Document:

EX-10.6

 Exhibit 10.6 

HCW Biologics Inc. 
 2929
North Commerce Parkway 
 Miramar, Florida 33025 

July 6, 2021 
 PERSONAL AND CONFIDENTIAL 

Peter Rhode 
 [***] 

Re: Employment Agreement 
 Dear Peter: 

It gives me great pleasure to offer you (the “Employee”) continued employment with HCW Biologics Inc. (the “Company”) in the position of
Chief Scientific Officer and Vice President of Clinical Operations. As of the Effective Date (as defined below), this letter agreement (this “Agreement”) sets forth the terms and conditions that shall govern the period of Employee’s
employment with the Company (referred to hereinafter as “employment” or the “Employment Period”). Each of the Employee and the Company shall be referred to as a “Party” and collectively, the “Parties”. 

1. Effective Date. This Agreement shall be effective, and the term of this Agreement shall commence on July 15, 2021 (the “Effective
Date”) and shall govern the terms and conditions of Employee’s employment from the Effective Date until the third anniversary of the Effective Date (the “Expiration Date”), unless Employee’s employment is terminated earlier
in accordance with Section 4(a) below. The Employment Period may be extended beyond the Expiration Date by mutual agreement between Employee and Employee’s Supervisor (as defined below). 

2. Employment. Employee shall render services to the Company in the position of Chief Scientific Officer and Vice President of Clinical Operations and
shall report to the Company’s Chief Executive Officer (Employee’s “Supervisor”). Employee shall be based out of the Company’s offices in Florida. Employee will perform the duties and have the responsibilities and authority
customarily performed and held by an employee in Employee’s position or as otherwise may be assigned or delegated to Employee by Employee’s Supervisor. During the Employment Period, Employee shall perform Employee’s duties faithfully
and to the best of Employee’s ability and shall devote substantially all of Employee’s business time, energy, attention and skill to the services of the Company and the promotion of its interests. So long as Employee is employed by the
Company, Employee shall not, without the prior written consent of the Company establish or engage in any business activity that would compete in any way with the current or proposed business of the Company or its affiliates; provided, that it
shall not be a violation of this Agreement for Employee to (i) serve on civic or charitable boards, (ii) serve in a non-executive capacity on the boards of directors of up to two other companies or
(iii) manage passive personal investments, in each case so long as such activities do not individually or in the aggregate interfere in any material way with the performance of Employee’s duties and responsibilities to the Company.
Employee shall comply with the Company’s policies and rules, as they may be in effect from time to time during Employee’s employment. 

  
 1 

 3. Compensation. 

(a) Salary. The Company shall pay Employee an annual base salary of $230,000 (“Base Salary”), which shall be paid less all
required tax withholdings and other applicable deductions in accordance with the Company’s regularly established payroll practice. The Company shall conduct an annual review of the Base Salary and may increase such Base Salary in its sole
discretion based on the performance of Employee and the Company. The Company shall not reduce the Base Salary to less than 90% of salary paid to Employee during the prior year, unless Employee has agreed in writing to such deduction. Effective as of
the date of any change to Employee’s Base Salary, the Base Salary as so changed shall be considered the new Base Salary for all purposes of this Agreement. 

(b) Achievement Bonus. Employee will be eligible to be considered for an annual cash incentive bonus (the “Cash Bonus”) each
fiscal year during the Employment Period based upon the achievement of certain objective or subjective criteria (collectively, the “Performance Goals”). In compliance with all relevant legal requirements and based on Employee’s level
within the Company, the Performance Goals for Employee’s Cash Bonus for a particular year will be established by, and in the sole discretion of, the Company’s Board of Directors (the “Board”) or any Compensation Committee of the
Board (the “Committee”), as applicable. The initial target amount for any such Cash Bonus will be up to 30% of Employee’s Base Salary (the “Target Bonus Percentage”), less all required tax withholdings and other applicable
deductions. The determinations of the Board or the Committee, as applicable, with respect to such Cash Bonus or the Target Bonus Percentage shall be final and binding. Employee’s Target Bonus Percentage for any subsequent year may be adjusted
up or down, as determined in the sole discretion of the Board or the Committee, as applicable. Employee shall not earn a Cash Bonus unless Employee is employed by the Company on the date when such Cash Bonus is actually paid by the Company. 

(c) Equity Incentives. Subject to approval of the Board of Directors, Employee will be eligible to receive incentive stock options
(“Options”) to purchase shares of Common Stock of the Company (“Common Stock”) to be issued in accordance with the terms of the Company’s 2021 Equity Incentive Plan (as amended) (the “Plan”) and with an exercise
price per share equal to the fair market value per share of Common Stock. 
 (d) Benefits. Employee will be entitled to participate in
all benefit plans (including, but not limited to, any medical, dental, life insurance, retirement and disability plans), which may be available from time to time to the senior executives (and their eligible dependents) of the Company. Employee
acknowledges and agrees that the Company may, in its discretion, terminate at any time or modify from time to time any such benefit plans. 

(e) Vacation. As an exempt employee, Employee is eligible to participate in the Company’s paid time off program: employees have the
authority to use their judgment and discretion to take temporary periods of time away from work as needed, without loss of pay, as their work permits. 

(f) Expenses. The Company shall pay or reimburse Employee for business expenses reasonably incurred by Employee in connection with the
performance of Employee’s duties in accordance with the policies of the Company as may be in effect from time to time, including presentation of receipts or other backup or supporting documentation. 

(g) No Other Compensation. Other than as expressly set forth in this Section 3, Employee shall not receive any other compensation
or benefits from the Company or its affiliates. 
 (h) Withholding. Notwithstanding anything else herein to the contrary, the Company
may withhold from any amounts otherwise due or payable under or pursuant to this Agreement or otherwise such non-U.S., U.S., federal, state and local income, employment, or other taxes as may be required to be
withheld pursuant to any applicable law or regulation. 

  
 2 

 4. Termination; Severance; Acceleration of Option Vesting. 

(a) Termination Employment At Will. Notwithstanding Section 1 but subject to Section 4(c) below, Employee’s employment
with the Company will be “at-will.” Employee may terminate his employment with the Company and this Agreement at any time and for any reason whatsoever simply by notifying the Company. Likewise, the
Company may terminate Employee’s employment and this Agreement at any time, with or without Cause or advance notice. Employee’s employment at-will status can only be modified in a written agreement
signed by Employee and by Employee’s Supervisor. 
 (b) Accrued Benefits. Except as expressly provided in Section 4(c), upon
the termination of Employee’s employment, Employee shall only be entitled to (i) the accrued but unpaid Base Salary compensation and PTO, (ii) other benefits earned and the reimbursements described in this Agreement or under any
Company-provided plans, policies, and arrangements for the period preceding the effective date of the termination of employment, each in accordance with the governing documents and policies of any such benefits, reimbursements, plans and
arrangements, and (iii) such other compensation or benefits from the Company as may be required by law (collectively, the “Accrued Benefits”). 

(c) Severance. In the event that the Company terminates Employee’s employment without Cause (a “Qualifying Termination”),
then, subject to Section 4(d), Employee shall be eligible to receive the following: (i) a single lump sum cash payment equal to seventy-five percent (75%) Employee’s then-current Base Salary (i.e. 9 months of severance), less
all applicable federal, state and local withholdings and deductions and (ii) all of Employee’s unvested and outstanding equity awards that would have become vested had Executive remained in the employ of the Company for the 9-month period following Employee’s termination of employment shall immediately vest and become exercisable, if applicable, as of the date of Employee’s termination; provided, however, that if the
Qualifying Termination occurs in connection with or during the twelve (12) months following a Change in Control (as defined in the Plan), then 100% of Employee’s unvested and outstanding equity awards shall immediately vest and become
exercisable, if applicable, as of the date of Employee’s termination (collectively, the “Severance Benefits”). 
 (d)
Release. Employee shall not be entitled to any Severance Benefits unless Employee executes and returns to the Company a general release in favor of, and in a form reasonably satisfactory to, the Company (the “Release”) and does not
revoke such release during any applicable revocation period prescribed by law, and such release becomes effective within 60 days following Employee’s termination date (the “Release Deadline”). In addition, in no event will Severance
Benefit be paid or provided until the Release actually becomes effective. If the termination of employment occurs at a time during the calendar year where the Release Deadline could occur in the calendar year following the calendar year in which
Employee’s termination of employment occurs, then any severance payments or benefits under this Agreement that would be considered Deferred Payments (as defined in Section 7(a) will be paid on the first payroll date to occur during the
calendar year following the calendar year in which such termination occurs, or such later time as required by (i) the payment schedule applicable to each payment or benefit as set forth in Section 4, (ii) the date the Release becomes
effective, or (iii) Section 7(b); provided that the first payment shall include all amounts that would have been paid to Employee if payment had commenced on the date of Employee’s termination of employment. For the avoidance of
doubt, and notwithstanding anything herein to the contrary, Employee shall not be entitled to any severance payment if (a) the Company terminates Employee’s employment for Cause, or (b) Employee’s employment is terminated by
reason of Employee’s death 

