Document:

Exhibit 10.7

 

  

 

 

 

 

 

 

 

 

 

DISTRIBUTION AND SUPPLY
AGREEMENT

 

by and between

Biocon Limited

 

and

 

Advaxis, Inc.

 

 

 

Note: Portions of this document have been
marked “[c.i.]” to indicate that confidential treatment has been requested for certain redacted confidential information.
The confidential portions have been submitted separately with the Securities and Exchange Commission.

 

    	 

    	 

    

   

DISTRIBUTION AND SUPPLY AGREEMENT

 

This
Distribution and Supply Agreement ("Supply Agreement") is made effective as of 20th day of January, 2014
("Effective Date") by and between Biocon Limited, a company duly incorporated under the laws of India, having a
principal place of business at 20th KM., Hosur Road, Electronics City P.O., Bangalore-560100, India (herein after referred to
as "Biocon") and Advaxis, Inc., a company incorporated under the laws of New Jersey, having its principal office at
305, College Road East, Princeton, New Jersey 08540 (hereinafter referred to as "Advaxis").

 

RECITALS

  

		A.	WHEREAS, Advaxis has developed and owns or has the exclusive
rights to the Products (as defined in Article 1.1.10);

  

		B.	WHEREAS, Biocon is in the business of promoting and marketing pharmaceutical
products in the Territory (as defined in Article 1.1.17).

 

		C.	WHEREAS, Biocon is desirous of purchasing the Products from Advaxis for
promoting, marketing and distributing the Product in the Territory and Advaxis has agreed to supply the Products to Biocon on terms
and conditions contained in this Supply Agreement.

  

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and conditions in this Agreement, Biocon and Advaxis agree
as follows:

  

Article
1 Definitions and Interpretation

  

		1.1	"Affiliate" means, with respect to a particular Party, a person,
corporation or other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with such Party. For the purposes of this definition, "control" means the direct or indirect ownership
by a Party of at least fifty percent (50%) of the outstanding voting securities of the controlled entity; provided, that in any
country where the law does not permit foreign equity ownership of at least fifty percent (50%), then with respect to corporations
organized under such country's laws, "control" shall mean the direct or indirect ownership by a Party of outstanding
voting securities of such corporation at the maximum amount permitted by the law of such country.

  

		1.2	"Change of Control" shall mean an event where (i) a Party
                                                                 merges or consolidates with any other person or entity, (ii) all or substantially all of a Party's business or assets are
                                                                 transferred in any manner to any other person or entity or (iii) any other person or entity (or group of persons or entities)
                                                                 becomes the beneficial owner of at least fifty percent (50%) of the outstanding voting securities of a Party or otherwise
                                                                 acquires the power, directly or indirectly, to direct or cause the direction of management and the policies of that Party;
                                                                 provided, however, that any such transaction in which all parties were Affiliates of that Party immediately prior to such
                                                                 transaction shall not be considered to
                                                                 be a Change of
                                                                 Control.

 

 

 

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		1.3	"Confidential Information" means and includes without limitation
any and all technical and non-technical information relating to the Product, disclosed by either Party to the other Party in relation
to this Agreement, including, but not limited to, know-how, trade secrets, Data, and other non-public technical/process/scientific
information regarding study, drug, research, experimental work, clinical development plans, protocols, drug delivery regiments,
and equipments; whether tangible or intangible, and whether stored or compiled physically, electronically, digitally, graphically,
photographically, or in writing. The Data and all other non-public technical/process/ scientific information regarding the Product
or resulting from the Product or use under this Agreement, including clinical trials, clinical development plans, protocols, records,
methods, processes, drug delivery regimens, and equipment, Regulatory Filings, Specifications are the Confidential Information
of Advaxis.

  

		1.4	"Contract Year'' means the period of twelve (12) consecutive calendar
months. The First Contract Year shall commence from the date of Regulatory Approval for the Product in the Territory and shall
end on the immediately following March 31st and the remaining Contract Years shall correspond with the financial year beginning
from April 1 and ending on subsequent March 31st.

  

		1.5	"Data" shall mean and include data and data rights from clinical
development plans, clinical study reports resulting from clinical trials, protocols, manufacturing, technical and other information,
know-how with respect to the Product, USA regulatory filings including any IND filings, all CMC technical information, and copies
of Regulatory Filings and Regulatory Approvals

  

		1.6	"Days" means working days (Monday to Friday), excluding official
holidays in India and the Territory.

  

		1.7	"Disclosing Party" means the Party disclosing
Confidential Information.

  

		1.8	"Field" means treatment of HPV associated cervical cancer in humans
and for any other indications relating to immunotherapy approved by Regulatory Authority.

  

		1.9	"Party" or "Parties" means and refers
to Biocon and Advaxis individually, or collectively, as the context permits.

 

		1.10	"Product" means ADXS11-001 recombinant listeria monocytogenes
LLO-E7 (genetically modified organism) in a glass vial of 1.2ml (1*1010CFU /ml or any other presentations.

 

 

  

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		1.11	"Receiving Party" means the Party receiving
Confidential Information.

 

		1.12	"Regulatory Approval" means all necessary approval of the applicable
Regulatory Authority to market the Products in the Territory, including but not limited to conducting clinical trials, registering,
promoting, marketing and sale of the Product.

 

		1.13	"Regulatory Authority(ies)" means any federal, national, multinational,
state, provincial or local regulatory agency, department, bureau or other governmental entity with authority over the marketing
and sale of a pharmaceutical product in India or in the Territory, including the Drug Controller General of India (DCGI hereafter).

  

		1.14	"Regulatory Filings" means any and all applications,
requests, forms or filings made to any Regulatory Authority for obtaining
Regulatory Approval in the Territory.

  

		1.15	"Specifications" means statement of particulars of the Product
or any description regarding the Product provided in Schedule 1 attached hereto

  

		1.16	"Third Party" means any entity other than Biocon
and Advaxis.

  

		1.17	"Territory" shall mean India, Malaysia, Kenya, Bangladesh, Bhutan,
Maldives, Myanmar, Nepal, Pakistan, Sri Lanka, Bahrain, Jordan, Kuwait, Oman, Saudi Arabia, Qatar, United Arab Emirates, Algeria,
Armenia, Egypt, Eritrea, Iran, Iraq, Lebanon, Libya, Sudan, Syria, Tunisia and Yemen.

