Document:

Exhibit 10.20

 

[***] Certain information in this document
has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive
harm to the registrant if publicly disclosed.

 

ANTIBODY LICENSE AGREEMENT

 

This Antibody License Agreement
(“Agreement”) is entered into effective December 20, 2012 (“Effective Date”) by Open
Monoclonal Technologies, Inc. (“OMT”), a Delaware corporation having its principal place of business at 2747 Ross
Road, Suite A, Palo Alto, CA 94303 and CNA Development LLC (“Licensee”), a Delaware limited liability company,
having its principal place of business at [***].

 

WHEREAS Licensee is in the
business of performing research aimed at discovering and developing biopharmaceutical products, and has proprietary or license rights
relating to certain technology used in such research and molecules discovered or developed in such research;

 

WHEREAS, OMT owns, controls
and/or possesses certain intellectual property rights, know-how, and other trade secrets relating to generation of human antibodies using
a transgenic rat platform;

 

WHEREAS Licensee wishes for
OMT to use certain antigens delivered by Licensee to OMT with OMT’s transgenic rats to generate and deliver to Licensee sera and
OMT rats that have been immunized with such antigens;

 

NOW, THEREFORE, in consideration of their mutual promises
to each other, hereinafter stated, the Parties agree as follows:

 

		1.	Definitions.

 

1.1            “Affiliate”
shall mean, with respect to a Party, any corporation or other entity that controls, is controlled by, or is under common control with
that Party. For the purpose of this definition, “control” means: (a) the possession, directly or indirectly, of the
power to direct the management or policies of an entity, whether through the ownership of voting securities, by contract or otherwise,
or (b) the ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities of such entity; and in the
case of both (a) and (b), only for so long as such control shall continue.

 

1.2            “Antigen”
shall mean an agent Licensee provides to OMT hereunder that OMT shall use to perform immunizations, in accord with the protocol reflected
in the Research Plan in Appendix A, of Rats and subsequently provide Licensee with immunized OMT Rats, or the spleens or other sources
of antibodies derived from such OMT Rats.

 

1.3            “Antigen
Restrictions” shall mean that OMT shall not use the specific Antigen(s) materials delivered by Licensee for any purpose
other than the performance of the research and development activities described in this Agreement.

 

1.4            “Commercialization”
shall mean (including variations such as Commercialize and the like) the performance of any and all activities directed to promoting,
marketing, importing, exporting, distributing, selling or offering to sell (including pre marketing), and post marketing drug surveillance
of Licensed Product or, to the extent expressly permitted under this Agreement, to have any of those activities performed by a Third Party.

 

     

     

    

 

 1.5            “Commercial Fee” means the Commercial Fee of $[***] as further described in Section 4.

 

1.6            “Deliverable”
shall mean those materials OMT provides to Licensee following receipt of Antigen, as described in the Research Plan.

 

 1.7            “Field” means the treatment or diagnosis of all diseases in humans and animals.

 

1.8            “First
Commercial Sale” means, with respect to any country, the first sale to a Third Party of a Licensed Product in such country by
or on behalf of Licensee or any of its Affiliates or licensees after the granting of Regulatory Approval with respect to such country.

 

1.9            “Licensed
Product” means a pharmaceutical product developed by or on behalf of Licensee derived from an OMT Antibody(ies).

 

1.10          “Marketing
Authorization” means, with respect to a jurisdiction, any approval (including all applicable pricing and governmental reimbursement
approvals) required from the relevant Regulatory Authority to market and sell a Licensed Product in such jurisdiction.

 

 1.11          “Milestone Event” means each event described in Section 4.3 below.

 

1.12          “OMT
Antibody(ies)” means a molecule or a gene encoding a molecule comprising or containing one or more immunoglobulin variable
domains or parts of such domains, or any existing or future fragments, variants, fusion proteins, modifications or derivatives of such
molecule or gene generated through use of Rats and/or OMT Rats.

 

1.13          “OMT
Intellectual Property” shall mean all patents and patent applications listed in Appendix E, and continuations, divisionals,
renewals, substitutes, extensions, conversions, continuations-in-part, reissues, provisionals, and reexaminations thereof.

 

 1.14          “Party” means OMT or Licensee. “Parties” means both OMT and Licensee.

 

1.15          “Phase
I Clinical Trial” shall mean a human clinical trial of a Licensed Product that is designed to initially evaluate the safety,
metabolism and pharmacokinetics of a Licensed Product or that would otherwise satisfy the requirements defined in 21 C.F.R. 312.21(a) or
other comparable regulation imposed by the FDA, the EMEA, or their foreign counterparts for an equivalent clinical trial in a country
in the Territory.

 

1.16          “Phase
II Clinical Trial” means a well-controlled clinical trial in patients, designed to evaluate clinical efficacy and safety of
a Licensed Product, for one or more indications, as well as to obtain an indication of the dosage regimen required, or that would otherwise
satisfy the requirements defined in 21 CFR 312.21(b), or other comparable regulation imposed by the FDA, the EMEA or their foreign counterparts
for an equivalent clinical trial in a country in the Territory.

 

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1.17          “Phase
III Clinical Trial” means a pivotal human clinical trial in any country, designed to be used to establish safety and efficacy
of a Licensed Product as a basis for a Marketing Authorization application that would satisfy the requirements defined in 21 C.F.R. 312.21(c),
or other comparable regulation imposed by the FDA, the EMEA or their foreign counterparts for an equivalent clinical trial in a country
in the Territory.

 

1.18          “Rats”
means rats that have been genetically modified by OMT to have inactivated endogenous immunoglobulin loci and transgenic immunoglobulin
loci.

 

1.19          “Regulatory
Authority” means the FDA, the EMEA or any national or local agency, authority, department, inspectorate, minister, ministry
official, parliament or public or statutory person (whether autonomous or not) of any government of any country having jurisdiction over
any of the activities contemplated by this Agreement or the Parties, or any successor bodies thereto.

 

 1.20          “Research Plan” means the activities described in Appendix A.

 

1.21          “Research
Term” means the period from the Effective Date until OMT receives the full Commercial Fee from Licensee or termination of the
Agreement, if earlier.

 

 1.22          “Sequence Report” shall have the meaning set forth in Section 2.4.1.

 

1.23          “Sera
Research Term” means the period from OMT’s delivery of the Sera to Licensee, until Licensee’s selection of Rats
pursuant to Section 2.1.

 

 1.24          “Territory” means worldwide.

 

 1.25          “Third Party” means any individual or entity other than a Party or a Party’s Affiliates.

 

		2.	Research Activities.

 

2.1            OMT
Services. Within [***] days after the Effective Date, Licensee shall deliver to OMT [***] Antigens. OMT shall use the Antigens provided
by Licensee solely for executing the activities under the Research Plan in Appendix A. OMT will use commercially reasonable efforts to
(a) immunize Rats with such Antigens, (b) deliver to Licensee sera from such immunized Rats (“Sera”) for
Licensee analysis, and (c) deliver to Licensee the Rats that have received such immunizations and have been selected by Licensee
pursuant to such Sera analysis (“OMT Rats”); all of the foregoing, pursuant to the OMT Research Plan attached hereto
as Exhibit A (the “OMT Services”).

 

2.2            Licensee
Activities During the Research Term, pursuant to the Licensee Research Plan attached hereto as Appendix B (the “Licensee
Activities”) and all terms and conditions herein, Licensee may perform research and development activities with respect to the
Sera, OMT Rats, and OMT Antibodies.

 

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2.2.1            Licensee
may only use the Sera internally, during the Sera Research Term, subject to compliance with all the terms and conditions herein, for the
sole purpose of determining which Rats to select pursuant to Section 2.1. Licensee shall not (and shall not permit others to) reverse
engineer or modify the Sera in any manner. For avoidance of doubt, OMT owns the [***] ([***], and Licensee hereby makes all assignments
necessary to achieve ownership of such [***]).

 

2.3            Substitutions.
If the Sera or OMT Rats fail to provide OMT Antibodies suitable for further development, Licensee may provide written notice to OMT and
identify [***] additional Antigen to be used for immunization of Rats at no additional cost.

 

2.4            Reports.
During the Research Term, within [***] of each [***] anniversary of the Effective Date, Licensee shall deliver to OMT a semi-annual report,
in a form reasonably acceptable to OMT, (a) detailing the [***] pursuant to this Agreement during the previous [***] [***] period,
including without limitation Licensee’s use of the OMT Rats, and (b) detailing the [***] the OMT Rats, including without limitation
identification of each facility in which OMT Rats are kept. Upon OMT’s receipt of the Commercial Fee from Licensee, until OMT’s
receipt of the last milestone payment hereunder, upon each [***] anniversary of the end of the Research Term, Licensee shall deliver to
OMT an [***] report, in a form reasonably acceptable to OMT, detailing [***] with respect to the OMT Antibodies and Licensed Products
during the previous calendar year (“Annual Report”).

 

2.4.1            Sequence
Reporting. Licensee shall deliver to OMT a report describing the amino acid sequence(s) of any OMT Antibodies first described
or claimed in any patent application filed by Licensee (“Sequence Report”). Licensee shall submit the Sequence Report
to OMT within [***] of the filing date of any patent application first describing or claiming any OMT Antibodies. OMT shall treat the
Sequence Report as Licensee’s Confidential Information until such time that the sequence information becomes publicly available,
or is otherwise no longer Confidential Information. OMT shall use the information reflected in the Sequence Report solely for purposes
of monitoring the development or Commercialization activities of Licensee using OMT Antibodies and/or Licensed Products and assessing
Licensee’s financial obligations associated with such activities.

 

2.5            Maintenance
of the OMT Rats. Licensee will be responsible for the keeping and maintenance of the OMT Rats transferred to Licensee, and shall
at all times keep and maintain the OMT Rats in accordance with the provisions set forth on Appendix C, at facilities within the United
States that are owned and controlled by Licensee. Notwithstanding the foregoing, Licensee may keep and maintain the OMT Rats at a facility
within the United States or Europe that is owned and controlled by [***] (“[***]”); provided Licensee must provide prior
written notice thereof to OMT, and provided Licensee shall remain responsible for [***] acts and omissions as if [***] were Licensee.
Except as expressly set forth in the previous sentence, Licensee shall not provide or make available any OMT Rats to any third party
without OMT’s express prior written consent, given on a case-by-case basis, in OMT’s sole discretion. OMT may inspect any
facility in which OMT Rats are kept or maintained at any time upon reasonable prior notice to Licensee (and Licensee shall require [***]
afford OMT the same right). Licensee acknowledges and agrees that the OMT Rats, together with any related biological material or substance
that is replicated, synthesized or in any way derived from the OMT Rats, include and constitute valuable trade secrets of OMT,
and OMT has used diligent efforts to maintain such items as its trade secrets and Confidential Information.

 

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		3.	Intellectual Property Rights.

 

3.1            Ownership
of and License to OMT Rats- Research Term. During the Research Term, subject to compliance with all of the terms and conditions herein,
OMT hereby grants to Licensee a [***] license [***] the (a) OMT Rats, [***] pursuant to the Licensee Research Plan of Appendix B,
and (b) OMT Intellectual Property, [***] in (a). Licensee shall not (and shall not permit others to) reverse engineer or modify the
OMT Rats in any manner, breed or attempt to breed the OMT Rats or otherwise produce or attempt to produce any progeny or derivatives of
any OMT Rats, or subject the OMT Rats to testing procedures or protocols that may reveal information regarding ingredients or quantities.
For avoidance of doubt, OMT owns the OMT Rats (and any derivative, modification, progeny or improvement (“OMT Rat Progeny”)
thereof created in violation of this Agreement, and Licensee hereby makes all assignments necessary to achieve such ownership of such
OMT Rat Progeny).

 

3.2            Ownership
of and License to OMT Antibodies - Research Term. During the Research Term, subject to compliance with all of the terms and conditions
of this Agreement, OMT hereby grants Licensee a [***] right and license [***] the (a)  OMT Antibodies to execute under the Licensee
Research Plan, and (b) OMT Intellectual Property, [***]. Unless and until OMT receives the full Commercial Fee from Licensee during
the Research Term, [***] shall own the OMT Antibodies and Licensed Products and all rights therein (and Licensee hereby makes all assignments
necessary to achieve such ownership).

 

3.3            Ownership
of and License to OMT Antibodies & Commercial Payment. Upon OMT’s receipt of the full Commercial Fee from Licensee,
OMT grants to Licensee a non-royalty, fee-bearing, non-exclusive, worldwide license, with the right to sublicense, to the OMT Intellectual
Property, solely to the extent necessary to develop and Commercialize Licensed Product(s). Upon payment of the Commercial Fee, Licensee
shall become the sole and exclusive owner, even as to OMT, of the OMT Antibodies and any Licensed Products and all rights therein, and
OMT hereby makes all assignments necessary to perfect ownership in such OMT Antibodies and/or Licensed Products wherein said assignments
are contingent upon payment of the Commercial Fee.

 

3.4            Section 365(n) of
the Bankruptcy Code. All rights and licenses granted under or pursuant to any section of this Agreement, are rights to “intellectual
property” (as defined in Section 101(35A) of Title 11 of the United States Code, as amended (such Title 11, the “Bankruptcy
Code”)). OMT and Licensee hereby acknowledge that (i) copies of research data, (ii) laboratory samples, (iii) product
samples and inventory, (iv) formulas, (v) laboratory notes and notebooks, (vi) all Data and results related to pre-clinical
and clinical Studies, (vii) Regulatory Filings and Regulatory Approvals, (viii) rights of reference in respect of Regulatory
Filings and Regulatory Approvals, (ix) and pre-clinical research data and results, constitute “embodiments” of intellectual
property pursuant to Section 365(n) of the Bankruptcy Code. Provided that the other Party at all times remains in good standing
under the terms of this Agreement, each of OMT and Licensee agree not to interfere with the other Party’s exercise of rights and
licenses to intellectual property licensed hereunder and embodiments thereof in accordance with this Agreement and agree to use
reasonable efforts to assist the other Party to obtain such intellectual property and embodiments thereof as reasonably necessary for
the other Party to exercise such rights and licenses in accordance with this Agreement.

 

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3.5            Patent
Prosecution. During the Research Term, neither Party shall file any patent application with respect to the OMT Antibodies or Licensed
Products, without the written consent of the non-filing party, such consent not to be unreasonably withheld. Unless and until OMT receives
the full Commercial Fee from Licensee, neither Party shall have the right to file, prosecute, and maintain any patents or patent applications
relating to the OMT Antibodies or Licensed Products., without the written consent of the non-filing party, such consent not to be unreasonably
withheld. At Licensee’s request and expense, OMT shall reasonably assist Licensee with such prosecution.

 

3.6            Reservation
of Rights. Except for the rights specifically and unambiguously granted in this Agreement, no right or license under any intellectual
property right controlled by either Party is granted or implied. Nothing herein shall be construed to limit or restrict, in any manner,
OMT’s ability to use and exploit, or allow any party to use or exploit, the Rats and/or any materials derived or developed therefrom
(including antibodies or pharmaceutical products) outside the scope of this Agreement. Licensee understands and agrees that, notwithstanding
anything to the contrary herein, OMT may perform immunization services to third parties with respect to targets provided by such third
parties, which may produce similar or identical antibodies to the OMT Antibodies.

 

		4.	Financial Terms.

 

4.1            Initial
Research Fee. Within [***] after the Effective Date, Licensee shall pay OMT a research fee (the “Initial Research Fee”)
of [***] ($[***]). The Initial Research Fee is consideration for OMT conducting immunizations of Rats with [***] substitutable Antigens
provided by Licensee to OMT, and providing OMT Rats, or other Deliverables (which may include Sera), to Licensee as specified in the Research
Plan.

 

		4.2	Research Renewal Fees.

 

Licensee shall have the option
to renew the Agreement on a [***] during the first [***] of the Research Term. Licensee shall provide written notice to OMT, so long as
the Agreement is not otherwise terminated, no later than [***] prior to the end of each [***] period during [***] advising whether Licensee
will continue under the Agreement into the next [***] term based on Licensee’s evaluation of the current Research period’s
activities. Upon providing written notice of Licensee’s intent to continue with the Agreement for the next period, Licensee shall
pay [***], payable within [***] after the end of each [***] period. (“Supplemental License Fee”). Failure to timely pay such
fees shall result in termination of any Research License(s). Licensee shall pay no more than [***] in Supplemental License Fees during
the Research Term. Should Licensee provide written notice of its intent to discontinue work under the Agreement during the Research Term,
the Agreement would terminate in its entirety [***] subsequent to the date Licensee provided such written notice and no further Supplemental
License Fees shall be due to OMT.

 

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4.3            Milestones.
Licensee shall pay to OMT the following milestone payments, provided that each milestone payment shall only be payable once, for the first
Licensed Product generated against each Antigen to achieve such Milestone Event, regardless of whether each Milestone Event was achieved
by Licensee, its Affiliates, or any licensees, or regardless of how many Licensed Products to such Antigen are developed or Commercialized:

 

	Milestone Event	(U.S.$) Payment
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	 
	[***]	[***]
	Upon First Commercial Sale of a Licensed Product
in the United States	$25,000,000
	Upon First Commercial Sale of a Licensed Product in the United Kingdom,
Italy, Germany, France, or Spain	$10,000,000

 

For avoidance of doubt, Licensee
shall be responsible for all marketing, regulatory, development, and Commercialization costs directed towards obtaining Regulatory Approval
and/or sale of Licensed Products in the Territory. Each milestone payment due shall be made within [***] after the achievement of the
applicable Milestone Event.

