Document:

EX-4.5

 Exhibit 4.5 

LICENSE AGREEMENT 
 This License Agreement
(“Agreement”) is made effective as of June 24th, 2014 (“Effective Date”) by and between on the one hand TTFactor Srl (“LICENSOR”) having registered offices in
Via Ripamonti n 435, Milan, Italy on behalf of Istituto Europeo di Oncologia (“IE0”) and Fondazione Firc per l’Oncologia Molecolare (“IFOM”) and separately, Universita’ degli Studi di Milano, having registered offices
in Via Festa del Perdono n 7, Milan, Italy (“University of Milan”) and on the other hand Tiziana Life Sciences PLC, a UK company having an office at 18 South Street, Mayfair, London, UK W1K 1DG (“Licensee”). LICENSOR and
Licensee are each hereafter referred to individually as a “Party” and together as the “Parties,” 

WHEREAS, Licensee desires to obtain an exclusive license to patents owned or controlled by LICENSOR, along with any associated know-how and biologic materials or other technology relating to the projects outlined herein and on Exhibit 2 attached hereto in order to research, develop and commercialize products and services; 

WHEREAS, LICENSOR desires to grant an exclusive license to Licensee under LICENSOR’s rights to such patents upon the terms and conditions
set forth herein and LICENSOR has the full right title and interest (from IEO, IFOM and University of Milan) to grant such exclusive License to Licensee; 

WHEREAS, Licensee would also like to engage LICENSOR to conduct research at their place(s) of employment to create or enhance technologies to
assist in Licensee’s development and commercialization of products and services, and LICENSOR wishes to perform such research to produce results of mutual interest to LICENSOR and Licensee; and 

WHEREAS, LICENSOR acknowledges that certain payments in connection with the research and with the milestones and royalties as described
herein, shall be paid directly to LICENSOR and LICENSOR is responsible for making any payments that LICENSOR is obligated to pay to IEO, IFOM and University of Milan, 

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

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

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

  
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 1.2, “Confidential Information” means with respect to a Party (the
“Receiving Party”), all information that is (i) disclosed by the other Party (the “Disclosing Party”) to the Receiving Party; and (ii) would be reasonably understood from notices or legends, the nature of
such information itself or the circumstances of such information’s disclosure to be confidential by a reasonable person familiar with the applicable industry; provided, however, that Confidential Information shall not include information that
the Receiving Party can demonstrate by its records or other suitable documentary evidence, (a) as of the date of disclosure is demonstrably known to the Receiving Party or its Affiliates other than by virtue of a prior confidential disclosure
to such Party or its Affiliates; (b) as of the date of disclosure is in, or subsequently enters, the public domain, through no fault or omission of the Receiving Party; (c) is obtained from a Third Party having a lawful right to make such
disclosure free from any obligation of confidentiality to the Disclosing Party; or (d) is independently developed by or for the Receiving Party without reference to or reliance upon any Confidential Information of the Disclosing Party. Research
Results constitutes the Confidential Information of both Licensee and LICENSOR subject to LICENSOR’s obligations under Section 2.3 with respect to publication of such Research Result. 

1.3. “Cover” (in all its verb and adjectival forms, such as “Covered” and “Covers”) means (a) with
respect to Valid Claims in an issued patent, that, in the absence of a license, the use, sale, or manufacture of the product in question would infringe such Valid Claim or (b) with respect to a Valid Claim in a pending application, that, in the
absence of a license, the use, offer for sale, sale, importation or manufacture of the product in question would infringe such Valid Claim, should such claims issue substantially as published. 

1.4. “Field” means all uses covered by the Licensed Patents, including without limitation the fields of diagnostics and
therapeutics. 
 1.5. “First Commercial Sale” means, on a
country-by-country basis, the date of the first arm’s length transaction, transfer or disposition for value by or on behalf of Licensee or any Affiliate or
Sublicensee of Licensee to a Third Party of a Licensed Product after the granting of all regulatory approvals, and marketing authorizations. First Commercial Sale excludes any sale or other distribution for use in a clinical trial or other
development activity, or for compassionate use or on a named patient basis. 
 1.6. “Improvement” means any improvement,
enhancement or modification of or to any technology claimed in the Licensed Patents, and or discovery concerning any development, manufacture, use or testing of any technology claimed or described in the Licensed Patents made in the performance of
the research. 
 1.7. “Indemnitee” means an LICENSOR Indemnitee or a Licensee Indemnitee, as applicable. 

  
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 1,8. “LICENSOR Indemnitees” means LICENSOR, its Affiliates and the
directors, officers, employees and agents of LICENSOR and its Affiliates. 
 1.9. “Licensed Patents” means 

(a) all patents and applications conceived as a result of the Sponsored Research under Project A, as follows: 

(Project A) The use of 20 (twenty) defined stem cell markers (the so called “Top 20”) for patient stratification in
breast cancer. 
 (b) any United States and foreign patent applications claiming priority from (a) above, all
substitutions, continuations, continuations-in-part (to the extent these claim priority to the above-identified patent applications), divisionals, renewals, and all
reissues, reexaminations, extensions, confirmations, revalidations, registrations, and patents of addition with respect to (a) above, and 

(c) any supplementary protection certificates, pediatric exclusivity periods, any other patent term extensions and exclusivity
periods and the like of any patents and patent applications identified in (a) and/or (b) above. For the avoidance of doubt, Licensed Patents shall include any inventions that result from Project A that may have therapeutic uses. 

1.10. “Licensed Product” means any product or service, the manufacture, use, sale, importation or performance of which is
covered by a Valid Claim of the Licensed Patents (including without limitation any diagnostic or therapeutic product covered by a Valid Claim of the Licensed Patents). 

1.11, “Net_Sales” Net Sales are the gross invoiced sales price for all Licensed Products sold by or on behalf of Licensee, its
Affiliates or Sublicensees to third parties during each calendar quarter (excluding sales or dispositions at or below cost, including for use in patient assistance programs or for use in clinical trials or other scientific testing or reasonable
quantities of samples), less the following amounts incurred or paid by Licensee or its Affiliates or Sublicensees during such calendar quarter with respect to sales of Licensed Products regardless of the calendar quarter in which such sales were
made: 
 (a) trade, cash and quantity discounts or rebates; 

(b) credits or allowances; 
 (c)
any charges for insurance, freight, and other transportation costs directly related to the delivery of Licensed Product to the extent included in the invoiced sales price; 

( ) any tax, tariff, duty or governmental charge levied on the sales, transfer, transportation or delivery of a Licensed Product, other than
franchise or income tax of any kind whatsoever; 

  
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 (e) any import or export duties or their equivalent borne by the seller. Net Sales shall not
include sales or transfers between Licensee and its Affiliates or Sublicensees. Net Sales by Sublicensees or their Affiliates may be calculated using the deductions set forth in the applicable sublicense agreement instead of the deductions set forth
above, so long as such deductions are commercially reasonable. 
 If a Licensed Product is sold in combination with another active ingredient
or component having independent therapeutic effect or diagnostic utility, then Net Sales, for purposes of determining royalty payments on the combination, shall be calculated using one of the following alternative methods: (x) by multiplying
the Net Sales of the combination by the fraction A/A+B, where A is the gross selling price, during the royalty paying period in question, of the Licensed Product sold separately, and B is the gross selling price, during the royalty period in
question, of the other active ingredients or components sold separately, provided that in no event will Net Sales be reduced by more than twenty five percent (25%); or (y) if no such separate sales are made of the Licensed Product or any of the
active ingredients or components in such combination package during the royalty paying period in question, Net Sales, for the purposes of determining royalty payments shall be calculated using the above formula where A is the commercial value, as
reasonably estimated by Licensee, of the Licensed Product sold separately and B is the commercial value, as reasonably estimated by Licensee, of the other active ingredients sold separately, provided that in no event will Net Sales be reduced by
more than twenty five percent (25%). 
 1.12. “Person” means any individual, corporation, limited or general partnership, limited
liability company, joint venture, trust, unincorporated association, governmental body, authority, bureau or agency, or any other entity or body. 

1.13. “Research Plan” means the research plan attached as Exhibit 2 hereto. 

1.14. “Research Results” means all data, test results, laboratory notes, techniques,
know-how, and any other research results resulting or obtained from performance of the Research Plan. 

1.15. “Royalty Term” means, with respect to each Licensed Product, the period of time beginning on the First Commercial Sale
of such Licensed Product in a country following the receipt of applicable regulatory approval with respect to such sale of such Licensed Product in such country and continuing on a
country-by-country and product-by-product basis until the expiration of the last Valid Claim of the Licensed Patents which Covers
the sale of such Licensed Product in such country. 
 1.16. “Sublicense Revenue” means all considerations received by
Licensee or its Affiliates from Sublicensees on account of sale of Licensed Products. Sublicense Revenue will not include: (a) if Licensee collaborates on research and/or development with such a Sublicensee, amounts paid by such Sublicensee as
reimbursement for research and development costs incurred under such Sublicense with respect to Licensed Products; (b) bona fide loans; (c) reimbursement for clinical trial costs and expenses with respect to

  
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Licensed Products incurred after the execution of such Sublicense; (d) equity investment in Licensee to the extent such investments reflect the fair market value of such equity (any amounts
paid in excess of fair market value shall be deemed Sublicense Revenue); (e) amounts paid for supplies of Licensed Products or other tangible materials, or that are otherwise paid in reimbursement of costs or expenditures, whether incurred before or
after the date of the relevant sublicense agreement; (0 upfront fees and milestone payments; and (g) withholding taxes or other amounts actually withheld from the amounts received. Sublicense Revenue shall not include amounts received in
connection with a merger, consolidation or sale of all or substantially all of the business or assets of Licensee to which this Agreement relates. 

1.17. “Sublicensee” means any Third Party to whom Licensee grants a sublicense of some or all of the rights granted to Licensee
under this Agreement. 
 1.18. “Third Party” means any person or entity other than Licensee, LICENSOR and their respective
Affiliates. 
 1.19. “Valid Claim” means a claim in an issued, unexpired patent or in a pending patent application within
the Licensed Patents that (a) has not been finally cancelled, withdrawn, abandoned or rejected by any administrative agency or other body of competent jurisdiction, (b) has not been revoked, held invalid, or declared unpatentable or
unenforceable in a decision of a court or other body of competent jurisdiction that is unappealable or unappealed within the time allowed for appeal, (c) has not been rendered unenforceable through disclaimer or otherwise, and (d) is not
lost through an interference proceeding. Notwithstanding the foregoing, if a claim of a pending patent application within the Licensed Patents has not issued as a claim of a patent within the four (4) years after the date of issuance of the
first substantive patent office action considering the patentability of such claim by the relevant patent office in such country or territory within the Licensed Patents, such claim shall not be a Valid Claim for the purposes of this Agreement,
unless and until such claim issues as a claim of an issued patent (from and after which time the same shall be deemed a Valid Claim subject to clauses (a) through (d) above). 

1.20. Additional Definitions. Each of the following terms shall have the meaning described in the corresponding section of this
Agreement indicated below: 
  

			
	Term	  	Section
	Agreement	  	Introduction
	LICENSOR	  	Introduction
	Licensee	  	Introduction
	Effective Date	  	Introduction
	Indemnifying Party	  	10.2
	Party and Parties	  	Introduction
	Reasonable Opportunity	  	7.3
	SR	  	5.1
	Term	  	11.1

  
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 2. LICENSE GRANT 

2.1. License. LICENSOR hereby grants to Licensee and its Affiliates a worldwide, exclusive license (even as to LICENSOR), including the
right to grant sublicenses, under the Licensed Patents and under LICENSOR’s right, title and interest in and to Improvements, for Licensee and its Affiliates to research, develop, make, have made, use, offer for sale, sell, have sold and import
Licensed Products for any and all uses in the Field, subject to the terms and conditions of this Agreement, The foregoing includes the right to employ Third Party distributors to sell Licensed Products and Third Party contract manufacturers to make
Licensed Products, neither of which shall be construed as a sublicense. 
 2.2, Sublicenses. Licensee will be entitled to grant
sublicenses under rights granted under the License Agreement to third parties provided that such sublicense shall be on terms and conditions in compliance with and not inconsistent with the terms of the License Agreement and that such sublicense may
only be made for consideration in a bona-fide arm’s length transaction, including a bona fide royalty on Net Sales by sublicensee. Licensee shall furnish Licensor with a fully executed copy of any sublicense agreement, promptly after its
execution. Any act or omission by a sublicensee that would have constituted a breach of the License Agreement had it been an act or omission by Licensee shall constitute a breach of the License Agreement. Without limiting the foregoing, Licensee
shall (a) cure such breach or (b) enforce its rights by terminating such sublicense agreement. 
 2.3. Reservation of Rights.
LICENSOR shall retain the right for IFOM, IEO and University of Milan to practice the Licensed Patents and Improvements for internal research purposes only and in research collaboration with other
non-profit academic institutions only, including clinical research, but not for any commercial purpose. TTF, IEO, IFOM and University of Milan acknowledge that publication before patent filing and unauthorized
distribution of proprietary reagents and biologic materials may compromise the intellectual property generated under the Sponsored Research. IEO, IFOM and University of Milan retain the right to publish the results of the Sponsored Research, pending
the obligations to provide Licensee with a copy of the manuscript at least 30 days ahead of publication. In addition, TTF, IEO, IFOM and University of Milan agree that distribution of proprietary reagents and biologic materials will only occur under
a Material Transfer Agreement (the form of which is attached as Exhibit 3). LICENSOR shall not license, authorize or grant any Affiliate or any Third Party the right to make, have made, use, offer for sale, sell, have sold and/or import Licensed
Products. 
 2.4, Sharing of Information. LICENSOR will provide Licensee access to and the right to use solely for the purpose of
developing, making, having made, using and selling Licensed Products any information, technology or know-how controlled by Pier Paolo Di Fiore and persons working for hint relating to the Licensed Product and
Licensed Patents which is necessary or useful in enabling Licensee to practice and fully exploit the Licensed Patents in the Field, or which relates to the development, manufacture, use or sale of a Licensed Product, in accordance with the terms of
the Agreement. 