 

		1.18	"Net Sales" means with respect to any period, the total amount invoiced
for all sales of the Product made by Biocon less the following deductions: (i) normal and customary trade and quantity discounts
actually given; (ii) freight costs and, insurance charges on shipment at distributor location by Biocon to customers and other
transportation expenses inside the Territory; (iii) governmental sales, value-added or excise taxes, tariffs and duties, and other
taxes directly related to the sale of Product; all to the extent that such items are included in the gross invoice price whether
or not specified on the invoice (but not including taxes assessed against the income derived from such sale); (iv) allowances,
credits, chargebacks and refunds granted on account of rejection, return or price reduction of the Product, if actually allowed
to and taken by the customer; and (v) customary rebates, refunds by Biocon to customers for recalled Product (as more particularly
set forth below) and price reductions/adjustments, if actually allowed to and taken by the customer (vi) provisions for expiries,
as customarily made and provided for by Biocon.

  

		1.19	"Quality Agreement" shall mean the agreement between Biocon and
Advaxis which defines the responsibilities of each Party with respect to the practices to be followed to ensure the Product's quality
compliance with the Regulatory Approval and as may be amended from time to time by written agreement between the Parties. The agreed
Quality Agreement between the Parties is attached herewith as Schedule 3.

 

 

 

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Article
2 License, Regulatory Filing and Approval

 

		2.1	Advaxis hereby grants Biocon an exclusive license with the right to sublicense,
during the term of this Agreement; to i) use the contents and copies of Data to enable Biocon to submit Regulatory Filings for
the Product in the Territory and ii) import, promote, market, distribute and sell the Product in the Territory. Biocon may not
use the Product for any other use other than as explicitly stated herein. Biocon may not make derivatives of the Product.

 

		2.2	Subject to Article 2.1 Biocon shall use commercially reasonable efforts to obtain the marketing
authorization for marketing, sale and distribution of the Product in the Territory, at its sole cost and in the name of Biocon.
Advaxis shall provide necessary support to assist Biocon in submitting regulatory applications and obtaining Regulatory Approvals.
Biocon shall own and hold all Regulatory Approvals for the Product in the Territory. Upon termination of this Agreement, Biocon
shall cooperate in any and all procedures (including, but not limited to, the completion of any documentation) required to transfer
such registrations to Advaxis or its designee at the sole cost of Advaxis.

 

		2.3	Advaxis owns exclusively all right, title and interest
in respect of the Product and the Data.

  

		2.4	Biocon will be the sole owner of all right, title, and interest in respect
of Regulatory Approvals of the Product in the Territory during the term of this Agreement. Biocon shall own all brand names and
trademarks for the Product in the Territory, unless otherwise agreed between the Parties.

 

		2.5	Advaxis shall inform Biocon in case the Product receives approval from any Regulatory Authority
for any future indications and provide the related data and documents to Biocon, which may be used by Biocon for regulatory filings
with the relevant Regulatory Authorities. Biocon shall provide Advaxis with copies within 10 Days of all documents, filings, records,
responses and transcripts of communications with regulatory agencies in the Territory, and all Regulatory Filings.

 

		2.6	Biocon shall, at its cost and expense, obtain and maintain in effect such
licenses, permits, approvals or consents as may be required for the performance of its obligations and undertakings hereunder.

 

Article 3 Clinical Trial

  

		3.1	(i) Clinical trials for the current indication (Cervical Cancer):
Advaxis shall be responsible for conducting all clinical trials with the Product, at its sole cost for obtaining all Regulatory
Approvals in the Territory

  

 

 

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			(ii)
                                         Clinical trial for the current indication (Cervical cancer) in India: Subject
                                         to 3.1 (i) above, Biocon will use commercially reasonably efforts to obtain the Regulatory
                                         Approvals for the Product in India by submitting a data package to be provided by Advaxis,
                                         which shall include the CMC data, Regulatory Approvals in the EU and USA and all other
                                         data that may be required by the Regulatory Authorities to be provided by Advaxis. In
                                         the event Phase II or Phase III clinical trials are required by the Regulatory Authorities
                                         for obtaining marketing approvals or after obtaining marketing approval for the Product
                                         in India, Advaxis shall conduct such clinical trials at its sole cost, as may be required
                                         by the Regulatory Authorities in India. Such clinical trials must begin within six (6)
                                         months of obtaining feedback from the Regulatory Authorities in India. Should Advaxis
                                         not have sufficient resources to commence conducting such clinical trials within the
                                         said agreed time of six (6) months, Advaxis may opt out from conducting such clinical
                                         trials, with a prior written notice of at least thirty (30) days to Biocon, in which
                                         case, Biocon may at its sole option conduct such clinical trials and subject to 3.1(i)
                                         Advaxis agrees to reimburse all amounts spent by Biocon on such clinical trials through
                                         interim billing raised as the same may be invoiced by Biocon from time to time. All data,
                                         results, intellectual property rights, information, documents, methods, regulatory filings
                                         and reports generated during the clinical trial conducted by Biocon shall be the sole
                                         and exclusive property of Advaxis, however subject to the condition that Advaxis refunds
                                         all monies spent by Biocon as mentioned herein above. Without prejudice to any other
                                         right or remedy that Biocon may have under this Agreement or at law or in equity, Biocon
                                         reserves the right to terminate this Supply Agreement in case Advaxis fails to reimburse
                                         Biocon for such clinical trial expenditures invoiced by Biocon from time to time within
                                         (60) days of receipt of any such invoice. If neither Party elects to conduct such additional
                                         clinical trials within six (6) months of obtaining feedback from the Regulatory Authorities
                                         in India then the Parties expressly agree to discuss the future strategy based on good
                                         faith discussions including the termination of this Supply Agreement on mutual agreement
                                         without any liability on the part of any Party to the other Party.

 

			(iii) Clinical
trials for all future indications: Biocon may at its option choose to participate in clinical trials for the Product for any
future indication upon such terms and conditions as may be mutually agreed between the Parties and such terms shall be incorporated
in this Supply Agreement by an amendment.

  

		3.2	Subject to Section 3.1, it shall be the responsibility of Advaxis to carry
out at its expense all clinical trials and prepare such data and documentation as may be required by applicable Regulatory Authority(ies)
to obtain at its expense the Regulatory Approval for the Product in the Territory. In case the approval of any Regulatory Authority
in the Territory is conditional and is subject to submission of post marketing studies, then Biocon shall be responsible or conducting
such post marketing studies and preparing the relevant documentations as may be required by the applicable Regulatory Authority,
at its expense.

 

		3.3	Each Party shall inform the other Party immediately in
case any serious adverse events ("SAEs") or adverse events (''AEs") pertaining to the use of the Product is reported
during any stage of the clinical trial for the Product or thereafter and shall reasonably cooperate and exchange information regarding
such events. Without prejudice to any other rights or remedy that Biocon may have under this Agreement or at law or in equity,
Biocon reserves the right to terminate this Supply Agreement upon written notice to Advaxis with immediate effect in case any
SAE or AE is reported with regard to the Product.

