Document:

Exhibit 4.5

 

Loan No.: 3770202013M100000600

 

Loan Contract

(Unofficial English Translation Solely
for Convenience)

 

Bank of Communications

 

    	 

    	 

    

 

Loan No.: 3770202013M100000600

 

Loan Contract

 

	Borrower:	Fuwei Films (Shandong) Co., Ltd.

 

	Legal Representative:	Xiaoan He

 

	Legal Address:	Hi-Tech Development Zone, No. 387 Dong Ming Road , Weifang

 

	Correspondence Address:	Same as above

 

	Lender:	Weifang Branch, Bank of Communications

 

	Responsible Person:	Ankui Liu

 

	Correspondence Address:	No. 358 Dong Feng, Dong Street, Weifang

 

Both parties agree on the following
terms:

 

	1	Loan

 

	1.1	Currency: Renminbi (RMB)

 

	1.2	Amount: 25,000,000

 

	1.3	The proceeds of the Loan under this Contract shall be used for procurement of PET chips.

 

	1.4	Loan Period: Commencing from the date of first loan drawing and expiring on April 16, 2014 with a term of no more than twelve (12) months.

 

	2	Interest Rate and Computation of Interest

 

	2.1	
        (1) Interest
        rate: The annual interest rate is up 20% based on the benchmark interest rate of the Central Bank of China on the date
        of actual distribution.

         

        (2) In
case that the Central Bank of China adjusts the benchmark interest rate during the Contract term, the date of interest rate adjustment
herein is set according to option I. Lender has the right to enforce the adjusted interest rate after the date of interest
rate adjustment herein with the increase percentage unchanged.

 

    	 

    	 

    

 

	 	
        Option I: date when the Central Bank of China
        adjusts its benchmark interest rate;

        Option II: After date of allocation of the
        loan, date after _____ month(s)/quarter/six months/year is the date of interest rate adjustment herein.

         

        (3) The
two parties shall negotiate for an appropriate interest rate in case that the adjusted benchmark interest rate by the Central
Bank of China is floating interest rate or it cancels the benchmark interest rate; in case that the two parties fail to reach
on the interest rate terms for the Contract (not applicable) month after the Central Bank of China adjusts the benchmark
interest rate, Lender has the right to announce that all the loans hereunder expire earlier than stipulated herein.

         

        2.2 Daily interest rate is monthly interest
        rate divided by thirty (30) days while the monthly interest rate is equal to annual interest rate divided by twelve (12) months.

         

	2.3	Computation of Interest

 

	2.3.1	Normal interest = interest rate under this Contract X proceeds of the Loan X number of days of use.  Number of days of use is calculated from the drawing date to the maturity date.

 

	2.3.2	The penalty interest of the overdue loan and appropriated loan is calculated based on the amount and the actual number of days overdue or appropriated. If the currency of the loan is Renminbi (RMB), the overdue penalty interest rate is equal to the loan interest rate set forth in this Contract plus 50% of such loan’s interest rate, and the appropriated penalty interest rate is equal to the loan interest rate set forth in this Contract plus 100% of such loan interest rate. If the currency of the loan is a foreign currency, the aforesaid penalty interest rates are equal to the loan interest rate set forth in this Contract plus (not applicable) of such loan interest rate.

 

	2.4	The loan under this Contract uses the second (2nd) method mentioned below for payment of interest. On the maturity date, the interest shall be paid together with the principal. The date of payment of interest is the date of the settlement of interest:

 

	 	1.	Interest settlement on the 20th day of the last month of each quarter; or
	 	2.	
        Interest settlement on the 20th
day of each month. 

 

2.5     In the event
of earlier repayment by the Borrower or loan recalling pre-maturely by Lender, the applicable interest rate is still valid.

 

	3	Granting and Payment of Loan

 

	3.1	
        Borrower is allowed to make multiple withdrawals
        of proceeds of the loan with total amount withdrawn not to exceed the amount stipulated in Clause 1. And Borrower shall draw the
        proceeds of the Loan in accordance with the following loan drawing schedule:

         

 

    	 

    	 

    

 

	Drawing Date	Drawing Amount
	23rd day 4th month 2013 Year;	twenty-five million (amount in capitalization)
	___ day ___ month ___ Year;	_______________(amount in capitalization)
	___ day ___ month ___ Year;	_______________(amount in capitalization)
	___ day ___ month ___ Year;	_______________(amount in capitalization)

 

	3.2	Unless all of the following conditions are satisfied, Lender has the right to refuse to grant the Loan:

 

	 	1)	Borrower has already completed the statutory procedures including obtaining related permit, approval and registration from the government together with other statutory procedures and such permit, approval and registration remain in full force and effect.

 

	 	2)	The guarantee contract (if any) under this Contract has come into effect and remains in full force and effect. In case that the guarantee contract is a mortgage or pledge contract, the security interest is established and remains in effect.

 

	 	3)	The business and financial condition of the Borrower does not have any substantial adverse changes; and

 

	 	4)	
        Borrower is not in breach of this
Contract; 

 

5)       The
repayment method is compliant with the terms and conditions in the Contract,
and the lender consents to pay as authorized by borrower;

 

6)        For loan withdrawal in foreign
currency, Borrower has opened an account according to the requirements of foreign exchange administration and provided support
documents for the loan which reflect compliance with foreign exchange administration including but not limited to certification
for purposes of the loan in foreign currency, registration or verification instruments;

 

7)        Borrower
has designated a capital return account as requested by the Lender and executed account management agreement.

 

	3.3	
        The
        Borrower designates the following account as loan deposit account; the said account is not an account set up by
        the Borrower with the Lender specifically for loan deposit.

        Account Title: Fuwei Films (Shandong) Co.,
        Ltd.

        Account Number: 377005086900000002273

        Beneficiary Bank: High-Tech Development
        Region Sub-Branch, Bank of Communications Weifang Branch

 

    	 

    	 

    

 

If
an account is set up specifically for loan deposit, the release and the payment of the loan must be done through that account.  Such
account can only be used for the release and external payment of the proceeds of the loan; it can only issue "Settlement Service
Application" certificate but cannot be used for check, bank draft, and bank draft acceptance services or for other settlement.  When
the Borrower processes, in its sole discretion, loan proceeds transfer, such transfer must be done over the counter of the bank
that holds the account.  The interest on the deposit in such account is included in the Borrower's repayment account.

 

		3.4	Before
each withdrawal, the Borrower process the relevant withdrawal procedures at least three (3) bank business days in advance
and specify the payment method (entrusting the Lender with the payment or the Borrower itself making the payment); only one of
the payment methods can be used for each withdrawal.

 

		3.5	Entrusting the
Lender with making the payment means that the Lender, pursuant to the payment entrustment engagement letter from the Borrower
and after the release of the loan pursuant to the provisions herein, makes the payment from the loan proceeds through the Borrower's
account directly to the Borrower's trading partner that meets the requirement of the loan purpose stipulated herein.

 

Upon
satisfying one of the following conditions, the method of entrusting the Lender with the payment can be adopted:

(1)           The
amount of single payment exceeds RMB10,000,000 (this amount is the limit that the Borrower can pay if the payment is made
by the Borrower) 

________________________________________________________________

________________________________________________________________

 

If
the method of entrusting the Lender with the payment is adopted, the Borrower must submit to the Lender withdrawal application,
payment engagement letter in the format specified by the Lender, loan certificate, relevant payment certificate and other documents
requested by the Lender (including but not limited to commercial contract, invoices and goods acceptance documents and other trading
documents), specify the amount to be withdrawn and the recipient and amount of the payment; the amount to be withdrawn must be
equal to the amount of the payment.

 

If
the payment proposed by the Borrower does not comply with the provisions herein or those in the relevant commercial contracts or
has other defects, the Lender has the right to refuse the payment and return the payment engagement letter submitted by the Borrower.

 

When
the Lender agrees to make such payment,  if the external payment cannot be made or the payment made is returned due to
the error in the information provided by the Borrower, the Borrower must re-submit relevant certificate and documents with the
correct information within the time specified by the Lender.  The Lender will not be responsible for any loss from unsuccessful
payment.

 

    	 

    	 

    

 

		3.6	The
Borrower making the payment at its sole discretion means that, after the Lender releases the loan proceeds into the Borrower's
account pursuant to the provisions herein, the Borrower makes the payment from the loan proceeds to the Borrower's trading partner
that meets the requirement of the loan purpose stipulated herein.

 

If
the method of the Borrower making the payment is adopted, the Borrower must submit to the Lender withdrawal application, loan certificate,
explanation of the use of the proceeds and other documents requested by the Lender.  The Borrower shall report to Lender
payment of the proceeds within ___ days after withdrawal. The Lender has right to analyze through the Borrower's account, verify
the certificate and conduct on-site investigation to verify if the payment of the loan proceeds complies with the specified purpose
of use, and the Borrower must assist with the Lender's verification.

 

		3.7	The
actual loan release date and the amount released must be based on the records in the "Loan Certificate."

 

		4	Repayment of Loan

 

		4.1	The
Borrower must repay the loan at the maturity date specified in 1.4 herein and according to the following schedule; if the maturity
date in the "Loan Certificate" is inconsistent with that specified herein, the record in the "Loan Certificate"
shall prevail:

 

	Date of Repayment	 	Amount Withdrawn
	16th day of April, 2014;	 	Twenty-five Million (amount in Capital
    Letters )
	___ day ___ month ___ Year;	 	_______________ (amount in Capital Letters )
	___ day ___ month ___ Year;	 	_______________ (amount in Capital Letters )
	___ day ___ month ___ Year;	 	_______________ (amount in Capital Letters )

 

	4.2	Borrower shall not repay the Loan prior to the scheduled date without having a written consent from Lender.

 

		4.3	Borrower assigns the following accounts:

(1) Repayment Account:

Account Title: Fuwei
Films (Shandong) Co., Ltd.

Account Number: 377005086018000163911

Beneficiary Bank:
High-Tech Development Region Sub-Branch, Bank of Communications Weifang Branch

 

    	 

    	 

    

 

(2) Account for Capital
Return:

Account Title: Fuwei
Films (Shandong) Co., Ltd.

Account Number: 377005086018000163911

Beneficiary Bank:
High-Tech Development Region Sub-Branch, Bank of Communications Weifang Branch

 

	5	Representation and Guarantee of the Borrower

 

	5.1	Borrower is an independent entity and has the necessary contractual capacity to perform this Contract and will be liable for its non-performance of its obligations hereunder.

 

	5.2	The execution and performance of this Contract is the true intention of the Borrower, and the Borrower has all necessary consents, approvals and authorizations to perform its obligations.

