Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of October 10, 2017, between Cellectar Biosciences,
Inc., a Delaware corporation (the “Company”), and each of the several purchasers signatory hereto (each such
purchaser, a “Purchaser” and, collectively, the “Purchasers”).

 

This Agreement is
made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (as the
same may be amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”).

 

The Company and each
Purchaser hereby agrees as follows:

 

1.        Definitions.

 

Capitalized terms
used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the
Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 180th
calendar day following the Closing Date and with respect to any additional Registration Statements which may be required pursuant
to Section 2(c) or Section 3(c), the 60th calendar day following the date on which an additional Registration Statement
is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 90th calendar
day following the date such additional Registration Statement is required to be filed hereunder); provided, however,
that in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed
or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth
Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided,
further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding
Trading Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

    	 		 

     

    

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 60th calendar day
following the Closing Date and, with respect to any additional Registration Statements which may be required pursuant to Section
2(c) or Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) all Warrant Shares then issued and issuable upon exercise of
the Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise limitations therein), (b)
any shares of Common Stock issued or issuable pursuant to the Transaction Documents that are not otherwise then registered pursuant
to Shelf Registration Statement, and (c) any securities issued or then issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities
shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another,
Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of
such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable

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Securities have been disposed
of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously
sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions
and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed,
delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any securities issuable
upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were
at no time held by any Affiliate of the Company, and all Warrants are exercised by “cashless exercise” as provided
in Section 2(c) of each of the Warrants), as reasonably determined by the Company, upon the advice of counsel to the Company.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements
to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“Shelf
Registration Statement” means the effective registration statement with Commission File No. 333-218514.

 

2.        Shelf
Registration.

 

(a)              
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering
the resale of all of the Registrable Securities that are not then registered on an effective Registration

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Statement for an offering to
be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-1 and shall
contain (unless otherwise directed by at least 85% in interest of the Holders) substantially the “Plan of Distribution”
attached hereto as Annex A and substantially the “Selling Stockholder” section attached hereto as Annex
B; provided, however, that no Holder shall be required to be named as an “underwriter” without such
Holder’s express prior written consent. Subject to the terms of this Agreement, the Company shall use its commercially reasonable
efforts to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be
declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the
applicable Effectiveness Date, and shall use its commercially reasonable efforts to keep such Registration Statement continuously
effective under the Securities Act until the date that all Registrable Securities covered by such Registration Statement (i) have
been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule
144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule
144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable
to the Transfer Agent and the affected Holders (the “Effectiveness Period”). The Company shall telephonically
request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall promptly notify
the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company
telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration
Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement,
file a final Prospectus with the Commission as required by Rule 424. Failure to so notify the Holder within one (1) Trading Day
of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under Section
2(d).

 

(b)              
 Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all
of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially
reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum
number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to
register for resale the Registrable Securities as a secondary offering; with respect to filing on Form S-3 or other appropriate
form, and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages; provided, however,
that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for
the registration of all of the Registrable Securities in accordance with the SEC

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Guidance, including without limitation,
Compliance and Disclosure Interpretation 612.09.

 

(c)              
Notwithstanding any other provision of this Agreement and
subject to the payment of liquidated damages pursuant to Section 2(d), if the Commission or any SEC Guidance sets forth a limitation
on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering
(and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater
portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number
of Registrable Securities to be registered on such Registration Statement will be reduced as follows: 

 

		i.	First, the Company shall reduce or eliminate any securities
to be included other than Registrable Securities; and

 

		ii.	Second, the Company shall reduce Registrable Securities
represented by Warrant Shares (applied, in the case that some Warrant Shares may be registered, to the Holders on a pro rata basis
based on the total number of unregistered Warrant Shares held by such Holders). 

 

In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Trading Days prior written notice along with
the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance
with the foregoing, the Company will use its commercially reasonable efforts
to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of
securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those
Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

 

(d)              
If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial
Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a)
herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission
a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the
Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier)
by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review,
or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise
respond in writing to comments made by the Commission in respect of such Registration Statement within ten (10) Trading Days after
the receipt of comments by or notice from the Commission that such

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amendment is required in order
for such Registration Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable
Securities is not declared effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v)
after the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously
effective as to all Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted
to utilize the Prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more
than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such
failure or breach being referred to as an “Event”, and for purposes of clauses (i) and (iv), the date on which
such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose
of clause (iii) the date which such ten (10) calendar day period is exceeded, and for purpose of clause (v) the date on which such
ten (10) or fifteen (15) calendar day period, as applicable, is exceeded being referred to as “Event Date”),
then, in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each
monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable
Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal
to the product of 1.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement.
The parties agree that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 6.0% of the aggregate
Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated
damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate
of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from
the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial
liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure
of an Event. Notwithstanding the foregoing, the Company shall not owe any liquidated damages to any Holder pursuant to this Section
2(d) if, at the time of the Event, such Holder may sell the Registrable Securities held by such Holder pursuant to Rule 144 without
volume restrictions or current public information requirements.

 

(e)              
Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder
or affiliate of a Holder as any Underwriter without the prior written consent of such Holder.

 

3.        Registration
Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

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(a)              
Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading
Day prior to the filing of any related Prospectus or any amendment or supplement thereto (excluding any document that would be
incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such
documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will
be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent registered public
accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder,
to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement
or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities
shall reasonably object in good faith, provided that, the Company is notified of such objection in writing no later than three
(3) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after the Holders
have been so furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to
the Company a completed questionnaire in the form attached to this Agreement as Annex C (a “Selling Stockholder
Questionnaire”) on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the third
(3rd) Trading Day following the date on which such Holder receives draft materials in accordance with this Section.

 

(b)              
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as
to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement),
and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments
received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably
possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement
(provided that, the Company shall excise any information contained therein which would constitute material non-public information
regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the
Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement
during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of

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disposition by the Holders thereof
set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)              
If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares
of Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but
in any case prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not
less than the number of such Registrable Securities.

 

(d)              
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof,
be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as
reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested
by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus
or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission
notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when
the same has become effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments
or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission
or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by
the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (v) of
the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible
for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading; and (vi) of the occurrence
or existence of any pending corporate development with respect to the Company that the Company believes may be material and that,
in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration
Statement or Prospectus, provided, however, that in no event shall any such notice contain any information which
would constitute

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material, non-public information
regarding the Company or any of its Subsidiaries.

 

(e)              
Use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order
stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption
from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)               
Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment
thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference
to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished
or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which
is available on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)              
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered
by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)              
 Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify
or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration
or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions
within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable
the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the
Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject
the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of
process in any such jurisdiction.

 

(i)                
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to

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be in such denominations and
registered in such names as any such Holder may request.

 

(j)                
Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances
taking into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of
the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference,
and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. If
the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any
Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus.
The Company will use its commercially reasonable efforts to ensure
that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right
under this Section 3(j) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial
liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed 60 calendar days (which need not be
consecutive days) in any 12-month period.

 

(k)              
Otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission under
the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus,
including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform
the Holders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in
Rule 172 and, as a result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable
Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities
hereunder.

 

(l)                
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of
Common Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting
and dispositive control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect
to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading
Days of the Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled
and any Event that may otherwise occur solely

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because of such delay shall be
suspended as to such Holder only, until such information is delivered to the Company.

 

4.        Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred
to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made
with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then
listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company
in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities); (ii) printing expenses (including, without limitation, expenses of printing certificates
for Registrable Securities); (iii) messenger, telephone and delivery expenses; (iv) fees and disbursements of counsel for the Company;
(v) Securities Act liability insurance, if the Company so desires such insurance; and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the
Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for
any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees
or other costs of the Holders.

 

5.        Indemnification.

 

(a)              
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and
hold harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable
Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors
and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack
of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and
employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of
such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively,

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“Losses”),
as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration
Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading, or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act
or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under
this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon
information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent
that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and
was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or
in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose), or (ii)
in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated,
defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated,
defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in
Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to
such Loss would have been corrected. The Company shall notify the Holders promptly of the institution or assertion of any Proceeding
arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall
survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

 

(b)              
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company,
its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest
extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon:
any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that
such untrue statement or omission is contained in any information so furnished in

    	 	12	 

     

    

writing by such Holder to the
Company expressly for inclusion in such Registration Statement or such Prospectus, or (ii) to the extent, but only to the extent,
that such information relates to such Holder’s information provided in the Selling Stockholder Questionnaire or the proposed
method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for
use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus
or in any amendment or supplement thereto, or (iii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi),
to the extent, but only to the extent, related to the use by such Holder of an outdated, defective or otherwise unavailable Prospectus
after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use
by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d), but only if and to the extent
that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. In no
event shall the liability of a selling Holder be greater in amount than the dollar amount of the proceeds (net of all expenses
paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise
been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities
included in the Registration Statement giving rise to such indemnification obligation.

 

(c)              
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled
to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from
whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right
to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment
of all fees and expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense
of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and counsel to the Indemnified Party shall

    	 	13	 

     

    

reasonably believe that a material
conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party
(in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel
at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the
reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying
Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not
be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect
any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying
Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)              
Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable
by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in this Section was available to such party in accordance with its terms.

 

    	 	14	 

     

    

The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities be greater
in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating
to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such
contribution obligation.

 

The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties.

 

6.        Miscellaneous.

 

(a)              
Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this
Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law
and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.
Each of the Company and each Holder agrees that monetary damages may not provide adequate compensation for any losses incurred
by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be
adequate.

 

(b)              
No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Except as set forth on Schedule
6(b) attached hereto, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant
hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities. The Company
shall not file any other registration statements (other than on Form S-8) until all Registrable Securities are registered pursuant
to a Registration Statement that is declared effective by the Commission, provided that this Section 6(b) shall not prohibit the
Company from filing amendments to registration statements filed prior to the date of this Agreement.

 

(c)              
[Reserved]

 

(d)              
Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of
a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will
forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing
(the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or
amended) may be resumed.

    	 	15	 

     

    

The Company will use its commercially reasonable
efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees and acknowledges
that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall
be subject to the provisions of Section 2(d).

 

(e)              
Piggy-Back Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration
Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the account of others under the Securities Act of any of
its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities
issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver to
each Holder a written notice of such determination and, if within fifteen days after the date of the delivery of such notice, any
such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable
Securities such Holder requests to be registered; provided, however, that the Company shall not be required to register
any Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions
or current public information requirements) promulgated by the Commission pursuant to the Securities Act or that are the subject
of a then effective Registration Statement that is available for resales or other dispositions by such Holder.

 

(f)               
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall
be in writing and signed by the Company and the Holders of a majority of the then outstanding Registrable Securities (for purposes
of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security), provided that,
if any amendment, modification or waiver disproportionately and adversely impacts a Holder (or group of Holders), the consent of
such disproportionately impacted Holder (or group of Holders) shall be required. If a Registration Statement does not register
all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the number
of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have
the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such
Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of

    	 	16	 

     

    

this Agreement unless the same consideration
also is offered to all of the parties to this Agreement.

 

(g)              
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be delivered as set forth in the Purchase Agreement.

 

(h)              
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its
rights or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities.
Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.8 of the
Purchase Agreement.

 

(i)                
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor
shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to
its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof. Except as set forth on Schedule 6(i), neither the Company nor any of its Subsidiaries has previously
entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not been
satisfied in full.

 

(j)                
Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

(k)              
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined in accordance with the provisions of the Purchase Agreement.

 

(l)                
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided
by law.

 

(m)            
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find

    	 	17	 

     

    

and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated
and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(n)              
Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and
shall not be deemed to limit or affect any of the provisions hereof.

 

(o)              
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several
and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting
in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other
matters, and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert
any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights,
including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations
of the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely
for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood
and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company
and the Holders collectively and not between and among Holders.

 

********************

 

 

(Signature
Pages Follow)

    	 	18	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	cellectar
    biosciences, inc.
	 	 
	 	By:	/s/
    John P. Hamill
	 	 	Name: John P. Hamill
	 	 	Title: Interim Chief
    Financial Officer

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

 

 

 

 

 

 

 

 

 

[Signature
Page To Registration Rights Agreement]

    	 		 

     

    

[SIGNATURE
PAGE OF HOLDERS TO clrb RRA]

 

 

Name of Holder: Anson Investments Master Fund LP

 

Signature of Authorized Signatory of Holder: /s/
Amin Nathoo

 

Name of Authorized Signatory: Amin Nathoo

 

Title of Authorized Signatory:
Advising Rep, Anson Advisors Inc. Co-Investment Advisor to AIMF

 

 

 

[SIGNATURE PAGES CONTINUE]

    	 		 

     

    

[SIGNATURE
PAGE OF HOLDERS TO clrb RRA]

 

 

Name of Holder: CVI Investments, Inc.

 

Signature of Authorized Signatory of Holder: /s/
Martin Kobinger

 

Name of Authorized Signatory: Martin Kobinger

 

Title of Authorized Signatory:
Investment Manager

 

 

 

[SIGNATURE PAGES CONTINUE]

    	 		 

     

    

[SIGNATURE
PAGE OF HOLDERS TO clrb RRA]

 

 

Name of Holder: Lincoln Park Capital Fund, LLC

By: Lincoln Park Capital, LLC

By: Rockledge Capital Corporation

 

Signature of Authorized Signatory of Holder: /s/
Joshua Scheinfeld

 

Name of Authorized Signatory: Joshua Scheinfeld

 

Title of Authorized Signatory:
President

 

 

 

    	 		 

     

    

Annex A

 

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the securities and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on the Nasdaq Stock Market or any other stock exchange,
market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion
of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales;

 

		·	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities
at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the
“Securities Act”), if available, rather than under this prospectus.

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities,
from the purchaser) in amounts to be negotiated, but, except as

 

    	 		 

     

    

set forth in a supplement to this Prospectus,
in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and
in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.

 

In connection with
the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions
they assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions,
or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities.

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

We agreed to keep this
prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without
registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of
similar effect, or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or
any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if
required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be
sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted

 

    	 	2	 

     

    

period, as defined in Regulation M, prior
to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales
of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling
Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time
of the sale (including by compliance with Rule 172 under the Securities Act).

 

 

 

    	 	3	 

     

    

Annex B

 

 

Selling Shareholders

 

The common stock being
offered by the selling shareholders are those previously issued to the selling shareholders, and those issuable to the selling
shareholders, upon exercise of the warrants. For additional information regarding the issuances of those shares of common stock
and warrants, see "Private Placement of Common Shares and Warrants" above. We are registering the shares of common stock
in order to permit the selling shareholders to offer the shares for resale from time to time. Except for the ownership of the shares
of common stock and the warrants, the selling shareholders have not had any material relationship with us within the past three
years.