  
 3 

 
or Disability. In the event Employee’s employment is terminated due to Disability, Employee shall receive those benefits to which Employee is entitled under the Company’s long-term
disability benefits plan(s). The Company shall make any severance payment provided for under this Section 4 on the Release Deadline. 
 5.
Definitions. 
 (a) For purposes of this Agreement, the term “Cause” shall mean any of the following:
(a) Employee’s material breach of any agreement with the Company, including the Confidentiality Agreement, or any policy of the Company, which breach has not been cured within twenty (20) days following written notice to Employee
thereof; (b) Employee’s conviction of, or pleading guilty or nolo contendere to, a felony or any other crime involving dishonesty, breach of trust, moral turpitude, or physical harm to any person (including, without limitation, the Company
or any of its employees); (c) Employee’s act of fraud, misconduct, intentional misrepresentation or dishonesty in connection with Employee’s duties or otherwise with the business of the Company; (d) Employee’s material breach in
the performance of duties under this Agreement, including insubordination or excessive tardiness, or failure to implement or follow a lawful policy or directive of the Company, in each case where such failure is not cured within twenty
(20) days following written notice to Employee thereof; (e) Employee’s commission of any act or omission of gross negligence or willful misconduct in the performance of Employee’s duties; or (f) Employee being under the
influence of alcohol or non-prescription drugs, during work activities, except that “Cause” shall not include Employee’s proper use of prescription drugs with a valid prescription or proper use
of over-the- counter medications in accordance with the manufacturer’s recommendations or a physician’s directions or Employee’s modest consumption of
alcohol during business dinners or other work-related social events. 
 (b) For purposes of this Agreement, “Disability” shall mean
Employee becomes eligible for the Company’s long-term disability benefits under the Company’s long-term disability plan. 
 6. Post-Termination
Obligations. 
 (a) Employee agrees that all property (including, without limitation, all equipment, tangible proprietary information,
documents, records, notes, contracts and computer-generated materials) furnished to or created or prepared by Employee in the course and scope of Employee’s employment belongs to the Company and shall be promptly returned to the Company upon
termination of Employee’s employment. 
 (b) Upon termination of Employee’s employment, Employee shall be deemed to have resigned
from all offices and directorships then held with the Company and its subsidiaries. Following any termination of employment, Employee shall reasonably cooperate with the Company (i) in the winding up of pending work on behalf of the Company and
the orderly transfer of work to other employees, and (ii) in the defense of any action brought by any third party against the Company that relates to Employee’s employment by the Company; provided, that in each case the Company
shall reimburse Employee for any reasonable and documented out-of-pocket fees and expenses incurred by Employee in connection with such cooperation. 

(c) Employee acknowledges that (i) because of his position with the Company, he will have access to information about the operations,
business strategies and customers, and other valuable proprietary information and trade secrets, of the Company and its affiliates, (ii) the use or disclosure of such information and trade secrets in violation of this Agreement would be
extremely difficult to detect or prove, and (iii) any activities restricted by this Section 6(c) would necessarily involve the use or disclosure of the Company’s trade secrets and/or proprietary information. Accordingly, Employee
agrees that from the Effective Date until the twelve (12) month anniversary of the termination of 

  
 4 

 
employment, Employee will not, directly or indirectly: (i) interfere with, damage or impair (or attempt to tortuously interfere with, damage or impair) the relationship between the Company
and its affiliates and any of their customers, suppliers or business relations (or prospective customers, suppliers or business relations) or (ii) solicit, encourage, induce (or attempt to induce, encourage or induce) any person who is a
consultant, agent or representative of the Company or its affiliates to terminate his, her or its relationship with the Company or its affiliates. 

(d) Employee agrees that he will not directly or indirectly, individually or in concert with others, make any statement calculated or likely to
have the effect of undermining or disparaging the business or the business reputation of the Company or its affiliates or their respective employees, officers, directors, customers, suppliers, successors and assigns, including, without limitation,
negative comments about any such company, its management methods, policies and/or practices. Notwithstanding the foregoing, nothing herein shall prohibit Employee from (i) confidential disclosures made to Employee’s legal or other
professional advisors, (ii) exercising Employee’s rights under this Agreement, any other agreement to which the Company and Employee are parties, or otherwise with respect to employment by the Company, or (iii) responding accurately
and fully to any question, inquiry or request made in connection with any governmental inquiry, investigation, review, audit or proceeding, or as otherwise required by law. 

(e) Employee acknowledges that the Company is relying for its protection upon the existence and validity of the provisions of this Agreement,
that the services to be rendered by Employee are of a special, unique and extraordinary character, and that irreparable injury may result to the Company from any violation or continuing violation of the provisions of this Section 6 for which
damages may not be an adequate remedy. Accordingly, notwithstanding Section 10 below, Employee hereby agrees that in addition to the remedies available to the Company by law, the Company shall be entitled to apply to a court of competent
jurisdiction to obtain such equitable relief as may be permitted by law by such a court including injunctive relief from any violation or continuing violation by Employee of any term or provision of this Section 6. 

7. Section 409(A). 
 (a)
Notwithstanding anything to the contrary in this Agreement, no Severance Benefits to be paid or provided to Employee, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are
considered deferred compensation (together, the “Deferred Payments”) not exempt under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final regulations and any guidance promulgated
thereunder or any state law equivalent (collectively, “Section 409A”) will be paid or otherwise provided until Employee has a “separation from service” within the meaning of Section 409A. And for purposes of this
Agreement, any reference to “termination of employment,” “termination” or any similar term shall be construed to mean a “separation from service” within the meaning of Section 409A. Similarly, no severance payable
to Employee, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Employee has a
“separation from service” within the meaning of Section 409A. 
 (b) Notwithstanding anything to the contrary in this
Agreement, if Employee is a “specified employee” within the meaning of Section 409A at the time of Employee’s termination of employment (other than due to death), then the Deferred Payments, if any, that are payable within the
first six (6) months following Employee’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s separation
from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following Employee’s
separation from service, but 

  
 5 

 
prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively
practicable after the date of Employee’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is
intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

(c) Without limitation, any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set
forth in Section 1.409A-1(b)(4) of the Treasury Regulations is not intended to constitute Deferred Payments for purposes of clause (a) above. 

(d) Without limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from
service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit is not intended to constitute Deferred Payments for purposes of clause
(a) above. Any payment intended to qualify under this exemption must be made within the allowable time period specified in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations.
“Section 409A Limit” means two (2) times the lesser of: (i) Employee’s annualized compensation based upon the annual rate of pay paid to Employee during Employee’s taxable year preceding Employee’s taxable
year of his separation from service as determined under Treasury Regulations Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto, or (ii) the
maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Employee’s separation from service occurred. 

(e) To the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section 409A, (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the
calendar year in which the expense was incurred by Employee, (2) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (3) the amount
of expenses eligible for reimbursement or in-kind benefits provided in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind
benefits to be provided, in any other calendar year. 
 (f) The Severance Benefits are intended to be exempt from or comply with the
requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted
to be exempt or so comply. The Company and Employee agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Employee under Section 409A. 
 8. Confidentiality Agreement. Concurrently with the
execution of this Agreement, Employee shall execute and deliver to the Company the Company’s standard Employee Proprietary Information and Invention Assignment Agreement (the “Confidentiality Agreement”). 

9. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal substantive laws (and not the laws of
conflicts) of the State of Florida. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be
deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the Parties, then such provision shall be stricken
and the remainder of this Agreement shall 

  
 6 

 
continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then
that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or
limitation. 
 10. Arbitration. Subject to Section 6(e) above, To the fullest extent permitted by applicable law, Employee and the Company agree
that any and all disputes, demands, claims, or controversies (“claims”) relating to, arising from or regarding Employee’s employment, including claims by the Company, claims against the Company, and claims against any current or
former parent, affiliate, subsidiary, successor or predecessor of the Company, and each of the Company’s and these entities’ respective officers, directors, agents or employees, shall be resolved by final and binding arbitration before a
single arbitrator in Miramar, Florida (or another mutually agreeable location). This does not prevent either Employee or the Company from seeking and obtaining temporary or preliminary injunctive relief in court to prevent irreparable harm to
Employee’s or its confidential information or trade secrets pending the conclusion of any arbitration. This arbitration agreement does not apply to any claims that have been expressly excluded from arbitration by a governing law not preempted
by the Federal Arbitration Act and does not restrict or preclude Employee from communicating with, filing an administrative charge or claim with, or providing testimony to any governmental entity about any actual or potential violation of law or
obtaining relief through a government agency process. The Parties hereto agree that claims shall be resolved on an individual basis only, and not on a class, collective, or representative basis on behalf of other employees to the fullest extent
permitted by applicable law (“Class Waiver”). Any claim that all or part of the Class Waiver is invalid, unenforceable, or unconscionable may be determined only by a court. In no case may class, collective or representative
claims proceed in arbitration on behalf of other employees. 
 The Parties agree that the arbitration shall be conducted by a single neutral
arbitrator through JAMS in accordance with JAMS Employment Arbitration Rules and Procedures (available at www.jamsadr.com/rules-employment-arbitration). Except as to the Class Waiver, the arbitrator shall determine arbitrability. The
Company will bear all JAMS arbitration fees and administrative costs in excess of the amount of administrative fees and costs that Employee otherwise would have been required to pay if the claims were litigated in court. The arbitrator shall apply
the applicable substantive law in deciding the claims at issue. Claims will be governed by their applicable statute of limitations and failure to demand arbitration within the prescribed time period shall bar the claims as provided by law. The
decision or award of the arbitrator shall be final and binding upon the Parties. This arbitration agreement is enforceable under and governed by the Federal Arbitration Act. In the event that any portion of this arbitration agreement is held to be
invalid or unenforceable, any such provision shall be severed, and the remainder of this arbitration agreement will be given full force and effect. By signing the offer letter, Employee acknowledges and agrees that Employee has read this arbitration
agreement carefully, are bound by it and are WAIVING ANY RIGHT TO HAVE A TRIAL BEFORE A COURT OR JURY OF ANY AND ALL CLAIMS SUBJECT TO ARBITRATION UNDER THIS ARBITRATION AGREEMENT. 

11. Entire Agreement. It is understood, acknowledged and agreed that there are no oral agreements between the Parties hereto or their affiliates and
that this Agreement constitutes the Parties’ and their affiliates’ entire agreement with respect to the subject matter hereof and supersedes and cancels any and all previous negotiations, arrangements, agreements and understandings, if
any, between the Parties hereto and their affiliates, and none thereof shall be used to interpret or construe this Agreement. This Agreement, and the exhibits attached hereto, and the Confidentiality Agreement contain all of the terms, covenants,
conditions, warranties and agreements of the Parties and their affiliates, shall be considered to be the only agreement between the Parties hereto and their affiliates and their respective representatives and agents with respect thereto. 

  
 7 

 12. Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or
extended and the terms or covenants of this Agreement may be waived only by a written instrument executed by the Parties to this Agreement or, in the case of a waiver, by the Party waiving compliance. The failure of any Party at any time or times to
require performance of any provision of this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any Party of the breach of any term or provision contained in this Agreement, whether by conduct or
otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

13. Assignment. The rights, duties and benefits of Employee hereunder are personal in nature, and no such right, duty or benefit may be assigned by
Employee without the prior written consent of the Company. The rights and obligations of the Company hereunder shall inure to the benefit of, and be binding upon, the Company and its successors and assigns. 

14. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 15. Construction. Employee and the Company acknowledge and agree that (a) each such Party has consulted (or had the opportunity
to consult) with such Party’s own, independent counsel, and such other professional advisors as such Party has deemed appropriate, relating to any and all matters contemplated under this Agreement, (b) each such Party and such Party’s
counsel and advisors have reviewed (or had the opportunity to review) this Agreement, (c) each such Party has agreed to enter into this Agreement following such review (or opportunity to review) and the rendering of such advice, and
(d) any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in the interpretation of this Agreement, or any portions hereof, or any amendments hereto. 

16. Counterparts. This Agreement and any amendments hereto may be executed in one or more counterparts. All of such counterparts shall constitute one
and the same Agreement and shall become effective when a copy signed by each Party has been delivered to the other Party. The Parties agree that facsimile and .pdf signatures shall be as effective as if originals. 

17. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this letter, securities of the
Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to Employee by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or any
other electronic means. Employee hereby consents to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

  
 8 

 Please kindly countersign this Agreement to confirm your understanding and agreement with the terms set
forth herein. 
 Sincerely, 
  

			
	HCW Biologics Inc.
		
	By:	 	 /s/ Hing C. Wong

	Name: Hing C. Wong
	Title: Chief Executive Officer
	
	ACKNOWLEDGED AND AGREED:
		
	By:	 	 /s/ Peter Rhode

	Name: Peter Rhode

  
 9EX-10.12

 Exhibit 10.12 

CERTAIN INFORMATION IDENTIFIED BY BRACKETED ASTERISKS ([***]) HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 MASTER SERVICES AGREEMENT 

This Master Services Agreement (the “Agreement”) is made effective as of 2019/03/14 (“Effective
Date”), by and between EirGenix, Inc. (“EirGenix”), a corporation with its principal place of business at 101, Lane 169, Kangning St., Xizhi Dist., New Taipei City, 221, Taiwan, R.O.C. and HCW Biologics Inc.,
(“COMPANY”) with its principal place of business at 2929 N Commerce Parkway, Miramar, FL 33025. 
 Recital 

WHEREAS, EirGenix offers various contract development and manufacturing services as may be described in EirGenix’s issued project proposal documents, or
other quotations from time to time; 
 WHEREAS, COMPANY desires to purchase Services from EirGenix from time to time, and COMPANY’s Affiliates desire
to have the right to purchase such Services from time to time, 
 THEREFORE, COMPANY and EirGenix desire to enter this Agreement as follows: 

AGREEMENT 
  

	Section 1	 Definitions 

Defined Terms. Unless otherwise specifically provided herein, the following terms (whether or not underscored) when used in this Agreement, shall have
the following meanings: 
 1.1.1 “Affiliate” means any company, partnership or other entity which directly
or indirectly controls, is controlled by or is under common control with the relevant party to this Agreement. “Control” means the ownership of at least fifty percent (50%) of the equity of the entity or the legal power to direct
the general management and policies of the entity. 
 1.1.2 “Agreement” means this Agreement for Services
incorporating these Standard Terms and Conditions, and SOW as amended or varied from time to time by written agreement of the parties. 

1.1.3 “Batch” means the total Product (drug substance) obtained from one bioreactor run and associated
purification using the Process, carried out in accordance with cGMP or non-cGMP, if so identified in the SOW. 

1.1.4 “COMPANY Information” means all technical and other information from time to time supplied by COMPANY to
EirGenix for use in performing Services under a SOW. COMPANY Information is not (i) already in the public domain or (ii) already known by EirGenix as established by written records. All COMPANY Information shall remain the property of
COMPANY. 

 1.1.5 “COMPANY Inventions” means inventions, improvements,
designs, programs, formulas, know-how and writings (i) supplied to EirGenix by COMPANY; and/or (ii) improvements made independently by COMPANY (including further optimization by COMPANY) to any
Deliverables, Data, materials or information provided by EirGenix to COMPANY hereunder; provided, however, that COMPANY Inventions do not include EirGenix Inventions or EirGenix Methods. 

