Document:

Exhibit 4.9

 

DATED: 1 June 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIDATECH PHARMA PLC

and

CRAIG COOK

 

 

 

 

 

 

 

 

 

 

 

 

 

SERVICE AGREEMENT

 

    	 	 	 

    	 

    

 

THIS AGREEMENT is made on 1st
June 2018

 

BETWEEN:

MIDATECH PHARMA PLC company number
09216368) whose registered office is at 65 Innovation Drive, Milton Park, Abingdon OX14 4RQ (the “Company”);
and

 

CRAIG COOK of Flat 4, 61 Inverness
Terrace, London W2 3JT (the “Executive”).

 

RECITALS

 

The Company shall employ the Executive
and the Executive shall serve the Company as Chief Executive Officer of the Company on the following terms and subject to the following
conditions (the “Agreement”):

 

IT IS AGREED AS FOLLOWS:

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement unless the context otherwise requires the following expressions shall have the
following meanings:

		1.2	

“Board”
the board of directors for the time being of the Company;

 

“Group”
the Company and its Subsidiaries for the time being and “Group Company” means any one of them;

 

“Regulations”
the Working Time Regulations 1998; and

 

“Subsidiary”
in relation to a company a subsidiary within the meaning of s1159 of the Companies Act 2006 and any other company which is
a subsidiary (as so defined) of a company which is itself a subsidiary of such holding company.

 

		1.2	Any reference to a statutory provision shall be deemed to include a reference to any statutory
modification or re-enactment of it.

 

		1.3	The headings in this Agreement are for convenience only and shall not affect its construction or
interpretation.

 

		1.4	References in this Agreement to a person include a body corporate and an incorporated association
of persons and references to a company include any body corporate.

 

		1.5	Where appropriate, references to the Executive include his personal representatives.

 

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		2	TERM OF EMPLOYMENT

 

		2.1	The employment of the Executive in the role of Chief Executive Officer commenced on 1 June 2018
however for the purpose of determining Continuity of Employment, the Executive shall be deemed to have commenced employment on
1 January 2014. The employment of the Executive (subject to earlier termination as provided below) shall continue until terminated
by either party giving to the other not less than six months’ notice in writing at any time.

 

		2.2	The Executive represents and warrants that he is not bound by or subject to any contract, court
order, agreement, arrangement or undertaking which in any way restricts or prohibits him from entering into this Agreement or performing
his duties under it.

 

		3	DUTIES

 

		3.1	The Executive shall during his employment under this Agreement:

 

		3.1.1	perform the duties and exercise the powers which the Board may from time to time properly assign
to him in his capacity as Chief Executive Officer or in connection with the conduct and management of the business of the Company
or the business of any Group Company (including serving on the board of such Group Company or on any other executive body or any
committee of such a company); and

 

		3.1.2	do all in his power to promote, develop and protect the business of the Company and at all times
and in all respects conform to and comply with the proper and reasonable directions and regulations of the Board.

 

		3.2	The Executive shall give to the Board such information regarding the affairs of the Company as
it shall require, and in any event, report regularly and keep the Board informed.

		3.3	The Executive shall carry out his duties and exercise his powers jointly with any other executives
appointed by the Board to act jointly with him and the Board may at any time require the Executive to cease performing or exercising
the said or any duties or powers.

 

		3.4	The Executive shall be based at the Company’s head office near Abingdon, but the Executive
shall travel to and/or work in any place which the Board may reasonably require and he may be required to travel abroad when required
by the Company for the proper performance of his duties.

 

		4	HOURS OF WORK

 

The Executive shall have no
set hours of work but is required to devote such time to his work as is necessary for the proper performance of his duties and
his basic salary referred to in clause 7.1 shall compensate him for this. Normal office hours are 9 am to 5 pm Monday to Friday.

 

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		5	GRATUITIES AND CODES OF CONDUCT

 

		5.1	The Executive shall not, without prior written consent of Company, directly or indirectly accept
any commission, rebate, discount or gratuity in cash or in kind from any person who has or is having a business relationship with
the Company or any Group Company.

		5.2	The Executive shall comply (and procure that his spouse and minor children shall comply) with all
applicable rules and regulations of the London Stock Exchange including all AIM rules and regulations, and as applicable the Listing
Rules of the United Kingdom Listing Authority, and any codes of conduct of the Company for the time being in force and any other
relevant regulatory authority.

 

		6	REMUNERATION

 

		6.1	The Company shall pay to the Executive a salary at the rate of £220,000 (the “Temporary
Salary”) gross per year, inclusive of any directors’ fees payable to him. At such time as the AIM 30-day volume weighted
average share price of the Company reaches 100 pence, the salary shall be increased to £253,000 (the “Current Salary”)
gross per year.

 

		6.2	The basic salary stated in clause 6.1 above will increase automatically with effect from 1 April
each year by the percentage increase, if any, in the ‘All Items Index of Retail Prices’ published by the Office for
National Statistics over the previous year.

 

		6.3	The Executive’s salary shall accrue from day to day and be payable by equal monthly instalments
in arrears on or about the last day of each month.

 

		6.4	The Executive’s salary shall be reviewed annually following the finalisation of the relevant
calendar year’s Annual Reports and Accounts. The undertaking of a salary review does not confer a contractual right (whether
express or implied) to any increase in salary and the Executive acknowledges that any salary increase is at the absolute discretion
of the Remuneration Committee.

 

		7	BONUS

 

The Executive will be eligible
to participate in a discretionary bonus scheme (the “Scheme”), which terms may be reviewed by the Remuneration Committee
from time to time. Decisions as to the calculation and payment of any bonus under the Scheme shall be made at the absolute discretion
of the Remuneration Committee although it is acknowledged that the amount of such bonus will be up to approximately 40 per cent,
of the Executive’s annual salary on the satisfaction of certain performance criteria. Payment of bonus on certain terms at
any particular time will not create any entitlement to or expectation of any future payment or the amount or terms of any future
payment. The Executive will not have any contractual right to a bonus if he has left the Company’s employment for whatever
reason (whether lawful or unlawful) or has given or received notice of termination, at or prior to the time on which any such bonus
would normally be payable. Any bonus awarded will be paid subject to tax and National Insurance in the usual way.

 

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		8	OTHER BENEFITS

 

The Executive is entitled to
such additional benefits (including, but not limited to, a 10% pension contribution, life insurance and medical insurance) as may
be determined by the Board from time to time.

 

		9	EXPENSES

 

The Company shall reimburse
or procure that the Executive is reimbursed all reasonable travelling, hotel and other expenses wholly and necessarily incurred
by him in the performance of his duties under this Agreement on production of appropriate receipts, if required, by the Company.

 

		10	HOLIDAYS

 

		10.1	The Executive is entitled to 25 days’ holiday with pay every calendar year in addition to
bank and other public holidays. The Company’s holiday year runs from January to December.

 

		10.2	The Executive’s holiday entitlement is inclusive of his statutory entitlement. When calculating
the Executive’s statutory entitlement, bank and public holidays are taken into account. A maximum of three days of the statutory
entitlement can be carried over from one holiday year to the first three months of the next year and pay in lieu of such holidays
will be made to the Executive.

 

		10.3	During the first year of the Executive’s employment the Executive’s statutory holiday
entitlement will accrue pro rata monthly in advance. Where this calculation results in fractions of days the amount of leave which
can be taken is rounded up to the next half day. Any rounded-up element is deducted from the leave remaining.

 

		10.4	Save as provided for in clause 10.3 above, the Executive’s entitlement to holiday accrues
pro rata throughout each holiday year (disregarding fractions of days). The Executive will be deemed to have taken statutory holiday
first.

 

		10.5	Any entitlement to holiday over and above any statutory entitlement remaining at the end of any
holiday year shall lapse and no payment in lieu of such holiday will be made for accrued but untaken holiday.

 

		10.5.1	If the Executive has taken holiday in excess of his entitlement on termination of employment he
will be required to give account for it and the Company will make a deduction from his final salary payment accordingly. If the
Executive has accrued holiday owing to him, the Company may at its discretion, require him to take the outstanding holiday during
any notice period or make a payment in lieu of it.

 

		10.5.2	For the purposes of clause 10.5.1 above, a day’s pay will be calculated as 1/260th of basic
salary.

 

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		10.6	If the Executive’s employment is terminated without notice, he will not be entitled to holiday
pay for holiday which would have accrued during the notice period, had he continued to be employed throughout that time.

 

		10.7	If the Executive is put on garden leave in accordance with clause 19 any accrued but unused holiday
entitlement shall be deemed to be taken during any period of garden leave.

 

		10.8	Holidays should be taken at such times as the Board shall consider most convenient having regard
to the requirements of the Company’s business.

 

		11	ILLNESS

 

		11.1	The Executive shall continue to be paid during sickness absence (such payment to be inclusive of
any statutory sick pay or social security benefits to which he may be entitled) for a total of up to three months in any six consecutive
months and thereafter any additional payments of salary will be at the discretion of the Company.

 

		11.2	The Executive will cease to accrue holiday, subject to any entitlement under the Regulations if
he has been absent due to sickness, for six consecutive weeks or more.

 

		11.3	If the Executive is incapable of performing his duties by reason of injury sustained wholly or
partly as a result of negligence, nuisance or breach of any statutory duty on the part of a third party and the Executive recovers
an amount by way of compensation for loss of earnings from that third party, he shall pay to the Company an amount equivalent to
the amount of sick pay he has received from the Company or such lesser amount as he received in compensation.

 

		11.4	The Company shall be entitled to require the Executive to undergo examinations by a medical adviser
appointed or approved by the Company and the Executive authorises the medical adviser and/or will provide such consents as are
necessary to disclose to the Company the results of such examinations.

 

		11.5	The Executive hereby covenants with the Company on behalf of himself and his personal representatives
at all times fully and effectively to comply with the terms of any insurance policy taken out by the Company or any Group Company
on his life or in respect of his position as a director and/or office of the Company and further undertakes (notwithstanding that
his Agreement has been terminated or has come to an end) to co-operate fully with and assist the Company or any applicable Group
Company in relation to any claim(s) made or to be made in connection with such insurance policy (including without limitation submitting
to a medical examination).

 

		11.6	In the event that the Executive is unable to perform his duties hereunder through illness or other
incapacity for any continuous period of three months or an aggregated period exceeding 100 working days in any period of 12 months,
notwithstanding any other provision of this Agreement, the Company may terminate the Executive’s employment upon six months’
written notice to him and during that period the Executive shall not have any entitlement to receive his salary or any bonus payment
but shall otherwise be entitled to his contractual benefits under this Agreement.

 

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		12	RESTRICTIONS DURING EMPLOYMENT

 

		12.1	During the continuance of his employment under this Agreement the Executive shall unless prevented
by incapacity devote his whole time and attention to the business of the Company and shall not without the prior written consent
of the Board:

 

		12.1.1	engage in any other business; or

 

		12.1.2	be concerned or interested in any other business which is or shall be of a similar nature to or
competitive with that carried on by the Company or any Group Company or which is a supplier or customer of the Company or Group
Company in relation to its services; or

 

		12.1.3	solicit the custom of, canvass, approach or deal with, in competition with the Company or any Group
Company, any person (including any company, firm, organisation or other entity) to whom the Company or any Group Company supplies
services or with whom the Company or any Group Company is in negotiations or discussions regarding the possible supply of services;
or

 

		12.1.4	discourage any such person referred to in clause 12.1.3 above from conducting or continuing to
conduct business with the Company or any Group Company on the best terms available to the Company or any Group Company; or

 

		12.1.5	induce or attempt to induce any director or senior employee of the Company or any Group Company
and with whom the Executive has material dealings in the course of his employment, to leave the employment of the Company or any
Group Company; or

 

		12.1.6	take any steps which impair or might reasonably be thought by the Company, to impair the Executive’s
ability to act at all times in the best interests of the Company,

 

provided that nothing in this
clause shall preclude the Executive from holding or being otherwise interested in any shares or other securities of any company
which is quoted on any recognised investment exchange (as defined by section 285 Financial Services and Markets Act 2000) so long
as the interest of the Executive in such shares or other securities does not extend to more than three per cent, of the total amount
of such shares or securities.

 

		13	INTELLECTUAL PROPERTY

 

		13.1	“Intellectual Property” shall mean all inventions, patents, utility models, designs
(both registered or unregistered and including rights relating to semi-conductor topographies), database right, copyright, and
trade marks (both registered and unregistered) together with all rights to the grant of and applications for the same and including
all similar or analogous rights and all other rights in the nature of intellectual and industrial property throughout the world
and all future rights of such nature.

 

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		13.2	For the purpose of interpreting this clause, reference(s) to any form of Intellectual Property
shall include all similar and analogous rights in other jurisdictions and all other rights in the nature of intellectual and industrial
property that protect the same or similar subject matter.

		13.3	If the Executive makes, or if the Executive participates in making, any invention, any design (whether
registrable or not), or any work in which copyright and/or database rights subsist and which relates to or is useful in connection
with the business of the Company or the Group, the Executive shall disclose it to the Company immediately, whether or not it is
the property of the Company or any Group Company and:

 

		13.3.1	in the case of an invention give the Company full particulars of the invention together with everything
embodying, recording (in any media) or relating to the invention, irrespective of the nature of the invention or when it was made;
and

 

		13.3.2	in the case of designs or works in which copyright and/or database right subsists, give the Company
a copy of all records of such designs and works; and

 

		13.3.3	and, in addition, the Company may call for the same to be delivered forthwith to an authorised
representative at any time.

 

		13.4	If an invention made by the Executive is the property of the Company or any Group Company under
Section 39 Patents Act 1977 the Executive assigns to the Company (or Group Company) with full title guarantee all rights the Executive
may have to the invention, to the grant of protection and all applications for protection in respect of that invention.

		13.5	The Company shall not be under any obligation to apply for or maintain protection in respect of
any invention made by the Executive.

 

		13.6	If any invention is the Executive’s property under Section 39 Patents Act 1977 and relates
to or is useful in connection with the business or any product or service of the Company or Group the Executive shall not grant
or agree to grant a licence or other rights or execute or agree to execute an assignment in respect of any rights in or relating
to that invention to any other person without first offering to grant a licence (or such other rights) or execute an assignment
for the benefit of the Company (or Group Company) on terms no less favourable than those offered to the third party, and the Company
(or Group Company) shall have fifteen working days in which to accept or reject the offer.

 

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		13.7	If during the course of the Executive’s employment by the Company (whether in the course
of normal duties or not and whether or not during normal working hours) the Executive makes, or participates in the making of any
design (whether registrable or not) or any work in which copyright and/or database right subsists the Executive assigns to the
Company with full title guarantee and, where appropriate, by way of future assignment, all such rights for the full term thereof
throughout the world. The assignment shall not extend to those designs or works which are created by him wholly outside his normal
working hours and wholly unconcerned with his service under this Agreement. Any agreement to the contrary is expressly excluded.
If by operation of law it is not possible for the Executive to assign such rights in a territory outside the United Kingdom the
Executive shall hold such rights on trust for the Company and shall grant to the Company such rights as most closely resemble an
assignment in the territory concerned.

 

		13.8	The Executive shall execute all documents and do all things which are necessary or desirable for
perfecting the assignment of all rights assigned to the Company or any Group Company pursuant to this clause 14 and for obtaining
the best possible protection in respect of such rights in the territories specified by the Company. The Executive shall assign
to the Company all such rights as are not already held by the Company in all subsequent registrations and applications for registration.

 

		13.9	All embodiments of rights assigned under this clause 14 and all records relating to such rights
irrespective of the form or media shall be the property of the Company, the Executive shall surrender them to the Company on the
termination of this Agreement or at the request of the Company at any time during the Executive’s employment, and shall not
keep any copies.

 

		13.10	The Executive irrevocably appoints the Company to be his attorney in his name and on his behalf
to sign or execute any document or do anything generally to use his name for the purpose of giving to the Company the full benefit
of the provisions of this clause 14 and in favour of any third party a certificate in writing signed by any director or the secretary
of the Company that any document or act falls within the authority conferred by this clause shall be conclusive evidence that that
is the case.

 

		13.11	The Executive waives all moral rights and all similar and analogous rights in other territories
(whether arising under Chapter IV of the Copyright Designs and Patents Act 1988 or otherwise) to the extent permissible under the
relevant legislation in each jurisdiction in works to which clause 14 applies.

 

		13.12	The Executive warrants that he is not bound by any legally enforceable obligations owed to persons
other than the Company which would prevent him from complying with the terms of this Agreement. The Executive shall not without
proper licence use any inventions or information in breach of rights owed to or held by persons other than the Company or copy
or adapt copyright works or designs or unlawfully extract or re-utilise all or a substantial part of a database owned (in each
case) by persons other than the Company or otherwise infringe any rights in Intellectual Property owned by people other than the
Company.