  
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 2.5. No Other Grant of Rights. Except as expressly provided herein, nothing in this
Agreement will be construed to confer any ownership interest, license or other rights upon Licensee by implication, estoppel or otherwise as to any technology, intellectual property rights, products or biological materials of LICENSOR, IEO, IFOM, or
the University of Milan, or any other entity, regardless of whether such technology, intellectual property rights, products or biological materials are dominant, subordinate or otherwise related to any Licensed Patents or Improvements. 

3. DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS. 

3.1. Authority. As between the Parties, Licensee shall have full control and authority over the research, development (including
regulatory matters) and commercialization of Licensed Products in the Field worldwide. 
 3.2. Diligence. Licensee will, itself or
through its Affiliates or Sublicensees, at all times exercise commercially reasonable efforts to commercialize one or more Licensed Products at a level of effort and resources that is consistent with the effort which it would apply to a product of
comparable potential at a comparable stage of development resulting from its own development programs, such commercially reasonable efforts to include the milestones on Exhibit 1. 

4. PAYMENTS 
 4.1. Milestone Payments.
Subject to the terms and conditions of this Agreement, Licensee shall pay LICENSOR within thirty (30) calendar days of the first achievement of each of the following milestone events for the first Licensed Product that achieves the
corresponding milestone event, per each project Field. For clarity, each milestone payment shall be payable only once per each project Field. 
  

			
	 Milestone Event
	  	 Milestone Payment

	 (i) Upon Completion of Development of a commercial test (“Completion of
Development” means first filing for pre-IDE, 510 (K) or other equivalent regulatory step with the FDA or other regulatory authority).
	  	50,000 Euros
		
	 (ii)  First Commercial Sale of the Product identified in (i) above,
Licensed.
	  	100,000 Euros
		
	 (iii)  upon first regulatory approval in the USA or any other Major Market.
	  	150,000 Euros

  
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 Licensee shall notify LICENSOR in writing within thirty calendar (30) days following the achievement of
each milestone described in Section 4.3.1, and shall make the appropriate milestone payment within thirty calendar (30) days after the achievement of such milestone. 

4.2. Royalty Payments. 

4.2.1. Royalty Rates. Subject to the other terms of this Agreement (including the remainder of this Section 4.2), Licensee shall
pay to LICENSOR, on a quarterly basis, a royally of (i) on Licensed Product-by-Licensed Product basis, one and one-half
percent (1.5%) of Net Sales by Licensee and by Licensee Affiliates for each country as to which the Royalty Term remains in effect; and (ii) fifteen percent (15%) of Sublicense Revenue received from Sublicensee for each country as to which the
License Agreement is effective. 
 4.2.2. Third Party Royalty Offset. The royalty paid to LICENSOR under Section 4.2.1 shall be
reduced by the amount of any royalty that Licensee or any Affiliate or Sublicensee (as applicable) pays to a Third Party under licenses to a patent owned by such Third Party that such party reasonably determines to be necessary in order to research,
develop, manufacture, use or sell a Licensed Product in a given country, provided that in no event shall the royalty payments to Licensor with respect to Licensed Products be reduced by more than twenty-five percent (25%) of the amount otherwise
due. 
 4.2.3. One Royalty. Only one royalty shall be payable to LICENSOR hereunder for each sale of a Licensed Product. 

4.3. Payment Terms. 

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

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

4.3,3. Tax Withholding; Restrictions on Payment. All payments hereunder shall be made free and clear of any taxes, duties, levies, fees
or charges, except for withholding taxes and interest and penalties thereon (to the extent applicable). Licensee shall make any applicable withholding payments due on behalf of LICENSOR and shall provide LICENSOR with such written documentation
regarding any such payment as available to Licensee relating to an application by LICENSOR for a foreign tax credit for such payment with the United States Internal Revenue Service. LICENSOR shall provide all information necessary to determine if
withholding taxes are applicable. 
 4.4. Records Retention by Licensee; Review. 

4.4.1. Royalty Records. Commencing as of the date of First Commercial Sale of the first Licensed Product hereunder, Licensee and its
Affiliates and Sublicensees shall keep for at least three (3) years from the end of the calendar year to which they pertain complete and accurate records of sales by Licensee or its Affiliates and Sublicensees, as the case may be, of each
Licensed Product, in sufficient detail to allow the accuracy of the payments hereunder to be confirmed. 
 4.4.2. Review. Subject to
the other terms of this Section 4.4, at the request of LICENSOR, which shall not be made more frequently than once per calendar year during the Term, and upon at least thirty (30) days’ prior written notice from LICENSOR, and
at the expense of LICENSOR (except as otherwise provided herein), Licensee shall permit and shall use its best effort to cause its Affiliates and Sublicensees to permit, an independent certified public accountant selected by LICENSOR and reasonably
acceptable to Licensee to inspect (during Licensee’s or its Affiliates’ or Sublicensees’, as applicable, regular business hours) the relevant records required to be maintained by Licensee under Section 4.4. In every case the
accountant must have previously entered into a confidentiality agreement with both Parties substantially similar to the provisions of Article 6 and limiting the disclosure and use of such information by such accountant to authorized representatives
of the Parties and the purpose of verifying royalties payable to LICENSOR hereunder. Results of any such review shall be binding on both Parties absent manifest error. LICENSOR shall treat the results of any such accountant’s review of
Licensee’s records as Confidential Information of Licensee subject to the terms of Article 6. If any review reveals a deficiency in the calculation and/or payment of royalties by Licensee, then (a) Licensee shall pay LICENSOR the amount
remaining to be paid, and (b) if such underpayment is by ten percent (10%) or more for any twelve (12) month consecutive period, then Licensee shalt reimburse LICENSOR for its reasonable out-of-pocket costs and expenses incurred in performing the review. 

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

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

6.4. Research Results. During the period set out at art. 5.1 above (four - 4 - years) and for two (2) years thereafter,
LICENSOR shall keep confidential, and shall cause its employees, consultants (including academic collaborators, CROs and manufacturers), professional advisors, and Affiliates to keep confidential, all Research Results and shall not disclose any of
the Research Results to a Third Party or use the Research Results on behalf of a Third Party without Licensee’s prior written consent, except as expressly set forth in Section 2.3 and the remainder of this Section. If LICENSOR wishes to
publish any Research Results, LICENSOR provide Licensee with a copy of the manuscript at least 30 days ahead of publication. 

  
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 5. SPONSORED RESEARCH 

5.1. Research Plan. LICENSOR will cause IEO to use reasonable efforts to perform the research according to the Research Plan
attached hereto as Exhibit 2. The Parties acknowledge that the Sponsored Research scope of work may be amended by the Parties from time to time (“SR”). Licensee will fund SR as follows: Licensee shall pay TTF for sponsored research
(SR) over four (4) years for the following project, as follows: 
 Project A: The use of 20 (twenty) defined stem cell markers
(the so called “Top 20”) for patient stratification in breast cancer. 
 Licensee will fund 150,000 Euros for Project A per year, starting from
the Effective Date, automatically renewable for up to 4 years, pending milestones evaluation at the end of each annual financing period, whereby the sponsored research funding shall be renewed automatically for Project A if the milestones for
Project A are met, such milestones as set forth on Exhibit 2. The Sponsored Research payments are contingent on continuous affiliation with Professor Di Fiore at IEO. Payments for each project year will be made in two equal installments (each of 50%
of the total payment for such year), as follows: the first installment will be made at the beginning of such project year (with the payment for the first project year being made within thirty (30) days of the Effective Date); and the second
installment will be made six months after the beginning of such project year. 
 6. TREATMENT OF CONFIDENTIAL INFORMATION 

6.1. Confidential Obligations, LICENSOR and Licensee each recognize that the other Party’s Confidential Information constitutes
highly valuable and proprietary confidential information. LICENSOR and Licensee each agree that during the Term and for ten (10) years thereafter, it will keep confidential, and will cause its employees, consultants (including
academic collaborators, CROs and manufacturers), professional advisors, Affiliates and, in the case of Licensee, Sublicensees to keep confidential, all Confidential Information of the other Party. Neither LICENSOR nor Licensee nor any of their
respective employees, consultants, Affiliates or, in the case of Licensee, Sublicensees, shall use any Confidential Information of the other Party for any purpose whatsoever other than exercising any rights granted to it or reserved by it hereunder
or as expressly permitted in this Article 6. Licensee may disclose LICENSOR’s Confidential Information to the extent such disclosure is reasonably necessary to file and prosecute patent applications and/or maintain patents which are filed or
prosecuted in accordance with the provisions of this Agreement, or to obtain any authorization to conduct clinical studies or any regulatory approval for Licensed Products. Each Party may disclose the other Party’s Confidential Information as
reasonably necessary to file, conduct or defend litigation in accordance with the provisions of this Agreement or comply with applicable laws, regulations or court orders; provided, however, that if a Party is required to make any such disclosure of
the other Party’s Confidential Information in connection with any of the foregoing, it will give reasonable advance notice to the other Party of such disclosure requirement and will use reasonable efforts to assist such other Party in efforts
to secure confidential treatment of such information required to be disclosed, 

  
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 6.5, Press Release. The Parties shall, immediately upon the Effective Date,
diligently work together to draft a mutually agreeable press release announcing the execution of this Agreement, and shall publish such press release in a mutually agreeable manner. 

7. FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS 

7.1. Prosecution Control. For purposes of this Article 7, the right to control prosecution of a Patent Right shall include the right to
control preparing, filing, and prosecuting patent applications therefor, and obtaining and maintaining any resulting patents, including the conduct of interferences, the defense of oppositions and other similar proceedings with respect to a patent.

 7.2. Patent Prosecution. Licensee shall, at its expense, and using attorneys of its choice, assume control of the prosecution of
the Licensed Patents, subject to the provisions of this Article 7. Licensee shall prosecute the Licensed Patents in good faith. If Licensee decides not to prosecute or maintain any Patent Right within the Licensed Patents, then Licensee shall
provide LICENSOR with written notice of such decision prior to the deadline for taking any action for such Patent Right or the date on which the abandonment of any such Patent Right would become effective, whichever is earlier, If Licensee does not
wish to continue prosecution of a case or decides not to file in a particular country, then LICENSOR may do so at LICENSOR’s own cost. 

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

7.4. Ownership. The Parties agree that ownership (i.e., the assignee patent applicant) of the inventions resulting from the Sponsored
Research shall stem from inventorship and allocation of ownership shall be governed by the agreement between TTF and IEO and IFOM, and University of Milan. 