  

 

 

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		3.4	Advaxis shall provide Biocon with Data and Biocon shall treat the copies
and contents of the Data as Advaxis's Confidential Information and shall keep said copies and the contents thereof in confidence
and shall not disclose the same to any Third Parties without prior written approval from Advaxis. However, Biocon and its marketing
partners and sublicensees are permitted to use the copies and contents of Data for the purposes of obtaining Regulatory Approvals
and marketing the Product in the Territory in accordance with and subject to the provisions of this Supply Agreement.

  

		3.5	Advaxis shall supply such quantity of the Product as may be requested by
Biocon from time to time and the relevant Data and information, at no cost to Biocon to enable Biocon to obtain Regulatory Approvals
for the Product in the Territory.

  

Article 4 Launch

  

Biocon
shall commence the commercial distribution of the Product in the Territory (the "Launch") promptly after Biocon obtains
Regulatory Approvals for the Product in the Territory and no later than nine (9) months from receiving approval in -in the respective
country, provided Advaxis has submitted to Biocon all information and Data with regard to the Product necessary for Biocon to obtain
the necessary Regulatory Approvals. Biocon shall commercialize the Product under its Advaxis's brand name, unless otherwise agreed
by the Parties in writing, in which case all names and brands shall be assigned to Advaxis upon termination of this Supply Agreement
for any reason.

  

Article 5Supply of Product
and Forecast

  

		5.1	During the Term of this Agreement and subject to other terms and conditions
of this Agreement, Advaxis shall supply on an exclusive basis to Biocon the Product ordered by Biocon in accordance with this Agreement
for sale in the Territory. Biocon will exclusively purchase all its requirements of the Product from Advaxis, solely for the purpose
of marketing and selling the Product in the Territory, on the terms and conditions contained in this Agreement. Advaxis shall supply
the Product manufactured in accordance with the Specifications.

 

		5.2	At least three (3) months prior to the Launch of the Product and thereafter at
                                                                                                                    least thirty (30) days prior to the commencement of each calendar quarter during the term of this Agreement, Biocon shall
                                                                                                                    submit to Advaxis a good faith rolling forecast of the quantities of the Product that Biocon will purchase from Advaxis for
                                                                                                                    the twelve (12) month period commencing on the first day of each calendar quarter. Of the twelve month (12) forecast, the
                                                                                                                    first three (3) months' forecast shall be a binding forecast and Biocon shall be obliged to issue firm purchase orders for
                                                                                                                    the binding portion of the forecast and the forecast for the remaining nine (9) months shall be a non-binding forecast.

   

 

 

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Article 6 Orders

  

		6.1	The Parties hereby agree that Biocon shall periodically submit purchase
orders to Advaxis for supply of the Product which shall set forth the specific quantities within the binding ranges specified in
Article 5.2 above, expected delivery date and shipping instructions. Such purchase orders shall be submitted to Advaxis by facsimile
or in any other written or electronic form, at least three (3) months prior to the expected delivery date specified therein.

 

		6.2	Advaxis shall, within twenty (20) days of receipt of a purchase order, convey
its acceptance or rejection in writing of such purchase order to Biocon. Purchase orders once accepted by Advaxis cannot be amended
unless agreed to in writing by the Parties. Upon acceptance by Advaxis, each purchase order will constitute a binding obligation
on the Parties. In the event of any ambiguity, contradiction or discrepancy between the purchase orders, invoice or other documents
of the Parties and this Agreement, this Agreement shall prevail and will be binding on the Parties.

  

		6.3	Advaxis shall supply the Product within the delivery date as per the purchase
order issued by Biocon. However, should Advaxis for any reason be unable to supply the Products in terms of the purchase order,
Advaxis shall inform Biocon for any delay in delivery at least four (4) weeks in advance of expected delivery date.

 

		6.4	Advaxis shall ensure that
the Product supplied by Advaxis will have a minimum remaining shelf-life of ninety percent (90%) of the label claim of the Product
at the date of delivery.

  

		6.5	In
order to promote efficient and effective supply chain planning, the appropriate personnel representing the Parties may, in good
faith, confer on a regular basis during the term of the Agreement to consider and implement such measures as they consider appropriate
to manage the demand and supply aspects of the Product under this Agreement, review performance and provide recommendations. However,
no amendment to this Supply Agreement shall be binding on either Party unless made in accordance with Article 17.17 below.

  

 

 

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Article 7Delivery of
Product

  

		7.1	Except for the case otherwise agreed upon between the Parties, the delivery
of Product under this Agreement shall be on CIF (INCOTERMS 2010), Biocon facility Bangalore, India. The Product shall be delivered
along with the respective invoice in Advaxis's standard packing as referred in the Specification as per Schedule I. Title and Risk
of loss shall pass from Advaxis to Biocon upon delivery CIF (INCOTERMS 2010), Biocon facility Bangalore, India.

 

		7.2	Advaxis shall be responsible for obtaining any export licenses necessary
for shipment of the Product out of its facility and Biocon shall be responsible for obtaining any import licenses necessary for
importing the Product into the Territory. The Product shall be labelled by Advaxis in accordance with mutually pre-agreed Biocon's
requirements. The initial labelling for the Product will be described in the Specifications or as may be modified or revised by
mutual agreement of the Parties from time to time. If the labelling for the Product is required to be changed under the laws, rules,
administrative order or guidelines of any applicable country in the Territory, Advaxis shall, upon request by Biocon, carry out
such changes, at Advaxis sole cost.

 

		7.3	The Product shall be delivered in Advaxis's standard packing as per article
7.1 above. Advaxis shall charge Biocon additional charges in addition to supply price in the event Biocon requires delivery of
the Product in special packaging, unless such special packaging is the regulatory requirement in the Territory. The Product shall
be labelled by Advaxis in accordance with Biocon's requirements and the labelling specification will be set forth in the Specification.
Both Parties agree that there shall be no modifications or revisions to the labelling requirement without mutual written consent.

 

Article 8 Inspection, Acceptance
or Rejection of Product Shipments

 

		8.1	Biocon
shall within thirty (30) Days of delivery of the Product conduct an inspection of the Product to confirm if the Product delivered
confirms to the Specifications and send a written notice ("Rejection Notice") to Advaxis should it determine
that the Product does not conform to the Specifications, along with a copy of its analysis report. If Advaxis accepts the Rejection
Notice, Advaxis shall at Biocon's option i) replace the nonconforming Product without any charges to Biocon within thirty (30)
Days from the date of acceptance of Rejection Notice by Biocon or ii) reduce the invoicing amount to Biocon or return the amount
paid by Biocon for the non-conforming Product, and shall reimburse Biocon for any reasonable expenses actually incurred by Biocon
for freight and for disposal of the non conforming Products.