 

4.4            Reports.
All Milestone Event payments shall be accompanied by a report that includes reasonably detailed information regarding the development
and commercialization activities that occurred with respect to the achievement of a particular Milestone Event.

 

4.5            Records.
Licensee shall keep complete and accurate books and records pertaining to its development and Commercialization activities hereunder (including
activities and events that led to the achievement of Milestone Events) for a period of at least [***] after the relevant payment is owed
pursuant to this Agreement or for the period of time required by applicable law, whichever is longer.

 

Method of Payment. OMT shall submit
invoices in accordance with the instructions supplied to OMT by the [***]. All invoices must reference a valid Purchase Order (PO) Number
which Licensee shall provide to OMT within [***] after the Effective Date. Invoices shall be sent to the [***] group via [***], since
OMT is established with a web invoice account, and copies of the invoice should concurrently be sent to [***]. OMT should contact the
[***] at [***] with any questions related to OMT status, payments or invoices. Invoices shall provide sufficient detail and supporting
documentation for and including a breakdown of all relevant expenses. Invoices shall be due and payable within [***] after Licensee’s
receipt thereof. Licensee reserves the right to return to OMT unprocessed and unpaid any invoices that do not contain or reference the
foregoing information. Invoices will be provided to Licensee no more than [***] after the date on which the applicable payment becomes
due. [***], acting as paying agent for Licensee, will make certain payments due under this Agreement, and Licensee shall reimburse [***]
for all such payments. OMT shall not send any invoices with respect to the Research Plan, and no claim from OMT for payment (including
any amount for fees or expenses) will be allowed for any work conducted by OMT with respect to the Research Plan, prior to both parties’
duly authorized representatives executing this Agreement and Licensee issuing a PO to OMT with respect to such Research Plan.

 

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All payments hereunder shall be made to Open Monoclonal
Technology, Inc. with Tax ID [***] and either mailed to [***] or wire transferred to [***], using ABA number [***] and account number
[***].

 

In the event that the Research Plan set forth
in Appendix A is modified and supplemental funding is required, the budget and reimbursement of costs may be modified by mutual written
consent of the parties.

 

For the avoidance of doubt, OMT shall be solely
responsible for paying its personnel any and all compensation due (including without limitation under the terms of their employment by
OMT or under operation of law) on account of their performance of any Research activities or any work hereunder on behalf of OMT, including
without limitation any compensation that may become due on account of Licensee’s exercise of any rights granted to it by OMT hereunder,
including without limitation in relation to any inventions.

 

Nothing contained in this Agreement shall be construed
in any manner as an obligation or inducement for any OMT personnel who are healthcare professionals to recommend that patients purchase
any products of Licensee or of any of its Affiliates.

 

		4.6	Taxes.

 

4.6.1            Any
amounts payable by Licensee to OMT hereunder are exclusive of any and all applicable sales, use, VAT, GST, excise, property, withholding,
and other taxes, levies, duties or fees (collectively, “Taxes”). Licensee will make all payments to OMT under this
Agreement without deduction or withholding for Taxes except to the extent that any such deduction or withholding is required by law in
effect at the time of payment.

 

4.6.2            Licensee
and OMT will cooperate with respect to all documentation required by any taxing authority or reasonably requested by Licensee to secure
a reduction in rate of applicable withholding taxes. On the date of execution of this Agreement, OMT will deliver to Licensee an accurate
and complete Internal Revenue Service Form W-9.

 

4.6.3            Any
Tax required to be withheld on amounts payable under this Agreement will promptly be paid by Licensee on behalf of OMT to the appropriate
governmental authority, and Licensee will furnish OMT with proof of payment of such Tax. Any such Tax required to be withheld will be
an expense of and borne by OMT.

 

4.6.4            If
Licensee had a duty to withhold taxes in connection with any payment it made to OMT under this Agreement but Licensee failed to withhold,
and such Taxes were assessed against and paid by Licensee, then OMT will indemnify and hold harmless Licensee from and against
such taxes (including interest). If Licensee makes a claim under this Section 4.8(d), it will comply with the obligations imposed
by Section 4.8(c) as if Licensee had withheld Taxes from a payment to OMT.

 

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4.7            Late
Payments. Any amount owed under this Agreement that is not paid on or before the date such payment is due shall bear interest
at a rate per annum equal to the lesser of [***], calculated on the number of days such payments are paid after such payments are due
and compounded monthly. In addition, a non-paying Party shall reimburse the other Party for all costs, including attorneys’ fees
and legal expenses, incurred in the collection of late payments.

 

		5.	Term and Termination.

 

5.1            Term.
The term of this Agreement shall commence on the Effective Date and shall continue until all of Licensee’s payment obligations are
met, unless earlier terminated as set forth herein. For clarity, upon expiration of this Agreement, Licensee shall, subject to the terms
and conditions of this Agreement, continue to enjoy the rights granted hereunder to enable Licensee to research, develop, Commercialize,
or otherwise exploit any Licensed Products or OMT Antibodies identified by Licensee prior to termination of this Agreement.

 

 5.2            Termination for Convenience. Licensee may terminate this Agreement at any time upon [***] written notice to OMT.

 

5.3            Termination
for Breach. Either Party may terminate this Agreement upon a material breach of this Agreement by the other Party by providing [***]
written notice to the other Party. The termination shall become effective at the end of the notice period unless the breaching Party cures
such breach during such notice period or within a period otherwise agreed to in writing by the Parties. Notwithstanding the foregoing,
(a) if the breach, by its nature, is incurable, the non-breaching Party may terminate this Agreement immediately upon written notice
to the breaching Party, and (b) if Licensee misreports or fails to report any Milestone Event (in an Annual Report or otherwise),
OMT may terminate this Agreement [***] after written notice to Licensee. The termination shall become effective at the end of the notice
period unless Licensee cures the alleged misreporting and/or failure to pay during the notice period. Payments subsequently made under
[***].

 

5.4            Termination
for Insolvency. Either Party may terminate this Agreement immediately if the other Party files in any court or agency pursuant to
any statute or regulation of any state, county or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an
arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if such other Party is served with an involuntary
petition against it, filed in any insolvency proceeding, and such petition is not dismissed within [***] after the filing thereof, or
if such other Party shall propose to be a party to any dissolution or liquidation, or if such other Party shall make an assignment for
the benefit of its creditors.

 

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		5.5	Effect of Expiration or Termination.

 

5.5.1            Upon
termination or expiration of this Agreement for any reason, all rights and licenses granted hereunder shall terminate, however the following
provisions shall survive termination or expiration of this Agreement: Sections 3.6, 5, 6, 7.2.3, 8-11 (inclusive), and, to the
extent development and Commercialization is permitted pursuant to the following sentence, the second sentence of Section 2.4, Section 2.4.1,
the first sentence of Section 3.3, and Section 4. Licensee shall discontinue all development and Commercialization of the OMT
Antibodies or Licensed Products; provided, however, unless this Agreement is terminated as a result of any violation of Licensee’s
(or its Affiliates’ or licensees’) obligations hereunder, with respect to each Licensed Product for which Licensee has made
a payment under Section 4.3, Licensee may continue to develop and commercialize such Licensed Product unless and until Licensee
ceases to pay in full all amounts set forth in Section 4.3 with respect to such Licensed Product as they become due; upon any failure
to pay such amounts, Licensee shall cease all development and Commercialization of such Licensed Product (and shall cause its Affiliates
and licensees to cease all such development and Commercialization). [***]. For avoidance of doubt, without limiting the foregoing, if
this Agreement terminates prior to the end of the Research Term, neither party shall have any right to use, exploit, or file for patent
protection on the OMT Antibodies or Licensed Products.

 

5.5.2            Within
[***] after the date of termination of this Agreement, Licensee shall pay to OMT all amounts that have accrued and are due hereunder on
or prior to the date of termination. Upon termination or expiration of this Agreement, each Party shall destroy (and certify destruction
of) all Confidential Information of the other Party, including any extracts, notes, modifications, or derivatives thereof; the foregoing
shall include, without limitation, Licensee’s destruction of, any and all OMT Rats and OMT Antibodies.

 

		6.	Confidentiality.

 

6.1            Definition.
 “Confidential Information” means the terms and provisions of this Agreement and other proprietary information and data
of a financial, commercial or technical nature that the disclosing Party (the “Disclosing Party”) or any of
its Affiliates has supplied or otherwise made available to the other Party (the “Receiving Party”) or its Affiliates.
Notwithstanding anything to the contrary, (i) during the Research Term, OMT Antibodies and Licensed Products are the Confidential
Information of both Parties, deemed disclosed by both Parties and (ii) upon OMT’s receipt in full of the Commercial Fee from
Licensee, the OMT Antibodies and Licensed Products will become the Confidential Information of Licensee, deemed disclosed by Licensee.
The exceptions set forth in Section 6.3.2 and 6.3.4 below shall not apply with respect to OMT Antibodies and Licensed Products. For
avoidance of doubt, the OMT Rats and the Sera are the Confidential Information of OMT.

 

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6.2            Obligations.
The Receiving Party will protect all Confidential Information against unauthorized disclosure to Third Parties with the same degree of
care as the Receiving Party uses for its own similar information, but in no event less than a reasonable degree of care. The Receiving
Party will not use the Confidential Information except as necessary to exercise its rights and fulfill its obligations under this Agreement.
The Receiving Party may disclose the Confidential Information to its Affiliates, and their respective directors, officers, employees,
subcontractors, licensees, consultants, attorneys, accountants and banks (collectively, “Recipients”), who have a
need-to-know such information in order for Receiving Party to exercise its rights or fulfill its obligations under this Agreement or
in connection with diligence activities pursuant to financing or acquisition events, provided that the Receiving Party shall hold such
Recipients to written obligations of confidentiality with terms and conditions at least as protective of Disclosing Party’s
Confidential Information as those set forth in this Agreement. Receiving Party shall be liable for any breach of such written obligations
or this Section 6 by its Recipients. Notwithstanding the foregoing, Licensee may not disclose or make available OMT Rats or any
information or materials relating thereto to any Affiliate, Third Party, or Recipient, except to the extent expressly allowed under Section 2.5
of this Agreement. For the avoidance of doubt, no Antigen shall be deemed Confidential Information, however the provision of the Antigen
by Licensee to OMT shall be deemed Confidential Information.

 

6.3            Exceptions.
The obligations under this Section 6 shall not apply to any information to the extent the Receiving Party can demonstrate by competent
evidence that such information:

 

6.3.1            is
(at the time of disclosure) or becomes (after the time of disclosure) generally known to the public through no breach of this Agreement
by the Receiving Party or any Recipients to whom it disclosed such information;

 

6.3.2            was
rightfully known by, or was otherwise in the rightful possession of, the Receiving Party prior to the time of disclosure by the Disclosing
Party;

 

6.3.3            is
disclosed to the Receiving Party on a non-confidential basis by a Third Party who is entitled to disclose it without breaching any confidentiality
obligation to the Disclosing Party; or

 

6.3.4            is
independently developed by or on behalf of the Receiving Party or any of its Affiliates, as evidenced by its written records, without
use of, reliance upon or access to the Confidential Information.

 

6.4            The
restrictions set forth in this Section 6 shall not apply to any Confidential Information that the Receiving Party is required to
disclose under applicable laws or a court order or other governmental order, provided that the Receiving Party: (a) provides the
Disclosing Party with prompt notice of such disclosure requirement if legally permitted, (b) affords the Disclosing Party an opportunity
to oppose or limit, or secure confidential treatment for such required disclosure and (c) if the Disclosing Party is unsuccessful
in its efforts pursuant to subsection (b), discloses only that portion of the Confidential Information that the Receiving Party is legally
required to disclose.

 

		7.	Representations and Warranties; Disclaimer.

 

7.1            Representations
and Warranties of Each Party. Each Party represents and warrants to the other Party as of the Effective Date that:

 

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

 

7.1.2            it
has full corporate power and authority to execute, deliver, and perform under this Agreement, and has taken all corporate action required
by applicable law and its organizational documents to authorize the execution and delivery of this Agreement and the consummation
of the transactions contemplated by this Agreement;

 

    11

     

    

 

7.1.3            to
such Party’s knowledge, this Agreement constitutes a valid and binding agreement enforceable against it in accordance with its terms;

 

7.1.4            all
consents, approvals and authorizations from all governmental authorities or other Third Parties required to be obtained by such Party
in connection with this Agreement have been obtained; and

 

7.1.5            the
execution and delivery of this Agreement and all other instruments and documents required to be executed pursuant to this Agreement, and
the consummation of the transactions contemplated hereby do not and shall not: (i) conflict with or result in a breach of any provision
of its organizational documents, (ii) result in a breach of any agreement to which it is a party that would impair the performance
of its obligations hereunder; or (iii) violate any applicable law

 

7.2            OMT
Representations and Warranties. OMT represents and warrants to Licensee that to OMT’s knowledge, as of the Effective Date:

 

 7.2.1            it has the right to grant the licenses granted hereunder; and

 

7.2.2            there
are no existing Third Party rights that would prevent Licensee from making use of the OMT Rats or OMT Antibodies as contemplated herein.

 

7.2.3            Disclaimer.
EXCEPT AS EXPRESSLY STATED IN THIS SECTION 7, (A) OMT DOES NOT MAKE ANY REPRESENTATIONS OR EXTEND ANY WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, (B) THE OMT RATS, SERA, AND ANYTHING ELSE PROVIDED BY OMT PURSUANT TO THIS AGREEMENT
ARE PROVIDED “AS IS,” (C) OMT DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND OR NATURE, WHETHER EXPRESS OR IMPLIED,
RELATING TO PERFORMANCE, MARKETABILITY, TITLE OR OTHERWISE IN ANY RESPECT RELATED TO THE SUBJECT MATTER HEREUNDER, (D) OMT FURTHER
DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND DISCLAIMS ANY EXPRESS OR IMPLIED
WARRANTY REGARDING INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS OF THIRD PARTIES IN CONNECTION WITH THE USE OR EXPLOITATION
OF THE OMT ANTIBODIES, OR THE MAKING, USING OR SELLING OR OTHER DISTRIBUTION OF PRODUCTS BY ANY PERSON OR ENTITY. LICENSEE ASSUMES THE
ENTIRE RISK AND RESPONSIBILITY FOR THE SAFETY, EFFICACY, PERFORMANCE, DESIGN, MARKETABILITY, TITLE AND QUALITY OF ALL PRODUCTS. Without
limiting the generality of the foregoing, OMT does not warrant (i) the patentability of any of the OMT Antibodies or Licensed Products,
or (ii) the accuracy, safety, or usefulness for any purpose of any of the Sera, OMT Rats, OMT Antibodies or Licensed Products.

 

    12

     

    

 

8.            Limitation
of Liability. In no event shall OMT or its Affiliates, including its and its Affiliates’ directors, officers, employees, consultants
and agents (collectively, the “Agents”), be responsible or liable for [***]. The above limitations on
liability apply even though OMT or its Agents may have been advised of the possibility of such damage. Licensee shall not, and shall
require that its licensees and Affiliates do not, make any statements, representations or warranties or accept any liabilities or responsibilities
whatsoever on behalf of OMT or the Agents and with regard to any person or entity that are inconsistent with any disclaimer or limitation
in Section 7.2 or this Section 8.

 

		9.	Indemnification.

 

9.1            Indemnification
of Licensee. Subject to Section 9.3 below, OMT agrees to indemnify, hold harmless and defend Licensee, its Affiliates, and their
respective agents (each a “Licensee Indemnitee”) from and against any and all losses, damages, liabilities, costs and
expenses (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) payable to unaffiliated
Third Parties incurred by Licensee Indemnitees in connection with any and all suits, investigations, claims or demands of third parties
(collectively, “Third Party Claims”) relating to [***]. Notwithstanding anything to the contrary herein, in
no event shall OMT be obligated to indemnify Licensee Indemnitees for (i) any Third Party Claims to the extent such Third Party Claims
would be subject to indemnification by Licensee pursuant to Section 10.2, or (ii) any Third Party Claims relating to (a) anything
produced or derived from the OMT Rats including without limitation the OMT Antibodies and Licensed Products, (b) any modifications
or combinations of the OMT Rats not made by OMT, (c) any use by Licensee of the OMT Antibodies or OMT Rats that is not strictly in
accordance with this Agreement, or (d) a Licensee Indemnitee’s willful misconduct or gross negligence.

 

9.2            Indemnification
of OMT. Subject to Section 9.3 below, Licensee agrees to indemnify, hold harmless and defend OMT, its Affiliates, and their respective
agents (each an “OMT Indemnitee”) from and against all Losses incurred by OMT Indemnitees arising out of or resulting
from [***], provided that Licensee shall not be obligated to indemnify OMT Indemnitees for Losses to the extent arising from an OMT Indemnitee’s
willful misconduct or gross negligence.

