Document:

Exhibit

Exhibit 10.1

BELLICUM PHARMACEUTICALS, INC.
CONSULTING AGREEMENT
This CONSULTING AGREEMENT (“Agreement”), dated effective as of May 18, 2016 (“Effective Date”) is by and between Bellicum Pharmaceuticals, Inc. a Delaware corporation (the “Company”), having an office at 2130 West Holcombe Boulevard, Suite 800, Houston, Texas  77030 (the “Company Premises”) and Kevin M. Slawin, M.D. (the “Advisor”).  (The Company and Advisor are referred to individually as a “Party” and collectively as the “Parties”).
WHEREAS, Advisor is currently providing employment services to the Company pursuant to an Employment Agreement with the Company dated April 6, 2015 (the “Employment Agreement”), and the Company and Advisor desire to provide for the terms and conditions of Advisor’s continued engagement with the Company; and
WHEREAS, the Company and Advisor desire to enter into this Agreement to memorialize the terms and conditions of Advisor’s continued services to the Company.
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the Parties agree as follows:
1.Termination of Employment Services.  The Term (as defined in the Employment Agreement) of the Employment Agreement shall be extended until December 31, 2016 (the “Employment Termination Date”).  Upon the Employment Termination Date, unless Advisor’s employment is terminated sooner pursuant to the terms of Section 6 of the Employment Agreement, Advisor’s employment will automatically expire and terminate.  During the Term, Advisor’s employment with the Company shall continue pursuant to all of the terms and conditions of the Employment Agreement, except that Advisor’s duties during the Term shall be updated as set forth on EXHIBIT A.
          Advisor and the Company agree that this Agreement, and the termination of Advisor’s employment and transition to a consultant as provided for herein, shall not constitute an Involuntary Termination, Cause for termination or Good Reason (as such terms are defined in the Employment Agreement) for Advisor to terminate employment under the Employment Agreement or otherwise entitle Advisor to severance benefits under the Employment Agreement or any other agreement between the Company and Advisor.  If Advisor’s employment with the Company terminates sooner than the Employment Termination Date, for any reason, Advisor shall not be engaged by the Company to provide the Consulting Services (as defined below) and this Agreement shall become immediately null and void.
2.    Commencement of Consulting Services.  Provided that Advisor remains employed with the Company through the Employment Termination Date, on January 1, 2017, Advisor shall become an independent contractor to the Company and shall provide the Consulting Services to the Company pursuant to the remaining provisions of this Agreement, for a term of six (6) months ending on June 30, 2017, or until such earlier date if Advisor’s 

        
CONSULTING AGREEMENT        Page 1

Exhibit 10.1

Consulting Services are terminated by either the Company or Advisor pursuant to the terms of Section 6 herein (the “Consulting Term”).
3.       Nature of Consulting Services.  During the Consulting Term, Advisor shall serve as a Special Advisor to the Science Committee (the “Science Committee”) of the Company’s Board of Directors (the “Board”), undertaking special projects from time to time as requested by the Chair of the Science Committee, consistent with the charter of the Science Committee, and as further described on EXHIBIT B (the “Consulting Services”).  Additionally, during the Consulting Term, Advisor agrees to serve on the Science Committee, if requested by the Board, and shall continue as a member of the Board, subject to election by the stockholders of the Company and in accordance with the Bylaws of the Company.
               The Chair of the Science Committee may from time to time submit a written request to Advisor for projects within the parameters of the Consulting Services.  Subject to the terms of this Agreement, Advisor will provide the services set forth in each such written request accepted by Advisor (the “Project(s)”).  The manner and means that Advisor chooses to complete the Projects are in Advisor’s sole discretion and control.  Advisor shall perform the services necessary to complete the Projects in a timely and professional manner consistent with industry standards and at a location, place and time that Advisor deems appropriate.  In completing the Projects, Advisor agrees to provide his own equipment, tools, and other materials at his own expense; however, the Company will make its facilities and equipment available to Advisor when necessary.  The Chair of the Science Committee retains the right to unilaterally modify, amend or change a written request for a Project at any time.  During the Consulting Term, the Company shall provide Advisor with an office space at the Company Premises to conduct the Consulting Services.
              Advisor’s relationship with Company during the Consulting Term will be that of an independent contractor, and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship between Company and Advisor.  During the Consulting Term Advisor (a) is not the agent of Company; (b) is not authorized to make any representation, contract, or commitment on behalf of Company without the express written approval of the Company’s Chief Executive Officer; (c) will not be entitled to any of the benefits that Company makes available to its employees, such as group insurance, profit-sharing or retirement benefits (and waives the right to receive any such benefits, except for Advisor’s eligibility for the 2016 Bonus (as defined in Section 4 below) and stock options described in Section 4 below and COBRA benefits described in Section 5 below (the “Employment-Related Benefits”)); and (d) will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state, or local tax authority with respect to Advisor’s receipt of Consulting Fees under this Agreement.  If applicable, Company will report Consulting Fees paid to Advisor by filing Form 1099‐MISC with the Internal Revenue Service, as required by law.  Advisor agrees to accept exclusive liability for complying with all applicable state and federal laws, including laws governing self-employed individuals, if applicable, as such laws relate to payment of taxes, social security, disability, and other contributions based on fees paid to Advisor under this Agreement.  Except with respect to the Employment-Related Benefits or otherwise as required by applicable law, Company will not withhold or make payments for social security, unemployment insurance or disability insurance 