 

		13.13	The Executive shall not exploit or attempt to exploit any Intellectual Property which is the property
of the Company or any Group Company without the prior written consent of the Company nor shall the Executive do anything that would
imperil or prejudice any rights in any of the same, and the Executive shall immediately inform the Company if the Executive becomes
aware of any infringement of any of the same.

 

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		13.14	If and when required to do so by the Company, the Executive shall provide reasonable assistance
to defend any proceedings in respect of revocation, invalidity and/or infringement of any and all rights that are assigned or licensed
to the Company under this clause 14.

 

		13.15	All the provisions of this clause 14 shall survive termination of the Executive’s employment
insofar as they relate to rights that were created before the date of termination of this Agreement.

 

		14	CONFIDENTIALITY

 

		14.1	The Executive shall not (except in the proper performance of his duties) during or after his employment
has ended directly or indirectly divulge to any person or otherwise make use of (and shall use his best endeavours to prevent the
publication or disclosure of) any trade secret or any confidential information concerning the business or finances of the Company
or any Group Company or any of its/their dealings transactions or affairs or any such confidential information concerning any of
their suppliers, agents, distributors or clients.

 

		14.2	Confidential information includes, but is not limited to:

		14.2.1	corporate and marketing strategy, business development and plans, sales reports and research results;

 

		14.2.2	business methods and processes, manuals and operating procedures, technical information and know-how
relating to the Group’s business and which is not in the public domain, including inventions, designs, programs, techniques,
database systems, formulae and ideas;

 

		14.2.3	business contacts, lists of commercial customers, advertisers and suppliers and details of contracts
with them and their current or future requirements;

 

		14.2.4	information on employees and their terms of employment;

 

		14.2.5	sales, expenditure levels, pricing and discounting policies;

 

		14.2.6	budgets, management accounts, trading statements and other financial reports;

 

		14.2.7	unpublished price sensitive information relating to shares or securities listed or dealt in on
any recognised stock exchange; and

 

		14.2.8	any document marked “confidential”, identified to the Executive as confidential or
any information not in the public domain.

 

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		14.3	The restrictions in clauses 14.1 and 14.2 shall not apply to information which:

 

		14.3.1	comes into the public domain otherwise than by a breach by the Executive of his obligations under
this Agreement; or

 

		14.3.2	is disclosed to the Executive by a third party who has not received it directly or indirectly from
the Company or any Group Company; or

 

		14.3.3	must be disclosed by any applicable law, to the extent of such required disclosure.

 

		14.4	Notwithstanding the obligations and restrictions contained in this clause 15, noting in this Agreement
shall operate to prevent the Executive making a “protected disclosure” pursuant to Part IVA of the Employment Rights
Act 1996.

 

		15	DATA PROTECTION

 

		15.1	The Executive acknowledges that the Company will hold personal data relating to the Executive such
data will include the Executive’s employment application, address, references, bank details, performance appraisals, work,
holiday and sickness records, next of kin, salary reviews, remuneration details and other records (which may, where necessary,
include sensitive personal data relating to the Executive’s health, and data held for equal opportunities purposes). The
Company will hold such personal data for personnel administration and management purposes and to comply with the obligations regarding
the retention of Executive/worker records. The Executive’s right of access to such data is as prescribed by law.

 

		15.2	The Executive hereby undertakes and agrees that the Company may process personal data relating
to personnel administration and management purposes, and may, when necessary for those purposes, make such data available to its
advisers, to third parties providing products and/or services to the Company (such as IT systems suppliers, pensions, benefits
and payroll administrators) and as required by law. Further, the Executive hereby agrees that the Company may transfer such data
to and from any Group Company. By signing this Agreement, the Executive expressly consents to the collection, transfer and use
of such data in accordance with this clause 15.

 

		16	MONITORING

 

The Executive shall have access
to e-mail and the internet for the better performance of his duties and he shall comply with the Company’s stated e-mail
and internet policy from time to time and in any event the Executive shall not send any e-mails of a defamatory or abusive nature
or which constitute sexual, racial or any other form of harassment and he shall be prohibited from downloading any pornographic
or other offensive material and the Executive shall indemnify the Company during and after his employment against all liability
resulting from the Executive’s breach of this clause. The Company reserves the right to monitor all email/internet activity
by the Executive.

 

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		17	TERMINATION OF EMPLOYMENT

 

		17.1	The Company may at any time and in its absolute discretion (whether or not any notice of termination
has been given by the Company or the Executive under clause 3 above) terminate the Agreement with immediate effect and make a payment
in lieu of notice. This payment shall comprise solely the Executive’s basic salary (at the rate payable when this option
is exercised) but shall not include any bonus or other benefits and shall be subject to deductions for income tax and national
insurance contributions as appropriate (the “Payment in Lieu”). The Executive will not, under any circumstances, have
any right to the Payment in Lieu unless the Company has exercised its option to pay in lieu of notice.

 

		17.2	The employment of the Executive may be terminated by the Company without notice or payment in lieu
of notice if the Executive:

 

		17.2.1	is guilty of any serious misconduct or any other conduct which affects or is likely to affect prejudicially
the interests of the Company or any Group Company; or

 

		17.2.2	fails or neglects efficiently and diligently to discharge his duties or commits any serious or
repeated breach or non-observance of any of the provisions contained in this Agreement or any Share Dealing Code adopted by the
Company or Group; or

 

		17.2.3	has an interim receiving order made against him, becomes bankrupt or makes any composition or enters
into any deed of arrangement with his creditors; or

 

		17.2.4	is charged with any arrestable criminal offence (other than an offence under road traffic legislation
in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed); or

 

		17.2.5	is disqualified from holding office in any company by reason of an order of a court of competent
jurisdiction; or

 

		17.2.6	shall become of unsound mind or become a patient under any statute relating to mental health; or

 

		17.2.7	is convicted of an offence under the Criminal Justice Act 1993 in relation to insider dealings
or under any other present or future statutory enactment or regulations relating to insider dealings; or

 

		17.2.8	is in breach of the Model Code on directors’ dealings in listed securities, including securities
trading on AIM, published by the London Stock Exchange Limited; or

 

		17.2.9	commits any other act warranting summary termination at common law including (but not limited to)
any act justifying dismissal without notice in the terms of the Company’s generally-applicable disciplinary rules.

 

		17.3	Any delay by the Company in exercising the right to terminate without notice is not a waiver thereof.

 

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		18	SUSPENSION

 

The Company may suspend the
Executive on full pay for such time as is reasonable in all the circumstances, to allow the Company to investigate any complaint
made against the Executive in relation to his employment with the Company and/or pending the outcome of any disciplinary proceedings.

 

		19	GARDEN LEAVE

 

		19.1	Provided the Executive continues to enjoy his full contractual benefits and receive his pay in
accordance with this Agreement, the Company may in its absolute discretion do all or any of the following during any period of
notice or any part of the notice period, after the Executive or the Company has given notice of termination to the other, without
breaching this Agreement or incurring any liability or giving rise to any claim against it:

 

		19.1.1	exclude the Executive from the premises of the Company and/or the Group;

 

		19.1.2	require the Executive to carry out only specified duties (consistent with his status, role and
experience) whether or not different to his normal duties or to carry out no duties;

 

		19.1.3	announce to any or all of its employees, suppliers, customers and business partners that the Executive
has been given notice of termination or has resigned (as the case may be);

 

		19.1.4	prohibit the Executive from communicating in any way with any or all of the suppliers, customers,
business partners, employees, agents or representatives of the Company or the Group until his employment has terminated except
to the extent he is authorised to do so by the Board in writing;

 

		19.1.5	require the Executive to resign his directorship of any Group Company; and/or

 

		19.1.6	require the Executive to comply with any other reasonable conditions imposed by the Company.The
Executive will continue to be bound by all obligations (whether express or implied) owed to the Company under the terms of the
Agreement or as an employee of the Company. Including but not limited to his duty of care, fidelity, obedience and good faith.

 

		20	RESIGNATION AND RETURN OF COMPANY PROPERTY

 

		20.1	Upon the termination by whatever means of this Agreement the Executive shall:

 

		20.1.1	immediately resign from his office as a director of the Company and from such offices held by him
in any Group Company without claim for compensation; and

 

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		20.1.2	immediately deliver to the Company all credit cards, motor-cars, keys, computer media and other
Company property or Group Company property, in whatever form, of or relating to the business of the Company or of any Group Company
which may be in his possession or under his power or control.

 

		20.2	If the Executive fails to comply with clause 19.1.5 and 20.1.1 the Company is hereby irrevocably
authorised to appoint some person in his name and on his behalf to sign and complete any documents or do anything necessary to
give effect to this clause.

 

		20.3	The Executive shall not without the consent of the Company at any time after the termination of
this Agreement represent himself still to be connected with the Company or any Group Company.

 

		21	RECONSTRUCTION OR AMALGAMATION

 

If the employment of the Executive
under this Agreement is terminated by reason of the liquidation of the Company for the purpose of reconstruction or amalgamation
and the Executive is offered employment with any concern or undertaking resulting from the reconstruction or amalgamation on terms
and conditions not less favourable than the terms of this Agreement then the Executive shall have no claim against the Company
or any Group Company in respect of the termination of his employment under this Agreement.

 

		22	RESTRICTIONS

 

		22.1	Definitions

 

In this clause the following words shall
have the following meanings:

 

“Termination Date” the
date on which the Executive’s employment terminates;

 

“Person” includes any
company, firm, organisation or other entity;

 

“Area” any country where
on the Termination Date the Company was supplying services;

 

“Client” any Person
to whom the Company or a Group Company supplied services during the six months preceding the Termination Date and with whom at
any time during such period the Executive was actively involved in the course of his employment;

 

“Prospective Client”
any Person with whom the Company or a Group Company had negotiations or discussions regarding the possible supply of services during
the six months immediately preceding the Termination Date and with whom at any time during such period the Executive was actively
involved in the course of his employment;

 

“Employee” means any
director of the Company or any Group Company and/or any person employed by or who renders services to the Company or any Group
Company and who has Client responsibility or influence over Clients or Prospective Clients and/or who is in possession of confidential
information (as defined above) and who in any such case was so employed or so rendered services during the period of six months
prior to the Termination Date and had dealings with the Executive during that period; and

 

    	 	 14	 

    	 

    

 

“Supplier” means any
person firm or company who is or was at any time during the six months preceding the Termination Date a supplier or procurer of
goods and/or services to the Company or any Group Company.

 

		22.2	In order to protect the goodwill, confidential information, trade secrets and business connections
of the Company or any Group Company the Executive covenants with the Company (and as trustee for each Group Company) that:

 

		22.2.1	Non-competition

 

The Executive shall not during
his employment or for a period of six months from the Termination Date directly or indirectly be interested or concerned in any
business which I s carried on in the Area and which:

 

		(a)	concerns the business carried on by the Group in the six months preceding the Completion Date and
as carried on or otherwise contemplated by the Group during the Relevant Period; or

		(b)	is competitive or likely to be competitive with the business of the Company or a Group Company
being carried on at the Termination Date and with which the Executive was actively involved at any time during the six months
ending on the Termination Date.

 

For this purpose, the Executive
is concerned in a business if:

 

		(a)	he carries it on as principal or agent; or

		(b)	he is a partner, director, employee, secondee, consultant or agent in, of or to any Person
who carries on the business; or

		(c)	subject to clause 13 above, he has any direct or indirect financial interest (as shareholder or
otherwise) in any Person who carries on the business.

 

		22.2.2	Non-solicitation/Dealing

 

The Executive shall not during
his employment or for a period of twelve months from the Termination Date in the Area directly or indirectly:

		(a)	canvass or solicit business or approach any Clients or Prospective Clients in respect of services
similar to those being provided by the Company or a Group Company as at the Termination Date;

		(b)	seek to do business or deal with any Clients or Prospective Clients in respect of services similar
to those being provided by the Company or a Group Company as at the termination Date; or

		(c)	canvass
or solicit business from or make an approach to any supplier of the Company or a Group Company with whom the Executive was
actively involved at any time during the six months ending on the Termination Date to cease to supply, or to restrict or vary
the terms of supply to the Company or a Group Company or otherwise interfere with the relationship between such a supplier
and the Company or a Group Company.

 

    	 	 15	 

    	 

    

 

		22.2.3	Non-poaching

 

The Executive shall not during
his employment or for a period of twelve months after the Termination Date directly or indirectly:

		(a)	induce
or attempt to induce any Employee of the Company or a Group Company to leave the employment of the Company or a Group Company
(whether or not this would be a breach of contract by that employee) for the purposes of being involved in or engaged in
the types of business referred to in sub-clauses 22.2.1(a) and 22.2.1(b) above; or

 

		(b)	engage,
attempt to engage, employ, attempt to employ or offer employment or work (and in each case whether directly or indirectly,
including through an employment agency or other intermediary) to any Employee for the purposes of being involved in or engaged
in the types of business referred to in sub-clauses 22.2.1(a) and 22.2.1(b) above.

 

		22.2.4	Non-interference

 

The Executive shall not during
his employment or for a period of twelve months after the Termination Date to the detriment of the Company or any Group Company,
directly or indirectly persuade or endeavour to persuade any Relevant Supplier to cease doing business or materially reduce
its business with the Company or any Group Company.

 

		22.2.5	Non-disparagement

 

The Executive shall not at any
time (whether during or after the termination of his employment) make whether directly or indirectly any untrue, misleading or
derogatory oral or written statement concerning the business, affairs, officers or employees of the Company or any Group Company.

 

		22.2.6	Non-association

 

The Executive shall not (except
with the prior written consent of the Company) at any time after the termination of his employment represent himself to be connected
with or interested in the business of or employed by the Company or any Group Company or use for any purpose the name of the Company
or any Group Company or any name capable of confusion therewith.

 

    	 	 16	 

    	 

    

 

		22.3	The restrictions in this clause are considered by the parties to be reasonable and the validity
of each sub-clause shall not be affected if any of the others is judged to be invalid. If any of the restrictions are void but
would be valid if some part of the restriction were deleted, the restriction in question shall apply with such modification as
may be necessary to make it valid.

 

		22.4	The Executive acknowledges that the provisions of this clause are no more extensive than is reasonable
to protect the legitimate business interests of the Company or the Group.

 

		23	SEVERABILITY

 

If any of the provisions of
this Agreement become invalid or unenforceable for any reason by virtue of applicable law the remaining provisions shall continue
in full force and effect and the Company and the Executive hereby undertake to use all reasonable endeavours to replace any legally
invalid or unenforceable provision with a provision which will promise to the parties (as far as practicable) the same commercial
results as were intended or contemplated by the original provision.

 

		24	THIRD PARTIES

 

Unless the right of enforcement
is expressly granted, it is not intended that a third party should have the right to enforce the provisions of this Agreement pursuant
to the Contracts (Rights of Third Parties) Act 1999.

 

		25	NOTICES

 

		25.1	Any notice required or permitted to be given under this Agreement shall be given in writing delivered
personally or sent by first class post pre-paid recorded delivery (air mail if overseas) or by facsimile to the party due to receive
such notice at, in the case of the Company, its registered office from time to time and, in the case of the Executive, his address
as set out in this Agreement (or such address as he may have notified to the Company in accordance with this clause).

 

		25.2	Any notice delivered personally shall be deemed to be received when delivered to the address provided
in this Agreement and any notice sent by pre-paid recorded delivery post shall be deemed (in the absence of evidence of earlier
receipt) to be received two days after posting and in proving the time of despatch it shall be sufficient to show that the envelope
containing such notice was properly addressed, stamped and posted. A notice sent by facsimile shall be deemed to have been received
on receipt by the sender of confirmation in the transmission report that the facsimile had been sent.

 

		26	GRIEVANCE AND DISCIPLINARY PROCEDURES

 

		26.1	In the event of the Executive wishing to seek redress of any grievance relating to his employment
he should lay his grievance before the Board in writing, who will afford the Executive the opportunity of a full hearing before
the Board or a committee of the Board whose decision on such grievance shall be final and binding.

 

    	 	 17	 

    	 

    

 

		26.2	The Company’s usual disciplinary procedures do not apply to the Executive. In the event that
any disciplinary action is to be taken against the Executive, any hearing in respect thereof will be conducted by such director
of the Company or any Group Company as the Board may in its reasonable discretion nominate. If the Executive seeks to appeal against
any disciplinary action taken against him he should do so to the Board submitting full written grounds for his appeal to the Chairman
within thirty days of the action appealed against. The decision of the Board or a delegated committee therefore shall be final
and binding. For the avoidance of doubt, the Executive has no contractual right to either a disciplinary hearing or appeal.