 

The table below lists
the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each of the
selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder,
based on its ownership of the shares of common stock and warrants, as of ________, 2017, assuming exercise of the warrants held
by the selling shareholders on that date, without regard to any limitations on exercises.

 

The third column lists
the shares of common stock being offered by this prospectus by the selling shareholders.

 

In accordance with
the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the resale of the
sum of (i) the number of shares of common stock issued to the selling shareholders in the __________________ and (ii) the maximum
number of shares of common stock issuable upon exercise of the related warrants, determined as if the outstanding warrants were
exercised in full as of the trading day immediately preceding the date this registration statement was initially filed with the
SEC, each as of the trading day immediately preceding the applicable date of determination and all subject to adjustment as provided
in the registration right agreement, without regard to any limitations on the exercise of the warrants. The fourth column assumes
the sale of all of the shares offered by the selling shareholders pursuant to this prospectus.

 

Under the terms of
the warrants, a selling shareholder may not exercise the warrants to the extent such exercise would cause such selling shareholder,
together with its affiliates and attribution parties, to beneficially own a number of shares of common stock which would exceed
[4.99]% of our then outstanding common stock following such exercise, excluding for purposes of such determination shares of common
stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the second column does not
reflect this limitation. The selling shareholders may sell all, some or none of their shares in this offering. See "Plan of
Distribution."

 

    	 	4	 

     

    

 

 

	

Name of Selling Shareholder	Number of shares of Common Stock Owned Prior to Offering	Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus	Number of shares of Common Stock Owned After Offering

 

 

    	 	5	 

     

    

Annex C

 

cellectar
biosciences, inc.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of Cellectar Biosciences, Inc., a Delaware corporation
(the “Company”), understands that the Company has filed or intends to file with the Securities and Exchange
Commission (the “Commission”) a registration statement (the “Registration Statement”) for
the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights
Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company
upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Registration Rights Agreement.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

    	 		 

     

    

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name:

 

		(a)	Full Legal Name of Selling Stockholder

 

	 
	 

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities
are held:

 

	 
	 

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly
alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

	 
	 

 

 

2. Address for Notices to Selling
Stockholder:

 

	 
	 
	 
	Telephone:	
	Fax:	
	Contact Person:	

 

 

3. Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes  ̈
No  ̈

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

Yes  ̈ No  ̈

 

Note:If
“no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement.

 

    	 	2	 

     

    

		(c)	Are you an affiliate of a broker-dealer?

 

Yes  ̈ No  ̈

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes  ̈ No  ̈

 

Note:If
“no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement.

 

4. Beneficial Ownership of Securities
of the Company Owned by the Selling Stockholder:

 

Except as set forth below
in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities
issuable pursuant to the Purchase Agreement.

 

Type and Amount
of other securities beneficially owned by the Selling Stockholder:

 

	 	 
	 	 
	 	 

 

 

 

    	 	3	 

     

    

5. Relationships with the Company:

 

Except as set forth below,
neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the
equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company
(or its predecessors or affiliates) during the past three years.

 

State any exceptions here:

 

	 	 
	 	 
	 	 

 

 

The undersigned agrees
to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent
to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be
required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

 

By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through
5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements
thereto. The undersigned understands that such information will be relied upon by the Company in
connection with the preparation or amendment of the Registration Statement and the related prospectus and any amendments or supplements
thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 
	Date:	Beneficial Owner:	 
	 	 	 	 

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY)
OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

 

 

 

    	 	4Exhibit
4.3

 

CRUCELL
HOLLAND B.V. – VASCULAR BIO GENICS LTD.

 

COMMERCIAL
GENE THERAPY LICENSE AGREEMENT

 

    	 1
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

COMMERCIAL
GENE THERAPY LICENSE AGREEMENT

 

This
Commercial Gene Therapy License Agreement (“Agreement”) is made and entered into on April 15, 2011 (“EFFECTIVE
DATE”) by and between:

 

CRUCELL
HOLLAND B.V., a corporation organized under the laws of the Netherlands, having offices located at Archimedesweg 4,
2333 CN, Leiden, the Netherlands “CRUCELL”)

 

and

 

VASCULAR
BIOGENICS Ltd., with offices located at 6 Jonathan Netanyahu Street, 60376, Or-Yehuda, Israel (hereinafter referred to as
“VBL” or “LICENSEE”),

 

the
parties hereinafter individually referred to as “Party” and collectively as “Parties”.

 

PREAMBLE

 

	●	WHEREAS,
    CRUCELL is the owner of a PER.C6® cell line and of the associated information, know-how, and patents rights (as defined
    below);
	 	 
	●	WHEREAS,
    LICENSEE is engaged in the business of biomedical research, and the manufacturing, testing and commercializing of pharmaceutical
    products and services;
	 	 
	●	WHEREAS,
    LICENSEE and CRUCELL are parties to a Research License and Option Agreement dated March 24, 2005, granting LICENSEE the rights
    to conduct research under the PER.C6® PATENTS and to utilize PER.C6® KNOW HOW (as such terms are defined below) to
    prepare and evaluate gene therapeutics based on adenoviral vectors, and an option for a commercial license;
	 	 
	●	WHEREAS,
    LICENSEE has exercised its option to a commercial license and the Parties have negotiated an agreement for commercial rights
    under the terms and conditions as set forth hereinafter;

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises set forth herein, the Parties, intending to be legally
bound, agree as follows:

 

	1.	DEFINITIONS

 

Plural
used in this Agreement shall mean singular and vice versa.

 

	 	1.1	AFFILIATE
    means any corporation, organization or other legal entity which, directly or indirectly, controls, or is controlled by, or
    is under common control with, a Party. CONTROL shall mean the ability, directly or indirectly, to direct the activities of
    the relevant entity, including the ownership or holding (directly or indirectly) of fifty percent (50%) or more of (i) the
    securities or other ownership interests representing the equity, the voting stock or general partnership interest, or (ii)
    the rights to elect or appoint directors (or other governing body).
	 	 	 
	 	1.2	APPROVED
    COUNTRIES means the countries mentioned in Exhibit 1.2
	 	 	 
	 	1.3	BMF
    means the PER.C6® Biologies Master File as filed with the United States Food and Drug Administration
	 	 	 
	 	1.4	EFFECTIVE
    DATE has the meaning set forth in the first paragraph of this Agreement.

 

    	 2
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics 

 

	 	1.5	FIELD
    means the treatment of cancer in human by administering to a subject an adenoviral vector including, but not limited to, therapeutic
    gene sequence(s), the therapeutic effect of which is principally caused by the expression product of said gene sequence(s)
    and will not serve as a vaccine.
	 	1.6	FIRST
    COMMERCIAL SALE means the first sale of a PRODUCT in a country by LICENSEE or any of its SUBLICENSEES OR REGISTERED AFFILIATES.
	 	 	 
	 	1.7	FUNCTIONAL
    GENOMICS means the identification and/or validation of the biological function(s) of human and animal genes, and/or gene fragments
    and/or proteins and/or fragments of proteins transcribed from such genes, by means of the construction and use of arrayed
    collections of said genes and/or gene fragments, in non-phage viral vectors, to enable the identification and validation of
    drug targets, nutriceuticals and/or protein therapeutics, for the treatment or prevention of human or animal disease(s) and/or
    the maintenance of nutritional health.
	 	 	 
	 	1.8	GOVERNMENTAL
    AUTHORITIES means the FDA and other foreign governmental equivalents.
	 	 	 
	 	1.9	IMPROVEMENT
    KNOW HOW RIGHTS means know how rights owned or licensable by LICENSEE or its REGISTERED AFFILIATES, which are developed during
    the TERM using the technology claimed by the IMPROVEMENT PATENT RIGHTS, and which (i) come into the possession of LICENSEE
    or its REGISTERED AFFILIATES during the course of PROGRAMS and during the TERM of this Agreement, (ii) are not generally known,
    (iii) are related to the subject matter(s) of the IMPROVEMENT PATENT RIGHTS and are necessary for CRUCELL’s practice
    of the IMPROVEMENT PATENT RIGHTS as permitted under Section 2.5, and (iv) are not subject to a good faith reasonable third
    party confidentiality obligation that prevents the disclosure of the same.
	 	 	 
	 	1.10	IMPROVEMENT
    PATENT RIGHTS means any patent issued after the EFFECTIVE DATE only to the extent that it claims (i) a new use of the PACKAGING
    CELLS including a generic product by process using said cells, (ii) an improved cell line derived from the PACKAGING CELLS,
    (iii) culturing or processing of PACKAGING CELLS, or (iv) a new use of an improved cell line described in clause (ii) of this
    sentence, in each case that is developed during the course of PROGRAMS under this Agreement.
	 	 	 
	 	1.11	MODIFIED
    CELLS means PER.C6® CELLS modified by incorporating therein VBL TECHNOLOGY, but excluding the integration thereof into
    the genome of the PER.C6® CELL.
	 	 	 
	 	1.12	NET
    SALES means the gross amount invoiced on sales of the PRODUCTS by LICENSEE, SUBLICENSEES, REGISTERED AFFILIATES and/or their
    respective sub-licensees to third party customers, less the following deductions related to the sale and delivery of PRODUCTS:
    (i) any commercially reasonable credits and allowances, repayments, refunds, or adjustments granted or made to customers;
    (ii) any commercially reasonable trade or cash discounts, rebates, charge-backs or administrative fees or other price reductions
    granted to customers; (iii) any sales, transportation, import, export or other like taxes, duties and government charges (but
    specifically excluding any taxes based on net income imposed upon the sale of the PRODUCTS) to the extent included in the
    gross sales price; (iv) the actual amount of any write-offs for uncollectible invoices; and (v) transportation costs, including
    insurance and shipping, freight and handling charges, wherein rebates, charge-backs, administrative fees and, or other like
    taxes are actually paid or incurred by LICENSEE, SUBLICENSEES, REGISTERED AFFILIATES and/or their respective sub-licensees.
    A sale of the Product to third party customers shall also include a transfer or other disposition for consideration other
    than cash, in which case such consideration shall be valued at the fair market value thereof.

 

    	 3
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics 

 

	 	1.13	NON-APPROVED
    COUNTRIES means any countries other than APPROVED COUNTRIES.
	 	 	 
	 	1.14	PACKAGING
    CELLS means PER.C6® CELLS and MODIFIED CELLS.
	 	 	 
	 	1.15	PACKAGING
    CELL-EXPRESSION SEQUENCE means (i) any recombinant DNA sequence used by LICENSEE, or expression product or any alteration
    or modification thereof, derived from or obtained by, or produced using PACKAGING CELLS; or (ii) a fragment of any recombinant
    DNA sequence or expression product derived from obtained by, or produced using PACKAGING CELLS, and (iii) provided that (i)
    and (ii) are based upon and/or are derived from VBL TECHNOLOGY or VBL TECHNOLOGY in combination with the genome of a serotype
    5 human adenovirus.
	 	 	 
	 	1.16	PACKAGING
    CELL KNOW HOW means PER.C6® KNOW HOW, MODIFIED CELLS and all materials, information, experience and data, formulae, procedures,
    results and specifications, regulatory filings and clinical and pre-clinical data, in written or electronic form, which are
    specifically related to MODIFIED CELLS, which (i) are in the possession of the Parties at the EFFECTIVE DATE or come into
    the possession of the Parties during the TERM of this Agreement, (ii) are not generally known (iii) are necessary for the
    research use of the MODIFIED CELLS, and (iv) are not subject to a third party confidentiality obligation that prevents either
    Party from disclosing the same.
	 	 	 
	 	1.17	PATENT
    means granted patents, including utility models and certificates of invention, and reissues, reexaminations, supplementary
    protection certificates, extensions, and term restorations thereof, and patent applications therefore, including any continuations,
    continuations-in-parts, and/or divisional applications thereof, and any and all patents issuing from any of the above.
	 	 	 
	 	1.18	PER.C6®
    CELL LINE or PER.C6® CELL means the cells deposited under ECACC No. 96022940, as described in Exhibit 1.18, as updated
    by CRUCELL from time to time in accordance with Section 3 below to include additional CELLS deposited following the EFFECTIVE
    DATE.
	 	 	 
	 	1.19	PER.C6®
    KNOW HOW means PER.C6® CELLS and all materials, information, experience and data, formulae, procedures, processes and
    techniques, results and specifications, know-how, regulatory filings and clinical and pre-clinical data, which are specifically
    related to PER.C6® CELLS, and which are described in the PER.C6® KNOW HOW FILE, as updated by CRUCELL from time to
    time in accordance with Section 3 below.
	 	 	 
	 	1.20	PER.C6®
    KNOW HOW FILE means the written compilation of PER.C6® KNOW HOW and PACKAGING CELL KNOW HOW, which is provided to all
    PER.C6® licensees, and which includes but it not limited to processing and manufacturing information and data limited
    to using PER.C6® CELLS and/or MODIFIED CELLS for the production of replication defective adenoviral vectors therewith.
	 	 	 
	 	1.21	PER.C6®
    PATENTS mean PATENTS that CRUCELL owns, or controls by license or otherwise, wherein said license has a sublicense right,
    or which CRUCELL has a right to assignment, and that claim PER.C6® CELLS or the use thereof for the manufacture of replication
    defective adenoviral vectors, identified on Exhibit 1.21.
	 	 	 
	 	1.22	PRODUCT
    means a pharmaceutical product, intended for administration to human subjects, comprising of PACKAGING CELL-EXPRESSION SEQUENCE,
    in final finished form.

 

    	 4
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	1.23	PROGRAMS
    means research and development programs of LICENSEE or its SUBLICENSEES in the FIELD to develop PRODUCT in the FIELD, including
    but not limited to any and all pre-market-registration activities and post-market-approval studies.
	 	 	 
	 	1.24	REGISTERED
    AFFILIATE means an AFFILIATE or STRATEGIC PARTNER operating in APPROVED COUNTRIES to the extent identified in Exhibit \2£
    which may be extended from time to time in accordance with the provisions of Section 2.1.5 below, providing full details
    of the name, offices and branches of such AFFILIATE or STRATEGIC PARTNER.
	 	 	 
	 	1.25	STRATEGIC
    PARTNER means a reputable company with whom VBL has entered into a collaboration agreement for the co-development and / or
    co-marketing of pharmaceutical products, substantially discovered, researched or developed by VBL in the FIELD which either
    (i) enters into a material transfer agreement with CRUCELL substantially in the form of Exhibit 1.25 hereto, or (ii) does
    not obtain access to the PACKAGING CELLS.
	 	 	 
	 	1.26	SUBLICENSEE
    means a REGISTERED AFFILIATE to which LICENSEE grants a sublicense under and in accordance with this Agreement.
	 	 	 
	 	1.27	TERM
    starts on the EFFECTIVE DATE and continues as described in Section 6.1.
	 	 	 
	 	1.28	THIRD
    PARTIES means any person or entity other than VBL, CRUCELL, SUBLICENSEES, AFFILIATES or STRATEGIC PARTNER.
	 	 	 
