Document:

Exhibit 10.4

 

DATED 8 September 2017

 

	CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN
OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT
MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.  

 

(1)        OXFORD
UNIVERSITY INNOVATION LIMITED

and

(2)         VACCITECH LIMITED

 

LICENCE OF TECHNOLOGY

(OUI PROJECT Nos. [***])

 

    

     

    

 

	THIS AGREEMENT is made on	8 September 2017

 

BETWEEN:

 

		(1)	OXFORD UNIVERSITY INNOVATION
                                         LIMITED (Company No. 2199542) whose registered office is at University Offices, Wellington
                                         Square, Oxford OX1 2JD, England (“OUI”); and

 

		(2)	VACCITECH LIMITED (Company
                                         No. 9973585) whose registered office is at King Charles House, Park End Street, Oxford,
                                         Oxfordshire, OX1 1JD (the “Licensee”).

 

BACKGROUND:

 

		(A)	The Licensed Technology is connected
                                         with OUI Projects [***] “Hepatitis B vaccine”, [***] “Human Papilloma
                                         Virus vaccine”, [***] “CD74 as Molecular Adjuvant”, [***] “Adenovirus
                                         vaccine vector (‘ChAdOx1’)” and [***] “ChAdOx2 - simian adenovirus
                                         vector”.

 

		(B)	The Licensee wishes to acquire a licence
                                         to the Licensed Technology in order to develop products in the area of therapeutic vaccines
                                         and OUI is willing to license the Licensed Technology to the Licensee, on the terms of
                                         this agreement.

 

AGREEMENT:

 

		1.	Interpretation

 

In this agreement (including
its Schedules), any reference to a “clause” or “Schedule” is a reference to a clause of this agreement
or a schedule to this agreement, as the case may be. Words and expressions used in this agreement have the meaning set out in
Schedule 1.

 

		2.	Grant
                                         of Licence

 

		2.1	In
                                         consideration of the payments required to be made under this agreement by the Licensee,
                                         OUI grants to the Licensee a licence in the Territory in respect of the Licensed Technology
                                         to develop, make, have made, import, use and have used and Market the Licensed Product
                                         subject to the terms and conditions of this agreement. Subject to clause 4, the Licence
                                         in respect of:

 

		2.1.1	the
                                         Licensed Intellectual Property is :

 

		(a)	in
                                         relation to Applications 1 and 2 exclusive in all fields;

 

		(b)	in
                                         relation to Application 3 non-exclusive in the field of Hepatitis B therapy;

 

		(c)	in
                                         relation to Application 4 exclusive in the fields of Human Papilloma Virus associated
                                         diseases and Hepatitis B therapy;

 

		(d)	in
                                         relation to Application 5 exclusive in the field of Hepatitis B therapy; and

 

		2.1.2	the
                                         Licensed Know-how is non-exclusive in all fields.

 

		2.2	As
                                         soon as is reasonably possible after the date of this agreement (and in any event within
                                         [***] of the date of this agreement), OUI will, at OUI’s cost, supply the Licensee
                                         with the Documents. OUI shall, for a period of [***] from the date of this agreement,
                                         continue to provide the Licensee with such documents and materials as embody the Licensed
                                         Know-How generated during that period.

 

		2.3	The
                                         Licensee may grant sub-licences with the prior written consent of OUI, such consent not
                                         to be unreasonably withheld, conditioned or delayed, provided that:

 

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		(a)	the
                                         sub-licensee has obligations to the Licensee commensurate with those which the Licensee
                                         has to OUI under this agreement, except the financial terms hereof or where it is not
                                         legally possible to include such obligations in the sub-licence;

 

		(b)	the
                                         nature of the proposed sub-licensee is not likely in OUI’s reasonable opinion to
                                         have any detrimental impact on the reputation of either OUI or of the University;

 

		(c)	the
                                         sub-licensee has sufficient financial resources to develop and Market the Licensed Product
                                         (it being acknowledged and agreed that if the sub-licensee is a publicly-listed company
                                         with a market capitalisation equal to or in excess of [***] it will be considered to
                                         have sufficient financial resources to develop and Market the Licensed Product);

 

		(d)	as
                                         soon as reasonably practicable following the grant of each sub-licence, the Licensee
                                         provides a certified copy of that sub-licence to OUI, such copy to be Confidential Information
                                         of the Licensee which may be redacted to the extent any information in such sub-licence
                                         does not relate to the Licensed Technology, OUI and/or this agreement;

 

		(e)	the
                                         sub-licensee enters into a Deed of Covenant with the Licensor in the form set out in
                                         Schedule 5;

 

		(f)	OUI
                                         will be deemed to have consented to a sub-licence within [***] of receipt of such written
                                         request by the Licensee to grant a sub-licence, provided it has not refused consent or
                                         requested reasonable further time or information to consider the request within such
                                         [***] period; and

 

		(g)	no
                                         sub-licence will carry any right to sub-sub-license.

 

		2.4	Notwithstanding
                                         clause 2.3, no prior written consent from OUI will be required for sublicences if:

 

		(a)	the
                                         sub-licensee or an Affiliate of the sub-licensee, at the time of entering into a new
                                         sub-licence, is already a licensee or a sub-licensee of the Licensee in respect of all
                                         or part of the Licensed Technology; or

 

		(b)	the
                                         sub-licensee Is a subsidiary or an Affiliate of the Licensee;

 

provided always that the sub-licence
complies with provisions (a), (d) and (e) of clause 2.3.

 

		2.5	A
                                         decision by OUI not to give prior written consent under clause 2.3(b) or (c) shall be
                                         accompanied by a written description of the reasons for such disapproval, and the parties
                                         shall promptly (within [***]) discuss the reasons OUI has given and the Licensee may
                                         challenge such reasons.

 

		3.	Improvements

 

		3.1	The
                                         Licensed Technology covered by the Licence in clause 2 includes Inventor Improvements.
                                         OUI will communicate in writing to the Licensee within a reasonable time, and in any
                                         event within [***] of becoming aware of the same, all Inventor Improvements.

 

		3.2	The
                                         Licensee acknowledges and agrees that all Intellectual Property Rights in Inventor Improvements
                                         belong to OUI.

 

		3.3	The
                                         Licensee will communicate in writing to OUI within [***] of intended publication all
                                         Licensee Improvements.

 

		3.4	OUI
                                         acknowledges and agrees that all Intellectual Property Rights in the Licensee Improvements
                                         belong to the Licensee.

 

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		4.	Rights
                                         re Non-Commercial Use

 

		4.1	The
                                         Licensee grants OUI an irrevocable, perpetual, royalty-free licence to grant the University
                                         and those persons who at any time work or have worked on the Licensed Technology the
                                         licence set out in clause 4.2.

 

		4.2	OUI
                                         has granted and, in respect of Licensee Improvements, will grant, to the University and
                                         those persons who at any time work or have worked on the Licensed Technology a non- transferable,
                                         irrevocable, perpetual, royalty-free licence to use and publish the Licensed Technology
                                         and the Licensee Improvements for Non-Commercial Use.

 

		4.3	Where
                                         the University wishes to submit a publication including Licensee Improvements, OUI shall
                                         procure that the University will use all reasonable endeavours to submit such draft publication
                                         to the Licensee in writing not less than [***] in advance of the submission for publication.
                                         The Licensee may make a written request to the University to delay submission for publication
                                         if, in the Licensee’s reasonable opinion, such delay is necessary in order to seek
                                         patent or similar protection for the Licensee Improvements. A delay imposed on submission
                                         for publication as a result of a written request made by the Licensee shall not last
                                         longer than is necessary to seek required protection; and therefore shall not exceed
                                         [***] from the date of receipt of the written request to delay submission for publication
                                         by the Licensee, although OUI will procure that the University will not unreasonably
                                         refuse a request from the Licensee for additional delay in the event that Intellectual
                                         Property Rights would otherwise be lost. Notification of the requirement for delay in
                                         submission for publication must be received by the University within [***] after the
                                         receipt of the notice of intention to publish by the Licensee, failing which the University
                                         shall be free to assume that the Licensee has no objection to the proposed publication.

 

		4.4	OUI
                                         reserves the right to grant licences for Academic and Research Purposes to encourage
                                         basic research for Non-Commercial Use, whether conducted at an academic facility or subcontracted
                                         to a corporate facility, but not for the purposes of permitting commercialisation of
                                         the Licensed Technology licensed exclusively, or to authorise the development or marketing
                                         of products or services that are produced or supplied entirely or partially using the
                                         Licensed Technology.

 

		5.	Filing
                                         and Maintenance

 

		5.1	The
                                         Licensee will pay OUI the Past Patent Costs representing the Licensee’s sole contribution
                                         to the patent costs incurred by OUI prior to the parties entering into this agreement,
                                         within [***] of receiving an invoice from OUI following execution of this agreement.

 

		5.2	OUI
                                         will, in consultation with the Licensee and at the Licensee’s cost, prosecute,
                                         use all reasonable endeavours to maintain, and renew the Applications throughout the
                                         duration of this agreement. OUI will give all reasonable consideration to the views of
                                         the Licensee and will not unreasonably refuse to prosecute, maintain or renew Applications
                                         provided always that the Licensee agrees to bear the costs of such action according to
                                         this Clause 5.2. The Licensee will reimburse OUI for all costs, filing fees, lawyers’
                                         and patent agents’ fees, expenses and outgoings of whatever nature incurred by
                                         OUI in the prosecution, maintenance and renewal of the Applications (including those
                                         incurred in opposition proceedings before the European Patent Office or in ex parte re-examination
                                         or inter partes review proceedings in the United States Patent and Trademark Office (“USPTO”)
                                         or any similar proceedings before any patent office challenging the grant or validity
                                         of the Applications) within [***] of receiving an invoice from OUI. OUI shall be entitled
                                         to make it a condition of any action of OUI under this clause 5.2 that the Licensee provides
                                         OUI with sufficient money in advance to cover the costs likely to be incurred in the
                                         action.

 

		5.3	Where
                                         any of the Applications are prosecuted in the USPTO and the Licensee is a small business
                                         concern as defined under the US Small Business Act (15USC632) OUI intends to pay reduced
                                         USPTO patent fees under US patent law 35USC 41(h)(1). The Licensee will notify OUI as
                                         soon as reasonably possible if it or a sub-licensee ceases to be a small business concern
                                         as defined under the US Small Business Act (15USC632) or becomes aware of any other reason
                                         why it would not qualify for reduced USPTO patent fees under US patent law 35 USC 41(h)(1).

 

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		5.4	The
                                         Licensee shall inform OUI not less than [***] in advance of the National Phase filing
                                         deadline (noted in Schedule 2) of the territories within the scope of the PCT that it
                                         wishes to be covered in the National Phase of the Applications. In the event that the
                                         Licensee does not give the required minimum of [***] advance notice OUI shall then be
                                         entitled to proceed with filing the Applications at the Licensee’s cost in whichever
                                         territories as it may in its sole discretion decide.

 

		5.5	The
                                         Licensee shall be entitled to remove any one or more of the countries from the Territory
                                         at any time by giving not less than [***] notice to OUI. If the Applications are proceeding
                                         under the PCT then such notice may not be given any earlier than the date for commencement
                                         of the National Phase filing. For the avoidance of doubt the Licensee shall remain liable
                                         for the costs mentioned in clause 5.2 that arise or are incurred by OUI during the said
                                         notice period in respect of the countries being removed.

 

		5.6	In
                                         the event that OUI elects to discontinue the prosecution and/or maintenance of any of
                                         the Applications, the Licensee shall have the right but not the obligation to take over
                                         prosecution and maintenance of the Applications OUI has elected to discontinue.

 

		6.	Infringement

 

		6.1	Each
                                         party will notify the other in writing of any misappropriation or infringement of any
                                         rights in the Licensed Technology of which the party becomes aware.

 

		6.2	The
                                         Licensee has the first right (but is not obliged) to take Legal Action at its own cost
                                         in relation to any misappropriation or infringement of any Licensed Technology that OUI
                                         has licensed exclusively to Licensee under this Agreement subject to any field restriction
                                         included in the rights granted in Clause 2.1. The Licensee must discuss any proposed
                                         Legal Action with OUI prior to the Legal Action being commenced, and take due account
                                         of the legitimate interests of OUI in the Legal Action it takes provided always that
                                         the Licensee may act without further consultation if rights in the Licensed Technology
                                         would otherwise be prejudiced or lost.

 

		6.3	If
                                         the Licensee takes Legal Action under clause 6.2, the Licensee will:

 

		(a)	except
                                         where any Legal Action arises directly as a result of a breach by OUI of the warranties
                                         in Clause 12.2, indemnify and hold OUI and the University harmless against all costs
                                         (including lawyers’ and patent agents’ fees and expenses), claims, demands
                                         and liabilities arising out of or consequent upon a Legal Action and will settle any
                                         invoice received from OUI in respect of such costs, claims, demands and liabilities within
                                         [***] of receipt; and

 

		(b)	treat
                                         any account of profits or damages (including, without limitation, punitive damages) awarded
                                         in or paid to the Licensee under any settlement of the Legal Action for any misappropriation
                                         or infringement of any rights included in the Licensed Technology as Net Sales for the
                                         purposes of clause 8, having first for these purposes deducted from the award or settlement
                                         an amount equal to any legal costs incurred by the Licensee in the Legal Action that
                                         are not covered by an award of legal costs; and

 

		(c)	keep
                                         OUI regularly informed of the progress of the Legal Action, including, without limitation,
                                         any claims affecting the scope of the Licensed Technology.

 

		6.4	OUI
                                         may take Legal Action at its own cost in relation to any misappropriation or infringement
                                         of any rights included in the Licensed Intellectual Property where:

 

		(a)	the
                                         Licensee has notified OUI in writing that it does not intend to take any Legal Action
                                         in relation to any misappropriation or infringement of any rights included in the Licensed
                                         Technology under clause 6.2;

 

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		(b)	if
                                         having received professional advice with regard to any Legal Action within [***] of the
                                         notification under clause 6.1, and consulted with OUI, the Licensee does not take reasonable
                                         steps to act upon an agreed process for dealing with such misappropriation or infringement
                                         (which may include, for the avoidance of doubt, seeking a second opinion in respect of
                                         such professional advice) within any timescale agreed between OUI and the Licensee and
                                         in any event within [***] of notification under clause 6.1, OUI may take such Legal Action
                                         at its own cost provided it shall not settle any action without first consulting with
                                         the Licensee and taking account of the reasonable observations and requests of the Licensee.

 

		7.	Confidentiality

 

		7.1	Subject
                                         to clauses 7.2, 7.3 and 7.4, each party (being a receiving or disclosing party as the
                                         case may be) will keep confidential the Confidential Information of the other party and
                                         will not disclose or supply the Confidential Information to any third party or use it
                                         for any purpose, except in accordance with the terms and objectives of this agreement.

 

		7.2	The
                                         Licensee may disclose to sub-licensees of the Licensed Technology such of the Confidential
                                         Information as is necessary for the exercise of any rights sub-licensed, provided that
                                         the Licensee shall ensure that such sub-licensees accept a continuing obligation of confidentiality
                                         on the same terms as this clause, and giving third party enforcement rights to OUI, before
                                         the Licensee makes any disclosure of the Confidential Information. The Licensee may also
                                         disclose the Licensed Technology to the extent reasonably required in connection with
                                         the conduct of its business including to potential investors, other business associates
                                         and professional advisors provided that such persons have agreed in writing to be bound
                                         by non-use and non-disclosure obligations that are no less strict than those set forth
                                         in this agreement or are subject to professional codes of conduct that prevent disclosure
                                         of client confidential information and the Licensee will take action in respect of any
                                         breach of such obligations.

 

		7.3	Confidential
                                         Information may be exchanged freely between OUI and the University and communications
                                         between those two parties shall not be regarded as disclosures, dissemination or publication
                                         for the purpose of this agreement. OUI may also disclose the terms of this agreement
                                         and royalty reports and payments made by the Licensee to any third parties that have
                                         rights to a revenue share for providing funding in the development of the Licensed Technology
                                         provided that such persons have agreed in writing to be bound by nonuse and non-disclosure
                                         obligations that are no less strict than those set forth in this agreement or are subject
                                         to professional codes of conduct that prevent disclosure of client confidential information
                                         and OUI will take action in respect of any breach of such obligations.

 

		7.4	Clause
                                         7.1 will not apply to any Confidential Information which:

 

		(a)	is
                                         known to the receiving party before disclosure, and not subject to any obligation of
                                         confidentiality owed to the disclosing party;

 

		(b)	is
                                         or becomes publicly known without the fault of the receiving party;

 

		(c)	is
                                         obtained by the receiving party from a third party in circumstances where the receiving
                                         party has no reason to believe that it is subject to an obligation of confidentiality
                                         owed to the disclosing party;

 

		(d)	the
                                         receiving party can establish by reasonable proof was substantially and independently
                                         developed by officers or employees of the receiving party who had no knowledge of the
                                         disclosing party’s Confidential Information; or

 

		(e)	is
                                         approved for release in writing by an authorised representative of the disclosing party.

 

		7.5	Nothing
                                         in this agreement will prevent a party from disclosing Confidential Information where
                                         it is required to do so by law or regulation, stock exchange rules, or by order of a
                                         court or competent authority, provided that, in the case of a disclosure under the Freedom
                                         of Information Act 2000 (“FOIA”), none of the exemptions in the FOIA applies
                                         to the relevant Confidential Information and provided always that, to the extent permitted
                                         by law or regulation, the receiving party will give such notice as is reasonably practicable
                                         in the circumstances to the disclosing party about the timing and content of such a disclosure.

 

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		7.6	If
                                         either party to this agreement receives a request under the FOIA to disclose any information
                                         that, under this agreement, is the other party’s Confidential Information, it will
                                         notify and consult with the other party. The other party will respond within [***] after
                                         receiving notice if that notice requests the other party to provide information to assist
                                         in determining whether or not an exemption under the FOIA applies to the information
                                         requested under the FOIA.

 

		8.	Royalties
                                         and Other Payments

 

		8.1	OUI
                                         will invoice the Licensee for the Signing Fee shortly after signature of this agreement
                                         and the Licensee must settle the invoice within [***] of receipt.

 

		8.2	Subject
                                         to clause 8.3, the Licensee will pay to OUI a royalty equal to the applicable Royalty
                                         Rate on all Net Sales of Licensed Products for the duration of the agreement on the terms
                                         set out in clause 10.

 

		8.3	Following
                                         expiration or revocation of the last Valid Claim covering a Licensed Product in a country
                                         in which the Licensed Product is Marketed and where there is being Marketed and sold
                                         by a third party in the normal course of business a product that, directly or indirectly,
                                         competes with the Licensed Product, the Step Down Rate (as defined below) shall apply
                                         on a country-by-country basis to the applicable Royalty Rate of such Licensed Products.
                                         For the purposes of this clause 8.3, the “Step Down Rate” shall be the percentage
                                         decrease of (a)  [***]  compared against (b) [***].

 

		8.4	In
                                         the event that the royalties paid to OUI under clause 8.2 does not amount to at least
                                         the Minimum Sum, the Licensee must make up the difference between the royalties paid
                                         under clauses 8.2 and the Minimum Sum in each Licence Year where a Minimum Sum applies.

 

		8.5	The
                                         Licensee will notify OUI as soon as possible after it or any sub-licensee achieves any
                                         Milestone, and pay to OUI the Milestone Fee in respect of each Milestone within [***]
                                         of the date on which each Milestone is achieved by the Licensee or a sub-licensee.

 

		8.6	The
                                         Licensee will pay to OUI a royalty equal to the Fee Income Royalty Rate on any sublicensing
                                         fees that the Licensee receives for sublicensing the Licensed Technology with a third
                                         party. For the purposes of this clause 8.6, Sublicensing fees shall include upfront fees,
                                         milestone payments and other consideration received by the Licensee from such third party
                                         but shall exclude:

 

		(a)	royalties
                                         paid to the Licensee by a sub-licensee based on net sales of Licensed Products;

 

		(b)	milestone
                                         payments paid to the Licensee by a sub-licensee on a Milestone event; and

 

		(c)	any
                                         sums received that are to be used to fund research and/or development.

 

		8.7	If
                                         the Licensee has to pay royalties to a third party (other than an Affiliate), for the
                                         right to make, have made, use or Market a Licensed Product, under a licence of Intellectual
                                         Property Rights without which the Licensed Technology cannot lawfully be exploited, then
                                         the Licensee will be entitled to deduct from all royalty payments due to OUI in respect
                                         of Net Sales of the Licensed Product under clause 8.2 an amount equal to [***] of the
                                         royalties actually paid to that third party, up to a maximum amount of [***] of the royalties
                                         due to OUI under clause 8.2.