 

		26.3	The Company may in its absolute discretion suspend the Executive from some or all of his duties
and from the Board and/or require him to remain away from work during any investigation conducted into an allegation relation to
the Executive’s conduct or performance. During such period, the Executive’s salary and contractual benefits will continue
to be paid and provided.

 

		27	MISCELLANEOUS

 

		27.1	This Agreement is governed by and shall be construed in accordance with the laws of England.

		27.2	The parties to this Agreement submit to the exclusive jurisdiction of the English courts.

 

		27.3	This Agreement contains the entire understanding between the parties and supersedes all previous
agreements and arrangements (if any) relating to the employment of the Executive by the Company or any Group Company (which shall
be deemed hereby to have been terminated by mutual consent and without compensation). By executing this Agreement, the Executive
confirms and warrants that there are no outstanding payments or benefits owed to him under any prior agreement or understanding
with the Company or any Group Company.

 

		27.4	The Company is not a party to any collective agreements which affect the Executive’s employment.

		27.5	The Executive authorises the Company to deduct from any remuneration payable to the Executive under
this Agreement any sums due from him to the Company or any Group Company including the cost of repairing any damage to Company
or any Group Company property caused by the Executive.

 

    	 	 18	 

    	 

    

 

Signed as a Deed by MIDATECH PHARMA
PLC acting by:

 

 

 

	 	 
	Director	/s/ Sijmen de Vries
	 	 
	 	 
	Director/Company Secretary	 
	 	 
	 	 
	 	 
	 	 
	Signed as a Deed by CRAIG COOK	/s/ Craig Cook
	in the presence of:	 
	 	 
	 	 
	 	 
	Witness signature:	/s/ Nick Robbins-Cherry
	 	
	Name:	Nick Robbins-Cherry
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Occupation:	CHARTERED ACCOUNTANT

 

 

19Exhibit 4.17

 

CONFIDENTIAL
TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and,
where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential
material has been filed separately with the Securities and Exchange Commission.

 

 

 

 

 

 

LICENSE, COLLABORATION AND DISTRIBUTION
AGREEMENT

 

By and Between

 

MIDATECH PHARMA PLC

 

And

 

CMS Bridging Limited

 

And

 

CMS Medical Hong Kong Limited

 

 

 

And

 

China Medical System Holdings Limited

 

    	 	 	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

	ARTICLE 1 Definitions	1
	ARTICLE 2 License	13
	ARTICLE 3 Governance	18
	ARTICLE 4 Development	19
	ARTICLE 5 Regulatory	21
	ARTICLE 6 Commercialization	23
	ARTICLE 7 SUPPLY AND MANUFACTURE	24
	ARTICLE 8 FINANCIAL TERMS	25
	ARTICLE 9 Intellectual Property Matters	29
	ARTICLE 10 Representations And Warranties; covenants	33
	ARTICLE 11 Indemnification	35
	ARTICLE 12 Confidentiality	37
	ARTICLE 13 Term And Termination	40
	ARTICLE 14 Dispute Resolution	45
	ARTICLE 15 GUARANTEE	46
	ARTICLE 16 Miscellaneous	47

 

    	 	 	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

LICENSE, COLLABORATION AND DISTRIBUTION
AGREEMENT

 

This License, Collaboration
and Distribution Agreement (the “Agreement”) is entered into as of 2019 (the “Effective
Date”) by and between Midatech Pharma PLC, a company organized and existing under the laws of England and Wales, with
registration number 09216368), whose registered office is at 65 Innovation Drive, Milton Park, Milton, Abingdon, Oxfordshire OX14
4RQ (“Licensor”) and CMS Bridging Limited, a company organized and existing under the laws
of Hong Kong, Unit 2106, 21/F, Island Place Tower, No. 510 King’s Road, North Point, Hong Kong (“CMS Bridging”),
CMS Medical Hong Kong Limited , a company organized and existing under the laws of Hong Kong, Unit 2106, 21/F, Island Place Tower,
No. 510 King’s Road, North Point, Hong Kong (“CMS HK”), and China Medical
System Holdings Limited, a company organized and existing under the laws of the Cayman Islands with registration number MC-179153
and having its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104,
Cayman Islands. (the "Guarantor").

 

Licensor and Licensee
are sometimes referred to herein individually as a "Party" and collectively as the "Parties."

 

RECITALS

 

Whereas,
Licensor is an early stage pharmaceutical development company focused on developing and commercialising products in oncology and
other therapeutic areas which owns or controls certain patents, know-how and other intellectual property rights relating to the
Products;

 

Whereas,
CMS Bridging and CMS HK are pharmaceutical companies having legally required permits, approvals and qualifications, expertise,
experience, skills, infrastructure and appropriately qualified personnel to develop and commercialize the Products in their relevant
parts of the Territory; and

 

Whereas,
CMS Bridging wishes to acquire an exclusive license to develop and commercialize the Products in/for the Territory (excluding Hong
Kong) and CMS HK wishes to acquire an exclusive license to develop and commercialize the Products in/for Hong Kong, Licensor wishes
to grant such exclusive license, and the Guarantor wishes to guarantee the performance of each Licensee's applicable obligations
hereunder, all on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, in consideration of the foregoing premises and the mutual promises, covenants and conditions contained in
this Agreement, the Parties agree as follows:

 

ARTICLE
1

Definitions

 

		1.1	“Affiliate” means, with respect to a particular Person, a Person, corporation,
partnership, or other entity that controls, is controlled by or is under common control with such Person. For the purposes of this
definition, the word “control” (including, with correlative meaning, the terms “controlled by”
or “under common control with”) means the actual power, either directly or indirectly through one or more intermediaries,
to direct or cause the direction of the management and policies of such Person, whether by the ownership of fifty percent (50%)
or more of the voting stock of such Person, or by contract or otherwise.

 

    	 	 	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.2	"Admission" means the admission to trading on AIM, a market operated by the London
Stock Exchange of the requisite number of new ordinary shares of Licensor to be issued (subject to shareholder approval) pursuant
to a subscription for £8 million units announced by Licensor by no later than 28 Feb 2019.

 

		1.3	“Applicable Law” means the applicable provisions of any and all national, supranational,
regional, state and local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments,
decrees, directives, injunctions, orders, or permits of or from any court, arbitrator or governmental agency or authority (including
Regulatory Authorities) having jurisdiction over or related to the subject matter in question.

 

		1.4	“Business” means the business of Developing and Commercializing the Products
in the Field in the Territory but not the business of Manufacturing the Products for use in the Field in the Territory unless the
right to do so is granted to Licensee by Licensor hereunder pursuant to Article 7.

 

		1.5	“Business Day” means any day that is not a Saturday, a Sunday or other day on
which commercial banks in the United Kingdom, China( including Hong Kong) are not operative.

 

		1.6	“Change of Control” means, with respect to a particular Person, means (i) the
acquisition (directly or indirectly, whether by merger, consolidation, purchase and sale, share exchange or otherwise) by any Person
other than an Affiliate of a beneficial interest in the securities of the Person in question representing more than 50% of the
combined voting power of the then outstanding securities of the surviving entity immediately after acquisition; or (ii) the transfer,
sale or assignment of more than 50% of the assets of the Person in question to a party other than an Affiliate; or (iii) any other
transfer to a Person other than an Affiliate of the Person in question of the power and ability to control or direct the management
and policies of that Person;

 

		1.7	“CMC Data” shall mean chemistry, manufacturing and controls data for a pharmaceutical
product required by Applicable Law to be included or referenced in, or that otherwise supports a Regulatory Approval.

 

		1.8	“CNDA” means the China National Drug Administration or a successor agency thereto,
including its local counterparts.

 

		1.9	“Commercialization,” with a correlative meaning for “Commercialize”
and “Commercializing,” means all activities directed to marketing, promoting, selling, offering for sale, importing
for sale, and distributing pharmaceutical products in the Territory, including activities relating to the importation, pre-launch,
launch, detailing, advertising, pricing and reimbursement, promotion, distribution, invoicing and sales of pharmaceutical products
in the Territory. In addition to the foregoing, “Commercialization” in connection with such a product shall also include
Post-Marketing Studies in the Territory.

 

    	 	 2	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.10	“Commercially Reasonable Efforts” means, with respect to a Party’s obligations
under this Agreement, the carrying out of such obligations with a level of efforts and resources consistent with the commercially
reasonable practices of similarly situated Persons in the pharmaceutical industry for the Development and Commercialization of
similarly situated branded pharmaceutical products as the applicable Product at a similar stage of Development and Commercialization,
taking into account efficacy, safety, patent and regulatory exclusivity, anticipated or approved labelling, present and future
market potential, competitive market conditions, the profitability of the product in light of pricing and reimbursement issues
(but not taking into account any payment owed to the other Party under this Agreement), and all other relevant factors.

 

		1.11	“Competing Product” means any pharmaceutical product (other than the Products)
containing the Product APIs and treating the same Indications as a Product.

 

		1.12	“Confidential Information” means any and all Information of a Party that is
disclosed to the other Party pursuant to this Agreement or during any transaction contemplated hereby (including Information disclosed
prior to the Effective Date pursuant to the Confidentiality Agreement) and that is not covered by clauses (a)-(e) of Article 12.1,
regardless of whether such Information is specifically designated as confidential and regardless of whether such Information is
in written, oral, electronic, or other form.

 

		1.13	“Confidentiality Agreement” means that certain confidentiality agreement entered
into by the Parties in anticipation of the negotiation of this Agreement.

 

		1.14	“Control” means, with respect to any materials, Information, or Intellectual
Property Right, the possession by a Party of the right, whether directly or indirectly, and whether by ownership, licence or otherwise
(other than by operation of the licence grants under this Agreement), to grant to the other Party a licence, sub-licence or other
right to or under such material, Information, or Intellectual Property Right on the terms and conditions set forth in this Agreement
without violating the terms of any then-existing agreement or other arrangement with any Third Party or giving rise to any liability
or obligations owed to any such Third Party under any such agreement or arrangement.

 

		1.15	“Cost of Manufacture” shall mean the total cost of manufacture of finally finished
Product, packaged and labelled and in a form ready for use including Direct Costs and Indirect Costs.

 

“Direct Costs”
include:

 

		(a)	direct labour costs, based on the actual hours consumed by manufacturing and facility personnel
for charged at an average hourly wage rate which is designed to approximate actual cost for each employee's position; and

 

		(b)	direct labour fringe benefit costs, including, without limitation, compensation expense (other
than wages included in direct labour cost in paragraph (a)), payroll taxes and benefits allocated based on a proportionate percentage
of direct labour costs charged to the manufacture of the Product to total actual plant-wide labour costs, plus Product specific
travel.

 

    	 	 3	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(c)	cost of materials and supplies for making Product, based on actual costs including any applicable
freight, taxes, duties, customs or import fees, less any discounts or free goods.

 

“Indirect Costs”
include:

 

		(a)	facility and occupancy cost including, without limitation, rent, site insurance, depreciation,
electricity and water charges, other services, waste removal, such cost to be allocated pro-rata to the percent time-utilization
of the manufacturing line in the calendar year out of the total time the manufacturing line is potentially capable of being utilised
(including idle time); and the percent occupancy represented by the manufacturing line to the total plant.

 

		(b)	the cost of plant support services, which includes quality control, process sciences, quality assurance
and validation services and being labour, payroll taxes and fringe benefit costs, allocated to the cost of Product based on the
proportion of actual labour hours consumed in relation to the manufacture of the Product to total actual labour hours consumed
on all of the products being manufactured in the plant.

 

		(c)	the cost of allocable overhead, being an amount added to an item of cost to reflect central or
other overhead costs incurred by a Party or for its account including overhead costs attributable to the operation by it of its
information systems, payroll, purchasing, supervisory and other internal groups being such costs normally allocated by such Party
to its departments or project groups based on space occupied or headcount or other activity-based method consistently applied.
Allocable overhead shall not include costs for general corporate activities including, by way of example only, investor relations,
business development, legal affairs, human resources and finance, and any other activities not supporting activities conducted
under this Agreement.

 

		1.16	“Data” means all data related to Products, including CMC Data, non-clinical
data, clinical data and clinical study reports, including data relating to the regulatory affairs, Development, Manufacture and
Commercialization of Products, if any.

 

		1.17	“Data Room” means the virtual data room maintained by the Licensor and available
to Licensee at https://service.projectplace.com/#myoverview, which contains the documents and information pertaining to the Products
for the due diligence purposes;

 

		1.18	“Designated Party” means a Third Party or an Affiliate of Licensee which has
been designated by Licensee to exercise certain rights and/or perform certain of the Licensee’s obligations under this Agreement
on behalf of Licensee and which has been granted a sub-licence giving it the right to do so under Article 2.1(b).

 

    	 	 4	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.19	“Development” with a correlative meaning for “Develop” and
“Developing,” means all research and development activities reasonably necessary for, or requested or required
by a Regulatory Authority as a condition or in support of, obtaining or maintaining Regulatory Approval of a pharmaceutical product
in the Territory, including activities related to preclinical and other non-clinical testing, quality assurance/quality control,
clinical trials, toxicology studies, statistical analysis and report writing, designing, and the preparation, submission and prosecution
of, clinical trial approvals and all regulatory affairs relating to the foregoing. For clarity, Development includes clinical trials
or studies initiated after receipt of Regulatory Approval in the country for which such trials or studies are being conducted and
that are required by a Regulatory Authority to be conducted after Regulatory Approval as a condition of or in connection with obtaining
or maintaining such Regulatory Approval (“Mandatory Post-Approval Studies”) but excludes Post-Marketing Studies.

 

		1.20	“Dollar” or “$” means United States Dollar.

 

		1.21	“Dossier” means (i) the dossier for a Product, including all contents, related
data and CTD format and in all applicable forms that will be filed with any relevant Regulatory Authorities by Licensor following
successful completion of the Phase III clinical trials for the Product, including all supporting documentation and (ii) the dossier
for a Product as approved by a relevant Regulatory Authority from time to time.

 

		1.22	“Effective Date” means the date of Admission;

 

		1.23	“EMA” means the European Medicines Agency or a successor agency thereto, including
its local counterparts;

 

		1.24	“European Recognized Countries” means the United Kingdom, France, Germany and
Switzerland.

 

		1.25	“Executive Officer” means, (a) with respect to Licensor, Dr. Craig Cook or another
senior officer of Licensor designated by Dr. Craig Cook and (b) with respect to Licensee, Dr. Huaizheng Peng, or another senior
officer of Licensee designated by Dr. Huaizheng Peng and, in each case, to the person who succeeds them or their successors.

 

		1.26	“External Expenses” shall refer to the expenses arising in the course of assistance
carried out by Licensor including any government fees, duties and levies, the travel, accommodation and living expenses of its
staff and any fees and expenses of its external advisors;.

 

		1.27	“FDA” means the United States Food and Drug Administration, or a successor agency
thereto.

 

		1.28	“Field” means treatment, prevention and/or diagnosis of any diseases or conditions
in humans in the Indications set out in Exhibit B.

 

		1.29	“First Commercial Sale” means, in respect of any Product, the first sale to
a Third Party on arm's length terms by Licensee or a Designated Party in a given country in the Territory after Regulatory Approval
for the Product has been granted in such country;

 

		1.30	"FTEs" means the number of full time equivalent personnel allocated to the assistance
or service by Licensor from time to time;

 

    	 	 5	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.31	"FTE Fee" means the agreed cost of engaging one FTE, which as at the Effective
Date and thereafter from time to time shall be agreed by Licensee and Licensor, each party acting in good faith.

 

		1.32	“GAAP” means generally accepted accounting principles consistently applied,
as in effect from time to time, in the USA.

 

		1.33	“Good Clinical Practices” or “GCP” means the then-current
good clinical practice standards, practices and procedures for designing, conducting, recording, and reporting clinical trials
that involve the participation of human subjects promulgated or endorsed by any Regulatory Authority and applicable to the Territory
or any other jurisdiction where clinical trials involving human subjects related to any Product are or were performed by or on
behalf of Licensor, as they may be updated from time to time, including applicable guidelines promulgated by the ICH.

 

		1.34	“Good Laboratory Practices” or “GLP” means the then-current
Good Laboratory Practices promulgated or endorsed by any Regulatory Authority and applicable to the performance of laboratory activities
in the Territory or any other jurisdiction where laboratory activities related to any Product are or were performed by or on behalf
of Licensor, as may be updated from time to time, including applicable guidelines promulgated by the ICH.