        
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Exhibit 10.1

contributions, or obtain workers’ compensation insurance on Advisor’s behalf.  Advisor hereby agrees to indemnify and defend Company against any and all such taxes or contributions, including penalties and interest.  Advisor agrees to provide proof of payment of appropriate taxes on any Consulting Fees paid to Advisor under this Agreement upon reasonable request of Company.
4.       Compensation for Consulting Services.  During the Consulting Term, Company will pay Advisor a fee of $25,000 per month for the Consulting Services (the “Consulting Fee”).  The Consulting Fee shall be payable in equal bi‐monthly installments.  Advisor shall also be reimbursed by the Company for documented expenses incurred by Advisor in accordance with Company policy, subject to approval by the Chair of the Science Committee, of expenses related to Advisor’s participation in external meetings and conferences.
Advisor shall remain eligible to receive the Annual Performance Bonus (as defined in the Employment Agreement) relating to the 2016 calendar year, based on achievement of the performance goals established for such year as determined by the Board or its Compensation Committee (the “2016 Bonus”), notwithstanding the fact that Advisor’s employment terminated on December 31, 2016 under this Agreement.
For the avoidance of doubt, Advisor’s Consulting Services shall constitute “continuous service” for purposes of the vesting of the stock options previously granted to Advisor to purchase shares of the Company’s common stock that are outstanding and unexercised as of the Employment Termination Date, and accordingly, such options shall continue to vest and otherwise remain subject to their terms and conditions through the Consulting Term.
5.       Benefits.  Advisor will receive no Company-sponsored benefits during the Consulting Term; provided, however, that in consideration of Advisor’s prior services as an employee, if, upon the Employment Termination Date, Advisor is eligible for and timely elects to continue the health insurance coverage under the Company’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985 or the state equivalent (“COBRA”) following the Employment Termination Date, the Company will pay, towards the COBRA group health insurance premiums for Advisor and Advisor’s eligible dependents, the same proportion of such insurance premiums that the Company paid on behalf of Advisor and Advisor’s eligible dependents for such group health plans immediately prior to the Employment Termination Date (the “COBRA Payment”) until the earliest of (A) the end of the Consulting Term, (B) June 30, 2017, or (C) the expiration of Advisor’s eligibility for the continuation coverage under COBRA (the “COBRA Period”).  For purposes of this Section 5, references to COBRA premiums shall not include any amounts payable by Advisor under a Section 125 health care reimbursement plan under the Internal Revenue Code of 1986, as amended and the treasury regulations thereunder.  Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA Payment without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether Advisor elects continued health coverage under COBRA, and in lieu of providing the COBRA Payment, the Company will instead pay Advisor on the last day of each remaining month of the COBRA Period, a fully taxable cash payment in an amount equal to 150% of the COBRA Payment for that month, subject to applicable tax withholdings (such amount, the “Health Care Benefit 

        
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Exhibit 10.1

Payment”).  The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA Payment would otherwise have been paid, and shall be paid until the earlier of (i) expiration of the COBRA Period or (ii) the date Advisor voluntarily enrolls in a health insurance plan offered by another employer or entity.
6.      Termination.
(a)      Advisor may terminate this Agreement upon fifteen (15) days’ prior written notice to the Company.  The Company will pay Advisor only those fees and expenses related to services requested by the Chair of the Science Committee and actually performed during such notice period.  This Agreement and the Consulting Term shall terminate immediately upon Advisor’s death or permanent disability, as determined by the Board.
(b)      Either the Company or Advisor may terminate the Consulting Term and this Agreement immediately in the event that the other Party has materially breached this Agreement and fails to cure such breach within five (5) business days of receipt of notice by the non-breaching Party, setting forth in reasonable detail the nature of the breach.  The Company may also terminate this Agreement immediately in its sole discretion in the event of Advisor’s material breach of the Continuing Provisions. If the Company terminates this Agreement pursuant to this Section 6(b) during the Consulting Term, the Company will pay Advisor only the monthly Consulting Fees and approved expenses accrued through the effective date of termination.  If Advisor terminates this Agreement pursuant to this Section 6(b) during the Consulting Term, subject to Advisor signing and not revoking a general release of legal claims in a form provided by the Company, the Company shall continue to pay Advisor the monthly Consulting Fee through June 30, 2017 and shall pay approved expenses accrued through the date of termination. 
7.      Continuing Obligations under Employment Agreement; Ownership of Work Product.
(a) The provisions of Section 8 (Confidential Information), Section 9 (Non‐Competition; Non-Solicitation; etc.), Section 10 (Injunction), Section 11 (Inventions), and Section 12 (Disputes) of the Employment Agreement shall continue to apply during the Consulting Term to the Consulting Services (such provisions, the “Continuing Provisions”) and Section 12 (Disputes) shall also apply to disputes relating to the Consulting Services.  For the avoidance of doubt, the “Non-Compete Period” (as defined in the Employment Agreement) shall continue in full force and effect during the Consulting Term and for the twelve (12) months following the Employment Termination Date.  Notwithstanding the Continuing Provisions, the Employment Agreement, or anything in this Agreement or otherwise, the Parties acknowledge that Advisor is also a member of the Board and a stockholder of the Company, and that as such, Advisor shall retain all rights and privileges commensurate with such positions, including maintaining the right to retain any and all information and documentation provided to Advisor in his capacity as a member of the Board (including Confidential Information, as defined in the Employment Agreement, received as a member of the Board) or a stockholder, subject to Advisor’s confidentiality and fiduciary obligations as a member of the Board or as a stockholder, as applicable. 