 

		5.3	Borrower operates legally, is able to make profits
continually and has legal source of fund for repayment with no material bad credit history. The officers of Borrower have no criminal
records.

 

	5.4	All the documents, reports, data and information provided by the Borrower to the Lender during the execution and performance of this Contract are true, accurate, complete and in full effect, and Borrower has not withheld any information which may affect the evaluation of its financial status and repayment ability. Since the date of the most recent financial statements published, there has been no material adverse effect on the financial position of Borrower.

 

		5.5	Borrower is neither the shareholder of Guarantor nor
the “actual controller” as defined in Company Law of the People’s Republic of China of Guarantor, and
it does not intend to become the shareholder of Guarantor or the “actual controller” as defined in Company Law
of the People’s Republic of China of Guarantor.

 

 5.6      Borrower promises that 1) notify Lender once it is informed that the real estate pledged as security for the repayment of the loan mortgaged house will be demolished; and 2) in the event that the real estate is demolished with the property right of Borrower transferred, Borrower shall repay the loan pre-maturely, or promptly provide other guarantee approved by the Lender as requested.

 

	6	Rights and Obligations of Lender

 

	6.1	Lender has the right to be repaid the principal, receive interest (including compound, overdue and appropriated penalty interest) and the necessary expenses from the Borrower in accordance with this Contract. Lender has the right to exercise any other rights under the relevant laws and regulations or stipulated in this Contract.

 

	6.2	Lender shall only conduct routine review for documents provided by Borrower and it shall not be liable for any failure of entrusted payment by Borrower caused by incomplete, fault documents.

 

    	 

    	 

    

 

	 	Except as otherwise specified under this contract, Lender shall keep all the financial and operation data and information confidential unless compelled by requirements of applicable laws and regulations.

 

		6.3	Lender shall not be liable for any failure in loan
release or payment caused by freezing of the Borrower’s loan release account or Borrower's
trading partner’s account or any reasons otherwise.

 

	7	Rights and Obligations of Borrower

 

	7.1	Borrower shall repay the Loan under this Contract and pay the interest hereunder in accordance with the date, amount, currency set forth in this Contract.

 

	7.2	Borrower shall not use the proceeds of the Loan for any usage not stipulated in this Contract.

 

	7.3	Borrower shall be liable for the expenses under this Contract, including but not limited to, expenses for notary service, authentication, evaluation and registration.

 

	7.4	Borrower shall comply with the operation procedure and the general practice of the Lender and loan application, including but not limited to, facilitating Lender’s examination and supervision on Borrower’s operation status, and providing all the financial statements, or any other data and information requested by Lender, and shall guarantee that such documents, data and information are true, complete and accurate.

 

	7.5	If any one of the following events occurs, Borrower shall notify the Lender within thirty (30) days and shall not commence such activities unless the Loan and interest under this Contract are repaid completely, or a repayment schedule and guarantee are approved and accepted by the Lender. These are as follows:

 

	 	(1)	Selling, donating, renting, lending, assigning, mortgaging, pledging or disposing of all or substantial part of its assets; and

 

	 	(2)	any potential or actual substantial changes in organization or structure of the Borrower, including but not limited to, its operation, subcontracting, lease, affiliation, company restructuring, joint-stock, merger (consolidation), equity joint-venture (non-equity), spin-off, incorporation of subsidiary, asset assignment, reduction of registered capital, etc.

 

	 	(3)	External investment more than RMB50 million or debt finance more than RMB50 million.

 

	7.6	Borrower shall notify the Lender within seven (7) days of occurrence of any of the following events:

 

    	 

    	 

    

 

	 	(1)	Amendment of the Articles of Association, change of Borrower’s name, change of legal representative, change of domicile, change of address, and change in the scope of its business.

 

	 	(2)	Borrower, its related party or Guarantor’s intention to file for bankruptcy.

 

	 	(3)	Borrower’s involvement in any major litigation or arbitration, or any lien or encumbrance is imposed on its assets.

 

	 	(4)	Borrower’s or its related party’s guarantee to any other third party, which will have a material adverse effect on its financial status and ability to perform its obligations under this Contract.

 

	 	(5)	Borrower or its related enters into a contract which will have a material adverse effect on its operation and financial status.

 

	 	(6)	Borrower, its related party or Guarantor (if any) stops its operation, its business terminates, winds up, or its business license is revoked.

 

	 	(7)	Borrower’s or its related party, major individual investor of Borrower or its related party, Borrower’s or its related party’s legal representative or senior management has committed a criminal offence, is missing, or has been changed.

 

	 	(8)	Borrower faces substantial hardship in managing its business or any other event which will have an adverse effect on the financial status or ability of the Borrower to repay the Loan.

 

	 	(9)	Related-party transaction occurs with the total amount at or more than 10% of the most recent audited net assets.
	 	 	 
	 	(10)	Borrower will become or is very likely to become the shareholder of Guarantor or the “actual controller” as defined in Company Law of the People’s Republic of China of Guarantor.
	 	 	 
	 	(11)	Borrower or its related party is covered by media or causes accidents due to any and all violation of laws and regulations, state policies or industrial standards.
	 	 	 
	 	(12)	The controlling relationship between its related party and Borrower has material change.
	 	 	 
	 	(13)	There has been material adverse effect on the repayment ability of Borrower or its related party.

 

    	 

    	 

    

 

	7.7	Upon the occurrence of any change to the guarantee hereunder that is adverse to the Lender’s claims, the Borrower must promptly provide other guarantee approved by the Lender as requested.  
	 	 
	 	The “change” herein includes but not limited to : the guarantor’s merger, spin-off, ceasing operation, going out of business, dissolution, shut-down for rectification, being cancelled, having its business license revoked, filing for or being forced into bankruptcy; material change in the guarantor’s operation or financial situation; the guarantor’s involvement in major litigation or arbitration or administrative sanctions, or imposition of a lien or other enforcement measures on its major assets; the decrease, or likely decrease, of the value of its collateral or the imposition of a lien or other enforcement measures thereupon; impact, or likely impact, on the sound condition of its collaterals; the guarantor or its legal representative (responsible person) or major management officer’s violation of the law and statutes or the rules of the applicable exchanges; if the guarantor is an individual, the guarantor’s disappearance or death (being declared dead); the guarantor’s act of breach as defined in the guarantee contract; disputes between the guarantor and the Borrower; demand by the guarantor to dissolve the guarantee contract; the guarantee contract not coming into effect or becoming invalid or being cancelled; security interest not being established or invalid; or other events that will affect the security of the Lender’s claims.
	 	 

 

7.8      Borrower promises that: borrower’s
financial indicator should meet the following stipulate before total principal and related expenses have been repaid under this
contract:

1)
Sales revenue is not less than 350 million.

2) Total assets are not
less than 750 million.

3) Debt ratio is not more
than 50%

 

		8	Supplementary Term

 

This Contract is pledged by the
Collateral Contract of Maximum Amount entered into between Weifang Branch of Bank of Communications and Fuwei Films (Shandong)
Co., Ltd with the Contract No. 3770502011AF00000500.

 

	9	Maturity Repayment of the Loan before the Maturity Date

 

	9.1	The occurrence of any of the following will be considered an “advance maturity event” for this Contract:

 

	 	(1)	Borrower’s representations and warranties in Section 5 are not true;

 

	 	(2)	Borrower is in breach of this Contract;

 

	 	(3)	The events set forth in Section 7.6 have occurred and Lender believes that such event will have a material adverse effect on its rights as a creditor;

 

    	 

    	 

    

 

(4)
Lender decides at its discretion that Borrower shall repay the proceeds and interests of the loan based on to its current capital
return situation; 

 

(5)
Lender may violate or will violate laws by releasing the loan due to changes to current regulatory laws and regulations; or

 

(6)
Borrower violates any provisions herein the Contract with Lender or
stipulated in any other contracts entered into with any other third party, or its debt may or has been declared due ahead of maturity
date.

 

	9.2	In the event of any of the aforesaid events, Lender has the right to take one, more or all of the following actions:

 

		(1)	Suspend the release of the remainder of the loan;

		(2)	Suspend the payment for the withdrawn but yet not allocated loan;

		(3)	request the Borrower to enter into supplementary agreement with respect to loan release terms and
payment terms;

		(4)	request the Borrower to change its payment method in accordance with Lender’s requirements;
and

 

		(5)	unilaterally declare due of the released loan herein and ask the Borrower to repay all its proceeds
and interests.

 

	10	Breach of Contract

 

	10.1	In the event that Borrower fails to repay the principal or interest in full in a timely fashion, or to use the proceeds of the Loan as set forth in this Contract, Lender has the right to use the overdue penalty interest rate and appropriate penalty interest rate to calculate the interest.

 

	10.2	In the event that Borrower fails to repay the principal or interest in full in a timely fashion, Borrower shall be liable for the Lender’s expenses in exercising its creditor’s rights, including litigation cost (arbitration fee), costs of preservation of asset, costs of publication, enforcement costs, legal fees, travel and other expenses.

 

	10.3	In the event that Borrower avoids Lender’s supervision, fails to repay the principal or the interest of the Loan or avoids the repayment intentionally, Lender has the right to inform relevant government authority and to publish the payment notification on news media.

 

	11	Withdrawal Instructions

 

	11.1	In the event that Borrower is overdue in payment in respect of principal, interest, penalty interest, compound interest or other expenses, Lender is authorized to withdraw the money from any other bank accounts of Borrower with Bank of Communications to offset the said outstanding payment.

 

    	 

    	 

    

 

	11.2	After the aforesaid withdrawal, Lender shall inform the Borrower of such account number, loan contract reference number, promissory note reference number, amount of withdrawal, and the outstanding Loan amount.

 

	11.3	If the amount of withdrawal is not sufficient to offset the aforesaid payment, the overdue expenses shall be settled first. If the principal and interest are overdue for less than ninety (90) days, the remaining balance shall be first used to settle the overdue interest, penalty interest and compound interest, then shall be used to settle the overdue principal. In the event that the overdue payment or interest is overdue for more than ninety (90) days, the remaining balance shall be used to settle the overdue principal, and then shall be used to settle the overdue interest, penalty interest or compound interest.

 

	11.4	If the currency of the aforesaid withdrawal amount is different from the currency of the Loan, the exchange rate determined by Bank of Communications on the date of withdrawal shall be used for the currency conversion calculation.

 

		12	Notification

 

		12.1	The contact information (including mail address, phone
number and fax number) herein provided by Borrower is true. In case of any changes to the information, Borrower shall notify Lender
by delivering the written updated information in ordinary post, courier or in person. The updated information shall be in effect
upon actual receipt and update in records by Lender.