 

		1.35	“Good Manufacturing Practices” or “GMP” means the then-current
Good Manufacturing Practices promulgated or endorsed by any Regulatory Authority and applicable to the manufacture and testing
of pharmaceutical materials in the Territory or any other jurisdiction where any Product is or was manufactured or tested by or
on behalf of Licensor, as may be updated from time to time, including applicable guidelines promulgated by the ICH.

 

		1.36	“Good Supply Practices” or “GSP” means the then-current Good Supply
Practices promulgated or endorsed by any Regulatory Authority and applicable to the distribution (including the process of procurement,
warehousing, sale and transportation) of pharmaceutical products in the Territory, as may be updated from time to time, including
applicable rules promulgated by CNDA.

 

		1.37	“Governmental Authority” means any multi-national, federal, state, local, municipal,
provincial or other governmental authority of any nature (including any governmental division, prefecture, subdivision, department,
agency, bureau, branch, office, commission, council, court or other tribunal).

 

		1.38	“ICH” means International Council for Harmonisation of Technical Requirements
for Pharmaceuticals for Human Use or any successor body thereto.

 

		1.39	"Imported Drug License" or "IDL" means the Regulatory Approval
issued by CNDA for each Product to be supplied by Licensor or an Affiliate of Licensor under this Agreement, permitting the Product
to be imported into and marketed in China, together with any renewals or equivalence thereof.

 

		1.40	"Indication" means an illness or condition which is accepted by the applicable
Regulatory Authorities’ as an approved indication for the treatment in the Field.

 

    	 	 6	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.41	“Information” means any data or information (including business, financial,
technical, scientific information) relating to results, technology, trade, research, manufacturing, marketing, products, suppliers,
and other information of any type whatsoever, in any tangible or intangible form, including Know-How, trade secrets, and information
relating to practices, techniques, methods, processes, inventions, developments, specifications, formulae, software, algorithms,
marketing reports, expertise, test data (including pharmacological, biological, chemical, biochemical, clinical test data and data
resulting from non-clinical studies), chemistry, manufacturing and controls data , stability data and other study data and procedures.

 

		1.42	“Insolvency Event” shall mean, in relation to either Party, means any one of
the following:

 

		(a)	a notice having been issued to convene any meeting for the purpose of passing a resolution or seeking
a petition to wind up or liquidate that Party, or to seek bankruptcy or official administration, or such a resolution having been
passed or such a petition having been issued (except in relation to a solvent reconstruction or reorganization of that Party);

 

		(b)	an involuntary petition in an insolvency proceeding is filed against a Party and is not dismissed
or stayed within ninety (90) days of the filing thereof;

 

		(c)	a trustee in bankruptcy, receiver, administrative receiver, receiver and manager, court appointed
receiver, interim receiver, custodian, sequestrator or similar officer is appointed in respect of that Party or over any part of
that Party’s assets or any third party takes steps to appoint such an officer in respect of that Party;

 

		(d)	a Party takes any step, (including starting negotiations), with a view to readjustment, rescheduling
or deferral of any part of that Party’s indebtedness including a moratorium with creditors, or proposes or makes any general
assignment, composition or arrangement with or for the benefit of all or some of that Party’s creditors or makes or suspends
or threatens to suspend making payments to all or some of that Party’s creditors or the Party submits to any type of voluntary
arrangement with creditors.

 

		1.43	“Intellectual Property Rights” means all rights (including the rights to prosecute)
in, to and under Patents, Inventions, trademarks, copyrights, rights in domain names and social media tags, rights in databases,
designs, data, Know-how, trade secrets and confidential information, and all other intellectual or industrial property and other
proprietary rights throughout the world whether registered or unregistered and including all applications for any such registered
rights.

 

		1.44	“Inventions” means any inventions and discoveries, including in processes, methods,
assays, designs, protocols, and formulas, and any improvements or modifications thereof, patentable or otherwise, that is generated,
developed, conceived or reduced to practice by or on behalf of a Person, in each case including all its or their rights, title
and interest in and to the Intellectual Property Rights therein and thereto.

 

    	 	 7	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.45	“Know-how” means any proprietary data and information relating to the research,
Development, Manufacture and Commercialization of pharmaceutical products which are not generally available to the public in the
public domain, including the formulae, methods of analysis, toxicological, pharmacological, clinical and chemical data, methods
of use, formulations, processing and quality control information, technical reports, plans and specifications and notes thereto
which may be reasonably desirable for the use, manufacture and sale of the products, all data, information in dossiers, books,
records, reports, commercial information, medical information, correspondence with competent Regulatory Authorities;

 

		1.46	“Licensed Technology” means the Licensor Patents, Licensor Know-how and Licensor
Inventions and the other Intellectual Property and Know How relating to the Products, the rights in which are owned by Licensor,
including the Q-SpheraTM platform technology, the MidaSolveTM platform technology and the MidaCoreTM platform technology;

 

		1.47	“Licensee” means CMS Bridging in respect of the Territory excluding Hong Kong
and CMS HK in respect of Hong Kong;

 

		1.48	“Licensee Retained Inventions” means Inventions (whether patentable or not),
that are generated, developed, conceived or reduced to practice by or on behalf of Licensee or its Designated Party pursuant to
activities conducted under this Agreement, together with all Intellectual Property Rights therein and thereto.

 

		1.49	“Licensee Retained Invention Patents” means Patents that are or become Controlled
by Licensee or its Designated Party during the Term and that claim or cover Licensee Retained Inventions.

 

		1.50	“Licensor Inventions” means Inventions that are (a) owned by Licensor or its
Affiliates as of the Effective Date and (b) reasonably necessary for the Development, use, import, Manufacture or Commercialization
of the Products in the Field in the Territory.

 

		1.51	“Licensor Know-How” means all Know-how that is (a) owned by Licensor or its
Affiliates as of the Effective Date and (b) reasonably necessary for the Development, use, import, Manufacture or Commercialization
of the Products in the Field in or for the Territory.

 

		1.52	“Licensor Patents” means all Patents in the Territory that are (a) owned by
Licensor or its Affiliates as of the Effective Date, and claim the composition or formulation of, or the method of making, using
or delivering, the Products and (b) reasonably necessary for the Development, use, import, Manufacture or Commercialization of
the Products in the Field in the Territory. Licensor Patents existing as of the Effective Date are set forth in Exhibit C.

 

		1.53	“Line Extension” means an improvement of the Products in any molecules, indications,
compounds, formulations, device, components, forms, presentations, methods of administration, dosage forms, on the basis of the
same Product API, developed by either Party or its Affiliates and, in the case of Licensee, its Designated Parties.

 

		1.54	“Loss” means any and all losses, including damages, internal and external costs
and expenses including reasonable attorney's fees and expenses in connection with any action, suit or proceeding, whether involving
a third party claim or a claim solely between the Parties.

 

		1.55	“Manufacture” means to make a pharmaceutical product in compliance with the
applicable GMP and the Marketing Authorization in the Territory, including to process, prepare, make and Test the raw materials
used in the preparation of the product and to Test the product prior to release packaging and “Manufacturing” has a
corresponding meaning.

 

    	 	 8	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.56	“Manufacturing Information” shall mean all Know-how or Information that is used
to Manufacture the Product (or any component or intermediate thereof), including the CMC Data.

 

		1.57	“Marketing Authorization” means that specific Regulatory Approval required and
issued by a Regulatory Authority in a country to register a pharmaceutical product for Commercialization in such country. For China,
Marketing Authorization refers to (i) the China IDL where the product is imported into China; or (ii) if applicable, the New Drug
Certificate, Drug Registration Approval Form and its Appendixes (updated) GMP license and any certificates superseding the aforementioned
(the "China MAA") where the product in Manufactured in China.

 

		1.58	“Marketing Authorization Application” or “MAA” means an application
for the Marketing Authorization or other applicable Regulatory Approval or any other application to the appropriate Regulatory
Authority in a given country or regulatory jurisdiction for approval to market and Commercialize the applicable pharmaceutical
product.

 

		1.59	“Material Adverse Events" means any objective event (excluding the activities
of the Parties) that has or may have a material adverse effect on the Development or Commercialization of the applicable Products,
including the substantial change of Applicable Law or hindrance in Development which will or may reduce the prospect of Development
or profit margin of the Commercialization of the applicable Products, in all cases the reasonable judgment of both of the Parties.

 

		1.60	“Net Sales” with respect to the Territory, shall mean the gross amount invoiced
by Licensee or a Designated Party for sale of Products to their Third Party customers, less the following deductions relating to
sales of the Products:

 

		(a)	normal and customary trade, cash and quantity discounts actually given, credits, price adjustments
or allowances for damaged products, returns or rejections of Products actually granted;

 

		(b)	chargeback payments and rebates (or the equivalent thereof) for the Product actually granted to
group purchasing organizations, managed health care organizations or to federal, state/provincial, local and other governments,
including their agencies, or to trade customers;

 

		(c)	reasonable and customary freight, shipping insurance and other transportation expenses directly
related to the sale of the Product (if separately invoiced and actually borne by the Licensor or its Designated Parties without
reimbursement from any Third Party); and

 

		(d)	sales, value-added, excise taxes, tariffs and duties, and other taxes and government charges directly
related to the sale, to the extent that such items are separately invoiced and actually borne by the Licensor or its Designated
Parties, (but not including taxes assessed against the income derived from such sale);

 

    	 	 9	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

For the avoidance
of doubt, the transfer or sale of Product by Licensee or a Designated Party to another Designated Party or to Licensee shall not
be considered a sale to a Third Party customer.

 

Upon the sale
or other disposal of Product other than in a transaction generating revenues based on the sales price for the Product which sales
price is either customary or would be reasonably expected in the Territory (including a sale where the consideration is not a monetary
amount), then for the purpose of calculating Net Sales the consideration for such sale or other disposal shall be deemed to be
calculated by reference to the customary or reasonably expected price in the Territory for the products in question.

 

Unless otherwise specified herein,
Net Sales will be calculated in accordance with GAAP generally and consistently applied.

 

		1.61	“Novartis Agreement” means the agreement between Novartis Pharma AG and Midatech
Limited dated as of 5 June, 2017 which relates to the Product codenamed "MTX 110" (as described in Exhibit B), a copy
of which is set outhttps://service.projectplace.com/#myoverview;.

 

		1.62	“Ownership and Exploitation Agreement” means the agreement between University
College Cardiff Consultants Ltd, Midatech Limited and others made effective as of 14 March, 2018 which relates to the Product codenamed
"MTX 102" (as described in Exhibit B), a copy of which is set outhttps://service.projectplace.com/#myoverview;

 

		1.63	“Patents” means (a) pending patent applications, issued patents, utility models
and designs; (b) reissues, substitutions, confirmations, registrations, validations, re-examinations, additions, continuations,
continued prosecution applications, continuations-in-part, or divisions of or to any of the foregoing; and (c) extension, renewal
or restoration of any of the foregoing by existing or future extension, renewal or restoration mechanisms, including supplementary
protection certificate or the equivalent thereof, whether or not the above are derived or arise from the domestic patent system
under the Applicable Laws or international conventions under the international patent system (including the Paris Convention for
the Protection of Industrial Property, Patent Cooperation Treaty and other treaty under which Licensor or Licensee would have an
optional channel to obtain a patent for products in or for the Territory).

 

		1.64	“Person” means an individual, sole proprietorship, partnership, limited partnership,
limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture or other similar entity or organization, including a government or political subdivision, department
or agency of a government.

 

		1.65	“Post-Marketing Studies” means clinical trials or other studies initiated after
receipt of Regulatory Approval in the country for which such trials or studies are being conducted, including epidemiological studies,
modelling and pharmaco-economic studies, investigator-initiated clinical trials, and observational studies, but excluding any Mandatory
Post-Approval Studies.

 

		1.66	“Products” means the products as set out in Exhibit B, together with any new
pharmaceutical products or Line Extensions, the Intellectual Property Rights and other rights in which the Licensor Controls and
to which Licensor or its Affiliates have given a codename, in each case, within three (3) years of the Effective Date for the Field
(whether being in pre-clinical or clinical phase and, irrespective of whether the new pharmaceutical product or Line Extension
is patentable or patented).

 

    	 	 10	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.67	“Product APIs” means the active pharmaceutical ingredients listed for each Product,
including those listed in Exhibit B.

 

		1.68	“Product Liability” means any Loss related to a Third Party Claim arising from
the safety or effectiveness of the Product and/or the research, Development, Manufacture or Commercialization of the Product, or
any alleged defect of Product regardless of whether such Third Party Claim is for breach of warranty, breach of contract, breach
of statutory duty, tort, negligence, strict liability or pursuant to any other legal theory at common law or statute including
claims for personal injury (including death).

 

		1.69	“Product Marks” means the trademarks used or to be used by Licensee or its Affiliates
or Designated Parties for the Commercialization of Products in the Territory and any registrations thereof or any pending applications
relating thereto in the Territory (excluding, in any event, any corporate names and any trademarks that consist of or include any
corporate name or corporate logo of the Licensor or Licensee or any of their Affiliates), or the alternative trademarks selected
by the Steering Committee pursuant to Article 9.5(a), in each case, along with all domain names associated therewith, and all goodwill
associated therewith.

 

		1.70	“Regulatory Approval” means all approvals necessary for the Development, Manufacture,
marketing, importation and Commercialization of any Product in the Field in a given country or regulatory jurisdiction, including
Marketing Authorizations for such Products.

 

		1.71	“Regulatory Authority” means, in a particular country or jurisdiction, any applicable
Governmental Authority involved in granting Regulatory Approvals in such country or jurisdiction.

 

		1.72	“Regulatory Materials” means regulatory applications (including MAAs), submissions,
notifications, communications, correspondence, registrations, Regulatory Approvals and/or other filings made to or received from
a Regulatory Authority in order to Develop, manufacture, import, market, sell or otherwise Commercialize Product in a particular
country or jurisdiction.

 

		1.73	“Required Information” means, with respect to a particular Product, Information
generated or obtained at any time from Development and Commercialization activities conducted inside or outside the Territory by
or on behalf of Licensor or its Affiliates that is required by Applicable Laws to be maintained or submitted to Regulatory Authorities
in the Territory in order to obtain or maintain Regulatory Approval of such Product in the Territory, including such Information
that is required by Applicable Laws for re-examination of such Product in the Territory.

 

		1.74	“Territory” means all the countries and regions listed in Exhibit A subject
to the note therein in respect of the Tier two Countries.

 

		1.75	“Tier Two Countries” means the countries and regions in the Territory identified
as such in Exhibit A.

 

    	 	 11	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.76	“Test” means to test a product or its ingredients prior to release for further
processing or for shipping and marketing in compliance with Applicable Law and “Testing” has the corresponding meaning.

 

		1.77	“Third Party” means any Person other than Licensor or Licensee or an Affiliate
of either of them and, in the case of Licensee, also a Person other than a Designated Party.

 

		1.78	“USA” means the United States of America.

 

		1.79	Additional Definitions. The following table identifies the location of definitions set forth
in various Articles of the Agreement:

 

	Defined Terms	Article

                                                                                 

	Breaching Party	13.2
	Dispute	14.1
	Expedited Arbitration	11.4
	Indemnified Party	11.3
	Indemnifying Party	11.3
	Infringement	9.3(a)
	Steering Committee or SC	3. 1
	Licensee Indemnitees	11.1
	Mandatory Post-Approval Studies	1.18
	Non-Breaching Party	13.2
	Permitted Purposes	5.2
	Pharmacovigilance Agreement	5.3
	Remedial Action	5.4
	Royalty Report	8.5
	Supply Agreement	7.2
	Supply Price	7.4
	Term	13.1
	Technology Transfer Fee	2.3(a)
	Licensor Indemnitees	11.2
	Third Party Claims	11.1
	Third Party IP Action	9.4(a)
	Third Party IP Agreement	9.4(b)

 

    	 	 12	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		1.80	Interpretation. Whenever used in this Agreement:

 

		(a)	the words “include,” “includes” or “including”
shall be construed as incorporating also the phrase “but not limited to” or “without limitation”
and shall mean including without limiting the generality of any description preceding or following such words;

 

		(b)	the word “day” or “year” or “quarter”
shall mean a calendar day or calendar year or calendar quarter, respectively, unless otherwise specified;

 

		(c)	the words “hereof,” “herein,” “hereby”
and derivative or similar words refer to this Agreement as a whole and not merely to the particular provision in which such words
appear;

 

		(d)	words denoting the singular shall include the plural and vice versa and words denoting any gender
shall include all genders;

 

		(e)	the word “or” has the inclusive meaning represented by the phrase “and/or;”
and

 

		(f)	the Exhibits to this Agreement form part of the operative provisions of this Agreement and references
to this Agreement shall include references to the Exhibits.