 

		8.8	Where
                                         a Licensed Product is sold as part of a combination product or co-packaged product, the
                                         Net Sales from the combination product or the co-packaged product, for the purposes of
                                         determining royalty payments, shall be determined by multiplying the Net Sales of the
                                         combination product or the co-packaged product, during the applicable royalty reporting
                                         period, by the fraction:

 

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[***]

 

Where A is the average sale
price of the Licensed Product when sold separately in finished form, or if not sold separately, the market price of the Licensed
Product if it were sold separately and B is the average sale price of the other product(s) included in the combination product
or co-packaged product when sold separately in finished form, or if not sold separately, the aggregate market price of the other
product(s) if it were sold separately in each case during the applicable royalty reporting period or, if sales of both the Licensed
Product and the other product(s) did not occur in such period, then in the most recent royalty reporting period in which sales
of both occurred. In the event that such average sale price cannot be determined for the Licensed Product and any other product(s)
included in the combination product or co-packaged product, then the Net Sales for the purposes of determining royalty payments
for a combination product or a co-packaged product shall be referred to an independent expert for determination.

 

		8.9	The
                                         Signing Fee and the Milestone Fee are non-refundable and will not be considered as an
                                         advance payment on royalties payable under clause 8.2. No part of the Minimum Sum will
                                         be refundable or applicable to succeeding Licence Years.

 

		8.10	Licensed
                                         Products supplied for use in any clinical trial carried out by or on behalf of the Licensee
                                         or any of its sub-licensees shall not be deemed to be sales and shall not be included
                                         within any Net Sales calculation.

 

		8.11	The
                                         Licensee or any of its sub-licensees may supply a commercially reasonable quantity of
                                         Licensed Products for promotional sampling provided that after Licensee commences commercial
                                         supply of Licensed Product, the number of Licensed Products supplied for promotional
                                         sampling shall not be greater than [***] of the total number of units of each Licensed
                                         Product sold leased or licensed by the Licensee in any Quarter following the Licensee
                                         receiving Marketing Authorization for the Licensed Product in any territory. Except as
                                         set out in this clause, the Licensee must not accept any non-monetary consideration when
                                         Marketing the Licensed Products or when issuing sub-licences of the Licensed Technology
                                         without the prior written consent of OUI, such consent not to be unreasonably withheld,
                                         conditioned or delayed. The Licensee may accept non-monetary consideration when Marketing
                                         the Licensed Products or when issuing sub-licences of the Licensed Technology provided
                                         either (a) [***] of such non-monetary consideration is able to be converted into cash
                                         within [***] of receipt from the Licensee to enable the Fee Income Royalty Rate to be
                                         paid to OUI in cash or (b) the Licensee covenants in writing to pay to OUI in cash, within
                                         [***] of receipt of the non-monetary consideration, the Fee Income Royalty Rate due to
                                         OUI.

 

		8.12	The
                                         Licensee will make all payments in pounds sterling or any currency replacing pounds sterling
                                         in its entirety.

 

		8.13	For
                                         the purposes of calculating any amount payable by the Licensee to OUI in a currency other
                                         than pounds sterling (or replacement currency), the Licensee shall apply an exchange
                                         rate equivalent to:

 

		(a)	the
                                         average of the applicable closing mid rates quoted by the Financial Times as published
                                         in London on the first Business Day of each month during the Quarter just closed; or

 

		(b)	for
                                         payments under clause 8.6 only, the first Business Day of the month in which the payment
                                         was received by the Licensee.

 

		8.14	Where
                                         the Licensee has to withhold tax by law, the Licensee will deduct the tax, pay it to
                                         the relevant taxing authority, and supply OUI with a Certificate of Tax Deduction at
                                         the time of payment to OUI. Where such an issue arises, the Licensee will not be liable
                                         for any costs or penalties associated with late payment to OUI provided that the Licensee
                                         takes reasonable steps to ensure that any such matters are dealt with as expeditiously
                                         as reasonably possible.

 

		8.15	In
                                         the event that full payment of any amount due from the Licensee to OUI under this agreement
                                         is not made by any of the dates stipulated, the Licensee shall be liable to pay interest
                                         on the amount unpaid at the rate of [***] per annum over the base rate for the time being
                                         of Barclays Bank plc. Such interest shall accrue on a daily basis from the date when
                                         payment was due until the date of actual payment of the overdue amount, whether before
                                         or after judgment, and shall be compounded quarterly.

 

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		8.16	If
                                         the Licensed Product is of a description covered by the Medicines Access Policy, the
                                         Licensee shall adhere to the requirements of the Medicines Access Policy. In particular
                                         in the event the Licensed Products can be used to ease the burden of illness in the developing
                                         world, the Marketing of Licensed Products will be managed in a manner that enables availability
                                         and accessibility at reasonable cost to the people most In need in the developing world.

 

		9.	Commercially
                                         Reasonable Endeavours

 

		9.1	Subject
                                         to clause 9.3, the Licensee must use Commercially Reasonable Endeavours to develop, exploit
                                         and Market the Licensed Technology to maximize the financial return for both parties.

 

		9.2	Subject
                                         to clause 9.3, the Licensee must use Commercially Reasonable Endeavours to develop, exploit
                                         and Market the Licensed Technology in accordance with the Development Plan as set out
                                         separately In respect of each Indication.

 

		9.3	The
                                         Licensee will deliver to OUI at least [***] prior to the commencement of each subsequent
                                         Licence Year a revised development plan for the intended development of a Licensed Product
                                         for each Indication together with any background supporting information necessary for
                                         OUI to evaluate the draft plan. The Licensee will consult with OUI over the draft plan
                                         and will consider in good faith any comments that OUI may put forward. Following approval
                                         of the revised development plan by OUI, the revised development plan shall become the
                                         Development Plan.

 

		9.4	The
                                         Licensee may give written notice to OUI that it no longer intends to develop, exploit
                                         and Market a Licensed Product in an Indication and following that notice:

 

		9.4.1	the
                                         Licensee will no longer have obligations to use Commercially Reasonable Endeavours to
                                         develop, exploit and Market a Licensed Product in that Indication; and

 

		9.4.2	without
                                         prejudice to any and all of its existing rights under this agreement, the Licensee will
                                         no longer have any rights to use the Licensed Technology in relation to that Indication.

 

		10.	Royalty
                                         Reports and Audit

 

		10.1	The
                                         Licensee will provide OUI with a report at least once in every [***] detailing the activities
                                         and achievements in its development of the Licensed Technology in order to facilitate
                                         its commercial exploitation, and in the development of potential Licensed Products.

 

		10.2	The
                                         Licensee will provide OUI with a royalty report within [***] after the close of each
                                         Quarter for each Licensed Product Marketed by the Licensee and its sub-licensees. Each
                                         Royalty Report will:

 

		(a)	set
                                         out the Net Sales of each Licensed Product Marketed by the Licensee, and any sub-licensees
                                         including the total gross selling price of each Licensed Product Marketed by the Licensee
                                         and any sub-licensees and the quantity or total number of units of each Licensed Product
                                         Marketed by the Licensee and any sub-licensees;

 

		(b)	set
                                         out details of deductions made in the calculation of Net Sales from the invoiced price
                                         of each Licensed Product in the form in which it is Marketed by the Licensee or any sub-licensees;

 

		(c)	set
                                         out details of the quantity of Licensed Products used for promotional sampling by the
                                         Licensee or any sub-licensees;

 

		(d)	provide
                                         a calculation of the royalties due;

 

    8

     

    

 

		(e)	set
                                         out details of payments received by the Licensee to which the Fee Income Royalty Rate
                                         applies and provide a calculation of the royalties due from the Licensee to be paid under
                                         the Fee Income Royalty Rate;

 

		(f)	provide
                                         a statement showing whether or not royalties due exceed the Minimum Sum and, if so, by
                                         how much;

 

		(g)	set
                                         out details of Milestones achieved by the Licensee or any sub-licensees; and

 

		(h)	set
                                         out the steps taken during the Licence Year to promote and Market Licensed Products.

 

The Licensee must pay OUI the
royalties due in respect of the Quarter just closed at the same time as the Licensee delivers the Royalty Report provided that,
if requested, OUI will issue an invoice for the relevant payment prior to payment.

 

		10.3	The
                                         Licensee will deliver to OUI a periodic report at the close of each Licence Year providing
                                         sufficient data (in outline form) to give a reasonable indication or estimate of the
                                         actual or expected market share of the Licensee and its sub-licensees and will notify
                                         OUI in the event that its market share does or is expected to breach the limits set out
                                         in the 2014 Commission Regulation 316/2014 Technology Transfer Block Exemption Regulation
                                         and Guidelines in Commission Communication 2014/C 89/03 and any successor regulation.
                                         This obligation is not intended to place a significant additional financial burden on
                                         the Licensee.

 

		10.4	If
                                         a Licensed Product Marketed by the Licensee is re-Marketed by an Affiliate or an entity
                                         over which the Licensee exercises Control, the royalty on each such Licensed Product
                                         will be calculated on the highest of the prices at which it is Marketed or re-Marketed.
                                         For the avoidance of doubt, when a Licensed Product is sold to an arm’s length
                                         distributor then Net Sales is calculated on the transfer price paid by the distributor
                                         to the Licensee.

 

		10.5	The
                                         Licensee must keep complete and proper records and accurate accounts of all Licensed
                                         Products used and Marketed by the Licensee and any sub-licensee in each Licence Year
                                         for at least [***]. OUI may, through an independent certified accountant appointed by
                                         OUI (“the Auditor”), audit all such accounts on at least [***] written notice
                                         no more than once each Licence Year for the purpose of determining the accuracy of the
                                         Royalty Reports and payments. The Auditor shall be:

 

		10.5.1	permitted
                                         by the Licensee to enter the Licensee’s principal place of business upon reasonable
                                         notice to inspect such records and accounts;

 

		10.5.2	entitled
                                         to take copies of or extracts from such records and accounts as are strictly necessary
                                         for the Auditor to properly conduct the audit;

 

		10.5.3	given
                                         all other information by the Licensee as may be necessary or appropriate to enable the
                                         amount of royalties payable to be ascertained including the provision of relevant records;
                                         and

 

		10.5.4	shall
                                         be allowed access to and permitted to conduct interviews of any sales, engineering or
                                         other staff of the Licensee in order to verify the accuracy of the records and accounts
                                         and the accuracy of any statements provided to OUI under clause 10.2.

 

If on any such audit a shortfall
in payments of greater than [***] is discovered by the Auditor in respect of the audit period, the Licensee shall pay OUI’s
audit costs.

 

		10.6	The
                                         Licensee will ensure that equivalent obligations and access rights, as set out in clause
                                         10.5, allowing OUI auditing rights to the sub-licensee are included in each sub-licence
                                         agreement.

 

    9

     

    

 

		11.	Duration
                                         and Termination

 

		11.1	This
                                         agreement will take effect on the date of signature. Subject to the possibility of earlier
                                         termination under the following provisions of this clause 11, and subject to the possibility
                                         of an extension to the term by mutual agreement, this agreement shall continue in force:

 

		(a)	until
                                         the expiry of the last Valid Claim anywhere in the world; and

 

		(b)	in
                                         any event for twenty (20) years from the date of this agreement.

 

		11.2	If
                                         either party commits a material breach of this agreement, and the breach is not remediable
                                         or (being remediable) is not remedied within the period allowed by notice given by the
                                         other party in writing calling on the party in breach to effect such remedy (such period
                                         being not less than [***]), the other party may terminate this agreement by written notice
                                         having immediate effect.

 

		11.3	The
                                         Licensee may terminate this agreement for any reason at any time provided it gives OUI
                                         [***] written notice to terminate expiring after the third anniversary of this agreement
                                         whereupon the Licensee shall bring all sub-licences to an end on the same date. Any such
                                         termination shall not absolve the Licensee of its obligation to accrue and pay royalties
                                         and other payments under the provisions of clause 8 in respect of the period prior to
                                         termination.

 

		11.4	OUI
                                         may terminate this agreement:

 

		(a)	immediately,
                                         if the Licensee has a petition presented for its winding-up (but excluding for this purpose
                                         any winding up petition presented against the Licensee in relation to any debt disputed
                                         by the Licensee), or passes a resolution for voluntary winding-up otherwise than for
                                         the purposes of a bona fide amalgamation or reconstruction, or compounds with its creditors,
                                         or has a receiver administrator or administrative receiver appointed of all or any part
                                         of its assets, or enters into any arrangements with creditors, or takes or suffers any
                                         similar action in consequence of debts;

 

		(b)	on
                                         [***] written notice if:

 

		(i)	the
                                         Licensee opposes or challenges the validity of any of the Applications or raises the
                                         claim that the Licensed Know-how is not necessary to develop and Market Licensed Products,
                                         provided always that nothing in this clause 11.4(b) will prevent the Licensee from seeking
                                         to determine whether a product of the Licensee is a Licensed Product for the purposes
                                         of this agreement; or

 

		(ii)	the
                                         Licensee is in breach of clause 9.1 and the Licensee does not take any remedial action
                                         reasonably requested by OUI and notified to the Licensee by written notice pursuant to
                                         clause 11.2.

 

		11.5	On
                                         termination or expiration of this agreement, for whatever reason, the Licensee:

 

		(a)	must
                                         bring all sub-licences to an end on the same date;

 

		(b)	shall
                                         pay to OUI all outstanding royalties and other sums due under this agreement;

 

		(c)	shall
                                         provide OUI with details of the stocks of Licensed Products held at the point of termination;

 

		(d)	must
                                         cease to use or exploit the Licensed Technology, provided that this restriction does
                                         not apply to Licensed Know-How or Confidential Information which has entered the public
                                         domain through no fault of the Licensee, and that the Licensee may continue to use the
                                         Licensed Technology in order to meet any specific existing binding commitments already
                                         made by the Licensee at the date of termination and requiring delivery of Licensed Products
                                         within the next [***];

 

    10

     

    

 

		(e)	must,
                                         at the option of OUI and at the Licensee’s cost, destroy all other Licensed Products
                                         or send all other Licensed Products to a location nominated by OUI to the Licensee in
                                         writing;

 

		(f)	grants
                                         OUI an irrevocable, transferable, non-exclusive licence to develop, make, have made,
                                         use and Market the Licensee’s Improvements and products that incorporate, embody
                                         or otherwise exploit the same. OUI shall pay a reasonable royalty for use of this licence
                                         unless the termination arises under clause 11.4, or is terminated by OUI under clause
                                         11.2, in which case it shall be royalty-free.

 

		11.6	Termination
                                         of this agreement, whether for breach of this agreement or otherwise, shall not absolve
                                         the Licensee of its obligation to accrue and pay royalties under the provisions of clause
                                         8 for the duration of any notice period and in respect of any dealings in Licensed Products
                                         permitted by clause 11.5.

 

		11.7	Clauses
                                         1, 4.2, 6.3, 11.5, 11.7, 11.8, 12, 13.4 and 13.14 will survive the termination or expiration
                                         of this agreement, for whatever reason, [***].

 

		11.8	Clauses
                                         7 and 10.5 will survive the termination or expiration of this agreement, for whatever
                                         reason, [***].

 

		12.	Liability

 

		12.1	Subject
                                         to Clause 12.2 and to the fullest extent permissible by law, OUI does not make any warranties
                                         of any kind including, without limitation, warranties with respect to:

 

		(a)	the
                                         quality of the Licensed Technology;

 

		(b)	the
                                         suitability of the Licensed Technology for any particular use;

 

		(c)	whether
                                         use of the Licensed Technology will infringe third-party rights; or

 

		(d)	whether
                                         the Applications will be granted or the validity of any patent that issues in response
                                         to the Applications.

 

		12.2	OUI
                                         warrants to the Licensee that so far as OUI is aware (not having made any specific enquiries)
                                         as at the date of this agreement:

 

		12.2.1	OUI
                                         has the necessary corporate power and authority to enter into this agreement and to grant
                                         the licences set out in this agreement to the Licensee;

 

		12.2.2	with
                                         the exception of the licence back to the University for Non-Commercial Use, the University
                                         has assigned all of its right, title and interest in the Licensed Technology to OUI;

 

		12.2.3	it
                                         has not created any charge or mortgage over the Licensed Technology;

 

		12.2.4	it
                                         has not created any licence over Application 1 or Application 2; and

 

		12.2.5	there
                                         is no actual or threatened infringement of the Licensed Technology by any third party.

 

    11

     

    

 

		12.3	Except
                                         in relation to any claims, damages and liabilities arising directly from (i) a breach
                                         of this agreement by OUI, and/or (ii) the fraud, negligence or wilful misconduct of OUI
                                         or the University, the Licensee agrees to indemnify OUI and the University and hold OUI
                                         and the University harmless from and against any and all claims, damages and liabilities:

 

		(a)	asserted
                                         by third parties (including claims for negligence) which arise from the use of the Licensed
                                         Technology or the Marketing of Licensed Products by the Licensee and/or its sub-licensees;
                                         and/or

 

		(b)	arising
                                         directly from any breach by the Licensee of this agreement provided however that this
                                         indemnity for breach by the Licensee is subject to clause 12.6.

 

		12.4	OUI
                                         will use reasonable endeavours to defend any Indemnified Claim and to mitigate its losses,
                                         claims, liabilities, costs, charges and expenses or (at OUI’s option) allow the
                                         Licensee to do so on its behalf (subject to the University retaining the right to be
                                         kept informed of progress in the action and to have reasonable input into its conduct).
                                         OUI will not (except as required by law) make any admission, compromise, settlement or
                                         discharge of any Indemnified Claim without the consent of the Licensee (which will not
                                         be unreasonably withheld or delayed).

 

		12.5	The
                                         Licensee undertakes to make no claim against any employee, student, agent or appointee
                                         of OUI or of the University, being a claim which seeks to enforce against any of them
                                         any liability whatsoever in connection with this agreement or its subject-matter.

 

		12.6	Subject
                                         to clause 12.8 and except in relation to the indemnities in clause 6.3 and 12.3(a), the
                                         liability of either party for any breach of this agreement, in negligence or arising
                                         in any other way out of the subject-matter of this agreement, will not extend to incidental,
                                         indirect or consequential damages or loss of profits.

 

		12.7	Subject
                                         to clause 12.8 the liability of OUI to the Licensee accruing in any Licence Year under
                                         or otherwise in connection with this agreement or its subject-matter, including without
                                         limitation liability for negligence, shall in no event exceed:

 

		(a)	in
                                         respect of liability accruing in the first Licence Year, the amount of the Signing Fee
                                         paid to OUI; and

 

		(b)	in
                                         respect of liability accruing in any subsequent Licence Year, the total royalties paid
                                         in the previous Licence Year to OUI under clause 8.2.

 

		12.8	Nothing
                                         in this agreement shall limit or exclude any liability for fraud or fraudulent misrepresentation
                                         or death, or personal injury or any other liability which may not, by law, be excluded.

 

		12.9	Notwithstanding
                                         any other clause in this agreement, OUI shall not be entitled to profit from any grant
                                         of a licence to any third party in respect of the Licensed Technology that breaches the
                                         exclusive rights granted to the Licensee under clause 2.1.1(a) of this agreement (“a
                                         Licence to the Exclusive Rights”). In the event that the Licensee (acting in good
                                         faith) believes that OUI has granted a Licence to the Exclusive Rights, then the Licensee
                                         shall provide written notice to OUI with full particulars and all evidence supporting
                                         the Licensee’s basis for such belief. Within [***] of receipt of written notice
                                         from the Licensee, OUI will notify the Licensee in writing whether it admits or disputes
                                         that It has granted a Licence to the Exclusive Rights. If OUI serves notice that it disputes
                                         that it has granted a Licence to the Exclusive Rights OUI and the Licensee shall enter
                                         into good faith negotiations in order to reach mutual agreement to resolve the dispute
                                         and if such mutual agreement is not reached within [***] after OUI’s receipt of
                                         the Licensee’s written notice, then the parties will refer the dispute to an independent
                                         expert (“Independent Expert”) for determination on the following basis:

 

		12.9.1	the
                                         Independent Expert shall be agreed on by the parties, or, if agreement is not reached
                                         within [***] of either party giving notice to the other that it wishes to refer a matter
                                         to an Independent Expert, the Independent Expert may be nominated by the President of
                                         the Law Society of England and Wales on the request of either party;

 

		12.9.2	the
                                         Independent Expert shall be asked to determine:

 

		12.9.2.1	whether
                                         OUI has granted a Licence to the Exclusive Rights; and

 

		12.9.2.2	any
                                         dispute between the parties over the amount of consideration paid to OUI under any Licence
                                         to the Exclusive Rights;

 

    12

     

    

 

		12.9.3	the
                                         Independent Expert shall act as an expert and not as an arbitrator;

 

		12.9.4	the
                                         Independent Expert’s decision shall be final and binding on the parties in the
                                         absence of fraud or manifest error; and

 

		12.9.5	each
                                         party shall bear its own costs in relation to the reference to the Independent Expert.
                                         The Independent Expert’s fees and any costs it properly incurs in arriving at its
                                         determination (including any fees and costs of any advisers appointed by the Independent
                                         Expert) shall be borne by the parties in equal shares or in such proportions as the Independent
                                         Expert may direct.