 

		12.2	Unless expressly specified otherwise herein, the Lender
has the right to use any of the following means for sending notification to the Borrower. The Lender has the right to choose the
notification method it deems appropriate and shall not be responsible under any circumstance for any error, miss or delay of the
postal mail, fax, telephone or any other communication system. If the Lender chooses several notification methods, the notification
will be considered served on the basis of the faster method. The methods include:

(1) Public announcement: the notification
will be considered served on the day when the Lender publish such announcement on its website, online banking site, telephone banking
system or business website;

(2) Courier delivery: the notification
will be considered served on the day when the Borrower signs the delivery receipt;

(3) Postal mail (including special
express mail, ordinary mail and registered mail): the notification will be considered served 3 days (if, in the same city)/5 days
(if, in different regions) such mail is sent to the Borrower’s most recent mailing address that the Lender knows (even though
such mail may be returned); and

(4) Notification by fax or by
other electronic method will be considered served when it is sent to the most recent fax number or email address that the Lender
knows.

 

    	 

    	 

    

 

		13	Information Disclosure and Non-Disclosure

 

13.1     The Lender
must have the responsibility to keep confidential the Borrower’s commercial secrets and other information and documents which
carry written legends requiring confidentiality; however the following circumstances are excepted:

(1) Disclosure as required
by the applicable law and statutes or by the public offering rules;

(2) Disclosure as required
by judicial or government authorities;

(3) Disclosure made to
the Lender’s outside business experts; and

(4) Disclosure made with
the Borrower’s consent or authorization.

 

13.2    Borrower
agrees that Lender can use or disclosure all the information and materials of Borrower with respect to the loan in case of the
following event and it shall be liable for any arising from that:

(1) Disclose
to and allow the use of such information and documents by business out-source organization, third party service provider, other
financial institution and other agencies or individuals deemed necessary by the Lender for the following purposes: (a) to develop
lending business or in connection with lending business, such as promoting Bank of Communications’s lending service, collecting
the Borrower’s delinquent debt and transferring creditor’s claims; (b) to provide, or is likely to provide, new products
or services or further services to the Borrower; and (c) to maintain, manage and improve customer relations;

(2) Provide such
information and documents to Credit Reference Center of the People’s bank of China or other credit information agency or
credit information data bank established with the approval of the People’s Bank of China; and

(3) Use, or allow
the use by a third party, such information and documents on a confidential basis for the purposes of business operation, management,
statistics and risk control.

 

	14	Applicable Law and Dispute Resolution

 

The Contract shall
be governed and construed by laws of the People’s Republic of China. 

 

Any dispute arising from or in connection with this Contract shall be resolved by filing a lawsuit to the competent court in the place where Lender is locate. During arbitration, both parties are still bound by other terms and conditions herein where there are no disputes.

 

	15	
        Miscellaneous 

 

		15.1	Borrower consents that Lender can search for and keep
its credit related information for the purposes of loan application and post-loan-release management.

 

		15.2	Lender shall not be liable for failing to release the
loan or make payment caused by force majeure, communication or internet connection failure or systematic trouble but it shall
notify Borrower promptly.

 

    	 

    	 

    

 

		15.3	Withdrawal
application template and signed withdraw application, loan certificate and other instruments, materials confirmed by both
parties under this Contract shall constitute the entire agreement between Lender and Borrower of the Contract.

 

		15.4	The terms “related-party”, “related-party
transaction” and “primary individual investor” herein are in compliance with those defined in Related-Party
Disclosures of Chapter 36 in The Accounting Standards for Business Enterprises (CK No. [2006] 3) and
its amendments promulgated by Ministry of Finance of PRC.

 

	15.5	This Contract comes into effect upon both Parties’ signing and stamping on this contract.

 

	15.6	This Contract is executed in three (3) counterparts. Each of the Parties and their Guarantors (if any) shall keep one counterpart.

 

IN WITNESS WHEREOF, the parties hereto
have executed this Contract as of the day and year first set forth below.

 

	April 23, 2013	April 23, 2013

 

	Borrower (seal):	Lender (seal):

 

	Fuwei Films (Shandong) Co., Ltd.	Bank of Communications

 

	Legal Representative or Authorized Person	Responsible Person or Authorized Person

 

	Xiaoan He	Ankui Liu

 

	(signature or seal)	(signature or seal)Exhibit 10.1

 

Execution Copy

 

Confidential
Treatment – Asterisked material has been omitted and filed separately
with the Securities and Exchange Commission pursuant to a request for confidential treatment.

 

MANUFACTURING

 

SERVICES
AGREEMENT

 

Between

 

Navidea
Biopharmaceuticals, Inc.

 

And

 

PETNET
Solutions, Inc.

 

    	 

    	 

    

 

Confidential Treatment – Asterisked
material has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

Manufacturing
Services Agreement

 

This MANUFACTURING
SERVICES AGREEMENT (this “Agreement”) is made as of this 16th day of August, 2013 (the “Effective Date”)
by and between Navidea Biopharmaceuticals, Inc., a corporation organized under the laws of the State of Delaware, with its principal
place of business at 425 Metro Place North, Suite 450, Dublin, Ohio 43017-1367 (“NAVIDEA”) and PETNET Solutions, Inc.,
a Tennessee corporation, having its principal place of business at 810 Innovation Drive, Knoxville, TN 37932 (“PETNET”).
NAVIDEA and PETNET are referred to herein individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, PETNET is
a leading company in the business of manufacturing and distributing radiopharmaceuticals, including radiopharmaceuticals used for
positron emission tomography (“PET”) imaging and individual unit dose radiopharmaceuticals through its network of radiopharmacies
and cyclotron-based PET manufacturing facilities; and

 

WHEREAS, NAVIDEA is
conducting Phase II and III human clinical trials to determine the drug safety and efficacy of the Product (as defined in Section
1.1 hereof) as specified under U.S. Food and Drug Administration (“FDA”) regulations (collectively, the “Trials”)
at locations that perform PET imaging (“Authorized Trial Sites” as defined in Exhibit A), and in connection therewith
desires PETNET to provide manufacturing and distribution services as more specifically set forth in the Scope of Work attached
hereto as Exhibit A and made a part of this Agreement (the “SOW”).

 

NOW, THEREFORE, in
consideration of the mutual covenants hereinafter expressed, the Parties hereby agree as follows:

 

		1.	Services

 

		1.1	Scope of Work

 

NAVIDEA has requested
and PETNET has agreed to provide, from certain of the facilities listed in the SOW (the “Facilities”) manufacturing
and distribution services (the “Services”) with respect to NAVIDEA’S product, 2-[2-(fluoro-18F)-6-(methylamino)-3-pyridinyl]-5-benzofuranol,
identified as [18F]NAV4694, as more particularly described in the SOW attached hereto (the “Product”). PETNET
shall use commercially reasonable efforts to carry out the Services in a professional and workman-like manner, consistent with
cGMP and/or industry standards for the manufacturing of PET products. All Products delivered by PETNET hereunder shall be manufactured
in accordance with all applicable laws and regulations, including those promulgated by the FDA.

 

		1.2	Personnel

 

Each Party shall assign
a project manager to: (i) oversee performance of qualification activities; and (ii) be the primary contact person for communication
between the Parties. PETNET will identify additional qualified personnel at each of the Facilities to assist in the aforementioned
activities.

 

    	2

    	 

    

 

		2.	Financial Terms

 

		2.1	Payment

 

PETNET will be paid
for the Services performed in accordance with the terms of this Agreement, as set forth on Exhibit C (the “Financial Terms”).

 

		2.2	Changes

 

It is understood between
both Parties that, during any project of this nature, unforeseen events may occur, including, but not limited to, termination of
any further activity due to unacceptable results, significant reevaluation due to marginal results, changes in the scope or timing
of any activity, or closure of PETNET Facilities. Either Party will promptly notify the other Party of any such unforeseen events
before proceeding further with the rendering of the Services. Both Parties agree that changes, including any changes in costs,
will be described in writing, and that the approval of each revision is required by both Parties before proceeding.

 

		3.	Invoicing & Payment

 

		3.1	Invoicing and Payment Terms

 

PETNET shall invoice
NAVIDEA for the Technology Transfer Fee and Site Qualification Fees according to the Payment Schedule set forth in Exhibit C and
monthly for all Production Fees for Product produced and delivered to NAVIDEA hereunder as set forth in the Financial Terms. NAVIDEA
shall pay all amounts on invoices duly issued by PETNET under this Agreement within thirty (30) days after receipt thereof. All
invoices and payments required to be paid hereunder shall be in U.S. Dollars.

 

Invoices shall be sent
to the following address:

 

Navidea Biopharmaceuticals, Inc.

425 Metro Place North, Suite 450

Dublin, OH 43017-1367

 

Attn: Accounts Payable

 

accountspayable@navidea.com

 

		3.2	Late Payments

 

A service charge of
one and one-half percent (1 1⁄2%) per month shall be charged by PETNET on any portion of NAVIDEA’s outstanding balance
that is not paid by the due date. In the event that NAVIDEA’s invoices remain past due in excess of 30 days, or if PETNET
otherwise reasonably deems itself insecure, PETNET will no longer be required to extend such payment terms. Without limiting its
other remedies, PETNET may require cash terms and/or other assurances of payment, and/or may suspend service to NAVIDEA until such
time as all NAVIDEA invoices are paid in full.

 

    	3

    	 

    

 

		4.	Production and Delivery

 

		4.1	Batch Production

 

PETNET will produce
the Product in Batches and will dispense the Batches into doses for delivery to Authorized Trial Sites. A “Batch” shall
mean the amount of Product produced in one operation of PETNET’S production equipment, containing at least one dose suitable
for release and distribution for use in the Trials. The manufacture of Batches will be allocated among the Facilities in such manner
as the Parties mutually agree is reasonable and appropriate based upon, among other things: the dates of qualification of the Facilities;
the location of the sites; the estimated transportation times between Facilities and Authorized Trial Sites; the resources available
at any given Facility; and the enrollment patterns of the Authorized Trial Sites.

 

		4.2	Product Ordering

 

Doses of the Product
will be available from the Facilities according to a production schedule to be established by PETNET and NAVIDEA for each Facility
from time to time. Under no circumstances will the Product be available at any Facility prior to 12:00 P.M. (local time)
unless otherwise agreed in writing by PETNET. NAVIDEA or its Authorized Trial Sites may order Doses by delivering a purchase
order in a form reasonably satisfactory to PETNET (“Order”) specifying the Trial Site to which such Doses are to be
delivered, the number of Doses, the scheduled times for injection of each Dose, and the size of each Dose (in mCi calibrated to
injection time). NAVIDEA will place orders for Doses no later than thirty-six (36) hours before the Product is to be delivered.
If orders are placed later than thirty six (36) hours before the Product is to be delivered, PETNET may, but shall not be obligated
to, produce the Product in its sole discretion. In the event that an Explora One synthesis module and associated equipment installed
at a Facility to perform the Services is used for production of a radiopharmaceutical other than [18F]NAV4694, PETNET
will ensure that such use does not unreasonably delay or interfere with production of [18F]NAV4694.