        
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Exhibit 10.1

(b)      Advisor hereby assigns to the Company all right, title and interest in and to any work product created or contributed by Advisor while providing the Consulting Services pursuant to this Agreement (the “Work Product”), including all copyrights, trademarks and other intellectual property rights contained therein.  Advisor understands and agrees that Advisor has no right to use the Work Product except as necessary to perform the Consulting Services for the Science Committee.  Advisor agrees to execute, at the Company’s request and expense, all documents and other instruments necessary or desirable to confirm such assignment.  In the event that Advisor does not, for any reason, execute such documents within a reasonable time of the Company’s request, Advisor hereby irrevocably appoints the Company as Advisor’s attorney-in-fact for the purpose of executing such documents on Advisor’s behalf, which appointment is coupled with an interest.  Advisor agrees not to incorporate any third party information or technology in any such Work Product, without the prior written consent of the Company.
8.       Notices.     All notices given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) three (3) business days after being mailed by first class certified mail, return receipt requested, postage prepaid, (c) one (1) business day after being sent by a reputable overnight delivery service, postage or delivery charges prepaid, or (d) on the date on which a facsimile is transmitted to the Parties at their respective addresses stated below.  Any Party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the other Party in accordance with this Section 8, except that any such change of address notice shall not be effective unless and until received.
If to the Company:
2130 West Holcombe Boulevard 
Suite 800 
Houston, Texas  77030  
Attention:  Chairman of the Board of Directors
with a copy (which shall not constitute notice) to:
Cooley LLP  
4401 Eastgate Mall 
San Diego, California  92121 
Attention:  Julie Robinson
If to Advisor, to Advisor’s address on file with the Company.
With a copy (which shall not constitute notice) to:
Gary Eisenstat
Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
8117 Preston Road, Suite 500
Dallas, Texas  75225

        
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Exhibit 10.1

9.        Miscellaneous.
(a)     Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas without reference to principles of conflict of laws.
(b)      Entire Agreement/Amendments.  This Agreement amends the Employment Agreement as provided in Section 1 of this Agreement.  Except to the extent amended herein, the Employment Agreement shall continue pursuant to its terms during the Term (as defined in the Employment Agreement).  Upon the Employment Termination Date, this Agreement and the Exhibits attached and instruments contemplated herein contain the entire understanding of the Parties with respect to the service of Advisor to the Science Committee from and after the Employment Termination Date and supersede any prior agreements or promises between the Company and Advisor, except that, as set forth in this Agreement, the Continuing Provisions shall survive and continue to apply as set forth in Section 7 above and any outstanding stock option or other equity award agreement previously entered into between Executive and the Company shall continue pursuant to its terms.  There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein and therein.  This Agreement may not be altered, modified, or amended except by written instrument signed by the Parties. 
(c)        No Waiver.  The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such Party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  Any waiver under this Agreement must be in writing and signed by Advisor and an authorized officer of the Company.
(d)          Assignment.  This Agreement shall be binding upon and inure to the benefit of the Company and Advisor and their respective successors, assigns, executors and administrators.  This Agreement shall not be assignable by Advisor.
(e)     Representation.  Advisor represents that Advisor’s services under this Agreement and the performance of his obligations under this Agreement do not, and shall not, breach any agreement, including, but not limited to, any agreement that obligates him to (1) keep in confidence any trade secrets or confidential or proprietary information of his own or of any other party, (2) notify or consult with any other Party or (3) refrain from competing, directly or indirectly, with the business of any other party.  Advisor shall not disclose to the Company or use any trade secrets or confidential or proprietary information of any other party.
(f)        Successors; Binding Agreement; Third Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon the personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and permitted assignees of the Parties.
(g)      Survivorship.  Subject to the Terms of this Agreement, the respective rights and obligations of the Parties under this Agreement, including without limitation those 

        
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Exhibit 10.1

set forth in Section 7 hereof, shall survive the termination of Advisor’s employment services, and any termination of Advisor’s Consulting Services and the Consulting Term to the extent necessary to the agreed preservation of such rights and obligations.
(h)       Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
(i)       Headings.  The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.
Signature Page Follows

        
CONSULTING AGREEMENT        Page 7

Exhibit 10.1

IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date.
By: Bellicum Pharmaceuticals, Inc. 
 
 
 
By:    /s/ Thomas J. Farrell     
    Name: Thomas J. Farrell 
    Title: President and Chief Executive Officer

  /s/ Kevin M. Salwin, M.D.     
Name: Kevin M. Slawin, M.D.

        
Signature Page to Agreement

Exhibit 10.1

EXHIBIT A
The principal role of the Advisor, as Chief Technology Officer of the Company (the “CTO”) for the duration of the Term, is to work with the Science Committee (the “Science Committee”) of the Board of Directors of the Company (the “Board”) and its integration into the strategic and Board-level processes of the Company, including:
		
	•
	Establish a regular schedule of Science Committee meetings and work with the Science Committee chairman and senior management to identify and prioritize key agenda items and ensure follow-up and closure.

		
	•
	Interface with the Finance Committee with respect to technical and scientific evaluations of third-party assets and capabilities, in an appropriately comprehensive and timely manner. In this capacity, participate in an internal deal committee and, as requested by the Company’s Chief Executive Officer (the “CEO”) or Senior Vice President Business Development, in business development activities of the Company.

		
	•
	Undertake special projects as identified in consultation with the CEO and/or the Science Committee, related to emerging science and technology issues and trends which are relevant to the Company and in alignment with the Company’s strategy and on areas that are important to the success of the Company’s R&D activities. In this capacity, participate in relevant external scientific and clinical meetings and conferences.

		
	•
	Interface with the R&D leadership and participate in activities and meetings as requested by the Company’s Chief Scientific Officer.

The CTO will also continue to serve as a full member of the Company’s Executive Committee, Product Steering Committee and Collaboration Committee; as an observer on the Company’s Scientific Advisory Board and Clinical Advisory Board; and as a full member of the Science Committee.  The CEO and CTO will meet on a regular basis, and will work together to ensure that internal resources, including personnel, are assigned to participate in special projects as needed.

        
EXHIBIT A

Exhibit 10.1

EXHIBIT B
		
	•
	Identify and evaluate emerging science and technology issues and trends which are relevant to the Company and in alignment with the Company’s strategy and on areas that are important to the success of the Company’s R&D activities; in this capacity, participate and report back to the Chair of the Science Committee as an advisor in relevant external scientific and clinical meetings and conferences.

		
	•
	Review the Company’s preclinical and clinical pipelines, and assess the quality and competitiveness of the Company’s R&D programs and technology initiatives from a scientific perspective, including associated risk profile; in this capacity, continue to participate as an observer and advisor in meetings of the Company’s Product Steering Committee, Scientific Advisory Board and Clinical Advisory Board or other meetings as requested by the Chair of the Science Committee or the Company’s Chief Executive Officer (“CEO”) or  Chief Science Officer.