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

  
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 8.2. Infringement of Patent Rights. Licensee shall have the first right (but not the
obligation), at its own expense and with legal counsel of its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of the Licensed Patents by any product or service that competes
with a Licensed Product, as reasonably determined by Licensee. LICENSOR shall take all actions necessary to assist Licensee in any suit, including joining in such suit as a party if legally required, at Licensee’s expense. LICENSOR shall have
the right, at its own expense, to be represented in any such action by counsel of LICENSOR’s own choice; provided, however, that the foregoing shall not affect the right of Licensee to control the suit as described in this Section. If Licensee
exercises its right to sue, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily incurred in
the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then Licensor shall receive an amount equal to ten percent (10%) of such funds and the remaining ninety percent (90%) of such funds shall be
retained by Licensee. If Licensee does not take action in the prosecution, prevention, or termination of any infringement and has not commenced negotiations with the infringer for the discontinuance of said infringement, within ninety
(90) calendar days after receipt of notice to Licensee by Licensor of the existence of an infringement, Licensor may elect to do so. Should Licensor elect to bring suit against an infringer Licensee shall take all actions necessary to assist
Licensor in any suit, including joining in such suit as a party if legally required, at Licensor’s expense. If Licensor exercises its right to sue, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof
for all costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then Licensee shall
receive an amount equal to ten percent (10%) of such funds and the remaining ninety percent (90%) of such funds shall be retained by Licensor. 
 9.
REPRESENTATIONS AND WARRANTIES 
 9.1. LICENSOR Representations. LICENSOR represents, warrants and covenants to Licensee that:

 (a) the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized by
all appropriate LICENSOR corporate action (including each of IEO, IFOM and University of Milan); 
 (b) this Agreement is a legal and valid
obligation binding upon LICENSOR (including each of IEO, IFOM and University of Milan) and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Parties does not conflict with any agreement,
instrument or understanding to which LICENSOR (including each of IEO, IFOM and University of Milan) is a party or by which it is bound; 

(c) LICENSOR (including each of IEO, IFOM and University of Milan) has the full right and legal capacity to grant the rights granted to
Licensee hereunder; 

  
 13 

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

 (e) LICENSOR (collectively meaning EO, IFOM and University of Milan) is the owner of entire right, title and interest in and to the
Licensed Patents; 
 (f) as of the Effective Date, LICENSOR (including each of IEO, IFOM and University of Milan) has not licensed or
transferred to any Person, including LICENSOR Affiliates, any rights under the Licensed Patents. 
 9.2. Licensee Representations.
Licensee represents and warrants to LICENSOR that: 
 9.2.1. the execution and delivery of this Agreement and the performance of the
transactions contemplated hereby have been duly authorized by all appropriate Licensee corporate action; and 
 9.2.2. this Agreement is a
legal and valid obligation binding upon Licensee and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to which
Licensee is a party or by which it is bound. 
 9.3. No Warranties. Except as expressly set forth in this Agreement, NEITHER PARTY
MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR OF
NON-INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES, OR AS TO THE SUCCESS OR LIKELIHOOD OF SUCCESS OF THE RESEARCH, DEVELOPMENT OR COMMERCIALIZATION OF LICENSED PRODUCTS
UNDER THIS AGREEMENT, OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES. 
 10. INDEMNIFICATION 

10.1. Except with respect to matters for which Licensee is obligated to indemnify Licensor, as established below, neither party will be liable
to the other with respect to the License. Licensor’s aggregate liability for all damages of any kind arising out of or relating to the License Agreement or its subject matter under any contract, negligence, strict liability or other legal or
equitable theory shall not exceed the amounts paid to Licensor under the License Agreement 
 10.2. Licensee shall indemnify, defend and
hold harmless the Licensor from and against any and all losses, damages, fees, expenses, settlement amounts and costs relating to or in connection with a third party claim arising out of: (a) any breach by Licensee of its representations,
warranties or covenants made under the License Agreement; (b) any actual or alleged death, personal bodily injury or damage to real or tangible personal property claimed to result, directly or indirectly, from the possession, use or consumption
of; or treatment with, the Licensed Product made or sold by or on behalf of Licensee or its affiliates or sublicensees, including any product liability claims; (c) an infringement of a third party’s intellectual property rights;
(d) the performance of the sublicense agreements. Licensor cannot indemnify Licensee. 

  
 14 

 10.3. Indemnification Procedures, If any Licensor is seeking indemnification under
Sections 10.1 or 10.2 from a Party (the “Indemnifying Party”), the Licensor shall notify the Indemnifying Party of such claim as soon as reasonably practicable after the Indemnitee receives notice of the claim, and the Indemnitee
shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including the right to settle the claim solely for monetary consideration) and shall cooperate as requested (at the expense of the Indemnifying Party)
in the defense of the claim. The indemnification obligations under this Article 10 shall not apply to any harm suffered as a direct result of any delay in notice to the Indemnifying Party hereunder, or to amounts paid in settlement of any claim,
demand, action or other proceeding if such settlement is effected without the consent of the Indemnifying Party. The Indemnifying Party shall not unreasonably withhold or delay its consent to a settlement solely for monetary consideration that is
proposed by the Licensor. The Licensor, its employees and agents, shall reasonably cooperate with the Indemnifying Party and its legal representatives in the investigation of any claim, demand, action or other proceeding covered by Sections 10.1 or
10.2. 
 11. TERM AND TERMINATION 

11.1. Term; Expiration. Unless earlier terminated in accordance with this Article, the term of this Agreement (the
“Term”) shall commence as of the Effective Date and remain in force, on a Licensed Product-by-Licensed Product and country-by-country basis, until the Licensed Patents covering such Licensed Product expire. 

11.2. Termination for Breach. Subject to the other terms of this Agreement, this Agreement and the rights granted herein may be
terminated by either Party for the unremedied material breach by the other Party of any material obligation or condition hereof, provided that the breaching Party has not cured such breach within forty-five (45) days after the date of written
notice to the breaching Party in the case of a payment-related material breach and one hundred twenty (120) days after the date of written notice to the breaching Party in the case of any other material breach, which notice shall describe such
material breach in reasonable detail and shall state the non-breaching Party’s intention to terminate this Agreement pursuant to this Section or in the case of Licensee, its intention to either terminate
this Agreement or elect its alternative remedy pursuant to Section 11.9. In the event there is dispute as to whether “an unremedied material breach” as set forth in this section, has occurred, the dispute shall be resolved first by
mediation, and if necessary thereafter, by arbitration. 
 11.3. Termination for Bankruptcy. Either party may terminate this
Agreement upon forty-five (45) days written notice in the case of bankruptcy, insolvency, dissolution, or winding up of the other Party. 

  
 15 

 11.4. Voluntary Termination. Licensee may terminate this Agreement at any time upon
thirty (30) days’ notice to LICENSOR. 
 11.5. Effects of Expiration or Termination. Upon any termination of this
Agreement, (i) as of the effective date of such termination all licenses granted by LICENSOR to Licensee under this Agreement hereunder shall terminate automatically; provided, however, that Licensee and its Affiliates and Sublicensees may sell
Licensed Products in their inventory as of the effective date of such termination, subject to the payment of royalties under Section 4.2, and (ii) each Party shall return all Confidential Information of the other Party as required by
Article 6. 
 11.6. Survival of Sublicenses. Notwithstanding anything to the contrary, no termination of this Agreement shall be
construed as a termination of any sublicense of any Sublicensee, and thereafter each such Sublicensee shall be considered a direct licensee of LICENSOR, provided that (i) Licensee represents and warrants to LICENSOR that, to Licensee’s
actual knowledge, as of the effective date of such termination, such Sublicensee is then in full compliance with all terms and conditions of its sublicense, (ii) such Sublicensee agrees in writing to assume all applicable obligations of
Licensee under this Agreement. 
 11.7. Remedies. Except as otherwise expressly set forth in this Agreement, the termination
provisions of this Article 11 are in addition to any other relief and remedies available to either Party at law. 
 11.8.
Surviving Provisions. Notwithstanding any provision herein to the contrary, the rights and obligations of the Parties set forth in Articles and Sections 1 (Definitions), 4.4 (Records Retention by Licensee; Review), 6 (Treatment of
Confidential Information), 9 (Representations and Warranties), 10 (Indemnification), 11.5 (Effects of Expiration or Termination), 11.6 (Survival of Sublicensees), 11.7 (Remedies), 11.8 (Surviving Provisions), and 12 (Miscellaneous) as well as any
rights or obligations otherwise accrued hereunder (including any accrued payment obligations), shall survive the expiration or termination of the Term. Without limiting the generality of the foregoing, Licensee shall have no obligation to make any
milestone or royalty payment to LICENSOR that has not accrued prior to the effective date of any termination of this Agreement. 
 11.9.
Remedy in Lieu of Termination. In the event of termination by Licensee under Section 11.2 or 11.3 herein, Licensee will retain a perpetual, fully paid up, royalty free worldwide right and license to develop, make, have made, use and sell
Licensed Products in the Field. The foregoing shall be without prejudice to any other right or remedy that may be available to Licensee under this Agreement or at law or in equity. 

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

  
 16 

							
	If to LICENSOR:        	  	Daniela Bellomo,	  		  	
		  	[REDACTED]	  		  	
				
	If to Licensee:	  	 Tiziana Life Sciences
 18 South Street,
Mayfair
 London, UK W1K I DG
 Phone:

Fax:
	  		  	
				
	With a copy to:	  	Ivor Elrifi	  		  	
		  	COOLEY LLP	  		  	
		  	1114 Ave of the Americas	  		  	
		  	New York, NY 10036	  		  	
		  	[REDACTED]	  		  	

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

12.2. Language. The Parties hereto have requested that this Agreement and any related documents be drafted in English, which shall be
controlling for all purposes. Any translation of this Agreement or any part hereof into a language other than English is for convenience only, and only the original English language version of this Agreement, as it may be amended from time to time
as permitted herein, shall have legal effect. 
 12.3. Governing Law. This Agreement will be construed, interpreted and applied in
accordance with the laws of Italy (excluding its body of law controlling conflicts of law). The UN Convention for the International Sale of Goods shall not apply to this Agreement. 

  
 17 

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

12.5. Limitations. Except as expressly set forth in this Agreement, neither Party grants to the other Party any right or license to any
of its intellectual property. 
 12.6. Entire Agreement; Amendment. This Agreement and the SR scope of work comprise the entire
Agreement between the Parties with respect to the subject matter hereof and thereof and supersede all prior representations, understandings and agreements between the Parties with respect to the subject matter hereof. No modification shall be
effective unless in writing with specific reference to this Agreement and signed by the Parties. 
 12.7. Waiver. The terms or
conditions of this Agreement may be waived only by a written instrument executed by the Party waiving compliance. The failure of either Party at any time or times to require performance of any provision hereof shall in no manner affect its rights at
a later time to enforce the same. No waiver by either Party of any condition or term shall be deemed as a continuing waiver of such condition or term or of another condition or term. 

12.8. Headings. Article, section and subsection headings are inserted for convenience of reference only and do not form part of this
Agreement. 
 12.9. Assignment. Licensee shall have the right to assign all of its rights and obligations under the Agreement,
without restriction and without any modification of any term of the Agreement, to (a) any Affiliate of Licensee, provided that Assignee agrees to assume the obligations of the definitive agreement or (b) the surviving entity in any merger
or consolidation or to any entity to which it transfers all or substantially all of the portion of its business to which the Agreement pertains, provided that Assignee agrees to assume the obligations of the definitive agreement. Other than the
foregoing right, neither this Agreement nor any right or obligation hereunder may be assigned, delegated or otherwise transferred, in whole or part, by either Party without the prior express written consent of the other. Any permitted assignee shall
assume all obligations of its assignor under this Agreement. Any purported assignment in violation of this Section shall be void. The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the permitted successors
and assigns of the Parties. 

  
 18 

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

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

12.12. Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent
jurisdiction or are deemed unenforceable under then-current applicable law from time to time in effect during the Term hereof, it is the intention of the Parties that such provision(s) be deemed to be severed from this Agreement and the remainder of
this Agreement shall not be affected thereby. The Parties hereto agree to renegotiate any such severed provision in good faith in order to provide a reasonably acceptable, valid alternative to the severed provision, it being the intent of the
Parties that the basic purposes of this Agreement are to be effectuated. 
 12.13. Status. Nothing in this Agreement is intended or
shall be deemed to constitute a partner, agency, employer-employee, or joint venture relationship between the Parties. 
 12.14. Further
Assurances. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

12.15. Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

  
 19 

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

									
		 		 	
					
		 	Tiziana Life Sciences PLC	 		 		 	TTFactor Srl
					
		 	/s/ Gabriele Cerrone	 		 		 	/s/ Daniela Bellomo
		 	Gabriele Cerrone	 		 		 	Daniela Bellomo
		 	Chairman	 		 		 	Managing Director

  

									
		 		 	
					
		 		 		 		 	 /s/ Pier Giuseppe Pelicci

		 		 		 		 	 Pier Giuseppe Pelicci

		 		 		 		 	President

  

									
		 		 	
					
		 		 		 		 	 UNIVERSITA’ DEGLI STUDI DI
MILANO 
 /s/Gianluca Vago

		 		 		 		 	 Gianluca Vago 

		 		 		 		 	 Il Rettore 

 EXHIBIT 1 — LICENSEE DILIGENCE 

I, Submission of a regulatory approval document for a Licensed Product to the FDA or equivalent regulatory document in another country within 48 months from
the date of delivery of the deliverables set forth in the workplan for the relevant Sponsored Research for Project A. 
  

	2.	 Approval for commercial distribution of a Licensed Product by the FDA or equivalent approval in another country
within 60 months from the date of delivery of the deliverables set forth in the workplan for the relevant Sponsored Research for Project A. 

  

	3.	 First Commercial Sale of the first Licensed Product within 66 months from the date of delivery of the
deliverables set forth in the workplan for the relevant Sponsored Research for Project A. 

 In the event that these diligence milestones
are not met due to a failure of Licensee to be diligent, then a six month extension on the above timelines shall be granted (and such’ further extensions as the parties may reasonably agree upon consistent with the spirit of this agreement). In
the event that these diligence milestones are not met due circumstances out of the control of Licensee, then the parties shall negotiate in good faith an appropriate extension of the above timelines. 

If after the foregoing extensions the milestones are not met, then the license to Licensee shall be revoked and all rights under this agreement and data shall
revert to TTF and TTF shall assume all rights under this agreement to commercialize any Licensed Product. In the event that the license to Licensee is revoked and TTF commercializes, either on its own or through a licensee or assignee, a Licensed
Product, then TTF shall pay to Licensee a royalty of 1.5% on Net Sales or 10% on sublicensee income on sales. 