 

		4.3	Product Delivery

 

PETNET will deliver
Doses to the Authorized Trial Sites. Delivery will be made by PETNET to a common carrier chosen by PETNET in its reasonable discretion,
and risk of loss shall pass to NAVIDEA upon delivery to the carrier. NAVIDEA shall bear one hundred percent (100%) of all shipping
costs and shall reimburse PETNET accordingly as invoiced each month.

 

		4.4	Raw Materials and Components

 

(a)          NAVIDEA shall
provide to PETNET, at no cost to PETNET, all quantities of (i) NAVIDEA’s chemical compound, NAV4614, the chemical precursor
to the Product (the “Precursor”), required to perform the Services and (ii) NAVIDEA’s chemical compound, the
chemical reference standard, NAV4694RS, for the Product (the “Reference Standard”), required to perform the Services;
and further may provide to PETNET, at no cost to PETNET, any other raw materials or components for use in the manufacture of Products
(collectively, “NAVIDEA Materials”), as more fully described in Exhibit D. PETNET acknowledges and agrees that the
NAVIDEA Materials shall be the sole and exclusive property of NAVIDEA.

 

    	4

    	 

    

 

Confidential Treatment
– Asterisked material has been omitted and filed separately with the Securities and
Exchange Commission pursuant to a request for confidential treatment.

 

(b)          PETNET may only
use NAVIDEA Materials and Product for the benefit of NAVIDEA and in furtherance of this Agreement, and shall not use either NAVIDEA
Materials or Product produced by it hereunder for any other purpose.

 

		4.5	Obsolete Inventory

  

Any NAVIDEA Materials, waste by-products, testing supplies, stability samples, work-in-process, and finished
goods rendered obsolete or expired at the expiration, revision or termination of this Agreement or of the Services shall be either
destroyed or disposed of by PETNET or shipped to NAVIDEA, freight collect, for destruction by NAVIDEA, at NAVIDEA’ direction.
NAVIDEA shall bear one hundred percent (100%) of all destruction costs related to said obsolete inventory, whether destroyed or
disposed of by PETNET or NAVIDEA. The destruction by either Party shall be in accordance with all applicable laws and regulations.
PETNET shall provide NAVIDEA with all manifests and other applicable evidence of proper destruction as may be requested by NAVIDEA
or as required by applicable law.

 

		4.6	Acquired Equipment

 

[*]

 

		5.	Compliance

 

		5.1	NAVIDEA’s Responsibility

 

(a)          NAVIDEA shall
obtain and maintain all regulatory approvals required to conduct the Trials. NAVIDEA represents and warrants to PETNET that all
Trials will be conducted under a valid and existing Investigational New Drug Application for the Product (the “IND”)
filed with the FDA allowing for the conduct of the Trials, and that no notice or other communication has been received from the
FDA that would prevent the conduct of the Trials. Without limiting the generality of the foregoing, NAVIDEA shall:

 

(i)            Submit to the
FDA regulatory documentation which is necessary for including the PETNET Facilities in the IND;

 

(ii)           Obtain regulatory
approvals needed for conducting human clinical trials, including Institutional Review Board approvals or Radioactive Drug Research
Committee approvals as may be required;

 

(iii)          Provide PETNET
with a copy of the FDA approval to proceed letter for the [18F]NAV4694 IND.

 

    	5

    	 

    

 

(iv)          Maintain regulatory
documentation for the Product and the Trials;

 

(v)           Develop all clinical
protocols for the Trials;

 

(vi)          Oversee and monitor
the Trials in accordance with FDA regulations; and

 

(vii)         Within 36 hours
of receipt, provide to PETNET any subsequent regulatory notices relating to the quality of Product produced at a Facility or affecting
the Specifications of the Product being used in the Trials or which may otherwise affect PETNET’s provision of the Services.

 

(viii)        Submit
all other Regulatory documentation related to the IND for [18F]NAV4694 IND including but not limited to IND
Amendments, IND Safety Reports, Annual Reports, etc.

 

(b)          NAVIDEA shall
be responsible for maintaining such records and making such reports as may be required by the FDA and any other applicable regulatory
agency with respect to the Trials and shall make copies of sections relevant to PETNET’s activities under this Agreement
available to PETNET upon request.

 

(c)          Copies of all
complaints concerning the Product that may be received or originated by NAVIDEA or otherwise coming to the attention of NAVIDEA,
including any adverse drug experience reports from the Authorized Trial Sites, shall be promptly forwarded to PETNET.

 

(d)          Because of FDA
regulation of the Trials, the Facilities will be listed appropriately in the IND documents filed with the FDA. NAVIDEA will provide
the opportunity, prior to submission to FDA, for PETNET to review and comment on relevant portions of NAVIDEA’s FDA submissions
that include documentation on Facilities.

 

(e)          Prior to PETNET’s
receipt and testing, and as a condition precedent of any testing work by PETNET pursuant to this Agreement, NAVIDEA shall provide
to PETNET the applicable Material Safety Data Sheet (“MSDS”) containing written or printed material concerning a hazardous
chemical which is prepared in accordance with the regulations promulgated by the Occupational Safety & Health Administration,
or any successor entity thereto, for the Product, the Precursor, the Reference Standard, and all components necessary for the manufacture
of Product.

 

(f)           NAVIDEA warrants
and certifies to PETNET that no person involved with this Agreement or any SOW has been debarred, is under investigation, or convicted
of crimes pursuant to Sections 306(a) and (b) of the Food, Drug and Cosmetic Act and under the U.S. Generic Drug Enforcement Act
of 1992, 21 U.S.C. §§335(a) and (b), as amended. NAVIDEA agrees to notify PETNET as soon as practicable upon NAVIDEA’s
learning of the occurrence of any such debarment, conviction, investigation or inquiry relating to a potential debarment, of any
person involved with this Agreement or any SOW and agrees that said person shall be immediately prohibited from participating in
this Agreement or any SOW.

 

    	6

    	 

    

 

		5.2	PETNET’s Responsibility

 

(a)          PETNET shall
maintain all original documents involving the manufacture and control for the Product, its raw materials, drug substance, and package
components, including, without limitation, inventory records, testing procedures and specifications, master and lot manufacturing
instructions, data from testing and inspections, and original records of experimental work performed to establish capability to
manufacture and test the Product. Additionally, after withdrawing Doses and samples needed for testing, PETNET shall maintain for
a period of thirty (30) days, the bulk vial from all Batches (the “Retains”). PETNET shall store these original records
and Retains in a safe and organized manner so that they may be provided upon request to NAVIDEA or to the FDA or other federal,
state or locally regulatory agency. PETNET shall deliver Retains and copies of all records created under the Services to NAVIDEA
at costs upon receipt of a written request from NAVIDEA

 

(b)          PETNET shall
be responsible for, and shall take all steps necessary for, passing any applicable government inspection of the Facilities by the
FDA or other federal, state or local regulatory agency. All manufacturing, packaging, storage, cleaning, and analytical methods
and processes of the Product or its components must be qualified by PETNET in accordance with the methods set forth in the IND
Qualification procedures and reports will be provided to NAVIDEA upon request. Following qualification of a process and or process
change, PETNET shall notify NAVIDEA of such qualification and, upon request, deliver a copy of the qualification report to NAVIDEA.

 

(c)          PETNET shall
perform all work under this Agreement and any SOW in conformity with all applicable federal, state and local laws and regulations
including, without limitation, the Food, Drug and Cosmetic Act and the regulations promulgated pursuant thereto, as amended from
time to time, including 21 CFR 212 (PET Drug cGMP Regulations).

 

(d)          Copies of all
complaints concerning the Product that may be received or originated by PETNET or otherwise coming to the attention of PETNET,
including any adverse drug experience reports from Authorized Trial Sites, shall be promptly forwarded to NAVIDEA. PETNET shall
provide to NAVIDEA, within 24 hours of receipt, any regulatory notices relating to the quality of Product produced at a Facility
or affecting the Specifications of the Product being used in the Trials or which may otherwise affect PETNET’s provision
of the Services.

 

(e)          PETNET warrants
and certifies to NAVIDEA that no person performing Services pursuant to this Agreement or any SOW has been debarred, is under investigation,
or convicted of crimes pursuant to Sections 306(a) and (b) of the Food, Drug and Cosmetic Act and under the U.S. Generic Drug Enforcement
Act of 1992, 21 U.S.C. §§335(a) and (b), as amended. PETNET agrees to notify NAVIDEA as soon as practicable upon PETNET’
learning of the occurrence of any such debarment, conviction, investigation or inquiry relating to a potential debarment, of any
person performing services pursuant to this Agreement or any SOW and agrees that said person shall be immediately prohibited from
performing Services under this Agreement or any SOW.

 

    	7

    	 

    

 

		5.3	Compliance Audit

 

(a)           NAVIDEA shall
have the right, upon not less than 30 days’ prior written notice to PETNET and its sole expense, to once every twelve (12)
months during the Term conduct a compliance audit of PETNET and each of the Facilities directly related to the manufacturing, laboratory,
packaging, storage, testing, shipping or receiving of the Product; provided, however, that such audit(s) shall be conducted
between the hours of 9:00 am and 5:00 pm local time and in such a manner as to not unreasonably interfere with the operations at
the Facilities, and NAVIDEA’ representatives shall comply with PETNET’s customary procedures for such audits at the
Facilities.

 

(b)           NAVIDEA shall
be responsible for communicating with any governmental or regulatory authority concerning the Product, and PETNET shall provide
NAVIDEA with reasonable assistance NAVIDEA may require to assist it in such communications. PETNET shall have no such communications
specifically related to the Product, except to the extent that they relate to PETNET’s Facilities or manufacturing activities
under this Agreement with respect to the Product, in which case PETNET shall be solely responsible for such communications and
any required follow-up actions. Notwithstanding the foregoing, nothing in this Section 5.3(b) shall be deemed to restrict either
Party’s independent right to communicate with any governmental or regulatory authority. NAVIDEA shall have the right to challenge
any order of a regulatory or governmental activity affecting its Product, and PETNET will be permitted to participate in such challenge
at its sole discretion.