	 	1.29	VALID
    PATENT CLAIM shall mean a claim in any issued and unexpired PER.C6® PATENT, which claim has not been held invalid by a
    non-appealed or unappealable decision by a court or other appropriate body of competent jurisdiction, provided, however,
    that there exists no outstanding order, injunction or other action (including any temporary relief) that impairs the rights
    granted under such CLAIM to LICENSEE, its SUBLICENSEES, REGISTERED AFFILIATES or Contractors, as contemplated under this Agreement.
    For the purpose of royalty determination and payment, any claim being prosecuted in a pending patent application in a particular
    country shall be deemed to be a VALID PATENT CLAIM provided such claim is not pending for more than ten (10) years from the
    earliest filing date to which the patent application is entitled to claim in such country (such as the first filed application
    based on a PCT application and claiming the PCT filing date, or the first national patent application from which subsequent
    patent applications claim filing date benefit) and in which case it shall cease to be considered a VALID PATENT CLAIM until
    a patent in the pertinent country based on such application is granted.
	 	 	 
	 	1.30	VTSTM
    TECHNOLOGY means LICENSEE’S proprietary VTSTM (Vascular Targeting System) platform technology that enables control
    of gene expression to areas in which angiogenesis is taking place to either promote or destroy newly formed blood vessels.
	 	 	 
	 	1.31	VBL
    PROPRIETARY RIGHTS shall mean, as between the Parties, all right and title in and to VBL TECHNOLOGY, PACKAGING CELL-EXPRESSION
    SEQUENCE and PRODUCTS, including without limitation (i) all data, results, inventions, know-how, improvements, developments
    or other information arising from or in connection with the PROGRAM; and (ii) any applications, improvements, modifications
    and derivatives of any of the above and any know-how, proprietary rights and PATENTS relating thereto or arising therefrom.
	 	 	 
	 	1.32	VBL
    TECHNOLOGY shall mean, as between the Parties, replication-deficient El and E3-deleted adenovirus 5 vector or adenovirus 3
    vector and conditionally replicative adenovirus (CRAD) 3 and 5 Vector, containing either the FAS-Chimera transgene or Tyrosine
    Kinase and VTSTM TECHNOLOGY, and any know-how related thereto and to the use thereof. At any time during the TERM, LICENSEE
    may provide CRUCELL with written notice of its wish for the transgene to be changed. Such change shall be deemed effective
    unless CRUCELL responds to LICENSEE’S notice within thirty (30) days of its receipt that it is withholding consent,
    provided such consent may only be withheld if such change would result in a technology which is either (i) directly competitive
    with another technology under a then existing exclusive out-license by CRUCELL, or (ii) infringes any CRUCELL’s patent
    which are not otherwise covered in this Agreement. For the avoidance of doubt VBL technology will contain only one (1) Transgene
    in combination with aforementioned either Adenovirus 3 or 5 or (CRAD) and VTSTM TECHNOLOGY.

 

    	 5
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	2.	LICENSES;
    SUBLICENSING; OWNERSHIP OF CERTAIN RIGHTS;
    GRANT BACK LICENSE

 

	 	2.1	CRUCELL
    Grant to LICENSEE.

 

	 	2.1.1.	CRUCELL
    hereby grants to LICENSEE, a non-exclusive, worldwide license, under the PER.C6® PATENTS and PER.C6® KNOW HOW, without
    the right to grant sublicenses except to SUBLICENSEES in accordance with the provisions of Section 2.1.4 below, (1) to use
    and import PER.C6® CELLS and PER.C6® KNOW HOW for the sole purpose of making MODIFIED CELLS during the course and
    performance of PROGRAMS; and (2) to use and import MODIFIED CELLS and PACKAGING CELL KNOW HOW during the course and performance
    of PROGRAMS; and (3) to use and import PACKAGING CELLS and PACKAGING CELL KNOW HOW to manufacture and to have made, in facilities
    of LICENSEE or its SUBLICENSEES subject to Section 2.4 below, PRODUCTS for use in the FIELD. For the avoidance of doubt, and
    subject to a THIRD PARTY entering first into a Material Transfer Agreement with CRUCELL prior to the transfer of any PACKAGING
    CELLS or PACKAGING CELL KNOW HOW as set forth in Section 2.4 below, LICENSEE is also granted hereunder the right to provide
    PACKAGING CELLS, PACKAGING CELL KNOW-HOW and PRODUCTS to THIRD PARTIES for bona fide contract service purposes in the course
    and performance of PROGRAMS and for the manufacture and making of PRODUCTS solely on LICENSEES’ behalf.
	 	 	 
	 	2.1.2.	CRUCELL
    hereby grants to LICENSEE, a non-exclusive, worldwide license, under the PER.C6® PATENTS and PER.C6® KNOW HOW, with
    the right to grant sublicenses, to develop, use, import, offer to sell, and sell PRODUCTS for use in the FIELD.
	 	 	 
	 	2.1.3.	Sublicense
    Requirements in General. Any agreement in which LICENSEE purports to sublicense the rights granted herein under the PER.C6®
    PATENTS and PER.C6® KNOW HOW, (i) shall not grant any further right to sublicense under the PER.C6® PATENTS and PER.C6®
    KNOW HOW nor grant any right to transfer the PER.C6® KNOW HOW or the sublicensed rights; and (ii) shall include terms
    at least as restrictive as those contained in this Agreement with respect to the use and exploitation of the rights granted
    under the PER.C6® PATENTS and PER.C6® KNOW HOW.
	 	 	 
	 	2.1.4.	Certain
    Sublicense Requirements - REGISTERED AFFILIATES. LICENSEE shall be permitted to sublicense its rights and obligations
    pursuant to Section 2.1.1 to REGISTERED AFFILIATES (without the right to further sublicense), provided each such REGISTERED
    AFFILIATE acknowledges and assumes all of the rights, restrictions and obligations of this Agreement applicable to such SUBLICENSEE
    hereunder, except, as between the Parties, for those rights and obligations for which LICENSEE shall be solely responsible
    as provided for herein (e.g. indicated by wording such as “on its own behalf and on behalf of its SUBLICENSEES”),
    in a writing signed by a duly authorized representative of such REGISTERED AFFILIATE. LICENSEE shall be responsible for assuring
    that each REGISTERED AFFILIATE has become fully aware of, and complies with, its rights, restrictions and obligations under
    this Agreement as a SUBLICENSEE prior to such REGISTERED AFFILIATE exercising any right that LICENSEE may sublicense to such
    REGISTERED AFFILIATE hereunder. Irrespective of any written sublicense to a REGISTERED AFFILIATE, the exercise of any sublicenseable
    right hereunder by a REGISTERED AFFILIATE shall be deemed to bind such REGISTERED AFFILIATE to comply with the applicable
    restrictions, obligations and duties hereunder, except for those obligations and duties for which LICENSEE is solely responsible
    as provided herein. Irrespective of the number of SUBLICENSEES, CRUCELL shall only be required to communicate with, and provide
    technical assistance to, LICENSEE, or one designated SUBLICENSEE, unless the Parties agree otherwise in a written and duly
    executed amendment hereto. LICENSEE shall be jointly and severally liable with each of its REGISTERED AFFILIATES towards CRUCELL
    for their compliance with the restrictions, obligations and duties hereunder.

 

    	 6
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	2.1.5.	At
    any time during the TERM, LICENSEE may provide CRUCELL with written notice of its wish for a new AFFILIATE and/or STRATEGIC
    PARTNER to become a REGISTERED AFFILIATE. If Parties agree in writing that such AFFILIATE and/or STRATEGIC PARTNER shall become
    a REGISTERED AFFILIATE (CRUCELL’s consent not be unreasonably withheld or delayed), such AFFILIATE shall be included
    in Exhibit 1.2, by way of a duly executed written amendment, after CRUCELL has received the document duly executed by the
    respective AFFILIATE as referred to in Section 2.1.4. CRUCELL shall respond to LICENSEE’S notice within fourteen
    (14) days of its receipt, and shall not unreasonably withhold its consent to the addition of an Affiliate as aforesaid.
	 	 	 
	 	2.1.6.	The
    license grant in this Section 2 shall be effective from the date that CRUCELL receives the License Fee specified in Section
    4 herein until expiration of the TERM.

 

	 	2.2	Restricted
    Access to PACKAGING CELLS.

 

The
Licenses grant herein is restricted such that LICENSEE and its SUBLICENSEES shall not be permitted under the terms of this Agreement
to engage in the following activities:

 

	 	2.2.1.	to
    use PACKAGING CELLS (i) in or for FUNCTIONAL GENOMICS studies, (ii) for the manufacture of RECOMBINANT PROTEIN, (iii) in or
    for the manufacture of vaccines against communicable infectious agents, or (iv) in or for the development of products to prevent
    or treat diseases caused by chicken anemia virus, or to produce vectors, or expression products thereof, containing all or
    a part of a chicken anemia virus gene;
	 	 	 
	 	2.2.2.	to
    use, store, hold or otherwise deliver PACKAGING CELLS or PACKAGING CELL KNOW HOW in or to NON-APPROVED COUNTRIES;
	 	 	 
	 	2.2.3.	to
    offer, provide, give access to or to otherwise make available to THIRD PARTIES or to AFFILIATES that are not SUBLICENSEES,
    PACKAGING CELLS and/or PACKAGING CELLS KNOW HOW, except as provided for in Section 2.3 and 2.4 below;
	 	 	 
	 	2.2.4.	to
    offer or provide services to THIRD PARTIES, or to AFFILIATES that are not SUBLICENSEES, relating to or using PACKAGING CELLS
    and/or PACKAGING CELLS KNOW HOW.

 

    	 7
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	2.3	Permitted
    Access to PACKAGING CELLS. Sections 2.2.3 and 2.2.4 shall not apply to the extent that LICENSEE or its REGISTERED AFFILIATES
    or any Contractors will be required to provide, give access to or otherwise make available, by order or regulation of a governmental
    agency or court of competent jurisdiction, the results, materials, or know how obtained in the course of PROGRAMS, or incorporating
    PACKAGING CELLS or PACKAGING CELL KNOW HOW, or the sale and/or distribution of PRODUCTS. Under such circumstances, LICENSEE
    shall promptly notify CRUCELL of such order or regulation requiring disclosure and shall make its best efforts to cooperate
    with CRUCELL to preserve the confidentiality of, and CRUCELL’s proprietary interest in, the PACKAGING CELL KNOW HOW.

 

	 	2.4	Supply
    of PACKAGING CELLS to Contractors.

 

	 	2.4.1.	Subject
    to the conditions stated in this Section, LICENSEE shall have the right to deliver to a fee-for-service contractor (“Contractor”),
    PACKAGING CELLS and PACKAGING CELL KNOW HOW (1) to conduct authorized studies of and other tasks relating to PACKAGING CELLS,
    solely for use by LICENSEE in PROGRAMS, and/or (2) to use PACKAGING CELLS and PACKAGING CELL KNOW HOW to develop processes
    and perform other tasks for the manufacture and making of, and to manufacture and make, PACKAGING CELLS and PRODUCTS. LICENSEE
    shall not provide PACKAGING CELLS or PACKAGING CELL KNOW HOW to a fee-for-service Contractor except pursuant to a completely
    executed, written PER.C6® Material Transfer Agreement (“MTA”) with CRUCELL. The Contractor shall enter into
    a material transfer agreement substantially in the form of Exhibit 2.4.1 hereto.
	 	 	 
	 	2.4.2.	CRUCELL
    shall have the right to disapprove the choice of any fee-for-service third party that is not reputable and/or reliable or
    operates in a NON-APPROVED COUNTRY, which disapproval shall only be asserted reasonably and upon prompt notice to LICENSEE
    of no later than fourteen (14) working days following receipt of such Contractor’s details with reference specifically
    to this section, setting forth the reasons for CRUCELL’S disapproval. For purposes of this Section7 2.4.2,
    “not reputable and/or reliable” shall mean, that such fee-for-service third party is located in a country or jurisdiction
    where CRUCELL has reason to believe in good faith (a) does not provide adequate protection for intellectual property and proprietary
    information or (b) does not provide adequate judicial recourse in case of misappropriation or misuse of intellectual property
    or proprietary information. Countries or jurisdictions that are on the U.S. Trade Representative’s annual “Special
    301” Watch List shall be deemed to qualify as countries or jurisdictions that do not provide adequate protection or
    recourse as referred to under (i)(a) and (i)(b) above. CRUCELL has pre-approved on Exhibit 2.4.2 the third party contractors
    listed therein.

 

    	 8
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	2.5	Ownership
    of Certain Rights: Grant Back License.

 

	 	2.5.1.	Except
    where expressly stated otherwise in this Agreement to the contrary, CRUCELL shall have no right, title and interest in and
    to any VBL PROPRIETARY RIGHTS (including any right to be notified thereof), provided that LICENSEE may notify CRUCELL of such
    information from time to time, at its sole discretion.
	 	 	 
	 	2.5.2.	LICENSEE
    and its REGISTERED AFFILIATES hereby agree to grant to CRUCELL a perpetual, royalty-free, non-exclusive worldwide license,
    with the right to sublicense, under the IMPROVEMENT PATENT RIGHTS and IMPROVEMENT KNOW HOW RIGHTS, provided that the
    license right under this Section shall not extend to the manufacture, use or sale of the particular PACKAGING CELL- EXPRESSION
    SEQUENCE(S) and/or PRODUCT(S) that are developed by LICENSEE or its SUBLICENSEES and that are the subject of this Agreement
    or the VBL PROPRIETARY RIGHTS.

 

    	 9
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	3.	SUPPLY
    OF CELLS AND KNOW-HOW; CERTAIN UPDATES;
    TECHNICAL ASSISTANCE; REPORTING

 

	 	3.1	Supply
    of Cells and Know-How. Within thirty (30) days after receipt of the License Issuance Fee payment under Section 4.1.1,
    CRUCELL shall disclose and transfer to LICENSEE PER.C6® CELLS and the PER.C6® KNOW HOW to the extent incorporated
    into the most recent version of the PER.C6® KNOW HOW FILE.
	 	 	 
	 	3.2	Updates.
    During the TERM, CRUCELL shall promptly provide updates (i) of the PER.C6® KNOW HOW FILE to LICENSEE as it is revised
    and made available by CRUCELL to all or substantially all PER.C6® licensees or to PER.C6® licensees conducting activities
    or granted rights similar to those contained in this Agreement, including without limitation new uses in the Field of PER.C6®
    CELLS and KNOW HOW, improved and updated techniques and know-how for the use of PER.C6® CELLS and PER.C6® KNOW HOW,
    and any known problems relating to the use of PER.C6® CELLS and PER.C6® KNOW HOW or deviations from previously provided
    information, all as may be applicable to the license granted to LICENSEE hereunder and (ii) of any safety or regulatory concerns
    that come to CRUCELL’s attention relating to the PACKAGING CELLS and PACKAGING CELL KNOW HOW.
	 	 	 