		
	•
	For any major external investments in R&D that require approval of the Company’s Board of Directors, assess those opportunities on the scientific/technical/medical merit of the opportunity; in this capacity, continue to participate, as requested by the Chair of the Science Committee or CEO or the Company’s Senior Vice President Business Development as an advisor in critical meetings between members of management and prospective external parties.

24808261.1
130415005 v11 

        
EXHIBIT BExhibit

Exhibit 10.2
***Text Omitted and Filed Separately 
with the Securities and Exchange Commission. 
Confidential Treatment Requested 
Under 17 C.F.R. Sections 200.80(b)(4) 
and 240.24b-2
CONFIDENTIAL

BELLICUM PHARMACEUTICALS, INC.
SPONSORED RESEARCH AGREEMENT NO. 2

THIS SPONSORED RESEARCH AGREEMENT (the “Agreement”) is entered into and made and effective as of May 20, 2016 (“Effective Date”) by and between BELLICUM PHARMACEUTICALS, INC., with offices at 2130 West Holcombe Boulevard, Suite 800, Houston, Texas 77030, United States of America (“Sponsor”), and ACADEMISCH ZIEKENHUIS LEIDEN, also acting under the name Leiden University Medical Centre, with offices at Albinusdreef 2, 2333 ZA Leiden, The Netherlands (“Leiden”).  Sponsor and Leiden are referred to herein collectively as the “Parties” or individually as a “Party.”

RECITALS
WHEREAS, the Parties desire to undertake the research contemplated by this Agreement, which is of mutual interest and benefit to Leiden and Sponsor;

WHEREAS, under this Agreement Sponsor will provide funding and/or other support for certain research to be performed at Leiden, as described more fully in the Research Program attached hereto as Appendix A, and Sponsor shall have the license and option rights specified herein;

NOW, THEREFORE, in consideration of the foregoing, the mutual promises hereinafter set forth, and for valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties, intending to be legally bound by the terms, conditions, and covenants of this Agreement, hereby agree as follows:

1.RESEARCH PROGRAM.  Leiden shall [...***...] perform the work (the “Research”) set forth in Appendix A to this Agreement (the “Research Program”), which is attached hereto and incorporated herein and may be amended in accordance with the terms of this Agreement.  Before starting any Research, Leiden must obtain all approvals necessary for the conduct of the Research.

2.PRINCIPAL INVESTIGATOR.  Dr. [...***...] (the “Principal Investigator”) will supervise the Research.  If, for any reason, s/he is unable to continue to serve as Principal Investigator, Sponsor and Leiden shall attempt to find a successor acceptable to both Parties, in which case such mutually agreed successor thereafter shall be designated the Principal Investigator for purposes of this Agreement.  If such a mutually agreed successor is not available or is not identified, this Agreement shall be immediately terminated upon Sponsor’s delivery to Leiden of written notice of termination.

3.PERIOD OF PERFORMANCE.  The Research shall be conducted during the period beginning on the date that is [...***...] after the Effective Date (the “Start Date”) and ending on the third anniversary of the Start Date, unless this period is extended in accordance with this Section 3 (this initial 3-year period, as it may be extended, the “Term”).  Each twelve-month period after the Effective Date until the third anniversary of the Effective Date shall be referred to herein as a “Contract Year.”  In the third Contract Year, Leiden and Sponsor will negotiate in good faith a potential extension of the Term on the basis of how the Research is 

    
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Sponsored Research Agreement No. 2
CONFIDENTIAL

proceeding.  Any such extension of the Term requires mutual agreement of the Parties that is executed in writing by authorized signatories of each of the Parties.

4.TOTAL COSTS.  In consideration of Leiden’s performance of the Research in accordance with Appendix A, during the Term Sponsor agrees to support the Research by paying the amounts as specified in the Budget, which is set forth in Appendix B, provided that, if the Research is completed in accordance with this Research Program, the total of such costs paid by Sponsor under this Agreement will be Two Million Five Hundred Forty Seven Thousand and Four Hundred Fifteen Euro (EUR2,547,415) (“Total Cost”).

5.PAYMENTS.  Leiden shall invoice Sponsor for each [...***...] payment, such invoices to be delivered to Sponsor (a) for the first such [...***...], within [...***...] after the Effective Date, and (b) thereafter within [...***...] after the end of each [...***...].  So long as Leiden complies with the material terms and conditions of this Agreement, Sponsor shall pay Leiden, within [...***...] of receipt of invoice, as follows: [...***...] of the Total Cost (i.e., EUR212,284.58) per [...***...]. 

Invoices should be sent to:

Name:    Accounts Payable
Company:    Belllicum Pharmaceuticals, Inc.
		
	Address:
	2130 West Holcombe Boulevard, Suite 800

Houston, Texas 77030, United States of America
Email:    accounting@bellicum.com

Sponsor’s checks shall be made payable to:

Leiden University Medical Centre
Attn. Managing Director Division 4
Albinusdreef 2
2333 ZA LEIDEN
The Netherlands 

6.EARLY TERMINATION.

		
	A.
	Should Leiden materially breach this Agreement or become unable to perform hereunder, Sponsor shall have the right to terminate this Agreement.  Sponsor shall notify Leiden in writing of its intention to terminate, and termination shall become effective thirty (30) days thereafter if, during such thirty (30) day period, Leiden is unable to cure the breach or rectify its performance. 

		
	B.
	Material breach of this Agreement by Sponsor and failure of Sponsor to pay any undisputed amount owed hereunder within thirty (30) days after receipt of an invoice from Leiden shall be cause for Leiden to terminate

 

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this Agreement.  Leiden shall notify Sponsor in writing of its intention to terminate this Agreement on such grounds, and termination shall become effective thirty (30) days thereafter if, during such thirty (30) day period, Sponsor has not paid all undisputed amounts then owing in full.