  
 21 

 EXHIBIT 2 — RESEARCH PLAN AND DILIGENCE MILESTONES 

Project A: The use of 20 (twenty) defined stem cell markers (the so-called “Top 20”) for patient
stratification in breast cancer 
 The TOP20 genes have been defined based on our published expression profiles of breast stem cells, and further selected
based on their levels of expression and likelihood of reduction into practice for patient stratification in breast cancer. They include: MMP1, CDC2, TOP2A, C6orf173, SFN, RACGAP1, EXOSC4, APOBEC3B, C17orf37, H2AFZ, ElF4EBPI, PHLDA2, MRPS23, H2AFJ,
PUB, LY6E, NDUFB10, EPB41L5, NOL3, THOC4. In Yl, we will optimize conditions for detection of candidate stem cell markers by Q-PCR and immunohistochemistry (IHC) in formalin-fixed paraffin-embedded (FFPE)
samples from breast cancer patients. In Y2, we will perform pilot studies to assess the value of the TOP20 stem cell marker genes. In Y3, we will extend validation of the 

selected antibodies for II-IC analysis and of the Q-PCR assays on large-scale
breast cancer patient cohorts. In Y4, we will validate the TOP20-gene prognostic model (IHC and/or Q-PCR based) on a consecutive cohort of breast cancer patients. Please Note: During Yl, attempts will be
conducted to reduce the “top 20” gene list, by identifying — with various statistical analysis — more restricted signatures (within the 20-gene list) capable of performing with comparable
accuracy. The milestones indicated underneath refer to the characterization of the complete 20-gene list. If we will succeed in reducing the signature, the milestones will be automatically adjusted to reflect
the new reduced signatures, and the excluded genes will be dropped from the sponsored research agreement. 
  

			
	 Delivery
Date
	  	 Milestones

	End Y1	  	 •   Optimization of standardized protocols for extraction of genetic
material from archival FFPE tissues.

		
		  	 •   Q-PCR studies. Optimization of
protocols for reliable detection of both low and high abundant markers by pre-amplification technology by Applied Biosystem/Life Technologies.

		
		  	 •   Q-PCR studies. Design of a
custom 384-well plate for selection of Taqman probes for detection of the TOP20 stem cell marker genes on RNA from FFPE samples. We intend to include in this card two different Taqman assays (targeting
distinct, short (60-80 bp) areas of the transcript) for each TOP20 gene and for genes comprised in the OncotypeDX signature (for internal comparison) to select the best performing assay per each
gene.

		
		  	 •   IHC studies. Selection of specific antibodies for IHC of the TOP20
candidate stem cell markers in FFPE breast specimens. We predict to characterize 5 Abs in Y1, 8 Abs in Y2 and 7 Abs in Y 3. The successful completion of this Task is subject to the availability of commercial Abs that work in IHC. If Abs are
unavailable (or do not work in IHC), contingencies plan will have to be prepared, which cannot be predicted at this stage.

		
		  	 •  At the end of Yl the filing of IP might be considered.

		
	End Y2	  	 •   With the Abs characterized in Yl, we will perform IHC on a cohort of 20
breast patients, in order to asses if they can identify bona-fide Cancer Stem Cells (CSC) and their number in tumors correlates with different histological and clinical
features.

  
 22 

			
		
		  	 •   Q-PCR studies. Having completed
the set-up phase in Year 1, we will run a

		
		  	pre-screening study to test the 384-well Q-PCR card on a limited number of FFPE tumor samples (same cohort as at
the above point) to correlate expression levels of TOP20 genes with cancer stem cell content assessed by IHC, as well as with other relevant clinico-pathological parameters. Results of this pre-screening study
will allow us to select the best performing TaqMan assays to be reduced into a clinical assay and therefore to design a miniaturized card in a suitable format.
		
	End Y3	  	 •   Continuation of the Ab characterization for IHC (8 Abs as from
milestones at end of Y1 ) .

		
		  	 •   Q-PCR studies. Analysis on
case-control study group of up to 200 breast cancer patients by Q-PCR to prove prognostic significance of TOP20 stem cell genes and develop an algorithm for prognosis prediction of breast cancer
patients.

		
		  	 •   IHC analysis of validated antibodies (out of the 15 screened up to this
point) against selected TOP20 genes on the same case-control study cohort as in above point.

		
		  	 •   Continuation of the Ab characterization for IHC (7 Abs as from
milestones end of Y1 ) .

		
	End Y4	  	 •   Q-PCRstudies. Use of the
TOP20-gene prognostic model by Q-PCR in the analysis of a large retrospective local (IE0) cohort of patients.

		
		  	 •   IHC studies. Validation of the last 7 Abs (assuming that all them work
in IHC) characterized in Y3 in the case-control study.

		
		  	 •   IWHC studies. Validation of all Abs (or of the Abs that work in IHC out
of the 20 Abs tested) on a consecutive cohort of breast cancer patients.

 Please note that all human biological materials cited in these milestones are collected on behalf of the LEO, under IRB
approval, and in obeyance with Italian legislation regarding privacy and biological materials and will be made available by LEO for no other purpose than executing the Sponsored Research workplan at IEO. 

  
 23 

 EXHIBIT 3 — FORM OF MATERIAL TRANSFER AGREEMENT 

[RECIPIENT] 
 [TITLE] 

[INSTITUTION] 
 [ADDRESS] 

Date [                    1

 Dear
Dr. [                    ], 

Further to your recent request, we are pleased to inform you that Dr. [IEO PROVIDER SCIENTIST] of the European Institute of Oncology (“IEO”)
will release to the principal investigator [To be completed] (the “Principal Investigator”) at [TO BE COMPLETED] (“The Institute”) as stated in the First Schedule, the materials described in the Second Schedule to this letter
(the “Materials”) subject to your acceptance of the following terms and conditions set out below. 
 Please, note that as per the Licensing and
Operative Agreement entered into as of the 1 st July, 2010 by and between IEO, the FIRC Institute for Molecular Oncology (“IFOM”) and TTFactor S.r.l. (“TTF”), this agreement
will be signed buy the duly representatives of TTF, acting in name and on behalf of IEO. 
  

	1.	 Definitions 

 

			
	1.1 “Invention”            	  	means any new and useful composition of matter, process, product of a process, or any new and useful improvement thereof (including without limitation, any potential human or animal therapeutic or diagnostic product) whether
patentable or not, which is discovered, conceived, made, developed or reduced to practice solely or jointly by the Principal Investigator or any other employee of or person acting on behalf of, the Institute through research that used Materials, or
to which the use of Materials made a contribution together with any and all intellectual property rights therein, including without limitation patent rights, know-how or trade secrets. Without limiting the
foregoing,the discovery,identification,selection, characterisation of any gene or gene fragment, or homologue or orthologue thereof from any organism, including but not limited to a mouse, that is directly involved in the regulation of the or any
protein that the expresses or is regulated by the or shall be deemed to constitute an Invention.

  
 24 

			
		
	1,2 “Progeny”	  	means mice, including successive generations thereof, that have one or more of the mice provided as Materials as an ancestor,
		
	1.3 “Research Field”	  	means use by the Principal Investigator and other employees of the Institute under the Principal Investigator’s direct supervision at the Institute, solely for the purposes of conducting non-commercial research. The Research
Field excludes (i) any research where a Third Party acquires or is granted any right to acquire rights in any intellectual property generated through that research; (ii) the development of a library of mouse embryonic stem cells.
		
	1.4 “Third Party”	  	means any entity other than IEO, TTF and the Institute

  

	2.	 The Principal Investigator and the Institute jointly and severally agree that: 

 

	 	2.1	 the Materials shall be used solely for the non-commercial research
purposes set out in the Second Schedule attached to this letter (the “Purpose”) and shall not be used other than in the Research Field. 

  

	 	2.2	 both the Principal Investigator and the Institute shall abide by all relevant governmental regulations
governing the use of the Materials and comply with all local regulations concerning experiments carried out in animals. The Principal Investigator and the Institute hereby indemnify IEO against any loss, claim, damage and any other liability; of
whatever kind or nature, which may arise from or in connection with the use, handling, shipment or storage of the Materials by the Principal Investigator or the Institute. 

 

	 	2.3	 both the Principal Investigator and the Institute shall take all necessary steps to ensure the safe keeping of
the Materials and not allow them to become available, or make them available, to any persons other than those engaged in non-commercial research under the direct supervision of the Principal Investigator and
located at the Institute. 

  

	 	2.4	 neither the Principal Investigator nor the Institute shall release any Materials nor disclose any confidential
information relating to the Materials or ariy data obtained from use of the Materials to any Third Party without the prior consent of Dr. PO PROVIDER SCIENTIST] at IEO, respectively. 

 

	 	2.5	 both the Principal Investigator and the Institute shall ensure that those persons under the direct supervision
of the Principal Investigator to whom the Materials are made available are made aware of and agree to be bound by the obligations in relation to the Materials set out in this letter. 

  
 25 

	 	2.6	 should either the Principal Investigator or the Institute shall become aware that the Materials have fallen
into the possession of a third party, or that they are being used for commercial purposes, he/she or it shall promptly notify IEO and provide 1E0 with full particulars thereof. 

 

	 	2.7	 should either the Principal Investigator or the Institute be approached by a commercial third party expressing
an interest in the Materials, the Principal Investigator or the Institute as the case may be shall direct their enquiries to IEO or its agent as directed by IEO and promptly notify IEO or their agents as directed by 1E0 of the name of that third
party and the nature of their interest. 

  

	 	2.8	 both the Principal Investigator and the Institute acknowledge that all rights in the Materials and Progeny vest
absolutely in IEO. 

  

	 	2.9	 IEO and/or any agent appointed by IEO shall have the right to commercially exploit the results and intellectual
property arising from any Invention and both the Principal Investigator and the Institute shall, at IEO cost and expense, do or procure the doing of all acts necessary to vest full legal title to the aforesaid intellectual property in the IEO or
their agents, as directed by IEO. 

  

	 	2.10	 IEO has the right to request the transfer of any Material or Progeny to IEO at any time. 

 

	3.	 Licence 

  

	 	3.1	 IEO grants a non-exclusive,
non-commercial licence, with no right to grant sub-licences, subject to the terms and conditions of this agreement for use of the Materials in the Research Field.

  

	4.	 Confidentiality 

  

	 	4.1	 Any information provided to either the Principal Investigator or the Institute by IEO relating to the Materials
shall at all times be treated in confidence and shall only be disclosed to those persons under your supervision who need to know, provided always that those persons are informed of and agree to be bound by the confidential nature of that
information. 

  

	 	4.2	 The terms and existence of this agreement shall be kept confidential. 

 

	5.	 Inventions and Ownership 

 

	 	5.1	 Any and all Inventions that arise from use of the Materials are hereby assigned to IEO. IEO or their agents,
shall use reasonable commercial endeavours to exploit commercially any such inventions. In the event that such commercial endeavours generate income, the income received by IEO shall, after the deduction of IE0 and its agents costs, and third
parties that collaborated or will collaborate to the generation of the Invention in proportion to be agreed among all the parties. 

  
 26 

	 	5.2	 The Institute shall notify IEO as soon as any Invention has been made and shall on ISO’s request assist
IEO or its appointed agent in the process of patenting such Invention, The Institute will not reveal any confidential information that may affect the patentability of any Invention without the prior authority of IEO or its appointed agents.

  

	6,	 Publication 

  

	 	6.1	 Any proposed publication which names the Principal Investigator or any other employees of the Institute as an
author and which includes experiments or results obtained from the use of the Materials shall be sent to [1E0 PROVIDER SCIENTIST] at IEO at least sixty (60) days prior to submission for publishing. 

 

	7.	 Return of the Materials 

 

	 	7.1	 The Institute and the Principal Investigator shall, immediately upon receiving a demand from IEO, return the
Materials and/or any Progeny to IEO. 

  

	8.	 Delivery of the Materials 

 

	 	8.1	 [1E0 PROVIDER SCIENTIST] at IEO shall upon receipt of a signed copy of this agreement prepare the Materials
requested for release and inform the Principal Investigator when they are ready for collection. The Principal Investigator shall arrange for collection of the Materials using a suitable carrier, having arranged the required shipping documentation
and insurance at the Institute’s cost. 

  

	 	8.2	 The Materials shall be deemed the responsibility of the Principal Investigator as soon as they have left their
storage location at IEO. 

  

	9,	 The terms of this agreement shall be governed by Italian law and any differences or disputes in relation to it
shall be subject to the non-exclusive jurisdiction of the Court of Milan, Italy. 

 If you are
willing to receive the Materials subject to the aforementioned terms and conditions, please sign both copies of this letter on the last page after the Schedules, returning one copy to us for our retention. On receipt of the signed letter we
shall be pleased to arrange for the release of the Materials to you. 