	 	3.3	Technical
    Assistance. During the TERM, CRUCELL shall provide reasonable technical assistance (including guidance on know how related
    to the work with the PER.C6® CELLS) to LICENSEE, as may be necessary to use PACKAGING CELLS and PACKAGING CELL KNOW HOW
    in PROGRAMS and for the manufacture and making of PRODUCTS upon reasonable request and free of any additional cost
    to LICENSEE. To support the KNOW HOW transfer, LICENSEE shall be entitled, upon reasonable notice to CRUCELL, to visit CRUCELL’s
    facilities from time to time, but no more than five (5) days, once a year and view the production of the PER.C6® CELLS
    and other relevant processes and techniques relating to the making of MODIFIED CELLS, as well as to receive answers from CRUCELL’s
    employees regarding the use of such cells and of the PACKAGING CELL KNOW HOW, to the extent necessary for the purposes of
    a PROGRAM or the manufacture or making of a PRODUCT. LICENSEE shall compensate CRUCELL for technical assistance in
    excess of two (2) man-day visits by CRUCELL technical personnel to LICENSEE’S facilities, on an annual basis,
    for the first two (2) years of the TERM, on reasonable terms to be agreed in advance. A third man-day visit (or more) shall
    be at no additional cost if LICENSEE reports a material deviation from established PER.C6 KNOW HOW performance parameters,
    which deviation report requires such third man-day of technical assistance.

 

    	 10
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	3.4	Access
    and Reference to BMF: Conduct of Registration and Testing.

 

	 	3.4.1.	LICENSEE
    and its SUBLICENSEES acknowledge that the BMF is owned by CRUCELL, may be filed by CRUCELL with other foreign governmental
    equivalents to the FDA and is confidential and of crucial importance to the Parties as well as to all other licensees of PER.C6®
    CELL technology. LICENSEE and its REGISTERED AFFILIATES shall have the right to review CRUCELL’s copy of the BMF filed
    with the FDA and other Governmental Authorities after providing CRUCELL with thirty (30) days prior notice. LICENSEE and its
    SUBLICENSEES shall further have the right to cross-reference the BMF as may be required for any regulatory submissions to
    Governmental Authorities, and upon LICENSEE’ request CRUCELL shall (i) notify the FDA (with a copy to LICENSEE) that
    LICENSEE and/or its SUBLICENSEES as applicable, is authorized to reference the data within the BMF; and (ii) provide LICENSEE
    with any and all existing BMF documentation in the possession of CRUCELL (provided that CRUCELL is legally able to do so)
    in so far required to support any regulatory submission LICENSEE or any of its SUBLICENSEES makes to a Governmental Authority
    in a country where a BMF or its foreign equivalent has not been submitted or is not in effect or may not be referenced to.
    CRUCELL shall notify LICENSEE of any significant update to the BMF from time to time and shall provide LICENSEE with a copy
    thereof upon its request as set forth above.
	 	 	 
	 	3.4.2.	LICENSEE
    and its REGISTERED AFFILIATES shall not be entitled to, and agree that they will not, characterize, or issue releases or certificates
    of analysis for, or analyze the genome of, any PACKAGING CELLS, or engage in any research of PACKAGING CELLS that concern
    any safety, toxicity or tumorgenicity of PACKAGING CELLS without obtaining the prior written agreement of CRUCELL, provided
    that, if any Governmental Authority requests additional data or characterization of PACKAGING CELLS that CRUCELL chooses not
    to provide LICENSEE shall have the right to perform its own studies solely as required by the Governmental Authority, and
    to provide the results to the requesting Governmental Authority. Failure by CRUCELL to provide LICENSEE with such information
    or data for delivery to the applicable Governmental Authority within a reasonable period that shall enable LICENSEE to adequately
    respond to any Governmental Authority request shall be deemed as CRUCELL choosing not to provide same. The aforementioned
    restrictions shall only apply with respect to PACKAGING CELLS, and not PACKAGING CELL-EXPRESSION SEQUENCE or PRODUCT, the
    analysis of which shall be at the sole discretion of LICENSEE and not subject to any approval of CRUCELL.
	 	 	 
	 	3.4.3.	LICENSEE
    further agrees to use its reasonable efforts to promptly notify Crucell of any and all communications to and from Governmental
    Authorities directly relating to the safety of PACKAGING CELLS and agrees to consult promptly with Crucell to resolve any
    such concerns with the FDA or such other Governmental Authorities, Noncompliance by LICENSEE with the obligation to use its
    reasonable efforts to obtain prior agreement of CRUCELL prior to any characterization, release or certificate issuances of
    PACKAGING CELLS as set forth in Section 3.4.2 above, or to promptly notify and consult with CRUCELL in its efforts to resolve
    any such issues with the FDA or other Governmental Authorities as set forth in this Section 3.4.3 shall be considered to constitute
    a failure to comply with a material condition or covenant of this Agreement to which Section 6.5 herein applies.

 

	 	3.5	Reporting.

 

	 	3.5.1.	LICENSEE,
    on its own behalf and on behalf of its SUBLICENSEES, shall keep CRUCELL informed on a bi-yearly (six(6)-month) basis about
    (1) any communication with Governmental Authorities about PACKAGING CELLS, and (2) results of any testing performed on the
    PACKAGING CELLS. A template for use in complying with the bi-yearly reporting obligation is attached as Exhibit 3.5.1.

 

    	 11
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	3.5.2.	LICENSEE,
    on its own behalf and on behalf of its SUBLICENSEES, shall keep CRUCELL informed on an annual basis, on or before the anniversary
    of the EFFECTIVE DATE, with a detailed report of the data relating specifically to PACKAGING CELL performance, PACKAGING CELL
    KNOW HOW, as well as the operating, culturing and manufacturing parameters and data resulting from its use of the PACKAGING
    CELLS during the course of the PROGRAM. To facilitate the mutually beneficial resolution of any PACKAGING CELL technical performance
    issue, if any, LICENSEE hereby agrees to discuss with CRUCELL technical personnel relevant technical data to assist in resolving
    such issues. A template for use in complying with the annual reporting obligation is attached as Exhibit 3.5.2.
	 	 	 
	 	3.5.3.	It
    is agreed and understood that LICENSEE shall not be obligated to disclose any information, data or know-how relating to VBL
    PROPRIETARY RIGHTS unless and to the extent it is directly related to PACKAGING CELLS and/or their use hereunder. In such
    event, any and all disclosed information, data or know-how shall not be used or disclosed without LICENSEE’S prior written
    consent, which consent may be withheld at its sole discretion.
	 	 	 
	 	3.5.4.	LICENSEE,
    on its own behalf and on behalf of its SUBLICENSEES, shall promptly notify CRUCELL in writing of any substantial deviations
    from established PER.C6® CELL characteristics and/or performance parameters included in PER.C6® KNOW HOW, prior to
    any notification by LICENSEE or its SUBLICENSEES to any other entity other than to the appropriate Governmental Authorities
    such as the FDA.
	 	 	 
	 	3.5.5.	Subject
    to the provisions of Section 3.5.3, information reported to CRUCELL pursuant to Sections 3.5.1 through 3.5.4 may be used by
    CRUCELL to assist LICENSEE in the successful implementation of PACKAGING CELL KNOW HOW, resolving technical and regulatory
    issues respecting PACKAGING CELL and the BMF, to amend and/or annotate the collection of PER.C6® KNOW HOW for delivery
    to PER.C6® licensees and/or to update the BMF, which PER.C6® KNOW HOW and BMF shall only be disclosed under conditions
    of confidentiality. Except as expressly stated in Sections 2.5.2, 2.5.3 and 2.5.4 above, CRUCELL shall not use any information
    or know-how relating to PRODUCT(S) or PACKAGING CELL EXPRESSION SEQUENCE(S) that are developed by LICENSEE or its SUBLICENSEES,
    or relating to any VBL PROPRIETARY RIGHTS, nor disclose any of the above to any licensee or other third party (including any
    Governmental Authority) without the prior written consent of LICENSEE, which consent may be withheld at its sole discretion.

 

	4.	LICENSE
    FEES

 

	 	4.1	License
    Fees. In consideration of the licenses granted and the PER.C6® KNOW HOW supplied hereunder, LICENSEE shall pay the
    following amounts to CRUCELL during the TERM:

 

	 	4.1.1.	Within
    ten (10) days from the EFFECTIVE DATE, a License Issuance Fee of € 75,000 (seventy-five thousand Euros), exclusive of
    V.A.T.; and
	 	 	 
	 	4.1.2.	Starting
    on the first anniversary date of the EFFECTIVE DATE, an Annual License Maintenance Fee of € 100,000 (one hundred thousand
    Euros), exclusive of V.A.T., to be paid in arrears.

 

    	 12
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	4.2	Development
    Milestone Payments: LICENSEE shall pay CRUCELL non-creditable and non-refundable payments of € 400,000 (four hundred
    thousand Euros), exclusive of V.A.T., with respect to each PRODUCT for which a Governmental Authority grants marketing approval,
    within thirty (30) days of the issuance of the first regulatory marketing approval letter from such Governmental Authority
    for the first indication for each such PRODUCT. Payment under this Section 4.2 shall be made once for each unique PRODUCT.
	 	 	 
	 	4.3	Running
    Royalty. LICENSEE shall pay to CRUCELL a running royalty (the “Running Royalty”) as follows:

 

	 	4.3.1.	If
    PACKAGING CELLS and/or PACKAGING CELL KNOW-HOW are, or were, used in the development, use, manufacture, importation or sale
    of the PRODUCT, a Running Royalty of one and half a percent (1.5%) of the NET SALES for the duration of ten (10) years from
    the FIRST COMMERCIAL SALE of the PRODUCT;
	 	 	 
	 	4.3.2.	If
    the use, manufacture, importation or sale of the PRODUCT comes under the scope of at least one VALID PATENT CLAIM, on a country
    by country basis, a Running Royalty of half a percent (0.5%) of NET SALES.
	 	 	 
	 	4.3.3.	Only
    one Running Royalty, that may be either a Know-How Royalty (Section 4.3.1), or a Patent Royalty (Section 4.3.2) or a combination
    of the Know-How and Patent Royalties (1.5 + 0.5 = 2.0%), shall be due for each unique PRODUCT.

 

	5.	PAYMENTS;
    BOOKS AND RECORDS

 

	 	5.1	Royalty
    Reports and Payments. After the FIRST COMMERCIAL SALE of the PRODUCT on which Running Royalties are required, LICENSEE
    shall submit quarterly written reports to CRUCELL within ninety (90) days after the end of each calendar quarter, stating
    in each such report the number, description, and aggregate NET SALES of the PRODUCT sold during the calendar quarter upon
    which a Running Royalty is payable under Section 4 above. Concurrently with
    the submission of such reports, LICENSEE shall pay to CRUCELL Running Royalties at the rate specified in Section 4.
	 	 	 
	 	5.2	LICENSEE
    Obligations. LICENSEE shall be solely responsible for the payment to CRUCELL of any royalties, license fees and milestone
    or other payments due from its AFFILIATES and/or SUBLICENSEES, and for any payments to THIRD PARTIES under licenses or similar
    agreements between LICENSEE and such THIRD PARTIES necessary to allow the manufacture, use or sale of the PRODUCT by LICENSEE,
    or SUBLICENSEES;

 

	 	5.3	Method
    of Payment.

 

	 	5.3.1.	All
    payments due hereunder to CRUCELL shall be paid in Euros in immediately available funds, for CRUCELL’s account, to a
    bank designated in writing by CRUCELL. CRUCELL shall provide LICENSEE with an invoice prior to the due dates specified in
    Section 4.1.2 and 4.2, and LICENSEE shall pay such invoices within the later of the applicable due date or thirty (30) days
    of receipt by LICENSEE. If the invoice is received later than the due date, then LICENSEE shall have thirty (30) days from
    the receipt of the invoice to pay the invoiced amount.

 

    	 13
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	5.3.2.	CRUCELL
    shall submit an invoice to LICENSEE for all transportation, packing or other documented and reasonable costs incurred on LICENSEE’S
    benefit and at LICENSEE’S request pursuant to this Agreement in connection with providing PACKAGING CELL KNOW HOW to
    LICENSEE, and approved in advance by LICENSEE. LICENSEE shall pay invoices specifying these reasonable costs within thirty
    (30) days of receipt.
	 	 	 
	 	5.3.3.	Inflation
    Index Adjustment: Commencing from the first (1st) anniversary date of the EFFECTIVE DATE, license fees due under Section
    4.1 shall be increased by two and one half percent (2.5%) upon each anniversary of the EFFECTIVE DATE until and including
    the eighth anniversary of the EFFECTIVE DATE.

 

	 	5.4	Interest.
    IF LICENSEE fails to make any payment under this Agreement within ninety (90) days of the date on which the same becomes due
    and payable, LICENSEE shall owe CRUCELL interest at the rate of twelve and a half percent (12.5%) per annum (as determined
    on the date the payment first becomes due) on any outstanding amount until payment is made in full. If parties are in dispute
    on the amount of royalties payable pursuant to Clause 5.1, the penalty becomes due only after Parties have agreed on the exact
    royalty amount due.
	 	 	 
	 	5.5	No
    Refunds. Payments referred to in this Section 5 shall not be refundable under any circumstances, including but not limited
    to the termination of this Agreement for whatever reason.
	 	 	 
	 	5.6	Currency
    Conversion. If any currency conversion shall be required in connection with the calculation of royalties hereunder, such
    conversion shall be made using the following procedures: Sales recorded during a month will be translated to Euro values at
    the rate of the 1st working day of that month based on the exchange rates published on the OANDA website. Any changes to procedures
    for currency conversion shall only apply after such notice has been delivered and provided that such changes are consistently
    applied across LICENSEE’S operating units and continue to maintain a set methodology for currency conversion.
	 	 	 
	 	5.7	Withholding
    Taxes. If LICENSEE is required by any applicable law, rule or regulation to make any deduction or withholding for or on
    account of any Tax (as defined below) from any payment to be made to CRUCELL under this Agreement, then LICENSEE shall (i)
    promptly notify CRUCELL of such requirement, (ii) pay to the relevant authorities the full amount required to be deducted
    or withheld promptly upon determining that such deduction or withholding is required or receiving notice that such amount
    has been assessed against CRUCELL, and (iii) promptly forward to CRUCELL an official receipt, or certified copy or other documentation
    reasonably acceptable to CRUCELL, evidencing such payment to such authorities.

 

	 	5.7.1.	If
    CRUCELL is entitled to an exemption from or reduction of withholding tax under any applicable law or treaty with respect to
    any payments made hereunder, CRUCELL shall deliver to LICENSEE at the time or times prescribed by applicable law or reasonably
    requested by LICENSEE, such properly completed and executed documentation prescribed by applicable law as will permit such
    payments to be made without withholding or at a reduced rate.
	 	 	 