7.REPORTS AND CONFIDENTIAL INFORMATION. 

		
	A.
	From time to time during the Term, and upon Sponsor’s request, Leiden will provide Sponsor with written reports of Research progress (“Interim Reports”).  As of the execution of this Agreement, the Parties contemplate that there will be one (1) Interim Report delivered for each calendar quarter of each Contract Year.  If Sponsor identifies a problem in any such Interim Report, Sponsor may request additional Interim Reports at its discretion.  A final written report will be provided to Sponsor at the completion or termination of the Research Program (which will be on or before the last day of the Term) and which will include all data and results (the “Results”) of such Research Program (“Final Report”).  The Final Report will contain raw and summary data and will be written with sufficient detail as would be suitable for submission to a peer-reviewed journal or inclusion in a regulatory filing.  Each of the Interim Reports and the Final Report are owned by Sponsor, and Sponsor has the right to use the Interim Reports and the Final Report and the contents thereof for any lawful purpose, subject to Article 9F.

		
	B.
	As used herein, “Confidential Information” shall mean all information that has been or will be disclosed by or on behalf of a Party (the “Disclosing Party”), to the other Party (the “Receiving Party”), directly or indirectly, in whatever form, including (without limitation) any data, reports, analyses, specifications, techniques, processes, technical information, ideas, know-how, trade secrets, patents, patent applications and inventions (whether or not patentable), drawings, designs and computer software, and which is, or which should reasonably be expected to be, of a confidential nature.  For clarity, any information disclosed by Sponsor related to any compounds, samples, or other materials provided by Sponsor under this Agreement shall be Confidential Information of Sponsor.  With respect to any and all Confidential Information received from the Disclosing Party in the course of this Agreement, the Receiving Party shall:

		
	a)
	keep such information confidential;

		
	b)
	not communicate, disclose or otherwise make available such information to any third party (not including sublicensees) except with prior, written and explicit consent from the Disclosing Party;

		
	c)
	communicate, disclose or otherwise make available such information to members of its personnel and sublicensees only and strictly on a “need-to-know” basis, that is, only in so far as disclosure to a particular individual is strictly necessary for the purpose of this

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Sponsored Research Agreement No. 2
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Agreement and always subject to confidentiality and non-use obligations no less stringent than those set out in this Article 7.B;
		
	d)
	not use such information other than for the purpose for which the information was disclosed;

		
	e)
	take all reasonable steps to ensure that such information shall be protected against unauthorized access, theft, and the like.

		
	C.
	The obligations as set out in Article 7.B shall not apply or shall cease to apply, to information of which the Receiving Party can demonstrate by (documentary) evidence:

		
	a)
	that it was in the public domain prior to the disclosure under this Agreement;

		
	b)
	that it was in the Receiving Party’s possession prior to the disclosure under this Agreement, provided it was not acquired by the Receiving Party under confidentiality obligations directly or indirectly from the Disclosing Party;

		
	c)
	that, after its disclosure under this Agreement, it became part of the public domain through no act or omission of the Receiving Party;

		
	d)
	that, after its disclosure under this Agreement, it was received by the Receiving Party on a non-confidential basis from a third party who was legally entitled to disclose that information; or

		
	e)
	that it is required under a statutory duty and/or court order to disclose, provided that advance written notice is given to the Disclosing Party and the Receiving Party takes all reasonable measures to protect the confidentiality of the information and to cooperate with the Disclosing Party’s efforts, at its expense, to avoid or limit disclosure.

		
	D.
	Upon termination or expiry of this Agreement, each Receiving Party will at the first request of the Disclosing Party destroy any and all of the Disclosing Party’s Confidential Information.

8.     PUBLICATIONS.  Leiden reserves the right to publish the results of the Research performed hereunder.  Before publishing, however, Leiden agrees to [...***...].  Sponsor may request that Leiden remove Sponsor’s Confidential Information from such Proposed Publication, and Leiden will comply with all such requests.  In the event Sponsor asks to defer publication for the purposes of seeking intellectual property protection upon inventions disclosed

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***Confidential Treatment Requested

Sponsored Research Agreement No. 2
CONFIDENTIAL

therein, Leiden shall not publish or otherwise disclose to any third party any of the information contained in the Proposed Publication until (i) such time as the relevant patent application(s) has/have been filed or (ii) the [...***...], whichever of (i) or (ii) occurs [...***...].  Leiden shall give Sponsor the option, when requested by the Sponsor, of receiving an acknowledgement in any publication for its sponsorship of the Research.  The Sponsor understands that the basic objective of research activities at Leiden is the generation of new knowledge and its expeditious dissemination.  Therefore, in review of any publication, the Sponsor shall [...***...]. 

9.INTELLECTUAL PROPERTY. 

		
	A.
	“Background Technology and Background IP Rights” shall mean, individually or collectively, all intellectual property rights (including in patents and patent applications) and other technology, know-how, and trade secrets, whether patentable or not, that a Party owns or controls as of the Effective Date.  Under the terms of this Agreement, neither Party shall have any rights in any of the Background Technology and Background IP Rights of the other Party.  Sponsor shall have no invention-related rights arising from this Agreement in any Leiden inventions other than in the Sole Leiden Inventions  and Joint Inventions, as such terms are hereinafter defined.

		
	B.
	Title to any discovery or invention conceived or first reduced to practice in the performance of the Research Program (herein a “Project Invention”) shall be:  (i) assigned to Leiden if all of the inventors are Leiden employees, consultants or independent contractors (“Sole Leiden Invention”), (ii) assigned jointly to Sponsor and Leiden if the inventors include employees, consultants or independent contractors of both Parties (“Joint Invention”), and (iii) assigned to Sponsor if all the inventors are employees, consultants or independent contractors of Sponsor (“Sole Sponsor Invention”).  Inventorship shall be determined in accordance with U.S. patent law.

