the Parties shall do or cause to be done all such reasonable acts and things as may be necessary, proper, or advisable, consistent with all applicable laws, to consummate
and make effective the transactions contemplated hereby on the terms and subject to the conditions contained herein. Without limiting the foregoing, each Party shall use its commercially reasonable efforts, and the other Parties shall cooperate with
such efforts, to (a) execute and deliver, or cause to be executed and delivered, such further documents and instruments, including tax certifications and documents, in each case as may be necessary or proper in the reasonable judgment of
Vaccinex, to carry out the provisions and purposes of this Agreement and to comply with applicable legal requirements and (b) obtain any consents, approvals or authorization, or effect the notification of or filing with, each person, whether
private or governmental, whose consent or approval is required in order to permit the consummation of the transactions contemplated hereby on the terms and subject to the conditions contained herein. 

  
 - 7 - 

	24.	The construction and performance of this Agreement shall be governed by the laws of the State of Delaware. 

  

	25.	This Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument. This Agreement may be executed through delivery
of duly executed signature pages by facsimile or electronic mail. 

 [signature pages follow] 

  
 - 8 - 

 IN WITNESS WHEREOF the Parties have executed this Amended and Restated Exchange Agreement
as of the date first above written. 
  

							
		 		 	 LP
  

By: Vaccinex, Inc., its general partner

				
		 		 	By:	 	/s/ Maurice Zauderer
		 		 		 	Name: Maurice Zauderer
		 		 		 	Title: President and Chief Executive Officer

  
 - 9 - 

 IN WITNESS WHEREOF the Parties have executed this Amended and Restated Exchange Agreement
as of the date first above written. 
  

							
		 		 	VACCINEX, INC.
				
		 		 	By:	 	/s/ Maurice Zauderer
		 		 		 	Name: Maurice Zauderer
		 		 		 	Title: President and Chief Executive Officer

  
 - 10 - 

 IN WITNESS WHEREOF the Parties have executed this Amended and Restated Exchange Agreement
as of the date first above written. 
  

							
		 		 	VX PARTNERS INC.
				
		 		 	By:	 	/s/ Richard Sutin
		 		 		 	Name: Richard Sutin
		 		 		 	Title: Director

  

							
		 		 	VX2 GENERAL PARTNER INC.
				
		 		 	By:	 	/s/ Richard Sutin
		 		 		 	Name: Richard Sutin
		 		 		 	Title: Director

  
 - 11 - 

 IN WITNESS WHEREOF the Parties have executed this Amended and Restated Exchange Agreement
as of the date first above written. 
  

							
		 		 	FCMI FINANCIAL CORPORATION
				
		 		 	By:	 	/s/ Dan Scheiner
		 		 		 	Name: Dan Scheiner
		 		 		 	Title: V.P.

  

							
		 		 	FMCI PARENT CO.
				
		 		 	By:	 	/s/ Dan Scheiner
		 		 		 	Name: Dan Scheiner
		 		 		 	Title: V.P.

  
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 SCHEDULE A 

EXCHANGE NOTICE 
 See attached. 

  
 - 13 - 

 EXCHANGE NOTICE 

Vaccinex, Inc. 
 1895 Mt. Hope Avenue 

Rochester, NY 14620 
  

	1.	The undersigned hereby irrevocably elects to exercise its Exchange Right in respect of all but not less than all of its Units. 

  

	2.	Please issue a certificate or certificates representing the Vaccinex Shares issuable upon the exchange of such Units in the name of the undersigned or in such other name as is specified below: 

 
  
  

 
  

 
 (please print name and address above) 

 

	3.	The undersigned represents it is acquiring the Vaccinex Shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with
applicable securities laws. 

  

	4.	Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Amended and Restated Exchange Agreement, dated October 24, 2014, among Vaccinex, Inc., VX Partners Inc., VX2
General Partners Inc., Vaccinex Products, LP, FCMI Financial Corporation, and FCMI Parent Co. 

  

 
  

[INVESTOR’S NAME] 
  

 
  

Date: 

  
 - 14 -EX-10.16

 Exhibit 10.16 

[***] INDICATES MATERIAL THAT WAS OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Execution Copy 

CLINICAL TRIAL COLLABORATION AND SUPPLY AGREEMENT 

This CLINICAL TRIAL COLLABORATION AND SUPPLY AGREEMENT (this “Agreement”), made as of October 4, 2016 (the
“Effective Date”), is by and between Ares Trading S.A., Z.I de l’Ouriettaz, CH-1170 Aubonne, Switzerland (“Merck”), and Vaccinex, Inc., having a place of business at 1895 Mt. Hope Avenue, Rochester, NY 14620
(“Vaccinex”). Merck and Vaccinex are each referred to herein individually as “Party” and collectively as “Parties”. 

RECITALS 
 A. Merck is
developing Merck Compound (as defined below) for the treatment of certain tumor types. 
 B. Vaccinex is developing the Vaccinex Compound (as
defined below) for the treatment of certain tumor types. 
 C. Vaccinex desires to sponsor a clinical trial in which the Vaccinex Compound
and Merck Compound would be dosed concurrently or in combination. 
 D. Merck and Vaccinex, consistent with the terms of this Agreement,
desire to collaborate as more fully described herein, including by providing Merck Compound and the Vaccinex Compound for the Study (as defined below). 

NOW, THEREFORE, in consideration of the premises and of the following mutual promises, covenants and conditions, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound, mutually agree as follows: 
 1. Definitions. 

For all purposes of this Agreement, the capitalized terms defined in this Article 1 and throughout this Agreement shall have the meanings herein specified.

 1.1 “Affiliate” means, with respect to either Party, a firm, corporation or other entity which directly or
indirectly owns or controls said Party, or is owned or controlled by said Party, or is under common ownership or control with said Party. For purposes of this definition, the word “control” means (i) the direct or indirect
ownership of fifty percent (50%) or more of the outstanding voting securities of a legal entity, or (ii) possession, directly or indirectly, of the power to direct the management or policies of a legal entity, whether through the ownership
of voting securities, contract rights, voting rights, corporate governance or otherwise. For clarity, Ares Trading S.A. is a wholly owned Affiliate of Merck KGaA. 

1.2 “Agreement” means this agreement, as amended by the Parties from time to time, and as set forth in the preamble. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 1.3 “Applicable Law” means all international, federal, state, local,
national and regional statutes, laws, rules, regulations and directives applicable to a particular activity hereunder, including performance of clinical trials, medical treatment and the processing and protection of personal and medical data, that
may be in effect from time to time, including those promulgated by the United States Food and Drug Administration (“FDA”), state and national regulatory authorities, the European Medicines Agency (“EMA”) and any
successor agency to the FDA or EMA or any agency or authority performing some or all of the functions of the FDA or EMA in any jurisdiction outside the United States or the European Union (each a “Regulatory Authority” and
collectively, “Regulatory Authorities”), and including without limitation cGMP and GCP (each as defined below); all data protection requirements such as those specified in the EU Data Protection Directive and the regulations issued
under the United States Health Insurance Portability and Accountability Act of 1996, as amended (“HIPAA”); export control and economic sanctions regulations which prohibit the shipment of United States-origin products and technology
to certain restricted countries, entities and individuals; anti-bribery and anticorruption laws pertaining to interactions with government agents, officials and representatives; laws and regulations governing payments to healthcare providers; and
any United States or other country’s or jurisdiction’s successor or replacement statutes, laws, rules, regulations and directives relating to the foregoing. 

1.4 “Business Day” means any day other than a Saturday, Sunday or any public holiday in the country where the
applicable obligations are to be performed. 
 1.5 “Calendar Quarter” means a three-month period beginning on
January, April, July or October 1st. 
 1.6 “Calendar Year” means a one-year period beginning on January 1st and
ending on December 31st. 
 1.7 “cGMP” means the current Good Manufacturing Practices officially published and
interpreted by EMA, FDA and other applicable Regulatory Authorities that may be in effect from time to time and are applicable to the Manufacture of the Compounds. 

1.8 “Change of Control” means, with respect to a Party, a transaction with a Third Party(ies) involving (a) the
acquisition, merger or consolidation, directly or indirectly, of such Party, and, immediately following the consummation of such transaction, the shareholders of such Party immediately prior thereto hold, directly or indirectly, as applicable,
shares of capital stock of the surviving company representing less than fifty percent (50%) of the outstanding shares of such surviving or continuing company, (b) the sale of all or substantially all of the assets or business of such
Party, or (c) an unaffiliated person, or group of unaffiliated persons acting in concert, acquire more than fifty percent (50%) of the voting equity securities or management control of such Party. Notwithstanding the foregoing, a Change of
Control of Vaccinex shall not be deemed to have occurred as a result of an initial public offering of Vaccinex equity securities, or any follow-on offering of Vaccinex equity securities. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 2 

 1.9 “Clinical Data” means all data (including raw data) and results
generated under the Study which are to be shared between Merck and Vaccinex, as set forth in the Data Sharing and Sample Testing Schedule; excluding, however, Sample Testing Results. 

1.10 “Clinical Quality Agreements” means that certain clinical quality assurance agreement on customary terms to be
mutually agreed as negotiated in good faith and entered into by the Parties in conjunction herewith within forty-five (45) days following the Effective Date, as such agreement may be amended from time to time. 

1.11 “CMC” means Chemistry Manufacturing and Controls. 

1.12 “Combination” means the use or method of using Merck Compound and the Vaccinex Compound in concomitant or
sequential administration. 
 1.13 “Compounds” means Merck Compound and the Vaccinex Compound. A
“Compound” means either Merck Compound or the Vaccinex Compound, as applicable. 
 1.14 “Confidential
Information” means any information, Know-How or other proprietary information or materials furnished to one Party by the other Party pursuant to this Agreement, except to the extent that such information or materials: (a) was already
known to the receiving Party, other than under an obligation of confidentiality, at the time of disclosure by the other Party, as demonstrated by competent evidence; (b) was generally available to the public or otherwise part of the public
domain at the time of its disclosure to the receiving Party; (c) became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of
this Agreement; (d) was disclosed to the receiving Party by a Third Party who had no obligation to the disclosing Party not to disclose such information to others; or (e) was subsequently developed by the receiving Party without use of the
Confidential Information, as demonstrated by competent evidence. 
 1.15 “Continuing Party” has the meaning set forth
in Section 10.1.2. 
 1.16 “CTA” means an application to a Regulatory Authority for purposes of requesting the
ability to start or continue a clinical trial, which CTA may consist of, or include, an IND or IMPD, as applicable. 
 1.17
“Data Sharing and Sample Testing Schedule” means the schedule describing each Party’s data sharing and sample testing obligations to the other Party, with respect to Clinical Data and Sample Testing Results, which shall be
finalized in writing by mutual agreement of the Parties prior to the enrollment of the first patient in the Study. 
 1.18
“Defending Party” has the meaning set forth in Section 14.2.3. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 3 

 1.19 “Delivery” has the meaning set forth in Section 8.3.1 with respect to
Merck Compound. 
 1.20 “DEP Period Completion” means the completion of the dose-escalating or Phase 1b portion of
the Study in accordance with the Protocol Summary in Appendix A and the final Protocol. 
 1.21 “Direct Manufacturing
Cost” shall include the sum of manufacturing fees; raw materials; direct labor; quality, release and in-process control costs; charges for reasonable spoilage, scrap or rework costs; freight and duty, and 

factory overhead costs that can be directly attributed to such Compound, including but not limited to equipment maintenance and repair,
supplies, ongoing stability program costs, other plant services, indirect labor and depreciation on direct capital assets. 
 1.22
“Disposition Package” has the meaning set forth in Section 8.7.1. 
 1.23 “Dispute” has the meaning
set forth in Section 21.1. 
 1.24 “Effective Date” has the meaning set forth in the preamble. 

1.25 “EMA” has the meaning set forth in the definition of Applicable Law. 

1.26 “FDA” has the meaning set forth in the definition of Applicable Law. 

1.27 “First Press Release” has the meaning set forth in Section 12.1. 

1.28 “Force Majeure” has the meaning set forth in Section 16. 

1.29 “GCP” means the Good Clinical Practices officially published by EMA, FDA and the International Conference on
Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH) that may be in effect from time to time and are applicable to the testing of the Compounds. 

1.30 “Government Official” means: (a) any officer or employee of a government or any department, agency or instrument of
a government; (b) any person acting in an official capacity for or on behalf of a government or any department, agency, or instrument of a government; (c) any officer or employee of a company or business owned in whole or part by a
government; (d) any officer or employee of a public international organization such as the World Bank or United Nations; (e) any officer or employee of a political party or any person acting in an official capacity on behalf of a political
party; and/or (f) any candidate for political office; who, when such Government Official is acting in an official capacity, or in an official decision-making role, has responsibility for performing regulatory inspections, government
authorizations or licenses, or otherwise has the capacity to make decisions with the potential to affect the business of either of the Parties. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 4 

 1.31 “HIPAA” has the meaning set forth in the definition of Applicable
Law. 
 1.32 “IMPD” means an Investigational Medicinal Product Dossier which includes all data required by Regulatory
Authorities in the European Union for the performance of clinical trials in one or more European Union member states. 
 1.33
“IND” means the Investigational New Drug Application filed or to be filed with the FDA as described in Title 21 of the U.S. Code of Federal Regulations, Part 312, and the equivalent application in the jurisdictions outside the
United States. 
 1.34 “Indication” means a generally acknowledged and clinically recognized form of a disease
or condition, a significant manifestation of a disease or condition, symptoms associated with a form of a disease or condition, or a risk for a form of a disease or condition, in each case, for which a separate Regulatory Approval or a supplement
thereto is filed, or is required to be filed, prior to sale, and which covers a separate distinct disease area (including a different stage, line of therapy, patient population or subpopulation, or other qualifying criterion within a disease or
condition). 
  