1.1.6 “COMPANY Materials” means the materials supplied by COMPANY to EirGenix and identified as such in SOW
hereto, 
 1.1.7 “COMPANY Methods” means methods or instructions provided by COMPANY to EirGenix for use in
the performance of the Services. 
 1.1.8 “Cell Line” means the cell line used to produce Product,
particulars of which are set out in SOW. 
 1.1.9 “Certificate of Analysis” means a certificate of
analysis as to testing of Specifications of any Product in form and substance agreed to by EirGenix and COMPANY. 
 1.1.10
“cGMP” Means current Good Manufacturing Practices and General Biologics Products Standards as promulgated under the US Federal Food Drug and Cosmetic Act at 21 CFR (Chapters 210, 211, 600 and 610), the Guide to Good
Manufacturing Practices for Medicinal Products as promulgated under European Directive 91/356/EEC (with the exception that raw material lot-release testing is performed according to the USP, and the background
environment air classification for drug substance manufacturing is Class C), and ICH Guidance Q7A (Good Manufacturing Practice Guidance for Active Pharmaceutical Ingredients). EirGenix’s operational quality standards are defined in
internal GMP policy documents. 
 1.1.11 “cGMP Product” means Product which may be required under SOW to be
manufactured in accordance with cGMF. 
 1.1.12 “Confidential Information” means (a) with respect to
COMPANY, all technical and non-technical information related to the Materials, COMPANY Methods, COMPANY Inventions, COMPANY- Information, Deliverables and Data, including trade secret, proprietary information,
methods, formulas, processes, protocols, scale of operations, source and engineering of operations, technologies and equipment employed, information relating to quality assurance, procedures for and record keeping, medium, techniques, inventions, know-how, apparatus, and formulae, related to COMPANY’s current, future and proposed media, compounds, compositions, and biological materials, and (b) with respect to EirGenix, all technical and non-technical information conveyed by EirGenix to COMPANY in any form, but specifically excluding Deliverables. 

1.1.13 “Data” means all documentation, information, records, raw data, specimens, samples, know-how or other work product (i) supplied by COMPANY; (ii) generated by EirGenix as a result of its performance of the Services and/or under a Statement(s) of Work; (iii) relating to the composition
or methods of development of 

  
 2 

 
medium, whether original or as optimized under this Agreement and/or Statement(s) of Work; and/or (iv) derived from EirGenix’s use of any COMPANY Methods, COMPANY Materials,
COMPANY Inventions, COMPANY Information or COMPANY Confidential Information used to adapt or optimize the Materials or otherwise perform the Services. Notwithstanding the foregoing, Data does not include EirGenix Inventions or EirGenix
Methods. 
 1.1.14 “Deliverables” means (i) final audited Data generated by EirGenix as a result of
the performance of the Services, (ii) materials made by EirGenix pursuant to the applicable SOW derived and/or made from Materials, in each case as specified in the applicable SOW. 

1.1.15 “Expected Product Yield” Prior to starting any pilot or cGMP run, the Parties will determine and agree
upon the “Expected Product Yield” of that run. 
 1.1.16 “Materials” means the materials described
in the applicable SOW that are (i) provided by the COMPANY and/or (ii) manufactured or otherwise obtained by EirGenix pursuant to instructions or directions of COMPANY, as well as all information concerning the stability, storage and
safety requirements of Materials and other information related to Materials reasonably needed by EirGenix to perform the Services. 

1.1.17 “Ordering Party” means COMPANY or an Affiliate of COMPANY, in each case who has executed a relevant
SOW. 
 1.1.18 “Percent Yield” means Yield divided by Expected Product Yield. 

1.1.19 “Price” means the price specified in SOW for the Services. 

1.1.20 “Process” means the process for the production of the Product from the Cell Line, including any
improvements or modifications thereto from time to time. 
 1.1.21 “Product” means all or any part of the
product manufactured (including any sample thereof), particulars of which are set out in SOW and includes ail derivatives thereof. 

1.1.22 “EirGenix” means EirGenix or an Affiliate of EirGenix, in each case who has executed a relevant SOW.

 1.1.23 “EirGenix Inventions” means (i) any EirGenix Methods used or improved by or for EirGenix in
or for the provision of Services and without use or reference to any COMPANY Materials, COMPANY Methods, COMPANY Inventions, COMPANY Information or COMPANY Confidential Information, (ii) materials provided by EirGenix for the conduct of the
Services (other than Materials), as applicable, according to the SOW, and (iii) any documentation, records, raw data (other than Data), materials (other than Materials), specimens, work product, concepts, information, inventions, improvements,
designs, programs, formulas, know-how, or writings related to (i) and/or (ii), above. 

  
 3 

 1.1.24 “EirGenix Methods” means methods or processes
provided by EirGenix in performance of the Services that are not COMPANY Methods. For clarity, such methods and processes provided by EirGenix during the course of the Services shall not be specifically related to the Product or COMPANY Materials.

 1.1.25 “Services” means all or any part of the services that are the subject of the Agreement (including,
without limitation, cell culture evaluation, purification evaluation, master, working and extended cell bank creation, and sample and bulk production), particulars of which are set out in SOW. 

1.1.26 “Specification” means the specification for Product, particulars of which are set out in SOW. 

1.1.27 “Statement of Work” (SOW) means any such appendix to this Agreement specifying work and services,
including proposed technical documentation such as protocols, specifications, or flow charts, in each case setting forth the desired results and requirements for the Services, along with such additional information as the parties may agree and shall
when approved in writing by both parties be deemed an integral part hereof. The SOW may be updated from time to time by mutual agreement. 

1.1.28 “Supplemental Terms and Conditions” means any additional terms and conditions that are expressly
referenced and agreed to in a SOW. 
 1.1.29 “Testing Laboratories” means any Third Party instructed to
carry out tests on the Cell Line or the Product. 
 1.1.30 “Third Party” means any person or entity other
than EirGenix, EirGenix Affiliates, COMPANY, or COMPANY Affiliates. 
 1.1.31 “Yield” means the amount
actually generated and is to be calculated as described in the SOW in which the amounts removed for sampling should be deducted. 
  

	Section 2	 Services. 

2.1 Request for Service. COMPANY or COMPANY’S Affiliate may, from time to time during the term of this Agreement, request EirGenix
to perform Services pursuant to the terms of this Agreement. 
 2.2 SOW. Upon receipt of a request for Services from the Ordering
Party, EirGenix, in conjunction with the Ordering Party, shall draft and execute the applicable SOW including the Specification, which is attached herewith as Appendix A. Each SOW shall refer to this Agreement. Upon execution of a SOW, the purchase
and sale of Services by COMPANY and EirGenix, respectively, will be subject to the terms and conditions of this Agreement and such SOW, and each SOW will constitute a part of this Agreement, be incorporated by this reference herein, and the services
described therein will be deemed Services hereunder. 
 2.3 Changes to a SOW. Changes to a SOW must be in writing and signed by
authorized representatives of the Ordering Party and EirGenix. If such changes result in an adjustment in the 

  
 4 

 
cost of the Services or affect the estimated completion date (or portions thereof) of the Services, the fee and/or estimated completion date (or portions thereof) shall be adjusted to a degree
commensurate with such changes, as agreed upon by the Parties. 
 2.4 Supplemental Terms and Conditions. Any Supplemental Terms and
Conditions will be expressly referenced in the SOW. 
 2.5 Conflict of Terms. The terms and conditions of this Agreement, including
any applicable Supplemental Terms and Conditions and the applicable SOW, shall govern the purchase and sale of Services hereunder. In the event of a conflict among the terms and conditions of this Agreement, the applicable Supplemental Terms and
Conditions, and any SOW, the order of priority shall be (i) with respect to warranties, indemnification and limitation of liability: this Agreement, the applicable Supplemental Terms and Conditions and the applicable SOW; and (ii) with
respect to all other matters: the applicable Supplemental Terms and Conditions, this Agreement and the applicable SOW, except to the extent such SOW expressly supersedes either or both of this Agreement and the Supplemental Terms and Conditions in
matters other than warranties, indemnification and limitation of liability. 
  

	Section 3	 Supply by COMPANY, Safekeeping 

3.1 Supply of Materials. Promptly following the Effective Date of the Agreement, COMPANY shall supply to EirGenix the COMPANY
Information, together with full details or any hazards relating to COMPANY Materials, their storage and use. Upon review of COMPANY Information, COMPANY Materials, the COMPANY Invention, and/or COMPANY Method shall be provided to EirGenix at
EirGenix’s request. The COMPANY Materials and/or COMPANY Information and/or the COMPANY Invention and/or COMPANY Methods supplied to EirGenix shall remain the sole property of COMPANY. 