		
	C.
	[Reserved]

		
	D.
	For any Sole Leiden Inventions and Joint Inventions that are of relevance to or useful for the development, manufacture, commercialization and/or other exploitation of Potential Products in the Field (as each of these capitalized terms is hereinafter defined), Leiden hereby grants to Sponsor an exclusive option to obtain (i) an exclusive license to use, practice, and otherwise exploit such Sole Leiden Inventions in the Field anywhere in the world, and (ii) an exclusive license to use, practice, and otherwise exploit Leiden’s interest in such Joint Inventions in the Field anywhere in the world, including any patents and other intellectual property rights claiming or covering such Sole Leiden Inventions and Joint Inventions (the option granted for each such Sole Leiden Invention and each such Joint Invention is referred to as an “Option”).  The option period with respect to the Option granted for each such Sole Leiden Invention or Joint Invention will 

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begin on the date of complete written disclosure of such Sole Leiden Invention or Joint Invention (as applicable) by Leiden to Sponsor, and will expire [...***...] from that date (“Option Period”).  Sponsor may, upon written notice to Leiden requesting an extension, extend a given Option Period for [...***...] at no additional cost.  Sponsor may exercise a given Option at any time during the applicable Option Period, by giving written notice to Leiden of its exercise of such Option.  If Sponsor exercises a given Option, the Parties will enter into a license agreement on commercially reasonable terms for the corresponding license promptly thereafter.

For the purposes of this clause 9, Potential Products are defined as: any high affinity TCR directed against a cancer associated antigen (CAA) described in the Research Program, including but not limited to those specifically mentioned in part A of the Research Program proposal attached hereto as of the Effective Date, and high affinity TCRs directed against ovarian lineage antigens (OLA) as well as the corresponding OLA antigens that are recognized by the high affinity OLA specific TCRs.  Each Party will use [...***...] (i) to specifically identify CAAs and any corresponding high affinity TCRs that are researched by Leiden with Sponsor’s funding support, and (ii) to update and amend the description of the Research Program to add such specifically identified CAAs and/or TCRs.  If the Research Program is amended by mutual written consent of both Parties to add additional CAAs, other Potential Products directed against such additional CAAs are added to this clause 9.  For the purposes of this clause 9, the “Field” is defined as: all fields relevant to or supportive of the development, manufacture, commercialization and/or other exploitation of each such Potential Product for use as a diagnostic or therapeutic in humans.  For avoidance of doubt, it is the Parties’ intention that Sponsor be granted an Option, under each Sole Leiden Invention and each Joint Invention that is conceived or first reduced to practice using Sponsor funding under this Agreement, that enables Sponsor to obtain a license to use, practice and exploit such Sole Leiden Invention and/or Joint Invention (as applicable) in connection with high affinity TCRs directed against such original and added CAAs.

For clarity, Sponsor may exercise multiple Options during the Term, and during any applicable Option Period and/or Option extension period following the Term, in relation to different Potential Products.

		
	E.
	Leiden shall provide to Sponsor a complete written disclosure for each and every Sole Leiden Invention and Joint Invention, whether or not patentable, first conceived or reduced to practice in the performance of the Research funded under this Agreement, promptly after each such Sole Leiden Invention and Joint Invention is made.

		
	F.
	Any data, information, results, technology, know-how, and trade secrets generated, developed, derived or otherwise obtained in the performance of the Research Program, to the extent the foregoing do not constitute a Sole Leiden 

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Invention, a Sole Sponsor Invention or a Joint Invention (“Research Program IP”), shall be jointly owned by Leiden and Sponsor.  Each Party shall have the right to use the Research Program IP for all lawful purposes, and each will treat the Research Program IP in the same manner as it treats its own confidential information.  Neither Party shall publish or otherwise publicly disclose any Research Program IP without the other Party’s prior written approval (not to be unreasonably withheld, conditioned or delayed).  Sponsor shall be provided reasonable access to any of Leiden’s personnel and agents that performed any of the Research or created or generated any of the Research Program IP, upon reasonable advance written request by Sponsor. 

		
	G.
	It is anticipated that the form and terms of any license agreement entered into by the Parties pursuant to Section 9.D would be based on a form and terms similar to those set forth in the License Agreement and in Appendix C.

		
	H.
	The Parties shall negotiate in good faith the commercially reasonable terms of each license agreement described in Section 9.D, subject to Article 9.G and the terms in Appendix C.  The Parties shall reach agreement regarding the terms of each license agreement within a reasonable period of time, not to exceed [...***...] from the date on which Sponsor exercises the corresponding Option, unless the Parties mutually agree in writing to extend such [...***...] period.  Each such license agreement shall be executed promptly after the Parties mutually agree on the terms of the license.  If Sponsor elects not to exercise a particular Option within its corresponding Option Period, or if the Option Period corresponding to such particular Option expires, or if Sponsor exercises a particular Option and the Parties do not enter into a license agreement within the [...***...] negotiation period described in this subsection H (which may be extended by mutual agreement in writing), Leiden shall be free to exploit or have exploited Leiden’s rights in the relevant Sole Leiden Invention or Joint Invention (as applicable), as it sees fit; provided that (i) Sponsor has no obligation to grant Leiden any rights or licenses under Sponsor’s intellectual property rights that may be necessary or useful for such exploitation by Leiden or its licensees or transferrees, and (ii) Sponsor is not limited in any manner from enforcing its intellectual property rights against Leiden or Leiden’s licensees or transferrees.

		
	I.
	Each Party makes no representation or warranty that any act or any manufacture that uses information from the Research Program, including any Project Invention and/or any Research Program IP, (whether under a license under this Article 9 or otherwise) will be free from infringement of patents of third parties or other rights of third parties.

10.NO OTHER FUNDING.  Leiden and the Principal Investigator agree that no government funding or third-party funding will be used to conduct any of the Research, if such funding would require Leiden or the Principal Investigator to grant any rights and/or licenses to such government or third-party funder with respect to the Results.