  
 27 

 Yours sincerely, 

Dr, Daniela Bellomo 
 General Manager 

TTFactor s.r.l. 
 Acting in name and on behalf of 

European Institute of Oncology 
 [IE0 PROVIDER SCIENTIST] 

 

  
 28 

 The First Schedule 

Confirmation of Acceptance: 
  

			
	Signed by the Principal Investigator:
		
	 Signature:
	  	  

		
	 Name:
	  	  

		
	 Position:
	  	  

		
	 Date:
	  	  

	
	Signed by an authorised signatory:
		
	 Signature:
	  	  

		
	 Name:
	  	  

		
	 Position:
	  	  

		
	 Institute address:
	  	  

		
	 Date:
	  	  

		
		  	  

		
		  	  

  
 29 

 The Second Schedule 

The Materials 
 - [PLEASE COMPLETE THIS SECTION] 

Purpose for use of the Materials 
  

			
	- [PLEASE CONIPLP	  	S SECTION]
	
	Signed by an authorised signatory of the receiving institute:
		
	Signature:	  	  

		
	Name:	  	  

		
	Position:	  	  

		
	Institute address:	  	  

		
	Date:	  	  

		
		  	  

		
		  	  

  
 30 

 TERM SHEET 

TIZIANA LIFE SCIENCES 
 AND 

TTFACTOR S.R.L. (ON BEHALF OF IEO AND IFOM) 

SUMMARY OF MAIN TERMS TO BE ESTABLISHED IN THE LICENSE AGREEMENT 

APRIL 30, 2014 
  

			
	Parties	  	Tiziana Life Sciences, a UK company, (“Tiziana” or “Licensee”), having registered office at 18 South Street, Mayfair, London, UK W1K IDG, and TTFactor (“TTF” or “Licensor”), having registered
office in Via Ripamonti n 435, Milan, Italy on behalf of Istituto Europeo di Oncologia S.r.l. (“IEO”) and Fondazione Firc per l’Oncologia Molecolare (“IFOM”).
		
	License Agreement        	  	 By means of the License Agreement Licensor - acting also on behalf of the co-owner and possible
co-licensor of the Licensed Patents as defined below, i.e. Universal degli Studi di Milano - will grant Licensee a worldwide exclusive license under the Licensed Patents (as defined below), with the right to
grant sublicenses to arms-length third parties for bona tide market rate royalties, solely to develop, manufacture, use and sell Licensed Products (as defined below) for use in the fields established in the Research Plan to be attached to the
License Agreement.
  
 The Parties undertake to execute the License Agreement within
sixty (60) calendar days of the date of execution of this Term Sheet, on the understandings that it shall be in line with the provisions set out herein. Any delays due to internal approval or signature collection processes typical to large non-profit organizations will not be considered cause for termination.
  

All provisions set out in this Term Sheet shall be reflected in the License Agreement.

		
	Licensed Patents	  	Exclusive rights and interests in: (a) all patents and applications conceived as a result of the Sponsored Research under Project A as pointed out below; (c) any United States and foreign patent applications claiming priority
from (a) and (b) above, all substitutions, continuations, continuations-in-part (to the extent these claim priority to the above-identified patent applications),
divisional, renewals and all reissues, reexaminations, extensions, confirmations, revalidations, registrations, and patents of addition with respect to (a) and/or (b) above; (d) any supplementary protection certificates, pediatric
exclusivity periods, any other patent term extensions and exclusivity periods and the like of any patents and patent applications identified in (a), (b) and/or (c) above.
		
	Licensed Products	  	Any product or service covered by a valid claim of the Licensed Patents (including without limitation any diagnostic or therapeutic product covered by a valid claim of the Licensed Patents).
		
	Territory	  	Worldwide.
		
	Duration	  	For each Licensed Product, from the date of execution of the License Agreement until the relating Licensed Patents expire.

6\AC 

			
		
	Milestones	  	Licensee shall pay Licensor within thirty (30) calendar days of the first achievement of each of the following milestone events for the first Licensed Product per each project field: (a) EUR 50,000 (fifty thousand) upon
completion of development of a commercial test; (b) upon first commercial sale: EUR 100,000 (one-hundred thousand); (c) upon first regulatory approval in USA or in any other major market: EUR 150,000 (one-hundred fifty thousand).
		
	Net Sales	  	Net Sales are the gross invoiced sales price for all Licensed Products sold by or on behalf of Licensee, its affiliates or sublicensees to third parties during each calendar quarter (excluding sales or dispositions at or below cost,
including for use in patient assistance programs or for use in clinical trials or other scientific testing or reasonable quantities of samples), less the following amounts incurred or paid by Licensee or its affiliates or sublicensees during such
calendar quarter with respect to sales of Licensed Products regardless of the calendar quarter in which such sales were made: (a) trade, cash and quantity discounts or rebates; (b) credits or allowances; (c) any charges for insurance,
freight, and other transportation costs directly related to the delivery of Licensed Product to the extent included in the invoiced sales price; (d) any tax, tariff, duty or governmental charge levied on the sales, transfer, transportation or
delivery of a Licensed Product, other than franchise or income tax of any kind whatsoever; (e) any import or export duties or their equivalent borne by the seller. Net Sales shall not include sales or transfers between Licensee and its
affiliates or sublicensees. Net Sales by sublicensees or their affiliates may be calculated using the deductions set forth in the applicable sublicense agreement instead of the deductions set forth above, so long as such deductions are commercially
reasonable. If a Licensed Product is sold in combination with another active ingredient or component having independent therapeutic effect or diagnostic utility, then Net Sales, for purposes of determining royalty payments on the combination, shall
be calculated using one of the following alternative methods: (x) by multiplying the Net Sales of the combination by the fraction A/A+B, where A is the gross selling price, during the royalty paying period in question, of the Licensed Product
sold separately, and B is the gross selling price, during the royalty period in question, of the other active ingredients or components sold separately, provided that in no event will Net Sales be reduced by more than twenty five percent (25%); or
(y) if no such separate sales are made of the Licensed Product or any of the active ingredients or components in such combination package during the royalty paying period in question, Net Sales, for the purposes of determining royalty payments
shall be calculated using the above formula where A is the commercial value, as reasonably estimated by Licensee, of the Licensed Product sold separately and B is the commercial value, as reasonably estimated by Licensee, of the other active
ingredients sold separately, provided that in no event will Net Sales be reduced by more than twenty five percent (25%),
		
	Royalties	  	Licensee shall pay to Licensor, on a quarterly basis, a royalty of (i) on a Licensed Product-by-Licensed-Product basis, one and one-half percent (1.5%) of Net Sales by Licensee and by Licensee Affiliates for each country as to which the Royalty Term remains in effect; and (ii) fifteen percent (15%) of Sublicense Revenues received from
sublicensee for each country as to which the License Agreement is effective. The royalty paid to Licensor shall be reduced by the amount of any royalty that Licensee or any affiliate or

6\AC 

  
 2 

			
		
		  	sublicensee (as applicable) pays to a third party under licenses to a patent owned by such third party that such party reasonably determines to be necessary in order to research, develop, manufacture, use or sell a Licensed Product
in a given country, provided that in no event shall the royalty payments to Licensor with respect to such Licensed Products be reduced by more than twenty-five percent (25%) of the amount otherwise due.
		
	Sublicense Grant	  	Licensee will be entitled to grant sublicenses under rights granted under the License Agreement to third parties provided that such sublicense shall be on terms and conditions in compliance with and not inconsistent with the terms
of the License Agreement and that such sublicense may only be made for consideration in a bona-fide arm’s length transaction, including a bona fide royalty on Net Sales by sublicensee. Licensee shall furnish Licensor with a fully executed copy
of any sublicense agreement, promptly after its execution. Any act or omission by a sublicensee that would have constituted a breach of the License Agreement had it been an act or omission by Licensee shall constitute a breach of the License
Agreement. Without limiting the foregoing, Licensee shall (a) cure such breach or (b) enforce its rights by terminating such sublicense agreement.
		
	Sublicense Revenues	  	Sublicense Revenues consist of all consideration received by Licensee or its affiliates from sublicensees on account of the sale of Licensed Products, Sublicense Revenues will not include: (a) if Licensee collaborates on
research and/or development with such a sublicensee, amounts paid by such sublicensee as reimbursement for research and development costs incurred under such Sublicense with respect to Licensed Products; (b) bona fide loans; (c) reimbursement
for clinical trial costs and expenses with respect to Licensed Products incurred after the execution of such Sublicense; (d) equity investment in Licensee to the extent such investments reflect the fair market value of such equity (any amounts
paid in excess of fair market value shall be deemed Sublicense Revenues); (e) amounts paid for supplies of Licensed Products or other tangible materials, or that are otherwise paid in reimbursement of costs or expenditures, whether incurred before
or after the date of the relevant sublicense agreement; (t) upfront fees and milestone payments; and (g) withholding taxes or other amounts actually withheld from the amounts received. Sublicense Revenues shall not include amounts received
in connection with a merger, consolidation or sale of all or substantially all of the business or assets of Licensee to which this Agreement relates.
		
	Sponsored Research	  	 TTF will cause IEO to use reasonable efforts to perform the research according to the Research Plan to be established and attached to the
License Agreement and which will refer to the following Projects:
  

•   Project A: The use of 20 (twenty) defined stem cell markers (the so-called “Top 20”) for patient stratification in breast cancer.
  

Tiziana will fund EUR 150,000 (one-hundred fifty thousand) for Project A per year, starting from the date of execution
of the License Agreement, automatically renewable for up to 4 years if milestones (to be established for each project and attached to License Agreement) are met. The Sponsored Research payments are contingent upon continuous affiliation with
Professor Di Fiore at IEO.

 6\AC 

  
 3 

			
		
	Improvements and inventions	  	 TTF will offer any inventions or improvements on Project A to Tiziana for license.

In case of improvements deriving from Project A, the same terms as presented herein will apply, but without further upfront payments.

		
	Enforcement, prosecution and infringement	  	 Tiziana shall have primary responsibility, for the preparation, filing, prosecution, maintenance and enforcement of the Licensed Patents, at
its own expense and using attorneys of its choice. TTF will have the opportunity to review and provide comment on any such prosecution in advance of filing any paper in a patent office. Licensee shall have the first right (but not the obligation),
at its own expense and with legal counsel of its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of the Licensed Patents by any product or service that competes with a
Licensed Product, as reasonably determined by Licensee. Licensor shall take all actions necessary to assist Licensee in any suit, including joining in such suit as a party if legally required, at Licensee’s expense. Licensor shall have the
right, at its own expense, to be represented in any such action by counsel of Licensor’s own choice; provided, however, that the foregoing shall not affect the right of Licensee to control the suit. If Licensee exercises its right to sue, it
shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily incurred in the prosecution of any such suit.
If, after such reimbursement, any funds shall remain from said recovery, then Licensor shall receive an amount equal to ten percent (10%) of such funds and the remaining ninety percent (90%) of such funds shall be retained by Licensee.

 
 If Licensee does not take action in the prosecution, prevention, or termination of any
infringement and has not commenced negotiations with the infringer for the discontinuance of said infringement, within ninety (90) calendar days after receipt of notice to Licensee by Licensor of the existence of an infringement, Licensor may elect
to do so. Should Licensor elect to bring suit against an infringer Licensee shall take all actions necessary to assist Licensor in any suit, including joining in such suit as a party if legally required, at Licensor’s expense. If Licensor
exercises its right to sue, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily incurred in
the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then Licensee shall receive an amount equal to ten percent (10%) of such funds and the remaining ninety percent (90%) of such funds shall be
retained by Licensor.

		
	Representations and Warranties	  	The Parties represent, warrant and covenant to each other that: (a) the execution and delivery of the License Agreement and the performance of the transactions to be contemplated therein will be duly authorized by all
respective appropriate corporate action; (b) the License Agreement will be legal and valid obligation binding upon themselves and enforceable in accordance with its terms, and the execution, delivery and its performance will not be in conflict
with any agreement, instrument or understanding to which the Parties themselves are, respectively, a party or by which they are bound;

  
 4 

			
		
		  	 Licensor represents and warrants to Licensee that: (i) it has the full right and legal capacity to grant the rights to be granted to
Licensee; (ii) the Licensed Patents have been filed in good faith and prosecuted as of the date of execution of this Term Sheet; (iii) to Licensor’s knowledge, Licensor is the owner of entire right, title and interest’in and to
the Licensed Patents; and (iv) as of the date of execution of this Term Sheet, Licensor has not licensed or transferred to any person, including its affiliates, any rights under the Licensed Patents. (Licensor makes no warranties that the
Licensed Patents do not infringe other intellectual property rights)
  
 Except as
expressly set forth above, neither Party makes any representation or extends any warranties of any kind, either express or implied nor will make any representations or extend any warranties of any kind in the License Agreement. There are no and
there will not be in the License Agreement express or implied warranties of merchantability or fitness for a particular purpose, or of non-infringement of any patent, copyright, trademark, or other rights of third parties, or as to the success or
likelihood of success of the research, development or commercialization of licensed products under this agreement,

		
	Liability and Indemnification	  	 or any other express or implied warranties. Except with respect to matters for which Licensee is obligated to indemnify Licensor, as
established below, neither party will be liable to the other with respect to the License. Licensor’s aggregate liability for all damages of any kind arising out of or relating to the License Agreement or its subject matter under any contract,
negligence, strict liability or other legal or equitable theory shall not exceed the amounts paid to Licensor under the License Agreement.
  