 

		(g)	the headings of Articles contained in this Agreement preceding the text of the Articles, sub-Articles
and paragraphs hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this
Agreement, or have any effect on its interpretation or construction.

 

		(h)	Ambiguities and uncertainties in this Agreement, if any, shall not be interpreted against either
Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist.

 

ARTICLE
2

License

 

		2.1	Rights and Licenses to Licensee.

 

		(a)	Rights Granted to Licensee. Subject to the terms and conditions of this Agreement (including
clauses (b) and (c) of this Article 2.1), Licensor hereby grants to Licensee an exclusive, perpetual, transferable and sub-licensable
(as set out in clause 2.1(d) below) license to use the Licensed Technology and, to the extent required by Applicable Law, the relevant
Regulatory Approvals in the Business and for the purposes set out in clause 2.3 below.

 

    	 	 13	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(b)	Novartis Agreement. Notwithstanding clause (a) of Article 2.1, the Parties acknowledge that,
under clause 2.2 of the Novartis Agreement, Licensor or its Affiliate is, inter alia, required to obtain the prior written
consent of Novartis Pharma AG (not to be unreasonably withheld) to the grant of any sub-licence under the Novartis Agreement to
a third party which sub-licence has to be consistent with and expressly subject to the terms and conditions of the Novartis Agreement.
Without prejudice to the foregoing, it is acknowledged that, (i) Licensor believes that this Agreement is in all material respects
consistent with the Novartis Agreement) and that Novartis Pharma AG will in due course grant consent to this sub-licence under
the Novartis Agreement; and (ii) Licensee shall have a continuing obligation to comply with the obligations under the Novartis
Agreement until the expiry or earlier termination of such obligation or the Novartis Agreement; and (iii) Licensor shall use all
reasonable endeavours to procure such consent from Novartis Pharma AG as soon as practicable after the Effective Date. Licensor
shall keep Licensee fully appraised of developments in this regard. Licensee accepts that this Agreement in so far as it relates
to the rights licensed to Licensor under the Novartis Agreement is expressly subject to the terms of the Novartis Agreement; and
(iv) if the Novartis Agreement is extended, Licensor shall so extend this Agreement if it is entitled to do so and shall otherwise
use its reasonable endeavours to do so, in each case, provided that the specific commercial points shall be negotiated in good
faith by both Parties.

 

		(c)	Ownership and Exploitation Agreement. Notwithstanding clause (a) of Article 2.1, the Parties
acknowledge that Licensor has not been granted any rights under the Ownership and Exploitation Agreement to Develop, Manufacture
or Commercialize the Product codenamed "MTX 102" and that, accordingly, Licensor cannot grant a licence hereunder in
respect of the Product codenamed "MTX 102" until consent is obtained from the other parties to the Ownership and Exploitation
Agreement. Licensor shall use all reasonable endeavours to procure such consent from such Parties after the date of the first grant
of a patent resulting from the patent application which is the subject of the Ownership and Exploitation Agreement. Licensor shall
keep Licensee fully appraised of developments in this regard. Licensee accepts that this Agreement in so far as it relates to the
rights of Licensor under the Ownership and Exploitation Agreement is expressly subject to the terms of the Ownership and Exploitation
Agreement; and if the Ownership and Exploitation Agreement is extended, Licensor shall so extend this Agreement if it is entitled
to do so and shall otherwise use its reasonable endeavours to do so, in each case, provided that the specific commercial points
shall be negotiated in good faith by both Parties.

 

		(d)	Sublicense Rights.  Licensee shall have the right to grant sublicenses through multiple
tiers of sub-licensees in respect of any or part of the Business in or for the Territory under any or all of the rights granted
in Article 2.1(a) to any Affiliate of Licensee or Third Party as a Designated Party, provided that

 

		(i)	the sub-licence shall be in writing and shall be granted solely for the purpose of the Business;

 

    	 	 14	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(ii)	the sub-licence shall contain obligations on the Designated Party at least as onerous as those
set out in this Agreement;

 

		(iii)	Licensee shall procure that the Designated Parties comply with such sub-licence and shall be responsible
and liable to Licensor for all acts and omissions of such Designated Parties as though they were by Licensee;

 

		(iv)	Licensee shall forthwith notify Licensor in writing of its proposal to grant a sub-licence hereunder
to any Third Party in Tier Two Country and, if Licensor expresses any opinion about the proposed grant or sub-licensee, Licensee
shall in good faith take into account such opinion before granting any such sub-licence. Following its good faith consideration
of such opinion, Licensee shall notify Licensor of its decision and in any event before the grant of the sub-licence.

 

		2.2	No Implied Licenses. Except as explicitly set forth in this Agreement, neither Party shall
be deemed by estoppels or implication to have granted the other Party any license or other right to any Confidential Information
or other Intellectual Property Rights of such Party.

 

		2.3	Licensee’s new products

 

(a)       
Licensee is entitled to identify any new products or Line Extensions which it proposes to Develop using the Licensed Technology
(the "Proposal") and, upon doing so, shall notify Licensor of such Proposal and provide Licensor with such additional
information with regard thereto as Licensor reasonably requires including the relevant Product API. If Licensor agrees to such
Proposal (not to be unreasonably withheld), Licensor will carry out initial Development work such as chemistry studies, purposing
the Licensed Technology and ascertaining the feasibility of the Proposal using in-laboratory and animal studies and shall report
its findings to Licensee including (if appropriate) its proposed fee (to include its FTE Fees and External Expenses) (the "Technology
Transfer Fee") for the preparation and delivery of a technology transfer package containing such information and data
and the rights to use the Intellectual Property Rights therein to enable Licensee to further Develop the proposed new product or
Line Extension. If Licensee wishes to proceed with its Proposal, Licensor shall prepare a technology transfer package and deliver
it to the Licensee in consideration for the Technology Transfer Fee which the Licensee will pay within 30 days of receipt of an
invoice therefor. Both Parties agree and acknowledge that the Intellectual Property Rights in the Technology Transfer Package shall
belong to the Licensor and be licensed to the Licensee pursuant to Article 2.1 herein but, save as aforesaid, all rights, title
and benefit in and to the new products and Line Extensions in this Article 2.3 shall inure to and belong to Licensee and the Licensee
is licensed under Article 2.1 to use the Licensed Technology to Develop and register the new product or Line Extension in question
in the Territory, and shall be entitled to file Patent applications in respect of inventions it makes in respect thereof and to
prosecute the same to grant, the cost of which Development, registration, filing and prosecution will be borne by Licensee. During
the Development by Licensee, Licensor shall provide reasonable assistance to Licensee (for example in respect of producing a reagent,
the prototype samples, technology transfer and providing any other necessary assistance as reasonably requested by Licensee during
Licensee’s Development of such new product or Line Extension in question), provided that Licensee reimburses Licensor with
all its External Expenses and its FTE Fees with respect to such assistance.

 

    	 	 15	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

(b)       Licensee
shall keep Licensor promptly informed of the Development of the new products and Line Extensions it Develops pursuant to the rights
granted under clause 2.3(a) above, providing such further information as the Licensor reasonably requests from time to time. Licensee
is entitled to Manufacture and Commercialise such new products and Line Extensions in the Territory (the provisions of Article
2.4(a) and 2.6, save in respect of the aforesaid right to Manufacture the new products or Line Extensions in the Territory and
for avoidance of doubt the current products which have been already included in the current product portfolio of Licensee do not
belong to Competing Products in this case, applying to such new products and Line Extensions), provided that Licensee shall pay
Licensor a royalty based on the Net Sales of such new products and Line Extensions in the Territory which shall be calculated by
multiplying the Net Sales of such new products or Line Extensions by [***]. The provisions of Article 8.3 - 8.9 shall apply to
such royalties (mutatis mutandis). If requested by Licensee, Licensor shall Manufacture such new products and Line Extensions outside
the Territory for Commercialisation in the Territory and in such case Article 7.1 shall apply to the supply and Manufacture hereof.
Licensee shall grant Licensor an exclusive, perpetual, transferable and sub-licensable (in multiple tiers) license to use the its
Intellectual Property Rights and, to the extent required by Applicable Law, any relevant Regulatory Approvals and related data
to Manufacture the new products and Line Extensions both for its use and for supply to Licensee and to Commercialise the new products
and Line Extensions outside the Territory (the provisions of Article 2.4 (b) and 2.5 applying to such new products and Line Extensions).
Licensor shall pay Licensee a royalty based on the Net Sales of such new products and Line Extensions outside the Territory (but
for the avoidance of doubt not including any such sales made to Licensee or any Designated Party) which shall be calculated by
multiplying the Net Sales of such new products and Line Extensions by [***] pursuant to this Agreement. The provisions of Article
8.3 - 8.8 shall apply to such royalties (mutatis mutandis).

 

		2.4	Territorial Restrictions.

 

		(a)	Licensee shall not, and shall not permit any of its Designated Parties to, Develop or Commercialize
the Products directly or indirectly (i) for use outside the Territory or (ii) in the Territory where Licensee or any of its Affiliates
or any of its Designated Parties or its or their licensees, sub-licensees or distributors knows or should, based on verifiable
information known to them, know that Person is likely to Develop or Commercialize any Product for use outside the Territory or
assist another Person to do so, or has directly or indirectly Developed or Commercialized any Product for use outside the Territory
or assisted another Person to do so. If Licensee or any of its Designated Parties or Affiliates receives or becomes aware of any
orders for any Product for use outside the Territory (whether for the relevant Indication otherwise), Licensee shall, and shall
cause its Designated Party to, refer such information and orders to Licensor and not supply any Product in response to any such
order. Licensee shall cause its Affiliates and its Designated Parties to notify Licensor of any receipt of any orders for any Product
for use outside the Territory.

 

    	 	 16	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(b)	Licensor shall not, and shall not permit any of its Affiliates or Third Party sub-licensees to,
Develop or Commercialize the Products directly or indirectly (i) for commercial use in the Territory or (ii) outside the Territory
where Licensor or any of its Affiliates knows or should, based on verifiable information known to them, know that Person is likely
to Develop or Commercialize any Product for commercial use in the Territory or assist another Person to do so, or has directly
or indirectly Developed or Commercialized any Product for commercial use in the Territory or assisted another Person to do so.
If Licensor or any of its Affiliates receives or becomes aware of any orders for any Product for commercial use in the Territory
(whether for the relevant Indication otherwise), such Person shall refer such orders to Licensee and not supply any Product in
response to any such order. Licensor shall cause its Affiliates to notify Licensee of any receipt of any orders for any Product
for commercial use in or for the Territory.

 

		2.5	Competing Product. On a Product-by-Product basis, Licensor hereby undertakes and agrees
for itself and its Affiliates during the term of this Agreement and as of the Effective Date:-

 

		(a)	not to Manufacture or Commercialize Products or Competing Products in or for the Territory (save
for the purposes of supplying Licensee or its Affiliates or Designated Parties) ;

 

		(b)	directly or indirectly not to grant any rights or otherwise grant access to the Licensed Technology
to any Third Party to enable it to Develop, Manufacture or Commercialize Products or Competing Products in or for the Territory;

 

		(c)	to acknowledge Licensee's exclusive right, title and interest hereunder in and to the Commercialization
of the Products using the Licensed Technology in the Territory.

 

		2.6	On a Product-by-Product basis, and subject to Article 2.6, Licensee hereby undertakes and agrees
for itself and its Affiliates and Designated Parties during the term of this Agreement and as of the Effective Date:-

 

		(a)	not to Manufacture Products (save as permitted under Article 7.4 below) in the Territory or Manufacture
or Commercialize Products and/or Competing Products outside the Territory or for use outside the Territory ;

 

		(b)	directly or indirectly not to grant or purport to grant any rights or otherwise grant access to
the Licensed Technology to any Third Party to enable it to Manufacture Products (save as permitted under Article 7.4 below) in
the Territory or to Manufacture or Commercialize Products or Competing Products outside the Territory or for use outside the Territory;

 

		(c)	to acknowledge the Licensor's exclusive right, title and interest in and to the Licensed Technology,
the Regulatory Approvals and the Products and will not, at any time, do or cause to be done any act or thing, directly or indirectly,
in any way impairing or tending to impair any part of Licensor's right and title to or interest in the Products, the Regulatory
Approvals and/or the Licensed Technology.

 

    	 	 17	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		2.7	Performance of Business in the Territory in Licensee’s Name. Both Parties agree and
acknowledge that the Business shall be conducted and performed in the name of Licensee or its Designated Parties. If required by
the Applicable Law in the Territory and permitted by Applicable Law (whether in or outside the Territory) in order for the Licensee
to carry out the Business, the Licensor shall cause (at Licensee's cost) such rights to the Product in the Territory as it Controls,
including if appropriate the Marketing Authorization for such Product and other applicable Regulatory Approvals, to be held on
trust by Licensee or its Designated Parties for Licensor as are absolutely necessary in order for Licensee or a Designated Party
to carry out the Business in the Territory. Any such Marketing Authorisation or Regulatory Approval shall be transferred to the
Licensor upon demand for no consideration upon termination of this Agreement or the relevant part of it. If the Applicable Law
doesn’t permit Licensee to do so, then Licensor shall cooperate with Licensee, at the Licensee's cost, in any good faith
and commercially reasonable and lawful arrangements, including by executing a written binding documents in an appropriate form
as agreed by both Parties, to provide to the Licensee with rights to use or exploit such necessary rights to the applicable Product
in the Territory, in which case Licensor shall be obligated to maintain such rights throughout the Term of this Agreement.

 

ARTICLE
3

Governance

 

		3.1	Joint Steering Committee. Within ninety (90) days of the Effective Date, the Parties shall
establish a joint steering committee to oversee the performance of the Agreement which shall consist of two appointees of the Licensor
and two appointees of Licensee (the “Steering Committee” or “SC”). The Steering Committee
shall be run and act in accordance with the provisions of Exhibit D.

 

		3.2	Without prejudice to the provisions of Exhibit D the Steering Committee shall act
as a forum to discuss and coordinate all aspects of the Development, Manufacture (if applicable) and Commercialization of the Products
in or for the Territory for the purpose of coordinating and maximizing the commercial interests of the Parties. Any key decisions
and updates on progress in relation thereto will be shared among members of the Steering Committee in accordance with Exhibit
D (under appropriate conditions of confidentiality) to ensure each of the Parties are kept up to date on relevant issues.
In particular, each Party will keep the other routinely updated and appropriately informed regarding the progress of their respective
Development and Commercialization activities for the Products. For the avoidance of doubt, except as provided otherwise in this
Agreement and subject to this Article, Licensee shall have the sole and final discretion or decision-making power in relation to
Development, Manufacture (if applicable), and Commercialization of the Products in the Territory and Licensor shall have the sole
discretion or decision-making power in relation to research, Development, Manufacture, and Commercialization of the Products outside
the Territory. Licensee may not, and shall procure that its Designated Parties and Affiliates do not, perform or conduct any such
activity in a manner that has, or is reasonably likely to have, a detrimental impact on the legal title, right and benefit as enjoyed
by the Licensor in the Products or the Licensed Technology. Notwithstanding the foregoing, in the event that a decision is to be
made by one Party hereunder and such decision will have a material adverse effect on the other Party, both Parties shall negotiate
in good faith and take into account the affected Party’s comments in good faith, failing which, such negotiation shall escalate
into the discussion of Chief Executive officers by both Parties. In the event the Chief Executive officers of both Parties cannot
reach a consensus within 30 days, such a dispute shall be resolved by the Arbitration pursuant to Article 14.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		3.3	The Steering Committee shall continue to exist until the earlier of the Parties mutually agreeing
in writing to disband the Steering Committee (either in entirety or with respect to a particular Product or Products) or on termination
of this Agreement in its entirety with respect to all Products. On discontinuance of the Steering Committee, but in the event that
this Agreement continues in effect, the Steering Committee shall have no further responsibilities under this Agreement and any
requirement of a Party to provide information, reports or other materials to the Steering Committee shall be deemed a requirement
to provide such information, reports or other materials to the other Party.

 

ARTICLE
4

Development

 

		4.1	Responsibilities; Costs.

 

		(a)	Responsibilities. Licensee will use Commercially Reasonable Efforts, with the reasonable
assistance and cooperation of Licensor or its Affiliates as provided in this Article 4, to conduct the Development to obtain or
maintain Regulatory Approval in the Territory for each of the Products.

 

		(b)	Costs. Licensee shall be responsible for all the costs and expenses in connection with the
Development of the Products in the Field in the Territory.