	 	5.7.2.	For
    purposes of this Section, the term “Tax” shall mean any present or future tax, levy, impost, duty, charge, assessment
    or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing
    authority in respect of a payment under this Commercialization Agreement.

 

    	 14
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	5.8	Records:
    Inspection. LICENSEE shall and shall cause its REGISTERED AFFILIATES and its SUBLICENSEES to keep complete, true and accurate
    books of account and records for the purpose of determining the Running Royalty amounts payable under this Agreement. Such
    books and records shall be required to be kept at the principal place of business of LICENSEE, REGISTERED AFFILIATES and SUBLICENSEES,
    as the case may be, for at least three (3) years following the end of the calendar quarter to which they pertain. The records
    of LICENSEE and its REGISTERED AFFILIATES, including all payments received from their SUB LICENSEES, will be open for inspection
    during such three (3) year period by an independent public accounting firm of national prominence retained by CRUCELL and
    acceptable to LICENSEE for the purpose of verifying the Running Royalty statements. Such inspections may be made no more than
    once each calendar year, at reasonable times mutually agreed to by LICENSEE and CRUCELL. CRUCELL’s representative or
    agent will be obliged to execute a reasonable confidentiality agreement prior to commencing any such inspection. Inspections
    conducted under this Section shall be at CRUCELL’s expense, unless a variation or error producing an increase exceeding
    ten percent (10%) of the Running Royalty amount stated for any period covered by the inspection is established in the course
    of any such inspection, whereupon all reasonable and customary costs relating to the inspection for such period will be paid
    by LICENSEE.

 

	6.	TERM
    AND TERMINATION

 

	 	6.1	Agreement
    Term. This Agreement shall become effective as of the EFFECTIVE DATE and, unless earlier terminated pursuant to the other
    provisions of this Section, shall continue in full force and effect on a country-by-country and product-by-product basis,
    until LICENSEE has no remaining obligation to pay to CRUCELL the Running Royalty in accordance with Section 4.3. Thereafter,
    LICENSEE shall have a fully paid up, world wide, royalty free, perpetual license right under the PER.C6® PATENTS and PER.C6®
    KNOW HOW to continue to make, have made, import, use, offer for sale and sell the PRODUCT(S) in such countries.
	 	 	 
	 	6.2	Termination
    by LICENSEE. LICENSEE may terminate this Agreement by giving CRUCELL three (3) months prior written notice, and payment
    of all outstanding monies owed to CRUCELL until the date of termination, such as pro rata payment of arrears obligations pursuant
    to Section 4.1.2, which payment is due prior to actual termination of the Agreement.
	 	 	 
	 	6.3	Termination
    by Mutual Agreement. This Agreement may be terminated upon mutual written agreement between the Parties.
	 	 	 
	 	6.4	Termination
    Upon Insolvency or Bankruptcy. Either Party may terminate this Agreement, by notice to the other Party with immediate
    effect, if (a) the other Party (i) pledges substantially all of its assets for the benefit of creditors, and the conditions
    for the creditors to enforce their rights to control those assets have been satisfied (such as the expiration of a cure period
    for an uncured default), (ii) pledge any portion of PER.C6® KNOW HOW for the benefit of creditors, or (iii) institutes,
    consents to or fails to diligently oppose any proceeding seeking to adjudicate it a bankrupt or insolvent or (b) any proceeding
    is instituted against or in respect of the other Party by third parties seeking bankruptcy relief and such proceeding continues
    undismissed, or unstayed and in effect for a period of 60 days after the institution thereof.
	 	 	 
	 	6.5	Termination
    by Default. If either Party defaults in the performance of, or fails to be in compliance with, any material condition
    or covenant of this Agreement and any such default or noncompliance shall not have been remedied, or steps initiated to remedy
    the same, to the other Party’s reasonable satisfaction, within three (3) months for payment defaults, and within six
    (6) months for other defaults or non-compliance, after receipt by the defaulting Party of a written notice thereof from the
    other Party, the Party not in default may, without further notice, forthwith terminate this Agreement at its option, provided,
    however, that in the event of breach by CRUCELL, accrual and payment of any amounts due to it hereunder shall be suspended
    during the cure period; and provided, further, that in the event of a dispute as to default, non-compliance or right to terminate
    this Agreement, this Agreement shall continue until such dispute is finally resolved pursuant to Section 10.3 hereof.

 

    	 15
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	6.6	Rights
    and Obligations on Term, Termination, or Suspension.

 

	 	6.6.1.	Unless
    expressly provided to the contrary, the following provisions shall survive the termination of this Agreement: Sections 1,
    2.3, 2.5, 3.5.4, 3.5.5, 6.6, 6.7, 7, 8, 9 and 10 hereof.
	 	 	 
	 	6.6.2.	Return
    of PACKAGING CELL KNOW HOW. Except in the case of termination by LICENSEE for default pursuant to Section 6.5, upon early
    termination of this Agreement by either Party, at CRUCELL’S written request, LICENSEE and its SUBLICENSEES shall destroy
    all supplies of PACKAGING CELL KNOW HOW, and shall promptly thereafter confirm such destruction in writing to CRUCELL, except
    for one copy of such written information to be retained in confidential files and to be used solely to establish rights and
    obligations under this Agreement, and for no other use or purpose.

 

	 	6.7	Termination
    by either Party pursuant to this Article shall not prejudice any other remedy that a Party might have at law or equity.

 

	7.	CONFIDENTIALITY

 

	 	7.1	Confidentiality
    Obligations. Each Party shall maintain in confidence all information disclosed or otherwise made available by the other
    which is identified as confidential and which is confirmed in writing and marked “confidential” or otherwise properly
    labeled as confidential within thirty (30) days of such original disclosure, including without limitations, information relating
    to PACKAGING CELL KNOW HOW and PROGRAMS or results of PROGRAMS (all such information hereafter referred to as “INFORMATION”),
    and shall not use such INFORMATION or disclose the same to anyone, except (i) that LICENSEE may disclose CRUCELL’S INFORMATION
    to its REGISTERED AFFILIATES, SUBLICENSEES and Contractors, those of its agents, direct employees, consultants and investigators
    to the extent necessary for the execution of PROGRAMS and manufacturing and sale of PRODUCTS, as set out in this Agreement;
    (ii) that LICENSEE may disclose CRUCELL’S INFORMATION, as well as its engagement with CRUCELL’s hereunder and
    the use of PER.C6® CELLS, PATENTS and KNOW HOW, as required to Governmental Authorities; (iii) that CRUCELL may disclose
    LICENSEE’S INFORMATION to its agents, direct employees, consultants and investigators who have a need-to-know for the
    performance of this Agreement; the foregoing as permitted by this Agreement and subject to the responsibilities and obligations
    as set forth in this Agreement. Either Party may disclose the other Party’s PROGRAMS or results of PROGRAMS to potential
    investors and other financing sources, investment bankers, advisors, attorneys, accountants and/or STRATEGIC PARTNERS within
    the course of a good faith due diligence inquiry to the extent relevant for the purpose of the inquiry. The foregoing is subject
    to the below:

 

    	 16
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	7.1.1.	Prior
    to such permitted disclosure to such LICENSEE, REGISTERED AFFILIATES, SUBLICENSEES, Contractors, agents, direct employees,
    consultants, investigators, potential investors and other financing sources, investment bankers, advisors, attorneys, accountants
    and strategic investors, disclosure must be subject to the provisions of a confidentiality agreement containing restrictions
    no less stringent than the obligations set forth in this Section 7.1 as such restrictions apply to LICENSEE, provided that
    attorneys and accountants shall not be required to execute such agreement if so informed of the confidential obligations hereunder
    and provided their professional code of conduct requires that such confidentiality obligations be so observed.
	 	 	 
	 	7.1.2.	Each
    Party shall use a similar effort to that which it uses to protect its own trade secrets or proprietary information (but that
    in any event be no less than customary industry standards) to protect the other Party’s INFORMATION and to ensure that
    its applicable AFFILIATES, SUBLICENSEES and Contractors (if any), agents, direct employees, consultants, investigators, potential
    investors and strategic investors do not disclose or make any unauthorized use of such INFORMATION. Each Party shall notify
    the other promptly of its knowledge of any unauthorized use or disclosure of the other’s INFORMATION and reasonably
    assist it to enforce rights against such use or disclosure.

 

	 	7.2	Exceptions.
    The confidentiality and non-use obligations under this Agreement shall not apply to the extent that:

 

	 	7.2.1.	the
    Party who has received the INFORMATION (“RECIPIENT”) is required to disclose information by order or regulation
    of a governmental agency or court of competent jurisdiction subject to the provisions of Section 7.3.3 below; or
	 	 	 
	 	7.2.2.	the
    RECIPIENT can demonstrate that

 

	 	7.2.2.1.	the
    disclosed INFORMATION was at the time of such disclosure by RECIPIENT already in the public domain, or falls into the public
    domain thereafter, other than as a result of actions of RECIPIENT, its agents, direct employees, consultants or investigators,
    or in violation hereof;
	 	 	 
	 	7.2.2.2.	the
    disclosed INFORMATION is independently developed without use or regard to the INFORMATION (as shown by RECIPIENT’S written
    records); or
	 	 	 
	 	7.2.2.3.	the
    disclosed INFORMATION was lawfully known by RECIPIENT (as shown by its written records) prior to the date of disclosure to
    RECIPIENT without an obligation of secrecy, from sources legally entitled to disclose the same without an obligation of secrecy
    or received by RECIPIENT (as shown by its written records) on an unrestricted basis from a source unrelated to any Party to
    this Agreement and not, to its knowledge, under a duty of confidentiality.
	 	 	 

 

	 	7.3	Publications
    and Public Announcements:

 

	 	7.3.1.	Each
    party shall have the right to publish the existence of this Agreement, but not the terms thereof, with the prior written consent
    of the other Party, which consent shall not be unreasonably withheld or delayed.

 

    	 17
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	7.3.2.	Any
    disclosure which is required by law may be made without the prior consent of the other Party, although the other Party shall
    be given prompt notice of any such legally required disclosure and an opportunity to comment on, and attempt to challenge
    or limit the proposed disclosure reasonably in advance to the extent feasible.
	 	 	 
	 	7.3.3.	Furthermore,
    the disclosing Party shall make diligent efforts to limit the nature and scope of any disclosure to the extent reasonably
    possible and to otherwise prevent the disclosure of the non-disclosing Party’s INFORMATION.

 

	8.	PATENTS

 

	 

         
	8.1	CRUCELL
    shall be responsible and use commercially reasonable efforts for the prosecution, protection and maintenance of the PER.C6®
    PATENTS throughout the TERM, and shall bear all costs, fees and expenses in connection thereto.
	 	 	 
	 	8.2	If
    either Party after the EFFECTIVE DATE is warned or sued by a third party alleging or charging infringement of any patents
    or published patent applications or any other rights, due to or in connection with the use of PACKAGING CELLS, or the practice
    of any of the PER.C6® PATENTS or PACKAGING CELL KNOW-HOW, by either Party, the Party which is warned or sued, shall notify
    promptly the other Party.
	 	 	 
	 	8.3	CRUCELL
    shall be responsible, at its expense, for settling and/or defending any warning or litigation, for patent infringement in
    which the alleged infringing process or product giving rise to liability for damages involves or arises from use by CRUCELL
    of PACKAGING CELLS or the practice of any of the PACKAGING CELLS, PER.C6® PATENTS or PACKAGING CELL KNOW-HOW.
	 	 	 
	 	 	In
    so far as any such infringement action, or the settlement or defense thereof, might have an effect on LICENSEE activities,
    the applicable Party shall promptly inform the other Party of such claim and (i) CRUCELL and LICENSEE shall confer as to any
    modification of any right granted to LICENSEE hereunder, provided, that such modification shall not substantially alter LICENSEE’S
    rights hereunder; (ii) LICENSEE shall be entitled, but shall not be obligated, to attempt to obtain a license from such
    third party for the right to use such third party’s patent or other applicable right and (iii) in the event that LICENSEE
    is named thereunder, it shall have the right to participate in the defense of such claim. In any event, if such infringement
    action might have an effect on LICENSEE activities (i) upon CRUCELL’s written request, LICENSEE agrees to reasonably
    assist CRUCELL in any such defense; and (ii) LICENSEE shall be entitled to immediately terminate this Agreement.
	 	 	 
	 	 	If
    LICENSEE should suffer any out of pocket costs and other expenses, including reasonable attorney’s fees, as a result
    of the assistance in such dispute, CRUCELL shall reimburse LICENSEE such out of pocket costs and expenses incurred by LICENSEE.
	 	 	 
	 	 	LICENSEE
    shall be responsible, at its expense, for settling and/or defending any warning or litigation for patent infringement made
    against CRUCELL, in which the alleged infringing process or product giving rise to liability for damages involves use by LICENSEE
    of PACKAGING CELLS. If CRUCELL should suffer any damages, out of pocket costs and other expenses and liabilities as a result
    of such dispute, including reasonable attorney’s fees (collectively “Losses”), LICENSEE shall indemnify
    CRUCELL and its AFFILIATES and hold them harmless against any such Losses.

 

    	 18
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	8.4	No
    Party shall enter into any settlement which admits or concedes that any aspect of the PATENT or know how of the other Party
    is invalid or unenforceable in any way, without the prior written consent of such other Party.

 

	9.	REPRESENTATIONS;
    WARRANTY, INDEMNIFICATION

 

	 	9.1	CRUCELL
    Representations and Warranties. CRUCELL represents and warrants that (a) CRUCELL has the full legal right to enter in
    this Agreement and to perform its obligations thereunder; (b) CRUCELL will not be violating any law, regulation, order or
    contractual or other obligations of or applicable to CRUCELL or to the PER.C6® CELLS, PER.C6® PATENTS or PER.C6®
    KNOW-HOW by executing, delivering or performing this Agreement, and neither the execution or delivery of this Agreement shall
    not conflict with or violate any such law, regulation, order or contractual or other obligation; (c) CRUCELL has duly executed
    and delivered this Agreement, which constitutes a legal, valid and binding obligation of CRUCELL, enforceable against CRUCELL
    in accordance with its terms; (d) CRUCELL is the legal owner of all rights and title in and to the PER.C6® CELLS, PER.C6®
    PATENTS and PER.C6® KNOW HOW licensed hereunder, free and clear of any encumbrance, charge or restriction, and has the
    right to grant LICENSEE the licenses granted under this Agreement without conflicting with any third party rights and without
    creating any encumbrance, charge or restriction in connection therewith; (e) the PER.C6® CELLS provided to LICENSEE or
    to a designated contractor under 2.1.4 (i) comply with the certificates of analysis that accompany the cells, (ii) comply
    with the specifications as set forth in the Exhibits hereto, and (iii) have been manufactured, tested and maintained according
    to the current ICH, FDA and EMEA guidelines; (f) the terms of this Agreement do not create a conflict with or result in the
    breach of any right, obligation or agreement that CRUCELL has with any third party; (g) it has been using and out-licensing
    the PER.C6® CELLS since 1998 and it has never received any written, oral or electronic communication alleging that the
    PER.C6® CELLS, PER.C6® PATENTS or PER.C6® KNOW-HOW or the use thereof infringes the intellectual property rights
    of any third party nor is it currently aware of any circumstances that may give rise to any such claim; and (h) CRUCELL has
    and will continue to prosecute, maintain and take other actions necessary, to support the continued validity and enforceability
    of the PER.C6® PATENTS during the TERM and there is no pending claim or litigation, or, to CRUCELL’s knowledge,
    threatened claim, contesting the validity, ownership or right to use or license the PER.C6® PATENTS. UNLESS OTHERWISE
    EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, CRUCELL DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION,
    WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, FITNESS FOR ANY PARTICULAR PURPOSE, RESPECTING ANY MATERIALS PROVIDED TO
    LICENSEE PURSUANT TO, OR IN ASSOCIATION WITH THE PERFORMANCE OF THIS AGREEMENT, INCLUDING ANY WARRANTIES CONCERNING THE INHERENT
    PROPERTIES OF PACKAGING CELLS SUPPLIED UNDER THIS AGREEMENT. EXCEPT AS SET FORTH IN THIS AGREEMENT, CRUCELL MAKES NO WARRANTY
    AS TO THE MERCHANTABILITY OF THE PRODUCTS, PER.C6® KNOW HOW OR PER.C6® PATENTS.
	 	 	 