 

 

 

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		8.2	In the event Advaxis does not accept the Rejection
Notice, Biocon shall submit a sample retained from the relevant batch of the Product under dispute to Advaxis to enable Advaxis
to ascertain Biocon's claim in Rejection Notice. Upon receipt of such samples, Advaxis shall inspect samples and if Advaxis accepts
the Rejection Notice, Advaxis shall at Biocon's option i) replace the non-conforming Product without any charges to Biocon within
fifteen (15) Days of acceptance of the Rejection Notice, or ii) reduce the invoicing amount to Biocon or return the amount paid
by Biocon for the non-conforming Product, and shall reimburse
Biocon for any reasonable expenses actually incurred by Biocon for freight and disposal of the non-conforming Products. In the
event Advaxis does not accept the Rejection Notice, Biocon shall submit the sample received from Advaxis to an independent competent
laboratory or institution selected by the Parties, whose determination as to whether the Product conforms to the Specifications
shall be final and binding on the Parties. The expenses incurred in connection with such Third Party determination shall be borne
by the Party against whom the findings are made. If the said laboratory finds the Product does not conform to the Specifications,
Advaxis shall at Biocon's option i) replace the same without any charges to Biocon within thirty (30) Days from the date such Third
Party determination is received by Advaxis or ii) reduce the invoicing amount to Biocon or deduct the amount for the non-conforming
Product in the subsequent invoice sent to Biocon, and shall reimburse Biocon for any reasonable expenses actually incurred by Biocon
for freight and disposal of the non-conforming Products.

  

Article 9 Quality and
Product Recall

  

		9.1	Biocon agrees to provide to its customers in the Territory initial customer
support relating to the Product in accordance with the Quality Agreement. Biocon shall forward any customer complaints concerning
the quality of the Product to Advaxis. Advaxis shall promptly respond to Biocon with respect to all inquiries from customers and
Biocon, including complaints forwarded to Advaxis by Biocon. Advaxis shall conduct analysis of the Product that is the subject
of any customer complaint at Advaxis's cost and provide Biocon with the analysis report upon request of Biocon.

 

 

 

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		9.2	Within the Shelf-life period
of the Product, if the Products are found to be defective
and further such defect or non-conformance could not be ascertained by Biocon under Article 8.1 above, Biocon shall notify Advaxis
within fifteen (15) Days of discovery of such defects. If such defects or non-conformance are solely and directly due to manufacturing
defect of the Product or otherwise attributable solely to Advaxis, as determined using the procedures set forth in Article 8.2,
Advaxis shall, at Biocon's option, i) replace at Advaxis's own cost and expense such defective Products or ii) return the amount
paid by Biocon for the defective Product.

 

		9.3	In the event any Regulatory Authority in the
Territory issues a request, directive or order that the Product be recalled, or a court of competent jurisdiction orders such a
recall, Advaxis shall take all appropriate corrective actions, and Biocon shall cooperate with and assist Advaxis in any governmental
investigations relating to the recall.

  

		9.4	In the event of Product recalls as provided
in Article 9.3 above or in any other case of Product recall by Advaxis or Biocon, Advaxis shall, unless such recall is the result
of gross negligence attributable solely to Biocon, in which case Biocon will bear all costs and expenses associated with such a
recall; be responsible for i) replacement of the Products to be supplied to the market in exchange of said recall, and ii) the
expenses of the recall. Advaxis shall complete the recall of the Product from the Territory within a reasonable time through consultation
with Biocon and applicable Regulatory Authority. Biocon agrees to provide reasonable assistance to Advaxis in relation thereto.
For this purpose, Biocon agrees to maintain a list of all customers who have purchased the Products in the Territory, the Products
purchased, and the dates of such purchases. For purposes of this Agreement, the expenses of the recall shall include, but not be
limited to, the expenses of notification, the expenses for administrating the recall, the expenses for reimbursement of expenses
incurred by distributors for recall, and destruction or return of the recalled Product (inclusive of freight expenses).

 

Article 10 Price and Payments

  

		10.1	Supply
Price: The supply price per unit of the Product ("Price") on CIF (Incoterms 2010) Biocon facility, Bangalore, India
for first Contract Year shall be [c.i.] ([c.i.]). Thereafter, sixty (60) days prior to the beginning of each Contract Year, the
Parties shall agree on the supply price of the Product for the subsequent Contract Year which shall not be greater than [c.i.]
([c.i.]) of the average (per unit) Net Sales of the Product during the preceding Contract Year but in no event shall be less than
[c.i.] ([c.i.]). The Parties expressly agree that in case of any improvement in the Product or change or modification in the presentation
of the Product, Advaxis shall offer such improved Product or Product in a changed presentation at a competitive price, which shall
in no event be more than [c.i.] ([c.i.]) above the average
(per unit) supply price of the Product in the preceding three (3) Contract Years, and the same shall be mutually agreed
between the Parties based on good faith discussions. Supply price of the Product includes all taxes, levies freight,
insurance and other shipping charges, each of which shall be borne exclusively by Advaxis. Biocon shall pay the supply price
for the Product supplied by Advaxis in the United States Dollars (USD) and in accordance with the terms of this Agreement.
Biocon shall be responsible to the relevant authorities for payment of any import duties applicable on the import of the
Product in the Territory.

  

 

 

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		10.2	Milestone Payments. In the event Phase II or Phase III clinical trials
are required by the Regulatory Authorities for obtaining marketing approvals or after obtaining marketing approval for the Product
in India, and Advaxis conducts such clinical trials at its sole cost, in the manner as may be required by the Regulatory Authorities
in India, then in the Contract Year following such initiation of the said clinical trial by Advaxis, Biocon shall make a one time,
non-refundable milestone payment to Advaxis as per the Schedule 2.

  

		10.3	Payment Terms and Taxes. Biocon shall make the payments under this
Agreement to Advaxis in U.S. Dollars. All payments shall be made by Biocon to Advaxis within sixty (60) days of receipt of Advaxis'
invoice. Such payment shall be made by wire transfer to the bank account specified by Advaxis. All Payments from Biocon under this
Agreement shall be subject to withholding taxes as may be applicable.

  

		10.4	Currency Conversion: Where applicable, Net Sales shall be converted
from INR to USD at the average exchange rate of conversion in the last Contract Year. For the purposes of this Agreement, exchange
rates shall be those obtained from the Reserve Bank of India.