3.2 Ownership and License. COMPANY hereby grants EirGenix a non-exclusive, royalty-free, non-sublicensable, non-transferrable right to use the Cell Line, COMPANY Materials, the COMPANY Invention, COMPANY Method and the COMPANY Information for the sole purpose of
performing the Agreement in [***]. EirGenix hereby is responsible for ensuring not to use or cause to be used the Cell Line, COMPANY Materials, the COMPANY Invention, COMPANY Method or COMPANY Information (or any part thereof) for any other
purposes, 
  

	Section 4	 Provision of the Services 

4.1 Services. EirGenix shall carry out the Services as provided in applicable SOW and shall use reasonable efforts to achieve the
estimated time schedule thereto or as agreed to by the Parties. 
 4.1.1 Technology transfer. COMPANY will provide
EirGenix with required materials and respective documentations as set forth under SOW. 
 4.1.2 On EirGenix’s side, a
form of “Process Information for Technical Transfer” shall be provided to COMPANY for the request of technology transfer information. EirGenix will prepare a protocol according to disclosed technology transfer information by COMPANY. Under
COMPANY’s approval, EirGenix will conduct verification process to confirm the technology transfer. 

  
 5 

 4.1.3 COMPANY acknowledges and agrees that the performance of verification
process, subject to robustness and reproducibility of the technology transfer information, [***]. Both parties shall use their commercially reasonable efforts to come to an adequate solution and shall in good faith agree on scope changes or
postponement, if necessary, in the SOW. Where applicable, such changes shall only be by the parties’ mutual written agreement. [***]. Additional costs are subject to the prior approval of COMPANY, and EirGenix shall not be required to perform
such services absent an amendment to the applicable SOW in writing, which may increase the budgets accordingly, 
 4.1.4
Process Development by EirGenix. If requested by COMPANY, EirGenix will assist COMPANY in developing a Process, and EirGenix agrees to provide all reasonable efforts to advise COMPANY in a manner consistent with EirGenix’s understanding
of the current regulatory guidelines. COMPANY shall have the responsibility of final approval of the Process and EirGenix makes no warranty, expressed or implied, that a Process will satisfy the requirements of any regulatory authority at the time
of submission or other objectives. COMPANY will be responsible for any required communication with regulatory authorities regarding approval of the Process. 

4.1.5 Process development & scale-up services. EirGenix
will provide COMPANY services of process development and scale-up. 
 4.1.5.1 The
goal of the process development in the early development stage is to apply EirGenix’s in-depth experience within the shortest amount of time to develop an early manufacturing process with a [***] for
COMPANY’s [***]. 
 4.1.5.2 A series of [***] experiments will be performed to optimize the conditions based on
COMPANY’s Information and EirGenix’s know-how. 
 4.1.5.3 A series of [***]
experiments will be performed to optimize the selected key operation parameters to improve the titer and product quality attributes profile. 

4.1.5.4 EirGenix will perform [***] based on EirGenix’s [***]. 

4.1.5.5 According to COMPANY’s request, the [***] will be performed. 

4.1.5.6 Scale-up processes will be performed at either [***] in process development
laboratories. 
 4.1.6 Assay development, qualification and protein characterizations for
In-Process Control (IPC), and Drug Substance (DS) services. At COMPANY’s request, EirGenix will provide COMPANY services of assay development, qualification and protein characterizations for
IPC and DP release. 

  
 6 

 4.1.6.1 EirGenix shall develop and qualify all the analytical methods used
for DS release, DP release and IPC. For early development, [***]. 
 4.1.6.2 EirGenix shall provide the COA of DS based on
assays to be performed by EirGenix (at COMPANY’s request) and drug product assays, e.g., fill volumes, appearance etc., [***]. 

4.1.6.3 The DS release criteria will be based on the Specifications for DS. EirGenix will work with COMPANY together to
determine these specifications as defined in 4.3, 
 4.1.7 Stability study. EirGenix will provide COMPANY stability
study for DS. and DP. 
 4.1.7.1 Prior to a stability study, EirGenix will provide COMPANY a Stability Study Protocol to
define the study scope. Both parties must agree upon the proposed protocol before the study is conducted. 
 4.1.7.2 Study
will be conducted under cGMP. 
 4.1.8 Non-GMP production services. From time
to time, EirGenix will provide non-GMP production services at the request from COMPANY. 

4.1.8.1 Non-GMP production services are usually performed at [***]. Depending on the
special request, production size and schedule, non-GMP production can also be performed in the [***]. 

4.1.8.2 Any non-GMP production batch must be requested [***] before the requirement
date (production date), or [***] agreed to by both parties, in order to secure the production slot. Once it is scheduled in, a cancellation request shall be made [***] before initiation of the production, or a shorter period agreed to by both
parties. Any purchased material for production will be [***]. EirGenix will try its best to assist COMPANY to transfer some of these commonly used materials for other production. 

4.1.8.3 There will be [***] for any non-GMP production service. EirGenix shall provide
COMPANY a complete copy of [***] at the completion of each batch production, [***]. 
 4.1.9 GMP production services.
From time to time, EirGenix will provide GMP production services for COMPANY. 
 4.1.9.1 Any GMP production will follow the
definition under Section 1.1.6 about the regulation of “cGMP”. Both Parties shall also agree on the Quality Agreement in order to proceed with any GMP related task. 

4.1.9.2 Any GMP production batch must be requested [***] before the requirement date (production date), or a shorter period
[***] agreed to by both 

  
 7 

 
parties, in order to secure the production slot, Once it is scheduled in, a cancellation request shall be made [***] before initiation of the production, or a shorter period [***] agreed to by
both parties. Any incurred or irrevocable cost (e.g. purchased material) for production will be [***]. EirGenix will use reasonable efforts to limit the expenses connected with such cancellation. EirGenix will provide a process parameter summary
form and request for sign-off of production batch records to COMPANY. COMPANY shall review and sign-off these documents within [***] from receiving such process
parameters summary. EirGenix shall not initiate the production without COMPANY’s sign-off of these documents. 

4.1.9.3 At the end of completion of GMP production, EirGenix will provide the following documents to COMPANY 

 

	 	a)	 COA (Certificate of Analysis); 

 

	 	b)	 One Copy of executed production batch records; and 

 

	 	c)	 Deviation reports and CAPA reports; if there is any. 

4.2 Record keeping. The original executed production batch records shall be kept on site for regulatory inspection purposes. [***].
These documents will be stored on site for free for [***] after the completion of the production. EirGenix may charge COMPANY nominal storage fees after [***] of storage time, or at COMPANY’s request, EirGenix may destroy it on site, for
instance, if the project is no longer actively pursued. 
 4.3 Specifications. Specifications for
in-process control, drug substance or drug product shall be agreed to by the Parties in writing (including email approvals) prior to initiation of a manufacturing run. In the early development stage, the
specifications of in-process control, drug substance and drug product shall be defined based on the nature of the process performance, best knowledge of the product characteristics and regulatory requirements,
i.e., USP or EP, ICH or US FDA guidelines. It is agreed that after sufficient batches of production, the Parties shall re-visit the specifications to adjust it according to the process performance and
statistical analysis of these batches. 
 4.4 Time Limitations. Due to the unpredictable nature of the technical transfer, process
development and assay development Services, the Parties acknowledge the time schedule set for the performance of these Services [***]. 

4.5 Deliverables. If required by the applicable SOW or Process, EirGenix shall furnish COMPANY with a draft report based on a format
agreed upon in the Process andior SOW. Upon receipt of a draft report from EirGenix, COMPANY shall have a maximum of [***] or as otherwise specified in the SOW to respond to EirGenix with any changes to be included in the final report. Should no
response from COMPANY be received by EirGenix within the time frame specified above, the parties shall consider the report as final and COMPANY shall be provided with the finalized report. The draft report will be revised according to COMPANY
comments for up to [***] without [***]. If further revisions are necessary after [***], additional costs may apply. 

  
 8 

	Section 5	 Delivery, Transportation of Product and COMPANY Tests 

5.1 Delivery. Product shall be delivered under “Ex-Works EirGenix Premises” incoterms,
which means Product is delivered (a) when EirGenix places packed Product at the disposal of COMPANY at EirGenix’s premises not cleared for export and not loaded onto any collecting vehicle and (b) risk and title to Product pass to
COMPANY upon delivery (“Deliver,” “Delivery,” or “Delivered,” as appropriate). Subject to Section 5.2, EirGenix shall deliver to COMPANY the Certificate of Analysis not later than [***] prior to the date of
Delivery. Any transportation or delivery, whether or not under any arrangements made by EirGenix on behalf of COMPANY, shall be made at the sole risk and expense of COMPANY. Product in this section means Drug Substance. 