 

		4.2	Development Activities. Licensee shall and shall cause the Designated Party to, use Commercially
Reasonable Efforts to Develop each Product and to apply for, obtain and maintain Regulatory Approvals for the Products in or for
the Territory. Licensee shall submit the details of Development progress in the Territory to the SC for discussions and Licensor
shall provide reasonable advice on the Development for Licensee. Licensee shall reasonably take into account the Licensor’s
advice on the Development but in the event of any conflicts between both Parties in respect of the Development, the Licensee shall
have the sole discretion and final decision-making power to determine the specific Development details and arrangement of such
clinical and pre-clinical trials, including the determination to suspend or terminate the applicable trials in the case of the
Material Adverse Events, subject to the Exhibit F save that in the event that a decision is to be made by Licensee hereunder and
such decision will have a material adverse effect on Licensor, the Parties shall negotiate in good faith and taking into account
each other's comments in good faith, failing which, such negotiation shall escalate into the discussion of CEOs by both Parties.
In the event the CEOs from each Party cannot reach a consensus within 30 days, such a dispute shall be resolved by the Arbitration
pursuant to Article 14.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		4.3	International Multi-Centred Clinical Trials. If and to the extent that the Parties agree
that an international multi-centred clinical trials for the Product is legally permitted and will facilitate Licensee or the Designated
Party to secure the applicable Regulatory Approvals (including the Marketing Authorization for such Product) in the Territory,
then the Parties agree to initiate, or coordinate to initiate, the same in the name of the Licensor (or its relevant Affiliates)
in or outside the Territory, provided that (i) the implementation of such intended international multi-centre clinical trials will
not adversely affect the reasonable interest and benefit enjoyed by the Licensor in the Products outside the Territory and (ii)
the fees and expenses associated with the particular international multi-centre clinical trials required for or in the Territory
are borne by Licensee or Designated Party. Both Parties shall discuss in good faith to work out an appropriate strategy and plan
for such international multi-centre clinical trials, and provide each other with necessary assistance, resource and facilitation
to initiate and complete such international multi-centre clinical trials in accordance with the terms and conditions of this Article.

 

		4.4	Performance. Licensee shall conduct Development activities in and for the Territory in good
faith and in a good scientific manner using best industry practice, and in compliance with all Applicable Laws.

 

		4.5	Development Records.  Each Party shall maintain complete, current and accurate records of
all Development activities in regard to the Products by such Party, its Affiliates and subcontractors (and in the case of Licensee
its Designated Parties), and all Information resulting from such activities. Such records shall fully and properly reflect all
work done and results achieved in the performance of the Development activities in good scientific manner appropriate for regulatory
and Intellectual Property Right purposes. Each Party shall have the right to review and copy Development records relevant to its
territory (including, with respect to Licensee, Required Regulatory Information) maintained by the other Party at reasonable times
mutually agreed upon by the Parties and to obtain access to the originals of such records to the extent reasonably necessary for
regulatory or Intellectual Property Right purposes with the right to obtain copies of the same (at the cost of the party requiring
a copy). Without limiting the foregoing, promptly upon Licensee’s request and cost, Licensor shall provide Licensee with
the Required Regulatory Information requested by Licensee and necessary in order to obtain or maintain Regulatory Approvals in
the Territory.

 

		4.6	Development Updates and Reports. At each regularly scheduled SC meeting, each Party shall
provide, to the extent legally permitted, the other Party with a summary of (i) the Development activities performed in or for
the Territory by or on behalf of the Licensee and (ii) the Development activities performed by Licensor outside the Territory which
may have a significant effect on the Development activities relating to the Products in the Territory, in both cases since the
last SC meeting, including the progress and results of its and its Affiliate’s and subcontractor’s work (and in the
case of Licensee, its Designated Parties' work). Such summary shall be at a level of detail reasonably requested by the SC. In
addition, each Party shall promptly provide written notice to the other Party, through the SC, of any significant Development events
for which such Party is responsible of which such Party becomes aware (e.g., clinical trial initiation or completion, clinical
holds, and receipt of clinical study reports). In addition and without limiting the foregoing, Licensor shall provide updates to
Licensee, on at least a quarterly basis through the SC or upon the reasonable request of Licensee, regarding significant Development
events relating to the Product outside the Territory, provided however, that such updates shall be provided only if such events
materially impact the Licensee’s ability to Develop or Commercialize the relevant Product in the Field in the Territory in
accordance with the terms of this Agreement. Licensee shall keep all such information strictly confidential in accordance with
Article 12 herein and shall use it only for the purposes of exercising its rights under this Agreement.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		4.7	Licensor Assistance. Throughout the Term, Licensor shall be obligated to identify Information
that is reasonably necessary for Licensee to Develop the Product or Commercialize the Products in the Field in the Territory in
accordance with this Agreement and, at any time that Licensor or Licensee identifies Licensor Know-How relevant for these purposes
in the Territory, Licensor shall promptly provide Licensee with copies of such Licensor Know-How free of charge other than any
expenses incurred in such provision. Without limiting the foregoing, in order to assist Licensee in the conduct of clinical studies
of the Product in or for the Territory during the Term, Licensor shall at the cost of the Licensor, (i) promptly upon Licensee’s
request, supply Licensee with Licensor Know-How that is reasonably necessary for Licensee to conduct clinical studies of the Product
in or for the Territory and (ii) promptly after the Effective Date, provide Licensee (or its subcontractor), for use in clinical
studies of the Product, with materials developed and validated by Licensor in the English language (e.g., patient diary); and (iii)
provision of sample and reference Products for clinical Development; and (iv) if reasonably requested by Licensee, implement necessary
pre-clinical trials and clinical trials outside the Territory, provided that (a) such trials are required by the Regulatory Authority
in the Territory or considered necessary to facilitate Licensee for the application for or maintenance of the Regulatory Approvals
in the Territory; (ii) such trials are permitted by the Applicable Law and acceptable for the Regulatory Authority in the Territory;
and (iii) the costs and expenses of such trials (including the cost of Products used therein) are borne by Licensee.

 

ARTICLE
5

Regulatory

 

		5.1	Regulatory Responsibilities. Subject to the terms and conditions of this Agreement, Licensee
shall conduct all regulatory activities related to Development and Commercialization activities in its own or the Designated Parties’
name for Licensor, including the preparation of Regulatory Materials and communications and interactions with Regulatory Authorities
in the Territory with respect to the same. Licensee shall be responsible for all of its costs and expenses in connection with obtaining
and maintaining Regulatory Approvals for Products in the Territory.

 

		5.2	Rights of Reference. Each Party hereby grants, at no cost, to the other Party and the other
Party’s Affiliates and permitted sub-licensees the right to use, cross-reference, file or incorporate by reference all Regulatory
Materials and Required Regulatory Information pertaining to the Product submitted by or on behalf of such granting Party and all
Data, in each case Controlled by such granting Party. The receiving Party and its Affiliates and permitted sub-licensees may use
such rights of reference solely for the purpose of seeking, obtaining and maintaining Regulatory Approval and Commercializing the
Product in its territory and otherwise performing under this Agreement, including, with respect to Licensee, to support any regulatory
filings relating to the Product in the Territory and in interactions with any Regulatory Authority in connection with Development
or Commercialization of the Product in the Territory (collectively, the “Permitted Purposes”). In addition,
Licensor hereby grants to Licensee and its Affiliates and Designated Parties the right, solely for the Permitted Purposes, to use
in the Territory (including by cross-referencing, filing or incorporating by reference) all Required Regulatory Information related
to the Product to the extent such Required Regulatory Information is Controlled by Licensor and its Affiliates.

 

    	 	 21	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		5.3	Adverse Event Reporting and Safety Data Exchange. Within such time period as may be agreed
upon by the Parties, but in any event prior to Licensee’s performance of any clinical study of the Product, the Parties (under
the guidance of their respective pharmacovigilance departments, or equivalent thereof) shall define and finalize the actions that
the Parties shall employ with respect to the Products to protect patients and promote their well-being which shall be recorded
in the Pharmacovigilance Agreement entered into pursuant to clause 5.5 below. For the avoidance of doubt, Licensor shall be responsible
for global pharmacovigilance activities, including maintaining the global safety database for the Products, at Licensor’s
expense, and Licensee shall be responsible for local pharmacovigilance activities in the Territory at Licensee’s expense.
Furthermore, Licensee will bear all costs of post-marketing surveillance for the Products required by Applicable Laws in the Territory.
To the extent required under and in accordance with the Pharmacovigilance Agreement, Licensee shall also be responsible for reporting
adverse events and safety data related to the Products to Licensor for inclusion in the global safety database and Licensor shall
be responsible for reporting adverse events and safety data related to the Products to Licensee for Licensee’s information.
Each Party hereby agrees to comply with its respective obligations under the Pharmacovigilance Agreement and to cause its Affiliates
to comply with such obligations.

 

		5.4	Licensor’s assistance. As reasonably required by the Licensee and at its cost (save
where stated otherwise), Licensor shall (i) provide reference and retention samples of the Products at the Cost of Manufacture
as reasonably requested by Licensee ; (ii) provide assistance and support to prepare for any meeting or teleconference with Regulatory
Authorities (or related advisory committees) in the Territory and, at Licensee’s reasonable request and upon reasonably adequate
prior written notice, representatives from Licensor or its Affiliates shall attend and participate in meetings and teleconferences
scheduled by Licensee with Regulatory Authorities in the Territory relating to the Product at Licensee’s cost and expense;
(iii) provide Licensee with all other necessary assistance for the purpose of regulatory activities with respect to the Products
for and in the Territory, including the provision of a specially-assigned person to discuss and make recommendations to the regulatory
strategies and plans with respect to the Products, and to prepare and execute applicable letters of certification or authorizations
that will assist Licensee or its Designated Party in the pursuit of its regulatory purposes in the Territory.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		5.5	Other Regulatory Requirements

 

		(a)	Pharmacovigilance Agreement. The Parties shall, on a Product-by-Product basis, enter into
a suitable agreement with respect to pharmacovigilance matters concerning the Commercialization of the given Products in the Territory
to the extent not expressly set out elsewhere in the Agreement, including procedures governing recalls, suspensions and withdrawals
of Products in the Territory, within the timeline agreed by the SC (the "Pharmacovigilance Agreement"), which,
when agreed, shall be attached to this Agreement as Exhibit E. Licensee shall not, and shall cause the Designated Party not to,
conduct any clinical development of a given Product, or Commercialize any given Products prior to the entry of Pharmacovigilance
Agreement.

 

		(b)	Assistance in dealing with Regulatory Authorities. Upon reasonable request by Licensee,
Licensor shall, provide reasonable assistance to Licensee or its Designated Parties in terms of communication and coordination
with the competent Regulatory Authorities in the Territory, including coordinating and assisting Licensee with variance of the
registration agent(s) for the applicable Regulatory Approvals, and the execution of applicable letter of certification or authorization
reasonably required by Licensee (regardless of its nature and content), provided that (i) such assistance is reasonably necessary
to facilitate or enable Licensee or its Designated Party to Develop, Manufacture (if applicable) or Commercialize the Products
in the Territory and will not be detrimental to Licensor outside the Territory; and (ii) Licensee shall reimburse Licensor its
FTE Fees and External Expenses incurred by it in the provision of such assistance.

 

		(c)	Availability for On-site Inspection. Once the Regulatory Authority in the Territory (such
as CNDA) requests for an on-site inspection on the Regulatory Materials and Required Regulatory Information Controlled by the Licensor,
the Licensee will notify Licensor in advance and Licensor shall use Commercially Reasonable Efforts to coordinate with Licensee
in preparing for such official on-site inspection, including allowing Licensee to carry out a preparatory inspection, and ensuring
the Regulatory Materials and Required Regulatory Information be kept properly and made available to such official on-site inspection
provided that (i) such co-ordination is reasonably necessary for such purpose; and (ii) Licensee shall reimburse Licensor its FTE
Fees and External Expenses incurred by it in the provision of such assistance .

 

ARTICLE
6

Commercialization

 

		6.1	Overview. Licensee shall have the exclusive responsibility for and shall use all Commercially
Reasonable Efforts to maximise the Commercilization of the Products and shall conduct and manage all activities related thereto
in each country in the Territory including all operational aspects of the marketing, sale, distribution, pricing and reimbursement
of the Products in accordance with a Commercilization Plan relating to each calendar year of this Agreement to be prepared by Licensee
and discussed by the SC and will be shared with Licensor on an annual basis.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		6.2	Bidding. Licensee shall be responsible and have full decision-making power for conducting
bidding activities for all Products in the Territory in its own or the Designated Parties’ name. Licensee shall keep Licensor
informed (through the SC) of any material issues concerning bidding process for all Products in the Territory, including updates
of any discussion and correspondence with any Regulatory Authority with respect thereto. Licensee shall reasonably consider Licensor’s
comments with respect to Licensee’s or its Affiliate’s bidding activities for all Products in the Territory and shall
promptly notify Licensor of bidding result for all Products in the Territory. To facilitate the performance of bidding activities
by Licensee in the Territory, Licensor shall provide reasonable assistance, including executing applicable letter of certification,
authorization or other binding legal documents in an appropriate form as requested by Licensee.

 

		6.3	Licensor’s assistance. As reasonably required the Licensee or the Regulatory Authority,
Licensor shall, prepare and execute applicable letters of certification or authorization letters that are necessary to facilitate
or enable Licensee or its Designated Party to Commercialize the Products in the Territory.

 

		6.4	Licensee shall, and shall procure that its Designated Parties shall, use Commercially Reasonable
Efforts to market and sell the Product in each country in the Territory in which a relevant Regulatory Approval has been granted.
In particular, Licensee use Commercially Reasonable Efforts to promote the distribution and sale of Products in the Territory as
widely as its resources reasonably permit and will make available all necessary selling and manufacturing (if applicable) facilities
to meet all reasonable demands for Products throughout the Territory. Licensee shall seek to optimise such demand, consistent only
with Licensee obtaining a reasonable rate of return on its assets employed in Manufacturing (if applicable) and Commercializing
Products.

 

ARTICLE
7

SUPPLY AND MANUFACTURE

 

		7.1	Licensor Supply Price. [***].

 

		7.2	Licensee Supply Price. [***].

 

		7.3	Supply Agreements. As soon as practicable after the Effective Date, but in any event in
advance of the commencement of any clinical studies of the Product by Licensee, the Parties shall agree upon and enter into one
or more supply agreement(s) for the clinical supply by Licensor of the Product, as requested by Licensee, for use in Development
activities in or for the Territory. Sufficiently in advance of the First Commercial Sale of the first Product in the Territory,
the Parties shall agree upon one or more supply agreement(s) for the commercial supply by Licensor of such Product for use in Commercialization
activities in the Territory (each a “Supply Agreement”).

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		7.4	Licensee Right to call for a right to Manufacture in the Territory. Neither the Licensee
nor any Affiliate of the Licensee or any Designated Party shall have any right to Manufacture any Products in any country in the
Territory:-

 

		(a)	unless Applicable Law in a country in the Territory where a particular Product is being Commercialized
under a relevant Regulatory Approval does not permit the importation of a particular Product and requires it to be Manufactured
in such country in which case Licensee shall notify the Licensor accordingly and shall provide the Licensor with such evidence
of the Applicable Law as is required by Licensor in which case during the period in which Licensee is obliged to pay royalties
hereunder in respect of the relevant Product, unless the matter is referred to dispute resolution under Article 14, Licensee may
Manufacture (but not sub-contract or sub-license the Manufacture) of the relevant Product on a Product by Product basis in the
country in question provided that the Product may not be exported from such country to any other country in the Territory; and

 

		(b)	except in the following circumstances (i) Licensor determines that it will not supply Licensee
or the Designated Affiliates with a particular Product in the Territory; or (ii) Licensor determines that it will cease Manufacture
of a particular Product for importation into the Territory; or (iii) Licensor determines that it is unable to meet 60% of the binding
orders of Licensee or its Designated Parties accepted by Licensor for a particular Product in a particular country for a period
which exceeds 3 months, then Licensor shall notify Licensee of its determination as aforesaid in advance and if the Parties fail
to find an alternative manufacturer which is compliant with all Applicable Law to Manufacture the particular Product in the particular
country within 4 months after the date of the notice, then both Parties shall negotiate in good faith to resolve the failure to
find an alternative manufacturer and if an agreement is not reached in 3 months then, during the period in which Licensee is obliged
to pay royalties hereunder in respect of the relevant Product, Licensee may Manufacture such Product in the country in question.

 

In either
circumstance, the Licensor shall use Commercially Reasonable Efforts to perform all the necessary activities and provide all necessary
assistance and resource as required by the FDA and EMA to facilitate the Manufacture of Products in the Territory lawfully by the
Licensee, including the provision at the cost of the Licensee (including all external costs and expenses and the costs of personnel)
of reasonable technical assistance and on-site personal support for building up the product line and Manufacturing of the Products
in compliance with the Licensor Know-how and applicable GMP until the First Commercial Sale of the relevant Product in the Territory,
together with reasonable access to all relevant Regulatory Materials and Licensor Know-how which is required for such Manufacture
(but no other Regulatory Materials or Licensor Know-how).