	 	9.2	LICENSEE
    Warranties. LICENSEE (a) is entitled to enter in this Agreement and to perform its obligations thereunder; (b) LICENSEE
    does not violate any law, regulation, order or its existing contractual obligations by executing, delivering and performing
    this Agreement; and (c) LICENSEE has duly executed this Agreement, which constitutes a legal valid and binding obligation
    of LICENSEE, enforceable against LICENSEE in accordance with its terms.
	 	 	 
	 	9.3	Product
    Liability and Indemnification. CRUCELL shall not be liable for and LICENSEE shall indemnify CRUCELL and hold CRUCELL harmless
    against any and all Losses (including product liability), arising in any manner from the use by LICENSEE or its AFFILIATES
    of PACKAGING CELLS and/or the PACKAGING CELL KNOW HOW, or the development or manufacture of prototypes or clinical supplies
    by LICENSEE or its AFFILIATES practicing PACKAGING CELLS and/or the PACKAGING CELL KNOW HOW, or the use of any PRODUCT by
    any human being, regardless of whether such use was contemplated by the Parties, except to the extent such liabilities result
    from (i) the willful misconduct, gross negligence or written instructions of CRUCELL; and/or pursuant to Section 8.3 above;
    and/or (ii) any breach of this Agreement by CRUCELL. CRUCELL shall hold harmless LICENSEE and its AFFILIATES against all Losses
    arising from the events set forth in clauses (i) and (ii) immediately above.

 

    	 19
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
                                         License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	10.	MISCELLANEOUS/
    RULES OF CONSTRUCTION

 

	 	10.1	Amendment.
    This Agreement may not be changed, modified, amended, or supplemented except by a written instrument signed by authorized
    representatives of both Parties hereto.
	 	 	 
	 	10.2	Assignability.
    LICENSEE’S rights and obligations in this Agreement may not be assigned without the prior written consent of
    CRUCELL, except to an AFFILIATE, or in the event of a merger or sale of all, or substantially all, of LICENSEE’S
    assets relating to the subject matter of this Agreement to an assignee, provided that LICENSEE shall remain joint
    and severally liable with any such assignee for the performance of its assigned obligations hereunder if LICENSEE continues
    to conduct business following such sale. Such assignment shall then be binding upon, inure to the benefit of the Parties,
    and be enforceable. Any attempted assignment contrary to the terms of this provision shall be void.
	 	 	 
	 	10.3	Choice
    of Law and Dispute Resolution. This Agreement shall be governed by and construed under the laws of the Netherlands. If
    any dispute arises out of this Agreement, the Parties will themselves endeavor to settle such dispute amicably. If the Parties
    fail to through reference to the Parties’ respective Chief Executive Officers. If the Chief Executive Officers are unable
    to resolve the dispute within thirty (30) days after such dispute is referred to them, then the Parties shall be subject arbitration
    before a single arbitrator, such arbitration to be held in accordance with the rules of arbitration of the International Chamber
    of Commerce and to be held in the English Language in The Hague, Netherlands The Parties shall use good faith efforts to expedite
    the arbitration. The Parties agree that any judgment of the foregoing arbitrator shall be final and binding and shall be enforceable
    in any competent court having jurisdiction over the adjudged party. Nothing herein shall prevent either party from seeking
    injunctive relief or other equitable remedies in or out of law.
	 	 	 
	 	10.4	Expenses.
    Each Party shall bear its own expenses, if not expressly agreed otherwise in this Agreement.
	 	 	 
	 	10.5	Force
    Majeure. Neither LICENSEE nor CRUCELL shall be liable for any failure or delay in performance under this Agreement which
    is due in whole or in part directly or indirectly to any cause of any nature beyond the reasonable control of such Party.
	 	 	 
	 	10.6	Further
    Assurances. Each Party hereto agrees to execute, acknowledge and/or deliver such further instruments, and to do all other
    acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

    	 20
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	10.7	Notice
    and Reports. All notices required by this Agreement shall be in writing, Al! notices and reports shall be sent by fax
    followed by registered airmail to the Parties at the following addresses or such other addresses as may be designated in writing
    by the respective Parties:

 

	To
    CRUCELL:	CRUCELL
    HOLLAND B.V.
	Archimedesweg
    4	 
	P.O.
    Box 2048	 
	2301
    CA Leiden	 
	THE
    NETHERLANDS	 
	Attn:
    Business Development	 
	FAX:
    +31-71-5199800	 
	 	 
	To
    LICENSEE:	VASCULAR
    BIOGENICS Ltd.
	6
    Jonathan Netanyahu Street,	 
	60376,
    Or-Yehuda,	 
	ISRAEL	 
	Attn:
    Emmanuel Elalouf	 
	VP
    Business Development	 
	FAX:
    972-3-6346449	 

 

Any
notices shall be deemed given when received by the other Party.

 

	 	10.8	Relationships
    of the Parties. Both Parties are independent contractors under this Agreement. Nothing contained in this Agreement is
    intended nor is to be construed so as to constitute CRUCELL and LICENSEE as agents, partners or joint ventures with respect
    to this Agreement. Neither Party hereto shall have any express or implied right or authority to assume or create any obligations
    on behalf of or in the name of the other Party or to bind the other Party to any other contract, agreement, or undertaking
    with any third party.

 

	 	10.9	Rules
    Of Construction.

 

	 	10.9.1.	Captions.
    Paragraph captions are inserted for convenience only and in no way are to be construed to define, limit or affect the construction
    or interpretation hereof.
	 	 	 
	 	10.9.2.	Entire
    Agreement. This Agreement contains the entire agreement of the Parties regarding the subject matter hereof, and supersedes
    all prior agreements, understandings, and negotiations between the Parties regarding the same.
	 	 	 
	 	10.9.3.	“Including”.
    The words “include”, “including” or “included” are used to indicate that the matters listed
    are not a complete enumeration of all matters covered and should be read such as “including but not limited to”.
	 	 	 
	 	10.9.4.	Singular,
    Plural, Gender. Words denoting the singular, shall include the plural and vice versa. Words denoting one gender shall
    include all others.
	 	 	 
	 	10.9.5.	Severability.
    If any part of this Agreement shall be held invalid and/or unenforceable, the remaining provisions of this Agreement shall
    nevertheless remain in full force and effect provided that such provisions will permit the transaction contemplated herein
    to take place in substantially the same manner as originally contemplated by the Parties.

 

    	 21
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Commercial
License Agreement PER.C6®

Crucell
Holland - Vascular Biogenics

 

	 	10.9.6.	Translations.
    This Agreement has been written and executed in the English language. Any translation into any other language shall not be
    an official version of this Agreement. In the event of any conflict in interpretation between the English version and such
    translation of this Agreement, the English version shall prevail.
	 	 	 
	 	10.9.7.	Waiver.
    The waiver by either Party of a breach of any provisions contained herein shall be in writing and shall in no way be construed
    as a waiver of any prior or succeeding breach of such provision or the waiver of the provision itself.
	 	 	 
	 	10.9.8.	Trademarks.
    PER.C6® is a registered trademark of CRUCELL. All right title and interest therein shall remain with CRUCELL. CRUCELL
    is solely entitled to all goodwill accruing in the trademark PER.C6® as a consequence of the use thereof by LICENSEE or
    otherwise. LICENSEE may only use CRUCELL’s PER.C6® trademark upon the execution of a separate trademark license
    agreement with CRUCELL. Notwithstanding the aforementioned, for the avoidance of doubt LICENSEE can use the PER.C6® trademark
    for reference purposes in connection with research publications as well as regulatory filings.
	 	 	 
	 	10.9.9.	Use
    of Party’s Name. No right, express or implied, is granted by this Agreement to LICENSEE to use in any manner other
    than for regulatory submission purposes the name “CRUCELL” or “INTROGENE”, or to CRUCELL to use in
    any manner the name of LICENSEE or its Affiliates, or any other trade name, logo or trademark of the other party in connection
    with the performance of this Agreement without prior permission from such other party except as elsewhere permitted under
    this Agreement.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement to be effective as of the date the last Party signs below.

 

	VASCULAR BIOGENICS LTD.	 	CRUCELL HOLLAND B.V.
	 	 	 	 	 
	By:		 	By:	
	 	 	 	 	Crucell
    N.V., represented by
	 	 	 	 	 
	 	Or-Yehuda,
    ______________ 2011	 	 	Leiden
    ____________________, 2011

 

    	 22
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
1.18 - CELL LINE DESIGNATION: PER.C6®

 

Origin
of the Cell Line

 

PER.C6®
cells are [***] transformed with [***] of [***]. The estimated copy number is [***]. The [***] in the construct is driven by the
[***]. The [***] are derived from [***].

 

Cell
Line Passage History

 

Research
Master Cell Bank [***] was stored at passage number [***] on 17 January 1996. Research Working Cell Bank [***] was generated from
[***] and stored at passage number [***] on 7 February 1996. The cell banks are stored in the [***] of [***] at [***] in [***].

 

Components
Used For Culture of the Cells

 

[***]
with [***] and, optionally, [***],[***] was used for [***].

 

Quality
Control

 

All
work on the development of PER.C6® cells carried out at Crucell Holland has been carried out under controlled conditions.
The data have been reviewed by QA Crucell Holland. The research Master Cell Bank and research Working Cell Bank have been tested
by GLP-inspected contract testing companies. All recorded data mentioned have been reviewed by Quality Assurance, Crucell Holland
BV, Leiden. All final reports have been reviewed for compliance to the specifications and pertinent relevant regulatory requirements
from the US and EEC.

 

    	 23
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Safety
Tests on the PER.C6® Human Adenoviral Packaging cell Line

 

Research
Master Cell Bank

 

	Test	Result
	[***]	[***]

 

Research
Working Cell Bank

 

	Test	Result
	[***]	[***]

 

    	 24
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
1.2 - APPROVED COUNTRIES

 

United
States of America

 

Canada

 

The
member states of the European Union on the EFFECTIVE DATE

 

Israel

 

Japan

 

Australia

 

New
Zealand

 

    	 25
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
1.21 - PER.C6® PATENTS

 

National
patents corresponding to [***] ([***];[***],[***]). The currently filed members of patent family [***] claim priorities based
on European priority documents [***] ([***]) and [***] ([***]). Members of this patent (application) family further include:

 

	Applications	 	Filing
    Date	 	Published	 	Publication
	[***]	 	[***]	 	[***]	 	[***]

 

	Patents	 	Issue
    Date
	[***]	 	[***]

 

2.
Claims covering the PACKAGING CELLS and the use thereof, excluding claims specifically directed to [***],[***] complementing cells
and vectors, in all PATENTS entitled to claim rights from [***] ([***];[***]:[***]) of the patent family [***] of [***] that claim
priority from French priority document [***] ([***]). PATENTS that include the aforesaid claims and that are granted as of the
EFFECTIVE DATE are listed below:

 

[***]
 

 

3.
PATENTS entitled to claim rights from [***] to [***], which application claims priority from [***]. PATENTS that are granted as
of the EFFECTIVE DATE include [***].

 

    	 26
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
1.24 - REGISTERED AFFILIATES

 

    	 27
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
1.25 - FORM OF MATERIAL TRANSFER AGREEMENT FOR STRATEGIC PARTNER

 

    	 28
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

MATERIAL
TRANSFER AND CONFIDENTIALITY AGREEMENT

FOR STRATEGIC PARTNER

 

This
Material Transfer and Confidentiality Agreement (“Agreement”) is by and between

 

Crucell
Holland B.V., a Dutch company with offices located at Archimedesweg 4, 2333 CN Leiden, the Netherlands, hereinafter
referred to as “Crucell”; and

 

Vascular
Biogenics Ltd., with offices located at 6 Jonathan Netanyahu Street, 60376, Or-Yehuda, Israel (hereinafter referred to as
“Vascular Biogenics”), and

 

[X],
a company with offices located at ..............., hereinafter referred to as “Strategic Partner”.

 

(Hereinafter
individually referred to as “Party” and collectively as “Parties”)

 

WHEREAS
Crucell is the owner of a proprietary PER.C6® cell line (hereinafter referred to as “PER.C6® CELLS”), and
of related proprietary and confidential information and patent rights (“PER.C6® CELL KNOW-HOW”);

 

WHEREAS
Crucell and Vascular Biogenics have signed a commercial license agreement that employs PER.C6® CELLS and PER.C6® CELLS
modified by incorporating technology of VBL (collectively with PER.C6® CELLS, “PACKAGING CELLS”) to manufacture,
use and develop a pharmaceutical products in certain fields, effective as of April 15, 2011, which is attached as Exhibit A hereto
(the “License”);

 

WHEREAS
Vascular Biogenics and Strategic Partner have agreed to enter into a strategic alliance (the “Alliance”) with Strategic
Partner involving PACKAGING CELLS and related proprietary and confidential information (“INFORMATION”), including,
without limitation, related know-how (“PACKAGING CELL KNOW HOW”) on the condition that Strategic Partner enter into
this Agreement with Vascular Biogenics and Crucell;

 

WHEREAS
Crucell is willing to make available the PER.C6® CELL KNOW-HOW to Strategic Partner for the performance of the Alliance;

 

WHEREAS
the Parties wish to make arrangements with respect to the use by Strategic Partner of the PACKAGING CELLS

 

NOW
THEREFORE, the Parties hereto, intending to be legally bound, agree as follows:

 

	1.	Supply
    of Know How: Crucell agrees to provide and consents to Vascular Biogenics providing the PACKAGING CELLS and the INFORMATION
    to Strategic Partner upon the execution of this Agreement; solely for use under the Alliance within the scope of the PROGRAM
    (as defined in the License). If Crucell is requested to deliver PER.C6® CELLS and PER.C6® CELLS KNOW-HOW to Strategic
    Partner, Crucell shall ship the PER.C6® CELLS and PER.C6® CELL KNOW-HOW to Strategic Partner at Vascular Biogenics’
    expense.
	 	 