	1.35	“Indirect Manufacturing Costs” shall include allocations of indirect factory overhead and site support costs, including but not limited to utilities, quality, planning, engineering, maintenance, safety,
site science and technology, and depreciation on indirect capital assets, procurement, warehousing, and corporate services; shipping costs; all costs incurred by a Party in connection with audits conducted pursuant to the Clinical Quality
Agreements; any non-refundable or non-creditable indirect taxes, customs and excise duties, or similar taxes paid or payable by any Third Party or Affiliate in relation to the Manufacture of any portion of such Compound. Allocations shall be based
on such Compound’s utilization relative to a manufacturing site’s total activity. 

 1.36
“Inventions” means all inventions and discoveries (a) which are made or conceived in the design or performance of the Study and/or (b) which are made or conceived by a Party through use of (i) the Clinical Data and/or
Sample Testing Results and/or (ii) the Confidential Information of the other Party. 
 1.37 “Joint Combination Study
Committee” or “JCSC” has the meaning set forth in Section 3.9. 
 1.38 “Jointly Owned Invention” has the
meaning set forth in Section 10.1.1. 
 1.39 “Joint Patent Application” has the meaning set forth in
Section 10.1.2. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 5 

 1.40 “Joint Patent” means a patent that issues from a Joint Patent
Application. 
 1.41 “Know-How” means any proprietary invention, innovation, improvement, development, discovery,
computer program, device, trade secret, method, know-how, process, technique or the like, including manufacturing, use, process, structural, operational and other data and information, whether or not written or otherwise fixed in any form or medium,
regardless of the media on which contained and whether or not patentable or copyrightable, that is not generally known or otherwise in the public domain. 

1.42 “Liability” has the meaning set forth in Section 14.2.1. 

1.43 “Lead Prosecuting Party” has the meaning set forth in Section 10.1.2. 

1.44 “Manager” has the meaning set forth in Section 3.8. 

1.45 “Manufacture,” “Manufactured,” or “Manufacturing” means all stages of the manufacture
of a Compound, including planning, purchasing, manufacture, processing, compounding, storage, filling, packaging, waste disposal, labeling, leafleting, testing, quality assurance, sample retention, stability testing, release, dispatch and supply, as
applicable. 
 1.46 “Manufacturer’s Release” or “Release” has the meaning ascribed to such term
in the Clinical Quality Agreements. 
 1.47 “Manufacturing Cost” shall mean the Direct Manufacturing Costs and the
Indirect Manufacturing Costs, on a per vial basis. 
 1.48 “Manufacturing Site” means the facilities where a
Compound is Manufactured by or on behalf of a Party, as such Manufacturing Site may change from time to time in accordance with Section 8.6 (Changes to Manufacturing). 

1.49 “Merck” has the meaning set forth in the preamble. 

1.50 “Merck Class Compound” means any small or large molecule that inhibits PD-1 or PD-L1 activity, including an
anti-PD-L1 (programmed death-ligand 1) monoclonal antibody and any other antibody that blocks binding of PD-L1 to PD-1, and any formulations thereof. 

1.51 “Merck Compound” means the antibody known as MSB0010718C referred to by Merck as “avelumab”. 

1.52 “Merck Compound Inventions” has the meaning set forth in Section 10.3. 

1.53 “Merck Liability” has the meaning set forth in Section 14.2.2. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 6 

 1.54 “Non-Conformance” means, with respect to a given unit of Compound,
an event that deviates from an approved cGMP requirement with respect to the applicable Compound, such as a procedure, Specification, or operating parameter (including shelf life as specified in Section 8.2 and the applicable Specifications),
or that requires an investigation to assess impact to the quality of the applicable Compound. Classification of the Non-Conformance is detailed in the Clinical Quality Agreements. 

1.55 “Other Party” has the meaning set forth in Section 14.2.3. 

1.56 “Opting-out Party” has the meaning set forth in Section 10.1.2. 

1.57 “Party” has the meaning set forth in the preamble. 

1.58 “Payer” has the meaning set forth in Section 8.17. 

1.59 “Payee” has the meaning set forth in Section 8.17. 

1.60 “Payments” has the meaning set forth in Section 8.17. 

1.61 “Permitted Use” means, with respect to a Party (i) seeking Regulatory Approval for the use of its respective
Compound in the Combination; (ii) filing and prosecuting patent applications for Joint Inventions and enforcing any resulting patents, in each case, in accordance with Article 10; and/or (iii) to the extent such disclosure is required by a
Regulatory Authority or otherwise under Applicable Law, in which case, the disclosing Party shall provide reasonable advance notice to the other Party before making such disclosure and, at the request of the other Party, cooperate with such other
Party in obtaining a protective order or similar relief that prevents or limits the scope of or delays such disclosure. 
 1.62
“Protocol” means the written documentation that describes the Study and sets forth specific activities to be performed as part of the Study conduct, a summary of which is attached hereto as Appendix A. 

1.63 “Regulatory Approvals” means any and all permissions (other than the Manufacturing approvals) required to be
obtained from Regulatory Authorities and any other competent authority for the development, registration, importation, and commercialization of a Compound in the United States, Europe or other applicable jurisdictions for use in humans. 

1.64 “Regulatory Authorities” has the meaning set forth in the definition of Applicable Law. 

1.65 “Related Agreements” means the Safety Data Exchange Agreement and the Clinical Quality Agreements. 

1.66 “Replacement Threshold” has the meaning set forth in Section 8.7.2(b). 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 7 

 1.67 “Safety Data Exchange Agreement” means that certain
pharmacovigilance agreement regarding the Compounds, on customary terms to be mutually agreed as negotiated in good faith and that shall be entered into by the Parties in conjunction herewith, within forty-five (45) days following the Effective
Date and in any case prior to the enrollment of the first patient in the Study, as such agreement may be amended from time to time. 

1.68 “Samples” means urine, blood and tissue samples from patients participating in the Study. 

1.69 “Sample Testing” means the analyses to be performed by each Party using the applicable Samples, as described in
the Data Sharing and Sample Testing Schedule. 
 1.70 “Sample Testing Results” means those results arising
from the Sample Testing which are to be shared between Merck and Vaccinex, as set forth in the Data Sharing and Sample Testing Schedule. 

1.71 “Specifications” means, with respect to a given Compound, the set of requirements for such Compound as set forth
in the Clinical Quality Agreements. 
 1.72 “Study” means Phase 1b/2 Study of VX15/2503 in combination with
avelumab in patients with advanced non-small cell lung cancer. 
 1.73 “Study Budget” has the meaning set forth in
Section 7.1. 
 1.74 “Study Completion” has the meaning set forth in Section 3.5. 

1.75 “Study Costs” means the total costs to be incurred by Vaccinex in connection with the Study as set forth in the
Study Budget attached hereto as Appendix C, as such Study Budget may be amended in accordance with this Agreement. 
 1.76
“Study Indication” means non-small cell lung cancer (NSCLC). 
 1.77 “Study Results” means the results
generated under the Study. 
 1.78 “Subcontractors” has the meaning set forth in Section 2.4. 

1.79 “Team Leader” has the meaning set forth in Section 3.8. 

1.80 “Term” has the meaning set forth in Section 6.1. 

1.81 “Termination Costs” has the meaning set forth in Section 6.13. 

1.82 “Territory” means anywhere in the world. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 8 

 1.83 “Third Party” means any person or entity other than Vaccinex, Merck or
their respective Affiliates. 
 1.84 “Vaccinex” has the meaning set forth in the preamble. 

1.85 “Vaccinex Class Compound” means any small or large molecule that inhibits Semaphorin 4D
(“SEMA4D”) activity, including an anti-SEMA4D mono-clonal antibody and any other small or large molecule that blocks binding of SEMA4D to its receptors, plexin-B1, plexin-B2 or CD72, and any formulations thereof. 

1.86 “Vaccinex Compound” means Vaccinex’s antibody known as VX15/2503. 

1.87 “Vaccinex Compound Inventions” has the meaning set forth in Section 

1.88 “Vaccinex Liability” has the meaning set forth in Section 14.2.1. 

2. Scope of the Agreement. 
 2.1 Each Party
shall contribute to the Study such resources as are reasonably necessary to fulfill its obligations set forth in this Agreement. 
 2.2 Each
Party agrees to act in good faith in performing its obligations under this Agreement and each Related Agreement, and shall notify the other Party as promptly as possible in the event of any Manufacturing delay that is likely to adversely affect
supply of its Compound as contemplated by this Agreement. 
 2.3 Each Party shall have the right to subcontract any portion of its
obligations hereunder to Third Party subcontractors (“Subcontractors”). Each Party shall remain solely and fully liable for the performance of its Subcontractors. Each Party shall ensure that each of its subcontractors performs its
obligations pursuant to the terms of this Agreement, including the Appendices attached hereto. For clarity, to the extent that a Party has an obligation under this Agreement to perform an action or to meet a standard, and such Party subcontracts
such obligation, such Party shall be responsible for any failure by such Party’s Subcontractor to perform the action or meet the standard. Each Party shall use reasonable efforts to obtain and maintain copies of documents relating to the
obligations performed by such Subcontractors that are held by or under the control of such Subcontractors and that are required to be provided to the other Party under this Agreement. 

2.4 This Agreement does not create any obligation on the part of Merck to provide Merck Compound for any activities other than the Study, nor
does it create any obligation on the part of Vaccinex to provide the Vaccinex Compound for any activities other than the Study. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
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 2.5 Subject to Section 3.10 below, nothing in this Agreement shall (i) prohibit either
Party from performing clinical studies other than the Study relating to its own Compound, either individually or in combination with any other compound or product, in any therapeutic area, or (ii) create an exclusive relationship between the
Parties with respect to any Compound. 
 3. Conduct of the Study. 

3.1 Notwithstanding anything to the contrary herein, Vaccinex shall act as the sponsor of the Study and shall own and hold the IND and/or CTA,
as applicable, for the Study; provided, however, that in no event shall Vaccinex file a separate IND or CTA for the Study unless required by Regulatory Authorities to do so. For clarity, the Parties anticipate that Vaccinex will conduct the Study
under Vaccinex’s current IND # [***] for the Vaccinex Compound. If a Regulatory Authority requests a separate IND or CTA for the Study the Parties will promptly meet and mutually agree on an approach to address such requirement. 

3.2 Vaccinex shall ensure that the Study is performed in accordance with this Agreement, the Protocol and all Applicable Law, including GCP.