 

		12.10	In
                                         the event that OUI has admitted or the Independent Expert has determined that OUI has
                                         granted a Licence to the Exclusive Rights then OUI will pay to the Licensee a sum equal
                                         to all consideration paid to OUI under the Licence to the Exclusive Rights (including
                                         consideration that is not in the form of cash payments where it is possible to put a
                                         cash value on such a payment). OUI will pay that sum to the Licensee as soon as possible
                                         and in any event no later than [***] following the date of admission by OUI or the Independent
                                         Expert’s determination and will continue to pay a sum equal to all further consideration
                                         received by OUI under any such Licence to the Exclusive Rights no later than [***] after
                                         receipt. The parties agree that the payment of such sums to the Licensee represent the
                                         full amount of compensation to which the Licensee is entitled and the extent of OUI’s
                                         liability to the Licensee for any grant by OUI of a Licence to the Exclusive Rights.

 

		13.	General

 

		13.1	Registration
                                         - The Licensee must register its interest in the Licensed Technology with any relevant
                                         authorities in the Territory as soon as legally possible. The Licensee must not, however,
                                         register an entire copy of this agreement in any part of the Territory or disclose its
                                         financial terms without the prior written consent of OUI (such consent not to be unreasonably
                                         withheld or delayed).

 

		13.2	Advertising
                                         - The Licensee must not use the name of OUI, the University or the Inventors (except
                                         those Inventors who are, or have at any time been, shareholders of the Licensee) in any
                                         advertising, promotional or sales literature, without OUI’s prior written approval
                                         (such consent not to be unreasonably withheld or delayed).

 

		13.3	Packaging
                                         - The Licensee will ensure that the Licensed Products and the packaging associated
                                         with them are marked suitably with any relevant patent or patent application numbers
                                         to satisfy the laws of each of the countries in which the Licensed Products are sold
                                         or supplied and in which they are covered by the claims of any patent or patent application,
                                         to the intent that OUI shall not suffer any loss or any loss of damages in an infringement
                                         action.

 

		13.4	Thesis
                                         - This agreement shall not prevent or hinder registered students of the University
                                         from submitting for degrees of the University theses based on the Licensed Technology;
                                         or from following the University’s procedures for examinations and for admission
                                         to postgraduate degree status.

 

		13.5	Taxes
                                         - Where the Licensee has to make a payment to OUI under this agreement which attracts
                                         value-added, sales, use, excise or other similar taxes or duties, the Licensee will be
                                         responsible for paying those taxes and duties.

 

		13.6	Notices
                                         - All notices to be sent to OUI under this agreement must indicate the OUI Project
                                         N° and should be sent, by post and fax unless agreed otherwise in writing, until
                                         further notice to: The Chief Operating Officer, OUI Innovation Ltd, Buxton Court, 3 West
                                         Way, Oxford OX2 OSZ, Fax: +44 (0)1865 280831. All notices to be sent to the Licensee
                                         under this agreement should be sent, until further notice, to the Licensee’s Contact
                                         and Address indicating the OUI Project No.

 

    13

     

    

 

		13.7	Force
                                         Majeure - If performance by either party of any of its obligations under this agreement
                                         (not including an obligation to make payment) is prevented by circumstances beyond its
                                         reasonable control, that party will be excused from performance of that obligation for
                                         the duration of the relevant event.

 

		13.8	Assignment
                                         - The Licensee may assign any of its rights or obligations under this agreement in
                                         whole or in part to an Affiliate but only for so long as it remains an Affiliate and
                                         OUI shall at the request of the Licensee execute a deed of novation to bring about that
                                         assignment. Except as provided in this clause, the Licensee may not assign any of its
                                         rights or obligations under this agreement without the prior written consent of OUI (such
                                         consent not to be unreasonably withheld, delayed or conditioned except solely on the
                                         grounds that primarily relate to avoiding any detrimental reputational impact on the
                                         University or the assignee having insufficient funds to fulfil the obligations of this
                                         agreement, it being acknowledged and agreed that if the assignee is a publicly-listed
                                         company with a market capitalisation equal to or in excess of [***] it will be considered
                                         to have sufficient financial resources to develop and Market the Licensed Product). If
                                         OUI assigns Its rights in the Licensed Technology to any person it shall do so expressly
                                         subject to the Licensee’s rights under this agreement.

 

		13.9	Severability
                                         - If any of the provisions of this agreement is or becomes invalid, illegal or unenforceable,
                                         the validity, legality or enforceability of the remaining provisions will not in any
                                         way be affected or impaired. The parties will, however, negotiate to agree the terms
                                         of a mutually satisfactory provision, achieving as nearly as possible the same
                                         commercial effect, to be substituted for the provision found to be void or unenforceable.

 

		13.10	No
                                         Partnership etc - Nothing in this agreement creates, implies or evidences any partnership
                                         or joint venture between OUI and the Licensee or the relationship between them of principal
                                         and agent.

 

		13.11	Entire
                                         Agreement - This agreement constitutes the entire agreement between the parties in
                                         relation to the Licence to the exclusion of all other terms and conditions (including
                                         any terms or conditions which the Licensee purports to apply under any purchase order,
                                         confirmation order, specification or other document). The Licensee has not relied on
                                         any other statements or representations in agreeing to enter this agreement and waives
                                         all claims for breach of any warranty and all claims for any misrepresentation (negligent
                                         or of any other kind, unless made by OUI fraudulently) in relation to any representation
                                         which is not specifically set out in this agreement. Specifically, but without limitation,
                                         this agreement does not impose or imply any obligation on OUI or the University to conduct
                                         development work. Any arrangements for such work must be the subject of a separate agreement
                                         between the University and the Licensee.

 

		13.12	Variation
                                         - Any variation of this agreement must be in writing and signed by authorised signatories
                                         for both parties. For the avoidance of doubt, the parties to this agreement may rescind
                                         or vary this agreement without the consent of any party that has the benefit of clause
                                         13.14.

 

		13.13	Waiver
                                         - No failure or delay by either party in enforcing its rights under this agreement,
                                         or at law or in equity will prejudice or restrict those rights. No waiver of any right
                                         will operate as a waiver of any other or later right or breach. Except as stated to the
                                         contrary in this agreement, no right, power or remedy conferred on, or reserved to, either
                                         party is exclusive of any other right, power or remedy available to it, and each of those
                                         rights, powers, and remedies is cumulative.

 

		13.14	Rights
                                         of Third Parties - The parties to this agreement intend that by virtue of the Contracts
                                         (Rights of Third Parties) Act 1999 the University and the people referred to in clause
                                         12.5 will be able to enforce the terms of this agreement intended by the parties to be
                                         for their benefit as if the University and the people referred to in clause 12.5 were
                                         party to this agreement.

 

		13.15	Governing
                                         Law - This agreement is governed by English Law, and the parties submit to the exclusive
                                         jurisdiction of the English Courts for the resolution of any dispute which may arise
                                         out of or in connection with this agreement except in relation to any action in relation
                                         to Intellectual Property Rights or Confidential Information which may be brought in any
                                         court of competent jurisdiction.

 

    14

     

    

 

Schedule 1

 

DEFINITIONS

(Clause 1)

 

Academic and Research Purposes
means research, teaching or other scholarly use which is undertaken for the purposes of education and research.

 

Affiliate means any company or
legal entity in any country Controlling or Controlled by the Licensee (or any legal entity in a country Controlling or Controlled
by the sub-licensee).

 

AIN means anal intraepithelial
neoplasia.

 

Applications means:

 

		(a)	the patent applications set out
                                         as Applications 1, 2, 3,4 and 5 in Schedule 2;
	 	 	 
		(b)	any patents granted in response
                                         to those applications;
	 	 	 
		(c)	any corresponding foreign patents
                                         and applications which may be granted to OUI in the Territory based on and deriving priority
                                         from those applications; and
	 	 	 
		(d)	any addition, continuation, continuation-in-part,
                                         division, reissue, renewal or extension based on the applications.

 

Business Day means a day, other
than a Saturday or Sunday, on which clearing banks are permitted to open in London.

 

CIN means cervical intraepithelial
neoplasia.

 

Clinical Patient Care means diagnosing,
treating and/or managing the health of persons under the care of an individual having the right to use the Licensed Technology
for Academic and Research Purposes in the event that such Licensed Technology is capable of application in a healthcare setting
without further development.

 

Commercially Reasonable Endeavours
means, in respect of each Indication to be developed separately, the effort a prudent and determined company of comparable
size and sector to the Licensee would take to pursue the goal of developing and Marketing Licensed Products to maximize the financial
return and in any event do no less than is required to fulfil the steps laid out in the Development Plan.

 

Confidential Information means
in relation to each party any materials, trade secrets or other information disclosed by that party to the other, including, without
limitation:

 

		(a)	the Licensed Technology, to the
                                         extent that it Is not disclosed by the Application when published; and

 

		(b)	this agreement.

 

Control means:

 

		(a)	ownership of more than fifty percent
                                         (50%) of the voting share capital of the relevant entity; or

 

		(b)	the ability to direct the casting
                                         of more than fifty percent (50%) of the votes exercisable at a general meeting of the
                                         relevant entity on all, or substantially all, matters.

 

Development Plan means the plan
set out in Schedule 3 as revised in accordance with clause 9.3.

 

Documents means the documents and
materials set out in Schedule 4.

 

Fee Income Royalty Rate means the
fee income royalty rate set out in Schedule 2.

 

    15

     

    

 

HBV means hepatitis B virus.

 

HPV means human papilloma virus.

 

Improvement means any development
of the Licensed Technology which would, if commercially practised, infringe and/or be covered by a claim subsisting or being prosecuted
in an Application.

 

Indication means Hepatitis B Virus
therapy and Human Papilloma Virus associated diseases.

 

Indemnified Claim means any claim
under which OUI and the University are entitled to be indemnified under clause 12.3.

 

Intellectual Property Rights means
patents, trade marks, copyrights, database rights, rights in designs, and all or any other intellectual or industrial property
rights, whether or not registered or capable of registration.

 

Inventor means the inventor or
inventors named in the Applications and identified in Schedule 2.

 

Inventor Improvements means any
Improvements to Application 1 or Application 2 made prior to [***] solely by the Inventor, and the Intellectual Property Rights
pertaining to them, of which OUI has been made aware and is legally able to license but shall not include, for the avoidance of
doubt, any Improvements and Intellectual Property Rights developed pursuant to any employment or consultancy arrangements with
Licensee or its Affiliates.

 

Legal Action means commencing or
defending any proceedings before a court or tribunal in any jurisdiction in relation to any rights included in the Licensed Technology
including all claims and counterclaims for infringement and for declarations of non-infringement or invalidity.

 

Licence means the licence granted
by OUI to the Licensee under clause 2.1.

 

Licensed Intellectual Property Rights
means the Applications and (to the extent they constitute Intellectual Property Rights) the Inventor’s Improvements.

 

Licensed Know-how means all confidential
information relating to an Application that has been communicated to the Licensee by OUI in writing before the date of this agreement
or is communicated in writing to the Licensee by OUI under this agreement and within [***] after the date of this agreement and
(to the extent they constitute confidential information) OUI’s Improvements.

 

Licensed Product means any product,
process, service or composition which is entirely or partially produced by means of or with the use of, or within the scope of,
the Licensed Technology, or any of it.

 

Licensed Technology means the Licensed
Intellectual Property Rights and the Licensed Know-How, and such (if any) other Intellectual Property Rights owned by or licensed
to OUI as may be specifically identified in Schedule 2 (to the extent, in the case of licensed rights, that OUI is legally able
to grant a sub-licence of the same).

 

Licensee’s Contact and Address
means the address for the Licensee set out in Schedule 2 of this agreement.

 

Licensee Improvements means any
Improvements made prior to the second anniversary of the date of this agreement by the Licensee, and the Intellectual Property
Rights pertaining to them, which shall include, for the avoidance of doubt, any Improvements and Intellectual Property Rights
developed by an Inventor pursuant to research collaboration arrangement with the Licensee.

 

Licence Year means each [***] period
beginning on the date of this agreement and each anniversary of the date of this agreement.

 

Market means, in relation to a
Licensed Product, offering to sell, lease, licence or otherwise commercially exploit the Licensed Product or the sale, lease,
licence or other commercial exploitation of the Licensed Product.

 

    16

     

    

 

Medicines Access Policy means the
policy of the University to promote access to pharmaceutical and other products and services, the current version of which is
available at www.admin.ox.ac.uk/researchsupport/integrity/access.

 

Milestone and Milestone Fee means
the milestones, and the amounts payable on achievement of each of the milestones, set out in Schedule 2.

 

Minimum Sum means the minimum sum
or sums set out in Schedule 2.

 

Net Sales means the gross selling
price of the Licensed Product in the form in which it is Marketed by the Licensee or any sub-licensee, less:

 

		(a)	trade, and/or quantity discounts,
                                         returns, allowances, in amounts customary in the trade and actually given; and
	 	 	 
		(b)	import, export, excise, sales or
                                         use taxes, value added taxes and other taxes, tariffs or duties to the extent such items
                                         are included in the gross invoice price and actually paid; and
	 	 	 
		(c)	freight, handling, transportation
                                         and insurance prepaid or allowed if separately identified in such invoice and actually
                                         paid; and
	 	 	 
		(d)	amounts allowed or credited or
                                         retroactive price reductions or rebates and actually given/paid.

 

Any refund of any of the foregoing
amounts previously deducted from Net Sales shall be appropriately credited upon receipt.

 

The Licensee may, at its option,
allocate the above deductions from sales of Licensed Products based upon accruals estimated reasonably and consistently with the
Licensee’s standard business practices. If the Licensee elects to utilise such accruals, actual deductions will be calculated
and, if applicable, a “true-up” made, on an annual basis.

 

A transfer of a Licensed Product
from Licensee to an Affiliate or from a sub-licensee to an Affiliate of a sub-licensee shall not be deemed to be a sale hereunder,
provided that If a sale of a Licensed Product is to an Affiliate of the Licensee or of the sub-licensee and such Affiliate is
the end user of the Licensed Product, then the “gross selling price” with respect to such sale shall, for the purposes
of calculating “Net Sales” be the greater of (a) the actual amount invoiced and (b) the amount which the invoiced
amount would have been had such sale of the Licensed Product been to a person at arm’s length of the Licensee or sub-licensee.

 

Non-Commercial Use means Academic
and Research Purposes and the purposes of Clinical Patient Care. This includes the right for the University to license the Licensed
Technology to any of its collaborators in connection with and solely for the University’s Academic and Research Purposes;
but it does not include the right to commercially exploit the Licensed Technology or grant any license to commercially exploit
the Licensed Technology.

 

Marketing Authorisation means a
marketing authorization granted by a regulatory authority such as the Food and Drug Administration or European Medicines Agency
necessary to Market a Licensed Product in a given country.

 

Past Patent Costs means the past
patent costs set out in Schedule 2.

 

Project means the projects referred
to in BACKGROUND.

 

Quarter means each period of three
calendar months during a Licence Year with the first Quarter commencing on the first day of each Licence Year.

 

Royalty Rate means the royalty
rate or rates set out in Schedule 2 on Net Sales of Licensed Products for, as applicable, Hepatitis B therapy and/or Human Papilloma
Virus associated diseases.

 

Royalty Report means the report
to be prepared by the Licensee under clause 10.2.

 

    17

     

    

 

Signing Fee means the signing fee
set out in Schedule 2.

 

Territory means the territory or
territories set out in Schedule 2, excluding any territory or territories removed through the operation of clause 5.5.

 

University means the Chancellor,
Masters and Scholars of the University of Oxford whose administrative offices are at the University Offices, Wellington Square,
Oxford OX1 2JD.

 

Valid Claim means a granted or
currently pending patent claim included in the Licensed Intellectual Property Rights that has not expired nor been held permanently
revoked, unpatentable, invalid or unenforceable by a court or tribunal of competent jurisdiction in a final and non-appealable
judgment; nor been rendered unenforceable through disclaimer or otherwise abandoned.

 

Schedule 2

 

	Application
    1:	 	UK Patent Application number [***];
	 	 	 
	Application
    2:	 	UK Patent Application number [***];
	 	 	 
	Application
    3:	 	European patent application number [***]; and
	 	 	 
	Application
    4:	 	International patent application number [***].
	 	 	 
	Application
    5:	 	International patent application number [***]

 

	Inventor:	 	Application 1:   [***]
	 	 	Application 2:   [***]
	 	 	Application 3:   [***]
	 	 	Application 4:   [***]
	 	 	Application 5:   [***]

 

	Territory
    (clause 2.1):	 	Worldwide
	 
	Past
    Patent Costs (clause 5.1):	 	[***]
	 
	Signing
    Fee (clause 8.1):	 	[***]
	 
	Royalty
    Rate (clause 8.2):
	 
	 	 	[***]
    Net Sales on Licensed Products for Hepatitis B therapy
	 
	 	 	[***]
    Net Sales on any Licensed Products for CIN1/2+ (CIN1, CIN2 & CIN3), AIN & HPV pre-cancerous neoplasias
	 
	 	 	[***]
    Net Sales on any Licensed Products for HPV-related cancers
	 

Minimum Sum (clause 8.4):

 

	 	 	Licence
    Year	Minimum
    Sum	 
	 	 	4	[***]	 
	 	 	5	[***]	 
	 	 	6
    and each year thereafter	[***]	 

 

Fee Income Royalty Rate (clause 8.6):

 

[***] where the sublicensing or partnering
arrangement takes place during the first three Licence Years

 

[***] where the sublicensing or partnering
arrangement takes place after the third Licence Year

 

Milestone and Milestone Fee (clause):

 

Licensed Product for Hepatitis B therapy:

 

	Milestone	Milestone
    Fee
	Successful
    completion of phase II trial	[***]
	Initiation
    of phase III trial	[***]
	Marketing
    authorisation & pricing & reimbursement approval in first major territory	[***]
	Marketing
    authorisation & pricing & reimbursement approval in second major territory	[***]
	First
    calendar year in which annual Net Sales of Licensed Product exceed [***]	[***]

 

    18

     

    

 

Licensed Product for Human Papilloma
Virus associated diseases:

 

	Milestone	Milestone
    Fee
	Successful
    completion of first phase II trial for CIN	[***]
	Initiation
    of first phase III trial for CIN	[***]
	Initiation
    of first phase III trial for cancer	[***]
	First
    marketing authorisation & pricing & reimbursement approval for CIN	[***]
	First
    marketing authorisation & pricing & reimbursement approval for cancer	[***]
	First
    calendar year in which annual Net Sales of Licensed Product for any HPV associated diseases exceed [***]	[***]

 

For the purposes of these Milestones:

 

“Successful completion” of
trials means the trial meets its primary endpoints and that the results justify commercial and scientific progression to the next
stage of trial.

 

“Initiation” of new trials
means the first administration of the trial drug in the first study subject recruited in accordance with the approved study protocol.

 

Licensee’s Contact and Address
(clause 13.6):

 

	 	 	Contact	Dr
    Tom Evans	 
	 	 	Address	Oxford Sciences Innovation

        King Charles House,

        Park End Street,

        Oxford, 0X11JD
	 
	 	 	Email	[***]	 

 

    19

     

    

 

Schedule 3

 

DEVELOPMENT PLAN

 

[***]

 

[***]

 

    20

     

    

 

Schedule 4

 

DOCUMENTS

 

[***]

 

[***]

 

    21

     

    

 

Schedule 5

 

DEED OF COVENANT

 

Oxford University Innovation Limited

University Offices,

Wellington Square,

Oxford 0X1 2JD,

England

 

Date: [insert date]

 

Dear Sirs,

 

Sub-Licence between Vaccitech Limited
(“Vaccitech”) and [insert details of Sub-Licensee] dated [insert date] (the “Sub-Licence”)

 

As part consideration for the grant of
a sub-licence from Vaccitech to use [insert details of licensed technology] (the “Licensed Technology”),
the Sub-Licensee hereby covenant to Oxford University Innovation Limited (OUI) and OUI covenant with the Sub-Licensee that:

 

		1.	should the head licence between Vaccitech
                                         and OUI be terminated for whatever reason, OUI and the Sub-Licensee shall enter into
                                         a direct licence containing the same obligations and liabilities as set forth in the
                                         Sub-Licence and the Sub-Licensee will pay all due and payable under the Sub-Licence to
                                         OUI;

 

		2.	should the Sub-Licensee wish to further
                                         sub-licence the Licensed Technology where OUI has consented to the Sub-Licence including
                                         the right to do so, it shall procure that any sub-sub-licensee enters into a Deed of
                                         Covenant with OUI in a form substantially similar to this Deed of Covenant;

 

		3.	OUI shall have the right, during
                                         the term of the Sub-Licence, through an independent certified accountant appointed by
                                         OUI (the “Auditor”), to audit all accounts on at least [***] written
                                         notice no more than once each calendar year for the purpose of determining the accuracy
                                         of the royalty reports and payments. The Auditor shall be:

 

		a.	permitted to enter the principal
                                         place of business of the Sub-Licensee upon reasonable notice to inspect such records
                                         and accounts;

 

		b.	entitled to take copies of or extracts
                                         from such records and accounts;

 

		c.	given all other information by the
                                         Sub-Licensee as may be necessary or appropriate to enable the amount of royalties payable
                                         to be ascertained including the provision of relevant records; and

 

		d.	shall be allowed access to and permitted
                                         to conduct interviews of any sales, engineering or other staff of the Sub-Licensee in
                                         order to verify the accuracy of the records and accounts and the accuracy of any royalty
                                         statements provided to Vaccitech.