 

9.3            Indemnification
Procedure. All indemnification claims provided for in Sections 9.1 and 9.2 shall be made solely by such Party to this Agreement (the
 “Indemnified Party”). The Indemnified Party shall promptly notify the indemnifying Party (an “Indemnification
Claim Notice”) of any Losses or the discovery of any fact upon which the Indemnified Party intends to base a request for indemnification
under Sections 9.1 and 9.2, but in no event shall the indemnifying Party be liable for any Losses that result from any delay in providing
such notice. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the
extent that the nature and amount of such Loss is known at such time). The Indemnified Party shall furnish promptly to the indemnifying
Party copies of all papers and official documents received in respect of any Losses and Third Party Claims. The Indemnified Party shall:
(a) cooperate with the Indemnifying Party, at the Indemnifying Party’s expense, in connection with the defense and settlement
of the Third Party Claim, and (c) permit the Indemnifying Party to control the defense and settlement of the Third Party Claim;
provided, however, that the Indemnifying Party may not settle the Third Party Claim without the Indemnified Party’s prior written
consent, which shall not be unreasonably withheld or delayed, in the event such settlement materially adversely impacts the Indemnified
Party’s rights or obligations. Further, the Indemnified Party shall have the right to participate (but not control) and
be represented in any suit or action by advisory counsel of its selection and at its own expense.

 

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		10.	Dispute Resolution

 

10.1            Continuance
of Rights and Obligations During Pendency of Dispute Resolution. If there are any disputes in connection
with this Agreement, including disputes related to termination of this Agreement, all rights and obligations of the Parties shall continue
until such time as any dispute has been resolved in accordance with the provisions of this Section.

 

10.2            Informal
Resolution. In the event of any controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation,
performance, or alleged breach of this Agreement, including any claim of inducement by fraud or otherwise, (a “Dispute”),
the Parties shall attempt in good faith to settle such Dispute first by negotiation and consultation between themselves. If the Parties
are unable to resolve a Dispute within [***] from the date such Dispute is first brought to the other Party’s attention, the matter
shall be referred to a senior executive designated by each Party, who shall use their good faith efforts to mutually agree upon the proper
course of action to resolve the Dispute. In the event said executives are unable to resolve such Dispute or agree upon a mechanism to
resolve such Dispute within [***] of the first written request for dispute resolution under this Section then the Parties shall resolve
such Dispute in accordance with the Mediation and/or Arbitration provisions set forth hereunder, as applicable.

 

10.3            Mediation.
Any Dispute which the Parties have not resolved under the Informal Resolution provisions hereunder, shall, with the consent of both Parties,
be mediated through non-binding mediation in accordance with The CPR Mediation Procedure for Business Disputes then in effect of the CPR
Institute for Dispute Resolution (CPR), except where that procedure conflicts with these provisions, in which case these provisions shall
prevail. The mediation shall be conducted in New York and shall be attended by a senior executive with authority to resolve the dispute
from each Party.

 

The Parties shall promptly
confer in an effort to select by mutual agreement a neutral, independent and disinterested mediator from a professional mediation firm
such as ADR Associates or JAMS/ENDISPUTE or CPR. In the absence of such an agreement within [***] of initiation of the mediation, the
mediator shall be selected by CPR as follows: CPR shall provide the Parties with a list of at least [***] names from the CPR Panels of
Distinguished Neutrals.

 

Each Party shall exercise
challenges for cause, [***] peremptory challenges, and rank the remaining candidates within [***] of receiving the CPR list. The Parties
may together interview the [***] top-ranked candidates for no more than [***] each and, after the interviews, may each exercise [***]
peremptory challenge. The mediator shall be the remaining candidate with the highest aggregate ranking. The mediator shall confer with
the Parties to design procedures to conclude the mediation within no more than [***] after initiation (such date of initiation being the
 “Dispute Date”).

 

Under no circumstances may
the commencement of Arbitration hereunder be delayed more than [***] by the mediation process specified herein absent contrary agreement
of the Parties.

 

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No statements made by either
Party during the mediation may be used by the other or referred to during any subsequent proceedings.

 

10.4            Arbitration.
If any Dispute has not been resolved by good faith negotiations or mediation between the Parties pursuant to the Informal Resolution or
Mediation provisions above or the Parties have not agreed to mediate, then the Parties shall settle the Dispute by submitting the matter
to binding arbitration the using the English language in accordance with the Arbitration Rules and Procedures of JAMS then in effect,
by one or more commercial arbitrator(s) with substantial experience in resolving complex commercial contract disputes, who may or
may not be selected from the appropriate list of JAMS arbitrators. The arbitration will be held in New York City, New York.

 

If the Parties cannot agree
upon the number and identity of the arbitrators within [***] following the Dispute Date, then a single arbitrator shall be selected on
an expedited basis in accordance with the Arbitration Rules and Procedures of JAMS. Any arbitrator so selected shall have substantial
experience with the life science/biotech industry. The arbitrator(s) shall have the authority to grant specific performance and to
allocate between the parties the costs of arbitration (including service fees, arbitrator fees and all other fees related to the arbitration)
in such equitable manner as the arbitrator(s) may determine. The prevailing party in the arbitration shall be entitled to receive
reimbursement of its reasonable expenses (including reasonable attorneys’ fees, expert witness fees and all other expenses) incurred
in connection therewith. Judgment upon the award so rendered may be entered in a court having jurisdiction or application may be made
to such court for judicial acceptance of any award and an order of enforcement, as the case may be. Notwithstanding anything to the contrary
in this Agreement, each Party shall have the right at any time to seek injunctive or other forms of equitable relief from any court of
competent jurisdiction. For all purposes of this Agreement, the parties consent to exclusive jurisdiction and venue in the United States
federal Courts located in the Southern District of New York.

 

		11.	General Provisions.

 

11.1            Publication.
OMT may not submit a publication in any form (including written, graphic, oral, or audio) containing any information or results relating
to any Deliverable or services performed hereunder to any journal or other forum for publication or presentation without Licensee’s
prior written approval of the proposed abstract, manuscript, poster, presentation slides, or other material, which approval it may withhold
at its discretion. Licensee may not submit a publication in any form (including written, graphic, oral, or audio, but excluding patent
applications, which may only be submitted to the appropriate patent authority without the approval required herein) containing any information
on technologies owned or controlled by OMT to any journal or other forum for publication or presentation without OMT’ prior written
approval of the proposed abstract, manuscript, poster, presentation slides, or other material, which approval it may withhold at its discretion.
No material that incorporates the other Party’s Confidential Information will be submitted for publication by a Party without the
other Party’s prior written consent.

 

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11.2            Notice
of Publication. Each Party agrees to notify the other within a reasonable period, not less than [***] prior to the submission for
publication of any writing or disclosure concerning such work under this Agreement. The receiving Party is entitled to review
such proposed publication or disclosure. The receiving Party reserves the right to delete from any such proposed publication or disclosure
any Confidential Information of such Party, and, a Party may file or cause to be filed any relevant patent applications prior to publication
or disclosure. Such Party may request the delay of any such proposed publication or disclosure for an additional [***] period in order
to file any patent applications on the inventions disclosed therein. For the avoidance of doubt, the rights and covenants set forth in
this paragraph are at all times subject to each party’s obligations and covenants under Section 3.

 

11.3            No
Publicity. Upon the execution of this Agreement, OMT shall issue one press release with respect to this Agreement in substantially
the form attached hereto as Appendix D and may only make subsequent public disclosure of the contents of such press release (“Subsequent
Disclosures”) without further approval of the other Party. The Parties agree that, except as provided for above, each will not make,
issue or release any public announcement, press release, statement, promotion, or reveal publicly the terms, conditions and status of,
this Agreement without the prior written approval of the other Party as to the content and time of release of and the media in which such
statement or announcement is to be made. Notwithstanding the foregoing, in the case of announcements, statements, acknowledgments or disclosures
that either Party is required by law to make, issue or release, the making, issuing or releasing of any such announcement, statement,
acknowledgment or disclosure by the Party so required by law shall not constitute a breach of this Agreement if such Party shall have
given, to the extent reasonably possible, not less than [***] prior notice to the other Party, and shall have attempted, to the extent
reasonably possible, to clear the content of such announcement, statement, acknowledgment or disclosure with the other Party.

 

11.4            No
Use of Name. OMT shall not use the name or any logo, symbol, or trademark of Licensee, or any of its Affiliates, or any of their employees,
for advertising, marketing, or promotional purposes without the prior written consent of Licensee. For avoidance of doubt, Subsequent
Disclosures shall not be deemed a breach of the foregoing.

 

11.5            Research &
Legal Compliance. All research conducted at OMT shall be performed in accordance with applicable laws, regulations, and established
OMT policies and procedures, including, but not limited to, policies and procedures pertaining to research involving laboratory animals
or hazardous agents and materials, as applicable. OMT agrees that any animals used in the research will be handled in accordance with
established guidelines for the care and use of laboratory animals. All research conducted at Licensee or its Affiliates shall be performed
in accordance with applicable laws, regulations, and established Licensee policies and procedures, including, but not limited to, policies
and procedures pertaining to research involving laboratory animals or hazardous agents and materials, as applicable. Licensee agrees that
any animals used in the research will be handled in accordance with established guidelines for the care and use of laboratory animals.

 

11.6            Healthcare
Compliance. OMT and Licensee shall each comply with applicable local, state and federal laws and regulations and ordinances, including
without limitation the Federal Food, Drug and Cosmetic Act, as amended, and applicable regulations, the Medicare/Medicaid Anti-kickback
Statute, Health Insurance Portability and Accountability Act of 1996 (HIPAA), the False Claims Act, applicable state fraud and abuse
laws, the AMA Guidelines on Gifts to Physicians from Industry, the Foreign Corrupt Practices Act, the Economic Espionage Act of
1996 and applicable laws and government regulations relating to services and the privacy, professional confidentiality and security thereof.

 

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11.7            Debarment.
Each party warrants that it is not debarred by a competent Health Authority (including, if applicable, the US FDA) or by the Professional
Council of Physicians; OMT shall not employ, contract with or retain any person directly or indirectly to perform work under this Agreement
if such a person is or becomes debarred by a competent Health Authority (including, if applicable, the US FDA) or by the Professional
Council of Physicians. Upon written request from the other party, each party shall, within [***], provide written confirmation that it
has complied with the foregoing obligation.

 

11.8            Relationship
of the Parties. The Parties to this Agreement recognize and agree that each is operating as an independent contractor and not as an
agent of the other. This Agreement shall not constitute a partnership or joint venture, and neither Party may be bound by the other to
any contract, arrangement or understanding except as specifically stated herein.

 

11.9            Assignment.
This Agreement is not assignable or transferable by Licensee to non-Affiliate Third Parties, nor may Licensee assign, delegate, or subcontract
any of its rights or obligations hereunder to non-Affiliate Third Parties except as expressly provided in Section 2.5 of this Agreement,
without the prior written consent of OMT, except that Licensee may assign this Agreement to a successor to all or substantially all of
Licensee’s assets or business relating to the subject matter of this Agreement. OMT may freely (a) assign this Agreement and
(b) assign, delegate, and/or subcontract its rights and obligations hereunder.

 

11.10            Notices.
Any notice, report, approval or consent required or permitted hereunder shall be in writing and will be deemed to have been duly given
to a Party if delivered personally or mailed by first-class, registered or certified mail, postage prepaid to the address of that Party
as set forth on the first page of this Agreement; or such other address as is provided by that Party to the other upon [***] written
notice.

 

11.11            Force
Majeure. Except for payment obligations, a Party shall not be held liable or responsible to the other Party or be deemed to
have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement when such
failure or delay is caused by or results from events beyond the reasonable control of the non-performing Party, including fires, floods,
embargoes, shortages, epidemics, quarantines, war, acts of war (whether war be declared or not), acts of terrorism, insurrections, riots,
civil commotion or acts of God. The non-performing Party shall provide reasonable notice to the other Party.

 

11.12            Waiver.
No failure to exercise, and no delay in exercising, on the part of either Party, any privilege, any power or any rights hereunder will
operate as a waiver thereof, nor will any single or partial exercise of any right or power hereunder preclude further exercise of any
other right hereunder. Any waivers or amendments shall be effective only if made in writing and signed by authorized representatives of
the Parties.

 

11.13            Severability.
If any provision of this Agreement shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision
shall be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and
effect and enforceable.

 

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11.14            Governing
Law. This Agreement shall be governed by and construed pursuant to the laws of the New York without regard to conflicts of laws
provisions thereof and without regard to the United Nations Convention on Contracts for the International Sale of Goods.

 

11.15            Entire
Agreement. This Agreement is the complete and exclusive statement of the agreement and understanding of the Parties and supersedes
and cancels all previous written and oral agreements, understandings and communications relating to the subject matter of this Agreement.
No amendment or change hereof or addition hereto shall be effective or binding on either of the Parties hereto unless reduced to writing
and duly executed on behalf of both Parties.

 

11.16            Headings.
The headings to the sections in this Agreement are not a part of this Agreement, but are included merely for convenience of reference
only and shall not affect its meaning or interpretation. Any use of the term “including” shall mean “including without
limitation.”

 

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IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed so as to be effective on the date set forth above.

 

	Open Monoclonal Technology, Inc.	CNA Development LLC

 

	By: [***]	By: [***]
	Name: [***]	Name: [***]
	Title: CEO	Title: President

 

     

     

    

 

APPENDIX D

 

News Release

 

As enclosed.

 

     

     

    

 

 

 

Open Monoclonal Technology Announces
OmniRatTM Collaboration with CNA

Development LLC, an affiliate of Janssen Pharmaceuticals, Inc.

 

Palo Alto, CA, December 21, 2012

 

Open Monoclonal Technology, Inc. (OMT) today announced
a discovery collaboration with CNA Development LLC, an affiliate of Janssen Pharmaceuticals, Inc.

 

OMT will employ its OmniRatTM transgenic
animal platform to generate human antibodies with great specificity, affinity and manufacturability. OmniRatTM enables developers
to skip the need to humanize animal-derived antibodies before initiating preclinical pharmacokinetic evaluations of their compounds.

 

Dr. Roland Buelow, Founder and CEO of OMT,
said: “OmniRat makes antibodies with fully human idiotypes as well as normal rats make normal rat antibodies. We look forward to
making the technology available to Janssen, one of the pioneers and leaders in therapeutic human antibodies.”

 

Open Monoclonal Technology, Inc.

 

Open Monoclonal Technology, Inc. (OMT) is
a leader in genetic engineering of animals for the development of human therapeutic antibodies – naturally optimized human
antibodiesTM. OMT has created OmniRatTM, the first fully human monoclonal antibody platform based on transgenic
rats. OmniRat uses an improved understanding of B cell development and a new approach to inactivation of endogenous antibody expression,
which enables them to make antibodies with human idiotypes as efficiently as wild type rats make normal antibodies. OmniRat represents
a novel and proprietary technology with unrestricted development options for fully human monoclonal antibodies, available worldwide for
all targets and indications. OMT also develops a transgenic mouse, OmniMouseTM, to complement OmniRat and further increase
epitope coverage in human antibody development. OmniAbTM integrates OMT’s transgenic animal platforms, proven protein
and DNA immunization, and Gel-Encapsulated Microenvironment (GEM) deep antibody screening to enable fast and cost-efficient generation
and identification of preferred human therapeutic antibody candidates.

 

For more information

 

Brian Lundstrom

 

Phone: +1-510-220-5599

 

E-mail: bl@omtinc.net Web site: www.omtinc.net

 

-- # # # --Exhibit 10.21

 

[***] Certain information in this document has been excluded pursuant
to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant
if publicly disclosed.

 

RESEARCH, DEVELOPMENT AND COMMERCIALIZATION
AGREEMENT

 

BY AND BETWEEN

 

ICAGEN, INC.

 

AND

 

CYSTIC FIBROSIS FOUNDATION

 

     

     

    

 

RESEARCH, DEVELOPMENT AND COMMERCIALIZATION
AGREEMENT

 

CONTENTS

 

	Clause	Page
	 	 
	ARTICLE I – DEFINITIONS	1
	 	 
	ARTICLE II – RESEARCH PLAN	6
	 	 
	ARTICLE III – AWARD AMOUNT PAYMENTS; RECORDS	11
	 	 
	ARTICLE IV – COMMERCIALIZATION; ROYALTIES	15
	 	 
	ARTICLE V – CONFIDENTIALITY	18
	 	 
	ARTICLE VI – PUBLICATION	21
	 	 
	ARTICLE VII – INDEMNIFICATION	22
	 	 
	ARTICLE VIII – INTELLECTUAL PROPERTY	25
	 	 
	ARTICLE IX – TERM AND TERMINATION	26
	 	 
	ARTICLE X – REPRESENTATIONS AND WARRANTIES	29
	 	 
	ARTICLE XI – MISCELLANEOUS PROVISIONS	29

 

Exhibits

 

Exhibit A – [***] – Icagen Research Collaboration
and License Agreement (redacted)

 

Exhibit B - Research Plan

 

Exhibit C– Budget and Milestones

 

     

     

    

 

RESEARCH, DEVELOPMENT AND COMMERCIALIZATION
AGREEMENT

 

This Agreement (this “Agreement”)
is made on this 1st day of May, 2018 and shall be effective on the Effective Date by and between Icagen, Inc. (“Icagen”),
a corporation having a principal place of business at [***] acting on behalf of itself and Affiliates, and Cystic Fibrosis Foundation
(“CFF”), a nonprofit corporation with its principal offices at [***], and shall become effective on the Effective Date.
Icagen and CFF are each referred to herein individually as a “Party” and collectively as the “Parties”.