5.2 Bulk Delivery [***]. At COMPANY’s request, [***] packed Product [***] to the delivery of the [***]. Such request shall
be accompanied by COMPANY’s written acknowledgement that the Product has been delivered [***], that accordingly the Product cannot be administered to humans until [***], and that COMPANY nevertheless accepts full risk of loss,
title and ownership of the Product. The Delivery of Product in quarantine shall be subject to such testing requirements as COMPANY may reasonably require, and the [***] period referred to in Section 5.8 shall run from Delivery in quarantine of
the Product by EirGenix. 
 5.3 Packaging and Labeling. Unless otherwise agreed, EirGenix shall package and label Product for
Delivery in accordance with its standard operating procedures and in accordance with required shipping conditions, but in any event no less than a reasonable degree of the industrial standards. It shall be the responsibility of [*** in advance of
any special packaging and labeling requirements for Product. All additional costs and expenses of whatever nature incurred by EirGenix in complying with such special requirements must be agreed to in advance in writing and shall be charged to
COMPANY in addition to the Price. 
 5.4 Insurance. If needed, [***] will be responsible to arrange for insurance for Product
transportation. 
 5.5 Transportation. If requested in writing by [***] will (acting as an agent of [***] for such purpose) arrange
the transportation of Product from EirGenix’s premises to the destination indicated by COMPANY. All additional costs and expenses of whatever nature incurred by [***] in arranging such transportation must be agreed to in advance in writing and
shall be charged to [***] in addition to the Price. 
 5.6 Acceptance of Delivery. Where EirGenix has made arrangements for the
transportation of Product, COMPANY shall diligently examine the Product as soon as practicable after receipt. Notice of all claims (time being of the essence) arising out of: 

5.6.1 Visible damage to, or total or partial loss of Product in transit shall be given in writing to EirGenix and the carrier
within [***] of receipt by COMPANY; or 
 5.6.2 Non-delivery shall be given in
writing to EirGenix within [***] after the receipt by COMPANY of EirGenix’s dispatch notice. 
 5.7 Damage Claims. COMPANY shall
make damaged Product and associated packaging materials available for inspection, including return of such Product and associated packaging materials to EirGenix’s premises, at [***], and shall comply with the reasonable

  
 9 

 
requirements of any insurance policy covering the Product, for which notification has been given by EirGenix to COMPANY. [***] all reasonable assistance in pursuing any claims arising out of the
transportation of Product. 
 5.8 Testing and Rejection. Promptly following receipt of Product or any sample thereof, COMPANY may
carry out any of the tests outlined or referred to in the Specifications. Subject to Section 5.2, if such tests show that the Product fails to meet Specification, COMPANY shall give EirGenix written notice thereof within [***] from the date of
Delivery and shall return such Product to EirGenix’s premises, at [***], for further testing. In the absence of such written notice, Product shall be deemed to have been accepted by COMPANY as meeting Specification. Subject to Section 5.2,
if COMPANY has reasonably demonstrated to EirGenix that Product returned to EirGenix fails to meet Specification and that such failure is not due (in whole or in part) to acts or omissions of COMPANY or any third party after Delivery, EirGenix
shall, in EirGenix’s discretion, (a) [***] or (b) [***]. In the event that EirGenix will [***] such Product, EirGenix shall notify COMPANY and use reasonable endeavors, including without limitation, expedient transportation, to do so
with the minimum delay having regard to its commitments to third parties in the timing of such replacement. 
  

	Section 6	 Compensation. 

6.1 The fees for Services and schedule for payment shall be as set forth in the applicable SOW. COMPANY shall render all undisputed payments
due and payable to EirGenix for the Services within [***] of the receipt of the invoice(s) thereof. If any portion of an invoice is disputed, COMPANY shall provide written notification of the disputed amounts to EirGenix with detailed rationale. The
Parties agree to work collaboratively using good faith efforts to resolve the disputed figures. 
 6.2 If COMPANY defaults in any undisputed
payment when due, EirGenix, at its option and without prejudice to its other lawful remedies, [***] or [***] under any outstanding SOW, and [***]. EirGenix shall notify COMPANY in writing [***] prior to [***]. COMPANY and EirGenix shall discuss
resolution of the nonpayment of undisputed amounts in good faith. All payments due hereunder shall be made in the currency specified in the applicable SOW, Any price or payment discounts must be expressly offered to COMPANY by EirGenix in a SOW or
other writing signed by an authorized representative of EirGenix to have any force or effect hereunder, and COMPANY may not reduce any payment(s) due hereunder pursuant to any discount not so expressly offered. 

6.3 The fees for Services above shall be made by bank wire transfer as directed by EirGenix as follows: 

Account Name: EIRGENIX, INC. 
 Bank Name: [***] 

Account No.: [***] 
 Swift Code: [***] 

The fee for wire transfer shall be borne by [***] 

  
 10 

	Section 7	 Intellectual Property 

7.1 Data, Deliverables and COMPANY Inventions. Except as otherwise set forth in any applicable Supplemental Terms and Conditions, or in
any applicable SOW, as between COMPANY and EirGenix, COMPANY shall be the exclusive owner of and shall have title to all Data supplied by COMPANY, and all data, records, materials and invention generated at EirGenix specifically for the COMPANY
project, COMPANY Confidential Information, Materials, COMPANY Information, COMPANY Inventions, and COMPANY Methods. 
 7.2 EirGenix
Methods and EirGenix Inventions. Except as otherwise set forth in any applicable Supplemental Terms and Conditions, or in any applicable SOW, as between COMPANY and EirGenix, EirGenix shall be the exclusive owner of and shall have title to all
EirGenix Methods and EirGenix Inventions that COMPANY does not pay for and are not exclusively for this Agreement. EirGenix agrees that it will focus on executing this Agreement to achieve all milestones and deliverables in a timely manner without
engaging on invention using COMPANY-supplied data and materials. 
 7.3 Upon completion of the Services. EirGenix will maintain a
file of the Data for a period of [***] from the later of the issuance of the final report or delivery of Deliverables for free. At the end of the [***], EirGenix shall transfer the file excluding the production batch records to COMPANY or continue
to hold at EirGenix indefinitely if directed by COMPANY, [***] for the storage cost. EirGenix’s laboratory notebooks or other records maintained by EirGenix with respect to the Services will be owned by EirGenix and will not be construed to be
the property of the Ordering Party. EirGenix, at no additional cost to EirGenix, will cooperate with COMPANY in making the [***] any regulatory inspection [***] by government entities in relation to this Agreement. These audits or inspections shall
be limited to [***]. To the extent that such notebooks and records contain Data or other Confidential Information of the Ordering Party, such Data and other Confidential Information will continue to be the property of the Ordering Party, and such
notebooks and records will be subject to the EirGenix’s obligations of nonuse and confidentiality as set forth in Section 8. To the extent that Data contains a written description of EirGenix’s Confidential Information (including,
without limitation, EirGenix Inventions andfor EirGenix Methods), such information will be subject to the provisions of confidentiality and limited use as set forth in Section 8 and no rights in such information are either granted or implied
except as expressly set forth herein. COMPANY shall not by virtue of the Agreement, SOW, or either party’s performance thereof obtain any intellectual property or other ownership rights in any EirGenix Methods or EirGenix Inventions. Unless
otherwise provided in the Agreement, [***] hardware, software, [***]. 
 7.4 Other IP. All other ideas, discoveries, inventions,
trade secrets, copyrights, know-how, data and other intellectual property of any kind (including without limitation any proprietary biological or other materials, compounds or reagents and computer software)
other than as described in Sections 7.1, and 7.2 shall be determined in accordance with [***]. 

  
 11 

	Section 8	 Confidential Information 

8.1 During performance of the Services and for [***] after termination of this Agreement, EirGenix on the one hand, and COMPANY and the
Ordering Parties on the other hand (each such entity a “Disclosing party” or a “Receiving party,” as applicable), will treat the Disclosing party’s Confidential Information, including the Disclosing party’s role in any
activities described under a SOW or this Agreement, as proprietary and confidential, and without the Disclosing party’s prior written approval, will not disclose such Confidential Information to any Third Party except to the Receiving
party’s employees, consultants, advisers, Affiliates and authorized subcontractors to whom it is necessary to disclose the Disclosing party’s Confidential Information for purposes of performing its obligations or exercising its rights
under this Agreement and the applicable SOW provided that such employees, consultants, advisers, Affiliates or authorized subcontractors (as applicable) are subject to a written agreement that includes confidentiality and limited use terms at least
as restrictive as those specified herein, or as otherwise previously agreed in writing by the Disclosing party. Notwithstanding the foregoing, with COMPANY’s prior review and written approval, EirGenix may publicize statistics regarding its
performance of the Services in a manner that does not identify COMPANY or the specific nature of the Services performed or disclose any Confidential Information, any medium formulations developed pursuant to a SOW or COMPANY Inventions. 