  

Article 11 Representation
and Warranties

  

		11.1	Product Warranty. Advaxis represents and warrants to Biocon that
the Product delivered to Biocon hereunder shall 1) conform to the Specifications during its shelf life; 2) will be manufactured
in accordance with the requirements of the applicable laws; 3) comply with the GMP regulations applicable to the manufacture of
the Product in the Territory; 4) during its shelf life, be free from defects in workmanship, material or design.

  

		11.2	Advaxis represents and warrants that neither Advaxis nor any of its manufacturing
                                                                                                                         facilities, Affiliates, agents, sub-contractors, suppliers, professional advisors, their individual employees that are
                                                                                                                         retained by Advaxis with respect to performance under this Supply Agreement are (i) currently debarred or disqualified by the
                                                                                                                         relevant authorities, or (ii) involved in any investigation or proceedings that could lead to debarment, or (iii) a party to
                                                                                                                         any debarment or disqualification proceedings. During the term of this Supply Agreement, Advaxis will notify Biocon within
                                                                                                                         three (3) Days if any such disqualification proceedings
commence. Advaxis will not use the services of any debarred individual or entity in performing its obligations under this Supply
Agreement.

                                                                                

  

 

 

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		11.3	Advaxis represents and warrants that the Product
does not infringe any Third Party intellectual property rights or misappropriate any trade secret.

 

		11.4	Biocon represents, warrants and covenants that
it shall use the Product for marketing and distribution in the Territory in accordance with the terms of this Agreement and all
applicable laws and it shall not make any representations, warranties
or guarantees to end users or its customers that are inconsistent with the Product information provided to it by Advaxis.

 

		11.5	Each Party further represents, warrants and covenants that they it shall represent
the Product accurately and fairly and shall refrain from misleading or unethical business practices

  

		11.6	Each Party represents and warrants to the other as follows;

 

		11.6.1	it is a corporation duly
organized, validly existing and in good standing under the laws of its jurisdiction of formation and operations;

  

		11.6.2	it has, and will have on all relevant dates, all requisite
legal and corporate power to execute and deliver this Supply Agreement, and to carry out and perform its obligations under the
terms of this Supply Agreement;

  

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

 

		11.6.4	the performance by it of any of the terms and conditions
of this Supply Agreement on its part does not and will not constitute a breach or violation of any other agreement or understanding,
written or oral, to which it is a party.

 

		11.7	EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS SUPPLY
AGREEMENT, NEITHER PARTY MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED (INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE).

 

 

 

    	BMR1323002A0624	Page 12 of 24

    	 

    

   

Article
12 Indemnification

  

		12.1	Indemnification by Advaxis.Advaxis shall indemnify,
defend and hold harmless Biocon and its officers, directors and employees, from any judgments, losses, damages, liabilities, suits,
costs and expenses (including reasonable attorney fees)("Losses") arising from any Third Party claims in connection
with or relating to i) any breach by Advaxis of any representation, warranty, covenant or obligation of Advaxis contained in this
Supply Agreement or ii) any gross negligence or willful misconduct of Advaxis in the performance of its obligations under this
Supply Agreement or iii) any act or omission of negligence, recklessness, fraud or willful misconduct of Advaxis, its Affiliates,
and their respective officers, directors, employees and agents or iv) any and all product liability claims, v) actual or alleged
infringement of any third party intellectual property rights or trade secrets by Advaxis or its Affiliates. Notwithstanding anything
herein to the contrary, Advaxis shall have no obligation to indemnify pursuant to Article 12.1 if such Losses result from or are
solely attributable to: (i) mishandling, modifying, combination with third party materials or tampering of the Products by Biocon;
(ii) negligence or failure to comply with instructions regarding use of the Products and storage thereof by Biocon (iii) any misrepresentation
or breach of any representation, warranty, covenant or agreement made by Biocon under this Supply Agreement; or (iv) any act or
omission of negligence, recklessness, fraud or willful misconduct of Biocon, its Affiliates, and their respective officers, directors,
employees and agents.

 

		12.2	Indemnification by Biocon. Subject to the indemnification obligation
of Advaxis as per Clause 12.1 Biocon shall indemnify, defend and hold harmless Advaxis and its officers, directors and employees,
from any Losses arising from any Third Party claims in connection with or relating to i) use or commercialization of any Product
in the Territory, ii) any breach by Biocon of any representation, warranty, covenant or obligation of Biocon contained in this
Supply Agreement or iii) any gross negligence or willful of Biocon in the performance of its obligations under this Supply Agreement..
However Biocon shall not be liable to indemnify and hold harmless Advaxis for any Losses that arise or are in any way related to
the warranties or representations given by Advaxis, instructions for use or labelling instructions provided by Advaxis in the product
literature/brochure or otherwise.

 

 

		12.3	Notification
of Claim. Each Party will promptly notify the other Party if it becomes aware of a claim (actual or potential) by any Third
Party for which indemnification may be sought by that Party and will give such information with respect thereto as the other Party
shall reasonably request. If any proceeding (including any governmental investigation) is instituted involving any Party for which
such Party may seek an indemnity under Article 12.1 or 12.2 (the "Indemnified Party"), the Indemnified Party shall not
make any admission or statement concerning such Third Party claim but shall promptly notify the other Party (the "Indemnifying
Party") orally and in writing and the Indemnifying Party and the Indemnified Party shall discuss how to respond to such claims.
The Indemnifying Party shall not be obligated to indemnify the Indemnified Party to the extent any admission or statement made
by the Indemnified Party or the failure by such Indemnified Party to notify the Indemnifying Party materially prejudices the defense
of such claim.

  

 

 

    	BMR1323002A0624	Page 13 of 24

    	 

    

 

		12.4	Defense of Claim. If the Indemnifying Party elects to
defend or, if local procedural rules or laws do not permit the same, elects to control the defense of a Third Party claim, it
shall be entitled to do so provided it gives notice to the Indemnified Party of its intention to do so within 45 days after the
receipt of written notice from the Indemnified Party of the potentially indemnifiable claim. The Indemnifying Party shall retain
counsel reasonably acceptable to the Indemnified Party (such acceptance not to be unreasonably withheld, refused, conditioned
or delayed) to represent the Indemnified Party and shall pay the fees and expenses of such counsel related to such proceeding.
In any such proceeding, the Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of the Indemnified Party. The Indemnified Party shall not settle any claim for which it is seeking
indemnification without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld,
refused, conditioned or delayed. The Indemnified Party shall, if requested by the Indemnifying Party, cooperate in all reasonable
respects in the defense of such claims that are being managed or controlled by the Indemnifying Party at the sole cost of the
Indemnifying Party. The Indemnifying Party shall not, without the written consent of the Indemnified Party effect any settlement
of any pending or threatened proceeding in which the Indemnified Party is, or based on the same set of facts could have been,
a party and indemnity could have been sought hereunder by the Indemnified Party, unless such settlement includes an unconditional
release of the Indemnified Party from all liability on claims that are the subject matter of such proceeding.