 

WHEREAS,
CFF’s principal charitable mission is the discovery and development of drugs to cure or mitigate Cystic Fibrosis, to which CFF brings
significant scientific and human resources and financial support;

 

WHEREAS, Icagen
shall simultaneously enter into a certain agreement with [***] (the “[***]”), substantially in the form annexed hereto as
Exhibit A, under which Icagen will be able to review certain compounds in the [***], subject to certain terms and conditions
set forth in the [***] in order to conduct the Research Plan as hereinafter described with the goal of commercializing a product for the
treatment or cure of cystic fibrosis or other rare disease or sublicensing its finding to a Third Party for such purpose; and

 

WHEREAS,
CFF wishes to support the Research Plan as hereinafter provided.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE I – DEFINITIONS

 

For purposes of this Agreement, the terms
defined in this Article I shall have the following meanings whether used in their singular or plural forms. All capitalized
terms used herein without definition shall have the meanings ascribed in the [***]. Use of the singular shall include the plural and
vice versa, unless the context requires otherwise. In the event, the [***] has been terminated and research efforts to develop a
Product are continued under this Agreement, the definitions in the [***] shall continue to be applicable to this Agreement, and
shall be adapted to apply to this Agreement that includes Icagen and CFF only. For example, and without
limitation, the terms Combination Product and Commercialize shall continue to be applicable after such termination, but shall include
any compound originating from the [***], and any derivative of the foregoing identified through the conduct of the Research Plan (as it
may be amended from time to time) and through the conduct of a materially similar screen for the five (5) year period specified in
Section 2.10 of the Agreement.

 

    1

     

    

 

1.1    “Agreement”
means this agreement, together with all appendices, exhibits and schedules attached hereto, as the same may be amended or supplemented
from time to time hereinafter by a written agreement duly executed by authorized representatives of each Party hereto.

 

1.2    “Applicable
Law” shall mean all applicable foreign, federal, state or local laws, statutes, rules and regulations, and the applicable
policies of any and all locations at which the Research Plan is conducted.

 

1.3    “Award
Amount” shall mean the total amount of funding CFF provides to Icagen, provided that it shall not exceed [***] Dollars ($[***]),
and shall be funded by CFF to Icagen for the Research Plan in accordance with the terms, and subject to the conditions, set forth in this
Agreement.

 

1.4    “Background
Technology” shall mean all technology owned or Controlled by Icagen prior to Icagen’s performance of the Research Plan
under this Agreement to the extent necessary and actually used in performance of the Research Plan under this Agreement.

 

1.5    “Breaching
Party” shall have the meaning set forth in Section 9.4.

 

1.6    “Budget”
shall mean the total amount of monies estimated and agreed to by the Parties for the costs and expenses of the Research Plan as shown
on Exhibit C, which (a) may be amended from time to time solely upon the mutual written agreement of the Parties, and (b) shall
detail the projected allocation and use of: (i) the funds to be paid by CFF to Icagen with respect of the Award Amount; and (ii) the
Matched Funds.

 

    2

     

    

 

1.7    “CFF”
shall have the meaning set forth in the preamble of this Agreement.

 

1.8    “CFF
Indemnitee” shall have the meaning set forth in Section 7.1.

 

1.9    “CFF
Patents” shall mean any Patents Controlled by CFF or its Affiliates relating to the Research Plan and directed to a CFF Sole
Invention.

 

1.10    “CFF
Sole Invention” shall mean all inventions invented, conceived or made and all data and know-how generated thereon exclusively
by CFF or its Affiliates (directly or through others acting on its behalf) solely for the Research Plan. For clarity, there may be CFF
inventions that relate not only to the Research Plan but have been invented by CFF for other purposes. CFF will discuss in good faith
granting a license to such inventions to Icagen, but they are not included in the foregoing definition.

 

1.11    “CPR”
shall have the meaning set forth in Section 11.2(c).

 

1.12    “Default”
shall have the meaning set forth in Section 9.4.

 

1.13    “Disposition
Royalty” shall have the meaning set forth in Section 4.2(c).

 

1.14    “Disposition
Transaction” shall have the meaning set forth in Section 4.2(c).

 

1.15    “Dispute”
shall have the meaning set forth in Section 11.2(a).

 

1.16    “Effective
Date” shall mean the date specified in the first paragraph of this Agreement, or if later, the date the [***] is fully executed
by CFF and the parties thereto.

 

1.17    “GAAP”
shall mean generally accepted accounting principles consistently applied.

 

1.18    “Icagen
Derivative Product” means, for any license to Icagen from [***], a product that: (i) [***], or (ii) [***].

 

1.19    “Icagen
Indemnitee” shall have the meaning set forth in Section 7.2.

 

1.20    “Icagen
Intellectual Property” shall have the meaning set forth in the [***].

 

1.21    “Icagen
Library of Compounds” shall have the meaning set forth in the [***].

 

    3

     

    

 

1.22    “Icagen
Patents” shall mean any Patents Controlled by Icagen or its Affiliates claiming Icagen Background Technology and directed to
an Icagen Sole Invention.

 

1.23    “Icagen
Sole Invention” shall mean all inventions invented, conceived or made and all data and know-how generated thereon exclusively
by Icagen or its Affiliates (directly or through others acting on its behalf) as a result of the Research Plan.

 

1.24    “Indemnified
Party” shall have the meaning set forth in Section 7.3.

 

1.25    “Indemnifying
Party” shall have the meaning set forth in Section 7.3.

 

1.26    “Joint
Invention” shall have the meaning set forth in Section 8.1.

 

1.27    “Joint
Patents” shall mean any Patents Controlled jointly by Icagen and CFF or their respective Affiliates claiming Research Results
and directed to a Joint Invention. Joint Patents do not include any intellectual property that is jointly owned by Icagen and [***] in
accordance with the terms of the [***].

 

1.28    “Losses”
shall have the meaning set forth in Section 7.1.

 

1.29    “Matched
Funds” shall have the meaning set forth in Section 3.1(e).

 

1.30    “Net
Sales” shall have the meaning set forth in the [***]; provided, however, that in the event that Icagen Commercializes
one or more Product(s) in the Field, the definition of Net Sales in the [***] shall be applicable to this Agreement with the following
revisions: all references therein to [***] shall be replaced by Icagen, all references to Sales Product(s) shall be replaced by Product(s) and
all references to Icagen shall be replaced with CFF.

 

1.31    “Non-Publishing
Party” shall have the meaning set forth in Article VI.

 

1.32    “Option”
shall have the meaning set forth in the [***].

 

1.33    “Owner”
shall have the meaning set forth in Section 5.1(b).

 

1.34    “Party(ies)”
shall have the meaning set forth in the preamble of this Agreement.

 

    4

     

    

 

1.35    “Patents”
means all existing patents and patent applications and all patent applications hereafter filed, including any continuation, continuation-in-part,
division, provisional, priority, or any substitute applications, any patent issued with respect to any such patent applications, any reissue,
reexamination, renewal or extension (including any supplementary protection certificate) of any such patent, and any confirmation patent
or registration patent or patent of addition based on any such patent, and all foreign counterparts of any of the foregoing.

 

1.36    “Prime
Rate” shall mean the average prime rate published in the Wall Street Journal during the relevant period (calculated by dividing
(a) the sum of the prime rates for each of the days during the relevant period, by (b) the number of days in the relevant period).

 

1.37    “Product”
shall mean a Licensed Product, Derivative Product, Icagen Derivative Product, and any other product sold in the Field in which at
least one of the active ingredients is a Lead Compound originating from the Icagen Library of Compounds through the conduct of the Research
Plan (as it may be amended from time to time); and, for purposes of applying the definitions specified in the [***], the term Product
shall include a “Sales Product”.

 

1.38    “Proposals”
shall have the meaning set forth in Section 11.2(c).

 

1.39    “Publishing
Party” shall have the meaning set forth in Article VI.

 

1.40    “Recipient”
shall have the meaning set forth in Section 5.1(b).

 

1.41    “Recipient
Notice Requirement” shall have the meaning set forth in Section 5.1(c).

 

1.42    “Research
Plan” shall mean the research plan attached hereto in Exhibit B, which shall cover the work performed under the
Agreement through the Research Term. The Research Plan will include all work undertaken by Icagen prior to the Effective Date that was
retroactively funded by the Award Amount.

 

1.43    “Research
Results” shall have the meaning set forth in the [***] and shall also include results from work undertaken by Icagen prior to
the Effective Date that was retroactively funded by the Award Amount.

 

    5

     

    

 

1.44    “Securities
Regulatory Authority” shall have the meaning set forth in Section 5.1(c).

 

ARTICLE II – RESEARCH PLAN

 

2.1    Commencement;
Objective; [***].

 

(a)    Research Plan.
Icagen shall be solely responsible for the conduct of the Research Plan as set forth herein. [***] shall provide the financial support
hereinafter specified, and consultation and advice through its participation on the PAG as provided below.

 

(b)    [***]. Pursuant to
the terms of the [***], Icagen will have access to certain compounds in the [***] and [***] has been granted an Option to obtain
a worldwide, exclusive, royalty-bearing license, with the right to sublicense in the Field to: (i) Icagen’s interest in the
Research Results, (ii) Icagen Intellectual Property, and (iii) Lead Compounds from the Icagen Library of Compounds, and (B) non-exclusive
option to any Icagen Background Technology necessary to Develop and Commercialize Licensed Products or Derivative Products in the Field
solely as set forth in the [***].

 

2.2    Duration
of the Research Plan. The Research Plan shall commence on the Effective Date and shall conclude on the expiration or earlier termination
of the Research Term.

 

2.3    Research Diligence.

 

(a)    Generally. Icagen
shall use Commercially Reasonable Efforts to conduct the Research Plan in accordance with, and to complete, the Research Plan. In furtherance
of the foregoing, and in accordance with the terms and conditions of this Agreement (including, without limitation, Section 2.3(b) below), Icagen
shall commit to the Research Plan (i) the level of staffing required by the Research Plan that possess the necessary experience,
training and scientific expertise in order for Icagen to fulfill its obligations hereunder, and (ii) the infrastructure (e.g., laboratories,
offices, equipment, supplies and facilities) required by the Research Plan.

 

(b)    Obligations of
Icagen. Subject to the terms and conditions of this Agreement and the [***], and without limiting the generality of
Section 2.3(a) above, Icagen shall be solely responsible for the sponsorship, conduct and oversight of the Research Plan. In
the event of termination of the [***] in accordance with Section 10.4, 10.6 or 10.7(a) of such agreement, such
responsibilities on the part of Icagen shall include, without limitation, utilizing Commercially Reasonable Efforts to Develop and
Commercialize a Product in the Field in accordance with Section 4.1; and responding to all reasonable requests and inquiries of
[***] for information regarding any of the subject matter hereof.

 

    6

     

    

 

2.4    Research
Plan. At each PAG meeting, the PAG shall consider, review, reevaluate and discuss the Research Plan, taking into consideration ongoing
research outcomes and other scientific and commercial developments. Modifications to the Research Plan may be proposed by any Party and
[***] and shall be discussed by the PAG and recommendations shall be made in accordance with Section 2.5.

 

2.5    Project Advisory
Group.

 

Composition
and Purposes. During the term of the Research Plan, the PAG shall facilitate communication between [***], Icagen and CFF
and review results and make recommendations, with respect to the Research Plan. The PAG shall consist of [***] voting members, [***] of
whom shall be the Icagen Designees, [***] of whom shall be the [***] Designees, and [***] of whom shall be the [***] Designees; [***].
Each Party and [***] shall select a program coordinator from among its designees to the PAG (who may be changed at any time or from time
to time by such Party and [***]), and may, along with [***], change any of its designees to the PAG at any time or from time to time and
invite additional persons who have executed a confidentiality agreement acceptable to the PAG. The program coordinator of Icagen shall
serve as the chairperson of the PAG.

 

Without limiting the generality of the foregoing,
the PAG shall:

 

	 	i.	Consider and review the Research Results from the Research Plan (including modifications thereto), and discuss the status of the Research Plan and timelines;

 

	 	ii.	taking into consideration existing data, make recommendations to Icagen’s research team, as needed, on next steps to implement the Research Plan;

 

    7

     

    

 

	 	iii.	oversee progress of the Research Plan (which takes into consideration recommendations received from the PAG), and reporting thereon to the Parties and [***];

 

	 	iv.	iv.monitor the Budget and ensure that the Award Amount is used solely for the Research Plan and in accordance with the Budget approved by the Parties;

 

	 	v.	attempt to resolve any Dispute regarding the Budget;

 

	 	vi.	discuss and agree upon any changes to the criteria for activity of Confirmed Hits;

 

	 	vii.	discuss and agree upon any changes to the criteria for qualifying activity of Confirmed Hits to declare Qualified Confirmed Hits;

 

	 	viii.	review, discuss and make recommendations as to whether the key deliverables and interim and final milestones under the Research Plan have been achieved with the objective of identifying Confirmed Hits, Qualified Confirmed Hits, and Lead Compounds. No Lead Compounds shall be named without the approval of the [***] Designee(s);

 

	 	ix.	in accordance with Section 3.1(b) of the [***], review [***] that Icagen wishes to evaluate in combination with Qualified Confirmed Hits, Approved Qualified Confirmed Hits (and their derivatives), or Lead Compounds that are not currently, or never were, considered as standard of care [***], or are not a reference standard in the Field;

 

	 	x.	[***];

 

	 	xi.	discuss a tentative finding of Scientific Cause by Icagen or [***], and in the event Icagen desires to terminate this Agreement for Scientific Cause pursuant to Section 9.3 of this Agreement; and

 

	 	xii.	discuss and advise on the inclusion of the Additional Research Program as further described in Section 3.2 of the [***].

 

    8

     

    

 

2.6    PAG Meetings.

 

(a)    Timing and Attendance.
The PAG shall meet no less frequently than [***] in each [***] period during the Research Plan; provided, however, that
the PAG may meet more or less frequently upon mutual agreement of the program coordinators. The first meeting of the PAG shall be held
within [***] of the Effective Date. Meetings of the PAG shall be held at such times and locations as may be mutually agreed by the program
coordinators, which times and locations shall be communicated in writing (including, without limitation, by e-mail) to the other members
of the PAG with reasonable advance notice of the meeting. At least [***] Icagen Designee, [***] CFF Designee and [***] Designee shall
be required to participate in a meeting for such meeting to be deemed a quorum. So long as a quorum is present at a meeting, the PAG may
make, or decide to make, recommendations to Icagen, or take, or decide to take, such actions as are within the scope of the PAG’s
authority hereunder. Members of the PAG may attend each meeting either in person or by means of telephone or other telecommunications
device that allows all participants to hear and speak at such meeting simultaneously. At least [***] prior to each meeting, Icagen
shall deliver (including by e-mail) to CFF and Sanofi a written report detailing the progress made on the Research Plan since the last
meeting of the PAG. Within [***] after the date of each meeting, the Icagen Designees shall prepare and deliver (including by e-mail)
to the CFF Designees and the [***] Designee written minutes of such meeting setting forth in detail all discussions and/or recommendations
of the PAG made at such meeting, which minutes shall be subject to the prior approval of CFF’s program coordinator.

 

(b)    Discussions/Recommendations.
As a general matter, and except as otherwise provided for herein, the PAG shall discuss the items set forth in Section 2.5, make
unanimous, non-binding recommendations to Icagen as a result of such discussions, and facilitate communication between the Parties and
[***] with respect to the Research Plan. While Icagen shall take into consideration any recommendations from the PAG when conducting the
Research Plan, any decisions with respect to the conduct of the Research Plan shall be in Icagen’s sole discretion, provided that,
any modification to the criteria for confirming activity of Confirmed Hits and for declaring Qualified Confirmed Hits shall be decided
by the PAG and require approval by the [***] Designees. Notwithstanding the foregoing, in the event the PAG cannot reach a unanimous decision
as to the item set forth in Section 2.5(ix), the final decision as to whether to permit such activity shall be in [***] sole discretion.

 

    9

     

    

 

(c)    Expenses. Each
Party and [***] shall pay its own expenses (including travel and lodging expenses) incurred in connection with its participation on the
PAG.

 

2.7    Delivery
of Information to the PAG. Upon the reasonable request of a PAG program coordinator Icagen shall deliver to each PAG member such information
and other data as soon as practicable following its availability as is necessary to facilitate mutual understanding of the status of,
and developments relating to, the Research Plan.