8.2 The Receiving party shall protect the Disclosing party’s Confidential Information by using the same degree of care as such party uses
to protect its own confidential information, but in any event no less than a reasonable degree of care. Any transfer of EirGenix Confidential Information to a Third Party as may be allowed under this Agreement through licenses or other mechanisms
must be under obligations of confidentiality and limited use as stringent as those contained within this Agreement. 
 8.3 Notwithstanding
any other provisions herein, no party, as a Receiving party, shall have liability or obligation to the Disclosing party for, nor be in any way restricted in, its disclosure or use of any of the Disclosing party’s Confidential Information to the
extent the Receiving party can prove by competent evidence that such Confidential Information (a) is, prior to disclosure hereunder, already known to such Receiving party or its Affiliates under no obligation of confidentiality to the
Disclosing party or to any Third Party; (b) is or becomes publicly known by any means whatsoever, through no wrongful act of the Receiving party; (c) is received from a Third Party other than through breach of this Agreement; (d) is
independently developed by or for the Receiving party without use of the Disclosing party’s Confidential Information. The fact that any portion of the Confidential Information may be subject to one or more of the foregoing exceptions shall not
automatically exclude any combination of Confidential Information from protection under this Section 8 unless the entirety of such Confidential Information also falls under the exception(s). 

8.4 In the event the Receiving party is required to disclose Confidential Information of the Disclosing party pursuant to an enforceable order
of a court or administrative agency, or to a regulatory authority or under other operation of law, it shall not be a breach of this Section 8 to make such disclosure, provided that the Receiving party (a) gives the Disclosing party notice,
to the extent commercially reasonable, of the circumstances of the required disclosure, (b) takes all commercially reasonable steps necessary to assist the Disclosing party in protecting its Confidential Information, and (c) limits
disclosures made under this Section 8.4 to the portion of Confidential Information specifically required to be disclosed, and further provided that disclosures made under this Section 8.4 shall not otherwise exempt the disclosed
Confidential Information from protection under this Section 8. 

  
 12 

 8.5 To the extent that COMPANY determines that applications to and approval from the FDA or
other governmental or regulatory authority are necessary for a therapeutic product manufactured by COMPANY or an agent or customer of COMPANY which incorporates or uses a Deliverable developed by or for EirGenix, EirGenix will cooperate fully with
COMPANY, [***] the regulatory authority request / submission. 
  

	Section 9	 Term and Termination 

9.1 Term. This Agreement shall be effective as of the Effective Date and shall continue for a period of five (5) years until termination
in accordance with this Agreement. 
 9.2 Termination without Cause. 

9.2.1 COMPANY may in its sole discretion terminate this Agreement at any time for any reason or no reason by giving no less
than [***] notice in writing to EirGenix. In the event of termination pursuant to this Section 9.2.1, [***] shall pay [***] for Services performed in compliance with this Agreement prior to the date of termination. In addition, [***] in
accordance with this Agreement prior to the date of termination and the Price for any manufacturing Batches that are in-progress or that has an initiation date (initiation date means the date that the cell
bank vial is to be thawed to begin a production run) scheduled within [***] of the receipt of notice of termination; provided, the termination of this Agreement is not attributable to EirGenix’s default; however, in the event that EirGenix is
able to fill the manufacturing slot with a Third Party, COMPANY shall [***] of all related Batch expenses to EirGenix. Notwithstanding the foregoing, [***] reaches the milestone as defined as Stage 1 as set forth in SOW. 

9.2.2 In the event that COMPANY cancels any GMP production services within [***] prior to the production schedule written in
the SOW or Project Minutes agreed by both parties, [***] service fee for affected production Batches and cost of the purchased materials for production. 

9.3 Termination for Cause. EirGenix and COMPANY may each terminate the Agreement forthwith by notice in writing to the other party upon
the occurrence of any of the following events: 
 9.3.1 If the other party commits a material breach of the Agreement which
is not capable of remedy (or in the case of a breach capable of remedy is not remedied to the reasonable satisfaction of the non-breaching Party within [***] the receipt by the other party of written notice
identifying the breach and requiring its remedy); or 
 9.3.2 Any party may terminate this Agreement at any time by giving
notice in writing to the other Party, if the other Party files a petition of any type as to its bankruptcy, is declared bankrupt, becomes insolvent, makes an assignment for the benefit of creditors, goes into liquidation or receivership, otherwise
loses legal control of its business or ceases to carry on its business. 

  
 13 

 9.4 Rights and Obligations upon Termination. Upon the termination of the Agreement
for whatever reason: 
 9.4.1 EirGenix shall promptly return to COMPANY any copies or embodiments, in whatever form, of all
COMPANY Invention, COMPANY Information, COMPANY Method, COMPANY Confidential Information and Deliverables and shall dispose of or return to COMPANY the Materials (and where supplied by COMPANY) and any materials therefrom, as directed by COMPANY;

 9.4.2 EirGenix shall, at COMPANY’S expenses, promptly [***] any and all manufacturing Batches or Product that are in-progress or otherwise unfinished prior to the date of termination. 
 9.4.3 COMPANY
shall promptly return to EirGenix all EirGenix Invention and EirGenix Information it has received from EirGenix. COMPANY is entitled to keeping a copy of any data and information that it considered necessary for continuing the regulatory filing
and/or inspection purposes; 
 9.4.4 COMPANY shall not thereafter use or exploit the EirGenix Methods, the EirGenix
Inventions or the EirGenix Confidential Information in any way whatsoever without EirGenix’s prior written consent; 

9.4.5 EirGenix shall not thereafter use or exploit the COMPANY Methods, COMPANY Inventions, the COMPANY Information or COMPANY
Confidential Information in any way whatsoever without COMPANY’s prior written consent; 
 9.4.6 EirGenix and COMPANY
shall do all such acts and things and shall sign and execute all such deeds and documents as the other may reasonably require to evidence compliance with this Section 9.4. 

 

	Section 10	 Representations and Warranties 

10.1 EirGenix Limited Warranty. 

10.1.1 This Agreement (including any applicable Supplemental Terms and Conditions) and each SOW together constitute contracts
for services only. EirGenix warrants that (i) all Services performed under each SOW shall be conducted in accordance with all applicable laws and regulations, (ii) to EirGenix’s knowledge without independent investigation, as of
Effective Date of this Agreement, the EirGenix Methods or EirGenix Inventions used by the EirGenix in the creation of Deliverables under a SOW will not infringe intellectual property or other rights of a Third Party, (iv) it is a company or
corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized; (v) it has the legal power and authority to execute, deliver and perform this Agreement; (vi) its execution,
delivery and performance of this Agreement has been duly authorized by all necessary corporate action; (vii) this Agreement constitutes the legal, valid and binding obligation of EirGenix, enforceable against EirGenix in accordance with its
terms; and (viii) the execution, delivery and performance of this Agreement will not cause or result in a violation of any law, of EirGenix’s charter documents, or of any contract by which EirGenix is bound. 

  
 14 

 10.1.2 EirGenix makes no warranty with respect to [***], and this Agreement
shall supersede any claims contained in the SOW with regard thereto. The warranty set forth in this Section 11.1 is in lieu of any and all other warranties relating to the Services, express or implied. To the maximum extent permitted by
applicable law, EirGenix disclaims all other warranties, including, without limitation, any implied warranties of merchantability, fitness for a particular purpose, custom, trade, quiet enjoyment, accuracy of informational content, or system
integration, or that the use or sale of Deliverables or information provided under any SOW will not infringe or misappropriate any Third Party intellectual property right(s). 

10.2 COMPANY/Ordering Party Warranties. 

10.2.1 COMPANY warrants that COMPANY has the necessary corporate authority to enter into this Agreement; 

10.2.2 COMPANY warrants that COMPANY has the right to supply the Cell Line, other COMPANY Materials and COMPANY Information to
EirGenix and the necessary rights to license or permit EirGenix to use the same for the purpose of the Services; and COMPANY shall not do or cause anything to be done which would adversely affect their ownership or entitlement to use the same for
those purposes; 
 10.2.3 COMPANY will promptly notify EirGenix in writing if it receives or is notified of a claim from a
Third Party that the Cell Line, Materials, COMPANY Information or COMPANY Inventions or that the use by EirGenix thereof for the provision of the Services infringes any intellectual property rights of such Third Party. COMPANY warrants that the
COMPANY Materials, COMPANY Methods, and COMPANY Inventions used by the EirGenix for the services under this Agreement will not infringe intellectual property or other rights of a Third Party. 