 

		5.4	Recall

 

In the event (a) any
government authority of any country should issue a request, directive or order that the Product supplied by PETNET to NAVIDEA be
recalled, or (b) a court of competent jurisdiction orders such a recall, or (c) the Parties reasonably determine after consultation
with each other that the Product should be recalled (each of the foregoing (a) to (c), a “Recall”), the Parties shall
take all appropriate corrective action and shall cooperate fully with one another in connection therewith. Unless otherwise mutually
agreed, NAVIDEA shall be responsible for coordinating all activity associated with such Recall. NAVIDEA shall be responsible for
all Recall expenses pertaining thereto incurred by NAVIDEA or PETNET. For purposes of this Agreement, Recall expenses shall include,
but not be limited to, the expenses of notification and destruction or return of the recalled Product, as well as NAVIDEA’s
and PETNET’s out-of-pocket costs incurred in connection therewith.

 

    	8

    	 

    

 

		6.	Confidentiality

 

		6.1	Confidential Information

 

(a)          For purposes
of this Agreement, Confidential Information means (i) designs, specifications, know-how, processes, formulae, costs, financial
data, marketing plans and customer lists and, (ii) information that is marked “confidential”, “proprietary”
or some other similar marking or information that is disclosed verbally that is designated in writing as “confidential”
within five (5) days of its disclosure, or (iii) information that a reasonable person would consider to be the confidential information
of the disclosing Party based on the nature of the information or the circumstances surrounding its disclosure. The Confidential
Information of a Party (“Discloser”) acquired by the other Party (“Recipient”) under this Agreement or
any SOW shall not be disclosed to any third party without the prior written authorization from Discloser. Recipient shall use the
Confidential Information only for the purpose of fulfilling its obligations or exercising its rights under this Agreement. Recipient
represents and warrants that it has obtained or will obtain agreements with its employees and agents (including subcontractors)
to maintain the confidentiality of all Confidential Information as provided herein. Notwithstanding the foregoing, either Party
may disclose Joint Process Inventions to a third party bound by a confidentiality agreement containing provisions at least as stringent
as this Section 6 so long as Discloser is given 30 days notice of the contemplated disclosure and may prevent such disclosure if
it reasonably identifies said third party as a competitor.

 

(b)          The obligations
of Recipient with regard to Confidential Information shall continue for a period of five (5) years from the date that such Confidential
Information is acquired by Recipient, except with respect to Confidential Information that is a trade secret, as defined by applicable
law, in which case the obligations of Recipient shall remain in effect for the greater of such five (5) year period or for as long
as such information retains its status as a trade secret, as determined by applicable law.

 

(c)          The obligations
of Recipient regarding the confidentiality and nondisclosure of Confidential Information as provided in this section shall not
apply to information that:

 

(i)            is
already known to Recipient without prior disclosure from Discloser, as shown by Recipient’s prior written records;

 

(ii)           Recipient
can demonstrate by written records was developed for or by Recipient, independent of any Confidential Information of the Discloser;

 

(iii)          becomes
publicly available through no fault of Recipient; or

 

(iv)          is
received from a third party that has the legal right to disclose it to Recipient.

 

		6.2	Compelled Disclosure

 

The confidentiality
obligations contained in this Section 6 shall not apply to the extent that Recipient is required to disclose information by law,
order or regulation of a governmental agency or a court of competent jurisdiction; provided that (a) if Recipient shall, to the
extent not prohibited by applicable law or court order, notify Discloser in writing immediately so that Discloser, at its sole
option and expense, may seek a protective order or other appropriate remedy or waive compliance with the provisions of this Section
6; (b) if Discloser elects to seek a protective order or other appropriate remedy, Recipient shall cooperate with, and not object
to, any such actions; and (c) if a protective order or other remedy is not obtained or Discloser waives compliance with the provisions
of this Section 6, Recipient shall furnish only that portion of Discloser’s Confidential Information which Recipient reasonably
believes is legally required to be disclosed.

 

    	9

    	 

    

 

		6.3	Irreparable Harm

 

Recipient acknowledges
that the disclosure of Confidential Information without Discloser’s expressed permission may cause Discloser irreparable
harm and that the breach or threatened breach of nondisclosure provisions of this Agreement may entitle Discloser to seek injunctive
relief from a court of competent jurisdiction, in addition to any other legal remedies that may be available.

 

		6.4	Publicity

 

The terms and conditions
contained herein shall be held in strict confidence by the Parties hereto, and neither Party shall publicly disclose, directly
or indirectly, any of the terms or conditions of this Agreement unless such disclosure is required by law, order or regulation
of a governmental agency or a court of competent jurisdiction, and is in compliance with Section 6.2 or is otherwise consented
to by the nondisclosing Party. Any announcement or other publicity relating to the transactions contemplated hereby, and the method
of the release of such publicity, must be approved in writing, in advance, by both Parties hereto, which approval shall not be
unreasonably withheld.

 

		7.	Intellectual Property Rights

 

		7.1	Certain Definitions

 

As used in this Agreement,
the following terms have the following meanings:.

 

(a)          “Documentation”
means any written or electronic record embodying the NAVIDEA Technology, including the Specifications or the Methods.

 

(b)          “Intellectual
Property Right(s)” means, individually or collectively, (i) ideas, inventions, improvements, or discoveries, Know-How (whether
patentable or not), (ii) works of authorship copyright applications and copyrights (including, without limitation, documentation,
reports, materials, writings, designs, computer software), processes methods, techniques and any (iii) Patent Rights, (iv) trade
secrets, or (v) other intellectual property right pertaining to any of the foregoing.

 

(c)          “Know-How”
means unpatented technical and other information which is not known to the public, including without limitation, information comprising
or relating to concepts, discoveries, data, designs, formulae, ideas, information relating to material, inventions, methods, models,
assays, research plans, procedures, designs for experiments and tests and results of experimentation and testing including results
of research or development together with processes including manufacturing processes, specifications, techniques, chemical, pharmacological,
toxicological, clinical, analytical and quality control data, trial data, case report forms, data analyses, reports or summaries
and information contained in submissions to and information from ethical committees and regulatory authorities including documents
(which shall include paper, notebooks, books, files, ledgers, records, tapes, discs, diskettes, CD-ROM and any other media on which
Know-How can be permanently stored) containing Know-How. The fact that an item is known to the public shall not be taken to exclude
the possibility that a compilation including the item, and/or a development related to the item, is (or remains) not known to the
public.

 

    	10

    	 

    

 

(d)          “Maintained”
means, with respect to any Intellectual Property Right, that a Party owns a transferable interest or has a license to practice
such Intellectual Property Right and has the ability to grant the other Party access, a license or a sublicense (as applicable)
to practice such Intellectual Property Right.

 

(e)          “NAVIDEA
Technology” means all Intellectual Property Rights that are owned or Maintained by NAVIDEA on the Effective Date or during
the Term, including without limitation the Specifications, the Methods, and the Documentation, excluding Joint Process Inventions.

 

(f)           “Methods”
means the radiochemistry synthesis methods Maintained by NAVIDEA to produce the Product and to demonstrate that Batches of the
Product meet the Specifications.

 

(g)          “Patent
Rights” means the rights and interests in and to any and all issued patents and pending patent applications (including inventor’s
certificates and utility models) in any country worldwide, including any and all provisionals, non-provisionals, substitutions,
continuations, continuations-in-part, divisionals and other continuing applications, supplementary protection certificates, renewals,
and all letters patent on any of the foregoing, and any and all reissues, re-examinations, extensions, confirmations, registrations
and patents of addition of any of the foregoing.

 

(h)          “PETNET
Technology” means all Intellectual Property Rights that are Maintained by PETNET on the Effective Date or during the Term,
excluding Joint Process Inventions.

 

(i)            “Specifications”
means the specified manufacturing instructions, analytic tests and acceptance criteria further described in Exhibit B, as it may
be modified by NAVIDEA from time to time.

 

		7.2	Ownership and Publication of Results

 

(a)          All data and
information, including raw data and case report forms, generated as a result of the Trials, will be the property of NAVIDEA and
may be freely utilized by NAVIDEA in any manner desired, subject to restrictions set out in Section 7.2(c) below.

 

(b)          Any information
regarding the Trials, including the name and location of the Authorized Trial Sites, shall be treated in confidence by PETNET as
the Confidential Information of NAVIDEA, except that PETNET may disclose or use information in accordance with Article 5.2 and
5.3 above.

 

(c)          NAVIDEA shall
have the right to use, copy, publish and distribute as it sees fit any of the results of the Trials; provided, however, that NAVIDEA
may not use the name of PETNET or its employees or representatives for any public or commercial purpose, including advertising,
promotional or sales literature or product labeling without the prior written consent of PETNET, unless required by governmental
order, law or regulation.

 

    	11

    	 

    

 

		7.3	Ownership of Intellectual Property

 

(a)          As
between the Parties, all PETNET Technology is and shall be the exclusive property of PETNET and may be freely used by
PETNET, subject to the terms and conditions of this Agreement. Except as provided in Section 7.3(c), all
improvements, enhancements, modifications or derivatives to the PETNET Technology (“PETNET Technology
Inventions”) shall be the exclusive property of PETNET. To the extent NAVIDEA has any Intellectual Property Rights in
and to any PETNET Technology Inventions, NAVIDEA hereby assigns and transfers the same to PETNET absolutely and free of any
third party claims or interests. NAVIDEA shall execute such deeds or documents and do such things as are necessary to
transfer ownership of the PETNET Technology Inventions to PETNET and to facilitate the filing of patent applications for
Patent Rights or other registrations of Intellectual Property Rights in the name of PETNET at PETNET’s reasonable
expense. All PETNET Technology and PETNET Technology Inventions shall be deemed the Confidential Information of PETNET.
Notwithstanding anything in this Agreement to the contrary, to the extent PETNET Technology Inventions are utilized in the
manufacture, preparation, distribution and/or use of the Product as manufactured by PETNET, PETNET hereby grants NAVIDEA a
non-exclusive, non-transferable, perpetual, royalty free worldwide license to make, distribute or use or have made,
distributed or used Product under such PETNET Technology Inventions.

 

(b)          As
between the Parties, all NAVIDEA Technology is and shall be the exclusive property of NAVIDEA and may be freely used by
NAVIDIEA, subject to the terms of this Agreement, including, without limitation, Section 7.4 below. Except as provided in
Section 7.3(c), all inventions that are improvements, enhancements, modifications or derivatives of the NAVIDEA
Technology (“NAVIDEA Technology Inventions”) shall be the exclusive property of NAVIDEA. To the extent PETNET has
any Intellectual Property Rights in and to any NAVIDEA Technology Inventions, other than the license grant set forth in
Section 7.4 below, PETNET hereby assigns and transfers the same to NAVIDEA absolutely and free of any third party claims or
interests. PETNET shall execute such deeds or documents and do such things as are necessary to transfer ownership of the
NAVIDEA Technology Inventions to NAVIDEA and to facilitate the filing of patent applications for Patent Rights or other
registrations of Intellectual Property Rights in the name of NAVIDEA at NAVIDEA’s reasonable expense. All NAVIDEA
Technology and NAVIDEA Technology Inventions shall be deemed the Confidential Information of NAVIDEA.