 

2.8    Obligations
of the PAG and the Parties to [***] under Section 2 of this Agreement. All obligations and responsibilities of the Parties
and the PAG hereto to [***] under Section 2 of this Agreement shall terminate upon [***] termination of the [***].

 

2.9    Noncompetition.

 

(a)    Icagen Non-Compete.
During the Research Term and thereafter during any period in which either the Research Program License or Interruption License are effective, Icagen
shall not (i) Commercialize any Product or any derivative of a Product that would compete with a Product in the Field nor (ii) fund
the Commercialization of any Product or any derivative of a Product that would compete with a Product in the Field.

 

(b)    Ramifications of
Termination of Subparagraph (a). If CFF terminates this Agreement during the Research Term (other than pursuant to Section 9.4)
or Icagen terminates this Agreement under Section 9.4, Subparagraph(a) of this Section 2.9 shall no longer be applicable.

 

2.10    [***]

 

[***].

 

    10

     

    

 

ARTICLE III – AWARD AMOUNT PAYMENTS;
RECORDS

 

3.1    Research Funding.

 

(a)    Contract Execution
Milestone. Within [***] of execution of this Agreement, CFF shall make a one-time payment of Three Hundred Thirty-Seven Thousand Five
Hundred Dollars ($337,500) for work conducted by Icagen during the first and second quarter of 2017 as described in the Exhibit B,
which payment shall be in addition to the payments set forth below.

 

(b)    Payments. In
accordance with the terms, and subject to the conditions, set forth in this Agreement, Icagen shall send invoices in United States
Dollars (“Dollars”) to CFF for payment of the Award Amount. Invoices shall be submitted within [***] after the completion
of each calendar month and shall be accompanied by documentation evidencing the expenditure of funds, FTEs devoted to the Research Plan
in accordance with the Budget, and applicable milestones. CFF shall use good faith efforts to pay amounts invoiced by Icagen within [***]
of receipt of an invoice and supporting documentation from Icagen or verification of the achievement of the milestone by the PAG and in
no event shall payment be made later than [***] from receipt of an invoice. The Parties acknowledge and agree that Icagen will invoice
CFF in accordance with the terms of this Section 3.1(b) for work performed during the fourth quarter of 2017 as well as during
the first quarter of 2018 prior to the Effective Date. All payments to be made hereunder (including, without limitation, pursuant to Article IV)
shall be made in Dollars and, at the option and direction of the receiving party, shall be made by cashier’s or certified check
or by wire transfer of immediately available funds.

 

(c)    Limitations.
Notwithstanding Section 3.1(a) above or any contrary provision contained herein, CFF shall not be required to make any payment
or additional payment including the initial payment described in Section 3.1 (a) in respect of the Award Amount; provided,
however, in the case of clauses (iii) and (iv) below, payments shall be for work already performed:

 

(i)    in excess
of [***] ($[***]);

 

(ii)    unless
at the time such work was performed, the Research Plan was in compliance with all Applicable Laws;

 

    11

     

    

 

(iii)    for work
performed after the occurrence and/or during the continuance of any uncured Default and/or any material breach by Icagen of any of its
covenants or obligations under this Agreement until such time as notice of a breach is provided to Icagen and thereafter for any wind
up costs;

 

(iv)    if a case
or proceeding (a) under the bankruptcy laws of the United States, or relevant non-U.S. law, now or hereafter in effect is filed
against Icagen or all or substantially all of its assets and such petition or application is not dismissed within [***] after the date
of its filing or Icagen shall file any answer admitting and not contesting such petition, or (b) under the bankruptcy laws of the
United States, or relevant non-U.S. law, now or hereafter in effect or under any insolvency, reorganization, receivership, dissolution
or liquidation law or statute of any jurisdiction now or hereafter in effect (whether at law or equity) is filed by Icagen for all or
substantially all of its assets; or

 

(v)    if this
Agreement is terminated by any Party in accordance with Article IX.

 

(d)    Budget. Icagen
hereby covenants and agrees to use the Award Amount provided by CFF to Icagen hereunder solely to fund the Research Plan in accordance
with the Budget (including, without limitation, making applicable payments to subcontractors and vendors). Icagen shall repay to CFF upon
demand any Award Amount that CFF reasonably determines were not used in accordance with the Budget. In addition, if, upon conclusion of
the Research Plan or the termination of this Agreement in accordance herewith, Icagen is in possession of unspent Award Amount, then, Icagen
shall, within [***] following conclusion of the Research Plan or termination of this Agreement, as applicable, refund such unspent Award
Amount to CFF in such manner as CFF shall reasonably instruct Icagen.

 

(e)    Matched Funds.
The Parties agree, acknowledge and recognize that the Award Amount represents only partial financial support for the Research Plan, and
Icagen agrees throughout the Research Term (i) to fund the Research Plan in such amounts as set forth on Exhibit B (the
 “Matched Funds”); and (ii) to provide additional financial support once the Award Amount has been paid in full
to conduct the Research Plan.

 

    12

     

    

 

(f)    Competition.
Icagen hereby agrees and acknowledges that nothing contained in this Agreement shall restrict or prevent CFF’s ability to provide
funding to, or take any other action with respect to, any Person that competes with a Product, the business, operations, and/or research
of Icagen; and Icagen hereby waives any claim against CFF with respect to any such competing activities; provided, however,
that CFF shall use Icagen Confidential Information only in accordance with the provisions of this Agreement and for the purpose of the
Research Program.

 

3.2    Records; Reporting
Obligations; Audits.

 

(a)    Records. Subject
to the terms of the [***], Icagen shall prepare and maintain complete and accurate books and records in connection with the Research
Plan (including financial records of expenditures under the Award Amount and the Matched Funds) and, in the event Icagen assumes responsibility
for the Development and Commercialization in accordance with GAAP pursuant to Section 10.4, 10.8 or 10.7(a) pursuant to the
[***], Icagen shall keep all such books and records in a manner that is consistent with its document retention policy. CFF shall
have the right to inspect such books and records [***] per year at the offices of Icagen during normal business hours upon at least [***]
prior written notice.

 

(b)    Response to Inquiries.
Icagen personnel (including, without limitation, licensees, sublicensees, transferees, successors and subcontractors) shall be available
to discuss (whether in person or via telephone) with CFF the books and records and/or reports delivered by Icagen to CFF at such time
or times as CFF may reasonably request.

 

(c)    Audit. At the
request of CFF, from time to time prior to the [***] anniversary of the Research Term, Icagen shall permit agents of an independent,
certified public accounting firm appointed by CFF who sign Icagen’s standard confidentiality agreement, upon reasonable notice,
no more than [***] per year to audit and examine such books and records of Icagen as may be necessary for verifying Icagen’s compliance
with the terms and conditions hereunder. Any and all records audited and examined by agents of such accounting firm shall be deemed Icagen’s
Confidential Information. CFF shall pay the costs of such audit and examination of the books and records of Icagen; provided, however,
that, if such audit and examination reveals a material breach of this Agreement or a material discrepancy with respect to other information
previously provided by Icagen to CFF (which discrepancy shall be in excess of [***]%), then the costs of such audit and examination shall
be borne by Icagen and Icagen shall reimburse CFF for all of the costs and expenses incurred by CFF in connection with such audit and
examination.

 

    13

     

    

 

(d)    Reports; Notices.
Icagen shall furnish to CFF the following reports and/or notices:

 

(i)    As soon
as practicable, and in any event within [***] after the end of each calendar quarter (including the calendar quarter ending December 31),
financial reports which describe the use of the Award Amount and the Matched Funds, the progress made toward achieving the purposes of
the Research Plan, and the development of any Product in the event Icagen assumes responsibility for Development and Commercialization
pursuant to Section 10.4, 10.8 or 10.7(a) pursuant to the [***], and any other information that CFF reasonably requests.

 

(ii)    As soon
as practicable after the Research Term, a closing report customary for a Research Plan at such stage of development which shall (A) be
prepared by Icagen or an Icagen-approved Third Party, (B) be reasonably satisfactory to CFF, and (C) set forth Icagen’s
final analysis, summary tables, data listings, results and conclusions from the Research Plan and such other information and materials
as CFF may reasonably request.

 

(iii)    As soon
as practicable, and in any event within [***] after January 1 and June 1 of each fiscal year in the event Icagen assumes responsibility
for Development and Commercialization pursuant to Section 10.4, 10.8 or 10.7(a) pursuant to the [***], progress reports and
status updates on Icagen’s activities with respect to the Research Results and/or a Product including, without limitation, the Development
and/or Commercialization, Icagen’s compliance with the terms of this Agreement, and any other information that CFF reasonably
requests. Icagen shall include the requirements of this Section 3.2(d)(iii) in any agreements with sublicensees relating to
the Development and/or Commercialization of any Products.

 

    14

     

    

 

ARTICLE IV – COMMERCIALIZATION; ROYALTIES

 

4.1    Development and
Commercialization of a Product.

 

(a)    Development and
Commercialization of a Product. Upon completion of the Research Term and subject to the terms of the [***], following the successful
identification of Lead Compounds as a result of the work conducted under the Research Plan, Icagen shall use Commercially Reasonable
Efforts to develop a Lead Compound and, if appropriate under its sole discretion, clinically Develop and Commercialize a Product in the
Field in the United States and in a Major European Market.

 

(b)    Exclusive Rights
to Icagen. [***].

 

(c)    Subject to the
[***]. For purposes of clarity, the Development and Commercialization of a Product by Icagen as described in this Section 4.1, is
only applicable if the [***] is terminated, and then, such applicability is determined in accordance with the terms of the [***]. The
foregoing example is only one example and is not meant to be exhaustive of all of the various termination scenarios set forth in the [***].

 

4.2    Royalties.

 

In consideration of CFF’s payments and licenses
to Icagen hereunder, so long as Icagen is Commercializing a Product, Icagen shall make the following payments to CFF:

 

(a)    A royalty equal to
[***], such royalty to be paid by Icagen to CFF in the following increments within [***] of each of the following milestones:

 

(i)    [***];

 

(ii)    [***];
and

 

(iii)    [***].

 

    15

     

    

 

(b)    Royalties on Net Sales,
to be paid within sixty (60) days of the end of any calendar quarter in which Net Sales occur, as follows:

 

(i)    [***] ([***]%)
of the annual Net Sales in the Field up to [***] ($[***]); and

 

(ii)    [***] ([***]%)
of the annual Net Sales in the Field in excess of [***] ($[***]), [***].

 

(c)    In connection with
a Change of Control (except for an Excluded Change of Control as defined in subparagraph (d) below) or any option, license, sublicense,
sale, co-development agreement or other transfer of the Product by Icagen to a Third Party prior to the First Commercial Sale, including
any of the aforementioned with respect to [***], (each such transaction a “Disposition Transaction”), Icagen shall
pay to CFF a royalty payment (a “Disposition Royalty”) equal to [***] ([***]%) of any amount Icagen receives in connection
with such Disposition Transaction; provided, that, the Disposition Royalty shall not exceed and shall be subtracted from the Royalty Cap
and, to the extent the Disposition Royalty does not exceed the Royalty Cap, the remaining amount shall be allocated among the payments
specified in subparagraph (a) above by allocating [***] of such remaining amount to the payment specified in subdivision (i), and
allocating [***] of such remaining amount to each of the payments specified in subdivisions (ii) and (iii). Pursuant to the terms
of the [***], [***] will pay to CFF directly all Disposition Royalty amounts set forth in Sections 7.1 and 7.2(a) of such Agreement.
Icagen shall notify CFF promptly of any transaction that would cause the payment of a Disposition Royalty. The Disposition Royalty shall
be paid whether the gross proceeds of such transaction received by Icagen are in the form of upfront license fees, milestone payments
or other fees (and whether paid in cash or other property), provided that such gross proceeds shall be reduced [***]. The Disposition
Royalty shall be paid within sixty (60) days of the date Icagen receives any payment with respect to a Disposition Transaction.

 

(d)    For purposes of subparagraph
(c) of this Section 4.2 an Excluded Change of Control shall mean the Change of Control described in Section 10.13(b) of
the [***].

 

(e)    In connection with
any Disposition Transaction, Icagen shall require any transferee, licensee or successor to agree either to be jointly and severally
liable with Icagen for the royalties specified in this Section 4.2, or to withhold payments from Icagen, and to pay to CFF, amounts
sufficient to fully cover Icagen’s obligations to CFF under Section 4.2. Absent agreement by any such transferee, licensee
or successor to assume such liability or obligation, any such Disposition Transaction shall be null and void.

 

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4.3    [***].

 

4.4    Sales Reports.

 

(a)    In the event Icagen
is responsible for Commercialization of a Product, commencing within [***] after the first calendar quarter following the First Commercial
Sale, and within [***] after the end of each quarter thereafter, Icagen shall furnish or cause to be furnished to CFF a written sales
report or reports covering the relevant period setting forth in detail the Net Sales during such period. With respect to Net Sales invoiced
in Dollars, the Net Sales amounts and the amounts due to CFF hereunder shall be expressed in Dollars. With respect to sales of Products
invoiced in a currency other than Dollars, the Net Sales and amounts due to CFF hereunder shall be expressed in the domestic currency
of the party making the sale, together with the Dollar equivalent of the amount payable to CFF, calculated by translating foreign currency
sales into Dollars in accordance with Icagen’s accounting policies. If any licensee or sublicensee makes any sales invoiced in a
currency other than its domestic currency, the Net Sales shall be converted to its domestic currency in accordance with the licensee’s
or sublicensee’s normal accounting principles. Icagen shall keep accurate records in sufficient detail to enable the amounts due
hereunder to be verified by CFF.

 

(b)    Upon the written request
of CFF, at CFF’s expense and not more than [***] in a [***] period, Icagen shall permit an independent accountant selected
by CFF that signs Icagen’s standard confidentiality agreement, to have access during normal business hours to those records of Icagen
as may be reasonably necessary to verify the accuracy of the sales report furnished by Icagen pursuant to this Section 4.4. CFF shall
pay the cost of any such examination, provided, however, that if such examination determines that actual Net Sales were
[***] ([***]%) or greater than the amount reported by Icagen to CFF, in addition to promptly paying CFF for any additional royalty then
due, Icagen shall reimburse CFF for its expenses associated with such examination.

 

(c)    In case of any delay
in payment by Icagen to CFF not occasioned by force majeure in accordance with Section 11.4, interest shall be calculated at a rate
equal to [***]% percent per month from the [***] ([***]) day after the date upon which the applicable payment first becomes due from Icagen.

 

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ARTICLE V – CONFIDENTIALITY

 

5.1    Confidentiality.

 

(a)    Definition of Confidential
Information. For purposes of this Agreement, “Confidential Information” shall mean all information Recipient received
from the Owner in connection with this Agreement. Without limitation, Confidential Information shall also include (i) the financial
terms of this Agreement and any other terms of this Agreement that a Party believes disclosure of which would be harmful to it, and (ii) any
other trade secrets, confidential or proprietary information, or any other knowledge, information, data, reports, documents or materials,
owned, developed or possessed by Owner (as defined below) that the Recipient can prove was already known to it, whether in tangible or
intangible form, the confidentiality of which Owner takes reasonable measures to protect. “Confidential Information”
shall not, however, include any information of Owner that: (i) is already known to Recipient (as defined below) at the time of its
disclosure as evidenced by written documentation; (ii) becomes publicly known through no wrongful act of Recipient; (iii) is
received from a Third Party free to disclose it to Recipient and without any obligations to Owner to keep confidential; (iv) is independently
developed by Recipient without use of the Confidential Information as evidenced by written documentation; or (v) is communicated
to a Third Party without confidentiality requirements with express written consent of Owner.

 

(b)    Non-Disclosure.
During the term of this Agreement and for a period of [***] thereafter, each Party (“Recipient”) shall hold all Confidential
Information it receives or received from the other Party (“Owner”) in strict confidence, and, other than as provided
herein or without first obtaining the prior written consent of Owner, Recipient shall not disclose any Confidential Information of Owner
to any Person, except to (i) directors, officers, employees, consultants, committee members, volunteers, contractors, subcontractors,
licensees, sublicensees, accountants or counsel of Recipient who have a need to know and who are subject to terms of confidentiality that
are no less stringent than such confidentiality terms under this Agreement, and (ii) directors, officers, employees, consultants,
committee members, volunteers, contractors, subcontractors, licensees, sublicensees, accountants and counsel of Owner, who have
a need to know and who have been informed of the confidential nature of the information. Recipient shall use not less than a reasonable
degree of care to protect such Confidential Information of Owner.