 3.3 Vaccinex shall ensure that all directions from any Regulatory Authority and/or ethics committee with jurisdiction over the Study are
followed. Notwithstanding anything else herein to the contrary, Merck shall fully cooperate with Vaccinex to comply with such directions, including with respect to supply of Merck Compound. Vaccinex shall participate in and lead all discussions with
any Regulatory Authority regarding the Study, provided, however, that to the extent practicable (e.g. ad hoc conversations with Regulatory Authorities requiring an immediate response will be excluded) and if not prohibited by such Regulatory
Authority, Merck shall have the right (but no obligation) to have a representative participate in any discussions with a Regulatory Authority regarding matters related to the Study; provided further that the Parties acknowledge and agree that such
right does not apply to discussions regarding general Study matters that are solely related to the Vaccinex Compound. Each Party grants to the other Party a non-exclusive, nontransferable (except in connection with a permitted assignment, sublicense
or subcontract) “right of reference” (as defined in US FDA 21 CFR 314.3(b)), or similar “right of reference” as defined in applicable regulations in the relevant part of the Territory (only if possible, i.e., a CTA for the
respective Compound was already submitted to the local Health Authorities), with respect to Study Data and results related to Compounds, solely as necessary for the other Party to prepare, submit and maintain regulatory submissions in respect of the
Study related to the other Party’s Compound and Regulatory Approvals. In all other cases, where a “right of reference” is not possible, the Parties will promptly discuss in good faith and agree on how to provide the required
documentation for CTA of the Study. Further, each Party shall provide to the other a cross-reference letter or similar communication to the applicable Regulatory Authority to effectuate such right of reference in form and substance reasonably
requested by the other Party. Notwithstanding anything to the contrary in this Agreement, neither Party shall have any license, or right to access the other Party’s CMC data with respect to its Compound. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 10 

 3.4 Vaccinex shall maintain reports and all related documentation with respect to the Study in
good scientific manner and in compliance with Applicable Law. Each Party shall provide to the other all Study information and documentation (excluding information and documentation relating to the Sample Testing other than the Sample Testing Results
themselves) reasonably requested by such other Party to enable it to (i) comply with any of its legal and regulatory obligations, or any request by any Regulatory Authority, in each case, to the extent related to the Study or such Party’s
Compound, (ii) conduct the Sample Testing, (iii) satisfy any contractual obligation to a subcontractor engaged pursuant to Section 2.4 hereof, and (iv) in the case of Merck, determine whether the Study has been performed by
Vaccinex in accordance with this Agreement. 
 3.5 Each Party shall provide to the other Party copies of all Clinical Data to the extent
generated by such Party, in an agreed electronic form or other mutually agreeable alternate form, and on the timelines specified in the Data Sharing and Sample Testing Schedule (if applicable) or upon mutually agreeable timelines; provided, however,
that Clinical Data shall be provided to Merck no more than [***] or as otherwise mutually agreed by the Parties; and a complete copy of the Clinical Data shall be provided to Merck no later than [***]. Merck shall provide pharmacokinetics and
anti-drug antibody data regarding Merck Compound to Vaccinex no less than [***]. “Study Completion” shall be deemed to occur upon lock of the Study database in accordance with the Protocol. Vaccinex shall use commercially reasonable
efforts to ensure that all patient authorizations and consents required under HIPAA, the EU Data Protection Directive 95/46/EC or subsequent revised versions thereof or any other similar Applicable Law of the United States in connection with the
Study permit such sharing of Clinical Data with Merck. Vaccinex shall provide Samples to Merck as specified in the Protocol or as agreed to by the JCSC. Each Party shall use the Samples only for the Sample Testing and each Party shall be responsible
for conducting the Sample Testing as set forth on the Data Sharing and Sample Testing Schedule, including all expenses related thereto. Merck shall own all data arising from the Sample Testing conducted by or on behalf of Merck. Merck shall provide
to Vaccinex the Sample Testing Results for the Sample Testing conducted by or on behalf of Merck, in electronic form or other mutually agreeable alternate form, and on the timelines specified in the Data Sharing and Sample Testing Schedule or other
mutually agreed timelines. Likewise, Vaccinex shall own all data arising from the Sample Testing conducted by or on behalf of Vaccinex. Vaccinex shall provide to Merck the Sample Testing Results for the Sample Testing conducted by or on behalf of
Vaccinex, in electronic form or other mutually agreeable alternate form, and on the timelines specified in the Data Sharing and Sample Testing Schedule or other mutually agreed timelines. Except to the extent otherwise agreed in writing signed by
authorized representatives of each Party, prior to publication or other public disclosure permitted under this Agreement, each Party shall use or disclose the other Party’s Sample Testing Results only for the purposes of the Permitted Use. For
clarity, after the publication of a particular item of the other Party’s Sample Testing Results/Clinical Data in compliance with and as permitted under Section 12 of this Agreement, the Parties are permitted to use or disclose such
published information. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
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 3.6 All Clinical Data, including raw data and results, generated under this Agreement shall be
jointly owned by Vaccinex and Merck. It is understood and acknowledged by the Parties that each Party or the Parties together, at their sole discretion, shall have the right to use Clinical Data to obtain the original label or label changes for the
Compounds for the Study Indication as described in the Protocol. In such event, the Parties will enter into good faith negotiations to determine a regulatory submission strategy for the Compounds, and, at their sole discretion, cost sharing of the
next part of the Study and/or future study(ies) that may be needed for regulatory submission for the Compounds. Prior to the publication of a particular item of Clinical Data pursuant to Section 12 or other public disclosure permitted under
this Agreement or as otherwise agreed by the Parties, neither Party shall use or disclose such Clinical Data other than for the Permitted Use, except to the extent otherwise agreed in writing signed by authorized representatives of each Party. For
clarity, after the publication of a particular item of the other Party’s Sample Testing Results/Clinical Data in compliance with and as permitted under Section 12 of this Agreement, the Parties are permitted to use or disclose such
published information. 
 3.7 Joint Combination Study Committee. The Parties shall form a joint development team (the “Joint
Combination Study Committee” or “JCSC”), made up of an equal number of representatives of Merck and Vaccinex, which shall have the following responsibility for coordinating the following activities under, and pursuant to,
this Agreement: 
  

	 	•	 	Reviewing and approving the Study Protocol and changes thereto for the Compounds in accordance with Section 4.1 of this Agreement; 

 

	 	•	 	Discussing and overseeing regulatory related activities to ensure regulatory compliance and timely management of responses to any regulatory authority queries during regulatory review processes; 

 

	 	•	 	Approving publication strategies for Data arising out of the Study; 

  

	 	•	 	Facilitating the exchange of information in compliance with this Agreement in order to ensure that significant issues concerning adverse event information and safety issues are addressed consistently and in a timely
manner; 

  

	 	•	 	Approving amendment of Study Budget; 

  

	 	•	 	Approving any material deviations in the Study Costs from the original estimate that represent an aggregate increase or decrease of more than [***] between the actual Study Costs incurred and the estimated Study Costs
for such Calendar Quarter as set forth in the Study Budget; and 

  

	 	•	 	Reviewing and approving all Study reports in accordance with Section 3.9 and 12 of this Agreement. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 12 

 Merck and Vaccinex shall each designate a Team Leader (the “Team Leader”) who
shall be responsible for implementing and coordinating activities, and facilitating the exchange of scientific information between the Parties with respect to the Study. The JCSC shall be chaired by one of the Team Leaders. The JCSC chair shall
rotate in the following order: 2016 -2017 Vaccinex, 2018 Merck, 2019 Vaccinex. Other JCSC members will be selected by each Party with an equal number of representatives of Merck and Vaccinex. The JCSC shall meet as soon as practicable after the
Effective Date and then no less than twice yearly, and more often as reasonably considered necessary at the reasonable request of either Party, to provide an update on Study progress. Each Party shall be responsible for its expenses, including
travel costs incurred for attending meetings of the JCSC. The JCSC may meet in person or by means of teleconference, Internet conference, videoconference or other similar communications equipment. In the event the JCSC agrees to meet in person, the
geographical location of such meeting shall be decided by either Party at its own discretion rotating in the following order: 1st Vaccinex, 2nd
Merck, and then back to Vaccinex and the rotating order above-described. One week prior to any such meeting, the Vaccinex Team Leader shall provide an update in writing to Merck Team Leader, which update shall contain information about overall Study
progress, recruitment status, interim analysis (if results are available), final analysis and other information relevant to the conduct of the Study. Merck and Vaccinex will appoint a compliance representative who will be an ad-hoc member of the
JCSC and who will sign-off all JCSC meeting minutes. 
 Immediately after the Effective Date, Merck and Vaccinex shall each appoint a person
who possesses a general understanding of this Agreement and of matters relating to the development of the Compounds to act as manager (each a “Manager”), who shall oversee interactions between the Parties between meetings of the
JCSC. The role of Manager is to act as a key point of contact between the Parties to facilitate a successful collaboration hereunder and to facilitate a successful resolution of deadlocks or disputes that may arise hereunder. Managers shall attend
all JCSC meetings on an agenda driven basis and may bring to the attention of the JCSC any matters or issues either of them reasonably believes should be discussed, and shall have such other responsibilities as the Parties may mutually agree in
writing. Each Party may in its sole discretion replace its Manager at any time by notice in writing to the other Party. 
 In the event that
an issue arises and the Managers cannot or do not, after good faith efforts, reach agreement on such issue, the issue shall be elevated to the [***] of Merck (or his or her delegate) and the [***] for Vaccinex (or his or her delegate). 

3.8 Within [***], Vaccinex shall provide Merck with an electronic draft of the Study report for Merck to provide comments to Vaccinex. Vaccinex
shall consider in good faith any comments provided by Merck on the draft of the Study report, provided that such comments are received by Vaccinex within [***] after Merck’s receipt of such draft Study report. Vaccinex shall provide Merck with
the final version of the Study report promptly following such review and comment period of the draft Study report by Merck. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 13 

 3.9 Exclusivity until DEP Completion. 

(a) Commencing on the Effective Date and ending on DEP Completion, Vaccinex agrees that it shall not initiate, nor permit any Third Party to
initiate any clinical study in which the Vaccinex Compound is tested in humans in combination with any small or large molecule that inhibits PD-L1 activity directly, including an anti-PD-L1 (programmed death-ligand 1) mono-clonal antibody, for the
treatment of any Indication, without the express prior written consent of Merck. For the avoidance of doubt, such exclusivity does not apply to small or large molecules that inhibit activity of PD-1 directly, including an anti-PD-1 antibody. 

(b) Commencing on the Effective Date and ending on DEP Completion, Merck agrees that it shall not initiate, nor permit any Third Party to
initiate any clinical study in which the Merck Compound is tested in humans in combination with any small or large molecule that inhibits SEMA4D activity directly, including an anti-SEMA4D mono-clonal antibody, for the treatment of any Indication,
without the express prior written consent of Vaccinex. For the avoidance of doubt, such exclusivity does not apply to small or large molecules that inhibit activity of plexin-B1 directly, including an anti-plexin-B1 antibody. 

3.10 Exclusivity until Study Completion. 

(a) Commencing on the Effective Date and ending on the Study Completion, Vaccinex agrees that it shall not initiate, nor permit any Third Party
to initiate any clinical study, in which the Vaccinex Compound is tested in humans in combination with a Merck Class Compound other than the Merck Compound, for the treatment of the Study Indication, without the express prior written consent of
Merck. If Merck and Vaccinex agree to a Study which covers additional Indications other than the first Study Indication, then the foregoing exclusivity in favor of Merck shall apply to such additional Indication; provided, that Vaccinex has not
already initiated a combination study with another Merck Class Compound in that Indication. 
 (b) Commencing on the Effective Date and
ending on the Study Completion, Merck agrees that it shall not initiate, nor permit any Third Party to initiate any clinical study in which the Merck Compound is tested in humans in combination with a Vaccinex Class Compound other than the Vaccinex
Compound, for the treatment of the Study Indication, without the express prior written consent of Vaccinex. If Merck and Vaccinex agree to a Study which covers additional Indications other than the first Study Indication, then the foregoing
exclusivity in favor of Vaccinex shall apply to such additional Indication; provided, that Merck has not already initiated a combination study with another Vaccinex Class Compound in that Indication. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 14 

 3.11 Each Party acknowledges and agrees that the other Party may have present or future business
activities or opportunities, including business activities or opportunities with Third Parties, involving Merck Compound, in the case of Merck, or the Vaccinex Compound, in the case of Vaccinex, or other similar products, programs, technologies or
processes. Accordingly, but subject to Sections 3.10 and 3.11, each Party acknowledges and agrees that nothing in this Agreement shall be construed as a representation or inference that the other Party will not develop for itself, or enter into
business relationships with other Third Parties regarding, any products, programs, studies (including combination studies), technologies or processes that are similar to or that may compete with the Combination or any other product, program,
technology or process, provided that any unpublished Clinical Data, Sample Testing Results, Jointly Owned Inventions, and any other Confidential Information of the other Party is not used or disclosed in connection therewith in violation of Sections
3.6, 3.7, 9.1 or 10 (as applicable) of this Agreement. 
 3.12 Nothing in this Agreement shall prohibit or restrict a Party from licensing,
assigning or otherwise transferring to an Affiliate or Third Party its Compound and the related Clinical Data, Confidential Information, Sample Testing Results or Jointly Owned Inventions; provided, however, that in the case of any such license,
assignment or transfer, the licensee, assignee or transferee shall agree in writing to use such Clinical Data, Confidential Information, Sample Testing Results or Jointly Owned Inventions subject to the terms and conditions of this Agreement. 

4. Protocol and Related Documents. 
 4.1 A
summary of the initial Protocol, entitled “Phase 1b/2 Study of VX15/2503 in combination with avelumab in patients with advanced non-small cell lung cancer”, has been agreed to by the Parties as of the Effective Date, and is attached as
Appendix A. Vaccinex and Merck shall agree on the contents of the Protocol; any changes to the Protocol that would require the approval of a Regulatory Authority or Institutional Review Board shall require prior written approval of all Parties. The
contents of the Protocol and any proposed changes to the Protocol will be sent in writing to Merck’s Team Leader and Merck’s Manager. In the event that the Parties cannot agree in writing on the final Protocol, the matter shall be elevated
in accordance with Section 3.8 for final resolution. In the event that the Managers cannot reach agreement on changes or amendments to the Protocol after elevating the matter in accordance with Section 3.8, Vaccinex shall have the final
decision on any Protocol amendments solely related to the dosing of Vaccinex Compound, and Merck shall have the final decision on any Protocol amendments solely related to the dosing of Merck Compound. For clarity, Vaccinex may implement any change
to the Protocol that would not require the approval of a Regulatory Authority or Institutional Review Board; provided, that Vaccinex gives prompt notice thereof to Merck. 