 

(c)          Except as otherwise
set forth in this Section, any process inventions conceived of jointly by the Parties shall be jointly owned (“Joint Process
Inventions”), and may be freely used by the Parties subject to any underlying PETNET Intellectual Property Rights and any
underlying NAVIDEA Intellectual Property Rights and subject to the terms and conditions of this Agreement. Whether a process-related
invention is a Joint Process Invention shall be governed by United States patent law governing joint inventorship. The Parties
shall promptly notify each other if they believe they have conceived of a Joint Process Invention. The Parties shall then discuss
whether a patent application or applications should be filed for the Joint Process Invention. The Parties acknowledge that “time
is of the essence” when deciding whether to file a patent application and agree to act in good faith in making a determination
as to how to proceed.

    	12

    	 

    

 

(i)            If
the Parties wish to jointly pursue patent protection and/or jointly own any resulting patents for Joint Process Inventions, the
Parties shall work together to obtain patent protection and shall equally split the costs of patent prosecution and maintenance
unless explicitly agreed in writing otherwise. The Parties shall decide which Party will take the lead in patent prosecution (“Lead
Party”). The Lead Party shall keep the other Party informed of developments in the patent prosecution and maintenance and
shall seek the advice and input of the non-Lead Party in making substantive decisions regarding patent prosecution and maintenance.
The Parties shall work together in making substantive decisions, developing a prosecution strategy and in selecting appropriate
outside counsel, if necessary. Both Parties shall jointly own, by having an undivided equal joint interest therein, any patent
issuing on any Joint Process Invention (“Joint Patent”). Each Party shall provide all information and execute and file
all documents and instruments necessary to memorialize and record such joint ownership with all applicable patent offices and government
agencies, including any affidavits, declarations, or assignments. Subject to any underlying Intellectual Property Rights of the
other Party and subject to the terms and conditions of this Agreement, each Party shall have full use of any Joint Patents for
its own purposes including (subject to the foregoing) the right to license or assign its rights to any Joint Patent without obligation
or accounting to the other Party.

 

(ii)            If
one of the Parties (“Non-prosecuting Party”) decides it does not want to, or no longer wants to pursue patent protection
(including any interferences, reissue proceedings, re-examinations, and post-grant reviews) for a Joint Process Invention and/or
does not want to maintain a patent or application for a Joint Process Invention or to file any subsequent application claiming
priority thereto (including any continuation, continuation-in-part, divisional, reissue, PCT application, or foreign counterpart
applications), and provides timely written notification of such decision, the other Party (“Prosecuting Party”) shall
have the option of pursuing patent protection or maintaining patents or applications for the Joint Process Invention on its own.
The Prosecuting Party shall bear the entire cost of patent prosecution and/or maintenance and shall be the sole owner of the patent
applications, patents and patent rights unless agreed to in writing otherwise. The non-prosecuting Party shall cooperate with the
Prosecuting Party including providing, at the Prosecuting Party’s reasonable expense, all necessary information and input
and executing, and causing such Non-prosecuting Party’s employees, consultants, and contractors to execute, any necessary
documents and instruments, including affidavits, declarations, and assignments. The Prosecuting Party shall have the final say
on all matters related to patent prosecution and maintenance and may but shall not be obligated to notify the Non-prosecuting Party
of developments regarding the patent prosecution or seek the Non-prosecuting Party’s input. Subject to any underlying Intellectual
Property Rights of the other Party and subject to the terms and conditions of this Agreement, the Non-prosecuting Party shall have
a non-exclusive, fully paid-up, world-wide, perpetual license to any resulting patents covering the Joint Process Invention. This
license shall be non-transferrable and non-licensable except to Affiliates of the Non-prosecuting Party.

 

    	13

    	 

    

 

(iii)           Neither
Party shall disclose to its sublicensee(s) or any other third party any confidential PETNET Intellectual Property Rights or confidential
NAVIDIEA Intellectual Property Rights (as applicable) of the other Party that underlies the Joint Process Inventions.

 

(d)          In the event
that either Party reasonably believes that a third party may be infringing any Joint Patent, then such Party shall promptly notify
the other Party in writing, identifying the alleged infringer and the alleged infringement complained of and furnishing the information
upon which such determination is based. PETNET shall, at its expense, have the first right, but not the obligation, through counsel
of its choosing, to take any measures it deems appropriate to prevent or stop any such infringement. PETNET shall keep NAVIDEA
promptly apprised of all enforcement actions taken by PETNET in connection with any such enforcement action, including providing
NAVIDEA with drafts of briefs and filings in connection therewith and allowing adequate time for review and comment by NAVIDEA
whenever possible. PETNET shall reasonably consider all such NAVIDEA comments, and shall obtain NAVIDEA’s written consent
before entering into any settlement with the infringing third party, which consent shall not be unreasonably withheld, conditioned
or delayed. Upon reasonable request by PETNET, NAVIDEA shall give PETNET all reasonable information and assistance, and, if necessary
for PETNET to prosecute any legal action, join in the legal action as a party at PETNET’s expense. In the event PETNET fails
within thirty (30) days following notice of such infringement to take commercially appropriate steps to prevent or stop such infringement,
or earlier notifies NAVIDEA in writing of its intent not to do so, then NAVIDEA shall have the right, at its expense, but not the
obligation, to do so. NAVIDEA shall keep PETNET promptly apprised of all enforcement actions taken by NAVIDEA in connection with
any such enforcement action, including providing PETNET with drafts of briefs and filings in connection therewith and allowing
adequate time for review and comment by PETNET whenever possible.  NAVIDEA shall reasonably consider all such PETNET comments,
and shall obtain PETNET’s written consent before entering into any settlement with the infringing third party, which consent
shall not be unreasonably withheld, conditioned, or delayed. Upon reasonable request by NAVIDEA, PETNET shall give NAVIDEA all
reasonable information and assistance in connection with such suit for infringement. Any damages or other amounts collected by
either PETNET or NAVIDEA as the result of a legal action under this Section 7.3(d) shall be allocated first to reimburse the Party
prosecuting such action for its costs and expenses in making such recovery, with any remainder of damages that are attributable
to infringement to be shared equally by the Parties.

 

    	14

    	 

    

 

(e)          In the event
that a third party asserts, as a defense or as a counterclaim in any infringement action, or in a declaratory judgment action or
similar action or claim before any court, tribunal, administrative agency, or patent office, that any Joint Patent is invalid or
unenforceable, then the Party participating in such action shall promptly give written notice to the other Party. PETNET shall
have the first right, but not the obligation, at its sole cost and expense through counsel of its choosing, to respond to such
defense or defend against such counterclaim (as applicable) unless NAVIDEA is pursuing the applicable infringement action or is
the named defendant, in which case NAVIDEA shall have the first right. The Party controlling such response or defense (the “Controlling
Party”) shall keep the other Party (the “Other Party”) promptly apprised of all actions taken by the Controlling
Party in connection with any such response or defense, including providing the Other Party with drafts of briefs and filings in
connection therewith, allowing adequate time for review and comment by the Other Party whenever possible, and the Controlling Party
shall reasonably consider all such comments. The Controlling Party shall obtain the written consent of the Other Party prior to
settling or, otherwise compromising such defense or counterclaim, which consent shall not be unreasonably withheld or delayed.
If the Controlling Party determines not to respond to such defense or defend against such counterclaim (as applicable), it shall
notify the Other Party of the same in sufficient time to allow the Other Party to respond or defend (as applicable). The Other
Party shall have the right, but not the obligation, to respond to such defense or defend against such counterclaim at its sole
cost and expense through counsel of its choosing. If the Other Party determines to respond to such defense or defend against such
counterclaim, it shall obtain the written consent of the former Controlling Party prior to settling or otherwise compromising such
defense or counterclaim, which consent shall not be unreasonably withheld or delayed. Upon reasonable request by a Party, the other
Party shall give the requesting Party, at the requesting Party’s expense, all reasonable information and assistance in connection
with the defense to actions specified under this Section.

 

		7.4	Limited Licenses

 

NAVIDEA hereby grants
to PETNET a non-exclusive, non-transferable (except as set forth in Section 12), royalty-free license, with the right to sublicense
under any Intellectual Property Rights of NAVIDEA relating directly or indirectly to the NAVIDEA Technology or NAVIDIEA Technology
Inventions, to make, have made, use and distribute NAVIDEA Materials and the Product solely for the purpose of manufacturing and
distributing the Product and performing the Services as set forth in this Agreement. NAVIDEA hereby grants to PETNET the right
to use and reference all applicable regulatory filings, production contracts and drug master files and other regulatory documents
solely for the purpose of performing its obligations set forth in this Agreement. Except as specifically provided herein, PETNET
shall have no other rights to intellectual property of NAVIDEA for the duration of the Trials and thereafter.

 

		8.	Warranties and Disclaimer

 

(a)          Each Party hereby
represents and warrants that:

 

(i)           It is a corporation
duly organized, validly existing and in good standing under applicable state law.

 

(ii)            This Agreement
has been duly executed and delivered by it and constitutes the legal, valid and binding obligation of such Party, enforceable against
it in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, moratorium, reorganization or other
laws of general applicability relating to or affecting the enforcement of creditor’s rights and general principles of equity.

 

(iii)           The execution,
delivery and performance of this Agreement do not and will not (A) violate or conflict with, result in a breach of, constitute
a material default (or an event which, with or without notice or lapse of time or both, would constitute a default) under any material
contract to which it is a party or by which it is bound; (B) violate any applicable law; or (C) violate or conflict with any provision
of its certificate of incorporation and by-laws or comparable organizational documents.

 

    	15

    	 

    

 

(iv)           It has not been
debarred, suspended or excluded under any laws or regulations promulgated by FDA or any equivalent law. It does not and will not
employ, contract with or retain any person to perform activities under this Agreement if such person is debarred, suspended or
otherwise excluded by governmental authorities.

 

(v)            It has the requisite
corporate power and authority to carry on its business as it is now being conducted and is duly licensed or qualified to do business
in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties owned or
leased by it makes such licensing or qualification necessary.

 

(b)          NAVIDEA hereby
represents and warrants that NAVIDEA Technology and NAVIDEA Technology Inventions used in the performance of this Agreement does
not infringe, misappropriate or otherwise violate any Intellectual Property Rights of any third party.