	2.	Permitted
    and Restricted Uses: Strategic Partner shall only use the PACKAGING CELLS and PACKAGING CELL KNOW HOW to (1) to conduct
    authorized studies of or other tasks relating to the PACKAGING CELLS solely for use by Vascular Biogenics and/or (2) to use
    this PACKAGING CELLS and PACKAGING CELL KNOW HOW to develop processes and perform other tasks for the manufacturing and making
    of, and to manufacture and make, PACKAGING CELLS and PRODUCT (as defined in the License) of Vascular Biogenics. Strategic
    Partner shall not modify, alter, change and/or reconstruct the PER.C6® CELLS, other than as otherwise permitted under
    the License.

 

    	 29
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

	3.	Ownership
    of results and materials: Subject to the terms and conditions agreed between Vascular Biogenics and Crucell in the License,
    all rights to any materials, data and any physical, chemical, or biological results (hereinafter referred to collectively
    as “RESULTS”) generated under the Alliance will vest in Vascular Biogenics or its nominee (which can include Strategic
    Partner if so agreed pursuant to the Alliance). If during the course and performance of the Alliance, one or more employees
    of Strategic Partner conceive or reduce to practice one or more inventions directly resulting from the Alliance, Strategic
    Partner agrees that all right, title and interest in and to all such inventions, shall vest in Vascular Biogenics or its nominee
    (which can include Strategic Partner if so agreed pursuant to the Alliance). Without derogating from the foregoing, to the
    extent certain RESULTS, including inventions and patent applications and patents emanating therefrom are subject to a license
    grant-back to CRUCELL under the License, Vascular Biogenics and/or the Strategic Partner, as applicable, will effect such
    grant-back. Strategic Partner shall promptly disclose such inventions to Vascular Biogenics, and if requested by Vascular
    Biogenics, shall at Vascular Biogenics’ cost and expense, diligently cooperate with Vascular Biogenics in the preparation
    of patent applications covering such inventions, prosecution of such applications and any other acts necessary for the protection
    of rights to such inventions, including, but not limited to the execution of documents such as declarations and assignments
    to perfect Vascular Biogenics’ rights in and to such inventions. Strategic Partner will refrain from any and all acts
    that may jeopardize the patentability of the invention in any jurisdiction.
	 	 
	4.	Strategic
    Partner Control and Legal Obligations: To the extent Vascular Biogenics so agrees, Strategic Partner shall at all times
    maintain control over the PACKAGING CELLS and comply with all applicable laws, regulations and guidelines related to the PACKAGING
    CELLS (hereinafter collectively referred to as “the Rules”). Strategic Partner will not, unless Crucell and Vascular
    Biogenics will have given prior written approval on conditions it deems fit, release, transfer or distribute the PACKAGING
    CELLS to any party other than Vascular Biogenics and its authorized employees.
	 	 
	5.	Reporting:
    All RESULTS obtained from the screening, testing or use of PACKAGING CELLS by Strategic Partner will be reported, under the
    confidentiality terms of Section 7, to Vascular Biogenics without delay.
	 	 
	6.	Termination:
    After the termination or expiration of the Alliance, Strategic Partner shall transfer to Vascular Biogenics all remaining
    PACKAGING CELLS, derivatives and any substances obtained from the Alliance and confirm such in writing to the other Parties,
    or shall - at the request of Vascular Biogenics -diligently destroy the PACKAGING CELLS, derivatives and any substances derived
    there from in accordance with the Rules referred to in Section 4, and confirm such in writing to the other Parties. Upon completion
    of review of Crucell’s and Vascular Biogenics’ INFORMATION by Strategic Partner, upon the request of Crucell or
    in the absence of further agreement between Vascular Biogenics and Strategic Partner, Strategic Partner shall return to Vascular
    Biogenics all the provided INFORMATION, and any copies thereof in its possession, promptly by registered mail, certified mail,
    or courier service, for example, Federal Express, which retains record of the mailing, except that Strategic Partner may retain
    one copy of such INFORMATION for the sole purpose of determining any continuing legal obligations to Crucell and Vascular
    Biogenics u
	 	 
	7.	Confidentiality
    Obligations:

 

	 	7.1.	Strategic
    Partner shall treat all RESULTS and INFORMATION as confidential and shall not itself use, except for the purposes of the Alliance,
    or disclose to any fourth party any of such RESULTS and INFORMATION, except as to any of such RESULTS and INFORMATION which
    Strategic Partner can establish:

 

    	 30
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

	 	(a)	at
    the time of disclosure is in the public domain;
	 	 	 
	 	(b)	after
    disclosure becomes part of the public domain by publication or otherwise, except by breach of this Agreement by Strategic
    Partner or breach by any other party under an agreement of confidentiality to Crucell or Vascular Biogenics;
	 	 	 
	 	(c)	by
    written records was in its possession at the time of disclosure by Crucell or Vascular Biogenics and was not acquired directly
    or indirectly from Crucell, Vascular Biogenics or from any other party under an agreement of confidentiality to Crucell or
    Vascular Biogenics;
	 	 	 
	 	(d)	Strategic
    Partner receives from a fourth party legally in a position to provide Strategic Partner with the INFORMATION or RESULTS, provided,
    however, that such was not obtained by said fourth party directly or indirectly from Crucell or Vascular Biogenics under an
    obligation of secrecy;
	 	 	 
	 	(e)	is
    excepted by prior written approval of Crucell and Vascular Biogenics in the case of INFORMATION or RESULTS in the case of
    Vascular Biogenics;
	 	 	 
	 	(f)	is
    required by law to be disclosed; or
	 	 	 
	 	(g)	is
    independently developed by Strategic Partner without reference to the INFORMATION or RESULTS as evidenced by records, however
    maintained.

 

	 	7.2.	Strategic
    Partner shall have the right to disclose RESULTS and INFORMATION to those directors, officers, employees and consultants of
    Strategic Partner to whom such disclosure is necessary for the aforesaid purposes; provided that those persons to whom such
    RESULTS and INFORMATION may be disclosed under this paragraph have undertaken in writing confidentiality obligations with
    respect to such RESULTS and INFORMATION substantially similar to those undertaken by Strategic Partner under this Agreement.
	 	 	 
	 	7.3.	Strategic
    Partner will take all reasonable steps, including but not limited to those steps taken to protect information, data or other
    tangible or intangible property of its own that it regards as proprietary or confidential, to ensure that the RESULTS and
    INFORMATION are not disclosed or duplicated for any unauthorized party’s use and to prevent the directors, officers,
    employees and consultants of Strategic Partner from violating this Agreement. Strategic Partner shall notify Crucell and Vascular
    Biogenics promptly of its knowledge of any unauthorized use or unauthorized disclosure of RESULTS or INFORMATION.

 

	8.	Title
    and all rights to all Crucell’s INFORMATION owned by Crucell (as determined under the License) disclosed pursuant to
    the Alliance remain vested in Crucell.
	 	 
	9.	Nothing
    in this Agreement is to be construed as a license to Strategic Partner to utilize Crucell’s know-how, trademarks, or
    tradenames, except as provided in this Agreement, in any way whatsoever or under any patent or patent application owned by
    Crucell, unless a separate written license agreement is executed. Any modification to this Agreement shall be in writing.
	 	 
	10.	Use
    of Names: None of the parties will use the name of another party hereto in relation to this Agreement in any advertising
    or other form of publicity, without the prior written approval of such party.
	 	 
	11.	Limited
    Warranty: Except as otherwise provided herein, Crucell and Vascular Biogenics make no representation with regard to purity
    or biological activity of PACKAGING CELLS provided.
	 	 
	12.	Indemnification:
    Crucell shall not be liable for any claim or damage arising from or in connection with Strategic Partner’s use, handling
    or storage of PACKAGING CELLS and Strategic Partner and Vascular Biogenics shall hold harmless and indemnify Crucell for any
    such claim or damage, unless such claim or damage arises from the negligence or wrong-doing of Crucell.
	 	 
	13.	Each
    party warrants that it is permitted to enter into this Agreement and that the terms of this Agreement are not inconsistent
    with other contractual obligations it may have.

 

    	 31
	 
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	14.	Notwithstanding
    the terms of this Agreement, no party to this Agreement shall be obligated to enter into any further agreement with the other.
	 	 
	15.	This
    Agreement is binding upon the parties hereto and their successors in business, but is not otherwise assignable by Strategic
    Partner other than in connection with a merger, consolidation or sale of all or substantially all assets related to the subject
    matter of this Agreement.
	 	 
	16.	Effective
    Date, Termination Date and Survival: This Agreement will be effective on ....................... and will terminate upon
    the earlier of (i) termination of the License or (ii) termination of Alliance. Sections 3, 5, 6, 7, 8, 10, 11, 12, 14,16,
    18, 19 and 20 will survive any termination of this Agreement.
	 	 
	17.	Except
    as otherwise set forth herein, this Agreement may not be modified, assigned or transferred in whole or in part by Strategic
    Partner, unless Crucell will have given prior written approval on conditions it reasonably deems fit.
	 	 
	18.	Strategic
    Partner agrees that its obligations set forth in Sections 2, 4 and 7 are necessary and reasonable to protect Crucell and expressly
    agrees that monetary damages would be inadequate to compensate Crucell for any breach of any covenant or agreement set forth
    in Sections 2, 4 or 7. Strategic Partner agrees and acknowledges that any such violation or threatened violation may cause
    irreparable injury to Crucell and that in addition to any other remedies that may be available, in law, in equity or otherwise,
    Crucell shall be entitled to seek injunctive relief against any threatened breach of this Agreement or the continuation of
    any such breach, without the necessity of proving actual damages.
	 	 
	19.	This
    Agreement shall be exclusively governed by and construed in accordance with the laws of the Netherlands. All disputes arising
    out of or in relation to this Agreement shall, to the exclusion of all others, be referred exclusively to the competent Dutch
    Courts, and the Parties agree that judgments of the competent Dutch Court are enforceable in any court having jurisdiction
    over the Parties. In the event of a dispute between the parties regarding this Agreement, the parties shall first attempt
    to resolve their dispute through amicable discussion.
	 	 
	20.	In
    case of conflict between the License and this Agreement, the provisions of the License shall prevail, except with respect
    to Strategic Partner in which case this Agreement shall prevail.

 

    	 32
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

IN
WITNESS WHEREOF, Strategic Partner, Vascular Biogenics and Crucell have executed this Agreement by their respective, duly
authorized, representatives as of the date hereinafter written:

 

	Crucell
    Holland B.V.	 	Vascular
    Biogenics Ltd.
	 	 	 
	By:
    _____________________________________ 	 	By:
    _____________________________________ 
	Name:	 	Name:
	Function:	 	Function:
	 	 	 
	Strategic
    Partner	 	 
	 	 	 
	By:
    _____________________________________ 	 	By:
    _____________________________________ 
	Name:	 	Name:
	Function:	 	Function:

 

    	 33
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
A

 

LICENSE
AGREEMENT

 

    	 34
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
2.4.1 - FORM OF MATERIAL TRANSFER AGREEMENT
FOR A CONTRACTOR

 

    	 35
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

MATERIAL
TRANSFER AND CONFIDENTIALITY AGREEMENT

 

This
Material Transfer and Confidentiality Agreement (“Agreement”) is by and between

 

Crucell
Holland B.V., a Dutch company with offices located at Archimedesweg 4, 2333 CN Leiden, the Netherlands, hereinafter
referred to as “Crucell”; and

 

Vascular
Biogenics Ltd., with offices located at 6 Jonathan Netanyahu Street, 60376, Or-Yehuda, Israel (hereinafter referred to as
“Vascular Biogenics”), and

 

[X],
a company with offices located at ..............., hereinafter referred to as “Contractor”.

 

(hereinafter
individually referred to as “Party” and collectively as “Parties”)

 

WHEREAS
Crucell is the owner of a proprietary PER.C6® cell line (hereinafter referred to as “PER.C6® CELLS”), and
of related proprietary and confidential information and patent rights (“PER.C6® CELL KNOW-HOW”);

 

WHEREAS
Crucell and Vascular Biogenics have signed a commercial license agreement that employs PER.C6® CELLS and PER.C6® CELLS
modified by incorporating technology of VBL (collectively with PER.C6® CELLS, “PACKAGING CELLS”) to manufacture,
use and develop a pharmaceutical products in certain fields, effective as of April_, 2011 (the “License”);

 

WHEREAS
under Vascular Biogenics’ rights under Section 2.4 of the License, Vascular Biogenics wishes Contractor to perform certain
work described in Attachment I, hereinafter referred to as the “Statement of Work”, using the PACKAGING CELLS and
related proprietary and confidential information (“INFORMATION”), including, without limitation, related know-how
(“PACKAGING CELL KNOW HOW”) on the condition that Contractor enter into this Agreement with Vascular Biogenics and
Crucell;

 

WHEREAS
Crucell is willing to make available the PER.C6® CELL KNOW-HOW to Contractor for the performance of the Statement of Work;

 

WHEREAS
the Parties wish to make arrangements with respect to the use by Contractor of the PACKAGING CELLS and of the results of the Statement
of Work performed thereon.

 

NOW
THEREFORE, the Parties hereto, intending to be legally bound, agree as follows:

 

	1.	Supply
    of Know How: Crucell agrees to provide and consents to Vascular Biogenics’s providing, the PACKAGING CELLS and the
    INFORMATION to Contractor upon the execution of this Agreement; solely for use under the Statement of Work. If Crucell is
    requested to deliver PER.C6® CELLS and PER.C6® CELLS KNOW-HOW to Contractor, Crucell shall ship the PER.C6® CELLS
    and PER.C6® CELLS KNOW-HOW to Contractor at Vascular Biogenics’s expense.
	 	 
	2.	Permitted
    and Restricted Uses: Contractor shall only use the PACKAGING CELLS and PACKAGING CELL KNOW HOW to (1) to conduct authorized
    studies of or other tasks relating to the PACKAGING CELLS solely for use by Vascular Biogenics and/or (2) to use this PACKAGING
    CELLS and PACKAGING CELL KNOW HOW to develop processes and perform other tasks for the manufacturing and making of, and to
    manufacture and make, PACKAGING CELLS and products of Vascular Biogenics. Contractor shall not modify, alter, change and/or
    reconstruct the PER.C6® CELLS, other than as further described in the Statement of Work.