  

Article 13 Limitation of
Liability

  

		13.1	NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, EXCEPT
WITH RESPECT TO INDEMNIFICATION OBLIGATIONS AS SET FORTH IN THIS SUPPLY AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE
OTHER FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, INDIRECT DAMAGES, LOSS OF PROFIT, LOSS OF REVENUE, LOSS OF USE EVEN
IF INFORMED OF POSSIBILITIES OF SUCH DAMAGES OR LOSSES.

  

Article 14 Pharmacovigilance

 

		14.1	To the extent of any development or commercialization of the same Products
inside and outside the Territory, the Parties shall enter into a worldwide safety information exchange and reporting agreement
to coordinate such matters between the Parties.

 

 

 

    	BMR1323002A0624	Page 14 of 24

    	 

    

  

Article
15 Confidentiality

  

		15.1	Permitted Use of Confidential Information. The Receiving Party
shall not use any Confidential Information, directly or indirectly, for its own benefit, except for the explicit purpose of effectuating
this Agreement. No other use of Confidential Information is permitted except as set forth in this Article 15.

 

		15.2	Non-Disclosure of Confidential Information. The Receiving Party agrees
to protect and maintain the confidentiality of all Confidential Information obtained pursuant to this Agreement. Notwithstanding
the foregoing, the Receiving Party may disclose Confidential Information of the Disclosing Party to the Receiving Party's directors,
officers, employees, Affiliates, consultants, subcontractors, sublicensees or agents to the extent reasonably necessary to carry
out its obligations under this Supply Agreement, provided that such directors, officers, employees, Affiliates, consultants, subcontractors,
sublicensees or agents have been advised of the confidential nature of such information and have agreed to maintain such information
as confidential to the same extent required by this Article 15. The Receiving Party shall not duplicate, disclose, or discuss any
Confidential Information to or with any Third Parties, in whole or in part, without the prior written consent of the Disclosing
Party.

 

		15.3	Exceptions to Confidential Information. Notwithstanding anything to
the contrary set forth herein, the Receiving Party shall not be obligated to maintain the confidentiality of any information provided
to it under this Agreement which:

 

		15.3.1	was at the time of disclosure or subsequently became,
through no act, fault or omission of the Receiving Party, available to the general public through publication or otherwise;

 

		15.3.2	was subsequent to the disclosure, lawfully and independently
received in good faith by the Receiving Party from a Third Party who was under no duty of confidentiality with respect to such
disclosure;

 

		15.3.3	was at the time of disclosure already known to the Receiving
Party, as shown by written records in the possession of or available to the Receiving Party, provided that it was not directly
or indirectly derived from the Disclosing Party or its Confidential Information.

 

		15.3.4	information which the Receiving Party can establish by
competent evidence was subsequently and independently developed by employees of or on behalf of the Receiving Party without use
or access, direct or indirect, of Confidential Information protected by this Agreement.

  

		15.4	Opportunity to Oppose
Disclosure. If a Receiving Party is required by a government body,
regulatory authority, court of law or administrative order to disclose Confidential Information,
then prior to any disclosure, the Receiving Party agrees to immediately notify the Disclosing Party and to cooperate with the
efforts of Disclosing Party to contest the disclosure, seek an appropriate protective order or other remedy or waive the Receiving
Party's compliance with the provisions of this Agreement.

  

 

 

    	BMR1323002A0624	Page 15 of 24

    	 

    

  

		15.5	Confidentiality
                                         Term. The confidentiality obligations shall survive this Agreement and continue until
                                         expiry or sooner termination of this Agreement or such other period as may be permitted
                                         as per the applicable laws, whichever is longer.

  

		15.6	Expiration
                                         of Agreement and Return of Confidential Information.Upon expiration or termination
                                         of the Agreement, the Receiving Party shall:

 

		15.6.1	immediately discontinue all use of Confidential Information;

 

 

		15.6.2	return all Confidential Information to the Disclosing
Party within thirty (30) Days;

 

 

		15.6.3	immediately erase or destroy all Confidential Information
contained in computer memory or other data storage apparatus, except where such destruction would otherwise violate applicable
law;

 

		15.6.4	warrant in writing to the
Disclosing Party that it has taken all actions described in the foregoing Articles 15.6.1 through 15.6.3, and provide such
document to the Disclosing Party within five (5) Days following the Disclosing Party's
demand pursuant to this Article 15.6. Upon the expiration or termination of this Agreement, the Receiving Party shall return or
destroy all Confidential Information within the possession of its directors, officers, employees, agents or consultants and, upon
written demand from Disclosing Party, warrant such return or destruction of Confidential Information in writing which shall be
delivered to the Disclosing Party within five (5) Days following the Disclosing Party's demand pursuant to this Article 15.6.

 

		15.7	Authority to Disclose Confidential Information. Each Party warrants
and represents that it has the right to disclose its Confidential Information for purposes of this Agreement.

 

		15.8	Injunctive Relief to Enforce Performance. The
Parties acknowledge that it is impossible to measure fully, in money, the injury that may be caused in the event of a breach or
threatened breach of any of the confidentiality provisions of this Agreement. Each Party shall be entitled to injunctive relief
to enforce the confidentiality provisions of Article 15 of the Agreement, without prejudice to any other remedy that such Party
may have at law or in equity. The obligations set forth in this Article 15.9 shall survive any expiration or termination of the
Agreement.

   

 

 

    	BMR1323002A0624	Page 16 of 24

    	 

    

  

Article
16 Term and Termination

 

		16.1	This Agreement shall come into force on the
Effective Date and shall be valid till later of twenty (20) years or last to expire patent or patent application unless terminated
earlier in terms of this Agreement.

 

		16.2	Without prejudice to any rights or remedies available to each Party under
this Supply Agreement, under law or equity, either Party shall be entitled to terminate this Agreement by giving a prior written
notice of thirty (30) days to the other Party identifying the breach and requiring it to be cured, if the other Party commits any
breach of this Agreement and fails to remedy the breach within thirty (30) days after receipt of such notice.