Licensee shall indemnify, defend and hold harmless the Licensor from and against any and all losses, damages, fees, expenses, settlement amounts and costs
relating to or in connection with a third party claim arising out of: (a) any breach by Licensee of its representations, warranties or covenants made under the License Agreement; (b) any actual or alleged death, personal bodily injury or damage
to real or tangible personal property claimed to result, directly or indirectly, from the possession, use or consumption of, or treatment with, the Licensed Product made or sold by or on behalf of Licensee or its affiliates or sublicensees,
including any product liability claims; (c) an infringement of a third party’s intellectual property rights; (d) the performance of the sublicense agreements.
  

Licensor cannot indemnify Licensee.

		
	Confidentiality	  	 The Parties undertake to keep strictly confidential the existence and the contents of this Term Sheet.

 
 In the event that the License Agreement is not executed the Parties must observe the
obligations of confidentiality established herein for a period three (3) years running from the date of execution of this Term Sheet.

		
	Law and Jurisdiction	  	This Term Sheet is governed by the Italian Laws. For any disputes arising from this Term Sheet the Court of Milan (Italian Jurisdiction) will be exclusively competent. The above provisions regarding law and jurisdiction shall be set
forth in the License Agreement.

 6\AC 

  
 5 

 Agreed and accepted 

 

									
					
		 	 Tiziana 
	 		 		 	 TTF 

					
		 	/s/ Gabriele Cerrone	 		 		 	/s/ Daniela Bellomo
		 	Gabriele Cerrone	 		 		 	Daniela Bellomo
		 	Chairman	 		 		 	Managing Director

									
					
		 		 		 		 	
					
		 		 		 		 	/s/ Pier Giuseppe Pelicci
		 		 		 		 	 Pier Giuseppe Pelicci 

		 		 		 		 	 PresidentEX-4.4

 Exhibit 4.4 
  

 
 THE RULES OF THE ING GROUP

 LONG TERM SUSTAINABLE PERFORMANCE PLAN 
  

 
 adopted by the Executive Board
of ING Groep NV 
 (1st amended version approved as per January 16, 2012) 

(2nd amended version as per February 13, 2012) 

(3rd amended version as per December 1, 2017) 

(4th amended version as per January 1, 2020) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

 Table of Contents 
  

							
	 RULE 1:
	 	DEFINITIONS	  	 	3	 
	 RULE 2:
	 	INTERPRETATION	  	 	9	 
	 RULE 3:
	 	LAPSE OF AWARDS	  	 	10	 
	 RULE 4:
	 	AVAILABILITY OF PLAN SHARES	  	 	10	 
	 RULE 5:
	 	POWERS OF THE EXECUTIVE BOARD	  	 	10	 
	 RULE 6:
	 	PARTICIPATION IN THE PLAN	  	 	11	 
	 RULE 7:
	 	NON-TRANSFERABILITY OF AWARDS	  	 	11	 
	 RULE 8:
	 	VARIATION OF CAPITAL AND ADJUSTMENT OF AWARDS	  	 	11	 
	 RULE 9:
	 	AWARDS	  	 	13	 
	 RULE 10:
	 	TERMINATION OF EMPLOYMENT	  	 	14	 
	 RULE 11:
	 	DISCRETIONARY AUTHORITY / HOLD BACK	  	 	15	 
	 RULE 12:
	 	RELEASE OF PLAN SHARES / DEFERRED CASH	  	 	16	 
	 RULE 13:
	 	CLAW-BACK	  	 	16	 
	 RULE 14:
	 	CORPORATE RESTRUCTURING	  	 	17	 
	 RULE 15:
	 	LOSS OF OFFICE OR EMPLOYMENT	  	 	18	 
	 RULE 16:
	 	PLAN SHARES	  	 	19	 
	 RULE 17:
	 	PERSONAL HEDGING	  	 	19	 
	 RULE 18:
	 	TAX AND SOCIAL SECURITY	  	 	19	 
	 RULE 19:
	 	REPORTING	  	 	21	 
	 RULE 20:
	 	PLAN AMENDMENTS AND TERMINATION	  	 	21	 
	 RULE 21:
	 	TERMINATION	  	 	21	 
	 RULE 22:
	 	ADMINISTRATION	  	 	21	 
	 RULE 23:
	 	DISPUTES	  	 	22	 
	 RULE 24:
	 	CONFLICTS WITH AGREEMENTS	  	 	22	 
	 RULE 25:
	 	GOVERNING LAW	  	 	23	 

  
 (2) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

 RULE
1:                DEFINITIONS 
 In the Rules of this Plan, unless the
context otherwise requires, the following words and expressions shall have the meanings set out below: 
  

			
	Acquiring Company	  	any company which obtains Control of the Company or substantially the whole of the business of the Company;
		
	Acquiring Person	  	any person, not being an Acquiring Company, who:
		
		  	 (a)   either alone or together with any person acting in concert with him has
obtained Control of the Company; or

		
		  	 (b)   having Control of the Company, makes a general offer to acquire the whole
of the issued Ordinary Share Capital (other than that which is already owned by him and/or by any person acting in concert with him);

		
	Adoption Date	  	the date on which this Plan is adopted by the Executive Board;
		
	Appropriate Period	  	in relation to an Acquiring Company or an Acquiring Person, the period of six months beginning at the time the Acquiring Company or Acquiring Person obtains Control of the Company;
		
	ADRs	  	American Depository Receipts issued in respect of issued and fully paid-up Ordinary Share Capital of the Company;
		
	Articles of Association	  	the articles of association of the Company as amended from time to time;
		
	Award	  	the award of a Performance Share (Unit), an Upfront Share (Unit), a Deferred Share (Unit), Deferred Cash or any other instrument as specified in the LSPP Agreement;
		
	BDRs	  	Bearer Depository Receipts issued in respect of issued and fully paid-up Ordinary Share Capital of the Company;

  
 (3) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
	Business Conditions	  	any situation, not being a Business Divestiture or Partial Sale, in which the termination of a Participant’s employment is caused by economic or strategic considerations and is not based primarily on the Participant’s
individual performance;
		
	Business Divestiture	  	the complete or partial transfer of a Group Company in which the Employee is employed to a transferee that is not a Group Company or a complete or partial initial public offering (IPO) of a Group Company in which the Employee is
employed. A partial transfer or IPO is only considered a Business Divestiture if such transfer or IPO results in the Company (directly or indirectly) owning less than 50.1% of the voting stock in such transferred Group Company, where this Business
Divestiture does not form part of the Company’s normal course of business as determined by the Executive Board;
		
	CCRM	  	the function of the Company responsible for corporate compliance and risk management or any function to which this task is delegated to from time to time;
		
	Cessation of Employment	  	the date on which the employment between the Employee and the Group ends;
		
	Closed Period	  	a period so designated by CCRM;
		
	Company	  	ING Groep NV, having its registered seat at Amsterdam, The Netherlands, registered with the Chamber of Commerce (Kamer van Koophandel) of Amsterdam under registration number 33231073;
		
	Control	  	where any person or a group of persons acting in concert (for the avoidance of doubt, other than the Stichting ING Aandelen) has acquired 50.1% of the voting stock of the Company other than solely as a consequence of the
cancellation of BDRs or ADRs and such persons have received a declaration from the regulatory authorities that there is no objection to their exercising the voting rights attached to such stock or where any person or group of persons acquires the
right to appoint the majority of the Executive Board;

  
 (4) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
	Date of Award	  	the date on which an Award is made to a Participant, which shall be the date as specified in the LSPP Agreement;
		
	Deferred Cash	  	a conditional right to receive payment in the form of cash at the Vesting Date where such right may be conditional upon the attainment of any Performance Target within the Performance Period;
		
	Deferred Share	  	a conditional right to receive a number of Plan Shares upon Vesting where such right may be conditional upon the attainment of any Performance Target within the Performance Period;
		
	Deferred Share Factor	  	the factor that is calculated by dividing (i) the period of employment during the Vesting Period in terms of months; by (ii) the total Vesting Period, also in terms of months, rounded up to the nearest whole
number;
		
	Employee	  	either:
		
		  	 (i) an employee of a Group Company who is not a director of the Company as mentioned in
articles 18 and 19 of the Articles of Association; or

		
		  	 (ii)  a director (other than a non-executive
director) of a Group Company other than the Company; or

		
		  	 (iii)  a former employee of a Group Company, who has been determined to be
an eligible Participant by the Executive Board under Rule 6.2.

		
	Executive Board	  	the board of directors of the Company, as mentioned in the articles 18 and 19 of the Articles of Association;
		
	Group	  	the Company and its Subsidiaries as amended from time to time and the expression “member of the Group” shall be construed in accordance with Dutch law;
		
	Group Company	  	the Company and any company which is for the time being a Subsidiary over which the Company has Control and which has been nominated by the Executive Board for participation for the time being in this Plan;

  
 (5) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
	Identified Staff	  	Staff as selected by the ING from time to time on the basis of and in accordance with the selection methodology and the criteria approved by the Supervisory Board;
		
	LSPP	  	this long term sustainable performance plan, as amended from time to time;
		
	LSPP Agreement	  	the agreement in respect of an Award effected to an Employee in accordance with Rule 9 or any other Award made under the terms of this Plan;
		
	LSPP Committee	  	such person or committee of persons and successor person or committee of persons appointed by the Executive Board to whom the Executive Board has delegated such of its powers in relation to this Plan as it may determine and this
definition should include any duly appointed agent or delegate of the LSPP Committee;
		
	Open Period	  	any period so designated by CCRM;
		
	Ordinary Share Capital	  	the issued and fully paid-up ordinary shares in the capital of the Company, as mentioned in the Articles of Association;
		
	Partial Sale	  	the partial sale of a Group Company in which the Employee is employed to an entity or person that is not a Group Company. Or a partial initial public offering (IPO) of a Group Company in which Employee is employed. A partial sale or
IPO is only considered a Partial Sale if such transfer or IPO results in the Company (directly or indirectly) owning less than 70% but more than 50% of the voting stock in such transferred Group Company and does therefore not qualify as a Business
Divestiture;
		
	Participant	  	an Employee to whom an Award has been made under the terms of this Plan;

  
 (6) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

  

			
	Performance Incentive Zone	  	the predefined ranges used to determine the level of Vesting in the form of Performance Shares to Participants;
		
	Performance Period	  	the period in which the Performance Target should be attained and which shall be specified in the LSPP Agreement;
		
	Performance Share	  	a right to receive Plan Shares at the Vesting Date which right is conditional subject to the attainment of any Performance Target imposed;
		
	Performance Share Factor	  	the factor that is calculated by dividing the period of employment during the Performance Period in terms of months by the total Performance Period, also in terms of months, rounded up to the nearest whole number;
		
	Performance Target	  	the target or targets, set at the Date of Award, that should be attained in order to determine the level of Plan Shares and/or Deferred Cash to be Released subject to the Vesting of the Awards as defined in the LSPP Agreement and/or
other specific documents for Identified Staff;
		
	Plan	  	the ING Long Term Sustainable Performance Plan, otherwise known as LSPP, in its present form or as from time to time amended in accordance with the provisions hereof;
		
	Plan Shares	  	BDRs, or ADRs or any other instruments in respect thereof, as determined at the Date of Award by the Company and all references to Plan Shares in this Plan shall be construed accordingly;
		
	Record Date	  	the official date set by the Company, preceding the date of Vesting of the Award, establishing the rights attaching to the issued and fully paid-up ordinary shares in the capital of the
Company;
		
	Redundancy	  	termination of a Participant’s employment within the Group due to a reorganisation of the Group in such circumstances as the Executive Board determines in its absolute discretion;

  
 (7) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
	Release	  	the transfer (‘levering’) of Plan Shares or the payment of Deferred Cash to a Participant and “Release” and “Released” shall be construed and interpreted accordingly;
		
	Retention Period	  	period in which the disposition of any Plan Share acquired upon Vesting is not allowed, as determined in the LSPP Agreement;
		
	Rules	  	the rules for the time being governing the Plan;
		
	Senior Management	  	means an Employee at Management Board Banking -1 level with managerial responsibility, in conformity with the ING Remuneration Regulations Framework;
		
	Stichting ING Aandelen	  	the foundation as incorporated in Amsterdam, in the register of companies under nr. 41156637;
		
	Stock Exchange	  	the stock exchange of NYSE Euronext Amsterdam or any other recognised stock exchange where ING is primarily listed as the case may be;
		
	Subsidiary	  	a company which qualifies as a subsidiary, in accordance with Article 2:24a of the Dutch Civil Code;
		
	Supervisory Board	  	the board of Supervisory Board Directors of the Company or a duly authorised committee thereof, as mentioned in article 24 of the Articles of Association;
		
	Target Payout	  	a payment made to a Participant in situations as defined in Rules 10.3 and 14.1, where the level of payment is not dependent on, or calculated by reference to, the attainment of any Performance Target;
		
	Total and Permanent	  	
	Disability	  	the mental or physical disability, whether occupational or non-occupational in cause, which satisfies such definition in: (i) any insurance policy or plan provided to the Participant by
the Company or a Group Company; or alternatively (ii) the Participant’s applicable national legislation pertaining to persons with disability;

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

			
	Unit	  	an award in the form of cash as specified in the LSPP Agreement which will, however, resemble all other characteristics of either a Performance Share and/or Upfront Share and/or Deferred Share. In case a Unit is awarded, the
reference to a Performance Share and/or Upfront Share and/or Deferred Share in the Rules and LSPP Agreement should be read as Performance Share Unit, Upfront Share Unit and Deferred Share Unit respectively;
		
	Upfront Share	  	an unconditional right to receive a number of Plan Shares upon the Date of Award/Date of Vesting;
		
	Vesting	  	the satisfaction of the requirements of the terms of vesting of an Award, as specified in the LSPP Agreement as appropriate, and “Vested” and “Vest” shall be construed accordingly;
		
	Vesting Date	  	the date or dates on which an Award shall Vest, as determined by the Executive Board and as specified in the LSPP Agreement; and
		
	Vesting Period	  	the period or periods in which the Plan Share or Deferred Cash is subject to continued employment conditions and to which any Performance Target may be applicable. Both shall be specified in the LSPP Agreement.