 

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(c)    Required Disclosure.
Notwithstanding Section 5.1(b) above, Recipient’s disclosure of Confidential Information shall not be prohibited if such
disclosure is required by a legally binding requirement; provided, however, that Recipient, if not legally prohibited, shall
have first given prompt notice to Owner of any possible requirement and Owner shall have been afforded a reasonable opportunity to prevent
or limit such disclosure (the “Recipient Notice Requirement”); provided, further, that the Recipient
Notice Requirement shall not apply to proceedings which, by Applicable Law, are of a nature that the existence of such proceedings may
not be disclosed or made public in which case Recipient shall take all legally available measures to minimize or avoid the public disclosure
of Owner Confidential Information. In the event that Recipient discloses any Owner Confidential Information pursuant to the immediately
preceding sentence, Recipient shall cooperate with Owner, at Owner’s sole cost and expense, in the prosecution of any appeal that
Owner decides to pursue. For any disclosures of this Agreement required by the Securities and Exchange Commission or other body regulating
Icagen’s or its Affiliates’ securities (“Securities Regulatory Authority”), Icagen shall exercise
good faith efforts to give confidential treatment of the information described in Section 5.1(a), and Icagen shall provide CFF with
contemporaneous copies of the requests for confidential treatment filed with such Securities Regulatory Authority.

 

(d)    No Use of Confidential
Information. Recipient hereby agrees and acknowledges that, other than as provided herein or without first obtaining Owner’s
prior written consent, Recipient shall not use any of Owner’s Confidential Information.

 

(e)    Injunctive Relief.
The parties acknowledge and agree that the Owner could be irreparably harmed by any unauthorized disclosure or use of the Confidential
Information in violation of the terms of this Agreement, thus making any remedy at law or in damages inadequate. The Owner shall have
the right to apply to any court of competent jurisdiction for an order enjoining any breach or threatened breach of this Agreement, which
right shall be in addition to all other remedies available to the Owner at law or in equity, without the necessity of posting a bond and
without the necessity of proving actual damage.

 

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5.2    Publicity; Use of
Name.

 

(a)    During the Agreement
Term set forth in the [***], publicity will be governed by Section 8.10 of such agreement. After the Agreement Term so specified,
publicity as between the Parties shall be governed by paragraph (b) below.

 

(b)    Except to the extent
already disclosed in a press release or other public announcement, and except as may be otherwise provided herein, neither Party shall
issue any press release or make any public announcement concerning the terms of this Agreement or the transactions described herein without
the prior written consent of the other Party, such consent shall not be unreasonably withheld, conditioned or delayed; provided,
however, that it shall not be unreasonable for any Party to withhold consent with respect to any press release or public announcement
containing any of such Party’s Confidential Information; and, provided, further, that this Section 5.2(b) shall
not preclude any Party from issuing any such press release or making any such public announcement if such Party reasonably believes that
any such release or announcement is (a) required by Applicable Law, or (b) required by the rules of any stock exchange
on which such Party’s (or such Party’s Affiliates) securities are listed.

 

(c)    In each instance, the
Party desiring to issue any press release or to make any public announcement shall provide the other Party with a written copy of the
proposed release or announcement at least [***] prior to public release to allow such other Party to comment upon such release or announcement
prior to its public release. If a Party does not provide its comments within such time period, the other Party may assume there are no
comments and issue such release or announcement. Each press release and/or public announcement issued or made pursuant to this Section 5.2
shall include CFF-approved language acknowledging CFF’s funding of the Research Plan.

 

(d)    Except as may be otherwise
provided herein, no Party shall have any right, express or implied, to use in any manner the name or other designation of the other Party
or any other trade name, trademark or logos of the other Party for any purpose.

 

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(e)    Notwithstanding the
foregoing or any contrary provision contained herein, in connection with: (a) any description by CFF of its research portfolio and
of its industry discovery and development program, and/or (b) CFF’s fundraising activities,
marketing materials and/or its customary reporting to the Cystic Fibrosis community, CFF shall be entitled to use and/or disclose after
initial approval by Icagen, (i) the mark “Icagen,” Icagen’s logo and a general description of Icagen, (ii) the
existence and a general description of the nature of this Agreement (excluding financial terms), and (iii) a general description
of the nature of the Research Plan consistent with the confidentiality terms herein; provided, however, CFF shall properly
use any and all Icagen trademarks in a manner so as to not diminish its goodwill. Notwithstanding the foregoing or any contrary provision
contained herein, in connection with any description by Icagen or its Affiliates of its research portfolio and of its industry discovery
and development program, Icagen shall be entitled to use and/or disclose, and CFF hereby pre-approves Icagen’s use and/or disclosure
of: (i) a general description of CFF, (ii) the existence and a general description of the nature of this Agreement (excluding
financial terms), and (iii) a general description of the nature of the Research Plan and any other terms deemed necessary for compliance
with any Applicable Law consistent with the confidentiality terms herein.

 

ARTICLE VI – PUBLICATION

 

(a)    During the Agreement
Term set forth in the [***], publication will be governed by Section 8.9 of such agreement.

 

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(b)    After the
Agreement Term set forth in the [***], publication will be governed by this paragraph (b). Icagen may publish or publicly present
the data generated during the performance of, or as a result of, the Research Results, subject to the following terms and
conditions. To the extent Icagen decides not to publish or publicly present the Research Results, Icagen consents to CFF
publishing or publicly presenting such Research Results in accordance with this paragraph (b) of Article VI, provided that
such consent will be binding, if and only if, provided in writing in accordance with the notice provisions contained herein. The
Party proposing to publish or publicly present the Research Results (the “Publishing Party”) will submit a draft
of any proposed manuscript, speech, poster or other disclosure to the other Party (the “Non-Publishing Party”)
for comments at least [***] prior to submission for publication or oral presentation. The Non-Publishing Party shall notify the
Publishing Party in writing within [***] of receipt of such draft with its comments, which shall be reasonably incorporated by the
Publishing Party. The comments of the Non-Publishing Party shall include but not be limited to whether such draft contains
(a) information of the Non-Publishing Party which it considers to be Confidential Information under the provisions of
Article V hereof, (b) information that if published would have an adverse effect on a Patent which the Non-Publishing
Party intends to file or has filed, or (c) information, including but not limited to chemical structures of a Product, which
the Non-Publishing Party reasonably believes would be likely to have a material adverse impact on the development or
commercialization of a Product. In any such notification, the Non-Publishing Party shall indicate with specificity its suggestions
regarding the manner and degree to which the Publishing Party may disclose such information. In the case of item (a) above, no
Party shall publish the Confidential Information of the other Party without the prior written consent of such other Party in
violation of Article V of this Agreement. In the case of item (b) above, the Non-Publishing Party may request a delay and
the Publishing Party shall delay such publication, for a period not exceeding an additional [***], to permit the timely preparation
and filing of a patent application or an application for a certificate of invention on the information involved. In the case of item
(c) above, if the Publishing Party shall disagree with the Non-Publishing Party’s assessment of the impact of the
publication, then the issue shall be referred to the Program Coordinator of each Party who shall attempt in good faith to reach a
fair and equitable resolution of this disagreement. If the disagreement is not resolved in this manner within [***] of referral to
the respective program coordinators, then the decision of publication shall be subject to the Dispute resolution provisions at
Section 11.2, subject always to the confidentiality provisions of Article V hereof. The Parties agree that authorship of
any publication will be determined based on the customary standards then being applied in the relevant scientific journal. Icagen
shall acknowledge the financial support of CFF in all publications related to the conduct of the Research Plan.

 

ARTICLE VII – INDEMNIFICATION

 

7.1    Indemnification
by Icagen. Icagen shall indemnify, defend and hold harmless CFF, its Affiliates, and their respective directors, officers, employees
and agents (including, without limitation, the CFF Designees) (each, a “CFF Indemnitee”), from and against any and
all claims, suits and demands of Third Parties and losses, liabilities, damages for personal injury, property damage or otherwise, costs,
penalties, fines and expenses (including reasonable fees of attorneys) (collectively, “Losses”) arising out of or resulting
from:

 

(a)    the conduct of the
Research Plan by Icagen and any breach of, or inaccuracy in, any representation or warranty made by Icagen in this Agreement, or any breach
or violation of any covenant or agreement of Icagen in or pursuant to this Agreement;

 

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(b)    any Product developed
in whole or in part as a result of the Research Plan; and

 

(c)    any claim of infringement
or misappropriation of intellectual property with respect to the Research Plan or any Product developed in whole or in part as a result
of the Research Plan.

 

Icagen will have no obligation to indemnify CFF
to the extent that the Losses arise out of or result from, directly or indirectly, any product developed by CFF after the effective date
of the Interruption License or by a Third Party other than Icagen or its Affiliates.

 

7.2    Indemnification
by CFF. CFF shall indemnify, defend and hold harmless Icagen, its Affiliates, and their respective directors, officers, employees
and agents (each, an “Icagen Indemnitee”) from and against any and all claims, suits and demands of Third Parties and
losses, liabilities, damages for personal injury, property damage or otherwise, costs, penalties, fines and expenses (including reasonable
fees of attorneys) arising out of or resulting from any Product after the effective date of the Interruption License.

 

7.3    Claims
Procedures. Each party entitled to be indemnified by the other party (an “Indemnified Party”) pursuant to Sections 7.1
or 7.2 hereof shall give notice to the other party (the “Indemnifying Party”) promptly after receipt by an Indemnified
Party of notice of the commencement of any action, suit or proceeding. Subject to Section 7.4, the Indemnifying Party shall have
the right to assume and manage the defense thereof (with counsel reasonably satisfactory to the Indemnified Party), including the right
to settle, compromise and/or litigate with respect to any such claim (but only after obtaining the Indemnified Party’s prior written
consent with respect to any proposed settlement, compromise or litigation; provided, however, that the Indemnifying Party
shall not be required to obtain the Indemnified Party’s prior written consent in connection with any proposed settlement, compromise
or litigation if, in connection with and following any such settlement, compromise or litigation, the Indemnified Party (a) has no
liability (monetary or otherwise), (b) has not waived any of its rights and has not admitted to any wrongdoing or guilt, (c) is
not subject to any injunction or other equitable or non-monetary relief, and (d) receives a full and unconditional release of all
applicable claims and liability).

 

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7.4    Participation;
Assuming Control of the Defense. Notwithstanding Section 7.3 above, the Indemnified Party may participate in the defense of any
claim at the Indemnified Party’s sole expense, with counsel reasonably acceptable to the Indemnifying Party; provided, however,
if there is a conflict of interest that would prevent the Indemnifying Party, on the one hand, and the Indemnified Party, on the other
hand, from being represented by a single law firm in the defense of such action; in each such instance, or (b) there shall be one
or more additional or other defenses available to the Indemnified Party that are not available to the Indemnifying Party, then in each
such instance the Indemnifying Party shall pay the reasonable fees and expenses of one law firm serving as counsel for the Indemnified
Party, which law firm shall be subject to the prior consent of the Indemnifying Party, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

7.5    Limitation
of Liability. Neither Party shall be liable to the other Party for any special, indirect, incidental, consequential, punitive or exemplary
damages, including, but not limited to, lost profits, in connection with such Party’s breach of this Agreement.

 

    24

     

    

 

ARTICLE VIII – INTELLECTUAL PROPERTY

 

8.1    Ownership. Any
intellectual property related issues associated with the [***] are governed by the [***]. Icagen shall own, or Control through
licenses from Third Parties, all Icagen Background Technology, whether existing as of the Effective Date or identified or developed
prior to the expiration or earlier termination of the Research Term or thereafter, and all other Patent Rights of Icagen and Icagen
Know-How, whether existing as of the Effective Date or identified or developed during the term of the Agreement or thereafter, that
are developed independently by Icagen outside the scope of the Research Plan even if used to support the aims of the Research Plan.
[***] shall own, or Control through licenses from Third Parties, all [***] Background Technology, whether existing as of the
Effective Date or identified or developed during the term of the Agreement or thereafter, and all other Patent Rights of [***] and
[***] Know-How, whether existing as of the Effective Date or identified or developed during the term of the Agreement or thereafter,
that are developed independently by [***] outside the scope of the Research Plan, even if used to support the aims of the Research
Plan. In addition, in the conduct of the Research Plan, all compounds derived from compounds originating in the [***] shall be [***]
Sole Intellectual Property. CFF shall not own any compounds originating from the Icagen Library of Compounds or the [***] except as
may be subject to the Interruption License. All inventions relating to the Research Plan invented, conceived or made and all data
and know-how generated thereon exclusively by Icagen or its Affiliates (directly or through others acting on its behalf) during the
term of this Agreement (an “Icagen Sole Invention”) and all inventions relating to the Research Plan invented,
conceived or made and all data and know-how generated thereon exclusively by CFF or its Affiliates (directly or through others
acting on its behalf) during the term of this Agreement (a “CFF Sole Invention”) shall be solely owned by the
Party conceiving or making the invention or generating the data or know-how claimed. All inventions relating to the Research Plan
invented, conceived or made and all data and know-how generated thereon by both Parties or their respective Affiliates (directly or
through others acting on its behalf) during the term of this Agreement (a “Joint Invention”) shall be jointly
owned by CFF and Icagen. A Joint Invention does not include any intellectual property that is jointly owned by Icagen and [***] in
accordance with the terms of the [***]. Inventorship shall be determined in accordance with United States laws of inventorship.
Icagen hereby grants to CFF, a non-exclusive license to use any inventions relating to the Research Plan that are invented,
conceived or made and all data and know-how generated thereon during the term of this Agreement that have applicability to
Icagen’s general business solely for purposes of conducting research under the Research Plan.

 

8.2    Exclusive
License Grant. CFF hereby grants and agrees to grant to Icagen, the consideration of which is acknowledged, an exclusive (even as
to CFF) fully paid up worldwide license with the right to grant sublicenses to all its rights under CFF Patents and Joint Patents for
all purposes. CFF acknowledges and agrees that it does not retain any rights to any CFF Sole Invention or any Joint Invention or any Patents
claiming such Inventions for any purpose whatsoever.

 

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8.3    Preparation.
Icagen will control in its sole discretion the preparation, filing, prosecution, maintenance and enforcement of all Icagen Patents, CFF
Patents and Joint Patents. CFF will have the right to review, and Icagen will deliver to CFF, all patent applications directed to CFF
Sole Inventions and Joint Inventions prior to their filing. Notwithstanding the foregoing, nothing herein shall obligate Icagen to prepare
or file a patent application directed to any Sole Invention or Joint Invention. CFF agrees to execute any documents of assignment, declaration,
or otherwise reasonably necessary for Icagen to file, prosecute, maintain and enforce the Icagen Patents, CFF Patents and Joint Patents.

 

8.4    Costs.
Icagen shall be responsible for all costs incurred in the preparation, prosecution, maintenance and enforcement of Icagen Patents, CFF
Patents, and Joint Patents.

 

8.5    Abandonment.
Notwithstanding any contrary provision contained herein, prior to Icagen (or any Affiliate, licensee, sublicensee, transferee or successor
of Icagen) abandoning any Patent or patent application related to any Product (including abandonment for failure to pay any required fees)
for any reason other than an insurmountable prosecution obstacle as solely determined by Icagen, Icagen shall promptly notify CFF,
or cause CFF to be notified, of such pending abandonment, whereupon CFF shall have the right and opportunity to prosecute or maintain
the applicable Patent at CFF’s own expense. Icagen hereby agrees to exercise its good faith efforts to obtain such consents, on
CFF’s behalf, as may be necessary, advisable and/or appropriate for CFF to exercise its rights under this Section 8.5.

 

ARTICLE IX – TERM AND TERMINATION

 

9.1    Term.
This Agreement shall become effective as of the Effective Date and, unless earlier terminated pursuant to the other provisions of this
Article IX, shall terminate at such time as when there are no longer any payment obligations owing from Icagen to CFF under Article IV
hereto.

 

9.2    Termination
by CFF Without Cause. CFF may terminate this Agreement without cause on or after the [***] ([***]) month anniversary of the Effective
Date by providing Icagen with [***]’ prior written notice, provided that if Icagen is unable to demonstrate within [***] after the
Effective Date that one or more Confirmed Hits from its pilot screen (which pilot screen may be expanded to include in addition to the Icagen Diversity Collection,
one or more core compound sets from the [***] (Exhibit F of the [***])) are active in [***] derived from [***] then Icagen shall
have the following [***] to develop a revised discovery assay or approach and evaluate whether hits from a pilot screen conducted in the
revised discovery assay or approach are active in [***], and failing that CFF may terminate this Agreement after such period.

 

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9.3    Termination
by Icagen for Scientific Cause. Icagen shall have the right to terminate this Agreement for Scientific Cause, provided that Icagen
shall give CFF prior notice of its intention to terminate the Agreement for Scientific Cause and a meeting of the PAG shall be scheduled
prior to the effective date of such termination to specifically discuss the reasons for such termination.

 

9.4    Termination
for Cause. Notwithstanding any provision contained herein or in any other document to the contrary, either Party may, without prejudice
to any other remedies available to it at law or in equity, terminate this Agreement upon the occurrence of any of the following events
(each, a “Default”); provided, however, that, in the case of subparagraphs (a) and (b) below,
the Party breaching the Agreement (“Breaching Party”) shall have [***] following the earlier of such Breaching Party’s
receipt of written notice from the other Party of the occurrence of a Default or the Breaching Party becoming aware of such Default to
cure such Default:

 

(a)    Any material breach
or default by a Party in the performance of any of its material covenants or obligations hereunder;

 

(b)    Any material representation
or warranty made by a Party in this Agreement is not true in any material respects as of the date made; and/or

 

(c)    A case or proceeding
(i) under the bankruptcy laws of the United States now or hereafter in effect is filed against a Party or all or substantially all
of its assets and such petition or application is not dismissed within [***] after the date of its filing or the Party shall file any
answer admitting and not contesting such petition, or (ii) under the bankruptcy laws of the United States now or hereafter in effect
or under any insolvency, reorganization, receivership, dissolution or liquidation law or statute of any jurisdiction now or hereafter
in effect (whether at law or equity) is filed by a Party for all or substantially all of its assets.