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11.ANIMAL AND HUMAN STUDIES.  Any use of human subjects or live, vertebrate animals in the performance of Research hereunder shall comply with all applicable laws and government regulations.  Leiden will not begin any research involving vertebrate animals until all necessary institutional approvals have been received. 

12.WARRANTIES; DISCLAIMER. 

		
	A.
	Leiden shall not knowingly incorporate in any deliverable under this Agreement any intellectual property rights of any third party.

		
	B.
	Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED.  THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, INCLUDING WITH RESPECT TO ANY PROJECT INVENTION, RESEARCH PROGRAM IP, COMPOUNDS, SAMPLES, OR OTHER MATERIALS PROVIDED BY SPONSOR OR THAT SAME SHALL BE FREE OF INFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS OR OTHER RIGHTS.

		
	C.
	To the extent permitted by applicable law, a Party shall in no event be liable for any direct, indirect, consequential loss, damage, claim, demand and/or expense – of whatever nature – whether arising by way of a third party claim or otherwise – resulting from or in connection with the use and/or the exploitation of the Project Inventions and/or the Research Program IP by the other Party and its licensees and transferrees.

		
	D.
	Each Party (the “Indemnifying Party”) shall indemnify and hold harmless the other Party (the “Indemnified Party”) in respect of any loss, liability, damage, claim, cost, demand and/or expense arising or resulting from a claim brought by a third party and incurred or suffered by or imposed upon the Indemnified Party as a result of or in connection with the use and/or the exploitation of the Project Inventions and/or the Research Program IP by the Indemnifying Party and its licensees and transferrees (each a “Claim”).  The Indemnified Party shall provide prompt written notice to the Indemnifying Party of the initiation of any Claim that may reasonably lead to the Indemnified Party’s claim for indemnification under this Section 12.D.  Upon receipt of such notice, the Indemnifying Party shall have the right to assume the defence and settlement of such Claim, provided that it shall not settle any Claim without the Indemnified Party’s written consent (such consent not to be unreasonably withheld, conditioned or delayed).  The Indemnified Party shall cooperate with the Indemnifying Party in the defence of such Claim and provide assistance as may reasonably be required or requested by the Indemnifying Party.

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13.      NOTICES.    Any notice or other communication under this Agreement shall be in writing and shall be sufficiently served if sent by recorded delivery post or registered mail,return receipt requested. or by reputable overnight courier, to the following address:

In the case of notices to Leiden to:

Leiden University Research & Innovation Services (LURIS)
Attn. Director Technology Transfer Office
Poortgebouw Noord 
Rijnsburgerweg 10 
2333 AA LEIDEN
The Netherlands 
With reference number: INV14MC432
   C14MC1930

In the case of notices to Sponsor to:

Bellicum Pharmaceuticals, Inc.
Attn. Ken Moseley, J.D.
Senior VP & General Counsel
Life Science Plaza
2130 West Holcombe Boulevard
Suite 800
Houston, Texas 77030
United States of America

14.ASSIGNMENT.  Neither Party may assign or transfer, in whole or in part, its rights or obligations under this Agreement to any third party, without the other Party’s prior written consent; provided that, without Leiden’s prior written consent, Sponsor may assign this Agreement in its entirety to an Affiliate of Sponsor or to an assignee or transferee of Sponsor’s entire business or of that part of Sponsor’s business to which the subject matter of this Agreement relates. 

15.AMENDMENT.  This Agreement may only be amended by prior written agreement of authorized representatives of each of the Parties hereto. 

16.WAIVER.  A waiver by a Party of a breach or default of the other Party under any of the provisions of this Agreement shall not be construed as a waiver of any succeeding breach of the same or other provisions. Nor shall any delay or omission on the part of a Party to exercise or avail itself of any right, power or privilege that it has or may have under this Agreement, operate as a waiver of any breach or default by the other Party.

17.USE OF NAMES.  Sponsor may not use the “LUMC” or the full name “Leiden University Medical Centre” or any adaptation thereof in any publicity or advertising without the prior written consent of Leiden.  Leiden may not use the name or logo of Sponsor or its

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sublicensees, or any adaptation thereof, in any publicity or advertising without the prior written consent of Sponsor. 

14.REFORM OF AGREEMENT.  If part of this Agreement is or becomes invalid or non-binding, the Parties shall remain bound to the remaining part.  The Parties shall replace the invalid or non-binding part by provisions which are valid and binding and the effect of which, given the contents and purpose of this Agreement, is, to the greatest extent possible, similar to that of the invalid or non-binding part. 

15.ENTIRE AGREEMENT.  This Agreement contains the entire agreement of the Parties in relation to its subject matter.  Any appendices and schedules to this Agreement shall form a part thereof.  This Agreement may only be amended or supplemented in writing, by way of a document signed by (the authorised representatives of) all Parties. For the avoidance of doubt, each of the License Agreement, dated April 20, 2015, and the Sponsored Research Agreement, dated June 30, 2015, previously executed by the Parties remains in full force and effect in accordance with their respective terms.

16.NO RESCISION.  This Agreement may not be rescinded (“(in rechte) ontbonden”), in whole or in part, by a Party to this Agreement. 

17.COUNTERPARTS.  This Agreement may be executed in one or more counterparts by original, facsimile or PDF signature, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument, binding on the Parties notwithstanding that each of the Parties may have signed different counterparts. 

18.SURVIVING TERMS.  Expiration or termination of this Agreement for any reason shall not relieve the Parties of any liability or obligation accruing prior to such expiration or termination, nor affect the survival of any provision hereto to the extent it is expressly stated to survive such expiration or termination.  In addition, the rights and obligations of the Parties under the following provisions of this Agreement shall survive expiration or termination of this Agreement:  Articles 5 (for payments invoiced by Leiden but not yet paid); 7, 8, 9, 12, 13, 14,17 and 19. 

<<  Signature Page Follows >>

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The Parties have executed this Agreement as of the Effective Date as follows:

Leiden University Medical Center            Bellicum Pharmaceuticals, Inc.