 

    	 36
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Material
Transfer Agreement: PER.C6® Cell Line

Crucell Holland – Contractor – Vascular Biogenics

Page 2 of 3

 

	3.	Ownership
    of results and materials: Subject to the terms and conditions agreed between Vascular Biogenics and Crucell in the License,
    all rights to any materials, data and any physical, chemical, or biological results (hereinafter referred to collectively
    as “RESULTS”) generated under the Statement of Work will vest in Vascular Biogenics. If during the course and
    performance of the Statement of Work, one or more employees of Contractor conceive or reduce to practice one or more inventions
    directly resulting from the Statement of Work, Contractor agrees that all right, title and interest in and to all such inventions,
    shall vest in Vascular Biogenics or its nominee. Without derogating from the foregoing, to the extent certain RESULTS, including
    inventions and patent applications and patents emanating therefrom are subject to a license grant-back to Crucell under the
    License, Vascular Biogenics will effect such grant-back. Contractor shall promptly disclose such inventions to Vascular Biogenics,
    and if requested by Vascular Biogenics, shall at Vascular Biogenics’s cost and expense, diligently cooperate with Vascular
    Biogenics in the preparation of patent applications covering such inventions, prosecution of such applications and any other
    acts necessary for the protection of rights to such inventions, including, but not limited to, the execution of documents
    such as declarations and assignments to perfect Vascular Biogenics’s rights in and to such inventions. Contractor will
    refrain from any and all acts that may jeopardize the patentability of the invention in any jurisdiction.
	 	 
	4.	Contractor
    Control and Legal Obligations: Contractor shall at all times maintain control over the PACKAGING CELLS and comply with
    all applicable laws, regulations and guidelines related to the PACKAGING CELLS (hereinafter collectively referred to as “the
    Rules”). Contractor will not, unless Crucell and Vascular Biogenics will have given prior written approval on conditions
    it deems fit, release, transfer or distribute the PACKAGING CELLS to any party other than Vascular Biogenics and its authorized
    employees.
	 	 
	5.	Reporting;
    All RESULTS obtained from the screening, testing or use of PACKAGING CELLS by Contractor will be reported, under the confidentiality
    terms of Section 7, to Vascular Biogenics without delay.
	 	 
	6.	Termination:
    After the termination or expiration of this Agreement, Contractor shall transfer to Vascular Biogenics all remaining PACKAGING
    CELLS, derivatives and any substances obtained from the Statement of Work and confirm such in writing to the other Parties,
    or shall -at the request of Vascular Biogenics - diligently destroy the PACKAGING CELLS, derivatives and any substances derived
    there from in accordance with the Rules referred to in Section 4, and confirm such in writing to the other Parties. Upon completion
    of review of Crucell’s and Vascular Biogenics’ INFORMATION by Contractor, upon the request of Crucell or in the
    absence of further agreement between Vascular Biogenics and Contractor, Contractor shall return to Vascular Biogenics all
    the provided INFORMATION, and any copies thereof in its possession, promptly by registered mail, certified mail, or courier
    service, for example, Federal Express, which retains record of the mailing, except that Contractor may retain one copy of
    such INFORMATION for the sole purpose of determining any continuing legal obligations to Crucell and Vascular Biogenics.
	 	 
	7.	Confidentiality
    Obligations:

 

	 	7.1.	Contractor
    shall treat ail RESULTS and INFORMATION as confidential and shall not itself use, except for the purposes of this Agreement,
    or disclose to any fourth party any of such RESULTS and INFORMATION, except as to any of such RESULTS and INFORMATION which
    Contractor can establish:

 

	 	(a)	at
    the time of disclosure is in the public domain;
	 	 	 
	 	(b)	after
    disclosure becomes part of the public domain by publication or otherwise, except by breach of this Agreement by Contractor
    or breach by any other party under an agreement of confidentiality to Crucell or Vascular Biogenics;
	 	 	 
	 	(c)	by
    written records was in its possession at the time of disclosure by Crucell or Vascular Biogenics and was not acquired directly
    or indirectly from Crucell, Vascular Biogenics or from any other party under an agreement of confidentiality to Crucell or
    Vascular Biogenics;

 

    	 37
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Material
Transfer Agreement: PER.C6® Cell Line

Crucell Holland – Contractor – Vascular Biogenics

Page 2 of 3

 

	 	(d)	Contractor
    receives from a fourth party legally in a position to provide Contractor with the INFORMATION or RESULTS, provided, however,
    that such was not obtained by said fourth party directly or indirectly from Crucell or Vascular Biogenics under an obligation
    of secrecy;
	 	 	 
	 	(e)	is
    excepted by prior written approval of Crucell and Vascular Biogenics in the case of INFORMATION or RESULTS in the case of
    Vascular Biogenics;
	 	 	 
	 	(f)	as
    required by law to be disclosed; or
	 	 	 
	 	(g)	is
    independently developed by Contractor without reference to the INFORMATION or RESULTS as evidenced by records, however maintained.

 

	 	7.2.	Contractor
    shall have the right to disclose RESULTS and INFORMATION to those directors, officers, employees and consultants of Contractor
    to whom such disclosure is necessary for the aforesaid purposes; provided that those persons to whom such RESULTS and INFORMATION
    may be disclosed under this paragraph have undertaken in writing confidentiality obligations with respect to such RESULTS
    and INFORMATION substantially similar to those undertaken by Contractor under this Agreement.
	 	 	 
	 	7.3.	Contractor
    will take all reasonable steps, including but not limited to those steps taken to protect information, data or other tangible
    or intangible property of its own that it regards as proprietary or confidential, to ensure that the RESULTS and INFORMATION
    are not disclosed or duplicated for any unauthorized party’s use and to prevent the directors, officers, employees and
    consultants of Contractor from violating this Agreement. Contractor shall notify Crucell and Vascular Biogenics promptly of
    its knowledge of any unauthorized use or unauthorized disclosure of RESULTS or INFORMATION.

 

	8.	Title
    and all rights to all Crucell’s INFORMATION owned by Crucell (as determined under the License) disclosed under this
    Agreement remain vested in Crucell.
	 	 
	9.	Nothing
    in this Agreement is to be construed as a license to Contractor to utilize Crucell’s know-how, trademarks, or tradenames,
    except as provided in this Agreement, in any way whatsoever or under any patent or patent application owned by Crucell, unless
    a separate written license agreement is executed. Any modification to this Agreement shall be in writing.
	 	 
	10.	Use
    of Names: None of the parties will use the name of another party hereto in relation to this Agreement in any advertising
    or other form of publicity, without the prior written approval of such party.
	 	 
	11.	Limited
    Warranty: Except as otherwise provided herein, Crucell and Vascular Biogenics make no representation with regard to purity
    or biological activity of PACKAGING CELLS provided.
	 	 
	12.	Indemnification:
    Crucell shall not be liable for any claim or damage arising from or in connection with Contractor’s use, handling or
    storage of PACKAGING CELLS and Contractor and Vascular Biogenics shall hold harmless and indemnify Crucell for any such claim
    or damage, unless such claim or damage arises from the negligence or wrong-doing of Crucell. Vascular Biogenics shall hold
    harmless and indemnify Contractor for any such claim or damage, unless such claim or damage arises from the negligence or
    wrong-doing of Vascular Biogenics.
	 	 
	13.	Each
    party warrants that it is permitted to enter into this Agreement and that the terms of this Agreement are not inconsistent
    with other contractual obligations it may have.
	 	 
	14.	Notwithstanding
    the terms of this Agreement, no party to this Agreement shall be obligated to enter into any further agreement with the other.

 

    	 38
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Material
Transfer Agreement: PER.C6® Cell Line

Crucell Holland – Contractor – Vascular Biogenics

Page 2 of 3

 

	15.	This
    Agreement is binding upon the parties hereto and their successors in business, but is not otherwise assignable by Contractor
    other than in connection with a merger, consolidation or sale of all or substantially all assets related to the subject matter
    of this Agreement.
	 	 
	16.	Effective
    Date, Termination Date and Survival: This Agreement will be effective on ....................... and will terminate after
    the earlier of (i) the completion of the Statement of Work described in Attachment I, (ii) 60 months after the effective date
    or (ii) upon termination of the License. Sections 3, 5, 6, 7, 8, 10, 11, 12, 14, 16, 18, 19 and 20 will survive any termination
    of this Agreement.
	 	 
	17.	Except
    as otherwise set forth herein, this Agreement may not be modified, assigned or transferred in whole or in part by Contractor,
    unless Crucell will have given prior written approval on conditions it reasonably deems fit.
	 	 
	18.	Contractor
    agrees that its obligations set forth in Sections 2, 4 and 7 are necessary and reasonable to protect Crucell and expressly
    agrees that monetary damages would be inadequate to compensate Crucell for any breach of any covenant or agreement set forth
    in Sections 2, 4 or 7. Contractor agrees and acknowledges that any such violation or threatened violation may cause irreparable
    injury to Crucell and that in addition to any other remedies that may be available, in law, in equity or otherwise, Crucell
    shall be entitled to seek injunctive relief against any threatened breach of this Agreement or the continuation of any such
    breach, without the necessity of proving actual damages.
	 	 
	19.	This
    Agreement shall be exclusively governed by and construed in accordance with the laws of the Netherlands. All disputes arising
    out of or in relation to this Agreement shall, to the exclusion of all others, be referred exclusively to the competent Dutch
    Courts, and the Parties agree that judgments of the competent Dutch Court are enforceable in any court having jurisdiction
    over the Parties. In the event of a dispute between the parties regarding this Agreement, the parties shall first attempt
    to resolve their dispute through amicable discussion.
	 	 
	20.	In
    case of conflict between the License and this Agreement, the provisions of the License shall prevail, except with respect
    to Contractor in which case this Agreement shall prevail.

 

IN
WITNESS WHEREOF, Contractor, Vascular Biogenics and Crucell have executed this Agreement by their respective, duly authorized,
representatives as of the date hereinafter written:

 

	Crucell
    Holland B.V.

    For and on behalf of Crucell N.V.	 	Vascular
    Biogenics Ltd.
	 	 	 
	By:
    _____________________________________ 	 	By:
    _____________________________________ 
	Name:	 	Name:
	Function:	 	Function:
	 	 	 
	Contractor	 	 
	 	 	 
	By:
    _____________________________________ 		By:
    _____________________________________ 
	Name:	 	Name:
	Function:	 	Function:

 

    	 39
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

Attachment
I: Statement of Work to which the use of the MATERIAL is to be limited

 

Contractor
may only use MATERIAL and INFORMATION for

 

    	 40
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
2.4.2 - PRE-APPROVED THIRD PARTY CONTRACTORS

 

    	 41
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
3.5.1- QUARTERLY REPORTING FORM

 

To:
CRUCELL HOLLAND B.V.

Archimedesweg
4

P.O.
Box 2048

2301
CA Leiden

THE
NETHERLANDS

Attn.
Business Development

FAX:
+31-71-5199800

 

From:
(Please fill in COMPANY name and address)

 

 

 

 

  

Date:
___________________

 

Subject:
QUARTERLY REPORT LICENSE AGREEMENT

 

	 	1)	Period
    covered by the report

 

 

 

	 	2)	General
    culturing

 

	 	●	A
    short description on general cell culture activities.
	 	●	Have
    you encountered problems culturing the PER.C6® cell line?
	 	●	Have
    you seen substantial deviations from the culture protocols described in the PER.C6® KNOW HOW FILE?

 

 

 

	 	3)	VECTOR
    production

 

	 	●	Have
    you encountered problems or observed remarkable results when transfecting the PER.C6® cell line, or when creating MODIFIED
    CELLS?
	 	●	Any
    substantial deviations from and/or additions to the protocols provided in the PER.C6® KNOW HOW FILE?

 

 

 

	 	4)	Interactions
    with regulatory authorities

 

	 	●	In
    the past three months, were there any communications with regulatory authorities that were NOT subject to Section 3,4.3 of
    the License Agreement? If YES, please provide a summary of the reason, the nature and the outcome of these discussions. Please
    provide copies of the communication.
	 	●	What
    safety, tumorgenicity and/or other tests have been performed on the PACKAGING CELLS for regulatory purposes? Please provide
    reason, nature and outcome of the tests.

 

 

 

    	 42
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

 

     

    

 

EXHIBIT
3.5.2.
- ANNUAL REPORTING FORM

 

To:
CRUCELL HOLLAND B.V.

Archimedesweg
4

2048

2301
CA Leiden

THE
NETHERLANDS

Attn.
Business Development

FAX:
+31-71-5199800

 

From:
(Please fill in COMPANY name and address)

 

 

 

 

 

Subject:
ANNUAL REPORT LICENSE AGREEMENT

 

	 	1)	Period
    covered by the report

 

 

 

	 	2)	General
    culturing

 

	 	●	A
    short description on general cell culture activities.
	 	●	Media
    used.
	 	●	Cell
    banks prepared.
	 	●	General
    performance; cell growth, viabilities, doubling times.
	 	●	Scale
    and scale-up data.
	 	●	Systems
    used (Shake-flasks, Roller bottles, Bioreactors, Wave bags).
	 	●	Have
    you encountered problems culturing the PER.C6® cell line?
	

                                                                                 

                                                                                 
	●	Have
    you seen substantial deviations from the culture protocols described in the PER.C6® KNOW HOW files?

 

 

 

	 	3)	VECTOR
    production

 

	 	●	Number
    and type of vectors produced in the PER.C6® cell line.
	 	●	Yields
    reached per produced VECTOR.
	 	●	Have
    you encountered problems or observed remarkable results when transfecting the PER.C6® cell line, or when creating MODIFIED
    CELLS?
	 	●	Any
    substantial deviations from and/or additions to the protocols provided in the PER.C6® KNOW HOW FILE?
	 	●	Code(s)
    for tracking the individual new PRODUCT in future reports.

 

 

 

	 	4)	Third
    party activities

 

	 	●	Have
    you performed CMO activities for THIRD PARTIES using the PER.C6® cell line or worked with the PER.C6® cell line in
    collaborations programs with THIRD PARTIES? If yes, please state the name of the company/companies and a short description
    of the project(s).
	 	●	Has
    a CMO performed any activities with the PER.C6® cell line? If yes, please state the name of the company/companies and
    a short description of the project(s).

 

 

 

	 	5)	Interactions
    with regulatory authorities / Clinical activities

 

	 	●	What
    pre-IND meetings and IND filings have taken place for products produced on PER.C6®? For which products? What was the outcome
    (related to PER.C6®) of those meetings?
	 	●	Were
    there any communications with regulatory authorities that were NOT subject to Section 3.4.3 of the License Agreement? If YES,
    please provide a summary of the reason, the nature and the outcome of these discussions. Please provide copies of the communication.
	 	●	What
    safety, tumorgenicity and/or other tests have been performed on the PACKAGING CELLS for regulatory purposes. Please provide
    reason, nature and outcome of the tests.
	 	●	Was
    clinical material produced using the PER.C6® cell line?

 

    	 43
	 
	Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by [***].

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