 

If on any such audit a shortfall
in payments of greater than [***] is discovered by the Auditor in respect of the audit period, the Sub-Licensee shall pay the
audit costs of OUI.

 

    22

     

    

 

SIGNED AS A DEED by

[Insert details of Sub-Licensee] in the presence of:-

 

Signature of Witness:

 

Name of Witness:

Address:

 

SIGNED AS A DEED by

OXFORD UNIVERSITY INNOVATION LIMITED in the presence of:-

 

Signature of Witness:

 

Name of Witness:

Address:

 

    23

     

    

 

AS WITNESS this agreement has been
signed by the duly authorised representatives of the parties.

 

	SIGNED for and on behalf of

    OXFORD UNIVERSITY INNOVATION LIMITED:	 	SIGNED for and on behalf of

    VACCITECH LIMITED
	 	 	 
	Name:	DR. PAUL ASHLEY HEAD OF TECHNOLOGY TRANSFER LIFE SCIENCES	 	Name: Tom Evans, MD
	Position: 	oxford university innovation LTD	 	Position: CEO
	 	 	 	 
	Signature:	/s/ Paul Ashley	 	Signature:	/s/ Tom Evans
	 	 	 
	Date: 9 August 2017	 	Date: 7 September 2017

 

    24Exhibit
10.5

 

		EXECUTION
    VERSION

 

CERTAIN
CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED
FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE
OR CONFIDENTIAL.

 

Master
Collaboration

Agreement

 

Dated 4
September 2018

 

Vaccitech
Limited (“Vaccitech")

CanSino Biologies Inc. ("CanSino")

 

King &
Wood Mallesons

Octagon Point, 4th Floor

St. Martins Court

5 Cheapside

London EC2V 6AA

UK

T +44 20 3823 2405

www.kwm.com

 

     

     

    

 

Master
Collaboration Agreement

Contents

 

	Details	 	1
	General terms	 	2
	1	Definitions and interpretation	2
	 	 	 
	1.1	Definitions	2
	1.2	General interpretation	4
	2	Commencement and term	5
	 	 	 
	2.1	Master Collaboration Agreement	5
	2.2	Project Agreements	5
	3	Projects	5
	 	 	 
	3.1	Project Agreements	5
	3.2	Conditions precedent	5
	3.3	Conflict	6
	4	Governance Framework	6
	 	 	 
	4.1	Party's commitments	6
	4.2	No obligation	6
	4.3	Relationship of parties	6
	4.4	No restriction on other business	7
	5	Performance of Projects	7
	 	 	 
	5.1	Performance of Projects	7
	5.2	Data sharing	8
	5.3	Risk to Product development	8
	5.4	Research misconduct	8
	5.5	Outcomes	8
	5.6	Exclusivity	8
	6	Materials	9
	 	 	 
	6.1	Materials	9
	6.2	CanSino Material	9
	7	Project Managers and Project Committees	10
	 	 	 
	7.1	Project Manager	10
	7.2	Function of Project Manager	10
	7.3	Project Committee	10
	7.4	Function of Project Committee	10
	7.5	Project Committee Voting and decisions	11
	8	Project meetings	11
	 	 	 
	8.1	Project meetings	11
	8.2	Project meeting requirements	11
	8.3	Decisions of the Project Committee outside of Project meetings	12
	9	Project reports	12
	 	 	 
	9.1	Progress reports	12
	9.2	Final and milestone completion reports	12

 

    i 

     

    

 

	10	Joint Steering Committee	12
	 	 	 
	10.1	Establishment	12
	10.2	Function	13
	10.3	Composition	13
	10.4	Voting and decisions	13
	10.5	Chairperson	13
	10.6	JSC meeting requirements	14
	10.7	Decisions of the JSC outside of JSC meetings	14
	11	Personnel	15
	 	 	 
	11.1	Personnel	15
	11.2	Subcontractors	15
	12	Records and inspection	15
	 	 	 
	12.1	Records	15
	12.2	Record retention	16
	12.3	Inspection	16
	13	Access to premises	17
	 	 	 
	13.1	Access to a Partner's premises	17
	13.2	Comply with a party's policies	17
	13.3	Minimal disruption	17
	14	Intellectual Property Rights	17
	 	 	 
	14.1	Product Intellectual Property Rights	17
	14.2	Background IPR	17
	14.3	Improvements	18
	14.4	New IPR	18
	14.5	Third party Intellectual Property Rights	18
	14.6	Registration	18
	14.7	Infringement	19
	14.8	Further efforts	19
	15	Exploitation	19
	 	 	 
	15.1	Background IPR	19
	15.2	New IPR and Products	19
	15.3	Pursue exploitation	20
	15.4	Regulatory authorities	20
	15.5	Patent markings	20
	16	Financial obligations	20
	 	 	 
	16.1	Milestone payments	20
	16.2	Royalties	20
	16.3	Royalty reports	21
	16.4	Invoices	21
	16.5	Payment	21
	16.6	Currency	21
	16.7	Taxes	21
	16.8	Interest	22
	16.9	Additional information	22

 

    ii 

     

    

 

	17	Termination	22
	 	 	 
	17.1	Termination	22
	17.2	Automatic termination	23
	17.3	Consequences of termination	23
	18	Confidentiality	24
	 	 	 
	18.1	Treatment of Confidential Information	24
	18.2	Use of Confidential Information	24
	18.3	Disclosure of Confidential Information	24
	18.4	Disclosure by Recipient	25
	18.5	Protecting Confidential Information	25
	18.6	Return or destruction of Confidential Information	25
	18.7	Exceptions	25
	18.8	Publicity	25
	18.9	OUI	26
	19	Data protection	26
	 	 	 
	19.1	Definitions	26
	19.2	Shared Personal Data	26
	19.3	Compliance with Data Protection Legislation	26
	19.4	Obligations	27
	19.5	Mutual assistance	27
	20	Publication	28
	 	 	 
	21	Representations and warranties	28
	 	 	 
	21.1	Representations and warranties	28
	21.2	Exclusions	29
	22	Liability	29
	 	 	 
	22.1	Indirect and consequential damages	29
	22.2	Limitation of liability	29
	22.3	Exclusions from limitation of liability	29
	22.4	Insurance	30
	22.5	Severability	30
	23	Indemnity	30
	 	 	 
	23.1	Indemnity	30
	23.2	Terms of indemnification	30
	24	Anti-bribery	31
	 	 	 
	25	Disputes	31
	 	 	 
	25.1	Compliance with this clause	31
	25.2	Dispute resolution process	32
	25.3	Arbitration	32

 

    iii 

     

    

 

	26	Notices and other communications	32
	 	 	 
	26.1	Form	32
	26.2	When effective	33
	26.3	When taken to be received	33
	26.4	Receipt
    outside business hours	33
	27	Force majeure	33
	 	 	 
	27.1	Force majeure event	33
	27.2	Termination	33
	28	General	34
	 	 	 
	28.1	Entire agreement	34
	28.2	Costs	34
	28.3	Variation and waiver	34
	28.4	Severability	34
	28.5	Further steps	34
	28.6	Assignment	34
	28.7	Discretion in exercising rights	34
	28.8	Partial exercise of rights	35
	28.9	Approvals and consents	35
	28.10	Remedies cumulative	35
	28.11	Third party rights	35
	28.12	Counterparts	35
	28.13	Governing
    law and jurisdiction	35

 

	Schedule 1	Project Agreement	36
	 	 	 
	Schedule 2	Deed of Covenant	9
	 	 	 
	Signing page	 	10

 

    iv 

     

    

 

 

Master Collaboration Agreement

 

Details

 

	Parties	 	 
	Vaccitech	Name	Vaccitech Limited
	 	Company number	09973585
	 	Formed in	England
	 	Address	Magdalen Centre, 1 Robert Robinson Avenue,

The Oxford Science Park, Oxford OX4 4GA

England
	 	Telephone	[***]
	 	Email	[***]
	 	Attention	[***]
	CanSino	Name	CanSino Biologics Inc.
	 	Company number	91120116681888972M
	 	Formed in	China
	 	Address	185 South Avenue, TEDA West District, Tianjin

300457 China
	 	Telephone	[***]
	 	Email	[***]
	 	Attention	[***]
	Recitals	A	Vaccitech is an Oxford-based biopharmaceutical company which holds certain intellectual property rights relating to a platform technology, which it is developing for several therapeutic and prophylactic indications in humans and animals.
	 	B	CanSino is a Tianjin-based biotechnology company dedicated to the R&D manufacturing and commercialisation of vaccine products for human use.
	 	C	Vaccitech and CanSino may wish from time to time to undertake projects to collaborate on the research, development, manufacture and sale of certain products.
	 	D	Vaccitech and CanSino intend to each contribute expertise, intellectual property, know-how and resources with respect to any such projects subject to, and on, the terms and conditions of this Agreement.
	 	E	Vaccitech and CanSino intend that where CanSino is acting purely as a manufacturer for a product that is not being developed or commercialised as a project pursuant to this Agreement, this manufacturing will be arranged under a separate manufacturing agreement between the parties

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 1

 

     

    

 

Master Collaboration Agreement

 

General terms

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

In this agreement, unless the contrary intention appears,
the following words and phrases have the following meanings

 

Affiliate
means in relation to a party, a subsidiary or holding company of that party, and any subsidiary of a holding company of that party.

 

Background IPR
means any Intellectual Property Rights (other than New IPR) owned by, licensed to or otherwise controlled by a party:

 

		(a)	before the start date of a Project Agreement, or

 

		(b)	created after the start date of a Project Agreement solely by such party without any use of the other party's Background IPR,
New IPR or other Confidential Information.

 

which is used in connection with a Project.

 

Business Day
means a day on which banks are open for general banking business in England and China (not being a Saturday Sunday, or public holiday
in that country or in the city in which the relevant party is located as set out in the Details).

 

CanSino Territory
means China (including Taiwan, Hong Kong and Macao), Malaysia, Thailand Myanmar, Indonesia, Lao, Vietnam, and the Philippines.

 

Confidential Information
means the existence and nature of this agreement, and all information (regardless of how the information is stored or delivered):

 

		(a)	designated by a party, either orally or in writing, as confidential to that party or to a third party to whom that party owes
an obligation of confidentiality;

 

		(b)	disclosed or made available by a party which relates to that party's business, financial affairs, systems, products developments,
trade secrets, know-how, Personnel, customers, clients and suppliers;

 

		(c)	which given the circumstances of disclosure, would reasonably be regarded as confidential information of the party disclosing
it or imparting a duty of confidence on the part of the recipient; and

 

		(d)	derived or produced partly or wholly from information set out in paragraphs (a) to (c) above,

 

whether that information is

 

		(d)	directly or indirectly disclosed or made available by or on behalf of a party to the other party, or

 

		(e)	obtained or discovered by that other party in the course of performing their obligations under this agreement, before, on <x
after the date of this agreement,

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 2

 

     

    

 

Good Industry Practice
means in relation to any activity and under any circumstance, exercising the same skill, expertise and judgement and using facilities
and resources of a similar or superior quality as would be expected from a person who is highly skilled and experienced in providing
the services in question, seeking in good faith to comply with their regulatory and contractual obligations and seeking to avoid
liability arising under any duty of care that might reasonably apply.

 

Improvements
has the meaning set out in clause 14 3.

 

Intellectual Property
Rights means any patents, trade marks, designs or applications for them, inventions, copyright, circuit layout rights,
rights in and to trade or business names, trade secrets, know-how or confidential information, including any similar or analogous
rights or forms of protection in any part of the world.

 

Joint Steering Committee
and JSC have the meaning set out in clause 10.1 (Joint Steering Committee).

 

Materials
means all compounds, fragments, proteins, viruses, DNA, RNA, biologic reagents, substances solutions and any other chemical or
biological substance and any fragments, derivatives and progeny thereof, and any know- how associated with any such items

 

New IPR
has the meaning set out in clause 14.4.

 

Net Sales
means arm's length bona fide commercial Sales of Products and related services invoiced less the following deductions.

 

		(a)	trade, and quality discounts returns, and allowances, in amounts customary in the trade and actually given;

 

		(b)	import, export, excise, sales or use taxes, value added taxes and other taxes, tariffs or duties, to the extent these items
are included in the gross invoice price and actually paid;

 

		(c)	freight, handling, transportation and insurance costs prepaid or allowed if separately identified in an invoice and actually
paid; and

 

		(d)	amounts allowed or credited, or retroactive price reductions or rebates, and actually given or paid.

 

in the relevant country in which the Sale takes place.
In relation to Sales which are not made in an arm's length, bona fide commercial manner, Net Sales shall be calculated by reference
to the fair market price (if higher) of the relevant Product in the country in which the Sale takes place.

 

OUI means
Oxford University Innovation Limited (formerly Isis Innovation Limited).

 

OUI Licence of Technology
means the relevant Vaccitech Licence of Technology with OUI dated either 4 March 2016 or 8th September 2017.

 

Personnel
means the employees, agents, officers, directors, auditors, advisors, authorised representatives or subcontractors of a party.

 

Product
means a product developed pursuant to a Project Agreement using New IPR and potentially also incorporating Background IPR

 

Project
means a project for the research, development manufacture and sale of Products as set out in a Project Agreement.

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 3

 

     

    

 

Project Agreement
means the written agreement between Vaccitech and CanSino in substantially the same format as set out in Schedule 1 (Project Agreement).

 

Project Committee
has the meaning set out in clause 7.3 (Project Committee).

 

Regulatory Requirements
means in relation to any undertaking and any circumstance, all laws, statutes and statutory instruments regulations, by-laws, guidelines
codes of practice and standards determined by any governmental or regulatory authority, or judgements of a competent court of law
or applicable rules of stock exchange which apply or may apply to that undertaking or to that circumstance from time to time.

 

Royalty Period
[***]

 

Sale or
Sell or Sold means, in relation to Products, to sell, distribute, license, supply commercially or otherwise dispose
of or provide Products. Sales are deemed to have occurred at the earlier of the time when Products are delivered, title passes,
or the recipient is invoiced or pays.

 

Term means
10 years from the date of this agreement.

 

Territory
means in relation to a party either CanSino Territory or Vaccitech Territory, as relevant.

 

Vaccitech Territory
means the rest of the world other than the CanSino Territory.

 

		1.2	General interpretation

 

Headings are for convenience only and do not affect
interpretation. Unless the contrary intention appears in this agreement:

 

		(a)	labels used for definitions are for convenience only and do not affect interpretation;

 

		(b)	the singular includes the plural and vice versa;

 

		(c)	a reference to a document includes any agreement or other legally enforceable arrangement created by it (whether the document
is in the form of an agreement, deed or otherwise);

 

		(d)	a reference to a document also includes any variation, replacement or novation of it;

 

		(e)	the meaning of general words is not limited by specific examples introduced by "including", "for example",
 "such as" or similar expressions;

 

		(f)	a reference to "person" includes an individual, a body corporate, a partnership,
a joint venture, an unincorporated association and an authority or any other entity or organisation;

 

		(g)	a reference to a particular person includes the person's executors, administrators, successors, substitutes (including persons
taking by novation) and assigns;

 

		(h)	a reference to "law" includes common law, principles of equity and legislation
(including regulations);

 

		(i)	a reference to any legislation includes regulations under it and any consolidations, amendments, re-enactments or replacements
of any of them;

 

		(j)	a reference to "regulations" includes instruments of a legislative character
under legislation (such as regulations, rules by-laws, ordinances and proclamations);

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 4

 

     

    

 

		(k)	a reference to any thing (including an amount) is a reference to the whole and each part of it;

 

		(l)	if a party must do something under this document on or by a given day and It is done after 5.00pm local time on that day, it
is taken to be done on the next day; and

 

		(m)	if the day on which a party must do something under this document is not a Business Day, the party must do it on the next Business
Day unless the timing of the obligation is specified by Regulatory Requirements in which case the party must do it on the preceding
Business Day.

 

		2	Commencement and term

 

		2.1	Master Collaboration Agreement

 

		(a)	Subject to clause 2.1(b) and clause 17 (Termination), this agreement commences on the date this agreement is signed by
both parties and continues until the expiry of the Term.

 

		(b)	At least [***] before the expiry of the Term, either party may give written notice to the other party expressing the desire
to extend the Term and the parties may agree to extend the Term as a written variation to this agreement signed by both parties.

 

		2.2	Project Agreements

 

Subject to clause 17 (Termination), each Project Agreement
commences on the start date set out in that Project Agreement and terminates upon the expiry of that Project Agreement.

 

		3	Projects

 

		3.1	Project Agreements

 

From time to time during the Term, the parties may
discuss the potential for collaboration relating to one or more programs If the parties wish to undertake a Project, the parties
shall use reasonable endeavours to complete and execute an agreement in the form of a Project Agreement. The parties shall use
reasonable endeavours to agree and execute a Project Agreement for each proposed Project. Each Project Agreement incorporates the
terms of this agreement by reference.

 

		3.2	Conditions precedent

 

The obligations of the parties to undertake and complete
each Project are conditional upon the satisfaction of the following conditions as soon as possible after the execution by the parties
of a Project Agreement for that Project:

 

		(a)	Vaccitech having obtained from OUI all consents required under the relevant OUI Licence of Technology for Vaccitech to undertake
the Project with CanSino, and

 

		(b)	CanSino entering into a Deed of Covenant with OUI in relation to the Project in substantially the same format as set out in
Schedule 2 (Deed of Covenant).

 

(together, Conditions).
Each party shall use reasonable endeavours to obtain and maintain the satisfaction of the Conditions. If the Conditions have not
been satisfied within [***] of the date of execution by the parties of a Project Agreement for that Project, the Project
Agreement shall be terminated automatically and Vaccitech shall confirm the termination by notice in writing to CanSino.

 

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		3.3	Conflict

 

In the event of a conflict between the terms of

 

		(a)	this agreement;

 

		(b)	a Schedule to this agreement; and

 

		(c)	a Project Agreement;

 

the terms of the document lower in the list prevail
unless specified in a writing by both parties.

 

		4	Governance Framework

 

		4.1	Party's commitments

 

Each party agrees and undertakes:

 

		(a)	to cooperate with the other party to undertake each Project;

 

		(b)	to the extent permitted by law, to promptly notify the other party;

 

		(i)	of any material legal, governance, policy, quality, regulatory or reputational issue arising in respect of this agreement or
a Project Agreement (including any Product);

 

		(ii)	of any legal or regulatory issues (including any correspondence or interaction with a relevant regulator) that would have a
material adverse impact on this agreement or a Project Agreement (including any Product);

 

		(c)	not to delay unreasonably any action, approval, direction, determination or decision required of it under this agreement or
a Project Agreement; and

 

		(d)	to act reasonably and in good faith in the performance of its obligations and the exercise of its rights under this agreement
or a Project Agreement.

 

		4.2	No obligation

 

Despite any other provision in this agreement or a
Project Agreement to the contrary, a party is not obliged to do or omit to do anything if it would, or might in its absolute opinion,
constitute a breach of any law.

 

		4.3	Relationship of parties

 

		(a)	Nothing contained or implied in this agreement or a Project Agreement constitutes a party the partner, agent or legal representative
of another party for any purpose or creates any partnership, agency or trust.

 

		(b)	A party has no authority to bind the other party, or to act for, or to incur any obligation or assume any responsibility on
behalf of, the other party.

 

		(c)	Each party is responsible for its own obligations arising under this Agreement and any Project Agreement and is not liable
for any other party's obligations.

 

		(d)	Each party's liability under this agreement or a Project Agreement is several and not joint and several.

 

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		4.4	No restriction on other business

 

Except as provided for under this agreement (including
clause 5.6 (Exclusivity)) or in any Project Agreement, nothing contained or implied in this agreement or in any Project Agreement
restricts m any way the freedom of a party to conduct as it sees fit any other business or activities (including any arrangements
with any third party), which may be undertaken without any accountability to the other party.