 RULE 2:                INTERPRETATION

 Words or expressions used in the Plan shall where appropriate: 
  

	(i)	 when denoting the masculine gender include the feminine and vice versa; 

 

	(ii)	 when denoting the singular include the plural and vice versa; 

 

	(iii)	 when referring to any enactment be construed as a reference to that enactment as for the time being
consolidated, amended, re-enacted or replaced and shall include any regulations made there under; 

  

	(iv)	 when referring to the Rules be taken to refer to the Rules of this Plan; 

 

	(v)	 when a period of time is specified and starts from a given day or the day of an act or event, be calculated
exclusive of that day; 

  

	(vi)	 be construed such that the headings and sub-headings are for ease of
reference only, and do not affect the interpretation of any Rule; 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	(vii)	 when referring to any enactment or regulations under Dutch law be construed at the discretion of the Executive
Board as a reference to other applicable laws or regulations of any other country (or region of a country); and 

  

	(viii)	 references to tax and/or social security contributions and/or withholding taxes shall for the avoidance of
doubt include The Netherlands and any other jurisdiction to which an Employee to whom an Award is made may be subject. 

 RULE
3:                LAPSE OF AWARDS 
 Where under any of the provisions of
these Rules it is provided that an Award shall lapse, such lapsed Award shall cease to confer any rights whatsoever for the Participant notwithstanding any other provisions of these Rules. 

RULE 4:                AVAILABILITY OF PLAN SHARES 

The Company shall at all times keep available sufficient authorised and unissued Plan Shares or shall procure that sufficient Plan Shares are available for
transfer to satisfy the Release to the full extent possible of all Plan Shares which have neither lapsed nor been fully Released taking account of any other obligations of the Company to procure the provision of Plan Shares. 

RULE 5:                POWERS OF THE EXECUTIVE BOARD 

 

	5.1	 The Plan shall be administered by the Executive Board. The Executive Board shall have such powers and authority
delegated to it as set out in the Plan. 

  

	5.2	 On behalf of the Company and where legally required in consultation with the Supervisory Board, the Executive
Board shall have the exclusive authority and complete discretion to: 

  

	 	(i)	 decide, on an annual basis, whether or not to effect an Award to Employees and decide what percentage of the
Ordinary Share Capital will be used to give effect to such annual Award; 

  

	 	(ii)	 select eligible Employees; 

 

	 	(iii)	 make an Award to Employees; 

 

	 	(iv)	 determine the format, terms and conditions of any LSPP Agreement; 

 

	 	(v)	 determine, for each Award effected, that the Performance Target attaching to such an Award has been met;

  

	 	(vi)	 construe and interpret the Plan, any LSPP Agreement and any other agreement or document executed
pursuant to the Plan; 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	 	(vii)	 authorise any person to execute on behalf of the Company, any instrument required to effectuate an Award; and

  

	 	(viii)	 make all other determinations deemed necessary or desirable for the administration of the Plan.

  

	5.3	 In consultation with the Supervisory Board, the Executive Board shall determine as soon as practicable after
the Adoption Date if, how and to what extent any of its powers shall be delegated to the LSPP Committee. The Executive Board shall provide the LSPP Committee with written guidelines to this effect, notwithstanding the
authority of the Executive Board to amend or withdraw any such delegation of powers at any time. 

  

	5.4	 The Executive Board’s interpretation and construction of any provision of the Plan, of any Award effected
under the Plan or of any LSPP Agreement shall be final and binding on all persons claiming an interest in an Award effected under the Plan. The Executive Board shall not be liable for any action or determination made in good faith with
respect to the Plan. 

 RULE
6:                PARTICIPATION IN THE PLAN 
  

	6.1	 Eligible Employees may become Participants of the Plan. 

 

	6.2	 The Executive Board shall have the absolute complete discretion to select Employees as
Participants.     

 RULE
7:                NON-TRANSFERABILITY OF AWARDS 

Save as provided in Rules 10.3 to 10.5, no Award nor any right there under (conditional or otherwise) nor Plan Shares Released subject to a Retention Period
shall be capable of being transferred, assigned, charged, pledged or encumbered and any attempt to do so by a Participant will cause such Award to lapse with immediate effect. In addition, a Participant’s rights under this Plan are not subject,
in any manner, to alienation, sale, transfer, pledge, attachment or garnishment by creditors of the Participant or by the beneficiaries of the Participant. 

RULE 8:                VARIATION OF CAPITAL AND ADJUSTMENT OF AWARDS

  

	8.1	 In the event of any capitalisation issue (other than a capitalisation issue in substitution for, or as an
alternative to, a cash dividend) or rights issue or rights offer or any reduction, sub-division, consolidation or other variation of the capital of the Company affecting the number of BDRs and/or ADRs in issue
(including any change in the currency in which Plan Shares are denominated), the number of Plan Shares 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	 	
comprised in any Award may be adjusted by the Company (including retrospective adjustments where appropriate) effective at the date of such capitalisation issue in such manner as the Company
considers to be in its opinion fair and reasonable. 

  

	8.2	 Notice of any adjustment shall be given to those Participants affected by such adjustment by the Company.

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

 RULE
9:                AWARDS 
  

	9.1	 Awards of Performance Shares, Upfront Shares, Deferred Shares, Deferred Cash and/or any other instruments as
determined by the Executive Board may be made at any time on or after the Adoption Date of this Plan. 

  

	9.2	 Each Award shall be evidenced by a written LSPP Agreement concluded between the Participant and
the Company, setting forth further individual terms and conditions pertaining to such Award. LSPP Agreements shall be available in each of the countries in which the Plan is operational and shall, together and concurrently with the
Plan, govern the Award in accordance with local legal and regulatory requirements. 

  

	9.3	 An LSPP Agreement shall, to the extent applicable, specify: 

 

	 	(i)	 the type of Award; 

  

	 	(ii)	 the Date of Award; 

  

	 	(iii)	 any consideration payable by a Participant for an Award made in his favour; 

 

	 	(iv)	 the Performance Period; 

 

	 	(v)	 the Performance Target and/or any conditions and limitations which may have been imposed in accordance with
Rule 9.4; 

  

	 	(vi)	 the Performance Incentive Zone; 

 

	 	(vii)	 the Vesting Date; 

  

	 	(viii)	 the Release date(s); 

 

	 	(ix)	 the Retention Period which may pose restrictions on the disposition of any Plan Shares acquired upon Vesting;

  

	 	(x)	 submission by the Participant of such forms and documents as the Executive Board may reasonably require;

  

	 	(xi)	 procedures to facilitate the payment of withholding taxes in accordance with Rule 18; and/or

  

	 	(xii)	 all such other information as required by the terms of these Rules. 

 

	9.4	 The Executive Board, when making an Award, may in its absolute discretion impose any Performance Target, being
conditions and limitations (additional to any conditions and limitations contained in any other of these Rules) which must be satisfied prior to the Vesting of such Award, provided that such additional conditions and limitations shall be objective,
specified at the Date of Award and/or at the beginning of the Performance Period set out in full in the LSPP Agreement or other specific documents applicable to Identified Staff and, where applicable, in conformity with the applicable
remuneration framework(s) as determined by the Supervisory Board. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	9.5	 Save as provided in Rules 10.3, 10.4, 10.5, 10.7, 11, 14.1 and 14.3, an Award will Vest upon each Vesting Date
stated in the LSPP Agreement provided that, at the applicable Vesting Date any Performance Target, being additional conditions and limitations imposed on the Award in accordance with Rule 9.4 (and which have not been waived) have been
fulfilled and the Participant is employed by the Group at the respective Vesting Date. 

 RULE
10:                TERMINATION OF EMPLOYMENT 
  

	10.1	 Save as provided in Rule 10.2 to 10.4 and Rule 10.7, and subject to local statutory legislation which
requires different treatment, if a Participant ceases to be employed within the Group, Awards that have not yet Vested shall lapse on the Cessation of Employment. 

 

	10.2	 If a Participant ceases to be employed within the Group by reason of: 

 

	 	(i)	 injury or Total and Permanent Disability (evidenced to the satisfaction of the Executive Board); or

  

	 	(ii)	 early retirement by agreement of the Executive Board; or 

 

	 	(iii)	 by virtue of retirement on reaching his normal retirement age as determined in the applicable retirement
benefit programme, statutory or otherwise 

 his Awards shall continue to Vest upon the Vesting Date provided and to the
extent that any applicable Performance Target has been met according to the last performance measurement and subject to Rule 11. The number of Performance Shares that has Vested is at the respective Vesting Date(s) multiplied by the Performance
Share Factor(s). Deferred Shares and Deferred Cash are only multiplied by the Deferred Share Factor if explicitly stated in the LSPP Agreement. 
  

	10.3	 If a Participant dies, his Awards shall be deemed to have Vested on the day of death, such that payment as a
result of such Vesting is set at the Target Payout. The number of Performance Shares that has Vested is at the respective Vesting Date(s) multiplied by the Performance Share Factor(s). 

 

	10.4	 If a Participant ceases to be employed within the Group by virtue of termination of employment by the Company
or a Group Company due to Business Conditions (including, but not limited to, Redundancy) or a business divestiture that forms part of the Company’s normal course of business, his Awards shall be deemed to have Vested on the Cessation of
Employment and to the extent that any applicable Performance Target has been met according to the last performance measurement, except if stated otherwise in the LSPP Agreement. The number of Performance Shares that has Vested is at the respective
Vesting Date(s) multiplied by the Performance Share Factor(s). 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	10.5	 If a Participant is given notice of termination of employment in circumstances involving fraud, gross
negligence, wilful misconduct or any activity detrimental to the Group, to be determined by the Executive Board, all Awards (Vested and not Vested) shall lapse immediately on the date the notice of termination of employment is given to the
Participant. 

  

	10.6	 All Plan Shares that Vest based on Rules 10.2 to 10.4, except if explicitly stated otherwise in the LSPP
Agreement, shall be converted on the Vesting Date into a right to receive a cash amount equal to the opening price per BDR or ADR on the Stock Exchange on the Vesting Date, as reported by Bloomberg or any such other appropriate source, multiplied by
the number of Vested Plan Shares. Any such payment shall be effected as soon as practicable following the Vesting Date. 

  

	10.7	 Notwithstanding Rule 10.1 to 10.5, the Executive Board in its absolute discretion may decide that an Award
shall lapse immediately, with no payment whatsoever being due to the Participant. The Supervisory Board and in case of a termination of employment below Senior Management level, the Executive Board as well, may consent to Vest any such Award in
whole or in part to the extent as they may determine and consider reasonable. 

  

	10.8	 Notwithstanding Rules 10.3 and 10.4, if a Participant dies or is given notice of termination of employment due
to Redundancy and there has been no performance measurement of the Performance Target yet, the Awards will Vest such that payment as a result of such Vesting is set at the Target Payout. 

 

	10.9	 For the avoidance of doubt, if an Employee is serving notice after having resigned on a voluntary basis, he
will not be able to claim a settlement of his Awards other than described in this Rule 10 in case a corporate restructuring as described in Rule 14 occurs or is announced during this notice period. 

RULE 11:                DISCRETIONARY AUTHORITY / HOLD BACK 

The Supervisory Board has the authority to adjust the number of Plan Shares and/or the amount of Deferred Cash; and/or cancel the Awards in whole or in part:

  

	 	(i)	 in case of evidence of misbehaviour or serious error by the Participant (e.g. breach of code of conduct
and other internal rules, especially concerning risks); or 

  

	 	(ii)	 in case of malfeasance or fraud by the Participant; or 

 

	 	(iii)	 in the event the Company or the business line in which the relevant staff member works suffers a significant
failure of risk management; or 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	 	(iv)	 in the event of significant negative changes in the economic or regulatory capital base (based on a capital
test); or 

  

	 	(v)	 if any other material new information arises that would have changed the original determination of the award if
it were known at the time of award; or 

  

	 	(vi)	 specific conduct, alone or in concert with others, which has led to the material
re-statement of the Company’s annual accounts and/or significant (reputational) harm to the Company or any of its subsidiaries or affiliates. 

The Supervisory Board will annually assess, prior to Vesting, whether and to what extent this discretionary authority needs to be applied. 