 

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9.5    General Effect of
Termination; Survival.

 

(a)    Termination or expiration
of this Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of any Party prior to
such termination or expiration. Such termination or expiration shall not relieve any Party from obligations which are expressly indicated
to survive termination of this Agreement. If this Agreement is terminated for any reason, all of the Parties’ rights and obligations
under, and/or the provisions contained in, Sections 2.9, 3.1(b), 3.1(d), 3.1(f), 3.2, 9.5 and 9.6 and Articles I, IV, V, VI,
VII, VIII, X and XI shall survive termination or expiration of this Agreement.

 

(b)    Subject to the license
that may be granted under Section 9.6, upon termination or expiration of this Agreement, Icagen will retain ownership or exclusive
rights to the Icagen Background Technology and the inventions licensed to it by CFF pursuant to Article VIII of this Agreement (including
intellectual property rights).

 

9.6    Interruption License.

 

(a)    [***].

 

[***]

 

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

 

[***].

 

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(b)    [***].

 

(c)    [***].

 

(d)    [***].

 

(e)    [***].

 

ARTICLE X – REPRESENTATIONS AND WARRANTIES

 

10.1    Representations
and Warranties of Icagen. Icagen represents and warrants to CFF that: (i) this Agreement has been duly executed and delivered
by Icagen and constitutes the valid and binding obligation of Icagen, enforceable against Icagen in accordance with its terms, except
as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating
to or affecting creditors’ rights generally and by general equitable principles; (ii) the execution, delivery and performance
of this Agreement have been duly authorized by all necessary action on the part of Icagen and its directors and stockholders; (iii) the
individual executing this Agreement on behalf of Icagen is duly authorized to do so; and (iv) no provision contained in this Agreement
violates any other agreement to which Icagen is bound or otherwise subject.

 

10.2    Representations
and Warranties of CFF. CFF represents and warrants to Icagen that: (a) this Agreement has been duly executed and delivered by
CFF and constitutes the valid and binding obligation of CFF, enforceable against CFF in accordance with its terms, except as enforceability
may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’
rights generally and by general equitable principles; (b) the execution, delivery and performance of this Agreement have been duly
authorized by all necessary action on the part of CFF and its directors; (c) the individual executing this Agreement on behalf of
CFF is duly authorized to do so; and (d) no provision contained in this Agreement violates any other agreement to which CFF is bound
or otherwise subject.

 

ARTICLE XI – MISCELLANEOUS PROVISIONS

 

11.1    Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware.

 

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11.2    Dispute Resolution.

 

(a)    In the event of any
dispute, claim or controversy arising out of, relating to or in any way connected to the interpretation of any provision of this Agreement,
the performance of either Party under this Agreement or any other matter under this Agreement, including any action in tort, contract
or otherwise, at equity or law (a “Dispute”), either Party may at any time provide the other Party written notice specifying
the terms of such Dispute in reasonable detail. As soon as practicable after receipt of such notice, officers empowered to reach a resolution
of the Dispute shall meet at a mutually agreed upon time and location for the purpose of resolving such Dispute. The officers shall engage
in good faith discussions and/or negotiations for a period of up to thirty (30) days to resolve the Dispute or negotiate an interpretation
or revision of the applicable portion of this Agreement which is mutually agreeable to both Parties without the necessity of formal Dispute
resolution procedures relating thereto.

 

(b)    In the event that any
non-business type Dispute is not resolved by the designated officers pursuant to Section 11.2(a), then the Dispute shall be referred
to an independent scientific expert in the Field appointed by agreement of the Parties. The independent expert’s decision shall
be final and binding and its costs shall be borne as directed by the independent expert. Each Party shall cooperate in good faith with
the expert. In the event that the Parties are unable to agree as to whether a particular Dispute is governed by this Section 11.2(b),
then this Section 11.2(b) shall be utilized to resolve such Dispute.

 

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(c)    In the event any
business-related Dispute is not resolved by the designated officers pursuant to Section 11.2(a), then the Parties shall resolve
such Dispute by final and binding arbitration. Whenever a Party decides to institute arbitration proceedings, it shall give written
notice to that effect to the other party. Arbitration shall be held in Washington, D.C., according to the then-current commercial
arbitration rules of the Center for Public Resources (“CPR”), except to the extent such rules are
inconsistent with this Section 11.2. The arbitration will be conducted by one (1) arbitrator who shall be reasonably
acceptable to the Parties and who shall be appointed in accordance with CPR rules. If the Parties are unable to select an
arbitrator, then the arbitrator shall be appointed in accordance with CPR rules. Any arbitrator chosen hereunder shall have
educational training and industry experience sufficient to demonstrate a reasonable level of relevant scientific, financial, medical
and industry knowledge. Within twenty (20) days of the selection of the arbitrator, each Party shall submit to the arbitrator a
proposed resolution of the Dispute that is the subject of the arbitration (the “Proposals”). The arbitrator shall
thereafter select one of the Proposals so submitted as the resolution of the Dispute, but may not alter the terms of either Proposal
and may not resolve the Dispute in a manner other than by selection of one of the submitted Proposals. In order to assist the
arbitrator in reaching its decision, the arbitrator may request briefs from each Party to support its Proposal. Thereafter, the
arbitrator shall hold such hearing as he or she considers to be appropriate. If a Party fails to submit a Proposal in accordance
with the terms of this Section 11.2(c), the arbitrator shall select the Proposal of the other Party as the resolution of the
Dispute. The arbitrator shall agree to render its opinion within [***] of the final arbitration hearing. No arbitrator shall have
the power to award punitive damages under this Agreement regardless of whether any such damages are contained in a Proposal, and
such award is expressly prohibited. The proceedings and decisions of the arbitrator shall be confidential, final and binding on all
of the Parties. Judgment on the award so rendered may be entered in a court having jurisdiction thereof. The Parties shall share the
costs of arbitration according to the decision of the arbitrator. Nothing in this Section 11.2(c) will preclude either
Party from seeking equitable relief or interim or provisional relief from a court of competent jurisdiction, including a temporary
restraining order, preliminary injunction or other interim equitable relief, concerning a Dispute either prior to or during any
arbitration if necessary to protect the interests of such Party or to preserve the status quo pending the arbitration
proceeding.

 

11.3    Waiver.
No provision of this Agreement may be waived except in writing by both Parties hereto. No failure or delay by either Party hereto in exercising
any right or remedy hereunder or under Applicable Law will operate as a waiver thereof, or a waiver of any right or remedy on any subsequent
occasion.

 

11.4    Force
Majeure. Neither Party will be in breach hereof by reason of its delay in the performance of or failure to perform any of its
obligations hereunder, if that delay or failure is caused by strikes, acts of God or the public enemy, riots, incendiaries,
interference by civil or military authorities, compliance with governmental priorities for materials, or any fault beyond its
reasonable control. In such event, Icagen or CFF, as the case may be, shall immediately notify the other Party of such
inability and of the period for which such inability is expected to continue. The Party giving such notice shall thereupon be
excused from such of its obligations under this Agreement as it is thereby disabled from performing for so long as it is so
disabled. To the extent possible, each Party shall use reasonable efforts to minimize the duration of any force majeure.

 

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11.5    Severability.
Should one or more provisions of this Agreement be or become invalid, then the Parties hereto shall attempt to agree upon valid provisions
in substitution for the invalid provisions, which in their economic effect come so close to the invalid provisions that it can be reasonably
assumed that the Parties would have accepted this Agreement with those new provisions. If the Parties are unable to agree on such valid
provisions, the invalidity of such one or more provisions of this Agreement shall nevertheless not affect the validity of the Agreement
as a whole, unless the invalid provisions are of such essential importance for this Agreement that it may be reasonably presumed that
the Parties would not have entered into this Agreement without the invalid provisions.

 

11.6    Assignment.
This Agreement may not be assigned or otherwise transferred by either Party without the prior written consent of the other Party; provided,
however, that (i) either Party may assign this Agreement, without the consent of the other Party (a) to any of its Affiliates,
if the assigning Party unconditionally guarantees the full performance of its Affiliate’s obligations hereunder, or (b) in
connection with such Party’s merger, consolidation or transfer or sale of all or substantially all of the assets of such Party,
and (ii) Icagen may assign this Agreement to [***] without CFF’s consent, provided that in both (i) above the successor,
surviving entity, purchaser of assets, transferee, or other similar party, as applicable, or in the case of (ii) above [***], expressly
assumes in full in writing such Party’s obligations under this Agreement. Notwithstanding the foregoing sentence, in no event will
[***] be required to assume any noncompetition requirement set forth in this Agreement or any other provision that is inconsistent with
the [***] as part of, or a condition to, the assignment. Any purported assignment in contravention of this Section 11.6 shall, at
the option of the non-assigning Party, be null and void and of no effect. No assignment shall release either Party from responsibility
for the performance of any accrued obligation of such Party hereunder. This Agreement shall be binding upon and enforceable against the
successor to or any permitted assignees from either of the Parties hereto.

 

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11.7    Counterparts.
This Agreement may be executed in duplicate, each of which shall be deemed to be original and both of which shall constitute one and the
same Agreement.

 

11.8    No
Agency. Nothing herein contained shall be deemed to create an agency, joint venture, partnership or similar relationship between CFF
and Icagen. Notwithstanding any of the provisions of this Agreement, neither Party to this Agreement shall at any time enter into, incur,
or hold itself out to Third Parties as having authority to enter into or incur, on behalf of the other Party, any commitment, expense,
or liability whatsoever, and all contracts, expenses and liabilities in connection with or relating to the obligations of each Party under
this Agreement shall be made, paid, and undertaken exclusively by such Party on its own behalf and not as an agent or representative of
the other.

 

11.9    Notice.
All communications between the Parties with respect to any of the provisions of this Agreement will be sent to the addresses set out below,
or to such other addresses as may be designated by one party to the other by notice pursuant hereto, by prepaid, certified air mail (which
shall be deemed received by the other Party on the seventh (7th) business day following
deposit in the mails), or by facsimile transmission, or other electronic means of communication (which shall be deemed received when transmitted),
with confirmation by first class letter, postage pre-paid, given by the close of business on or before the next following business day:

 

if to CFF, at:

 

[***]

 

President and CEO

 

[***]

 

[***]

 

Phone: [***]

 

Fax: [***]

 

E-mail: [***]

 

with a copy to:

 

[***]

 

Schaner & Lubitz, PLLC

 

    33

     

    

 

[***]

 

[***]

 

Phone: [***]

 

Fax: [***]

 

E-mail: [***]

 

if to Icagen, at:

 

Icagen, Inc.

 

4222 Emperor Blvd, Suite 350, Durham, NC 27703

 

Attention: [***]

 

Tel.: [***]

 

Fax: [***]

 

E-mail: [***]

 

with a copy to:

 

Gracin & Marlow, LLP The Chrysler Building

 

[***]

 

[***]

 

Tel.: [***]

 

Fax: [***]

 

Email: [***]

 

11.10    Headings.
The Section and paragraph headings are for convenience only and will not be deemed to affect in any way the language of the provisions
to which they refer.

 

11.11    Entire
Agreement. This Agreement contains the entire understanding of the Parties relating to the matters referred to herein, and may only
be amended by a written document, duly executed on behalf of the respective Parties.

 

    34

     

    

 

11.12    No
Impairment. Icagen will not, by amendment of its organizational or governing documents, or through reorganization,
recapitalization, consolidation, merger, dissolution, sale, transfer or assignment of assets, issuance of securities, or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms, provisions, covenants or agreements of
this Agreement, but rather will at all times in good faith assist in the carrying out of all such terms, provisions, covenants and
agreements and in the taking of all such actions as may be necessary, advisable or appropriate in order to protect the rights of CFF
against impairment.

 

11.13    OFAC
Compliance. In accordance with the U.S. Department of the Treasury Anti-Terrorist Financing Guidelines, Icagen shall take
reasonable steps to ensure that the payments received from CFF are not distributed to terrorists or their support networks or used for
activities that support terrorism or terrorist organizations and Icagen shall periodically apprise CFF of the steps taken to meet this
goal. Icagen certifies that it is in compliance with all laws, statutes and regulations restricting U.S. persons from dealing with
any individuals, entities, or groups subject to Office of Foreign Assets Control (OFAC) sanctions.

 

[Remainder of page intentionally left blank]

 

    35

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Research, Development and Commercialization Agreement as of the date first
written above.

 

	CYSTIC FIBROSIS FOUNDATION	 
	 	 	 
	By:	[***]	 
	Name:	[***]	 
	Title:	President and CEO	 

 

	ICAGEN, INC.	 
	 	 	 
	By:	[***]	 
	Name:	[***]	 
	Title:	President and CEO	 

 

[Signature Page to Research, Development
and Commercialization Agreement]

 

     

     

    

 

Exhibit G

 

Icagen Press Release

 

NEWS RELEASE

 

Icagen Receives Award from the Cystic Fibrosis
Foundation to Discover Transformative Therapies to Treat Cystic Fibrosis

 

Tucson,
AZ (** **, 2018): Icagen, Inc., a company focused on the discovery of innovative therapies to treat patients with serious
diseases, today announces an award from the Cystic Fibrosis Foundation. The project is focused on the discovery of therapeutics to treat
patients with cystic fibrosis (CF) caused by nonsense mutations.

 

The CF Foundation brings extensive resources and expertise to the project
and, additionally, has awarded Icagen up to USD $11 million to support an integrated, multi-year drug discovery initiative. Icagen
expects to screen over 2 million compounds as well as leverage its state-of-the-art in silico drug discovery platform to interrogate
an additional ten million virtual structures for molecules that suppress nonsense mutations. Through these efforts, Icagen intends
to discover and evolve families of molecules that are suitable for clinical development.

 

Cystic fibrosis is a genetic disease marked by defects in a protein,
known as the cystic fibrosis transmembrane conductance regulator (CFTR) protein. Nonsense mutations in the CFTR gene result in the premature
termination of protein synthesis and the formation of truncated, non-functional CFTR. Patients with these mutations in both copies of
their CFTR genes currently have no therapies that treat the underlying cause of their disease. The aim of this program is to provide these
patients with a transformative therapeutic that will markedly improve their quality of life and lifespan.

 

“We are excited to collaborate with the Cystic Fibrosis Foundation
to seek the discovery of life-transforming therapies for people with CF through this unique model. Icagen’s innovative platform
is built for programs such as these to discover and advance novel therapeutic candidates for clinical development,” said Richie
Cunningham, President and CEO of Icagen.

 

     

     

    

 

About Icagen, Inc.

 

Icagen (www.icagen.com) Icagen specializes in the early stage of drug
discovery to generate high-quality, advanced leads in multi-year, integrated drug discovery programs. Through both high throughput experimental
and advanced computational approaches, Icagen creates innovative solutions that leverage an interplay of open discovery with the
predictive potential of artificial intelligence and machine learning. Icagen is applying these approaches to its internal programs as
well as toward its collaborations with external partners within the pharmaceutical and biotechnology industry.

 

For more information email info@icagen.com.

 

SOURCE Icagen, Inc.

 

This
release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 In some cases forward-looking
statements can be identified by terminology such as “may,” “should,” “potential,” “continue,”
 “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,”
and similar expressions, and include statements regarding Icagen’s intent to discover and evolve families of molecules that are
suitable for clinical development, the expected screening of over 2M compounds in search of molecules that suppress premature
termination and the success of the collaboration. The forward-looking statements are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause
actual results to differ materially from those reflected in the forward-looking statements include, among others, Icagen’s
ability to successfully leverage expertise with in silico drug design, medicinal chemistry, and in vitro/in vivo biology capabilities
and the other factors described in Icagen’s Annual Report on Form 10-K for the year ended December 31, 2016, and its other
filings with the SEC. The information in this release is provided only as of the date of this release, and Icagen does not undertake any
obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise,
except as required by law.

 

     

     

    

 

For further information, contact:

 

Douglas S. Krafte, PhD

 

Chief Scientific Officer

 

Icagen, Inc.

 

4222 Emperor Blvd, Suite 350

 

Durham, NC 27703

 

Tel +1 919-433-3209

 

Email: dkrafte@icagen.com

 

     

     

    

 

AMENDMENT NO. 1 TO

 

RESEARCH, DEVELOPMENT AND COMMERCIALIZATION
AGREEMENT

BY AND BETWEEN ICAGEN INC. AND CYSTIC FIBROSIS FOUNDATION

 

This Amendment, dated June 13, 2018 (this
 “Amendment”), to the Research, Development and Commercialization Agreement, dated May 1, 2018 (the “Agreement”),
is entered into by and between Icagen, Inc. (“Icagen”) and Cystic Fibrosis Foundation (“CFF”).
Capitalized terms used herein without definition shall have the meanings assigned in the Agreement.