 

		16.3	Either Party shall be entitled to terminate this Agreement by giving a prior
written notice of thirty (30) days if the other Party ceases to do business, unable to pay its debts as they fall due, becomes
or is deemed insolvent, has a receiver, liquidator, manager, administrator, administrative receiver or similar officer appointed
in respect of the whole or any part of its assets or business (or is the subject of a filing ,with any court for the appointment
of any such officer), makes any composition or arrangement with its creditors, takes or suffers any similar action in consequence
of debt or an order or resolution is made for its dissolution or liquidation (other than for the purpose of solvent amalgamation
or re construction), or any equivalent or similar action or proceeding is taken or suffered in any jurisdiction;

  

		16.4	Effect of Termination

  

		16.4.1	Upon expiration or sooner termination of this Supply Agreement for any reason
whatsoever, all licenses and rights granted to Biocon by Advaxis under this Supply Agreement stands revoked from the effective
date of expiration or sooner termination.

  

		16.4.2	In the event of expiry or sooner termination of this Supply Agreement, except
for termination by Advaxis under Articles 16.2 or 16.3 at Advaxis's option, Biocon may sell the remaining stock in the Territory,
subject to compliance with all applicable laws, within nine (9) months after expiry or termination of the Supply Agreement or return
it to Advaxis provided it has a minimum of 25% of its original shelf life and is in its original packaging.

  

		16.5	Termination or expiration of this Agreement shall not affect in any way
rights and obligations of the Parties accrued up to the effective date of termination or expiry as the case may be.

 

		16.6	Upon expiry or sooner termination of this Agreement,
all provisions including Article 15 (Confidentiality), Article 12 (Indemnity) and Article 17.7 (Governing Law) that should survive
by nature shall survive expiry or termination of this Supply Agreement.

 

 

 

    	BMR1323002A0624	Page 17 of 24

    	 

    

   

Article
17 MISCELLANEOUS

 

		17.1	Right of First Refusal: Advaxis may
develop new products during the Term that Advaxis will seek to license in the Territory. In such event, prior to offering a license
to a Third Party, Advaxis shall promptly notify Biocon of any such new product, together with a summary of relevant information
to obtain such license from Advaxis on commercially reasonable
terms. Upon Biocon's receipt of such notice, the Parties shall promptly commence good faith negotiations for a period of forty
five (45) days in an effort to reach mutually acceptable terms for such rights and license. During such forty five-day period,
the new product may not be offered to any Third Party. If the Parties are unable to reach a definitive agreement during such period,
Advaxis may offer the new product to a Third Party on terms no less favorable than the terms offered to Biocon.

 

		17.2	Change of Control. If either Party undergoes a Change of Control,
it shall immediately notify the other Party. Such other Party may terminate this Supply Agreement with written notice of thirty
(30) days to the Party undergoing the Change of Control or other mutually agreed notice period from the date of conclusion of the
discussion for Change of Control. In case the other Party does not terminate this Supply Agreement, the new entity taking over
the management and control of the Party undergoing the Change of Control (i.e. the acquiring entity) shall be responsible for fulfillment
of all the terms and conditions of this Agreement as if it is the Party to the Agreement. This will be a condition precedent for
continuation of the Agreement in the event of all Changes in Control.

 

		17.3	Assignability. This Agreement shall not be assigned
in whole or in part by any of the Parties to any Third Parties without the prior consent of the other Party; provided, however,
that either Party hereto shall be entitled to assign all or any part of its rights and obligations herein to its Affiliate(s)
by prior written intimation of at least seven (7) Days to the other Party.

 

		17.4	Notice. All notices under this Supply Agreement
shall be sent by registered or certified mail, postage prepaid, or by overnight courier service. Notices may be sent by facsimile
or e-mail, if confirmed by also sending as described above;

 

	If to Biocon;	If to Advaxis
	 	 
	Biocon Ltd	Advaxis, Inc.,
	20th K.M. Hosur Road	305, College Road East,
	Electronics City, Bangalore -560 100	Princeton, New Jersey
	India	08540
	 	 
	Attention: President -Marketing	Attention: CEO
	Copy to: Head - Group Legal	Copy to: COO  
	Facsimile: 91 80 2852 3423	Facsimile: 609-452-9818

  

 

 

    	BMR1323002A0624	Page 18 of 24

    	 

    

 

		17.5	No Waiver. Failure,
delay, or any partial exercise by either Party of any
right, power, or privilege
available to such Party hereunder shall not operate as
a waiver or preclude
further exercise by such Party of any other right, power or privilege.

 

		17.6	Descriptive Headings. All section headings, titles, and subtitles
in this Agreement are for convenience of reference only, and are to be ignored in any construction of this Agreement's provisions.
This Agreement has been prepared on the basis of mutual understanding of the Parties and shall not be strictly construed against
either Party as the drafter.

 

		17.7	Governing Law and Dispute Resolution. This Agreement
shall be governed by and interpreted in accordance with the laws of United Kingdom, without reference to its conflict of law provisions.
The Parties agree that they shall in good faith work towards implementation of this Agreement and any dispute and difference arising
out of or in relation to this Agreement shall be first attempted to be resolved amicably by mutual negotiations, failing which
such dispute shall be referred to and finally resolved by arbitration in London in accordance with the Rules of International
Chamber of Commerce ("ICC Rules") for the time being in force, which rules are deemed to be incorporated by reference
in this clause. The venue of arbitration shall be London. The Tribunal shall consist of three arbitrator(s). The arbitration shall
be conducted in English language.The arbitral award shall be final, conclusive and binding on the Parties and shall be enforceable
in any court of competent jurisdiction.

 

		17.8	Non-Compete: During the period of this Agreement, neither Party shall
on its own or with any Third Party, directly or indirectly, market, promote, sell or distribute in the Territory any HPV mediated
immunotherapy product in the Field that competes with the Product.

 

		17.9	Force Majeure. If either Party is delayed in performing an obligation
under this Agreement by strike, lockout, or other labor troubles of a Third Party; by restrictive governmental or judicial order
or by riots, insurrection, war, inclement weather, or Acts of God; performance is excused for the period of such delay. The Party
affected by such Force Majeure event shall promptly notify the other in writing of the delaying event. If such delay continues
for more than ninety (90) days, the Party not claiming Force Majeure may terminate the Supply Agreement.

 

		17.10	Compliance with Law.
Each Party hereby covenants and agrees to comply in all material respects with all laws and regulations applicable
to its activities in connection with this Supply Agreement and commercialization of the Products,
including any applicable import and export laws and regulations.

 

		17.11	Insurance. Each Party will maintain insurance
policies in an amount adequate to cover its obligation hereunder. Upon request, each Party shall provide the other Party with
copies of all such insurance policies.

 

 

 

    	BMR1323002A0624	Page 19 of 24

    	 

    

 

		17.12	Relationship. The
relationship hereby established between the Parties is
solely that of the independent contractors. This Supply
Agreement shall not create any agency, partnership, or joint venture relationship.