 

		5	Performance of Projects

 

		5.1	Performance of Projects

 

In respect of each Project, each party agrees that
it shall:

 

		(a)	use its reasonable endeavours to complete all activities designated to it for a Project in accordance with the relevant Project
Agreement;

 

		(b)	perform the Project in accordance with Good Industry Practice, in a good scientific manner, and in accordance with all Regulatory
Requirements If the parties cannot agree on the appropriate regulatory requirements and standards, they shall seek advice from
the appropriate regulator;

 

		(c)	perform the Project in accordance with all applicable ICH GxP standards, regulatory authorisations and approvals, and ethics
approvals, and all generally accepted professional, clinical and research standards of care;

 

		(d)	subject to the compliance with applicable laws, perform the Project in a manner as to enable the transfer between and submission
of data and information to the regulatory jurisdictions of the United Kingdom, the European Union, China and the United States
of America;

 

		(e)	perform the Project in a manner which will not damage the name, business, reputation or goodwill of the other party;

 

		(f)	at its own cost (except where expressly provided otherwise in this agreement or a Project Agreement), apply all time, attention,
resources, trained personnel and skill as may be reasonably necessary for the due and proper performance of the Project. Without
limitation to the foregoing, each party shall provide all laboratories, computers and other equipment and resources reasonably
required to perform the Project;

 

		(g)	hold and maintain all necessary licences, permits and consents necessary for it to perform the Project; and

 

		(h)	ensure that any animals involved in any part of the Project shall be provided with humane care and treatment in accordance
with generally accepted veterinary practice and research ethics.

 

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		5.2	Data sharing

 

Unless specified in a Project Agreement or otherwise
agreed by the parties, and subject to compliance with applicable laws, each party shall disclose promptly to the other party all
data (including pharmacovigilance and the reporting of any serious adverse events) produced by or on its behalf pursuant to a Project
Agreement in a prompt and timely manner. Both parties may use that data for submissions for regulatory approval within their respective
Territories. For the avoidance of doubt, if:

 

		(a)	a party assigns or licenses its rights in relation to a Product to an unrelated third party in accordance with this agreement
or the applicable Project Agreement and that third party is not acting on behalf of that party; or

 

		(b)	a party undergoes a change of control,

 

the scope of obligations regarding data sharing under
this clause 5.2 shall be limited to the sharing of only that data as is reasonably necessary for development and commercialisation
of a Product which shall be negotiated and agreed by the parties at the time acting in good faith and shall be subject to the approval
of:

 

		(c)	m relation to the circumstances set out in paragraph (a), the unrelated third party, or

 

		(d)	in relation to the circumstances set out in paragraph (b), the third party that acquires control of that party.

 

		5.3	Risk to Product development

 

Either party shall have the right to terminate any
Project activity that it is undertaking, directly or indirectly, in its Territory that it might reasonably deem to risk damage
to the development of any Products or the safety of any person If a party terminates any Project activity, it shall immediately
give written notice to the other party of the termination and grounds therefore and if after receipt of that notice, the other
party continues that activity in that other party's Territory:

 

		(a)	the notifying Party is excluded from all liability for any claims related to the other Party's continued activity; and

 

		(b)	the other Party indemnifies the notifying Party in respect of claims related to the other Party's continued activity.

 

The limitations set out in clauses 22.1 and 22.2 (Liability)
do not apply to this clause 5.3.

 

		5.4	Research misconduct

 

Each party will make and maintain arrangements for
investigating and resolving allegations of research misconduct and inform the other party of any investigation undertaken or intended
to be undertaken in connection with a Project Each part/ shall provide reasonable assistance with any investigation conducted by
the other party into any alleged research misconduct.

 

		5.5	Outcomes

 

Although the parties shall carry out each Project
in accordance with their respective obligations under this agreement and the relevant Project Agreement and using all reasonable
endeavours to achieve the objectives of the relevant Project, the parties acknowledge and agree that neither party undertakes,
represents or warrants that a Project will lead to any particular conclusion and nor does it guarantee a successful outcome to
a Project.

 

		5.6	Exclusivity

 

During the term of a Project Agreement and for three
months following the expiry or earlier termination of that Project Agreement, a party shall not enter into discussions, collaboration
or similar arrangement with any third party regarding matters or products which are materially the same as those set out in that
Project Agreement or related to the Project which is the subject of that Project Agreement (Arrangement) unless the party
reasonably believes that the Arrangement is unlikely to prejudice or detrimentally affect the relevant Project or Project Agreement.

 

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		6	Materials

 

		6.1	Materials

 

		(a)	Subject to clause 6.1(b), each party shall provide to the other party all Materials specified m a Project Agreement and shall
grant to the other party a non-exclusive, non-transferable, non-sub-licensable royalty-free licence to use the Materials solely
for the purposes of the Project for the duration of the term of the Project Agreement for that Project.

 

		(b)	The parties acknowledge that Materials are made available for investigational use only for the purposes of a Project. Unless
specified in a Project Agreement or otherwise agreed by the parties, a party shall not without the prior written consent of the
other party use the other party's Materials:

 

		(i)	for the production or sale of any products or for commercial purposes;

 

		(ii)	for testing or evaluation on or in human beings;

 

		(iii)	to fulfil commercial licensing or contracted research obligations for another organization; or

 

		(iv)	in any way which is inconsistent with or which is expressly prohibited in a Project Agreement.

 

		(c)	Each party shall comply with any Regulator/ Requirements and any written instructions issued by the other party with respect
to the storage, handling, transportation, use and disposal of the other party's Materials. The other party shall keep the Materials
in a secure environment, protected against theft, damage, loss misuse and unauthorised access and in compliance with any security
or storage requirements specified in the relevant Project Agreement.

 

		(d)	Each party shall promptly provide to the other party complete copies of any and all communications with any regulatory or other
governmental authority relating to the Materials provided to it by the other party.

 

		(e)	Unless otherwise agreed by the parties, at the end of the term of the relevant Project Agreement, each party shall return to
the other party, or at the other party's direction destroy, all remaining Materials of the other party and shall certify in writing
that the same has been done.

 

		(f)	Each party acknowledges that the other party's Materials are supplied on an "as is" basis. To the maximum extent
permitted at law, all representations, undertakings, warranties, terms and conditions that might but for this clause 6.1(f) have
been implied or incorporated into this agreement with respect to the Materials, whether by statute, common law or otherwise, are
expressly excluded (including any implied terms that the Materials are of satisfactory quality or fit for purpose).

 

		6.2	CanSino Material

 

		(a)	Unless specified in a Project Agreement or otherwise agreed by the parties, CanSino shall have
the exclusive and sub-licensable right and responsibility (subject to terms and conditions mutually acceptable to the parties)
to manufacture and supply all Master Virus Seed (MVS) and Good Manufacturing Practice (GMP) adenoviral material necessary
for the development and Sale of any Products (CanSino Material) by either party in any part of either party's Territory
to non-GMP and/or GMP standards (as required for the specified use of the CanSino Material at the time).

 

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		(b)	If reasonably requested by Vaccitech, CanSino shall enter into appropriate agreements to supply the CanSino Material to third
parties (including sublicensees of Vaccitech) on the same terms of supply that CanSino shall supply the CanSino Materials to Vaccitech
as set out in clause 6.2(c)

 

		(c)	CanSino shall supply any CanSino Material to be used by Vaccitech for the manufacture of Products to be Sold by Vaccitech (or
its sublicensees) in the Vaccitech Territory at pricing of [***] over Cost of Goods Sold (COGS) where COGS is equal to reasonable
COGS for equivalent material to the CanSino Material manufactured by CanSino or its subcontractors for Sale by CanSino (or its
sublicensees) in the CanSino Territory.

 

		7	Project Managers and Project Committees

 

		7.1	Project Manager

 

Each party shall appoint one Project manager for each
Project (Project Manager) to assume responsibility as set forth in clause 7.2 for that party's roles and obligations under
the Project Agreement for that Project Each party:

 

		(a)	shall notify the other party in writing of the identity of the Project Manager it has appointed;

 

		(b)	may change its Project Manager from time to time, and shall notify the other party of that change in writing; and

 

		(c)	shall ensure that any Project Manager is adequately qualified for the role and informed about this agreement and the applicable
Project Agreement.

 

		7.2	Function of Project Manager

 

In relation to each Project, each party's Project
Manager for that Project shall

 

		(a)	co-ordinate all of that party's development work and other activities on that Project including facilitating and reporting
the performance of that work;

 

		(b)	arrange and attend, at each party's own cost, Project meetings as described in clause 8 (Project meetings) and other meetings,
at intervals and locations as agreed between the parties from time to time, to discuss developments and resolve any issues. The
Project Managers shall use all reasonable endeavours to resolve issues arising under the relevant Project Agreement but shall refer
all problems which are outside their ordinary authority to appropriate members of the parties' senior management to resolve, and

 

		(c)	prepare and agree regular reports in English.

 

		7.3	Project Committee

 

The parties shall establish a committee for the purposes
of implementing each Project Agreement (Project Committee) which shall be composed of each party's Project Manager for that
Project Each party shall ensure that its Project Manager has sufficient authority to make the decisions required of the Project
Committee to implement the function set out in clause 7.4.

 

		7.4	Function of Project Committee

 

Without limiting clause 4.1 (Party's commitments),
the implementation of each Project Agreement will be under the direction of the Project Committee for that Project The Project
Committee shall consider and decide all things reasonably required in relation to its Project including:

 

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		(a)	having general oversight of for all activities performed under the Project Agreement including discussing the progress and
status of the Project;

 

		(b)	considering, preparing and finalising detailed development and action plans;

 

		(c)	preparing and submitting comprehensive progress reports to the JSC under clause 9 (Project reports); and

 

		(d)	determining any other matter required to be determined by the Project Committee under this agreement.

 

For the avoidance of doubt, the Project Committee
shall have no authority to amend this agreement or any Project Agreement.

 

		7.5	Project Committee Voting and decisions

 

		(a)	Each party has one vote for each decision made by the Project Committee.

 

		(b)	All decisions of the Project Committee require unanimous approval of both parties. If the matters cannot be approved by unanimous
vote, it shall be dealt with in accordance with clause 25.2 (Dispute resolution process).

 

		(c)	The Project Committee shall jointly record the details of all decisions made.

 

		(d)	Each party agrees to give effect to decisions made by the Project Committee.

 

		8	Project meetings

 

		8.1	Project meetings

 

The parties shall arrange (and attend at their own
cost) meetings to discuss and review the progress and status of any Project, and consider proposals and agree actions in relation
to that Project with a view to ensuring the due and proper completion of all Projects in accordance with the Project Agreement
for that Project.

 

		8.2	Project meeting requirements

 

		(a)	Attendees and frequency: The Project Committee together with any other representatives of each party shall
meet as per the Project Agreement, or as otherwise agreed by the Project Committee.

 

		(b)	Location: Project meetings shall be held in a location as determined by the Project Committee, or by teleconference

 

		(c)	Technology: A Project meeting may be held at two or more venues using any technology that gives the Project
Committee and other duly authorised representatives of each party a reasonable opportunity to participate.

 

		(d)	Notice: Unless otherwise agreed by the Project Committee, each Project Manager shall receive at least
5 Business Days' notice of each Project meeting. The notice shall include a draft agenda for comment, and shall be sent to other
Project Manager by the coordinating Project Manager selected at the previous meeting

 

		(e)	Coordinating Project Manager: Each Project meeting shall be led by a coordinating Project Manager appointed
as agreed by the Project Committee.

 

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		(f)	Papers: Unless otherwise agreed by the Project Committee papers for each Project meeting shall be circulated
by the coordinating Project Manager selected at the previous meeting at least 5 Business Days prior to a Project meeting

 

		(g)	Minutes: The coordinating Project Manager shall arrange preparation of minutes and for a copy of the minutes
of each Project meeting (Including decisions made) to be given to each Project Manager as soon as practicable, but no later than
5 Business Days after each Project meeting. The minutes are to be approved by both parties within 10 Business Days after receipt.

 

		8.3	Decisions of the Project Committee outside of Project meetings

 

Each party agrees that the Project Committee may make
decisions outside Project meetings in accordance with the following requirements:

 

		(a)	Email: Project Committee decisions that are made outside of Project meetings may only be made via email correspondence;

 

		(b)	Correspondence: Each Project Manager shall be copied on emails that seek a decision of the Project Committee,
and

 

		(c)	Voting: Clause 7.5 applies in respect of any decision out of session.

 

		(d)	Records: The coordinating Project Manager selected at the previous meeting shall prepare and file a copy
of the decisions and circulate to each Project Manager.

 

		9	Project reports

 

		9.1	Progress reports

 

Each Project Committee shall:

 

		(a)	prepare regular comprehensive written reports (in English) as determined by the JSC in relation to the progress of each Project
and as otherwise set out in the relevant Project Agreement; and

 

		(b)	submit its reports to the JSC on a pre-determined basis so they may be circulated to both parties as part of the papers poor
to each JSC meeting.

 

		9.2	Final and milestone completion reports

 

Within a reasonable time of completion of each Project
(or any major phase of a Project as agreed by the Project Committee), the Project Committee shall:

 

		(a)	prepare and agree a written report (in English) for that Project which sets out the work performed, and all Improvements and
New IPR developed in sufficient detail to allow the parties to evaluate the commercial and scientific value of the results for
that Project; and

 

		(b)	submit that written report to the JSC.

 

		10	Joint Steering Committee

 

		10.1	Establishment

 

The parties shall establish a committee for the purposes
of implementing this agreement and the Project Agreements (Joint Steering Committee or JSC).

 

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		10.2	Function

 

Without limiting clause 4.1 (Party's commitments),
the implementation of this agreement and all Project Agreements will be under the direction of the JSC. The JSC will consider and
decide all things reasonably required in relation to this agreement and any Project Agreement including:

 

		(a)	having general oversight of for all activities performed under this agreement or any Project Agreement;

 

		(b)	establishing budgets and financial decision-making;

 

		(c)	approving any Product, and its Project Agreement (and any changes to a Project Agreement), provided that the execution of the
Project Agreement and any changes to a Project Agreement will be subject to each party's internal approval;

 

		(d)	approving the strategy for communication about this agreement, a Product and any Project Agreement, including any public announcements
and interactions with third parties, and

 

		(e)	determining any other matter required to be determined by the JSC under this agreement.

 

		10.3	Composition

 

Each party:

 

		(a)	shall appoint 3 JSC representatives each to represent It on the JSC;

 

		(b)	shall notify the other party in writing of the representative it has appointed;

 

		(c)	shall, as far as practicable, seek to ensure longevity of each person's tenure as that party's JSC representative; and

 

		(d)	may change its JSC representatives from time to time, and shall notify the other party of that change in writing.

 

		10.4	Voting and decisions

 

		(a)	Each party has one vote for each decision made by the JSC and each party shall direct its JSC representatives to exercise that
vote together.

 

		(b)	All decisions of the JSC require unanimous approval of both parties. If the matters cannot be approved by unanimous vote, it
shall be dealt with in accordance with clause 25.2 (Dispute resolution process).

 

		(c)	Each party agrees to give effect to decisions made by the JSC.

 

		10.5	Chairperson

 

		(a)	Each JSC meeting shall be led by a chairperson appointed m accordance with this clause 10.5 (Chairperson).

 

		(b)	Unless otherwise agreed by the JSC

 

		(i)	each Chairperson shall be appointed on an annual basis;

 

		(ii)	each time a new Chairperson is required:

 

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		(A)	one of the parties may nominate one of their JSC representatives to be the Chairperson in accordance with clause 10.5(b)(iii) on
a rotating basis; and

 

		(B)	the parties shall agree on, and appoint, the Chairperson from those nominees; and

 

		(iii)	a party may only have a JSC representative as Chairperson for a maximum of one period each 12 months (such that each party
will nominate a Chairperson on a revolving basis).

 

		(c)	For the avoidance of doubt, the Chairperson retains the right to vote (without a superior voting right) on all matters before
the JSC in accordance with clause 10.4.

 

		(d)	The Chairperson is responsible for coordinating and providing leadership for the activities involved under the agreement and
the Project Agreements, including circulating the agenda and the papers for any JSC meeting in accordance with the requirements
of clause 10.6.

 

		10.6	JSC meeting requirements

 

		(a)	Frequency: The JSC shall meet every [***], or as otherwise agreed by the JSC.

 

		(b)	Location: JSC meetings shall be held in a location as determined by the JSC.

 

		(c)	Technology: A JSC meeting may be held at 2 or more venues using any technology that gives the JSC representatives
a reasonable opportunity to participate.

 

		(d)	Notice: Unless otherwise agreed by the JSC, each JSC representative shall receive at least [***]notice
of each meeting of the JSC, from the Chairperson The notice shall include an agenda, and shall be sent to all JSC representatives.

 

		(e)	Papers: Unless otherwise agreed by the JSC, papers for each JSC meeting shall be circulated at least [***]
prior to a JSC meeting.

 

		(f)	Minutes: The Chairperson shall arrange for a copy of the minutes of each JSC meeting to be given to each
JSC representative and each party as soon as practicable, but no later than 10 Business Days after each JSC meeting The minutes
may be approved by each party's JSC representatives by giving notice to the other JSC representatives and are taken to be approved
if no notice is given within 10 Business Days after receiving the minutes. If approved or taken to be approved by each party's
JSC's representatives, the minutes shall be signed by the Chairperson of the relevant meeting and are then conclusive evidence
of the proceedings and decisions of the JSC meeting to which they relate.

 

		10.7	Decisions of the JSC outside of JSC meetings

 

Each party agrees that the JSC may make decisions
outside JSC meetings in accordance with the following requirements:

 

		(a)	Email: JSC decisions that are made outside of JSC meetings may only be made via email correspondence;

 

		(b)	Correspondence: Each JSC representative shall be copied on emails that seek a decision of the JSC; and

 

		(c)	Voting: Clause 10.4 applies in respect of any decision out of session.

 

		(d)	Records: The Chairperson shall prepare and file a copy of the decisions and circulate in accordance with clause
10.6(f).

 

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		11	Personnel

 

		11.1	Personnel

 

		(a)	Where the parties agree that the Project shall be performed by certain key Personnel of either party, those Personnel shall
be named in the Project Agreement for that Project and shall perform the Project unless agreed otherwise by the Project Committee
for that Project.

 

		(b)	Each party shall use only Personnel who have adequate training, and sufficient qualifications and experience to perform the
Project Each party shall ensure its Personnel comply with all the obligations imposed on that party under this agreement and the
applicable Project Agreement.

 

		(c)	A party's Personnel are not employees, representatives or agents of the other party. Each party will be entirely responsible
for and pay all fees, wages, salaries withholding taxes, unemployment taxes, workers' compensation insurance premiums and other
sums required by law to be paid m connection with its Personnel.

 

		11.2	Subcontractors

 

		(a)	Unless otherwise specified in this agreement, the applicable Project Agreement or separately agreed by the parties in writing,
a party shall not use subcontractors to perform any of its obligations under a Project Agreement without the prior written consent
of the other party (which consent shall not be unreasonable withheld or delayed). If a party has not responded to a notice from
the other party requesting consent within [***] of receipt of the notice, consent is deemed to have been given by the party.

 

		(b)	Where a party uses subcontractors to perform any of its obligations under a Project Agreement, that party:

 

		(i)	shall ensure those subcontractors have agreed to:

 

		(A)	confidentiality obligations at least as restrictive as those set out in this agreement; and

 

		(B)	obligations regarding the rights to use any Intellectual Property Rights, and assignment of any Improvements and New I PR developed
by those subcontractors (other than Background IPR of those subcontractors) consistent with and at least as restrictive as those
set out in this agreement or the relevant Project Agreement; and

 

		(ii)	remains primarily liable to the other party for all acts of the subcontractors as if they were employees of the first party
acting within the scope of their authority.

 

		12	Records and inspection

 

		12.1	Records

 

Each party shall keep clear, full, accurate and up
to date records together with any relevant supporting material of all:

 

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		(a)	details of Sales of Products, the deductions used to calculate the Net Sales value and any other information necessary to enable
the other party to verify the calculation of royalties payable;

 

		(b)	its activities performed in connection with this agreement and all Project Agreements (Activities);

 

		(c)	materials including laboratory notebooks, worksheets, records reports and data obtained or generated in the course of undertaking
its Activities;

 

		(d)	time, costs and expenses incurred in undertaking its Activities, and

 

		(e)	all Personnel, materials, products, parts and equipment used m connection with undertaking its Activities,

 

(together, Records).

 

		12.2	Record retention

 

Each party shall retain all Records during the term
and for the longer of

 

		(a)	the period of time required by any Regulatory Requirements; or

 

		(b)	[***] after the date of termination or expiry of the relevant Project Agreement; or

 

		(c)	[***] after the period during which sales continue and Royalties are payable to either party.