 

WHEREAS,
the parties desire to amend and restate the provisions of Subsection 3.1 (a) entitled “Contract Execution
Milestone” and Subsection 3.1(b) entitled “Payments”, of the Agreement.

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:

 

	·	Subsection 3.1 (a) entitled “Contract Execution Milestone” and Subsection 3.1(b) entitled “Payments” are hereby deleted in their entirety and replaced with the following:

 

ARTICLE III - AWARD AMOUNT
PAYMENTS; RECORDS

 

“3.1    Research
Funding.

 

	 	·	Contract Execution Milestone. Within [***] of execution of this Amendment, CFF shall make a one-time payment of [***] ($[***]) (the “Contract Execution Milestone Payment”) for work conducted by Icagen during the first, second and fourth quarters of 2017 as well as the months of January, February, March and April of 2018 as described in Exhibit B, which payment shall be in addition to the payments set forth below. For clarity, the Contract Execution Milestone Payment is part of the Award Amount, not in addition to the Award Amount.

 

	 	·	Payments. In accordance with the terms,
    and subject to the conditions, set forth in this Agreement, Icagen shall send invoices in United. States Dollars
    (“Dollars”) to CFF for payment of the Award Amount. Invoices shall be submitted within [***] after the
    completion of each calendar month (except for the invoice with respect to payments under Section 3.1 (a) which have been
    annexed to this Amendment) and shall be accompanied by documentation evidencing the expenditure of funds, FTEs devoted to the
    Research Plan in accordance with the Budget, and applicable milestones. CFF shall use good faith efforts to pay amounts invoiced by
    Icagen within [***] of receipt of an invoice and supporting documentation from Icagen or verification of the achievement of the
    milestone by the PAG (except for the payments under Section 3.1 (a) which shall be subject to the provision of
    Section 3.1 (a)) and in no event shall payment be made later than [***] from receipt of an invoice. The Parties acknowledge and
    agree that Icagen will invoice CFF for work performed during the time periods outlined in 3.1(a) prior to the Effective Date. All payments to be made hereunder (including, without
limitation, pursuant to Article IV) shall be made in Dollars and, at the option and direction of the receiving party, shall be made
by cashier’s or certified check or by wire transfer of immediately available funds.”

 

     

     

    

 

2.    All other terms of the
Agreement shall remain in full force and effect. The Agreement, as amended by this Amendment, constitutes the entire agreement between
the parties with respect to the subject matter thereof.

 

3.    This Amendment may be
executed in one or more counterparts, each of which shall be deemed an original but both of which together shall constitute one and the
same instrument.

 

4.    This Amendment is made
and shall be construed and performed under the laws of the remaining provisions will nevertheless continue to be valid and enforceable
in the State of Delaware without regard to its choice or conflict of law principles.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	CYSTIC FIBROSIS FOUNDATION	 	ICAGEN, INC.
	 	 	 	 	 
	By:	                  	 	By:	[***]
	Name:	 	 	Name:	[***]
	Title:	 	 	Title:	President & CEO

 

3.    This Amendment may be
executed in One &more counterparts, each of which Shall be deemed an original but both of which together shall constitute.one
and the same instrument.

 

4.    This
Amendment is made and shall be construed and performed under the Jaws of the remaining: provisions.
will nevertheless continue to be valid and. enforceable in the State of Delaware Without regard to its choice or conflict of

 

IN
WITNESS WHEREOF, the; parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	CYSTIC FIBROSIS FOUNDATION	 	ICAGEN, INC.
	 	 	 	 	 
	By:	[***]	 	By:	                  
	Name:	[***]	 	Name:	 
	Title:	SVP & Chief Legal Officer	 	Title:	 

 

     

     

    

 

AGREEMENT

 

April 1, 2020 (the “Assignment Effective
Date”)

 

This Agreement (this “Agreement”)
is entered into by and between Icagen, Inc., a Delaware corporation (“Parent”), Icagen Corp., a Nevada corporation,
XRPro Sciences, Inc., a Delaware corporation, and Caldera Discovery, Inc., a Delaware corporation (each, a “Subsidiary”,
and the Subsidiaries, together with Parent, collectively referred to as “Seller”), Ligand Pharmaceuticals, Incorporated
(“Ligand”) and its subsidiary Adjacent Acquisition Co., LLC, a Delaware limited liability company (“Buyer”),
and Cystic Fibrosis Foundation (“CFF”)

 

WITNESSETH:

 

WHEREAS,
Seller and Buyer are parties to that certain Asset Purchase Agreement, dated as of even date herewith (the “Purchase Agreement”),
pursuant to which, among other things, Seller agreed to sell, assign, transfer, convey and deliver to Buyer, and Buyer agreed to purchase
from Seller, all of Seller’s right, title and interest in and to the Assumed Contracts, and Buyer agreed to assume, perform and
discharge all of the Assumed Liabilities; and

 

WHEREAS,
Parent and CFF are parties to that certain Research, Development and Commercialization Agreement dated as of May 1, 2018 as amended
on June 12, 2018 (the “CFF Agreement”); and

 

WHEREAS,
in accordance with the terms of the Purchase Agreement, all of Seller’s right, title and interest in, to and under all of the properties,
rights and assets of every kind and nature, whether real, personal or mixed, tangible or intangible, wherever located, whether now owned,
leased, used or held for use or hereafter owned, leased, used or held for use (other than certain excluded assets), which are located
at its Durham, North Carolina location (the “Assets”) are being transferred to Buyer; and

 

WHEREAS,
the Assets also include all of Parent’s interests in the CFF Agreement; and

 

WHEREAS,
CFF desires to (i) assign the CFF Agreement to Buyer and (ii) amend the terms of the CFF Agreement and Buyer has agreed to assume
all rights, duties and obligations under the CFF Agreement as of the Assignment Effective Date to continue performing the Research Program
therein; and

 

WHEREAS,
based on the foregoing representations and those set forth below, each Party desires to consent to such assignment.

 

NOW,
THEREFORE, pursuant to the terms and conditions of the Purchase Agreement, and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows:

 

1.    Defined Terms.
Capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Purchase Agreement.

 

     

     

    

 

2.    Assignment of Assumed
Contracts. Effective as of the Closing, Seller hereby sells, assigns, transfers, conveys and delivers to Buyer all of Seller’s
right, title and interest in, to and under the CFF Agreement. Effective as of the Closing, Buyer hereby accepts the foregoing assignment.
CFF hereby consents to the assignment and transfer of the CFF Agreement and all obligations of Parent under the CFF Agreement to Buyer.

 

3.    Assumption of Liabilities.
Effective as of the Closing, Buyer hereby assumes and agrees to pay, perform and discharge when due all obligations of Parent under the
CFF Agreement.

 

4.    Amendment to CFF
Agreement. The CFF Agreement is hereby amended to add the following new Subparagraph (f)

 

“(f) In the event Buyer is required to pay to
Seller or to any other person on behalf of Seller any contingent earnout payment (“CEP”) pursuant to the Purchase Agreement,
Buyer shall withhold and pay to CFF the following: (i) [***] ([***]%) of any CEP, plus (ii) [***] ([***]%) of any CEP is attributable
to the CFF non-sense mutation program (collectively (i) and (ii) shall be the “CFF-CEP Payment”), provided,
however, that: (A) the calculation of the CFF-CEP Payment in (i) and (ii) above (A) shall exclude any portion of the
CEP that is required to be paid to the Parent’s creditors; (B) shall exclude any CEP not to exceed $[***] paid to the Seller
prior to December 31, 2020 solely for the purpose of allowing the Seller to satisfy its continuing budget for 2020, provided that,
the portion of such CEP otherwise payable to CFF pursuant to (i) and (ii) above (the “Deferred Amount) shall be added
to the next CFF-CEP Payment payable to CFF pursuant to this Section until the full Deferred Amount has been repaid to CFF; and (C) in
no event shall the aggregate CFF-CEP Payment exceed $[***]. The CFF-CEP Payment shall reduce the Royalty Cap.”

 

5.    No Additional Buyer
Payments. The terms of this Agreement shall not be interpreted in any manner that increases the obligations of Buyer to Seller or
changes the timing of any payment due under the Purchase Agreement.

 

6.    Buyer To Operate
Independently. Ligand intends that Buyer will conduct Parent’s former business independently of Ligand and its other subsidiaries
and affiliates (collectively the “Ligand Group”), so that confidential information and data of the CF Program including
information furnished by [***] and CFF (“ collectively CF Program Data”) conducted by Icagen prior to the date of this Agreement
will not be available to other members of the Ligand Group. Accordingly, CFF agrees that as long as (i) CF Program Data has not been
disclosed to a member of the Ligand Group, or (ii) a member of the Ligand Group has not provided assistance in the performance of
the CF Program, such member shall not be governed by the terms of the CFF Agreement, provided that once a member of the Ligand Group no
longer meets the requirements of (i) or (ii) above, such member shall be subject to the CFF Agreement. Nothing in this Section 6
is intended to conflict with the guarantee of payment and performance by Ligand of the obligations of Buyer set forth in this Agreement.

 

7.    Further Assurances.
At any time or from time to time hereafter, Seller shall, at the reasonable request of Buyer, execute, acknowledge and deliver such further
instruments of conveyance, power of attorney, sale, transfer or assignment, and take such other actions as Buyer may reasonably request
in order to more effectively consummate the transactions contemplated by this Agreement.

 

     

     

    

 

8.    Effect of Agreement.
This Agreement is made without representation or warranty, except as provided in the Purchase Agreement. Nothing contained in this Agreement
shall be construed to supersede, limit or qualify any provision of the Purchase Agreement. As between Buyer and Seller, to the extent
there is a conflict between the terms and provisions of this Agreement and the terms and provisions of the Purchase Agreement, the terms
and provisions of the Purchase Agreement shall govern.

 

9.    Counterparts.
This Agreement may be executed in multiple counterparts, and by the different parties hereto in separate counterparts, each of which shall
for all purposes be deemed to be an original, and all of which taken together shall constitute one and the same instrument. A signature
delivered on any counterpart by facsimile or other electronic means shall for all purposes be deemed to be an original signature to this
Agreement.

 

10.    Amendment. This
Agreement may not be amended or modified except by an instrument in writing signed by each of Seller, CFF and Buyer. In addition, the
Purchase Agreement shall not be amended or modified in any way that would affect the calculation of the CFF-CEP Payment without the written
consent of CFF.

 

11.    Governing Law.
This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of Delaware, without
reference to its choice of law rules.

 

12.    Successors and Assigns.
This Agreement and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon Buyer, CFF and
Seller, and their respective successors and permitted assigns.

 

13.    Assignment.
Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any party hereto, in whole or in part
(whether by operation of law or otherwise), without the prior written consent of the other parties hereto; provided, however,
that without such prior written consent: (a) Buyer may assign its rights and/or delegate its obligations under this Agreement(in
whole but not in part), at any time and in their sole discretion, to any of its Affiliates; (b) any or all of the rights and interests
and/or obligations of Buyer under this Agreement: (i) may be assigned and/or delegated to any purchaser of a substantial portion
of the assets of Buyer or any of its Affiliates (whereupon Buyer shall cease to have any further liabilities or obligations hereunder);
and (ii) may be assigned as a matter of law to the surviving entity in any merger, consolidation, share exchange or reorganization
involving Buyer or any of its Affiliates; and (c) Buyer and its Affiliates shall be permitted to collaterally assign their respective
rights hereunder to any lender or lenders providing financing to Buyer or any of its Affiliates (including any agent for any such lender
or lenders) or to any assignee or assignees of such lender, lenders or agent.

 

14.    Ligand Guarantee.
Ligand hereby guarantees the payment of the CFF-CEP Payment and the performance by its Affiliate to which the performance of the CFF Agreement
is assigned in accordance with the terms of the CFF Agreement, as amended by this Agreement.

 

[Signature Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first set forth above.

 

	 	SELLER:
	 	 	 
	 	ICAGEN, INC.:
	 	By:	[***]
	 	 	Name: [***] 
	 	 	Title: Chief Executive Officer
	 	 	 
	 	ICAGEN CORP:
	 	By:	[***]
	 	 	Name: [***] 
	 	 	Title: Chief Executive Officer
	 	 	 
	 	XR PRO SCIENCES, INC.:
	 	By:	[***]
	 	 	Name: [***] 
	 	 	Title: Chief Executive Officer
	 	 	 
	 	CALDERA DISCOVERY, INC.:
	 	By:	[***]
	 	 	Name: [***] 
	 	 	Title:Chief Executive Officer
	 	 	 
	 	LIGAND PHARMACEUTICALS (solely as to Section 14.)
	 	By:	                                  
	 	 	Name: Richard Cunningham
	 	 	Title: Chief Executive Officer

 

SIGNATURE PAGE TO ASSIGNMENT AND ASSUMPTION AGREEMENT

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first set forth above.

 

	 	SELLER:
	 	 	 
	 	ICAGEN, INC.:
	 	By:	                              
	 	 	Name:
	 	 	Title: 
	 	 	 
	 	ICAGEN CORP:
	 	By:	 
	 	 	Name:
	 	 	Title: 
	 	 	 
	 	XR PRO SCIENCES, INC.:
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	CALDERA DISCOVERY, INC.:
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	LIGAND PHARMACEUTICALS (solely as to Section 14.)
	 	By:	[***]
	 	 	Name: [***]
	 	 	Title: SVP, GC, and Secretary

 

SIGNATURE PAGE TO ASSIGNMENT AND ASSUMPTION AGREEMENT

 

     

     

    

 

	 	BUYER:
	 	 	 
	 	ADJACENT ACQUISITION CO., LLC:
	 	 	 
	 	By:	[***]
	 	 	Name: [***]
	 	 	Title: Manager
	 	 	 
	 	CFF:
	 	 	 
	 	CYSTIC FIBROSIS FOUNDATION
	 	 	 
	 	By:	[***]
	 	 	Name: [***]
	 	 	Title: President and CEO

 

SIGNATURE PAGE TO ASSIGNMENT AND ASSUMPTION AGREEMENT

 

     

     

    

 

Amendment No. 3 to

 

Research, Development and Commercialization
Agreement

 

This Amendment No. 3 to Research, Development
and Commercialization Agreement (this “Amendment No. 3”), dated September 10, 2021, is made by and between
Icagen, LLC, a Delaware limited liability company (“Icagen, LLC”) and Cystic Fibrosis Foundation, a Delaware not-for-profit
corporation (“CFF”), with respect to that certain Research, Development and Commercialization Agreement which was (a) entered
into by and between Icagen, Inc., a Delaware corporation, and CFF on May 1, 2018, (b) amended by Icagen, Inc. and
CFF by an Amendment dated June 12, 2018, and (c) further amended, and assigned (with CFF’s consent) by Icagen, Inc.
to Icagen, LLC (then known as Adjacent Acquisition Co., LLC), and assumed (with CFF’s consent) by Icagen, LLC (then known as Adjacent
Acquisition Co., LLC), all pursuant to an Agreement dated April 1, 2020 among Icagen, LLC, CFF, Ligand Pharmaceuticals Incorporated
and other parties (such Research, Development and Commercialization Agreement, as so amended, assigned and assumed to date, the “Agreement”).
Capitalized terms used herein without definition shall have the meanings assigned in the Agreement.

 

WHEREAS,
the parties desire to amend certain provisions of the Agreement;

 

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

 

	1.	Additional Funding, Additional Time. CFF agrees to increase the Award Amount and the Budget so as to provide up to an additional $[***] in funding to Icagen, LLC, pursuant to the budget described in Exhibit A to this Amendment No. 3, for the periods of 2021-Q4 (inclusive of any applicable portion of 2021-Q3 after exhaustion of prior “2021-Q3” funding) and 2022-Q1. Such additional funding amount shall be paid by CFF to Icagen, LLC pursuant to Section 3.1 of the Agreement and consistent with past practice. Sections 1.3, 1.6 and 3.1(c)(i) of the Agreement are hereby revised accordingly.

 

	2.	Agreement Continuing Effect. All other terms of the Agreement shall remain in full force and effect. The Agreement, as amended by this Amendment No. 3, constitutes the entire agreement between the parties with respect to the subject matter thereof.

 

	3.	Counterparts. This Amendment No. 3 may be executed in any number of counterparts, each of which shall be an original instrument and all of which, when taken together, shall constitute one and the same agreement.

 

[Remainder of this page intentionally left
blank.]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Amendment No. 3 to Research, Development and Commercialization Agreement
to be duly executed and delivered as of the day and year first above written.

 

	Cystic Fibrosis Foundation	 
	 	 	 
	By:	[***]	 
	 	 	 
	Name:	[***]	 
	 	 	 
	Title:	EVP, CSO	 
	 	 	 
	Icagen, LLC	 
	 	 	 
	By:	[***]	 
	 	 	 
	Name:	[***]	 
	 	 	 
	Title:	Senior Vice President	 
	 	 	 
	As agreed:	 
	 	 	 
	Ligand Pharmaceuticals Incorporated	 
	 	 	 
	By:	[***]	 
	 	 	 
	Name:	[***]	 
	 	 	 
	Title:	Manager

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