4.2 Vaccinex shall prepare the patient informed consent forms for the Study (which shall include any required consent for the Sample Testing
and sharing of patient data with Merck) in consultation with Merck (it being understood and agreed that the portion of the informed consent form relating to Merck Compound will be provided to Vaccinex by Merck). Any changes to such form that relate
to the Sample Testing or Merck Compound or the sharing of data shall be subject to Merck’s review and prior written consent to be provided to Vaccinex in a timely manner. Any such proposed changes will be sent in writing to Merck’s Team
Leader and Merck’s Manager. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 15 

 5. Adverse Event Reporting. 

Vaccinex will be solely responsible for compliance with all Applicable Law pertaining to safety reporting for the Study and related activities.
The Parties shall execute the Safety Data Exchange Agreement in a format mutually agreed by the Parties, to ensure the exchange of relevant safety data within appropriate timeframes and in an appropriate format to enable the Parties to fulfill local
and international regulatory reporting obligations and to facilitate appropriate safety reviews. Copies of all Serious Adverse Event (SAE) and adverse event reports and other information arising from any aspect of the Study where a patient has been
exposed to Merck Compound will be sent to Merck in accordance with the Safety Data Exchange Agreement. 
 6. Term and Termination. 

6.1 The term of this Agreement shall commence on the Effective Date and shall continue in full force and effect until completion of all of the
obligations of the Parties hereunder or until terminated by either Party pursuant to this Article 6 (the “Term”). 
 6.2 In the
event that Merck reasonably and in good faith believes that Merck Compound is being used in the Study in an unsafe manner and notifies Vaccinex in writing of the grounds for such belief, and Vaccinex fails to promptly incorporate (subject to
approval by applicable Regulatory Authorities or Institutional Review Boards) changes into the Protocol reasonably and in good faith requested by Merck to address such issue or to otherwise reasonably and in good faith address such issue, Merck may
terminate this Agreement and the supply of Merck Compound effective upon written notice to Vaccinex. 
 6.3 Subject to Section 6.11,
either Party may terminate this Agreement if the other Party commits a material breach of this Agreement, and such material breach continues for [***] days after receipt of written notice thereof from the non-breaching Party; provided, that if such
material breach is capable of cure and cannot reasonably be cured within [***] days, the breaching Party shall be given a reasonable period of time to cure such breach. 

6.4 If either Party reasonably determines in good faith, based on a review of the Clinical Data or other Study-related Know-How or other
information, that the Study may unreasonably affect patient safety, such Party shall promptly notify the other Party of such determination. The Party receiving such notice may propose modifications to the Study to address the safety issue identified
by the other Party and, if the notifying Party agrees, shall act to immediately implement such modifications; provided, however, that if either Party, in its sole discretion, reasonably and in good faith believes that there is imminent danger to
patients, such 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 16 

 
Party need not wait for the other Party to propose modifications and may instead terminate this Agreement immediately upon written notice to such other Party. Furthermore, if the notifying Party,
in its sole discretion, reasonably and in good faith believes that any modifications proposed by the other Party will not resolve the patient safety issue, such Party may terminate this Agreement effective upon written notice to such other Party.

 6.5 Either Party may terminate this Agreement immediately upon written notice to the other Party in the event that (a) any Regulatory
Authority takes any action, or raises any objection, that prevents the terminating Party from supplying its Compound for purposes of the Study or (b) it determines in its sole discretion to discontinue all development of its Compound for
material safety, medical, scientific, legal, or regulatory reasons. 
 6.6 In the event that this Agreement is terminated, Vaccinex shall, at
Merck’s sole discretion, promptly either return or destroy all unused Merck Compound pursuant to Merck’s instructions. If Merck requests that Vaccinex destroy the unused Merck Compound, Vaccinex shall provide written certification of such
destruction. 
 6.7 Subject to Section 6.11, either Party shall be entitled to terminate this Agreement upon thirty (30) days
advance written notice to the other Party, if such other Party fails to perform any of its obligations under Section 13.2 or breaches any representation or warranty contained in Section 13.2, and such failure or breach is not cured within
thirty (30) days of the receipt of written notice thereof. Subject to Section 6.9, the non-terminating Party shall have no claim against the terminating Party for compensation for any loss of whatever nature solely by virtue of the
termination of this Agreement in accordance with this Section 6.7. 
 6.8 [The provisions of this Section 6.8 and
Sections 3.6 (other than the first, fourth and sixth sentences thereof), 3.7, 3.9, 6.6, 6.7 (other than the first sentence thereof), 6.9, 6.10, 6.11, 13.2, 13.3.5, 13.4, 14.2 (Indemnification), 14.3 (Limitation of Liability), and Articles 1
(Definitions), 7 (Costs of Study), 9 (Confidentiality), 10 (Intellectual Property), 11 (Reprints; Rights of Cross-Reference), 12 (Press Releases and Publications), 20 (No Additional Obligations), 21 (Dispute Resolution and Jurisdiction), 22
(Notices), 23 (Relationship of the Parties) and 25 (Construction) shall survive the expiration or termination of this Agreement.] 

6.9 Subject to Section 6.11, termination of this Agreement shall be without prejudice to any claim or right of action of either Party
against the other Party for any prior breach of this Agreement. 
 6.10 Upon termination of this Agreement, each Party and its Affiliates
shall promptly return to the other Party or destroy any Confidential Information of the other Party (other than Clinical Data, Sample Testing Results and Inventions) furnished to the receiving Party by the other Party, except that the receiving
Party shall have the right to retain one copy solely for record-keeping purposes which shall remain subject to the confidentiality and non-use provisions set forth herein. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 17 

 6.11 Upon receipt by either Party of a termination notice of this Agreement, subject to the terms
of this Article 6, Vaccinex shall submit a wind-down plan to Merck, setting forth the tasks reasonably necessary or required in connection with the orderly termination of the Study and the proper plan for managing the patients enrolled in the Study,
including any actions reasonably required to safely close out the Study, or required by Applicable Laws. If patient safety considerations require more time to safely close out the Study than the termination periods set forth herein, then the Parties
agree that the Agreement shall be extended to the extent necessary to ensure patient safety, after which the Agreement shall terminate immediately in accordance with the terms of the applicable section in this Article 6. 

6.12 All costs associated with a termination of this Agreement, including costs related to the wind-down plan contemplated by
Section 6.11 (collectively, “Termination Costs”), shall be handled as follows: 
 (a) In the event of a
termination by Merck pursuant to Sections 6.2, 6.3, or 6.7, or a termination by Vaccinex pursuant to Section 6.5(b), Vaccinex shall be responsible for all Termination Costs. 

(b) In the event of a termination by Vaccinex pursuant to Sections 6.3 or 6.7, or a termination by Merck pursuant to Section 6.5(b), Merck
shall be responsible for all Termination Costs, with Merck reimbursing Vaccinex for all such Termination Costs, on a Calendar Quarter basis, as set forth in Article 7. 

(c) In the event of a termination by either Party pursuant to Sections 6.4 or 6.5(a), the Termination Costs will be shared equally by Vaccinex
and Merck, with Merck reimbursing [***]% of all such Termination Costs, on a Calendar Quarter basis, as set forth in Article 7. 
 7. Costs of Study.

 7.1 The Parties agree that (i) Merck shall provide Merck Compound for use in the Study, as described in Article 8 below, at no
cost to Vaccinex; and (ii) Vaccinex shall provide the Vaccinex Compound for use in the Study, as described in Article 8 below, at no cost to Merck. The Study Costs set forth in the Study Budget will be [***] by Vaccinex and Merck up to a
maximum of US$[***] in Study Costs (the “Study Costs Reimbursement Cap”), with Merck reimbursing [***]% of all such Study Costs incurred, up to [***]% of the Study Costs Reimbursement Cap, on a Calendar Quarter basis, as set forth in this
Article 7. A good faith estimate of the total expected Study Costs as of the Effective Date is attached hereto as Appendix C (the “Study Budget”), which Study Budget may be amended from time to time by mutual agreement of the JCSC
or the Parties. Within [***] of the end of each Calendar Quarter Vaccinex shall provide Merck an invoice, in reasonable detail, setting forth the incurred Study Costs, on the basis of the estimated Study Costs for such Calendar Quarter. Within [***]
following receipt of each such invoice by Merck, Merck shall reimburse Vaccinex for [***]% of  

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 18 

 
the total Study Costs incurred by Vaccinex during such Calendar Quarter. Concurrently with each such Calendar Quarter invoice, Vaccinex shall describe in writing any material deviations in the
Study Costs from the original estimate that represent an aggregate increase or decrease of more than [***] between the actual Study Costs incurred and the estimated Study Costs for such Calendar Quarter as set forth in the Study Budget. Provided
that the Parties have agreed to such deviations of more than [***] in a JCSC meeting, Merck shall pay [***]% of any such additional costs and the original Study Costs estimate shall be adjusted accordingly (i.e., an aggregate increase or decrease of
more than [***] between the actual Study Costs incurred and the estimated Study Costs for such Calendar Quarter as set forth in the Study Budget. For clarity, [***]. 

7.2 For the avoidance of doubt, Vaccinex will not be required to reimburse Merck for any costs or expenses incurred by Merck or its Affiliates
in connection with the Study and Merck will not be required to reimburse Vaccinex for any costs or expenses incurred by Vaccinex or its Affiliates in connection with the Study (other than the Study Costs). 

7.3 Except with respect to the Study Costs or as expressly set forth in Article 6, the Parties agree that: 

(a) (i) Merck shall provide Merck Compound for use in the Study, as described in Article 8 below, at no cost to Vaccinex; and
(ii) Vaccinex shall bear all other costs associated with the conduct of the Study, including that Vaccinex shall provide the Vaccinex Compound for use in the Study, as described in Article 8 below, at no cost to Merck; and 

(b) Vaccinex will not be required to reimburse Merck for any costs or expenses incurred by Merck or its Affiliates in connection with the Study
and Merck will not be required to reimburse Vaccinex for any costs or expenses incurred by Vaccinex or its Affiliates in connection with the Study. 
 8.
Supply and Use of the Compounds. 
 8.1 Supply of the Compounds. 

(a) Vaccinex and Merck will each supply, or cause to be supplied, the quantities of its respective Compound set forth on Appendix B on the
timelines set forth in Appendix B, in each case, for use in the Study. In the event that Vaccinex determines that the quantities of Compounds set forth on Appendix B are not sufficient to complete the Study (due, for example, to the addition of
Study sites or countries), Vaccinex shall so notify Merck, and the Parties shall discuss in good faith regarding additional quantities of Compounds to be provided and the schedule on which such additional quantities may be provided. Each Party shall
also provide to the other Party a contact person for the supply of its Compound under this Agreement. Notwithstanding the foregoing, or anything to the contrary herein, in the event that either Party is not supplying its Compound in accordance with
the terms of this Agreement, or is allocating under Section 8.10, then the other Party shall have no obligation to supply its Compound, or may allocate its Compound proportionally to the Study. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 19 

 (b) At the Completion of the Study, subject to Section 3.7, each of Vaccinex and
Merck will have the right to continue combination trials involving its Compound and the other Party’s Compound without the agreement of the other Party in the Study Indication including exploring one new Indication (a “New
Trial”), as long as there is no good faith objection from the other Party based on bona fide safety or supply issues. The Party who is not the continuing Party will, subject to supply availability, provide its Compound to the other Party at
[***]. If either Vaccinex or Merck elect to continue a New Trial, the Parties will mutually agree on an amendment to this Agreement addressing matters related to the New Trial, such as a license to use the other Party’s Compound for
non-commercial purposes, solely to conduct the trial, and any inflationary adjustments to Manufacturing Cost that may reasonably be requested by the Party supplying its Compound. Any such amendment will be consistent with the terms of this Agreement
to the greatest extent possible. 
 8.2 Minimum Shelf Life Requirements. Each Party shall supply its Compound
hereunder with an adequate remaining shelf life at the time of Delivery to meet the Study requirements. The shelf life for each Compound to continue to be conforming and meet Specifications shall at a minimum be [***] from the time of Delivery;
provided, that the Compound is handled and stored according to the specified handling and storage conditions. 
 8.3 Provision
of Compounds. 
 8.3.1 Merck will deliver Merck Compound to Vaccinex [***] with respect to such Merck Compound. Title and risk of
loss for Merck Compound shall transfer from Merck to Vaccinex at Delivery. All costs associated with the subsequent transportation, warehousing and distribution of Merck Compound shall be paid by [***] and considered Study Costs. Vaccinex will, or
will cause its designee to: (i) take delivery of Merck Compound supplied hereunder; (ii) perform the acceptance procedures allocated to it under the Clinical Quality Agreements; (iii) subsequently label and pack (in accordance with
Section 8.4) and ship Merck Compound to the Study sites as required by the Study, in compliance with cGMP, GCP and other Applicable Law and the Clinical Quality Agreements; and (iv) provide, from time to time at the reasonable request of
Merck, the following information with respect to Merck Compound shipped by Vaccinex: any applicable chain of custody forms; in-transport temperature recorder(s); records and receipt verification documentation; such other transport or storage
documentation as may be reasonably requested by Merck (to the extent within Vaccinex’s possession or control); and usage and inventory reconciliation documentation related to Merck Compound. 