/s/ Guillaine E. de Blécourt        /s/ Thomas J. Farrell        
Name:    Guillaine E. de Blécourt            Name:  Thomas J. Farrell
Title: Manager Division 4                Title:  President & CEO
Date: May 27th, 2016                     Date: May 27th, 2016 

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Appendix A
Research Program

Confidential

PROPOSAL

A.  [...***...]

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[...***...]

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[...***...]

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[...***...]
 

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[...***...]

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Appendix B
Budget
	
								
	FINANCIAL SUPPORT 

	 

	[...***...]

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Appendix C
License Terms

	
		
	Upfront fee
	No upfront fee shall be due

	Payments

	Royalties on Net Sales
	Licensee shall pay to LUMC a royalty rate of [...***...]% on Net Sales (see definition below).

	Annual license maintenance fee
	As of the 8th anniversary of the effective date of the first license agreement, Licensee will begin paying an annual license maintenance fee of €30.000.  As of the 8th anniversary of the effective date of any additional license agreement(s), Licensee will begin paying a supplementary annual license maintenance fee of €10.000 for each such additional license agreement then in effect.

	Sublicense Income

	a) [...***...]% of Sublicense Income received for Sublicense Agreements entered into [...***...];
b) [...***...]% of Sublicense Income for Sublicense Agreements entered into [...***...]; 
c) [...***...]% of Sublicense Income for Sublicense Agreements entered into [...***...]
(See definition of Sublicense Income below).

	Milestone payments

	For each TCR selected for Bellicum development:
   [...***...]: [...***...] euro
   [...***...]: [...***...] euro
     [...***...]: [...***...] euro

Milestone payments apply only once for a given TCR specificity, regardless of the number of HLA restricted TCRs and licensed products (“Licensed Products”) that are developed for that specificity.  So for example, a Licensed Product based on [...***...] might go all the way through approval and trigger each of the milestone payments, but a Licensed Product based on [...***...] would not trigger additional milestone payments.  A TCR with specificity directed to a different antigen (and related Licensed Products) would trigger its own one-time only milestone payments.

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	Performance & license obligations

	Patent obligations
	Licencee will insure that appropriate IP is secured on behalf of LUMC for inventions directed to a TCR that is the subject of a Research Program and for which a licence agreement is executed, as such TCR(s) is/are agreed within [...***...] of the signing of said license agreement (for each such TCR, this IP is the “TCR IP”).

Licensee will be obliged to diligently file and prosecute such applications on behalf of LUMC, with the objective of obtaining optimal commercially reasonable coverage for each such TCR IP.

All patent expenses incurred in acquition of TCR IP rights, including filing and prosecution expenses, will be borne by Licensee.  

Should Licensee later elect not to pursue said TCR IP, all rights, including TCR IP prosecution rights, will revert to LUMC.

	Performance obligations
	Realistic performance obligations regarding each such TCR (and related Licensed Products) for which a license agreement is executed shall be agreed between Licensee and LUMC at time of signing such licence agreement.

Should Licensee fail to meet such agreed performance obligations (as these may be amended or extended) regarding any such TCR (and related Licensed Products), all rights regarding such TCR (and related Licensed Products), including TCR IP prosecution rights, will revert to LUMC.

DEFINITIONS

Net Sales
The term "Net Sales" shall mean the gross amount of monies or cash equivalent or other consideration which is received for the first arms-length sale of Licensed Products by Licensee or its sublicensee(s) to third parties (whether end users, wholesaler(s) or distributor(s)), less:
(i)    [...***...];
(ii)    [...***...];
(iii)    [...***...]; and

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(iv)    [...***...].

The term "Net Sales" in the case of non-cash sales, shall mean the fair market value of the non-monetary consideration received by Licensee or sublicensees that is attributable to the sale of Licensed Products to third parties.  A sale of a Licensed Product between Licensee and a sublicensee for resale to a third party shall not be considered a “sale” for the purpose of this definition, but the arms-length resale of such Licensed Product by such sublicensee or Licensee (as applicable) to a third party shall be a “sale” under this definition.

Licensed Products
The term "Licensed Product(s)" shall mean any product, process or service the manufacture, use, sale, offer for sale or import of which, absent the rights and licenses granted by LUMC to Licensee hereunder, would infringe a Valid Claim.

Sublicense Income
The term "Sublicense Income" shall mean all cash and non-cash consideration, including upfront payments, equity, sublicensing fees, milestone payments and sublicense maintenance fees, actually received by Licensee that is directly attributable to the grant of a sublicense under the license rights granted to Licensee hereunder; provided that in the event that Licensee receives non-cash consideration, Sublicense Income shall be calculated based on the fair market value of such non-cash consideration, assuming an arm’s length transaction made in the ordinary course of business.  Notwithstanding anything to the contrary, Sublicensing Income expressly excludes the following payments:
(a)    [...***...];
(b)    [...***...]; 
(c)    [...***...]; or,
(d)    [...***...].

Valid Claim
"Valid Claim" shall mean a claim of an issued or pending patent within the Patent Rights, which claim has not expired, lapsed, been cancelled or become abandoned irrevocably and has not been declared invalid or unenforceable by an un-reversed and un-appealable decision or judgment of a 

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court or other appropriate body of competent jurisdiction, and which has not been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise.

Patent Rights
“Patent Rights” shall mean patent applications disclosing and claiming the Results and (i) all patent applications (including provisional applications) that claim priority from the referenced patent applications, (ii) any and all divisions, reissues, re-examinations, renewals, continuations, continuations-in-part (to the extent the claims are directed to subject matter specifically described in the aforementioned patent applications and are dominated by the claims of the existing Patent Rights), and extensions thereof, (iii) any and all patents which issue from the foregoing described patent applications, and all other counterparts, pending or issued, and patents in all countries.  Certain Patent Rights shall be identified in an appendix to each license agreement.

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