10.3 The obligations of COMPANY under this Section 10.2 shall survive the termination for whatever reason of the Agreement. 

10.4 Limitation of Liability. Except as set forth in Section 11, to the maximum extent permitted by the applicable law, neither
Party or its Affiliates shall be liable to the other Party or its Affiliates under any legal theory (including but not limited to contract, negligence, strict liability in tort or warranty of any kind) as a result of a breach of this Agreement
and/or SOW (including, without limitation, failure to perform the Services in accordance with the warranty set forth in Section 11.1) for any indirect, special, incidental, consequential, or exemplary damages, even if the other Party had notice
of the possibility of such damages. Except as set for in Section 11, each Party’s and its Affiliates’ total collective liability to the other Party and its Affiliates for breach of any term or condition of this Agreement and/or a SOW
(other than any breach of the warranty contained in Section 11.1 in respect of which any liability shall be limited to re-performance or refund as specified therein) shall be [***]. 

  
 15 

	Section 11	 Indemnification 

11.1 COMPANY Indemnification. Except to the extent proximately caused by the gross negligence, recklessness or willful misconduct of
EirGenix, its Affiliates and their respective officers, directors, employees and agents, COMPANY shall indemnify, defend and hold harmless EirGenix, its Affiliates and their respective officers, directors, employees and agents (each an
“indemnified party”) from and against any and all expenses (including, but not limited to, reasonable attorney’s fees and expenses), damages, judgments, and losses incurred by any such indemnified party as a result of or in
connection with any claim, demand, or cause of action asserted by a Third Party for (a) physical injury to or death of persons, physical damage to property in each case arising out of or based upon the Ordering Party’s manufacture, sale,
use, distribution and/or transfer of any Materials provided by or on behalf of COMPANY to EirGenix under a SOW; (b) COMPANY’s breach of any of the warranties set forth in Section 10.2; (c) EirGenix’s use of and/or reliance
upon Materials and/or COMPANY Methods employed by EirGenix in its performance of the Services as specified in the SOW; and/or (d) any product or service based in whole or in part on the Ordering Party’s use of or reliance on
Deliverables or any portion thereof, or any derivative thereof. 
 11.2 The indemnified party agrees to provide the indemnifying party with
prompt written notice of any claim, demand, cause of action, or allegation for which indemnification is sought under this Agreement. The indemnifying party agrees, at its own expense, to provide attorneys reasonably acceptable to the indemnified
party to defend against any such claim, demand, cause of action, or allegation. The indemnified party shall cooperate fully with the indemnifying party in such defense and will permit the indemnifying party to conduct and control such defense and
the disposition of such claim, demand, cause of action, or allegation (including all decisions relative to litigation, appeal, and settlement); provided, however, that the indemnified party shall have the right to retain its own counsel, at the
expense of the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate because of actual differences in the interests of such indemnified party and any other party
represented by such counsel. The indemnifying party agrees to keep the indemnified party informed of the progress in the defense and disposition of such claim, demand, cause of action, or allegation, and to consult with the indemnified party with
regard to any proposed settlement. 
  

	Section 12	 Miscellaneous 

12.1 Applicable Law & Litigation. This Agreement shall be governed by and construed in accordance with the laws
of New York, USA, without regard to the conflicts of law principles. Any dispute arising out of or in connection with this Agreement shall be settled amicably by the parties in good faith. If an amicable settlement is not reached, such dispute
shall be finally and exclusively settled by arbitration administered by the [***]. 
 12.2 Assignment; Binding Effect. This Agreement
shall be binding upon the parties’ respective successors and permitted assigns. This Agreement may not be assigned or otherwise transferred, nor, except as expressly provided hereunder, may any right or obligation hereunder be assigned or
transferred, by any of the parties without the consent of the other party; provided, however, that COMPANY may, without such consent (a) assign the Agreement (including any executed Statements of Work) and its rights and obligations hereunder
to an Affiliate; or (b) assign its rights and obligations under this Agreement (and any executed Statements of Work) to any 

  
 16 

 
other party to whom it sells, transfers or assigns all or substantially all of the business and assets related to this Agreement, subject to written assumption by any permitted assignee of all
the rights and obligations of its assignor under the Agreement (and any applicable SOW). 
 12.3 Independent Contractor. The
relationship of the Parties is that of independent contractors, and nothing herein shall be construed as establishing one Party, its affiliates, or any of its or their employees as the agent, legal representative, joint venture, partner, employee,
or servant of the other Party or its Affiliates. Except as set forth herein, neither Party shall have any right, power or authority to assume, create or incur any expense, liability or obligation, express or implied, on behalf of the other Party or
its Affiliates. 
 12.4 Amendment; Waiver. This Agreement may be amended only by a written instrument signed by the Parties. Each
Party shall have the right to enforce the provisions of this Agreement in strict accordance with its terms. The failure of a Party at any time to enforce its rights hereunder strictly in accordance with the same shall not be construed as having
created a custom contrary to the specific provisions hereof or as having in any way modified or waived the same, or any other provision. 

12.5 Notices. Notices under this Agreement shall be in writing and delivered personally, sent by a reputable overnight courier or sent
by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
 For notices regarding forecast, ordering, or operation
of this Agreement, regarding interpretation, terms, termination, or breach of this Agreement to the named party and address set forth in the applicable SOW. 

12.6 Severability. The provisions of this Agreement shall be severable. Invalidity or unenforceability of one provision shall not
affect any other provision of this Agreement. 
 12.7 Survival. Expiration or termination of this Agreement shall not relieve the
Parties or their respective Affiliates of any rights or obligations accruing prior to such termination or expiration. All rights and obligations of the Parties and their respective Affiliates set forth herein that expressly or by their nature
survive the expiration or termination of this Agreement, including, without limitation, the terms and conditions regarding confidentiality, warranty, payment, limitation of liability, indemnity, and restrictions on use of Deliverables shall continue
in full force and effect subsequent to and notwithstanding the expiration or termination of this Agreement until they are satisfied or by their nature expire and shall bind the Parties and their respective Affiliates and their legal representatives,
successors, and permitted assigns. 
 12.8 Headings. The headings in this Agreement are for convenience only and do not in any way
limit or amplify the terms in this Agreement, 
 12.9 Use of Names. Neither Party nor its Affiliates shall use the other Party’s
or its Affiliate’s name or the names of its employees in any advertising, sales or promotional material or in any publication without prior written consent of such other Party. 

  
 17 

 12.10 Force Majeure. [***] shall not be responsible for failure or delay in
performance of its obligations related to the Services due to causes beyond its reasonable control, including but not limited to, acts of Nature, governmental actions, fire, civil disturbances, or natural disasters. 

12.11 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original and
all of which shall together be deemed to constitute one agreement. 
 12.12 Other. Delivery of Deliverables is, for services
performed in the U.S., FCA origin (Incoterms 2010) and, for services performed outside the U.S., Ex Works (EXW) origin (Incoterms 2010). 

12.13 Entire Agreement. This Agreement, including its Appendices and any Statements of Work executed hereunder (and any Supplemental
Terms and Conditions stated therein), sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understanding, promises and representations, whether
written or oral, with respect thereto (including without limitation any terms or conditions of a purchase order, invoice or other document supplied a party) are superseded hereby. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date. 

 

									
	HCW Biologics, Inc.	 		 	EIRGENIX, INC.
					
	BY:	 	 /s/  Hing C. Wong
	 		 	BY:	 	 /s/  Lee-Cheng Liu

					
	NAME:	 	HING C. WONG	 		 	NAME:	 	LEE-CHENG (L-C) LIU
					
	TITLE:	 	CEO	 		 	TITLE:	 	PRESIDENT & CEO
					
	DATE:	 	 3/22/2019
	 		 	DATE:	 	 2019/03/14

  
 18 

 APPENDIX A 

STATEMENT OF WORK #1 

This Statement of Work is entered into by and between EirGenix, Inc. (EirGenix), a corporation with offices at 101, Lane 169, Kangning St.,
Xizhi Dist., New Taipei City, 221, Taiwan, R.O.C., and COMPANY Inc. (COMPANY), with offices at 13F, No.3 Park St., Nangang Dist., Taipei 11503, Taiwan. 

Work Plan — Proposal (Appendix A, SOW #1) 

Attached Proposal

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]