8.3.2 Vaccinex is solely responsible, at its own cost, for supplying (including all Manufacturing, acceptance and release testing) the Vaccinex
Compound for the Study, and the subsequent handling, storage, transportation, warehousing and distribution of the Vaccinex Compound supplied hereunder. Vaccinex shall ensure that all such activities are conducted in

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 20 

 
compliance with cGMP, GCP and other Applicable Law and the Clinical Quality Agreements. For purposes of this Agreement, the delivery of a given quantity of the Vaccinex Compound shall be deemed
to occur when such quantity is delivered to a Study site, provided that all expenses paid by Vaccinex following delivery of the Vaccinex Compound to the Vaccinex DDP shall be deemed Study Costs. 

8.4 Labeling and Packaging; Use, Handling and Storage. 

8.4.1 The Parties’ obligations with respect to the labeling and packaging of the Compounds are as set forth in the Clinical Quality
Agreements. Notwithstanding the foregoing or anything to the contrary contained herein, Merck shall provide Merck Compound to Vaccinex in the form of released unlabeled vials, and Vaccinex shall be responsible for labeling, packaging and leafleting
such Merck Compound in accordance with the terms and conditions of the Clinical Quality Agreements and otherwise in accordance with all Applicable Law, including cGMP, GCP, and health, safety and environmental protections. Labeling, packaging, and
leafleting of Merck Compound and Vaccinex Compound shall be considered Study Costs and shall be handled in accordance with Section 7.1. 

8.4.2 Vaccinex shall (i) use Merck Compound solely for purposes of performing the Study; (ii) not use Merck Compound in any manner
inconsistent with this Agreement or for any commercial purpose other than conduct of the Study; and (iii) use, store, transport, handle and dispose of Merck Compound in compliance with Applicable Law and the Clinical Quality Agreements.
Vaccinex shall not reverse engineer, reverse compile, disassemble or otherwise attempt to derive the composition or underlying information, structure or ideas of Merck Compound, and in particular shall not analyze Merck Compound by physical,
chemical or biochemical means except as necessary to perform its obligations under the Clinical Quality Agreements. 
 8.5
Product Specifications. A certificate of analysis shall accompany each shipment of Merck Compound to Vaccinex. Upon request, Vaccinex shall provide Merck with a certificate of analysis covering each lot of Vaccinex Compound used in
the Study. 
 8.6 Changes to Manufacturing. Each Party may make changes from time to time to its Compound or the Manufacturing
Site; provided that such changes shall be in accordance with the Clinical Quality Agreements. 
 8.7 Product Testing;
Noncompliance. 
 8.7.1 After Manufacturer’s Release. After Manufacturer’s Release of Merck Compound and
concurrently with Delivery of the Compound to Vaccinex, Merck shall provide Vaccinex with such certificates and documentation as are described in the Clinical Quality Agreements (“Disposition Package”). Vaccinex shall, within the
time defined in the Clinical Quality Agreements, perform (i) with respect to Merck Compound, the acceptance procedures 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 21 

 
allocated to it under the Clinical Quality Agreements, and (ii) with respect to the Vaccinex Compound, the testing and release procedures allocated to it under the Clinical Quality
Agreements. Vaccinex shall take all steps necessary in its reasonable discretion to determine that Vaccinex Compound is suitable for release from its manufacturing site and that Merck Compound and Vaccinex Compound are suitable for release from
Vaccinex Packaging and Labeling Contractor Site before making such Merck Compound or Vaccinex Compound, as applicable, available for human use, and Merck shall provide cooperation or assistance as reasonably requested by Vaccinex in connection with
such determination with respect to Merck Compound. Vaccinex shall be responsible for (a) storage and maintenance of Merck Compound until it is released from Vaccinex Packaging and Labeling Contractor Site, which storage and maintenance shall be
in compliance with the Specifications for Merck Compound, the Clinical Quality Agreements and Applicable Law; and (b) any failure of Merck Compound to meet the Specifications to the extent caused by shipping, storage or handling conditions
after Delivery to Vaccinex hereunder. 
 8.7.2 Non-Conformance. 

(a) In the event that either Party becomes aware that any Compound may have a Non-Conformance, despite testing and quality assurance
activities (including any activities conducted by the Parties under Sections 8.7.1 (After Manufacturer’s Release)), such Party shall immediately notify the other Party in accordance with the procedures of the Clinical Quality Agreements.
The Parties shall investigate any Non-Conformance in accordance with Section 8.9 (Investigations) and any discrepancy between them shall be resolved in accordance with Section 8.8 (Resolution of Discrepancies). 

(b) In the event that any proposed or actual shipment of Merck Compound (or portion thereof) shall be agreed to have a Non-Conformance at the
time of Delivery to Vaccinex or during the shelf life set forth in Section 8.2 (in either case, a “Non-Conformance Event”), then unless otherwise agreed to by the Parties, Merck shall replace such Merck Compound as is found to
have a Non-Conformance (with respect to Merck Compound that has not yet been administered in the course of performing the Study). Unless otherwise agreed to by the Parties in writing, the sole and exclusive remedies of Vaccinex with respect to any
Merck Compound that is found to have a Non-Conformance at the time of Delivery shall be (i) replacement of such Merck Compound as set forth in this Section 8.7.2(b), (ii) indemnification under Section 14.2 (to the extent
applicable) and (iii) termination of this Agreement pursuant to Section 6.3 or 6.7 (to the extent applicable, but subject to the applicable cure periods set forth therein); provided, for clarity, that Vaccinex shall not be deemed to be
waiving any rights under Section 8.15. 
 (c) In the event that Merck Compound is lost or damaged after Delivery, Merck may provide
additional Merck Compound to Vaccinex, if available for the Study. Such replaced Merck Compound shall be provided to Vaccinex, so long as the amount replaced does not in the aggregate exceed [***] of the total quantity of Merck Compound to be
provided by Merck pursuant to Appendix B (such amount set forth on Appendix B, the “Replacement 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 22 

 
Threshold”). Vaccinex shall pay Merck the Manufacturing Costs per vial of any replaced Merck Compound beyond the Replacement Threshold which Merck agrees to supply; provided that the
Manufacturing Cost per vial of Merck Compound charged by Merck pursuant to this Section 8.7.2(b) shall not exceed US$[***]. For the avoidance of doubt, except as provided in this Section 8.7.2(c), Merck shall have no obligation to provide
replacement Merck Compound for any Merck Compound supplied hereunder other than such Merck Compound as has been agreed or determined to have a Non-Conformance at the time of Delivery to Vaccinex. 

(d) Merck shall be responsible for any costs incurred by Vaccinex in connection with the return or destruction of any Merck Compound supplied
hereunder that is found to have a Non-Conformance caused by Merck. 
 (e) Vaccinex shall be responsible for, and Merck shall have no
obligations or liability with respect to, any Vaccinex Compound supplied hereunder that is found to have a Non-Conformance. Vaccinex shall replace any Vaccinex Compound as is found to have a Non-Conformance (with respect to Vaccinex Compound that
has not yet been administered in the course of performing the Study). Unless otherwise agreed to by the Parties in writing, the sole and exclusive remedies of Merck with respect to any Vaccinex Compound that is found to have a Non-Conformance at the
time of Delivery shall be (i) replacement of such Vaccinex Compound as set forth in this Section 8.7.2(c), (ii) indemnification under Section 14.2 (to the extent applicable) and (iii) termination of this Agreement pursuant
to Section 6.3 or 6.7 (to the extent applicable, but subject to the applicable cure periods set forth therein); provided, for clarity, that Merck shall not be deemed to be waiving any rights under Section 8.15. 

8.8 Resolution of Discrepancies. Disagreements regarding any determination of Non-Conformance by
Vaccinex shall be resolved in accordance with the provisions of the Clinical Quality Agreements. 
 8.9
Investigations. The process for investigations of any Non-Conformance shall be handled in accordance with the Clinical Quality Agreements. 

8.10 Shortage; Allocation. In the event that a Party’s Compound is in short supply as a result of a
manufacturing disruption, manufacturing difficulties or other similar event such that a Party reasonably believes in good faith that it will not be able to fulfill its supply obligations hereunder with respect to its Compound, such Party will
provide prompt written notice to the other Party thereof (including the shipments of Compound hereunder expected to be impacted and the quantity of its Compound that such Party reasonably determines it will be able to supply) and the Parties will
promptly discuss such situation (including how the quantity of Compound that such Party is able to supply hereunder will be allocated within the Study). In such event, the Party experiencing such shortage shall (i) use its commercially
reasonable efforts to remedy the situation giving rise to such shortage and to take action to minimize the impact of the shortage on the Study, and (ii) allocate to the other Party an amount of Compound at least proportionate to the
total amount of the Compound shipments hereunder expected to be impacted by the shortage divided by the total demand for the Compound for the impacted time period. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 23 

 8.11 Records. Each Party shall maintain complete and
accurate records in all material respects pertaining to its Manufacture of its Compound supplied hereunder, and, upon the reasonable prior request of the other Party, will make such records available to review by such other Party in accordance with
the Clinical Quality Agreements solely for the purpose of confirming such Party’s compliance with this Agreement with respect to its Manufacturing obligations hereunder. 

8.12 Quality. Quality matters related to the Manufacture of the Compounds shall be governed by the
terms of the Clinical Quality Agreements in addition to the relevant quality provisions of this Agreement. 
 8.13
Quality Control. Each Party shall implement and perform operating procedures and controls for sampling, stability and other testing of its Compound, and for validation, documentation and release of its Compound and
such other quality assurance and quality control procedures as are required by the Specifications, cGMPs and the Clinical Quality Agreements. 

8.14 Audits and Inspections. The Parties’ audit and inspection rights under this Agreement shall
be governed by the terms of the Clinical Quality Agreements. 
 8.15 Recalls. Recalls of the Compounds shall be
governed by the terms of the Clinical Quality Agreements. 
 8.16 VAT and other indirect taxes. All payments under the
Agreement are deemed exclusive of VAT or any other indirect taxes; The invoicing Party shall, if required under applicable laws and regulations, add VAT or any other indirect taxes to the price at the prevailing rate under applicable laws and
regulations; the invoicing Party shall also fulfill all material and formal conditions required from the invoicing Party under applicable laws & regulations to ensure a refund of the VAT or any other indirect taxes charged to the invoiced
Party provided a refund is available to the invoiced Party under applicable laws & regulations. 
 8.17 Withholding
Taxes. The amounts payable by one Party (the “Payer”) to another Party (the “Payee”) pursuant to this Agreement (“Payments”) shall not be reduced on account of any Taxes unless required by
Applicable Law. The Payee alone shall be responsible for paying any and all Taxes (other than withholding Taxes required to be paid by the Payer) levied on account of, or measured in whole or in part by reference to, any Payments it receives. The
Payer shall deduct or withhold from the Payments any Taxes that it is required by Applicable Law to deduct or withhold. Notwithstanding the foregoing, if the Payee is entitled under any applicable Tax treaty to a reduction of rate of, or the
elimination of, or recovery of, applicable withholding Tax, it shall promptly deliver to the Payer or the appropriate governmental body (with the assistance of the Payer to the extent that this is reasonably required and is expressly requested in

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 24 

 
writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve the Payer of its obligation to withhold Tax, and the Payer shall apply the reduced rate of
withholding, or dispense with the withholding, as the case may be. If, in accordance with the foregoing, the Payer withholds any amount, it shall make timely payment to the proper Taxing authority of the withheld amount, and send to the Payee
reasonable proof of such payment within 60 days following that payment. If Taxes are paid to a tax authority, each Party will provide the other such assistance as is reasonably requested in accordance with Applicable Law. 

9. Confidentiality. 
 9.1 Subject to
Section 13.3.7, Vaccinex and Merck agree to hold in confidence any Confidential Information provided by the other Party, and neither Party shall use Confidential Information of the other Party except for the performance of the Study and for the
Permitted Use. Neither Party shall, without the prior written permission of the other Party, disclose any Confidential Information of the other Party to any Third Party, except to such Party’s directors, officers, employees, consultants and/or
agents who have a need to know such Confidential Information for the purpose of this Agreement and are bound to maintain the confidentiality of the Confidential Information by written obligations of confidentiality and non-use at least as
restrictive as the obligations contained herein. Notwithstanding the foregoing, nothing herein shall prohibit any disclosure to the extent such disclosure (i) is required by Applicable Law; (ii) is pursuant to the terms of this Agreement;
or (iii) is necessary for the conduct of the Study, and in each case ((i) through (iii)) provided that the disclosing Party shall provide reasonable advance notice to the other Party before making such disclosure and, at the request of such
other Party, cooperate with such other Party in obtaining a protective order or similar relief that prevents or limits the scope of, or delays, such disclosure. For the avoidance of doubt, Vaccinex may, without Merck’s consent, disclose
Confidential Information to clinical trial sites, CROs and clinical trial investigators performing the Study, other vendors (including Subcontractors) directly working on the Study, the data safety monitoring and advisory board relating to the
Study, and Regulatory Authorities working with Vaccinex on the Study, in each case to the extent necessary for the performance of the Study and provided that such persons (other than governmental entities) are bound by an obligation of
confidentiality at least as stringent as the obligations contained herein. 
 9.2 Notwithstanding the foregoing, (i) Inventions that
constitute Confidential Information and are jointly owned by the Parties shall constitute the Confidential Information of both Parties and each Party shall have the right to use and disclose such Confidential Information only as consistent with
Articles 10, 11 and 12; (ii) Inventions that constitute Confidential Information and are solely owned by one Party shall constitute the Confidential Information of that Party and each Party shall have the right to use and disclose such
Confidential Information only as consistent with Articles 10, 11 and 12; (iii) use and disclosure of Sample Testing Results shall be governed by Section 3.6 and 10, and (iv) use and disclosure of Clinical Data shall be governed by
Section 3.7 and 10. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 25 

 9.3 All Confidential Information containing personal identifiable data shall be handled in
accordance with all data protection and privacy laws, rules and regulations applicable to such Party. 
 10. Intellectual Property. 