 

(c)          THE REPRESENTATIONS
AND WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT ARE THE PARTIES’ ONLY REPRESENTATIONS AND WARRANTIES WITH RESPECT TO
THE SUBJECT MATTER OF THIS AGREEMENT AND ARE MADE EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, WHICH ARE HEREBY
DISCLAIMED, INCLUDING ANY IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, NON-INFRINGEMENT OR OTHERWISE.
THE PARTIES AGREE THAT IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES
RESULTING FROM BREACH OF THIS AGREEMENT.

 

		9.	Force Majeure

 

Each of the Parties
hereto shall be excused from the performance of its obligations hereunder to the extent performance of this Agreement is prevented
by force majeure and such excuse shall continue as long as the condition constituting such force majeure continues; provided, however,
if such delay continues in excess of eight (8) weeks, this Agreement may be terminated upon written notice by the effected Party
to the other Party. Neither Party shall be obligated to pay or refund any amount stated in Exhibit C upon early termination due
to force majeure.

 

For purposes of this
Agreement, “force majeure” is defined as follows:

 

Causes beyond the control of
NAVIDEA or PETNET, which are not attributable to any legal violation, negligence, breach or default by either Party, including
acts of God, new statutes, regulations or other changes of laws of any government, civil commotion, strikes, shortages of raw materials,
terrorism, unavailability of necessary equipment, substantial damage to or destruction of production facilities or material by
fire, earthquake or storm, epidemics and failure of public utilities or common carriers or any other cause beyond the reasonable
control of the Party affected thereby.

 

    	16

    	 

    

 

		10.	Indemnification

 

		10.1	Indemnification by PETNET

 

(a)          PETNET agrees
to indemnify, defend and hold harmless NAVIDEA and its affiliates, as well as the officers, directors, employees and agents of
each (collectively “NAVIDEA Indemnitees”), against any third party claims, losses or damages (including reasonable
attorney’s fees and disbursements paid or incurred by any of them) suffered or incurred by any NAVIDEA Indemnitee resulting
from (i) the personal injury (including death) or damage to tangible personal property to the extent caused by PETNET’s negligence
or willful misconduct in the performance of the Services; or (ii) any intentional misconduct on the part of PETNET; provided,
that in no event shall PETNET be required to indemnify NAVIDEA to the extent of claims, losses or damages arising on account of
(or to the extent aggravated by reason of) the negligence or willful misconduct of NAVIDEA Indemnitees.

 

(b)          NAVIDEA agrees
to provide PETNET with prompt notice of any claim by any NAVIDEA Indemnitee for indemnification under Section 10.1(a) (a “NAVIDEA
Claim”). In the event of any NAVIDEA Claim, PETNET shall manage and control the defense and settlement of any and all actions,
proceedings, and suits with respect thereto, and shall have the right to select and engage counsel of its own choice. Any NAVIDEA
Indemnitee may also participate in the defense with counsel of its own choosing at its own expense. The NAVIDEA Indemnitees shall
reasonably cooperate at PETNET’s reasonable cost in the defense of any and all such actions, proceedings, and suits. No NAVIDEA
Indemnitee shall be entitled to compromise or settle any claim, loss, or damage that is or may be the subject of indemnification
under Section 10.1(a) without the prior written approval of PETNET, and PETNET shall have no obligation to indemnify any NAVIDEA
Indemnitee that is so compromised or settled.

 

		10.2	Insurance by PETNET

 

PETNET shall maintain
in full force and effect during the term of this Agreement, at its sole cost and expense, the following insurance: (i) Products
Liability Insurance coverage in the minimum amount of Five Million ($5,000,000) Dollars per occurrence with an annual aggregate
amount of Ten Million ($10,000,000) Dollars; (ii) Commercial General Liability insurance with bodily injury and property damage
with minimum limits of Five Million ($5,000,000) per occurrence, with an annual aggregate limit of Ten Million ($10,000,000); and
(iii) Worker’s Compensation and Occupational Disease Disability insurance as required by the laws of the state(s) in which
the Services are to be performed.

 

		10.3	Indemnification by NAVIDEA

 

(a)          NAVIDEA agrees
to indemnify, defend and hold harmless PETNET, and its affiliates, as well as the officers, directors, employees and agents of
each (hereafter collectively referred to as “PETNET Indemnitees”), against any third party claims, losses or damages
(including reasonable attorney’s fees and disbursements paid or incurred by any of them) suffered or incurred by any PETNET
Indemnitee resulting from (i) any clinical trials, ownership, testing, use, application, consumption, distribution, marketing
or sale of the Product; (ii) any intentional misconduct on the part of NAVIDEA; (iii) any claim that the NAVIDEA Technology, NAVIDEA
Technology Inventions, NAVIDEA Materials or Product ((A) as specified in the NDA or (B) any other written specifications or written
instructions provided by NAVIDEA to PETNET or (C) as delivered to PETENT) infringes Intellectual Property Right of a third party;
or (iv) any failure by NAVIDEA to honor NAVIDEA’s financial obligations to any subcontractor of NAVIDEA; provided,
that in no event shall NAVIDEA be required to indemnify PETNET to the extent of claims, losses or damages arising on account of
(or to the extent aggravated by reason of) the negligence or willful misconduct of PETNET Indemnitees.

 

    	17

    	 

    

 

(b)          PETNET agrees
to provide NAVIDEA with prompt notice of any claim by any PETNET Indemnitee for indemnification under Section 10.3(a) (a “PETNET
Claim”). In the event of any PETNET Claim, NAVIDEA shall manage and control the defense and settlement of any and all actions,
proceedings, and suits with respect thereto, and shall have the right to select and engage counsel of its own choice. Any PETNET
Indemnitee may also participate in the defense with counsel of its own choosing at its own expense. The PETNET Indemnitees shall
reasonably cooperate at NAVIDEA’ reasonable cost in the defense of any and all such actions, proceedings, and suits. No PETNET
Indemnitee shall be entitled to compromise or settle any claim, loss, or damage that is or may be the subject of indemnification
under Section 10.3(a) without the prior written approval of NAVIDEA, and NAVIDEA shall have no obligation to indemnify any PETNET
Indemnitee that is so compromised or settled.

 

		10.4	Insurance by NAVIDEA

 

NAVIDEA shall maintain
in full force and effect during the term of this Agreement, at its sole cost and expense, the following insurance: (i) Products
Liability Insurance coverage in the minimum amount of Five Million ($5,000,000) Dollars per occurrence with an annual aggregate
amount of not less thanTen Million ($10,000,000) Dollars; and (ii) Commercial General Liability insurance with bodily injury and
property damage with minimum limits of One Million ($1,000,000) per occurrence and a commercial umbrella policy with a per-occurrence
limit of not less than Five Million ($5,000,000) dollars.

 

		10.5	Certificates of Insurance

 

Each Party shall provide
to the other certificates of insurance evidencing the insurance required hereunder, upon written request, and will provide at least
thirty (30) days prior written notice to the other Party prior to any cancellation of such coverage or material change in such
coverage.

 

		11.	Term; Termination; Effect

 

		11.1	Term

 

This Agreement shall
commence on the Effective Date and shall have an initial term of three (3) years (“Initial Term”), unless earlier terminated
as provided herein. Thereafter, this Agreement shall automatically renew for additional one year terms (“Extended Term”),
unless either Party gives written notice at least sixty (60) days prior to the end of the Initial Term, or any subsequent extension,
that it wishes not to renew. The Initial Term and any subsequent extensions shall be referred to collectively as the “Term”.

 

    	18

    	 

    

 

		11.2	Breach

 

In addition to any
other rights a Party may have in law or equity, either Party may terminate this Agreement, or the SOW, upon written notice to the
other Party, if the other Party materially breaches this Agreement, or the SOW, and such breach is not cured within thirty (30)
days from notice of such breach. Each Party agrees to use all reasonable efforts to correct said breach and provide satisfactory
evidence of corrective actions in a timely manner. Failure to cure the breach within such 30-day period shall entitle the non-breaching
Party to terminate this Agreement, or any SOW, immediately by written notice to the breaching Party. Upon early termination for
cause, the non-breaching Party shall have no obligation to pay or refund any amount stated in Exhibit C to the breaching Party.

 

		11.3	Termination Without Cause

 

Upon any notice by
NAVIDEA or PETNET pursuant to Section 2.2, either Party may terminate this Agreement, or any SOW, for any reason and without cause,
upon sixty (60) days’ prior written notice to the other, except that PETNET shall have no right to terminate without
cause until six (6) months after the Effective Date. If PETNET elects to terminate this Agreement without cause during the Initial
Term, PETNET shall refund to NAVIDEA an amount equal to the Site Qualification Fees set forth in Exhibit C, pro-rated over the
remaining balance of the Initial Term. NAVIDEA shall receive no refund of any fees if it elects to terminate without cause at anytime,
or if PETNET so elects during any Extended Term.

 

		11.4	Effect of Termination

 

In the event of termination
of this Agreement or any SOW for any reason:

 

(a)           NAVIDEA and
PETNET agree to discuss, cooperate and coordinate termination of activities being conducted by PETNET.

 

(b)           NAVIDEA shall
pay, in accordance with Section 3.1, for all Batches supplied by PETNET up to date of termination. PETNET shall return or destroy
all NAVIDEA Materials in accordance with the provisions of Section 4.5.

 

(c)           A reasonable
plan of action for cessation of activities will be agreed to by both Parties to ensure an orderly cessation of on-going tasks and
activities in order to comply with the legal responsibilities of the Parties according to applicable local, federal and/or state
laws, regulations and ordinances.

 

(d)           PETNET will
provide NAVIDEA with a copy of all records relating to the performance of the Services and all periodic/final reports and/or records,
in any case as required by applicable provisions of this Agreement.

 

		11.5	Survival

 

Termination or expiration
of this Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of either Party
prior to such termination, relinquishment or expiration. Such termination, relinquishment or expiration shall not relieve either
Party from obligations that are expressly indicated to survive termination or expiration of this Agreement or by their nature should
survive the termination or expiration of this Agreement, including pursuant to Sections 5 through 8 and 10 through 18 hereof.

 

    	19

    	 

    

 

		12.	Assignment and Subcontracting

 

This Agreement shall
not be assigned or transferred by either Party, in whole or in part, by operation of law or otherwise, without the prior written
consent of the other Party, and any attempt to make such assignment without such consent shall be null and void, provided, however
this Agreement may be assigned to an affiliate or a successor in interest by operation of law or otherwise, provided, however,
such successor agrees in writing to be bound by the terms of this Agreement. PETENT shall have the right to subcontract with a
third party to perform delivery services under this Agreement without the prior written consent of NAVIDEA. PETNET may not engage
any other third party to perform Services under this Agreement without the prior written consent of NAVIDEA.