 

		12.3	Inspection

 

		(a)	Until the expiry of the retention period set out in clause 12.2, upon reasonable prior written notice from a party, the other
party shall, during normal business hours and with minimum interference with the other party's business operation:

 

		(i)	make available its Records, and relevant Personnel;

 

		(ii)	allow reasonable access to its premises and procure access to the premises, records and relevant personnel of its subcontractors
where relevant; and

 

		(iii)	provide all reasonable information and assistance,

 

to the notifying party and its Personnel (including
an independent auditor selected by the first party), and any other relevant competent government or regulatory authority for the
purposes of monitoring and carrying out an audit of that other party's compliance with this agreement and any Project Agreement
including all activities and the calculation of any royalties and charges as may be reasonably appropriate having regard to the
nature and progress of the relevant Project at any time or as may be required to comply with Regulatory Requirements (Audit)
The first party may take copies of or extracts from that other party's Records for the purposes of carrying out the Audit. Before
performing an Audit, any auditor shall agree to maintain the confidentiality at least as restrictive as those set out in this agreement
of a party's Records and not disclose to third parties the contents of any Records.

 

		(b)	In the event that an Audit reveals a discrepancy in the royalties or other amounts paid from those payable under this agreement
or a Project Agreement, a party shall refund any overpayment and a party shall pay any underpayment immediately. Where an Audit
undertaken by one party reveals an underpayment the other party which exceeds [***] of the total royalties payable for the Royalty
Period under audit, the other party shall pay for the cost of the Audit otherwise the first party shall pay for the cost of the
Audit

 

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		13	Access to premises

 

		13.1	Access to a Partner's premises

 

		(a)	Subject to clauses 13.2 and 13.3 and clause 18 (Confidentiality), a party may allow certain pre-approved and nominated Personnel
of the other party access (during business hours, on reasonable notice) to designated
areas within the first party's premises to the extent reasonably required to enable the other party to participate in a Project
in accordance with the terms of this agreement and the applicable Project Agreement for that Project.

 

		(b)	A party may at any time (acting reasonably) deny access to another party or remove its Personnel from the list of approved
Personnel of that party (whether temporarily or permanently) where that party breaches any of the provisions of clauses 13.2 or
13.3 or clause 18 (Confidentiality).

 

		13.2	Comply with a party's policies

 

A party shall comply, and shall ensure that its Personnel
comply, with all reasonable security, privacy, confidentiality, health and safety, and office conduct policies and procedures notified
to that party and reasonable directions of the other party whilst on that other party's premises.

 

		13.3	Minimal disruption

 

A party shall ensure that its Personnel will cause
no more than minimal disruption to the other party while accessing that other party's premises in accordance with this agreement
and the applicable Project Agreement.

 

		14	Intellectual Property Rights

 

		14.1	Product Intellectual Property Rights

 

Prior to commencing the implementation of a Project
Agreement for a Product each party shall undertake searches to determine and confirm the status (significant or otherwise) of Intellectual
Property Rights for that Product in strategic countries in that party's Territory. The JSC and the Project Committee for the relevant
Project shall take into account the results of each party's searches and agree an appropriate Intellectual Property Rights strategy
for the implementation of that Project.

 

		14.2	Background IPR

 

		(a)	Each party shall give full disclosure to the other party of all Background IPR owned or licensed by it which is relevant to
a Project.

 

		(b)	All Background IPR is and shall remain the exclusive property of the party owning it (or, where applicable, the third party
from whom its right to use the Background IPR has derived) and nothing in this agreement or any Project Agreement shall operate
to transfer any Background IPR of one party to the other party.

 

		(c)	Each party grants to the other party a royalty-free, non-exclusive licence to use the first party's Background IPR to the extent
necessary to perform the Project in the other party's Territory together with a right to sub-license to any subcontractor performing
services for and on behalf of the other party in accordance with clause 11.2 (Subcontractors).

 

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		14.3	Improvements

 

Except as agreed otherwise in a Project
Agreement, any modifications, enhancements or improvements of a party's Background IPR and all associated Intellectual
Property Rights (Improvements) will be owned by that party regardless of who created the Improvements but they will be
treated as Background IPR for the purposes of the licence granted to the other party under clause 14.2(c). Each party assigns
to the other party any rights, title and interest the first party may have in the Improvements so as to perfect the other
party's ownership in the Improvements.

 

		14.4	New IPR

 

Any new Intellectual Property Right created, generated,
developed, derived conceived or first reduced to practice in the course of activities performed by a party in relation to a Project
or otherwise under this agreement or a Project Agreement, which is not derived from either party's Background IPR or Improvements
and all associated Intellectual Property Rights (New IPR), will be owned by the parties in shares to reflect the respective
inventive contribution of each party to that New IPR as determined by the principles of United Kingdom patent law unless specified
otherwise m the relevant Project Agreement. The parties may assign or license their rights to any New IPR to each other in relation
to a Project as specified in the relevant Project Agreement or as otherwise agreed between the parties at any time.

 

		14.5	Third party Intellectual Property Rights

 

If a party licenses any Intellectual Property Rights
from a third party in relation to a Project, that party shall make reasonable efforts to ensure that the other party receives a
licence from that third party for those Intellectual Property Rights upon equal terms for use in the other party's Territory.

 

		14.6	Registration

 

		(a)	Except where otherwise agreed by the parties or expressly provided otherwise in a Project Agreement, if any New IPR for a Product
is.

 

		(i)	wholly owned by one party, that party shall use all reasonable endeavours to carry out, at its own expense the drafting, filing
and prosecution of all patent applications and the maintenance and extension, of all patent registrations comprised in the New
IP in those parts of the world to the extent required to provide reasonable patent protection for that Product for the term of
the relevant Project Agreement; and

 

		(ii)	jointly owned by the parties, Vaccitech shall use all reasonable endeavours to carry out the
drafting, filing and prosecution of all patent applications and the maintenance and extension, of all patent registrations comprised
in the New IP in those parts of the world to the extent required to provide reasonable patent protection for that Product for the
term of this agreement in consultation with CanSino (Joint Project Patents) The parties shall share all costs in
relation to these patent applications and registrations as agreed at the time or set out in the relevant Project Agreement.

 

		(b)	Before abandoning any Joint Project Patents in any country or withholding payment of any fee necessary for procuring or keeping
in force a Project Patent in any country upon the expiry of earlier termination of a Project Agreement relevant to that Joint Project
Patent, Vaccitech shall give CanSino at least [***] prior written notice of Vaccitech s intended course of action. Before the expiry
of the notice period, CanSino may re-quest the assignment of Vaccitech's rights to the Joint Project Patent from Vaccitech to CanSino
on terms to be agreed by the parties at the time.

 

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		14.7	Infringement

 

A party shall notify the other party m writing immediately,
giving full particulars, if it becomes aware of any of the following:

 

		(a)	any actual suspected or threatened infringement or any actual, suspected or threatened unauthorised disclosure, misappropriation
or misuse of any New IPR by a third party;

 

		(b)	any actual or threatened claim that any patent application or registered patent m relation to any New IPR or related Background
IPR is invalid;

 

		(c)	any actual or threatened opposition to any patent application or registered patent in relation to any New IPR or related Background
IPR;

 

		(d)	any claim made or threatened that any New IPR or related Background IPR infringes the rights of any third party;

 

		(e)	any person applies for, or is granted, a patent by reason of which that person may be or has been, granted rights that conflict
with any New IPR or related Background IPR;

 

		(f)	any other form of attack, charge or claim to which the New IPR or related Background IPR may be subject; and

 

		(g)	if the notifying party proposes to issue proceedings for the revocation of or opposition to any patent or patent application
of any third party for the purpose of more effectively implementing the notifying party's rights of exploitation of any New IPR
or related Background IPR, and

 

the parties shall discuss appropriate steps to take
in the circumstances to properly protect the New IPR or related Background IPR including bringing legal proceedings. Neither these
discussions nor any delay in an agreement between the parties regarding appropriate steps to take shall prevent either party taking
whatever steps it believes appropriate to properly protect the New IPR and related Background IPR in its Territory.

 

		14.8	Further efforts

 

Each party agrees to execute (and, to the extent necessary,
procure that any of its Personnel involved in a Project execute) all documents and assignments and do (and, to the extent necessary,
procure that any of its Personnel involved in a Project do) all things as may be reasonably necessary to perfect the other party's
Wie to Intellectual Property Rights or to register the other party as owner of registrable rights in accordance with this agreement
and the relevant Project Agreement.

 

		15	Exploitation

 

		15.1	Background IPR

 

Each party grants to the other party a non-exclusive
licence to use the first party's Background IPR to the extent necessary to commercialise and exploit New IPR and Products in the
other party's Territory together with a right to sub-license (each sublicence to have no further right to sublicense) subject to
the payment of milestone payments and royalties in accordance with the Project Agreement for those Products.

 

		15.2	New IPR and Products

 

Each party grants to the other party an exclusive
licence to use the first party's New IPR to the extent necessary to commercialise and exploit Products developed using that New
IPR in the other party's Territory together with a right to sub-license (each sublicence to have no further right to sublicense)
subject to the payment of milestone payments and royalties in accordance with the Project Agreement for those Products.

 

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		15.3	Pursue exploitation

 

Each party agrees to use commercially reasonable endeavours
to exploit the New IPR licensed to it by the other party under a Project Agreement and maximise Net Sales of Products developed
using that New IPR m the first party's Territory during the term of the Project Agreement including:

 

		(a)	obtaining all necessary regulatory approvals in countries throughout its Territory for the exploitation of the Products;

 

		(b)	using its best endeavours to sell and market the Products in all countries in the Territory;

 

		(c)	seeking to maximise the royalties and milestone payments paid to the other party;

 

		(d)	not engaging in any exploitation of the New IPR and Products in competition with the purpose contemplated by this agreement
and the Project Agreement;

 

		(e)	not engaging In any exploitation of the New IPR and Products other than in accordance with this agreement and the Project Agreement;
and

 

		(f)	comply with all Regulatory Requirements relating to the importation distribution, testing sale, supply or manufacture of the
Products,

 

		15.4	Regulatory authorities

 

		(a)	The parties shall review and agree any regulatory documents and correspondence related to a Product prior to submission to
a regulatory authority in any country. A party shall provide copies and where appropriate summary translations into English of
all minutes of meetings with regulatory authorities and correspondence in relation to a Product to the other party

 

		(b)	Each party shall provide to the other party any information and assistance reasonably requested by the other party for any
regulatory filing or compliance activities relating to a Product in its Territory.

 

		15.5	Patent markings

 

Each party shall include, and shall ensure that its
sublicensees include, relevant patent or patent application numbers on all packaging and promotional material for any Products
in compliance with the Regulatory Requirements of each country in that party s Territory where the Products are supplied, sold
or distributed

 

		16	Financial obligations

 

		16.1	Milestone payments

 

Each party shall pay to the other party any milestone
payments in accordance with the Project Agreement for that Product.

 

		16.2	Royalties

 

Each party shall pay to the
other party ongoing royalties on Net Sales in its Territory in relation to each Product Sold at the rate set out in the Project
Agreement for that Product.

 

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		16.3	Royalty reports

 

At the same time as payment of the royalties falls
due under clause 16 2 each party shall supply a written report for the relevant Royalty Period to the other party showing:

 

		(a)	identification by quantity and description of Products Sold or transferred by the first party or any sub-licensees of the first
party;

 

		(b)	the total royalties payable for that Royalty Period;

 

		(c)	the deductions used to calculate the Net Sales value and any other information necessary to enable the other party to verify
the calculation of royalties payable for that Royalty Period; and

 

		(d)	details of payments and royalties received from sublicensees including the deductions used to calculate the Net Sales value
and any other information necessary to enable the other party to verify the calculation of royalties payable by a party's sublicensee
to that party for that Royalty Period.

 

		16.4	Invoices

 

If a Project Agreement provides that a party shall
pay the other party any amount, the other party shall deliver to the first party an invoice for payment of amounts payable in accordance
with the Project Agreement Subject to clause 16.7, all amounts payable are stated exclusive of value added tax, or any other taxes
or duties (if any) payable.

 

		16.5	Payment

 

		(a)	Within [***] of the date of the end of each Royalty Period, each party shall pay the other party the royalties payable for
that Royalty Period.

 

		(b)	Within [***] of the due date for any milestone payment as set out in the relevant Project Agreement, each party shall pay the
other party that milestone payments.

 

		(c)	Each party shall pay all other amounts properly due and undisputed in respect of any validly presented invoice within [***]
of the date of receipt by that party of the invoice for those amounts.

 

		(d)	Within [***] of the date of receipt by a party of an invoice from the other party, the first party shall notify the other party
of any genuinely disputed amount and the reasons for the dispute. If no dispute is raised by the first party to the other party
in relation to an invoice, the invoice is deemed to be undisputed.

 

		(e)	A party shall pay all disputed amounts in respect of any invoice within [***] of the dispute being resolved by the parties.

 

		(f)	Subject to clause 16 7, each party shall pay all amounts properly due and undisputed under this agreement or a Project Agreement
in full without any set-off, counterclaim or deduction.

 

		16.6	Currency

 

All payments shall be
made in pounds sterling. Where CanSino calculates the royalties in RMB, CanSino shall convert those royalties into pounds sterling
[***].

 

		16.7	Taxes

 

If the royalties, milestone payments and any other
amounts payable by a party under this agreement or a Project Agreement are subject to withholding tax, charge, deduction or other
like withholding, that party may withhold monies and pay any tax upon its payments to the other party where that income tax is
due and payable by the other party provided that the first party uses all reasonable efforts to obtain any available exemption
from the payment of that income tax and gives the other party a tax certificate or similar official record for any payment of income
tax.

 

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		16.8	Interest

 

Each party shall pay
interest on any overdue payments from the date the payment is due until the day of payment (both dates inclusive) at [***]
per annum calculated on a daily basis from the due date until payment of the overdue amount payable is received by the other party
in cleared funds. The parties agree that this constitutes a substantial remedy in terms of the Late Payments of Commercial Debts
(Interest) Act 1998 (UK). Each party shall pay the interest together with the overdue amount.

 

		16.9	Additional information

 

Where reasonably requested by a party, the other party
shall supply additional information regarding any invoice or royalty report as necessary for the first party to confirm that the
correct amounts have been paid by the other party under this agreement or any Project Agreement.

 

		17	Termination

 

		17.1	Termination

 

This agreement or a Project Agreement may be terminated'

 

		(a)	by mutual agreement of the parties;

 

		(b)	by either party immediately by written notice to the other party if the other party commits a material breach of this agreement
or a Project Agreement and either:

 

		(i)	the breach is not capable of being cured; or

 

		(ii)	the breach is capable of being cured and the other party fails to cure the breach within [***] of being notified m writing
of the breach by the party giving the notice;

 

		(c)	by either party immediately by written notice to the other party if the other party commits persistent breaches of this agreement;

 

		(d)	by either party immediately by written notice to the other party if the other party uses or permits a third party to use the
first party's Background IPR or New IPR outside the scope of licences granted to it under this agreement or a Project Agreement
without the first party's prior written consent, or otherwise infringes the first party's Background IPR or New IPR;

 

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		(e)	by either party immediately by written notice to the other party if the other party:

 

		(i)	fails to pay any amount due under this agreement on the due date for payment and remains in default not less than a further
[***] after being notified in writing that it is in default and to make such payment;

 

		(ii)	suspends, or threatens to suspend, payment of its debts (unless those debts are the subject of a genuine dispute) or is unable
to pay its debts as they fall due or admits inability to pay its debts;

 

		(iii)	takes any step or action for or in connection with its entering administration, provisional liquidation or any composition
or arrangement with its creditors (other than in relation to a solvent amalgamation or restructuring), being wound up (whether
voluntarily or by order of the court, unless for the purpose of a solvent amalgamation or restructuring), having a receiver appointed
to any of its assets or ceasing to carry on business or, if the step or action is taken in another jurisdiction, in connection
with any analogous procedure in the relevant jurisdiction; or

 

		(iv)	suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; and

 

		(f)	by either party in accordance with clause 27.2 (Force majeure).

 

		17.2	Automatic termination

 

		(a)	A Project Agreement shall terminate automatically if OUI does not consent or withdraws any consents granted under clause 3.2(a) relevant
to that Project Agreement and Vaccitech, acting reasonably, does not contest such withdrawal of consent.

 

		(b)	If:

 

		(i)	any Background IPR necessary for a Project is licensed from OUI to Vaccitech under the OUI Licence of Technology and the OUI
Licence of Technology expires or is terminated earlier; and

 

		(ii)	using all reasonable endeavours, the parties cannot agree upon a modification to the Project (or relevant Product) in order
to continue without using that Background IPR,

 

that Project Agreement shall terminate automatically.

 

		17.3	Consequences of termination

 

		(a)	The expiry or termination of one Project Agreement does not terminate another Project Agreement or this agreement. The early
termination of this agreement terminates all Project Agreements. Despite the expiry of the Term of this agreement, the agreement
is deemed to continue and apply to any outstanding Project Agreement until the expiry or earlier termination of that Project Agreement,
unless otherwise agreed by the parties.

 

		(b)	Subject to clause 17 3(c) and unless otherwise agreed by the parties, on expiry or earlier termination of a Project Agreement,
whether for breach or otherwise, each party shall:

 

		(i)	bring all relevant sub-licences from that party to third parties to an end on the same date;

 

		(ii)	pay all outstanding royalties, milestone payments and other sums due or that have become due to the other party under the Project
Agreement;

 

		(iii)	provide the other party with details of the stocks of Products relevant to that Project Agreement held at the point of termination;

 

		(iv)	cease to use or exploit any jointly-owned New IPR, provided that this restriction does not apply to know-how or Confidential
Information which has entered the public domain through no fault of that party, and that that party may continue to use the jointly-owned
New IPR in order to meet any specific existing binding commitments already made by that party at the date of termination and requiring
delivery of Products within the next [***]; and

 

		(v)	subject to clause 17.3(b)(iv), destroy all other Products relevant to that Project Agreement and confirm m writing the destruction
thereof if those Products use any jointly-owned New IPR, or any Intellectual Property Rights owned or licensed from the other party.

 

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		(c)	Except in the event of termination of a Project Agreement by CanSino for breach by Vaccitech, upon expiry or earlier termination
of a Project Agreement, CanSino grants Vaccitech a non-exclusive, royalty-free, worldwide, perpetual, irrevocable licence to use
any CanSino Background IPR, CanSino New IPR or jointly-owned New IPR used to develop, incorporated in, or referenced in any Product
which is the subject of that Project Agreement to the extent necessary for Vaccitech to undertake research, development, manufacture,
Sell or otherwise commercialise any Product which is the subject of that Project Agreement together with a right to sub-license
to third parties for those purposes.

 

		(d)	Expiry or termination of this agreement or a Project Agreement, whether for breach or otherwise shall not relieve a party of
its obligation to accrue and pay royalties to the other party under the provisions of clause 16 (Financial obligations) for the
duration of any notice period and in respect of any dealings in Products permitted by clause 17.3(b).

 

		(e)	Despite clauses 17.1 and 17.2, any rights of the parties accrued prior to expiry or termination of this agreement, or prior
to expiry or termination of a Project Agreement, and clauses 5.3 (Risk to Product development), 6.1(e) (Materials), 12 2 and
12.3 (Records and inspection), 14 (Intellectual Property Rights), 16 (Financial obligations), 17.3 (Consequences of termination),
18 (Confidentiality), 18.9 (Data Protection), 20 (Publication), 21 (Representations and warranties), 22 (Liability), 25 (Disputes),
26 (Notices and other communications) and 28 (General) survive expiry or termination of this agreement for any reason.

 

		18	Confidentiality

 

		18.1	Treatment of Confidential Information

 

Each party acknowledges that the Confidential Information
of the other party is valuable to the other party. Each party undertakes to keep the Confidential Information of the other party
secret and to protect and preserve the confidential nature and secrecy of that Confidential Information.

 

		18.2	Use of Confidential Information

 

A party receiving Confidential
Information (Recipient) may only use the Confidential Information of the party disclosing Confidential Information (Discloser)
for the purposes of performing the Recipient's obligations or exercising the Recipient's rights under this agreement.

 

		18.3	Disclosure of Confidential Information

 

A Recipient may not disclose Confidential Information
of the Discloser to any person except:

 

		(a)	Personnel of the Recipient who require it for the purposes of this agreement;

 

		(b)	with the prior written consent of the Discloser;

 

		(c)	if the Recipient is required to do so by law or a stock exchange; or

 

		(d)	if the Recipient is required to do so in connection with legal proceedings relating to this agreement.

 

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		18.4	Disclosure by Recipient

 

A Recipient disclosing Confidential Information under
clauses 13.3(a), 18.3(b) or 18.3(d) shall use all reasonable endeavours to ensure that persons receiving the Confidential
Information from it do not disclose the information except in accordance with this agreement and the Recipient will be responsible
for any act or omission of that person in relation to the Confidential Information as if it was the Recipient's own act or omission.