10.1 Joint Ownership and Prosecution. 

10.1.1 Subject to Sections 10.2 and 10.3, all rights to all Inventions relating to or covering the combined use of the Vaccinex Compound and
Merck Compound (each a “Jointly Owned Invention”) shall be owned jointly by Vaccinex and Merck. For those countries where a specific license is required for a joint owner of a Jointly Owned Invention to practice such Jointly Owned
Invention in such countries, (i) Merck hereby grants to Vaccinex a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, transferable and sublicensable, under Merck’s right, title and interest in and to all
Jointly Owned Inventions to use such Inventions for any use, and (ii) Vaccinex hereby grants to Merck a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, transferable and sublicensable, under Vaccinex’s
right, title and interest in and to all Jointly Owned Inventions to use such Inventions for any use, in each case subject to the restrictions in Article 3 and this Article 10. Unless otherwise mutually agreed, each Party shall have the right to
freely exploit each Jointly Owned Invention, both within and outside the scope of the Study, without accounting to or any other obligation to the other Party, and each Party may grant licenses (with a right to sublicense) to Third Parties under such
Party’s interest in each Jointly Owned Invention, in each case subject to the restrictions in Article 3 and this Article 10. For clarity, (i) the terms of this Agreement do not provide Vaccinex or Merck any rights to use or commercialize
the other Party’s Compound, or with any rights, title or interest or any license to the other Party’s background intellectual property except as necessary to conduct the Study and as expressly set forth in Section 10.4, and
(ii) except as may be mutually agreed by the Parties, (x) Vaccinex shall not disclose to a patent authority any Clinical Data relating to the Combination of the Vaccinex Compound and Merck Compound or any Sample Testing Results relating to
Merck Compound in or in connection with any patent application (relating to any Invention or otherwise), and (y) Merck shall not disclose to a patent authority any Clinical Data relating to the Combination of the Vaccinex Compound and Merck
Compound or any Sample Testing Results relating to the Vaccinex Compound in or in connection with any patent application (relating to any Invention or otherwise). 

10.1.2 Promptly following the Effective Date, patent representatives of each of the Parties shall meet (in person or by telephone) to discuss
the patenting strategy for any Jointly Owned Inventions which may arise, including deciding on (A) the timing for filing of any provisional or regular patent application; (B) the countries in which patent applications should be filed,
subject to the opt-out procedure described below; and (C) the Party that will take the lead in prosecuting and/or maintaining particular Jointly Owned Inventions (the “Lead Prosecuting Party”) (it being understood that the Parties may
mutually agree to conduct some or all 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 26 

 
prosecution and/or maintenance jointly through an outside patent counsel acceptable to both Parties). The Parties acknowledge and agree that unless otherwise agreed and subject to
Section 10.1.1, the Lead Prosecuting Party shall have the first right (but not the obligation) to file a patent application (including any provisional, substitution, divisional, continuation, continuation in part, reissue, renewal,
reexamination, extension, supplementary protection certificate and the like) in respect of any Jointly Owned Invention (each, a “Joint Patent Application”), using patent counsel selected by the Lead Prosecuting Party and reasonably
acceptable to the other Party. In any event, the Parties shall consult and reasonably cooperate with one another in the preparation, filing, prosecution (including prosecution strategy) and maintenance of such Joint Patent Application and shall
equally share the expenses associated therewith. For the avoidance of doubt both the Lead Prosecuting Party and the other Party shall be both fully and equally considered as the beneficial owners of the rights derived from the Jointly Owned
Invention subject to the Joint Patent Application, subject to the opt-out procedure described below. If a Party (the “Opting-out Party”) does not want to file a patent application for a Jointly Owned Invention (either generally or
with respect to a particular country) or at any point after the initial filing wishes to discontinue the prosecution and maintenance of a Joint Patent Application, the other Party, at its sole option (the “Continuing Party”), may
continue such prosecution and maintenance at its sole expense. In such event, the Opting-out Party shall execute such documents and perform such acts at the Continuing Party’s expense as may be reasonably necessary in a timely manner to effect
an assignment of such Joint Patent Application to the Continuing Party (in such country or all countries, as applicable) to allow the Continuing Party to prosecute and maintain such patent application. Any Joint Patent Application or Jointly Owned
Invention so assigned shall thereafter be owned solely by the Continuing Party; provided, however, that the Opting-out Party (including its successors and assigns) shall retain a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully
paid-up license under any patent claims arising from such Jointly Owned Invention in any applicable countries with respect to the use, manufacture, sale or other exploitation of (a) where Vaccinex is the Opting-out Party, the Vaccinex Compound
or any other Vaccinex Class Compound that is owned or controlled by Vaccinex, or (b) where Merck is the Opting-out Party, Merck Compound or any other Merck Class Compound that is owned or controlled by Merck, such license in each case being
sublicensable or transferable solely together with an exclusive license or sublicense under or an assignment of the Opting-out Party’s rights to any such compound. 

10.1.3 Except as expressly provided in Section 10.1.2 and in furtherance and not in limitation of Section 9.1, each Party agrees it
will not make or support any patent application based on the other Party’s Confidential Information, and will not provide assistance to any Third Party for such application, without the other Party’s prior written authorization. 

10.1.4 Subject to this Section 10.1.4, Vaccinex shall have the first right (but not the obligation) to initiate legal action to enforce
all Joint Patents against infringement, and to protect all Jointly Owned Inventions from misappropriation, by any Third Party where such infringement or misappropriation results from the development or sale of the Vaccinex Compound or a Vaccinex
Class Compound, or to defend any declaratory judgment action or 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 27 

 
inter partes review actions (or foreign equivalents thereof) relating thereto, at its sole expense. In the event that Vaccinex does not initiate or defend such action within thirty
(30) days after being first notified of such infringement or misappropriation, Merck shall have the right to do so at its sole expense. Similarly, subject to this Section 10.1.4, Merck shall have the first right (but not the obligation) to
initiate legal action to enforce all Joint Patents against infringement, and to protect all Jointly Owned Inventions from misappropriation, by any Third Party where such infringement or misappropriation results from the development or sale of Merck
Compound or an Merck Class Compound, or to defend any declaratory judgment action or inter partes review actions (or foreign equivalents thereof) relating thereto, at its sole expense. In the event that Merck does not initiate or defend such action
within thirty (30) days after being first notified of such infringement or misappropriation, Vaccinex shall have the right to do so at its sole expense. In the event that infringement of any Joint Patent or misappropriation of any Jointly Owned
Invention results from the development or sale of a product combining, or a use or method of use of both, the Vaccinex Compound or a Vaccinex Class Compound and Merck Compound or an Merck Class Compound, the Parties shall discuss and agree on
enforcement strategy and the Parties’ rights and responsibilities regarding enforcement and the costs thereof. 
 10.1.5 If one Party
exercises its right to initiate or defend legal action against a Third Party as set forth in Section 10.1.4 above, such initiating/defending Party shall keep the other Party reasonably and regularly informed of the status and progress of the
action. The non-initiating/non-defending Party agrees to be joined as a party plaintiff where necessary for purposes of legal standing and to give the initiating/defending Party reasonable assistance and authority to file and prosecute the suit. In
such case, the costs and expenses of the non-initiating/non-defending Party shall be borne by the initiating/defending Party, and the initiating/defending Party shall indemnify the non-initiating/non-defending Party against any claims, suits,
losses, or liabilities incurred as a result of being joined as plaintiff, except to the extent arising from the negligence or willful misconduct of the non-initiating/non-defending Party. In any event, the non-initiating/non-defending Party shall
have the right to be represented in the action by counsel of its choice and at its own expense. Any damages or other monetary awards recovered in the action shall be retained by the initiating/defending Party; provided, however, that in the event
that the Parties agree to share the cost of the action as part of a cost-sharing arrangement, such damages or other monetary awards shall be shared by the Parties in proportion to their relative contributions to the total costs and expenses of the
action, or as otherwise agreed by the Parties in writing. A settlement or consent judgment or other voluntary final disposition of a suit under this Section 10.1.5 may not be entered into without the consent of both Parties. 

10.2 Inventions Owned by Vaccinex. Notwithstanding Section 10.1, the Parties agree that all rights to Inventions
relating solely to the Vaccinex Compound, or a Vaccinex Class Compound, but not a Combination (collectively, “Vaccinex Compound Inventions”), are the sole and exclusive property of Vaccinex. Vaccinex shall be entitled to file in its
own name relevant patent applications and to own resultant patent rights for any such Vaccinex Compound Invention. For the avoidance of doubt, any Invention generically encompassing the Vaccinex 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 28 

 
Compound (and not a Merck Class Compound nor any Combination) within its scope, even where the Vaccinex Compound is not disclosed per se, is a Vaccinex Compound Invention and the sole
and exclusive property of Vaccinex. Merck shall and hereby does assign to Vaccinex its entire right, title and interest in any such Vaccinex Compound Inventions. 

10.3 Inventions Owned by Merck. Notwithstanding Section 10.1, the Parties agree that all rights to Inventions
relating solely to Merck Compound or a Merck Class Compound but not to a Combination (collectively, “Merck Compound Inventions”) are the sole and exclusive property of Merck. Merck shall be entitled to file in its own
name relevant patent applications and to own resultant patent rights for any such Merck Compound Invention. For the avoidance of doubt, any Invention generically encompassing Merck Compound (and not a Vaccinex Class Compound nor any Combination)
within its scope, even where Merck Compound is not disclosed per se, is a Merck Compound Invention and the sole and exclusive property of Merck. Vaccinex shall and hereby does assign to Merck its entire right, title and interest in any such
Merck Compound Inventions. 
 10.4 Mutual Freedom to Operate for Combination Inventions. 

(i) Vaccinex hereby grants to Merck a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, transferable and
sublicensable, under any claims in any patent owned or controlled by Vaccinex that was filed or includes a priority claim to an application that was filed prior to the initiation of the Study (i.e., first dosing of the first patient in the Study),
or issues from any patent applications filed at any time and relating to an invention conceived of and owned or controlled by Vaccinex prior to initiation of the Study, which claims (a) specifically recite a product combining, or a use or
method of use of both the Vaccinex Compound or a Vaccinex Class Compound, on the one hand, and Merck Compound or an Merck Class Compound, on the other hand, and (b) have been supported, in the patent disclosure or during prosecution with the
applicable patent authority, by filing of or reference to Clinical Data, to practice the Combination for all purposes. 
 (ii) Merck hereby
grants to Vaccinex a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, transferable and sublicensable, under any claims in any patent owned or controlled by Merck that was filed or includes a priority claim to an
application that was filed prior to the initiation of the Study (i.e., first dosing of the first patient in the Study), or issues from any patent applications filed at any time and relating to an invention conceived of and owned or controlled by
Merck prior to initiation of the Study, which claims (a) specifically recite a product combining, or a use or method of use of both the Vaccinex Compound or a Vaccinex Class Compound, on the one hand, and Merck Compound or an Merck Class
Compound, on the one hand, and (b) have been supported, in the patent disclosure or during prosecution with the applicable patent authority, by filing of or reference to Clinical Data, to practice the Combination for all purposes. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 29 

 (iii) Each of Merck and Vaccinex represents to the other that, on or prior to the Effective Date,
it has disclosed in writing to such other Party (a) any unpublished patent applications filed by such Party and pending as of the Effective Date or (b) any written invention disclosures received as of the Effective Date by an employee of
such Party who is responsible for deciding whether to file patent applications, in each case that specifically references the other Party’s compound or class Compound by name, structure or publication. If it is determined by a court or other
tribunal of competent jurisdiction that either Merck or Vaccinex breached the foregoing representation by failing to disclose such a patent application or invention disclosure, then such Party shall be deemed to have automatically granted to the
other Party a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, transferable and sublicensable, under any claims in any patent owned or controlled by such Party that issues from or includes a priority claim to
such patent application or covers an invention contained in such invention disclosure, which claims specifically recite a product combining, or a use or method of use of both the Vaccinex Compound or a Vaccinex Class Compound, on the one hand, and
Merck Compound or an Merck Class Compound, on the other hand, to practice the Combination for all purposes that would have obtained under this Agreement had such patent application or invention disclosure been disclosed to the other Party. This
license shall be such Party’s sole liability, and the other Party’s sole remedy, for any breach of the foregoing representation. 