 

ARTICLE
8

FINANCIAL TERMS

 

		8.1	Invoices. For the convenience of payment in this Article 8, any payment to be made by Licensee
shall be made within the applicable time frame as set out below.

 

    	 	 25	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		8.2	Milestone Payments.

 

		(a)	Regulatory Approval Milestone Payments. Licensor will promptly notify CMS Bridging of the
achievement of the milestone events set forth below and CMS Bridging shall pay to Licensor or its nominated Affiliate the corresponding
one-time and non-refundable and non-creditable milestone payment set forth below within thirty (30) days after the achievement
of such milestone event.

 

		·	[***] shall be paid upon the earliest of the grant of an applicable Marketing Authorization for
each Product by one of the FDA, the EMA or any Regulatory Authority in the European Recognized Countries;

 

		·	[***] shall be paid upon the grant of the Marketing Authorization for each Product by the Regulatory
Authority in China;

 

		(b)	Sales Milestone Payments. Licensee (pursuant to their respective region in the Territory)
shall pay to Licensor or its nominated Affiliate the one-time, non-refundable and non-creditable sales milestone payments on a
Product-by-Product basis set forth below, in each case within ninety (90) days after the end of the calendar year during which
the aggregated Net Sales of a particular Product in the Territory in a single calendar year first reach the values indicated below.
Licensee (pursuant to their respective region in the Territory) shall provide a report at the time of each such payment which shows
the calculation of aggregated Net Sales of the Products in the Territory for the applicable year. For clarity, the obligation of
Licensee to make the sales milestone payment for the Products in accordance with the terms and conditions as set forth in this
Article 8.2(b) shall remain in force effective until expiry of the last to expire of a Patent which would be infringed by the Development,
Manufacture or Commercialization of the Product in question. Following such expiry, the obligation of Licensee to make the sales
milestone payment for the Products in accordance with the terms and conditions as set forth in this Article 8.2(b) shall remain
in force until the First Commercial Sale of a Competing Product. .

 

	Milestone Event	Milestone Payment for each 

Such Product
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

 

		(c)	One Time Payment. Each milestone payment in this Article 8.2 shall be payable only once,
in connection with the first achievement of the applicable Milestone Event and no additional milestone payments will be due on
account of subsequent achievements of the same Milestone Event in respect of each Product.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		8.3	Royalty Payments.

 

		(a)	Licensee, pursuant to their respective region in the Territory, shall pay Licensor royalties on
Net Sales of all Products in the Territory which shall be calculated by multiplying the Net Sales of such Products by [***]%, plus
the royalties which Licensor is obliged to pay in respect of any Commercialization of the Products to any Third Party with the
exception that (i) Licensee shall pay the royalties on any Net Sales of the Product MTX110 in the Territory which shall be calculated
by multiplying the Net Sales by [***]% plus the royalties which Licensor is obliged to pay in respect of any Commercialization
of the Products to Novartis Pharma AG in accordance with the Novartis Agreement and (ii) for any other Products, if the total of
royalties payable as aforesaid would exceed [***]%, the Parties shall discuss the issue in good faith. The rates determined aforesaid
shall in this Article hereafter be called the "Royalty Rate". If the Parties cannot agree a rate for Products
which fall into sub-paragraph (ii) above, such Products shall be deemed to not be the subject of a licence hereunder. For clarity,
the obligation of Licensee to pay the Royalty Rate for the given Product as set forth in this Article 8.3 shall remain effective
until expiry of the last to expire of a Patent which would be infringed by the Development, Manufacture or Commercialization of
the Product in question. Following such expiry the obligation of Licensee to pay the Royalty Rate for the given Product as set
forth in this Article 8.3 shall remain effective until the First Commercial Sale of a Competing Product, upon which occurrence
such royalty rate shall be halved.

 

		(b)	In the event the Licensee or a Designated Party sells or supplies or otherwise deals in Products
as part of a combination product, the Parties shall negotiate in good faith the proportion of the sales price of such product on
which a royalty should be paid and in the event of a dispute the matter shall be referred to dispute resolution under Article 14.

 

		8.4	Reports; Payment. Within ninety (90) days after the end of each calendar half year commencing
in the calendar year in which the First Commercial Sale occurs in the Territory, Licensee shall: provide Licensor with a report
(a “Royalty Report”) setting forth, on a Product-by-Product basis (a) the quantity and description of such Product
sold in the Territory during the preceding calendar half year (or part thereof), (b) the calculation of the aggregate Net Sales
of such Product in the Territory (including all relevant deductions from invoiced amounts made in the calculation of Net Sales
in accordance with the definition of Net Sales), (c) the exchange rates used to calculate the royalties payable, and (d) the milestone
payments and royalties due hereunder; and pay Licensor the milestone and royalty payments due under this Agreement (as adjusted
under Article 8.5 and, if applicable, any other agreement of the Parties) for such calendar half year. The information contained
in each Royalty Report shall be the Confidential Information of each Party.

 

		8.5	Payment Method; Foreign Exchange. All payments due to Licensor hereunder shall be made in
Dollars by wire transfer of immediately available funds into an account designated by Licensor. For purposes of making royalty
payments due under this Agreement, Licensee shall convert Net Sales at the rate of exchange for using the average of the daily
foreign exchange rates published in the Financial Times, for the calendar half year in which such Net Sales occurred, or for periods
less than a calendar half year, the average of the daily rates published in the Financial Times, for the applicable period.

 

    	 	 27	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		8.6	Books and Records. Licensee shall keep, and shall require its Affiliates to keep, true,
complete and accurate books and accounts of record in connection with its sales of Products in sufficient detail to permit verification
of Licensee’s milestone and royalty payments due under this Agreement, and shall maintain such records for a period of three
(3) years from the end of the calendar quarter in which sales occurred or a longer period as required under Applicable Laws. For
so long as the Licensor or its Affiliates supply the products to Licensee, Licensor shall, and shall require its Affiliates to
keep, accurate books and accounts of record in connection with manufacture of Products in sufficient detail to permit verification
of the actual Cost of Manufacture, and shall maintain such records for a period of seven (7) years from the end of the calendar
half year in which Product (as applicable) was Manufactured or a longer period as required under Applicable Laws.

 

		8.7	Audit Rights. Each Party, through an independent, internationally recognized certified public
accountant reasonably acceptable to the other Party (such acceptability not to be unreasonably withheld), shall have the right
to access and audit the other Party’s relevant books and records for the sole purpose of (a) with respect to Licensor’s
right to audit, verifying Licensee’s milestone and royalty payments to Licensor due under this Agreement and the calculation
of Net Sales upon which such milestone and royalty payments are calculated and verifying the Supply Price charged by Licensee pursuant
to Article 7.2 (if applicable), and (b) with respect to Licensee’s right to audit, if applicable, verifying the Supply Price
charged by Licensor pursuant to Article 7.1; such access shall be conducted after reasonable prior notice by the auditing Party
to the audited Party during the audited Party’s ordinary business hours, shall not be more frequent than once during any
calendar year. Such accountant shall execute a confidentiality agreement with the audited Party in customary form and shall only
disclose to the auditing Party whether, in the case of Licensor as the auditing Party, Licensee paid Licensor the correct milestone
and royalty payments due under this Agreement during the audit period and (if applicable) Licensee charged the correct Supply Price
during the audit period and, in the case of Licensee as the auditing Party, Licensor charged the correct Supply Price during the
audit period and if not, any information necessary to explain the source of the discrepancy. If such audit determines that the
audited Party underpaid any amount properly due and such determination is not subject to a good faith dispute, then the audited
Party shall promptly pay the other Party an amount equal to such underpayment. If such audit determines that the audited Party
overpaid the other Party, then the other Party shall promptly issue a refund to the audited Party in the amount of such overpayment.
The auditing Party shall bear the full cost of such audit unless such audit discloses (i) in the case of Licensor as the auditing
Party, an underpayment of milestones or royalties by Licensee of more than five percent (5%) of the amount due for the audited
period, or (ii) in the case of Licensee as the auditing party, an overcharge of the Supply Price by Licensor of more than five
percent (5%) of the amount due for the audited period, in which case the audited Party shall bear the full cost of such audit.

 

    	 	 28	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		8.8	Taxes. Unless otherwise specified herein, each of the Parties hereto shall be responsible
for its own costs and expenses occurred in connection with this Agreement and the transactions contemplated hereby. All amounts
of payment referred to in Articles 8.2 and 8.3 will exclude any tax. If any taxes are required to be withheld by Licensee, Licensee
shall: (a) deduct such taxes from the payment made to Licensor; (b) timely pay such taxes to the proper taxing authority; (c) send
proof of payment to Licensor; and (d) reasonably assist Licensor in its efforts to obtain a credit for such tax payment. Each Party
agrees to reasonably assist the other Party in lawfully claiming exemptions from or minimizing such deductions or withholdings
under double taxation laws or similar circumstances.

 

		8.9	Guarantee. 

 

Guarantor
shall guarantee the performance by Licensee of any financial obligations arising under this Agreement (including those set forth
in Articles 8.2 and 8.3 and any award or agreement to pay any sums (whether as damages, costs or otherwise) made in respect of
any breach of this Agreement) in accordance with the terms of Article 15 below.

 

ARTICLE
9

Intellectual Property Matters

 

		9.1	Ownership of Data and Inventions.

 

		(a)	License Grant. As between the Parties, each Party shall solely own the data generated from
activities in relation to the Products conducted by such Party or its Affiliates, Designated Parties, sub-licensees or sub-contractors.
The data Controlled by Licensor which is relevant to the rights granted to the Licensee hereunder are included in the Licensor
Know-How and licensed to Licensee under Article 2.1(a). Licensee hereby grants Licensor a fully paid, royalty-free, exclusive,
perpetual, irrevocable license, with the right to sublicense through multiple tiers, to use, disclose and make reference to the
data Controlled by Licensee solely for purposes of Developing, Manufacturing, importing, Commercializing and otherwise exploiting
Products outside the Territory and after termination of this Agreement in the Territory. The foregoing license shall be exclusive
to Licensor outside the Territory. In addition, to the extent a patentable Invention Controlled by a Party is supported by any
data Controlled by the other Party, the Party Controlling such Invention shall have the right, upon the other Party’s prior
written consent (not to be unreasonably withheld, conditioned or delayed), to use and disclose such data of the other Party in
its patent applications to support the Invention.

 

		(b)	Licensor Inventions; License Grant. Licensor shall solely own all Inventions generated,
invented, discovered, developed, made or otherwise created by Licensor or its Affiliates, licensees (other than Licensee) or subcontractors
pursuant to activities carried out under this Agreement. For clarity, all Inventions Controlled by Licensor and relating to the
Products, together with any Licensor Patents covering such Inventions, are included in the Licensed Technology and licensed to
Licensee under Article 2.1(a). In the event Licensor or any of its Affiliates, licensees (other than Licensee) or subcontractors,
including their employees, agents and independent contractors, makes an Invention or files any new Licensor Patents in the Territory
covering such Inventions, Licensor shall promptly disclose such Invention (under conditions of confidentiality to preserve its
patentability) and such filed Licensor Patents in writing to Licensee. Such disclosure shall include all documents submitted to
Licensor or its Affiliates, licensees (other than Licensee) or subcontractors by their employees, agents or independent contractors
describing any such Invention.

 

    	 	 29	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(c)	Licensee Inventions; License Grant. Licensee shall solely own all Inventions generated,
invented, discovered, developed, made or otherwise created by Licensee or its Affiliates, Designated Parties licensees or subcontractors
pursuant to activities carried out under this Agreement. Licensee shall promptly disclose in writing to Licensor all Licensee Retained
Inventions made by Licensee or its Affiliates, Designated Parties or subcontractors (under conditions of confidentiality to preserve
its patentability) and any filed Licensee Retained Invention Patents in writing to Licensor. Such disclosure shall include all
invention disclosures and other similar documents submitted to Licensee or its Affiliates, Designated Parties or subcontractors
by their employees, agents or independent contractors describing any Licensee Retained Invention. Licensee hereby grants Licensor
a fully paid, royalty-free, exclusive, perpetual, irrevocable license, with the right to sublicense through multiple tiers, to
use Licensee Retained Invention Patents and Licensee Retained Inventions Controlled by Licensee solely for purposes of Developing,
Manufacturing, importing, Commercializing and otherwise exploiting products outside the Territory and after termination of this
Agreement in the Territory.

 

		9.2	Patent Prosecution.

 

		(a)	Licensee Retained Invention Patents. Licensee shall have the first right, but not the obligation,
to prepare, file, prosecute and maintain Licensee Retained Invention Patents throughout the world, including any related interference,
re-issuance, re-examination and opposition proceedings with respect thereto. Upon Licensee’s reasonable request, during the
Term, Licensor shall cooperate, at Licensee’s cost, in connection with the prosecution of patent applications included within
such Licensee Retained Invention Patents including periodically through SC with all material steps and developments with regard
to the preparation, filing, prosecution and maintenance of the Licensor Patents in the applicable territories. If Licensee decides
that it is no longer interested in filing, maintaining, or prosecuting a particular Licensee Retained Invention Patent on a country-by-country
basis during the Term, then it shall promptly provide written notice to Licensor of such decision and, in any event, so as to provide
Licensee a reasonable amount of time to meet any applicable deadline to establish or preserve such patent in such country or region
of the territory and, in that event, (i) Licensor may, upon written notice to Licensee, assume responsibility for such filing,
prosecution, and maintenance in such country at Licensor’s sole cost and expense, (ii) upon Licensor’s reasonable request
and at Licensor’s cost, Licensee shall take such actions as may be necessary to enable Licensor to assume responsibility
for such filing, prosecution, and maintenance in such country, (iii) Licensee will assign, free of charge, all right, title and
interest in such Patent in such country to Licensor, and (iv) such Patent will not be deemed a Licensor Patent.

 

    	 	 30	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(b)	Licensor Patents. Licensor shall have the first right, but not the obligation, to prepare,
file, prosecute and maintain Licensor Patents whether inside or outside the Territory. During the Term, Licensee shall cooperate,
at Licensor's cost, in connection with the prosecution of patent applications included within such Licensor Patents, including
periodically through SC with all material steps and developments with regard to the preparation, filing, prosecution and maintenance
of the Licensor Patents in the applicable territories. If Licensor decides that it is no longer interested in filing, maintaining,
or prosecuting a particular Licensor Patent on a country-by-country basis in the applicable territories during the Term, it shall
inform Licensee of such decision promptly in writing and, in any event, so as to provide Licensee a reasonable amount of time to
meet any applicable deadline to establish or preserve such patent in such country or region of the territory. The Licensee shall
have the right to assume responsibility for continuing the prosecution, maintenance or defence of such patent in such country or
region at its sole cost and expense and through counsel of its own choice, provided that it responds with its willingness to do
so within thirty (30) days upon receipt of the notice. Upon transfer of such responsibility to the Licensee, Licensor shall promptly
deliver copies of all necessary files related to such patent with respect to which responsibility has been transferred and shall
take all actions and execute all documents reasonably necessary for the Licensee to assume such prosecution, maintenance or defence.
Licensee shall grant Licensor an exclusive, royalty free, irrevocable and perpetual licence to use and exploit any such patents
outside the Territory. .

 

		(c)	Collaboration. Each Party shall provide the other Party all reasonable assistance and cooperation
in its efforts to prosecute patent applications and maintain Patents as provided for in this Article 9.2, including providing any
necessary powers of attorney and executing any other required documents or instruments for such prosecution.

 

		9.3	Patent Enforcement.

 

		(a)	Notification Regarding Licensor Patents. If Licensee becomes aware of any existing or threatened
infringement of any Licensor Patent in the Territory (“Infringement”), it shall promptly notify Licensor in
writing to that effect and the Parties will consult with each other regarding any actions to be taken with respect to such Infringement.

 

		(b)	Licensor Patents Enforcement Rights. Each Party shall share with the other Party all Information
available to it regarding each alleged Infringement. Licensor shall have the exclusive right, but not the obligation, to bring
an appropriate suit or other action against any person or entity engaged in such Infringement (including as part of any enforcement
action against infringement of any Licensor Patent globally), at Licensor’s cost and expense and subject to Licensor’s
control.

 

    	 	 31	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(c)	Licensee Retained Invention Patents. As between the Parties, Licensee shall have the first
right, but not the obligation, to attempt to resolve any Third Party activity that infringes or threatens to infringe an Licensee
Retained Invention Patent, including the filing of an infringement suit to enforce the Licensee Retained Invention Patent, at its
own expense using counsel of its own choice.