RULE 12:                RELEASE OF PLAN SHARES / DEFERRED CASH 

Subject to Rules 18.2 to 18.5, Release of Plan Shares and/or Deferred Cash to the extent that this relates to a Vested Award shall be effected by the Company
transferring the relevant Plan Shares and/or Deferred Cash amount, or procuring that the relevant Plan Shares and/or Deferred Cash shall be transferred (or issued as the case may be for Plan Shares) to the Participant as soon as practicable
following the Vesting Date. 
 RULE 13:                CLAW-BACK 

 

	13.1	 Notwithstanding the Rules of this Plan and the terms and conditions as specified in the LSPP Agreement, the
Company shall have the right to reclaim any Plan Shares or Deferred Cash that has been Released to the Participant under this Plan in case he/she engages in conduct or performs acts which are considered as: 

 

	 	(i)	 malfeasance or fraud; or 

 

	 	(ii)	 specific conduct, alone or in concert with others, which has led to the material restatement of the
Company’s annual accounts and/or significant (reputational) harm to the Company or any of its subsidiaries or affiliates. 

  

	13.2	 In case, the Participant has sold (part of) his/her Plan Shares after Vesting, the Company reserves the right
to claim from the Participant an amount in euro’s equal to the fair market value of the Plan Shares at the time of such sale. For this purpose, the fair market value is determined as the first trading price of a BDR or ADR on the Stock Exchange
as reported by Bloomberg or any such other appropriate source on the date the Company makes such claim. If, on any such date no such price exists, the first trading price of a BDR or ADR on the Stock Exchange as reported by Bloomberg or any such
other appropriate source on the nearest preceding day on which such a price exists, will be taken. 

  
 (16) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	13.3	 The Participant is obliged to repay this amount at first demand by the Company, such payment being made no
later than 30 days after the first demand. Whether the Participant has engaged in such conduct or has performed such acts is determined at the discretion of the Supervisory Board. 

RULE 14:                CORPORATE RESTRUCTURING 

 

	14.1	 Subject to the Articles of Association, required approval of the General Meeting and any applicable laws, in
the event of the Company’s dissolution, liquidation, sale of all or substantially all of its assets, merger, split, consolidation or similar transaction, change in Control, Business Divestiture or share-for-share exchange, the Supervisory Board shall have the power to: 

  

	 	(i)	 let the Awards Vest such that payment as a result of such Vesting is set at the Target Payout, except as
explicitly stated otherwise in the LSPP Agreement. The number of Plan Shares Vested is then, at the discretion of the Supervisory Board, multiplied by the Performance Share Factor for Performance Shares and multiplied by the Deferred Share Factor(s)
for Deferred Shares and/or Deferred Cash, in case such Deferred Share Factor has been stated in the LSPP Agreement; 

  

	 	(ii)	 provide for the exchange of each outstanding Award as made from time to time for other securities or
instruments and, as a result, make any necessary equitable adjustment in the number of securities or instruments; or 

  

	 	(iii)	 take whatever other reasonable steps the Supervisory Board considers appropriate and equitable.

  

	14.2	 The Plan Shares and Deferred Cash Awarded shall be Released within the Appropriate Period as soon as the
Supervisory Board has determined that the change of Control has occurred in line with the provisions of this Rule 14.2 and is satisfied that the applicable requirements of Rules 18.2 to 18.5 have been satisfied. 

 

	14.3	 In the event of a Partial Sale, the Awards shall continue to Vest upon the Vesting Date provided and to the
extent that the applicable Performance Target has been met. This number of Plan Shares Vested or Deferred Cash paid is then at the respective Vesting Date multiplied by the Performance Share Factor(s) for Performance Shares and multiplied by the
Deferred Share Factor(s) for Deferred Shares and/or Deferred Cash, if any, as stated in the LSPP Agreement. 

  
 (17) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

 Notwithstanding the aforementioned, the Supervisory Board in its absolute discretion may
consent to: 
  

	 	(i)	 provide for the exchange of each outstanding Award as awarded from time to time for other securities and, as a
result, make any necessary equitable adjustment in the number of securities; 

  

	 	(ii)	 take whatever other reasonable steps the Supervisory Board considers appropriate and equitable.

  

	14.4	 All adjustments and/or payments described in Rules 14.1 and 14.3 made by the Supervisory Board shall be
reviewed and approved by an independent advisor. Such approval shall be conclusive and binding on all persons. 

  

	14.5	 Except as expressly provided in this Rule 14, no Participant shall be afforded any rights by reason of any
capital or corporate reorganisation of the Company. 

  

	14.6	 Any Award made under the Plan shall not affect in any way the right or power of the Company or any Group
Company to effectuate any capital or corporate reorganisation. 

 RULE
15:                LOSS OF OFFICE OR EMPLOYMENT 
  

	15.1	 The Plan does not form part of the Participant’s employment agreement with the Company or any Group
Company, and shall not be construed to give any Participant the right to remain in the employ of the Company or any Group Company. 

  

	15.2	 An Award made under this Plan cannot be considered a guarantee to the Participant that the employment of the
Participant with the Company or with any other Group Company will continue. 

  

	15.3	 Any benefits derived by the Participant under this Plan shall not be taken into account for the purposes of
determining the Participant’s contribution or entitlement to benefits under any pension arrangement or for the purposes of determining any other claim for compensation the Participant may have against the Company or against any other Group
Company. 

  

	15.4	 Where the employment of the Participant terminates for whatever reason, the Participant shall not be entitled
to any compensation or damages including damages following unfair dismissal, any other form of breach of contract or any claim for compensation for the loss of employment insofar as such compensation or damages arise or may arise from the
Participant ceasing to have rights under, or ceasing to be entitled to receive Awards, to receive cash under this Plan as a result of such termination. The Plan shall not at any time affect the rights of the Company or a Group Company to terminate
such Participant’s status as an Employee, whether with or without cause. 

  
 (18) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	15.5	 Any Award made under this Plan shall not entitle or preclude the Participant from participating in another
Award under the Plan or participation in any other plan operated by the Company or Group. 

 RULE
16:                PLAN SHARES 
  

	16.1	 All transfers and all allotments of Plan Shares shall be subject to any necessary regulatory consents for the
time being in force and it shall be the responsibility of the Company to comply with any requirements to be fulfilled in order to obtain or obviate the necessity for any such consent. If no regulatory consent is granted, the Award shall be null and
void. The Participant shall in such a case not be entitled to any compensation. 

  

	16.2	 Plan Shares transferred pursuant to the Plan will be transferred without the benefit of any rights (including
shareholder rights) attaching thereto by reference to a Record Date preceding the date of Vesting in the case of Awards. Save as regards rights attaching to Plan Shares by reference to a Record Date prior to the date on which the Plan Shares are
allotted and issued, Plan Shares Released shall be identical and rank pari passu in all respects with the shares in the same class then in issue. 

RULE 17:                PERSONAL HEDGING 

It is strictly forbidden for the Participant to enter into an insurance or hedging contract with any party with a stipulation that the Participant directly or
indirectly by means of any related person in the event of a downward adjustment in and/or decreasing value of the Awards made under this Plan will be compensated by this party for the amounts by which the Participant’s variable remuneration has
been reduced or decreased in value, in whole or in part. 
 RULE
18:                TAX AND SOCIAL SECURITY 
  

	18.1	 All applicable personal tax and employee social security levies in respect of the implementation of the Plan
shall be borne by the Participant. 

  
 (19) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	18.2	 It shall be a condition of the obligation of the Company, to issue or to procure the transfer of Plan Shares to
a Participant and the Participant (or in the event of his death, his legal personal representatives (or, if appropriate, his designated beneficiary or beneficiaries and in the event of there being no designated beneficiary or beneficiaries, his
estate) persons) shall permit the Company or any Group Company to account for an amount equal to any wage or income tax, employee’s social security contributions liability and any other liabilities for which the Company or a Group Company (as
the case may be) has an obligation to withhold and account. 

  

	18.3	 In order to meet its obligations, the Participant may permit the Company to sell, on behalf of the Participant,
sufficient Plan Shares to meet the Participant’s liabilities under Rule 18.1 above, except as explicitly stated otherwise in the LSPP Agreement. The Company or any Group Company as the case may be may retain from the sale proceeds an amount
equal to such liability and any balance will be paid to the Participant. 

  

	18.4	 Whenever Plan Shares are to be Released or issued under the Plan, the Company or any Group Company may require
the Participant to remit to the Company or a Group Company an amount sufficient to satisfy all withholding tax requirements prior to the Release of the Plan Shares, including, but not limited to, the withholding of wage tax, income tax and social
security contributions. 

  

	18.5	 The Plan is governed by the applicable tax and social security legislation and regulations prevailing at the
date of the adoption of the Plan by the Executive Board of the Company. If any tax and/or social security legislation or regulations are amended in the future and any tax or employee social security levies become payable, the costs and risks related
thereto shall be borne by the Participant. 

  

	18.6	 For the avoidance of doubt, the provisions of Rules 18.2 to 18.4 shall apply to a Participant’s
liabilities that may arise on the Award, Vesting and/or Release of his Award in more than one jurisdiction. 

  

	18.7	 Except as described in this Rule 18, any tax, employee’s social security contributions or similar
liabilities arising out of the disposal of Plan Shares shall be solely the responsibility of the Participant. Any payment made under the Plan shall not be pensionable and shall not be brought into account for the purposes of calculating or
imputing any salary related benefits of the Participant. 

  
 (20) 

 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

 RULE 19:
                REPORTING 
 It shall be a condition of the obligation of
the Company to issue or to procure the transfer of Plan Shares to Participants that such issue or transfer shall not take place until such time as the Company is satisfied that the Company or Group Company which employs the Participant is aware of,
and will carry out, its reporting obligations in respect of the transfer or issue of Plan Shares where necessary. 
 RULE 20:
                PLAN AMENDMENTS AND TERMINATION 
  

	20.1	 Subject to Rule 20.3 and in consultation with the Supervisory Board, the Executive Board may from time
to time at its absolute discretion amend any of the Rules of the Plan. 

  

	20.2	 In consultation with the Supervisory Board, the Executive Board shall have the power from time to time to make
or vary regulations for the administration of this Plan and to amend the terms or impose further conditions on the Vesting or Release of Awards to take account of taxation, securities law or exchange control laws provided always that such
regulations, terms and conditions do not conflict with the provisions of this Plan. 

  

	20.3	 Save where requirements exist under statutory laws or obligations, no amendment, waiver or replacement to or of
this Plan, any Rule or regulations for the administration of this Plan shall be made to the extent to which it would have a detrimental effect on any of the subsisting rights of Participants except with such consent on their part.

 RULE 21:                 TERMINATION 

Notwithstanding the provisions contained in Rule 9.1 of this Plan, the Executive Board may at any time resolve that no further Awards be made to Participants
under this Plan, and in such event no further Awards will be made but in all other respects the provisions of this Plan shall remain in full force and effect. 

RULE 22:                 ADMINISTRATION 

 

	22.1	 Written notice of any amendment made in accordance with Rule 20 shall be given to those Participants affected
by such amendment. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

	22.2	 Any notice or other document required to be given hereunder to any Participant shall be delivered to him at his
email address or such other address as may appear to the Executive Board to be appropriate or in any other format agreed in advance between the Participant and the person giving the notice on behalf of the Executive Board. Any notice or other
document required to be given to the Company, a Group Company, the Executive Board or the Company shall be delivered in a format agreed in advance between the Participant and the person receiving the notice. Notices sent by post, unless received
earlier, shall be deemed to have been given on the fifth day following the date of posting. 

  

	22.3	 The Company may, at its absolute discretion, issue written guidance setting out the procedures whereby the Plan
shall be operated. If such written guidance is issued to any Group Company, that Group Company shall be obliged to act in accordance with that written guidance except that in the event of a conflict between any such written guidance and the Rules,
the Rules will take precedence. 

  

	22.4	 Participants shall be subject to and bound by the terms and conditions of the regulations concerning inside
information, the [“Reglement inzake Voorwetenschap”]. Such rules may restrict the rights of the Participants under this Plan. Participants are expected to be familiar with the regulations
concerning inside information and any other information, guidance and/or regulations issued by the Company or relevant government or regulatory bodies, and the Company shall incur no liability should the Participant act in breach of these rules.

 RULE 23:                 DISPUTES 

The decision of the Executive Board in any dispute or question relating to any Award shall be final and conclusive subject to the terms of this Plan. 

RULE 24:                 CONFLICTS WITH AGREEMENTS 

 

	24.1	 The provisions of a LSPP Agreement shall govern and prevail in the event of any conflict with the
Rules of the Plan. Any conflicting or inconsistent term of a LSPP Agreement shall be interpreted and implemented by the Executive Board in a manner consistent with the Plan. 

 

	24.2	 Where these Plan Rules or a LSPP Agreements are translated into any other language, the English language copy
as adopted by the Executive Board will prevail in case of ambiguities or omissions in the translations. 

  
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 ING GROUP LONG TERM SUSTAINABLE PERFORMANCE PLAN 

 

 RULE 25:
                GOVERNING LAW 
  

	25.1	 These Rules shall be governed by and shall be construed in accordance with the law of The Netherlands.

  

	25.2	 The Company, Group Companies and the Participants irrevocably submit, in respect of any suit, action or
proceeding related to the interpretation or enforcement of the Plan, to the exclusive jurisdiction of the courts of Amsterdam. 

*** 

  
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]