(iv) Notwithstanding any other terms of this Section 10.4 to the contrary, the licenses granted under this Section 10.4 do not
provide Merck or Vaccinex with any rights, title or interest in, or any license to, the other Party’s intellectual property rights which do not claim the Combination (except that each Party grants to the other Party a non-exclusive license
under its applicable intellectual property as necessary to conduct the Study) and do not grant any rights to Merck or Vaccinex to manufacture, have manufactured, sell or have sold, the other Party’s Compound. 

11. Reprints; Rights of Cross-Reference. 

Consistent with applicable copyright and other laws, each Party may use, refer to, and disseminate reprints of scientific, medical and other
published articles and materials from journals, conferences and/or symposia relating to the Study which disclose the name of a Party, provided such use does not constitute an endorsement of any commercial product or service by the other Party. 

12. Press Releases and Publications. 
 12.1
Neither Party shall publicly disclose the terms of this Agreement without the prior written consent of the other Party, provided that Vaccinex may disclose the terms on a need to know basis in connection with the Study to maintain their compliance
to the obligations stated herein, as required, or as needed to comply with applicable laws, including any reporting obligations with the Securities and Exchange Commission or listing requirements of a securities exchange; and provided further that
the Parties will issue a joint press release promptly after the Effective Date generally describing the clinical collaboration set forth hereunder (the “First Press Release”). 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 30 

 12.2 To the extent required by Applicable Law or Vaccinex’s policies, Vaccinex will register
the Study with the Clinical Trials Registry located at www.clinicaltrials.gov and any other local clinical registry if locally legally required. Vaccinex is committed to timely publication of the final Study Results following Study Completion, after
taking appropriate action to secure intellectual property rights (if any) arising from the Study in accordance with Section 3.9 and the review process described in Section 12.3. The publication of the final Study results will be in
accordance with the Protocol. 
 12.3 Any publication or presentation of one Party relating to the activities governed under this Agreement
requires prior written approval of the other Party. This includes, but is not limited to, all medical publications in peer-reviewed journals and abstracts and presentations at scientific or medical congresses. Any proposed publication or
presentation of either Party shall be consistent with the other Party’s scientific standards. This will be achieved by (i) applying the highest industry standards, including but not limited to the Good Publication Practice and the
Recommendations for Conduct, Reporting, Editing, and Publication of Scholarly Work in Medical Journals of the International Committee of Medical Journal Editors (ICMJE) in their current version and (ii) publishing primary data manuscripts
before any non-primary data (e.g. secondary analyses, case studies). Each publishing Party agrees to submit any proposed publication or presentation to the other Party as follows: 

To Merck: email address: [***] 

To Vaccinex: email address: [***] and [***] 
 for
review at least [***] prior to submitting any such proposed publication to a publisher or proceeding with such proposed presentation. Within [***] of its receipt, the other Party shall advise the publishing Party, as the case may be, in writing of
any information contained therein which is Confidential Information (other than Study Results) or which may impair the availability of patent protection for Inventions. The other Party shall have the right to require the publishing Party, as
applicable, to remove specifically identified Confidential Information (other than Study Results) and/or to delay the proposed publication or presentation for an additional [***] to enable the other Party to seek patent protection for Inventions.

 12.5 After the First Press Release, each Party agrees to seek the prior written approval of the other Party (such approval not to be
unreasonably withheld) for any press release regarding the other Party’s Compound, the Combination or the other Party’s name, in all cases, to the extent not materially consistent with the First Press Release; provided, that neither Party
shall be restricted from any press release or other disclosure reasonably required to comply with applicable laws, including any reporting obligations with the Securities and Exchange Commission or the listing requirements of an applicable
securities exchange . Each Party will use reasonable efforts to provide the other Party with the draft press releases at least seven (7) business days prior to distribution. Vaccinex agrees to identify Merck and acknowledge Merck’s support
in any press release and any other publication or presentation of the results of the Study. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 31 

 13. Representations and Warranties; Disclaimers. 

13.1 Each of Vaccinex and Merck represents and warrants to the other that (a) it has the full right and authority to enter into this
Agreement and to perform its obligations hereunder (including its Compound supply obligations); (b) it has the full right and authority to grant the licenses hereunder that it purports to grant; and (c) subject to Sections 3.10 and 3.11,
it has not entered into, and during the term of the Agreement will not enter into, any agreement or arrangement with any Third Party which would (i) prevent the Parties from performing the Study; or (ii) prevent either Party or both
Parties from pursuing any additional studies with respect to the Combination; or (iii) violate the exclusivity obligations of such Party during the periods set forth in Sections 3.10 and 3.11, as applicable. 

13.2 Vaccinex agrees to Manufacture and supply the Vaccinex Compound for purposes of the Study as set forth in Article 8, and Vaccinex hereby
represents and warrants to Merck that, at the time of Delivery of the Vaccinex Compound, such Vaccinex Compound shall have been Manufactured and supplied in compliance with: (i) the Specifications for the Vaccinex Compound; (ii) the
Clinical Quality Agreements; and (iii) all Applicable Law, including cGMP and health, safety and environmental protections. Merck agrees to Manufacture and supply Merck Compound for purposes of the Study as set forth in Article 8, and Merck
hereby represents and warrants to Vaccinex that, at the time of Delivery of Merck Compound, such Merck Compound shall have been Manufactured and supplied in compliance with: (a) the Specifications for Merck Compound; (b) the Clinical
Quality Agreements; and (c) all Applicable Law, including cGMP and health, safety and environmental protections. 
 13.3 Without
limiting the foregoing, each Party is responsible for obtaining all regulatory approvals (including facility licenses) that are required to Manufacture its Compound in accordance with Applicable Law (provided that for clarity, Vaccinex shall be
responsible for obtaining Regulatory Approvals for the Study as set forth in Section 3.3). 
 13.4 Vaccinex does not undertake that the
Study shall lead to any particular result, nor is the success of the Study guaranteed. Neither Party accepts any responsibility for any use that the other Party may make of the Clinical Data nor for advice or information given in connection
therewith. 
 13.3 Anti-Corruption. 

13.3.1 In performing their respective obligations hereunder, the Parties acknowledge that the corporate policies of Vaccinex and Merck and
their respective Affiliates require that each Party’s business be conducted within the letter and spirit of the law. By signing this Agreement, each Party agrees to conduct the business contemplated herein in a manner

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 32 

 
which is consistent with all Applicable Law, including the U.S. Foreign Corrupt Practices Act, good business ethics, and its ethics and other corporate policies, and to abide by the spirit of the
other Party’s applicable ethics and compliance guidelines which may be provided by such other Party from time to time. Specifically, each Party agrees that it has not, and covenants that it, its Affiliates, and its and its Affiliates’
directors, employees, officers, and anyone acting on its behalf, will not, in connection with the performance of this Agreement, directly or indirectly, make, promise, authorize, ratify or offer to make, or take any action in furtherance of, any
payment or transfer of anything of value for the purpose or intent of influencing, inducing or rewarding any act, omission or decision to secure an improper advantage; or improperly assisting it in obtaining or retaining business for it or the other
Party, or in any way with the purpose or effect of public or commercial bribery. 
 13.3.2 Each Party shall not contact, or otherwise
knowingly meet with, any Government Official for the purpose of discussing activities arising out of or in connection with this Agreement, without the prior written approval of the other Party, except where such meeting is consistent with the
purpose and terms of this Agreement and in compliance with Applicable Law. 
 13.3.3 Each Party represents that: (i) it has no
impediment to enter into the transaction contemplated in this Agreement; and (ii) it is not excluded, debarred, suspended, proposed for suspension or debarment, or otherwise ineligible for government programs. 

13.3.4 Each Party represents and warrants that except as disclosed to the other in writing prior to the commencement of this Agreement:
(1) it does not have any interest which directly or indirectly conflicts with its proper and ethical performance of this Agreement; and (2) it shall maintain arm’s length relations with all Third Parties with which it deals for or on
behalf of the other in performance of this Agreement. Each Party shall make all further disclosures as necessary to the other Party to ensure the information provided remains complete and accurate throughout the term of this Agreement. Subject to
the foregoing, each Party agrees that it shall not hire or retain any Government Official to assist in its performance of this Agreement, with the sole exception of conduct of or participation in clinical trials under this Agreement, provided that
such hiring or retention shall be subject to the completion by the hiring or retaining Party of a satisfactory anticorruption and bribery (e.g., FCPA) due diligence review of such Government Official. Each Party further covenants that any
future information and documentation submitted to the other Party as part of further due diligence or a certification shall be complete and accurate. 

13.3.5 Each Party shall have the right during the term of this Agreement, and for a period of two (2) years following termination of this
Agreement, to conduct an investigation and audit of the other Party’s activities, books and records, to the extent they relate to that other Party’s performance under this Agreement, to verify compliance with the terms of this
Section 13.3. Such other Party shall cooperate fully with such investigation or audit, the scope, method, nature and duration of which shall be at the sole reasonable discretion of the Party requesting such audit. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 33 

 13.3.6 Each Party shall ensure that all transactions under the Agreement are properly and
accurately recorded in all material respects on its books and records and that each document upon which entries in such books and records are based is complete and accurate in all material respects. Each Party further represents, warrants and
covenants that all books, records, invoices and other documents relating to payments and expenses under this Agreement are and shall be complete and accurate and reflect in reasonable detail the character and amount of transactions and expenditures.
Each Party must maintain a system of internal accounting controls reasonably designed to ensure that no off-the-books or similar funds or accounts will be maintained or used in connection with this Agreement. 

13.3.7 Each Party agrees that in the event that the other Party believes in good faith that there has been a possible violation of any
provision of Section 13.3, such other Party may make full disclosure of such belief and related information needed to support such belief at any time and for any reason to any competent government bodies and its agencies, and to whoever such
Party determines in good faith has a legitimate need to know. 
 13.3.8 Each Party shall comply with its own ethical business practices
policy and any Corporate Integrity Agreement to which it is subject, and shall conduct its Study-related activities in accordance with Applicable Law. Each Party agrees to ensure that all of its employees involved in performing its obligations under
this Agreement are made specifically aware of the compliance requirements under this Section 13.3. In addition, each Party agrees to ensure that all such employees participate in and complete mandatory compliance training to be conducted by
each Party, including specific training on anti-bribery and corruption, prior to his/her performance of any obligations or activities under this Agreement. Each Party further agrees to certify its continuing compliance with the requirements under
this Section 13.3 on a periodic basis during the term of this Agreement in such form as may be reasonably requested by the other Party. 

13.4 EXCEPT AS EXPRESSLY PROVIDED HEREIN, MERCK MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE, WITH RESPECT TO MERCK COMPOUND, AND VACCINEX MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE VACCINEX COMPOUND. 

14. Insurance; Indemnification; Limitation of Liability. 

14.1 Insurance. Each Party warrants that it maintains a policy or program of insurance or
self-insurance at levels sufficient to support the indemnification obligations assumed herein. Upon request, a Party shall provide evidence of such insurance. 

14.2 Indemnification. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 34 

 14.2.1 Indemnification by Vaccinex. Vaccinex agrees to defend, indemnify and hold harmless
Merck, its Affiliates, and its and their employees, directors, subcontractors and agents from and against any loss, damage, reasonable costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with any claim,
proceeding, or investigation by a Third Party (collectively, the “Claims”) to the extent arising out of this Agreement or the Study (a “Vaccinex Liability”), except to the extent that such Vaccinex Liability
(A) was directly caused by (i) negligence or willful misconduct on the part of Merck (or any of its Affiliates, or its and their employees, directors, subcontractors or agents); (ii) a breach on the part of Merck of any of its
representations and warranties or any other covenants or obligations of Merck under this Agreement; or (iii) a breach of Applicable Law by Merck; or (B) is determined to be attributable to Merck Compound. 

14.2.2 Indemnification by Merck. Merck agrees to defend, indemnify and hold harmless Vaccinex, its Affiliates, and its and their
employees, directors, subcontractors and agents from and against any Claims to the extent arising out of this Agreement or the Study (an “Merck Liability”), except to the extent that such Merck Liability (A) was directly caused
by (i) negligence or willful misconduct on the part of Vaccinex (or any of its Affiliates, or its and their employees, directors, subcontractors or agents); (ii) a breach on the part of Vaccinex of any of its representations and warranties
or any other covenants or obligations of Vaccinex under this Agreement; or (iii) a breach of Applicable Law by Vaccinex; or (B) is determined to be attributable to the Vaccinex Compound. 