 

		18.5	Protecting Confidential Information

 

		(a)	The Recipient shall take reasonable steps to protect the Confidential Information of the Discloser and keep it secure from
any unauthorised use or disclosure.

 

		(b)	The Recipient shall promptly notify the Discloser on becoming aware of any use or disclosure of its Confidential Information
in breach of this agreement, and shall cooperate with the Discloser to Investigate that breach and mitigate any adverse impact
on the Discloser.

 

		18.6	Return or destruction of Confidential Information

 

Subject to clause 18.7, on the Discloser's request,
the Recipient shall immediately destroy or deliver to the Discloser all documents or other materials containing or referring to
the Discloser's Confidential Information which are:

 

		(a)	in the Recipient's possession, power or control; or

 

		(b)	in the possession, power or control of persons who have received Confidential Information from the Recipient under clauses
18 3(a) or 18.3(b).

 

		18.7	Exceptions

 

The obligation in clause 18 6 does not apply to Confidential
Information of the Discloser that the Recipient requires in order to perform its obligations under this agreement or is otherwise
entitled to retain to comply with Regulatory Requirements, including the rules of the relevant stock exchange.

 

		18.8	Publicity

 

		(a)	Neither party may make any statement, press release or other announcement relating to this agreement
a Project Agreement, a Product, or the other party (Publicity) without the other party's prior written consent as
to form, timing and content.

 

		(b)	If any Regulatory Requirements including the rules of the relevant stock exchange require a party to release any Publicity:

 

		(i)	that party shall submit to the other party a copy of the proposed Publicity as early as possible prior to its required release;
and

 

		(ii)	the other party shall use all reasonable efforts to notify the first party of its consent to the proposed Publicity or any
objections by the date required by the first party.

 

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		18.9	OUI

 

		(a)	Neither party may use the name of OUI, the University, or any inventor of the Intellectual Property Rights licensed to Vaccitech
under the OUI Licence of Technology, in any Publicity without the prior written consent of OUI. Each party acknowledges that OUI
may enforce its rights under this clause 18.9(a) despite not being a party to this agreement.

 

		(b)	If Vaccitech's Confidential Information contains any confidential information of OUI, the parties acknowledge that OUI may
enforce this clause 18 despite not being a party to this agreement.

 

		(c)	For the purposes of this clause 18.9, the "University" means the Chancellor,
Masters and Scholars of the University of Oxford whose administrative offices are at the University Offices, Wellington Square,
Oxford 0X1 2JD, England.

 

		19	Data protection

 

		19.1	Definitions

 

For the purposes of this clause 19, unless the contrary
intention appears, the following words and phrases have the following meanings:

 

Data Protection Legislation
means the General Data Protection Regulation ((EU) 2016/679) and any other directly applicable European Union regulation relating
to privacy, any data protection legislation from time to time in force in the United Kingdom and China, and any other data protection
or privacy legislation applicable in the relevant jurisdiction.

 

Data controller,
data subject, personal data, processing, and appropriate technical and organisational measures have
the meanings as set out in the Data Protection Legislation in force at the time.

 

Permitted Recipients
means the parties, the Personnel of each party, sublicensees of a party, and any third parties engaged to perform obligations in
connection with this agreement including regulatory authorities.

 

Shared Personal Data
means any personal data to be shared between the parties under this agreement or a Project Agreement.

 

		19.2	Shared Personal Data

 

This clause 19 sets out the framework for the sharing
of personal data between the parties as data controllers. Each party acknowledges that one party (Data Discloser) will regularly
disclose to the other party (Data Recipient) Shared Personal Data collected by the Data Discloser for the purposes of this
agreement and any Project Agreement.

 

		19.3	Compliance with Data Protection Legislation

 

		(a)	Each party shall comply with all applicable requirements of the Data Protection Legislation in relation to the Shared Personal
Data and any activities undertaken in relation to this agreement and any Project Agreement.

 

		(b)	Any material breach of the Data Protection Legislation by one party in relation to the Shared Personal Data, or any activities
undertaken by that party in relation to this agreement or any Project Agreement, shall be considered to be a material breach of
this agreement and give grounds to the other party to terminate this agreement under clause 17.1(b) (Termination).

 

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		19.4	Obligations

 

In relation to the Shared Personal Data and any activities
undertaken in relation to this agreement and any Project Agreement, each party shall:

 

		(a)	ensure that it has all necessary notices and consents in place to enable lawful transfer of the Shared Personal Data to the
Permitted Recipients for the purposes of this agreement and any Project Agreement;

 

		(b)	give full information to any data subject whose personal data may be processed under this agreement of the nature such processing.
This includes giving notice that, on the termination of the relevant Project Agreement, personal data relating to them may be retained
by or, as the case may be, transferred to one or more of the Permitted Recipients, their successors and assignees;

 

		(c)	process the Shared Personal Data only for the purposes of this agreement and any Project Agreement;

 

		(d)	not disclose or allow access to the Shared Personal Data to anyone other than the Permitted Recipients;

 

		(e)	ensure that all Permitted Recipients are subject to written contractual obligations concerning the Shared Personal Data (including
obligations of confidentiality) which are no less onerous than those imposed by this agreement;

 

		(f)	ensure that it has m place appropriate technical and organisational measures to protect against unauthorised or unlawful processing
of personal data and against accidental loss or destruction of, or damage to, personal data; and

 

		(g)	unless absolutely necessary or required to comply with Regulatory Requirements, only disclose or share data relating to individuals
in a de- identified or anonymised format.

 

		19.5	Mutual assistance

 

Each party shall assist the other in complying with
all requirements of the Data Protection Legislation applicable to the other party's obligations under this agreement or any Project
Agreement. In particular, each party shall:

 

		(a)	consult with the other party about any notices given to data subjects in relation to the Shared Personal Data;

 

		(b)	promptly notify the other party about the receipt of any data subject access request;

 

		(c)	provide the other party with reasonable assistance in complying with any data subject access request;

 

		(d)	not disclose or release any Shared Personal Data in response to a data subject access request without first consulting the
other party wherever possible,

 

		(e)	provide reasonable assistance the other party, at the cost of the other party, in responding to any request from a data subject
and in ensuring compliance with its obligations under the Data Protection Legislation with respect to security, breach notifications,
impact assessments and consultations with supervisory authorities or regulators;

 

		(f)	notify the other party without undue delay on becoming aware of any breach by it of the Data Protection Legislation;

 

		(g)	at the written direction of the Data Discloser, delete or return Shared Personal Data and copies thereof to the Data Discloser
on expiry or earlier termination of the relevant Project Agreement unless required to retain the personal data by any Regulatory
Requirements;

 

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		(h)	use compatible technology for the processing of Shared Personal Data to ensure that there is no lack of accuracy resulting
from personal data transfers;

 

		(i)	maintain complete and accurate records and information to demonstrate its compliance with this clause 19; and

 

		(j)	provide the other party with contact details of at least one employee as point of contact and responsible manager for all issues
arising out of the Data Protection Legislation, including the joint training of relevant staff, the procedures to be followed in
the event of a data security breach, and the regular review of the parties' compliance with the Data Protection Legislation.

 

		20	Publication

 

		(a)	Subject to clause 20(d), each party shall submit to the other party a copy of any proposed manuscript,
abstract, paper, journal article, oral presentation or poster presentation relating to New IP, a Project or a Product (Publication)
at least 30 days prior to its proposed publication or submission to any organisation for publication.

 

		(b)	Subject to clause 20(d), within 30 days of receipt of a proposed Publication, the other party shall notify the first party
if the other party objects to the Publication on the basis that it contains any of the other party's Confidential Information or
if the other party wishes to defer publication for up to 120 days to enable it to seek patent protection for any New IP owned by
it.

 

		(c)	A party may proceed with the Publication if no objections are received from the other party within the 30 day period, or if
the Publication is amended to remove any reference to the other party's Confidential Information or New IP.

 

		(d)	If any Regulatory Requirements including the rules of the relevant stock exchange require a party to publish a Publication
or submit a Publication to an organisation for publication:

 

		(i)	that party shall submit to the other party a copy of the proposed Publication as early as possible prior to its required publication
or submission; and

 

		(ii)	the other party shall use all reasonable efforts to notify the first party of its consent to the Publication or any objections
under clause 20(b) by the date required by the first party.

 

		(e)	If a proposed Publication submitted by CanSino to Vaccitech for review includes any confidential information of OUI, CanSino
acknowledges that Vaccitech is required to submit the proposed Publication to OUI for review and approval for release under the
terms of the OUI Licence of Technology Each party acknowledges that OUI may enforce its rights under this clause 18 despite not
being a party to this agreement.

 

		21	Representations and warranties

 

		21.1	Representations and warranties

 

Each party represents and warrants to the other party
that:

 

		(a)	it has been incorporated or formed in accordance with the laws of its place of incorporation or formation, is validly existing
under those laws and has power and authority to own its assets and carry on its business as it is now being conducted;

 

		(b)	it has power to enter into this agreement and each Project Agreement, to comply with its obligations under them and exercise
its rights under them;

 

    	© King & Wood Mallesons	Master Collaboration Agreement
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		(c)	subject to clause 3.2 (Conditions precedent), it is the owner or has the right to license its Background IPR in accordance
with this agreement and each Project Agreement;

 

		(d)	the entry by it into, its compliance with its obligations and the exercise of its rights under, this agreement and each Project
Agreement do not and (to the best of its knowledge) will not infringe the rights of any third party (including Intellectual Property
Rights) or conflict with any other obligation which it may have during the term of this agreement or any Project Agreement; and

 

		(e)	use of its Background IPR in a Project will not, so far as it is aware, infringe the rights of any third party It will
use all reasonable endeavours (including, by conducting searches of all relevant public registers) to ensure that its use of the
New IP shall not infringe the rights of any third party. No third party has threatened or, so far as it is aware, is currently
threatening proceedings in respect of such infringement, and none of its Background IPR is the subject of any actual or, so far
as it is aware, threatened challenge, opposition or revocation proceedings

 

The representations and warranties given under this
clause 21.1 are continuing obligations for the duration of the Term and the term of each Project Agreement.

 

		21.2	Exclusions

 

To the extent permitted by law,
each party excludes all implied terms, representations and warranties whether statutory or otherwise relating to the subject matter
of this agreement or any Project Agreement other than as expressly set out in this agreement or any Project Agreement.

 

		22	Liability

 

		22.1	Indirect and consequential damages

 

Subject to clause 22.3, a party shall not be liable
to the other party m connection with this agreement or a Project Agreement for any indirect, incidental, special, punitive, or
consequential damages, or for loss of use, loss of business information, loss of revenue, or interruption of business, whether
in contract, tort, negligence, breach of statutory duty or otherwise whatsoever or howsoever arising out of or in connection with
this agreement a Project Agreement or a Product.

 

		22.2	Limitation of liability

 

Subject to clause 22.3,
the maximum aggregate liability (whether actual, contingent or prospective), including for any damage, loss, cost and expense (including
legal costs and expenses of whatsoever nature or description) irrespective of when the acts, events or things giving rise to the
liability occurred of a party {and any of its related bodies corporate) under or in relation to this agreement, a Project Agreement
or a Product whether in contract, tort (including negligence), under law or otherwise will be limited to the amount of [***].

 

		22.3	Exclusions from limitation of liability

 

Nothing in this agreement or a Project Agreement limits
or excludes the liability of a party (and its related bodies corporate) for;

 

		(a)	liability for fraud or criminal conduct;

 

		(b)	liability which cannot be excluded or limited by law; or

 

    	© King & Wood Mallesons	Master Collaboration Agreement
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		(c)	liability for:

 

		(i)	personal injury or death (including illness) of any person;

 

		(ii)	product liability;

 

		(iii)	infringement of any third party's Intellectual Property Rights, and

 

		(iv)	breach of its obligations under clauses 14 (Intellectual Property Rights), 18 (Confidentiality), 19 (Data protection) or 24
(Anti-bribery),

 

in each case caused by or arising out of or in any
way in connection with any act or omission (including negligence) of a party, its Personnel or its related bodies corporate.

 

		22.4	Insurance

 

Each party shall maintain,
at its own expense, appropriate insurance cover with reputable insurers including professional indemnity, clinical trials, workers
compensation, errors and omissions, fidelity and public liability insurance for the Term and the term of any Project Agreement
(whichever is the later) and for at least [***] following in respect of its potential liability under this agreement and
any Project Agreement however arising.

 

		22.5	Severability

 

The parties expressly agree that should any limitation
or provision contained in this clause 22 be held invalid under any applicable law, it will to that extent be deemed omitted or
amended.

 

		23	Indemnity

 

		23.1	Indemnity

 

Subject to clause 23.2, each party indemnifies the
other against any and all losses, liabilities, claims, actions, damages, proceedings, demands, costs, charges and expenses (Losses)
incurred by the other party resulting from or in connection with, directly or indirectly

 

		(a)	infringement by the first party of any third party's Intellectual Property Rights; and

 

		(b)	breach by the first party of its representations and warranties under clause 21 1 (Representations and warranties), and obligations
including without limitation under clauses 14 (Intellectual Property Rights), 18 (Confidentiality), 19 (Data protection) or 24
(Anti-bribery), except to the extent that the Losses arose from any act, default or omission by the first party, including without
limitation, any act, default or omission which is in breach of this agreement or a Project Agreement

 

		23.2	Terms of indemnification

 

		(a)	If any claim is mace by a third party against a party indemnified under clause 23 1 (Indemnitee),
the Indemnitee shall be defended by the party that is obliged to indemnify the Indemnitee under clause 23.1 (Indemnifying Party)
at the Indemnifying Party's sole expense by counsel selected by Indemnifying Party and reasonably acceptable to the Indemnitee
provided that the Indemnitee may, at its own expense, also be represented by counsel of its own choosing. The Indemnifying Party
shall have the sole right to control the defence of any such claim or action, subject to the terms of this clause 23.

 

		(b)	The Indemnifying Party may settle any claim, demand, action or other proceeding or otherwise consent to an adverse judgment:

 

		(i)	with prior written notice to the Indemnitee but without the consent of the Indemnitee if the only Liability to the Indemnitee
is the payment of money and the Indemnifying Party makes such payment; or

 

		(ii)	in all other cases, only with the prior written consent of the Indemnitee, such consent not to be unreasonably withheld delayed
or conditioned.

 

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		(c)	The Indemnitee shall notify the Indemnifying Party promptly of any claim, demand, action or other proceeding for which it seeks
indemnification hereunder. Indemnitee shall not settle or otherwise consent to an adverse judgment in any such claim, demand action
or other proceeding or make any admission as to liability or fault without the express written permission of the Indemnifying Party,
unless Indemnitee first releases the Indemnifying Party from its obligations under this clause 23.

 

		24	Anti-bribery

 

		(a)	In relation to any activities undertaken m relation to this agreement, any Project Agreement or any Product each party shall:

 

		(i)	comply with all Regulatory Requirements which apply to it or its activities and which relate to anti-bribery or anti-corruption
(or both), including the Bribery Act 2010 (UK) and the anti-bribery laws and regulations applicable in China;

 

		(ii)	not do anything which would constitute an offence under sections 1, 2 or 6 of the Bribery Act 2010 (UK) if It had been carried
out in the United Kingdom;

 

		(iii)	have policies and procedures (including adequate procedures as determined in accordance with section 7(2) of the Bribery
Act 2010 (UK) and any guidance issued under section 9 of the Bribery Act 2010 (UK)) to ensure compliance with paragraphs (i) and
(ii) above;

 

		(iv)	follow and enforce the policies and procedures referred to in paragraph (iii) above;

 

		(v)	promptly report to the other party any request or demand for any undue financial or other advantage of any kind received by
it.

 

		(vi)	provide evidence of compliance with this clause 24 as the other party may reasonably request from time to time and

 

		(vii)	keep accurate and up to date records and becks of account showing all payments made by it in connection with this agreement,
any Project Agreement, and any Product which records and books of account shall be sufficient to allow the other party to verify
compliance with this clause 24.

 

		(b)	Each party shall ensure that its Personnel and any other person associated with it (as determined in accordance with section
8 of the Bribery Act 2010 (UK)) who is involved in a Project is involved in the Project only on the basis of a written contract
which imposes on that person terms equivalent to those imposed on that party in this clause 24 and that party shall be liable to
the other party for any breach of those terms by the first party's Personnel or any other person associated with it.

 

		25	Disputes

 

		25.1	Compliance with this clause

 

The parties agree not to commence any legal proceedings
in respect of any dispute arising under this agreement which cannot be resolved by informal discussion, until the procedure provided
by this clause 25 has been used.

 

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		25.2	Dispute resolution process

 

The parties agree that any dispute arising under this
agreement is dealt with as follows:

 

		(a)	the party claiming that there is a dispute will send the other party a written notice stating that:

 

		(i)	it is a notice under this clause 25.2(a); and

 

		(ii)	specifying in reasonable detail

 

		(A)	the nature of the dispute; and

 

		(B)	the matters on which the parties are unable to agree at the date of the notice of the dispute;

 

		(b)	the parties shall try to resolve the dispute through direct negotiation and shall use all reasonable endeavours acting in good
faith to resolve the dispute by joint discussions in accordance with the following escalation procedure:

 

		(i)	if the dispute is not resolved within [***] from the date of the notice in clause 25.2(a) (Notice
Date) by persons whom they have given authority to resolve the dispute, the dispute shall be referred by either party for further
resolution to the Joint Steering Committee which shall meet to resolve and settle the dispute;

 

		(ii)	if the dispute is not resolved within [***] from the Notice Date by the Joint Steering Committee, the dispute shall be referred
by the Joint Steering Committee to the senior executives of each party who shall meet to resolve and settle the dispute; and

 

		(iii)	if the dispute is not resolved within [***] from the Notice Date or the senior executives of each party fail to meet to resolve
and settle the dispute within [***] of the Notice Date the dispute shall be submitted to arbitration under clause 25.3; and

 

		(c)	the representatives of each party may participate in meetings to resolve a dispute, adjourn and otherwise regulate those meetings
as they think fit and the parties may agree to conduct meetings in any format (in person, by telephone, by videoconference or otherwise)
regardless of where a representative is located or how they communicate with each other.

 

		25.3	Arbitration

 

Any dispute arising out of or in connection with this
agreement or a Project Agreement, including any question regarding its existence, validity or termination, shall be referred to
and finally resolved by arbitration under the London Court of International Arbitration's (LCIA) Arbitration's Rules, which Rules are
deemed to be incorporated by reference into this clause. The number of arbitrators shall be one. The seat, or legal place, of arbitration
shall be London The language to be used in the arbitral proceedings shall be English.

 

		26	Notices and other communications

 

		26.1	Form

 

Notices and other communications in connection with
this document will be in writing. They will be sent to the address or email address referred to in the Details or elsewhere in
this agreement and (except in the case of email) marked for the attention of the person referred to in the Details or elsewhere
in this agreement. If the intended recipient has notified changed contact details, then communications will be sent to the changed
contact details.

 

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		26.2	When effective

 

Communications take effect from the time they are
received or taken to be received under clause 26.3 (whichever happens first) unless a later time is specified in the communication.

 

		26.3	When taken to be received

 

Communications are taken to be received:

 

		(a)	if sent by post, [***] after posting (or [***] after posting if sent from one country to another);

 

		(b)	if sent by fax, at the time shown in the transmission report as the time that the whole fax was sent; or

 

		(c)	If sent by email, when the sender receives an automated message confirming delivery, or [***] after the time sent (as recorded
on the device from which the sender sent the email) unless the sender receives an automated message that delivery failed, whichever
happens first.

 

		26.4	Receipt outside business hours

 

Despite anything else m this clause 26, if communications
are received or taken to be received under clause 26.3 after 5.00pm on a Business Day or on a non-Business Day, they are taken
to be received at 9.00am on the next Business Day.

 

		27	Force majeure

 

		27.1	Force majeure event

 

Despite any other provision of this agreement, if
a party is unable to perform or is delayed in performing an obligation under this agreement or a Project Agreement which is caused
by or which arises or results from any cause outside the reasonable control of the affected party ("Force Majeure Event"):

 

		(a)	the affected party shall provide written notice as soon as practicable to the other party of the Force Majeure Event with details
regarding the effects of the Force Majeure Event on the affected party and anticipated duration of the delay in the performance
of the obligation;

 

		(b)	as soon as practicable following notification, the parties shall consult with each other in good faith and use all reasonable
efforts to agree appropriate terms to mitigate the effects of the Force Majeure Event and facilitate continued performance of the
agreement;

 

		(c)	that obligation is suspended but only so far and for so long as the affected party is affected by the Force Majeure Event;
and

 

		(d)	the affected party will not be responsible for any loss or expense suffered or incurred by any other party as a result of,
and to the extent that, the affected party is unable to perform or is delayed m performing its obligations because of the Force
Majeure Event provided that the affected party shall have taken appropriate actions (if possible) to mitigate the effects of the
Force Majeure Event.