 

		13.	Notice

 

Any notice required
hereunder shall be effective upon receipt and may be served by either Party on the other by: (i) personal delivery, (ii) post prepaid,
national courier, (iii) national postal service via registered or by certified mail, or (iv) by facsimile or e-mail (receipt verified);
in each case to the address noted below:

 

	If to PETNET:	Siemens Medical Solutions USA, Inc.
	 	Attention: Legal Department
	 	810 Innovation Drive
	 	Knoxville, TN 37932
	 	Fax: +1.865.218.2760
	 	 
	If to NAVIDEA:	Navidea Biopharmaceuticals, Inc.
	 	425 Metro Place North Suite 450
	 	Dublin, OH 43017
	 	Attention: Thomas Tulip, President and Chief Business Officer
	 	Telephone:978 655-2670
	 	Fax: 978 655-2671

 

		14.	Independent Contractor

 

The relationship created
by this Agreement shall be strictly that of independent contractor, and no partnership or joint venture exists or shall be implied
between the Parties hereto. Neither Party is hereby constituted an agent or legal representative of the other Party for any purpose
whatsoever and neither Party is granted any right or authority hereunder to assume or create any obligation, express or implied,
or to make any representation, warranties or guarantees, except as are expressly granted or made in this Agreement.

 

    	20

    	 

    

 

		15.	Governing Law

 

The validity, interpretation
and effect of this Agreement shall be governed by and construed under the laws (other than the conflict of laws rules) of the State
of Delaware.

 

		16.	Survivability

 

In the event that any
term or provision of this Agreement shall violate any applicable statute, ordinance, or rule of law in any jurisdiction in which
it is used, or otherwise be unenforceable, such provision shall be ineffective to the extent of such violation without invalidating
any other provision hereof.

 

		17.	Counterparts

 

This Agreement may
be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same original. Signatures to this Agreement may be delivered by facsimile, by electronic mail (e.g., a “.pdf” file)
or by any other electronic means that is intended to preserve the original appearance of the document, and such delivery will have
the same effect as the delivery of the paper document bearing the actual, hand-written signatures.

 

		18.	Entire Agreement

 

The Parties hereto
acknowledge that this Agreement and the Exhibits hereto set forth the entire agreement and understanding of the Parties and except
as set out herein, supersedes all prior written or oral agreements or understandings with respect to the subject matter hereof.
No modification of any of the terms of this Agreement, or any amendments thereto, shall be deemed to be valid unless in writing
and signed by the Party against whom enforcement is sought. No course of dealing or usage of trade shall be used to modify the
terms and conditions herein. The captions or headings herein are solely for convenience and have no effect on the meaning or interpretation
of this Agreement.

 

*           Signatures appear
on following page           *

 

    	21

    	 

    

 

SIGNATURES

 

IN WITNESS WHEREOF,
the Parties have each caused this Agreement to be executed by their duly authorized officers as of the Effective Date.

 

	NAVIDEA BIOPHARMACEUTICALS, INC.	 	PETNET SOLUTIONS, INC.
	 	 	 
	By:	/s/ Thomas H. Tulip	 	By:	/s/ Christoph Zindel
	 	Thomas H. Tulip, President	 	 	Christoph Zindel
	 	 	 	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	And
	 	 	 	 	 
	 	 	 	By:	/s/ Brian Malone
	 	 	 	 	Brian Malone
	 	 	 	 	Chief Financial Officer

 

    	22

    	 

    

 

Confidential Treatment – Asterisked material
has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

 

EXHIBIT A

 

Scope of Work

 

 

		1.	NAVIDEA has selected the [*] Facilities listed in paragraph 2 below to begin producing the
Product in support of its Trials [*].

 

		2.	The Facilities of PETNET located in the following metropolitan areas shall be qualified in accordance
with paragraph 7 below:

 

		o	[*]

 

		o	[*]

 

		o	[*]

 

		o	[*]

 

		3.	PETNET will implement the production processes and quality control methods for the preparation
and testing of the Product at the Facilities. The Parties will use commercially reasonable efforts to meet the schedule below for
site qualification. As a condition of PETNET’s commitment to this schedule, NAVIDEA agrees to provide PETNET with: (1) [*].
In the event NAVIDEA fails to provide [*], the Parties shall make an equitable adjustment to the schedule below (e.g.
an additional day to qualify each Facility for each day that passes after [*]), and this Agreement shall be modified, in
writing accordingly.

 

		·	[*]

 

		·	[*]

 

		·	[*]

 

		4.	PETNET shall establish production equipment, quality control equipment, equipment qualification
and standard operating procedures (“SOPs”). The quality control equipment and processes will provide the necessary
analytical data on each production batch of Product as described in Exhibit B.

 

		5.	PETNET’s duties under paragraphs 2, 3, and 4 will be performed in compliance with cGMP regulations
specified in 21 CFR 212 (“cGMP”).

 

		6.	A PETNET operator shall be qualified (“Qualified Operator”) for each Facility before
making the Product. For purposes of this Agreement, a Qualified Operator shall have performed three successful qualification runs
with full analytical testing as defined in Exhibit B. All batch records and analytical results will be forwarded to NAVIDEA upon
completion.

 

    	23

    	 

    

 

		7.	Each Facility shall be qualified before making the Product. For purposes of this Agreement, Facility
qualification shall consist of three successful qualification runs with full analytical testing as defined in Exhibit B. All batch
records and analytical results will be forwarded to NAVIDEA upon completion. The Parties will use commercially reasonable efforts
to obtain a batch production of at least 1 Ci of final product as measured at end of synthesis.

 

		8.	Prior to the qualification runs and at NAVIDEA’s option and sole expense, a compliance audit
based on cGMP requirements will be performed by NAVIDEA of each Facility. NAVIDEA shall notify PETNET at least 14 calendar days
in advance of any such compliance audit. Any deficiencies will be addressed, and documentation of the resolution of the issues
will be forwarded to NAVIDEA upon request. Such audits will be in addition to those compliance audits described in Section 5.3(a)
of the Agreement.

 

		9.	Product labels shall be essentially in the form shown in Exhibit A, Attachment 1. Prior to use,
PETNET shall submit labels to NAVIDEA for approval. Approved labels will be included in appropriate IND filings.

 

		10.	If analytical tests show unsatisfactory results, the manufacturing procedure will be investigated
by PETNET to identify the source of the problem. PETNET will propose an appropriate modification to be implemented to correct the
manufacturing process. PETNET shall implement such correction in consultation with NAVIDEA.

 

		11.	Navidea shall provide PETNET with a list of sites that have met regulatory requirements to receive
Product (“Authorized Trial Sites”). PETNET shall provide Product only to Authorized Trial Sites.

 

		12.	PETNET shall prepare Product for the Trials according to the appropriate SOPs. Product release
shall be performed by qualified PETNET personnel. Doses will be dispensed by qualified PETNET personnel. Doses and shields will
be labeled with approved labels. .

 

		13.	PETNET will provide copies of batch records and analytical test results to NAVIDEA upon release
of a Batch and within four (4) days of completion of sterility testing of the Batch.

 

    	24

    	 

    

Confidential Treatment – Asterisked
material has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

Exhibit A, Attachment 1

 

SHIELD LABEL

 

 

	[18F]NAV4694	 	Sterile Solution for Intravenous Administration
	[Pharmacy name and location]	 	Caution: New drug – Limited by Federal Law to Investigational Use
	Batch # _______________________	 	 
	Calibration @ EOS*:	 	Each mL contains __ mCi of [18F]NAV4694 at EOS. 
	Date __________ Time __________	 	Contains: [*]
	Activity Concentration:	 	Store upright in shielded container at 2° – 30°C.
	_____________ mCi in ________ mL @ EOS	 	Do not use if cloudy or contains particulate matter.
	Expires: Date __________ Time:___________	 	[*]
        

	Subject No. _____________________	 	CAUTION: RADIOACTIVE MATERIAL

 

    	25

    	 

    

 

Syringe Label

 

		 	 [18F]NAV4694
	 	Rx #               Date/Time(@EOS):                                
	 	[18F]NAV4694:                        
    mCi@dosing
	 	Time (@dosing):                  
	 	Patient ID:                                   
	 	 

    	26

    	 

    

 

Confidential Treatment – Asterisked
material has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

EXHIBIT B

 

Specifications, Analytical Tests and

Acceptance Criteria

 

 

	Test 	 	Acceptance criteria 	 	Method reference 
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	[*]	 	[*]
	[*]	 	 	 	 

 

    	27

    	 

    

 

Confidential Treatment – Asterisked
material has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

EXHIBIT C

 

Financial Terms

 

 

		1.	In consideration for PETNET providing the selected qualified Facilities to produce the Product
in support of the Trials, NAVIDEA shall pay the following non-refundable (except as set forth in Section 11.3) Technology Transfer
and Site Qualification Fees to PETNET:

 

Technology
Transfer Fee:

 

		-	[*]

 

Site
Qualification Fees:

 

[*]

 

		-	[*]:

 

		o	[*]

 

		o	[*]

 

		o	[*]

 

		o	[*]

 

		2.	PETNET will provide NAVIDEA an estimated
                                                           total [*] of Product from the Facilities (the “Product
                                                           Volume”) for the Trials over the Initial Term. In exchange for
                                                           PETNET’s commitment to produce the Product Volume, NAVIDEA shall
                                                           pay PETNET the following nonrefundable monthly production fees:

 

Production Fees:

 

		-	[*]

 

plus

 

		-	$[*] of Product supplied to NAVIDEA.

 

		3.	In addition to the price per Batch set forth in paragraph 2 of this Exhibit C, NAVIDEA will reimburse
PETNET for all actual freight charges for transportation of Doses of Product from a Facility to the specified Trial Site.

 

		4.	The Site Qualification and Production Fees shall apply
to each additional Facility selected for production beyond the minimum required in Exhibit A.

 

    	28

    	 

    

 

Confidential Treatment – Asterisked
material has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

Payment Schedule

 

PETNET shall invoice Navidea according to the following schedule:

 

Technology Transfer Fee

- [*]

- [*]

- [*]

   [*]

 

Site Implementation Fees

-[*]

(Initiation to begin immediately
after contract execution and start of Technology Transfer)

- [*]

 

Infrastructure and Equipment Fees

[*]

[*]

 

    	29

    	 

    

 

Confidential Treatment – Asterisked
material has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment.

 

EXHIBIT D

 

NAVIDEA
Materials

 

 

		NAV4694RS	2-[2- (fluoro) -6- (methylamino) -3-pyridinyl]-5-benzofuranol

 

		NAV4614	t-Butyl 5-(5-(ethoxymethoxy)benzofuran-2-yl)-6-nitropyridine-2-yl(methyl)carbamate

 

[*]

		-	[*]

		-	[*]

		-	[*]
		-	[*]

 

    	30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]