14.2.3 Procedure. The obligations of Merck and Vaccinex under this Section 14.2 are conditioned upon the delivery of written notice
to Merck or Vaccinex, as the case might be, of any potential Liability within a reasonable time after a Party becomes aware of such potential Liability. A Party will have the right to assume the defense of any suit or claim related to the Liability
(using counsel reasonably satisfactory to the other Party) if it has assumed responsibility for the suit or claim in writing. The other Party may participate in (but not control) the defense thereof at its sole cost and expense. The Party
controlling such defense (the “Defending Party”) shall keep the other Party (the “Other Party”) advised of the status of such action, suit, proceeding or claim and the defense thereof and shall consider
recommendations made by the Other Party with respect thereto. The Defending Party shall not agree to any settlement of such action, suit, proceeding or claim without the prior written consent of the Other Party, which shall not be unreasonably
withheld. The Defending Party shall not agree to any settlement of such action, suit, proceeding or claim or consent to any judgment in respect thereof that does not include a complete and unconditional release of the Other Party from all liability
with respect thereto or that imposes any liability or obligation on the Other Party without the prior written consent of the Other Party. 

14.2.4 Study Subjects. Except as may be mutually agreed upon in writing in the Study informed consent form or a Site clinical trial
agreement, Vaccinex shall not offer compensation on behalf of Merck to any Study subject or bind Merck to any indemnification obligations in favor of any Study subject. Likewise, except as may be mutually agreed in writing upon in the Study informed
consent form or a Site clinical trial agreement, Merck shall not offer compensation on behalf of Vaccinex to any Study subject or bind Vaccinex to any indemnification obligations in favor of any Study subject. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 35 

 14.3 LIMITATION OF LIABILITY. OTHER THAN WITH RESPECT TO DAMAGES
ARISING OUT OF OR RELATED TO A PARTY’S BREACH OF ITS OBLIGATIONS UNDER THIS AGREEMENT TO USE, DISCLOSE, LICENSE, ASSIGN OR OTHERWISE TRANSFER SAMPLE TESTING RESULTS, CLINICAL DATA, CONFIDENTIAL INFORMATION AND JOINTLY-OWNED INVENTIONS ONLY FOR
THE USE HEREIN, IN NO EVENT SHALL EITHER PARTY (OR ANY OF ITS AFFILIATES OR SUBCONTRACTORS) BE LIABLE TO THE OTHER PARTY FOR, NOR SHALL ANY INDEMNIFIED PARTY HAVE THE RIGHT TO RECOVER, ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL
DAMAGES (INCLUDING LOST PROFITS OR DAMAGES FOR LOST OPPORTUNITIES), WHETHER IN CONTRACT, WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, ARISING OUT OF (x) THE MANUFACTURE OR USE OF ANY COMPOUND SUPPLIED HEREUNDER OR (y) ANY
BREACH OF OR FAILURE TO PERFORM ANY OF THE PROVISIONS OF THIS AGREEMENT OR ANY REPRESENTATION, WARRANTY OR COVENANT CONTAINED IN OR MADE PURSUANT TO THIS AGREEMENT, EXCEPT THAT SUCH LIMITATION SHALL NOT APPLY TO DAMAGES PAID OR PAYABLE TO A THIRD
PARTY BY AN INDEMNIFIED PARTY FOR WHICH THE INDEMNIFIED PARTY IS ENTITLED TO INDEMNIFICATION HEREUNDER. 
 15. Use of Name. 

Except as expressly provided herein, neither Party shall have any right, express or implied, to use in any manner the name or other designation
of the other Party or any other trade name, trademark or logo of the other Party for any purpose in connection with the performance of this Agreement. 

16. Force Majeure. 
 If in the performance
of this Agreement, one of the Parties is prevented, hindered or delayed by reason of any cause beyond such Party’s reasonable control (e.g., war, riots, fire, strike, governmental laws), such Party shall be excused from performance to
the extent that it is necessarily prevented, hindered or delayed (“Force Majeure”). The nonperforming Party will notify the other Party of such Force Majeure within ten (10) days after such occurrence by giving written notice
to the other Party stating the nature of the event, its anticipated duration, and any action being taken to avoid or minimize its effect. The suspension of performance will be of no greater scope and no longer duration than is necessary and the
non-performing Party will use commercially reasonable efforts to remedy its inability to perform. 
 17. Entire Agreement; Modification. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 36 

 The Parties agree to the full and complete performance of the mutual covenants contained in this
Agreement. This Agreement, together with the Related Agreements, constitutes the sole, full and complete agreement by and between the Parties with respect to the subject matter of this Agreement, and all prior agreements, understandings, promises
and representations, whether written or oral, with respect thereto are superseded by this Agreement. No amendments, changes, additions, deletions or modifications to or of this Agreement shall be valid unless reduced to writing and signed by the
Parties hereto. 
 18. Assignment and Sub-Contracting. 

Neither Party shall assign or transfer this Agreement without the prior written consent of the other Party; provided, however, that no such
consent shall be required in connection with a Change of Control of a Party. Notwithstanding the foregoing, either Party may assign all or any part of this Agreement to one or more of its Affiliates without the other Party’s consent, and any
and all rights and obligations of either Party may be exercised or performed by its Affiliates, provided that such Affiliates agree to be bound by this Agreement. In the event of a Change of Control of a Party, such Party undergoing the Change of
Control shall notify the other Party in writing at least thirty (30) days prior to completion of such Change of Control (to the extent such notification is legally permissible prior to completion of such Change of Control, and if such
notification is not legally permissible prior to such Change of Control, then such notification shall be provided to the other Party in writing simultaneously with the first public announcement with respect to such Change of Control). Any permitted
assignee of a Party (which assignee shall include the Third Party in a Change of Control situation under Section 1.8(b)) shall, in writing to the non-assigning Party, expressly assume the obligation to perform this Agreement. Any attempted
assignment not in accordance with this Section 18 shall be null and void and of no legal effect. The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respected successors and
permitted assigns. For the avoidance of doubt, nothing in this Section limits the provisions of Section 3.12. 
 19. Invalid Provision. 

If any provision of this Agreement is held to be illegal, invalid or unenforceable, the remaining provisions shall remain in full force and
effect and will not be affected by the illegal, invalid or unenforceable provision. In lieu of the illegal, invalid or unenforceable provision, the Parties shall negotiate in good faith to agree upon a reasonable provision that is legal, valid and
enforceable to carry out as nearly as practicable the original intention of the entire Agreement. 
 20. No Additional Obligations. 

Vaccinex and Merck have no obligation to renew this Agreement or apply this Agreement to any clinical trial other than the Study. Neither Party
is under any obligation to enter into another type of agreement at this time or in the future. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 37 

 21. Dispute Resolution and Jurisdiction. 

21.1 The Parties shall attempt in good faith to settle all disputes arising out of or in connection with this Agreement in an amicable
manner. Any claim, dispute or controversy arising out of or relating to this Agreement, including the breach, termination or validity hereof or thereof (each, a “Dispute”), shall be governed by and construed in accordance with the
substantive laws of the state of New York, without giving effect to its choice of law principles. 
 21.2 Nothing contained in this
Agreement shall deny either Party the right to seek injunctive or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action may be filed or maintained
notwithstanding any ongoing discussions between the Parties. 
 22. Notices. 

All notices or other communications that are required or permitted hereunder shall be in writing and delivered personally, sent by facsimile
(and promptly confirmed by personal delivery or overnight courier), or sent by internationally-recognized overnight courier addressed as follows: 
 If to
Vaccinex, to: 
 Vaccinex, Inc. 

Attention: Chief Executive Officer 

1895 Mt. Hope Avenue 
 Rochester,
NY 14620 
 USA 
 With a copy
to: 
 Vaccinex, Inc. 

Attention: Legal Counsel 
 1895
Mt. Hope Avenue 
 Rochester, NY 14620 

USA 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 38 

 If to Merck, to: 

Ares Trading S.A. 
 Attention:
Legal Department 
 Z.I de l’Ouriettaz, 

CH-1170 Aubonne, 
 Switzerland

 With a copy to: 
 Merck KGaA

 Attention: Merck Healthcare Legal 

Frankfurter Strasse 250 
 64293
Darmstadt, Germany 
 23. Relationship of the Parties. 

The relationship between the Parties is and shall be that of independent contractors, and does not and shall not constitute a partnership,
joint venture, agency or fiduciary relationship. Neither Party shall have the authority to make any statements, representations or commitments of any kind, or take any actions, which are binding on the other Party, except with the prior written
consent of the other Party to do so. All persons employed by a Party will be the employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of such
Party. 
 24. Counterparts and Due Execution. 

This Agreement and any amendment may be executed in two (2) or more counterparts (including by way of facsimile or electronic
transmission), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, notwithstanding any electronic transmission, storage and printing of copies of this Agreement from computers or
printers. When executed by the Parties, this Agreement shall constitute an original instrument, notwithstanding any electronic transmission, storage and printing of copies of this Agreement from computers or printers. For clarity, facsimile
signatures and signatures transmitted via PDF shall be treated as original signatures. 
 25. Construction. 

Except where the context otherwise requires, wherever used, the singular will include the plural, the plural the singular, the use of any
gender will be applicable to all genders, and the word “or” is used in the inclusive sense (and/or). Whenever this Agreement refers to a number of days, unless otherwise specified, such number refers to calendar days. The captions of this
Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 39 

 
The term “including” as used herein shall be deemed to be followed by the phrase “without limitation” or like expression. The terms “will” and “shall” as
used herein have the same meaning. References to “Article,” “Section” or “Appendix” are references to the numbered sections of this Agreement and the appendices attached to this Agreement, unless expressly stated
otherwise. Except where the context otherwise requires, references to this “Agreement” shall include the appendices attached to this Agreement. The language of this Agreement shall be deemed to be the language mutually chosen by the
Parties and no rule of strict construction will be applied against either Party hereto. 
  

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

[Remainder of page intentionally left blank.] 
  

40 

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

			
	Ares Trading S.A.
		
	By:	 	 /s/ James Singleton

	Name:	 	James Singleton
	Title:	 	Head of Legal Business Development
	
	Ares Trading S.A.
		
	By:	 	 /s/ Guillaume Vignon

	Name:	 	Guillaume Vignon
	Title:	 	Head of Immuno-Oncology Licensing & Business Development
	
	Vaccinex, Inc.
		
	By:	 	 /s/ Maurice Zauderer

	Name:	 	Maurice Zauderer, Ph.D.
	Title:	 	President & CEO

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 

 Appendix A 

PROTOCOL SUMMARY 

SYNOPSIS 
  

			
		
	Study Number:	  	[***]
		
	Title	  	Phase 1b/2 Study of VX15/2503 in combination with avelumab in non-small cell lung cancer
		
	Target Population:	  	 Advance non-small cell lung cancer (NSCLC) who are immunotherapy-naïve.

Immunotherapy naïve will be defined as no prior treatment with anti-PD1/PD-L1, anti-CTLA4, anti-Lymphocyte-activation gene 3 (LAG-3), anti-T-cell
Immunoglobulin domain and Mucin domain 3 (TIM-3), or anti-CD137 drugs.

		
	[***]	  	[***]
		
	Development Phase	  	1b/2
		
	 Investigational
 Products
	  	VX15/2503 in combination with Avelumab
		
	Active ingredients	  	 VX15/2503: Humanized IgG4 monoclonal antibody against semaphorin 4D (anti-SEMA4D antibody)

 
 Avelumab: Humanized IgG1 monoclonal antibody against programmed death-ligand 1
(anti-PD-L1 antibody)

		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

Page 40 of 51 

			
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]

  

			
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]

 [***] 
  

					
	[***]	  	                                    
            [***]
	  	[***]
                                         
                                         
                      [***]
	[***]	  	[***]	  	[***]

 [***] 
  

					
	[***]	  	                                    
                [***]
	  	[***]	  	[***]

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

Page 41 of 51 

					
	[***]	  	[***]	  	[***]

  

			
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

Page 42 of 51  

 Appendix B 

SUPPLY OF COMPOUNDS 
 Schedule of
Deliveries for Merck Compound 
  

					
	 Delivery Date
	  	 Quantity of [**]
	  	 Quantity of [**]

		  		  	
		  		  	
		  		  	
	Total	  		  	

 DRUG RESPONSIBILITY MATRIX 
  

					
	 Task
	  	 Responsibility of 
Vaccinex
	  	 Responsibility 
of Merck

	[***]	  		  	
	[***]	  		  	
	[***]	  		  	
	[***]	  		  	
	[***]	  		  	
	[***]	  		  	
	[***]	  		  	
	[***]	  		  	

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

 
 45 

	
	
	[***]
	
	[***]
	
	[***]
	
	[***]
	
	[***]
	
	[***]

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

Page 50 of 51 

 Appendix C 

STUDY BUDGET 
  

					
			
	Total Direct Costs	  		  	[***]
			
	Detailed Direct Cost Comparison by Large Category	  		  	
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	Total Indirect Costs	  		  	[***]
			
	Detailed Indirect Cost Comparison by Large Category	  		  	
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	[***]	  		  	[***]
			
	Central Lab	  		  	[***]
			
	[***]	  		  	
			
	[***]	  		  	
			
	[***]	  		  	[***]
			
	[***]	  		  	
			
	TOTAL	  		  	[***]

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Note: Reference to “Merck” in this document refers to the Group of Companies affiliated with Merck KGaA, Darmstadt, Germany. 

Page 51 of 51

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