 

		27.2	Termination

 

If a Force Majeure Event
occurs and its effect continues for a period of [***], this agreement may be terminated at any time provided that the Force
Majeure Event continues to apply or have effect, by a party giving written notice to the other party. The termination notice will
take effect from the date specified in the termination notice (which date may not be earlier than the date on which the notice
is given).

 

    	© King & Wood Mallesons	Master Collaboration Agreement
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		28	General

 

		28.1	Entire agreement

 

This agreement and each Project Agreement constitutes
the entire agreement of the parties about its subject matter and supersedes all previous agreements, understandings and negotiations
on that subject matter.

 

		28.2	Costs

 

Each party agrees to pay its own costs in connection
with the preparation, negotiation, execution and completion of this agreement, any Project Agreement, and any other documents referred
to in any of those documents.

 

		28.3	Variation and waiver

 

A provision of this agreement and any Project Agreement,
or right, power or remedy created under them may not be varied or waived except in writing signed by the party to be bound.

 

		28.4	Severability

 

If the whole or any part of a provision of this agreement
or any Project Agreement is void, unenforceable or illegal in a jurisdiction rt is severed for that jurisdiction. The remainder
of the document has full force and effect and the validity or enforceability of that provision in any other jurisdiction is not
affected. This clause has no effect if the severance alters the basic nature of the document or is contrary to public policy.

 

		28.5	Further steps

 

Each party agrees to do anything (such as obtaining
consents, signing and producing documents, producing receipts and getting documents completed and signed), which the other party
asks and considers necessary to

 

		(a)	bind the first party and any other person intended to be bound under this agreement or any Project Agreement; and

 

		(b)	show whether the first party is complying with this agreement or any Project Agreement.

 

		28.6	Assignment

 

		(a)	Subject to clause 28.6(b), a party may not assign or otherwise deal with any of Its rights or obligations under this agreement
or a Project Agreement without the other party's prior written consent which consent shall not be unreasonably withheld or delayed

 

		(b)	A party may assign its rights or obligations under this agreement or a Project Agreement to an Affiliate of that party upon
written notice to the other party. The assigning party shall pay for and prepare all required documentation and pay all reasonable
costs incurred by the other party in relation to the assignment

 

		28.7	Discretion in exercising rights

 

A party may exercise a right or remedy or give or
refuse its consent in any way it considers appropriate (including by imposing conditions), unless this agreement or a Project Agreement
expressly states otherwise

 

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		28.8	Partial exercise of rights

 

If a party does not exercise a right or remedy fully
or at a given time, the party may still exercise it later.

 

		28.9	Approvals and consents

 

By giving its approval or consent, a party does not
make or give any warranty or representation as to any circumstance relating to the subject matter of the consent or approval.

 

		28.10	Remedies cumulative

 

The rights and remedies provided in this agreement
are in addition to other rights and remedies given by law independently of this agreement.

 

		28.11	Third party rights

 

Except as expressly specified otherwise, no one other
than a party to this agreement, their successors and permitted assignees, shall have any right to enforce any of the terms of this
agreement or a Project Agreement.

 

		28.12	Counterparts

 

This agreement and each Project Agreement may consist
of a number of copies, each signed by one or more parties to it. If so, the signed copies are treated as making up a single document
and the date on which the last counterpart is executed is the date of the document.

 

		28.13	Governing law and jurisdiction

 

This agreement and each Project Agreement shall be
governed by and construed in accordance with the law of England and Wales. The parties submit to the exclusive jurisdiction of
the courts in England.

 

EXECUTED
as an agreement

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 35

 

     

    

 

Master
Collaboration Agreement

 

Schedule 1     Project
Agreement

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 36

 

     

    

 

 

 

Project
Agreement

 

Dated
_____________

 

Vaccitech
Limited ('Vaccitech")

CanSino Biologics Inc. ("CanSino")

 

King &
Wood Mallesons

Octagon Point, 4th Floor

St. Martins Court

5 Cheapside

London EC2V 6AA

UK

T +44 20 3823 2405

www.kwm.com

 

     

     

    

 

Project
Agreement

 

Contents

 

	Details	 	1
	General terms	 	2
	1	Definitions	2
	2	Structure	2
	3	Term	2
	4	Project performance	2
	4.1	Project phases, responsibilities and timing	2
	4.2	Additional obligations	2
	5	Project Managers	3
	6	Project meetings	3
	7	Personnel	3
	8	Intellectual Property Rights	3
	8.1	Background IPR	3
	8.2	Anticipated New IPR	3
	9	Product development and manufacture	3
	10	Exploitation	4
	11	Financial obligations	4
	12	Termination	4
	12.1	Termination for delay	4
	12.2	Consequences of termination	4
	13	Additional terms and conditions	4
	14	General	4
	14.1	Variation and waiver	4
	14.2	Assignment	4
	14.3	Counterparts	4
	14.4	Governing law and jurisdiction	4
	Schedule 1	Project details	5
	Schedule 2	Financial obligations	7
	Signing page	 	8

 

    	© King & Wood Mallesons	Project Agreement
 4 September 2018	i
	 	 	 

     

    

 

Project
Agreement

 

Details

 

	Parties
	Vaccitech	Name	Vaccitech Limited
	 	Company number	09973585
	 	Formed in	England
	 	Address	Magdalen Centre Robert Robinson Avenue,

The Oxford Science Park Oxford 0X4 4GA

England
	 	Telephone	[***]
	 	Email	[***]
	 	Attention	[***]
	CanSino	Name	CanSino Biologics Inc.
	 	Company number	91120116681888972M
	 	Formed in	China
	 	Address	185 South Avenue, TEDA West District, Tianjin

300457 China
	 	Telephone	[***]
	 	Email	[***]
	 	Attention	[***]
	Start Date	[insert date]
	Project	(insert Project title and scope]

	Recitals	A	The parties entered into a Master Collaboration Agreement [date] (Master
Collaboration Agreement or MCA) under which the parties agreed to undertake projects to collaborate on the research, development,
manufacture and sale of certain products.
	 	B	The parties have identified the Project as an opportunity they wish to
develop together
	 	C	Under clause 3 1 (Projects) of the Master Collaboration Agreement, this
Project Agreement sets out the further details of obligations of the parties in relation to the Project.

 

    	© King & Wood Mallesons	Project Agreement
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Project Agreement

 

General terms

 

		1	Definitions

 

		(a)	All
                                         defined terms in the Master Collaboration Agreement have the same meaning in this Project
                                         Agreement unless stated otherwise or set out in the Details for this Project Agreement.

 

		(b)	Any
                                         additional terms or expressions starting with a capital letter used m this Project Agreement
                                         have the meaning given to them set out m this Project Agreement.

 

		2	Structure

 

		(a)	This
                                         Project Agreement incorporates the terms of the Master Collaboration Agreement by reference.

 

		(b)	In
                                         the event of a conflict between the terms of this Project Agreement and the Master Collaboration
                                         Agreement, the terms of this Project Agreement prevail unless specified otherwise.

 

		(c)	In
                                         the event of a conflict between the terms of this Project Agreement and any Schedule
                                         to this Project Agreement, the terms of this Project Agreement prevail unless specified
                                         otherwise in the Schedule.

 

		3	Term

 

This Project Agreement
shall commence on the Start Date of this Project Agreement and shall expire upon the later of the following dates:

 

		(a)	the
                                         expiry or earlier invalidation of all registered patents of New IP developed under this
                                         Project Agreement; or

 

		(b)	[***]
                                         from the first commercial sale of any Products developed under this Project Agreement,

 

(Term) unless
terminated earlier in accordance with the Master Collaboration Agreement. If no registered patents of New IP or Products are developed
under this Project Agreement, this Project Agreement shall expire on [insert date/period).

 

		4	Project
                                         performance

 

		4.1	Project
                                         phases, responsibilities and timing

 

The details of the
Project phases including responsibilities of the parties and timing are set out in the matrix table in clause 2.1 of Schedule
1 (Project phases responsibilities and timing matrix).

 

		4.2	Additional
                                         obligations

 

The details of any
additional obligations of each party in the performance of the Project are set out in clause 2.2 of Schedule 1 (Additional obligations)
including:

 

		(a)	any
                                         additional tasks to be performed by each party;

 

		(b)	any
                                         additional responsibilities of each party;

  

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		(c)	facilities
                                         to be provided by each party;

 

		(d)	equipment
                                         to be provided by each party;

 

		(e)	location
                                         of performance of a party's obligations if other than where that party is located;

 

		(f)	any
                                         additional costs; and

 

		(g)	any
                                         other details specific to the Project.

 

		5	Project
                                         Managers

 

The Project Manager
for each party is set out in clause 3 of Schedule 1 (Project Managers)

 

		6	Project
                                         meetings

 

The Project Committee
shall meet [insert period]. The Project team shall meet every [insert period]. The Project Managers shall alternate responsibility
for circulating and preparing an agenda in advance

 

		7	Personnel

 

The key Personnel for
each party are set out in clause 4 of Schedule 1 (Personnel).

 

		8	Intellectual
                                         Property Rights

 

		8.1	Background
                                         IPR

 

The parties shall contribute
the key Background IPR specified in clause 5.1 of Schedule 1 (Background IPR)

 

		8.2	Anticipated
                                         New IPR

 

The parties anticipate
that the performance of the Project will provide the Project results and New IPR specified in clause 5.2 of Schedule 1 (Anticipated
New IPR).

 

		9	Product
                                         development and manufacture

 

		(a)	Subject
                                         to clause 9(b), the parties shall use all reasonable endeavours to enter into a separate
                                         written supply agreement (Supply Agreement) under which CanSino shall manufacture
                                         and supply all Products necessary for this Project and the exploitation of the Products
                                         by the parties in accordance with the Master Collaboration Agreement and this Project
                                         Agreement. If the parties cannot agree upon this Supply Agreement, they must comply with
                                         the dispute resolution process set out in clause 25 (Disputes) of the Master Collaboration
                                         Agreement.

 

		(b)	For
                                         all Products manufactured by CanSino under a Supply Agreement for Vaccitech to Sell in
                                         the Vaccitech Territory, Vaccitech shall pay charges to CanSino calculated at the equivalent
                                         of the costs incurred by CanSino to manufacture those Products increased by [insert
                                         %].

 

		(c)	The
                                         parties shall discuss and agree a clinical development plan for any Product before any
                                         clinical trial application for that Product.

 

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		10	Exploitation

 

After completion of
phase 1 clinical trials of a Product, the parties shall discuss:

 

		(a)	if
                                         either party is considering further development towards exploiting or commercialising
                                         the Product; and

 

		(b)	all
                                         associated development and business plans for that exploitation or commercialization.

 

		11	Financial
                                         obligations

 

The parties shall pay
all milestone payments, royalties and other payments as set out m Schedule 2 (Financial obligations).

 

		12	Termination

 

		12.1	Termination
                                         for delay

 

A party may terminate
this Project Agreement by written notice to the other party if the other party unreasonably delays the performance of its obligations
under this Project Agreement unless the parties have agreed otherwise in relation to the timing of the performance of those obligations.
A party's unreasonably delay in the performance of its obligations under this Project Agreement is deemed to be a breach of this
Project Agreement.

 

		12.2	Consequences
                                         of termination

 

Clauses 12 2 (Consequences
of termination) and ___ (General) survive expiry or termination of this agreement for any reason.

 

		13	Additional
                                         terms and conditions

 

The parties shall perform
additional tasks and provide additional items for the performance of the Project as follows:

 

		(a)	(insert);
                                         and

 

		(b)	[insert]

 

		14	General

 

		14.1	Variation
                                         and waiver

 

A provision of this
Project Agreement, or right, power or remedy created under this Project Agreement, may not be varied or waived except in writing
signed by the party to be bound.

 

		14.2	Assignment

 

A party may not assign
or otherwise deal with any of its rights or obligations under this Project Agreement without the other party's prior written consent.

 

		14.3	Counterparts

 

This Project Agreement
may consist of a number of copies, each signed by one or more parties to it. If so, the signed copies are treated as making up
a single document and the date on which the last counterpart is executed is the date of the document.

 

		14.4	Governing
                                         law and jurisdiction

 

This Project Agreement
shall be governed by and construed in accordance with the law of England Wales. The parties submit to the exclusive jurisdiction
of the courts in England

 

EXECUTED as an agreement

 

    	© King & Wood Mallesons	Project Agreement
 4 September 2018	4
	 	 	 

     

    

 

Project Agreement

 

Schedule
1              Project details

 

		1	Project summary

 

	Scope
    of Project:	[insert]
	Target
    Product profile:	[insert]
	Anticipated
    Project Outputs:	[insert]
	Project
    Objectives:	[insert]

 

		2	Project performance

 

		2.1	Project phases, responsibilities
and timing matrix

 

	Project
    Phase	Funded
    and undertaken by:	Target
    Completion Date
	 	CanSino	Vaccitech	 
	 	 	 	 
	 	 	 	 

 

		2.2	Additional obligations

 

[None] / (insert obligations]

 

[Note:
insert any additional obligations of each party to undertake tasks, supply equipment or other goods, provide facilities, pay particular
costs, and any other specific obligations of a party not set out in the MCA or elsewhere in this Project Agreement. Each obligation
must be specified in detail (eg amounts, timings, description of MVS, materials, services, goods and equipment).]

 

		3	Project Managers

 

	Project
    Manager (Vaccitech):	[insert]
	Project
    Manager (CanSino):	[insert]

 

		4	Personnel

 

	Key
    Personnel (Vaccitech):	[insert]

                                             

        Key subcontractors: [insert]

	Key
    Personnel (CanSino):	[insert)

                                 

        Key subcontractors: [insert]

 

    	© King & Wood Mallesons	Project Agreement
 4 September 2018	5
	 	 	 

     

    

 

		5	Intellectual Property
Rights

 

		5.1	Background IPR

 

	Key
    Background IPR (Vaccitech):	[insert]
	Key
    Background IPR (CanSino):	[insert]

 

		5.2	Anticipated New IPR

 

	Anticipated
    New IPR:	[insert
    any additional anticipated key Project results and New IPR]

 

    	© King & Wood Mallesons	Project Agreement
 4 September 2018	6
	 	 	 

     

    

 

Project Agreement

 

Schedule
2              Financial obligations

 

	Upfront
    payment:	[insert
    amount] payable Dy CanSino upon execution of this Project Agreement
	Annual
    payments:	[insert
    amounts]
	Milestone
    payments (payable by CanSino to Vaccitech):	Milestone	Payment
    Amount
	[insert]	[insert]
	[insert]	[insert]
	[insert]	[insert]
	[insert]	[insert]
	Royalties:	Royalty
    rate payable by Vaccitech:	[insert
    %]
	Royalty
    rate payable by CanSino:	[insert
    %]
	Royalties
    Anti-Stacking Provisions:	[None]
    / [If a party requires a licence {or freedom to operate (FTO)) from a third party in order for that party (or its sublicensees)
    to Sell Products in part of that party's Territory, the royalties payable by that party for Sales of those Products in that
    part of its Territory shall be calculated using the royalty rate set out in this Project Agreement reduced by [insert
    %].]
	Sublicence
    and Transaction Income Sharing:	[None]
                                         / [If CanSino sublicenses or sells any of its rights under this Project Agreement to
                                         a third party (not including CanSino's affiliate companies), CanSino shall pay [insert
                                         %] of the total transaction value (including upfront payment and milestone payments,
                                         but less any payments of royalties on Net Sales to CanSino) is payable to Vaccitech

         

        For the avoidance of
        doubt:

         

        (a)          clause
        28.6 (Assignment) of the MCA applies to any sale or transfer of rights under this Project Agreement and

        (b)          Net
        Sales made by any sublicensee of a party are considered to be Net Sales made by that party for the purposes of the payment
        of royalties under the MCA]

	Acknowledgments:	[None]
    / [insert]

 

    	© King & Wood Mallesons	Project Agreement
 4 September 2018	7
	 	 	 

     

    

 

Project Agreement

 

Signing page

 

DATED:_______________

 

	SIGNED
    by ________________ as authorised representative for VACCITECH LIMITED in the presence of:	)	 
	)	 
	)	 
	 	)	 
	 	)	 
		)	
	Signature of witness	)	By executing
    this document the signatory warrants that the signatory is duly authorised to execute this document on behalf of VACCITECH
    LIMITED
	 	)
	 	)
		)
	Name of witness (block
    letters)	)

 

	SIGNED
    by ________________ as authorised representative for CANSINO BIOLOGICS INC, in the presence of:	)	 
	)	 
	)	 
	)	 
	 	)	 
		)	
	Signature of witness	)	By executing
    this document the signatory warrants that the signatory is duly authorised to execute this document on behalf of CANSINO BIOLOGICS
    INC,
	 	)
	 	)
		)
	Name of witness (block
    letters)	)
	 	)

 

    	© King & Wood Mallesons	Project Agreement
 4 September 2018	8
	 	 	 

     

    

 

Master Collaboration Agreement

 

Schedule 2    Deed
of Covenant

 

DEED OF
COVENANT

 

Oxford University Innovation
Limited

University Offices,

Wellington Square,

Oxford 0X1 2JD,

England

 

Date [insert date]

 

Dear Sirs,

 

Sub-Licence between Vaccitech
Limited ("Vaccitech'') and [insert details of Sub-Licensee] dated [insert date] (the "Sub-Licence")

 

As part consideration for the
grant of a sub-licence from Vaccitech to use [insert details of licensed technology] (the "Licensed Technology"),
the Sub-Licensee hereby covenant to Oxford University Innovation Limited (OUI) and OUI covenant with the Sub-Licensee that:

 

		1.	should
                                         the head licence between Vaccitech and OUI be terminated for whatever reason, OUI and
                                         the Sub-Licensee shall enter into a direct licence containing the same obligations and
                                         liabilities as set forth in the Sub-Licence and the Sub-Licensee will pay all due and
                                         payable under the Sub-Licence to OUI;

 

		2.	should
                                         the Sub-Licensee wish to further sub-licence the Licensed Technology where OUI has consented
                                         to the Sub-Licence including the right to do so, it shall procure that any sub-sub-licensee
                                         enters into a Deed of Covenant with OUI in a form substantially similar to this Deed
                                         of Covenant:

 

		3.	OUI
                                         shall have the right, during the term of the Sub-Licence, through an independent certified
                                         accountant appointed by OUI (the “Auditor”), to audit all accounts on at
                                         least [***] written notice no more than once each calendar year for the purpose of determining
                                         the accuracy of the royalty reports and payments The Auditor shall be:

 

		a.	permitted
                                         to enter the principal place of business of the Sub-Licensee upon reasonable notice to
                                         inspect such records and accounts.

 

		b.	entitled
                                         to take copies of or extracts from such records and accounts;

 

		c.	given
                                         all other information by the Sub-Licensee as may be necessary or appropriate to enable
                                         the amount of royalties payable to be ascertained including the provision of relevant
                                         records; and

 

		d.	shall
                                         be allowed access to and permitted to conduct interviews of any sales, engineering or
                                         other staff of the Sub-Licensee in order to verify the accuracy of the records and accounts
                                         and the accuracy of any royalty statements provided to Vaccitech.

 

If on any such audit
a shortfall in payments of greater than [***] is discovered by the Auditor in respect of the audit period, the Sub-Licensee shall
pay the audit costs of OUI.

 

SIGNED AS A DEED by

[Insert details of Sub-Licensee] in the presence of:-

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 37

 

     

    

 

Signature of Witness:

 

Name of Witness:

Address:

 

SIGNED AS A DEED by

OXFORD UNIVERSITY INNOVATION LIMITED in the presence of-

 

Signature of Witness:

 

Name of Witness:

Address:

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 38

 

     

    

 

Master Collaboration Agreement

 

Signing page

 

DATED: 4 September 2018

 

 

	SIGNED
    by /s/ Tom Evans as authorised representative for VACCITECH LIMITED in the presence of:	)	 
	)	 
	)	 
	 	)	 
	 	)	 
	/s/ Shou Bai Chao	)	
	Signature of witness	)	By executing this document the signatory warrants that the signatory is duly authorised
    to execute this document on behalf of VACCITECH LIMITED
	 	)
	 	)
	Shou Bai Chao	)
	Name of witness (block
    letters)	)

 

	SIGNED
by Illegible as authorised representative for CANSINO BIOLOGICS INC, in the presence of:	)	 
	)	 
	)	 
	)	 
	 	)	 
	/s/ Graham Griffiths	)	
	Signature of witness	)	By executing this document the signatory warrants that the signatory is duly authorised
    to execute this document on behalf of CANSINO BIOLOGICS INC,
	 	)
	 	)
	Graham Griffiths	)
	Name of witness (block
    letters)	)
	 	)

 

    	© King & Wood Mallesons	Master Collaboration Agreement
 4 September 2018	 39

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