  

		17.13	No Third Party Beneficiary. This Agreement shall
be for the sole benefit of the Parties to this Supply Agreement and is not intended, nor shall be construed to give any person,
other than the Parties hereto any legal or equitable right, remedy or claim.

  

		17.14	Severability. If any provision of this Agreement
is held illegal, unenforceable, or otherwise invalid, such holding shall not affect the other provisions or applications of this
Agreement which can be given effect.

  

		17.15	Complete Understanding.
This Supply Agreement together with the Schedules attached hereto constitutes the complete understanding between the Parties
and merges and supersedes all prior discussions, agreements and understandings of every nature between the Parties. No alterations
or modifications of any provisions of this Agreement shall be valid unless made in writing and signed by both of the Parties.

 

		17.16	Counterparts. This
Agreement may be executed in counterparts, each of which shall be considered an original and all of which shall constitute one
and the same document for all purposes.

 

		17.17	Communication. Advaxis
and Biocon shall communicate with each other on a periodic basis (at least once in six months) on the status and development of
its activities under this Agreement.

 

		17.18	Amendment. No amendment, modification, supplement,
and novation of this Agreement or its Annexure and no waiver of any of the terms or conditions hereof shall be valid or binding
unless made in writing and duly executed by the Parties.

 

 

 

(Signature
Page Follows)

 

 

 

  

    	BMR1323002A0624	Page 20 of 24

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by
affixing their signatures below

 

	Biocon Limited 	 	Advaxis Inc.	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 
	1  /s/ Shukrit Chimote	 	 
	Name: Shukrit Chimote	 	Name:  Daniel J. O’Connor	 
	Title: Vice President – Marketing	 	Title: President & CEO	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	EO2  /s/ Murali Krishnan K.N.	 	 	 
	Name: Murali Krishnan K. N.	 	 	 
	Title: President - Group Finance	 	 	 

 

 

 

  

    	BMR1323002A0624	Page 21 of 24

    	 

    

 

 

 

 

 

SCHEDULE
1

 

SPECIFICATION
OF THE PRODUCT

 

Substance: [c.i.]

 

Product:
[c.i.]

 

Characteristics of micro-organism:

[c.i.]

 

 

 

Package
Specification

 Packed on dry ice

Product: UN 3373

Cat. B

 

Packing Method: Glass vials
are packed in a cardboard box which is inserted in a biosafety bag

Dry Ice

Thermo-resistant box

Cardboard surrounding box

 

 

 

 

    	BMR1323002A0624	Page 22 of 24

    	 

    

 

 

 

SCHEDULE 2

 

MILESTONE PAYMENT

 

 

	Total Net Sales in the Contract Year following the initiation of clinical trials in India  by Advaxis (in USD)	Milestone Payment (in USD)
	
        [c.i.]

        
	
        [c.i.]

        

	
        [c.i.]

        
	
        [c.i.]

	
        [c.i.]

        
	
        [c.i.]

        

	 	 

 

Biocon
will calculate sales for the applicable Contract Year before the end of the immediate quarter following the said Contract Year
and inform Advaxis' entitlement as per the table above. Upon receipt of communication from Biocon, Advaxis shall submit invoice
to Biocon. Biocon will make the one time non refundable milestone payment within 60 days of receipt of invoice from Advaxis, subject
to withholding tax as may be applicable.

 

 

 

 

    	BMR1323002A0624	Page 23 of 24

    	 

    

 

 SCHEDULE 2

 

QUALITY AGREEMENT

 

 

 

 

(SEPARATELY ATTACHED)

 

 

 

 

 

 

 

 

    	BMR1323002A0624	Page 24 of 24Exhibit 10.8

 

ALBANY MOLECULAR RESEARCH, INC.

 

AMENDED AND RESTATED

 

TECHNOLOGY DEVELOPMENT INCENTIVE PLAN

 

Section 1. Purpose.
This Amended Technology Development Incentive Plan (the “Plan”) for employees of Albany Molecular Research, Inc. and
its subsidiaries (the “Company”) is being amended and restated to terminate inclusion of new programs in the Plan and
provide for an orderly termination of any projects previously approved under the Plan or any predecessor thereof. The Amended and
Restated Plan shall become effective on November 4, 2013; however the certain terms of the Plan in effect prior to such date shall
remain in effect with respect to the participants thereof, as set forth in Appendix A hereto.

 

Section 2. Administration.
The Plan has been administered by a committee (the “Administrator”) Effective as of the date of this Amended Plan,
the Administrator has determined that the programs set forth on Appendix A are approved programs under the Plan and that no other
programs are or will become eligible for inclusion under the Plan.

 

Section 3. Participants.
The remaining employees eligible to receive payments under the programs (“Participants”) described in Appendix A and
shall be entitled to receive technology incentive compensation (“TIC”) in accordance with the terms of Appendix A.
Notwithstanding the existence of this Plan, the Company shall own all right, title and interest in any intellectual property developed
by any Participant during such Participant’s employment with the Company as further described in the Employee Innovation,
Proprietary Information and Post-Employment Activity Agreement.

 

Section
4. No Further Projects: No further projects will be initiated under the Plan.

 

Section 5. Effective Date.
The Plan became effective on June 4, 2007 and this amendment shall be effective as of November 4, 2013.

 

Section 6. No Assignments.
A Participant’s rights, if any, in any TIC payable under the Plan may not be assigned or transferred except by will or by
the laws of descent and distribution, and are not subject to attachment, garnishment, judicial order, execution or other creditor’s
processes. The rights and obligations of the Company under the Plan may be assigned by the Company to a successor to substantially
all or any part of its business and thereupon the Company will be relieved of any obligation it may have hereunder. All references
to the Company herein shall, unless otherwise indicated, be construed to include a successor to all or any part of the Company
business.

 

Section 7. Integration.
This Plan, as amended, supersedes all prior plans, agreements, arrangements and understandings relating to the subject matter hereof,
including, without limitation, the Company’s predecessor Technology Incentive Plan.

 

    	 

    	 

    

 

Section 8. Amendments and
Termination. The Board of Directors of the Company may, at any time, amend or discontinue the Plan.

 

Section 9. General.

 

		(a)	The place and administration of the Plan shall be conclusively deemed to be within the State of Delaware and the validity,
construction, interpretation, administration and effect of the Plan, and its rules and regulations, and the rights of any and all
persons having or claiming to have an interest therein or thereunder shall be governed by, and determined exclusively and solely
in accordance with, the laws of the State of Delaware.

 

		(b)	Nothing contained in the Plan and no action taken pursuant to the provisions of the Plan shall create or be considered to create
a trust or fund of any kind or fiduciary relationship between the Company and any Participant or any of its other employees or
a security interest of any kind in any property of the Company in favor of any Participant or any other person.

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