 

		9.4	Third Party Infringement Claims.

 

		(a)	Third Party IP Action. During the Term, each Party shall promptly notify the other Party
in writing upon becoming aware of any allegation by a Third Party that the Development, Manufacture or Commercialization of any
Products in the Field in the Territory infringes or misappropriates or may infringe or misappropriate the Intellectual Property
Rights of such Third Party in the Territory (a “Third Party IP Action”). Licensor shall defend the Third Party
IP Action, and unless otherwise agreed in writing by the Parties, Licensor shall have control of the defence of any such Third
Party IP Action by counsel of its own choice; provided, however, that Licensor may not settle or compromise any Third Party IP
Action in a manner that materially adversely affects Licensee’s rights or interests hereunder, without the written consent
of Licensee (such consent not to be unreasonably withheld, conditioned or delayed). Each party shall bear 50% of the expense of
the defence of a Third Party IP Action. Licensor shall keep the Licensee reasonably informed of all material developments in connection
with any Third Party IP Action. This Article 9.4 shall not be interpreted as placing on either Party a duty of inquiry regarding
any Third Party's Intellectual Property Rights. Nothing in this Article 9.4 shall be deemed to oblige either Party to defend, indemnify
or hold harmless the other Party arising from or occurring as a result of a Third Party IP Action.

 

		(b)	Third Party IP Agreement. In the event either Party determines that it is necessary or advisable
to acquire rights under a Third Party’s Intellectual Property Rights, through a license or other agreement with such Third
Party (“Third Party IP Agreement”), in order to Develop, Manufacture, or Commercialize any Product in the Territory
under this Agreement, whether or not there has been the institution of any Third Party IP Action, such Party shall notify the other
Party of such determination. Licensor shall have the right to negotiate any Third Party IP Agreement to acquire rights under a
Third Party’s Intellectual Property Rights both in the Territory and outside the Territory. Licensee shall have the right
to negotiate any Third Party IP Agreement to acquire rights under a Third Party’s Intellectual Property Rights solely in
the Territory; provided that the financial terms and other material terms of such Third Party IP Agreement affecting Licensor shall
be subject to Licensor’s consent, not to be unreasonably withheld, conditioned or delayed.

 

    	 	 32	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		9.5	Trademarks.

 

		(a)	Product Mark. Licensee shall be entitled to register in its own or Designated Parties’
name with reference to the recommendations of the SC the applicable Product Mark(s) for Commercialization of the Products in the
Territory. The benefit of such application and registration shall be held on trust by licensee for Licensor. Licensee shall Develop,
Manufacture (if applicable) and Commercialize the Products in the Territory under the Product Marks; provided that if such Product
Mark is rejected or refused by a Regulatory Authority in the Territory, the SC, pursuant to Article 3, will determine on an alternative
trademark to serve as the Product Mark for the applicable Product in the Territory, the decision of which shall be given without
undue delay. Licensee shall, and shall require that its Affiliates and Designated Parties will, use the Product Marks solely in
connection with the Development and Commercialization of Products in the Field in the Territory. Notwithstanding the foregoing,
Licensee acknowledges that all use of the Product Marks and all rights and goodwill attached to or arising out of such use, shall
accrue to the benefit of Licensor and be assigned back to Licensor upon Licensor's request free of charge and in any event upon
termination of this Agreement. Licensee shall not, and shall require that its Affiliates and Designated Parties shall not, engage
in any action that will interfere with, prejudice or diminish Licensor’s rights or goodwill in any Product Marks.

 

		(b)	Cooperation. Each Party shall provide to the other Party prompt written notice of any actual
or threatened infringement of the Product Marks in the Territory and shall cooperate in good faith fully with the other Party with
respect to any enforcement action or defence taken in connection with the same (including taking into account the other Party's
opinions and comments). Licensee shall manage and control any such enforcement action, including any settlement of same provided,
however, that Licensee may not settle or compromise any such action in a manner that materially adversely affects Licensor’s
rights or interests, without the written consent of Licensor (such consent not to be unreasonably withheld, conditioned or delayed).

 

ARTICLE
10

Representations And Warranties; covenants

 

		10.1	Mutual Representations and Warranties. Each Party hereby represents and warrants to the
other Party as follows as of the Effective Date:

 

		(a)	Corporate Existence. It is a company or corporation duly organized, validly existing, and
in good standing under the laws of the jurisdiction in which it is incorporated.

 

		(b)	Corporate Power, Authority and Binding Agreement. (i) It has the corporate power and authority
and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate
action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder;
and (iii) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding
obligation of such Party that is enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and similar Laws affecting creditors' rights and remedies generally.

 

    	 	 33	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		10.2	Additional Representations and Warranties of Licensor. Except as would not have a material
adverse effect on the rights or interests of Licensee under this Agreement, Licensor hereby represents and warrants to Licensee
as of the Effective Date that, save as disclosed in the Data Room:

 

		(a)	Sole Ownership. It is the sole owner of, or otherwise has the right to grant the licenses
to Licensee hereunder of the Licensed Technology existing as of the Effective Date.

 

		(b)	No Conflicting Agreements. Neither it nor, to its knowledge, any of its Affiliates has entered
into any agreement or any other transaction with any Third Party or Affiliate that conflicts with Licensor’s undertakings
under this Agreement or granting any right, interest or claim in or to, any Licensed Technology that would conflict with the licenses
to Licensee as purported to be granted pursuant to this Agreement.

 

		(c)	No Assignment. It has not assigned, transferred, conveyed or otherwise encumbered its right,
title and interest in the Licensed Technology existing as of the Effective Date in the Territory.

 

		(d)	Notice of Infringement or Misappropriation. Neither it nor, to its knowledge, any of its
Affiliates has received any written notice from any Third Party asserting any claims relating to Product Liability against Licensor
or alleging that the Development, Manufacture, or Commercialization of the Products or the use of the Licensed Technology in the
Field in the Territory or any other jurisdiction would infringe, misappropriate or otherwise violate any Intellectual Property
Rights owned by a Third Party.

 

		(e)	Compliance with Law. Licensor and its Affiliates have conducted all research and development
of the Products in the Territory prior to the Effective Date in compliance with all Applicable Laws, including GLP and GCP as applicable.

 

		(f)	Disclosure. The information relating to the Products disclosed in the Data Room is true,
complete and accurate in all material respects;

 

		(g)	No Proceeding. There are no suits, claims, or proceedings pending, or, to its knowledge,
threatened against it or any of its Affiliates in any court or by or before any governmental body or agency which would have a
material adverse effect on its ability to perform its obligations under this Agreement.

 

		(h)	Fees and Taxes Paid. Licensor has paid or accrued in its accounts all applicable fees and
taxes which are due and payable in relation to the Licensed Technology prior to the Effective Date;

 

    	 	 34	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(i)	No Material Information Withheld. Licensor has not, so far as it is aware, withheld from
Licensee any information concerning the Licensed Technology concerning any matter which would have a material adverse effect on
the ability of Licensee to Develop or Commercialize the Licensed Technology in the Field in the Territory.

 

		10.3	Additional Representations and Warranties of Licensee. Licensee hereby represents and warrants
to Licensor as follows as of the Effective Date:

 

		(a)	No Conflicting Agreements. Neither it nor, to its knowledge, any of its Affiliates has entered
into any agreement or any other transaction with any Third Party or Affiliate that conflicts with its undertakings under this Agreement..

 

		(b)	No Suits or Proceedings. There are no suits, claims, or proceedings pending, or, to its
knowledge, threatened against it or any of its Affiliates in any court or by or before any governmental body or agency which would
have a material adverse effect on its ability to perform its obligations under this Agreement.

 

		(c)	Requisite Approvals and Expertise. It has, and will at all times throughout the Term have,
the requisite approvals, permits, licenses, expertise, resources, experience and skill reasonably required to perform its obligations
hereunder.

 

		10.4	No Other Representations or Warranties. EXCEPT AS
EXPRESSLY STATED IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE,
INCLUDING WARRANTIES OF MERCHANTABILITY OR SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OR NON-MISAPPROPRIATION
OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY OR ON BEHALF OF A PARTY AND, EXCEPT AS EXPRESSLY STATED IN THIS
AGREEMENT, ALL REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.

 

ARTICLE
11

Indemnification

 

		11.1	Indemnification by Licensor. Licensor shall defend, indemnify, and hold Licensee and its
Affiliates and their respective officers, directors, employees, and agents (the “Licensee Indemnitees”) harmless
from and against any and all Losses in connection with any and all claims, demands, suits, or proceedings of Third Parties (collectively,
“Third Party Claims”) to the extent that such Third Party Claims directly result from(a) the breach of any of
Licensor’s obligations under this Agreement, including Licensor’s representations and warranties set forth herein,
or (b) the wilful misconduct, gross negligence or violations of Applicable Laws of Licensor, its Affiliates, its licensees (other
than Licensee), or the officers, directors, employees, or agents of Licensor or its Affiliates. The foregoing indemnity obligation
shall not apply to the extent that any Third Party Claim results from any activity or occurrence for which Licensee is obligated
to indemnify the Licensor Indemnitees (as defined below) under Article 11.2.

 

    	 	 35	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		11.2	Indemnification by Licensee. Licensee shall defend, indemnify, and hold Licensor and its
Affiliates and their respective officers, directors, employees, and agents (the “Licensor Indemnitees”) harmless
from and against any and all Losses in connection with any and all Third Party Claims to the extent that such Third Party Claims
directly result from (a) the breach of any of Licensee’s obligations under this Agreement, including Licensee’s representations
and warranties set forth herein, or (b) the wilful misconduct, gross negligence or violations of Applicable Laws of Licensee, its
Affiliates, Designated Parties, or the officers, directors, employees, or agents of Licensee or its Affiliates and Designated Parties.
The foregoing indemnity obligation shall not apply to the extent that any Third Party Claim results from any activity or occurrence
for which Licensor is obligated to indemnify the Licensee Indemnitees under Article 11.1.

 

		11.3	Indemnification Procedures. The Party claiming indemnity under this Article 11 (the “Indemnified
Party”) shall give written notice to the Party from whom indemnity is being sought (the “Indemnifying Party”)
promptly after learning of such Third Party Claim and shall offer control of the defence of such Third Party Claim to the Indemnifying
Party. The Indemnified Party shall provide the Indemnifying Party with reasonable assistance, at the Indemnifying Party’s
expense, in connection with the defence of the Third Party Claim for which indemnity is being sought. The Indemnified Party may
participate in and monitor such defense with counsel of its own choosing at its sole expense; provided, however, the Indemnifying
Party shall have the right to assume and conduct the defence of the Third Party Claim with counsel of its choice. The Indemnifying
Party shall be entitled to settle or compromise any Third Party Claim without the prior written consent of the Indemnified Party
provided, however, that it may not settle or compromise any such action in a manner that materially adversely affects the Indemnified
Party's rights or interests hereunder, without the written consent of the Indemnified Party (such consent not to be unreasonably
withheld, conditioned or delayed). The Indemnified Party shall not settle or compromise any such Third Party Claim without the
prior written consent of the Indemnifying Party (such consent not to be unreasonably withheld, conditioned or delayed), and the
Indemnifying Party shall have no obligation to indemnify the Indemnified Party with respect to any Third Party Claim settled or
compromised without the Indemnifying Party’s consent.

 

		11.4	Product Liability. Each Party shall promptly notify the other Party of any Third Party Claim
for Product Liability about which it becomes aware that is not subject to Article 11.1 or 11.2, and each Party shall discuss as
to who shall have exclusive control over the defence thereof and which Party shall have the right to select counsel; provided,
however, that the Party that does not have exclusive control of the defence shall have the right to fully participate in any such
action or proceeding and to retain its own counsel, at its own expense; provided further, that if the Parties are unable to agree
on control of the defense and/or the right to select counsel, any unresolved disagreement shall be subject to arbitration with
a single Third Party arbitrator who will determine such matters (which shall conclude within one (1) months of the selection of
the arbitrator, such expedited single arbitrator arbitration, an “Expedited Arbitration”). A Party with control
over the defence may not settle a claim without the prior written consent of the other Party whose consent may not be unreasonably
withheld or delayed. So long as a Third Party Claim for Product Liability is actively defended a in good faith by the Party with
control over the defence, the other Party may not settle any such claim without the prior written consent of the Party with control
over the defence, whose consent may not be unreasonably withheld or delayed.

 

    	 	 36	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

ARTICLE
12

Confidentiality

 

		12.1	Confidentiality. Each Party agrees that it shall keep strictly confidential and shall not
publish or otherwise disclose and shall not use for any purpose other than as provided for in this Agreement, the Pharmacovigilance
Agreement or the Supply Agreement (which includes the exercise of any rights or the performance of any obligations hereunder or
thereunder) any Confidential Information furnished to it by the other Party pursuant to this Agreement, the Pharmacovigilance Agreement
or the Supply Agreement, except to the extent expressly authorized by this Agreement, the Pharmacovigilance Agreement or the Supply
Agreement or otherwise agreed in writing by the Parties. The foregoing confidentiality and non-use obligations shall not apply
to any portion of the other Party’s Confidential Information that the receiving Party can demonstrate by competent written
proof:

 

		(a)	was already known to the receiving Party or its Affiliate, other than under an obligation of confidentiality,
at the time of disclosure by the other Party;

 

		(b)	was generally available to the public or otherwise part of the public domain at the time of its
disclosure to the receiving Party;

 

		(c)	became generally available to the public or otherwise part of the public domain after its disclosure
and other than through any act or omission of the receiving Party in breach of this Agreement;

 

		(d)	was disclosed to the receiving Party or its Affiliate by a Third Party who has a legal right to
make such disclosure and who did not obtain such information directly or indirectly from the other Party; or

 

		(e)	was independently discovered or developed by the receiving Party or its Affiliate without access
to or aid, application, use of the other Party’s Confidential Information, as evidenced by a contemporaneous writing.

 

		12.2	Authorized Disclosure. Notwithstanding the obligations set forth in Article 12.1, a Party
may disclose the other Party’s Confidential Information and the terms of this Agreement to the extent:

 

		(a)	such disclosure is reasonably necessary (i) for the filing or prosecuting Patent rights as contemplated
by this Agreement (subject to Article 12.5 below); (ii) to comply with the requirements of Regulatory Authorities or Applicable
Laws with respect to obtaining and maintaining Regulatory Approval of the Products; or (iii) for the prosecuting or defending litigation
as contemplated by this Agreement, the Pharmacovigilance Agreement or the Supply Agreement;

 

    	 	 37	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(b)	such disclosure is reasonably necessary to its Affiliates, employees, agents, consultants, contractors,
and actual and potential licensees or sub-licensees ( in the case of Licensee, to its Designated Parties and ) on a need-to-know
basis for the purpose of performing its obligations or exercising its rights under this Agreement, the Pharmacovigilance Agreement
or the Supply Agreement including, with respect to Licensor, for the purpose of Development, Manufacture, Commercialization or
other exploitation of the Products outside the Territory during the Term and worldwide after termination of this Agreement; provided
that in each case, the disclosees are bound by written obligations of confidentiality and non-use consistent with those contained
in this Agreement;

 

		(c)	such disclosure is reasonably necessary to any bona fide potential or actual investor, acquirer,
merger partner, or other financial or commercial partner for the sole purpose of evaluating or carrying out an actual or potential
investment, acquisition or other business relationship; provided that in connection with such disclosure, such Party shall inform
each disclosee of the confidential nature of such Confidential Information and require each disclosee to treat such Confidential
Information as confidential; or

 

		(d)	such disclosure is reasonably necessary to comply with Applicable Laws, including regulations promulgated
by applicable security exchanges, court order, administrative subpoena or order.

 

Notwithstanding the foregoing,
in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Article 12.2
(a) or 12.2 (d), such Party shall promptly notify the other Party of such required disclosure and shall use reasonable efforts
to obtain, or to assist the other Party in obtaining, a protective order preventing or limiting the required disclosure. Notwithstanding
the foregoing, Licensee agrees that the full disclosure of the existence and terms of this Agreement may be made at any time and
for any reason to whomsoever the Licensor determines has a legitimate need to know such terms including the Government of China
and the Government of the United Kingdom.

 

		12.3	Manufacturing Information Limitation. Without limitation of any of the foregoing or the
protections for Manufacturing Information, in the event Licensee receives any Manufacturing Information hereunder, Licensee shall
adopt and implement reasonable procedures to limit the dissemination of Manufacturing Information, including appropriate firewall
procedures to prevent the disclosure of and use of Manufacturing Information beyond those employees of Licensee for whom receipt
of such information is necessary in order to prepare, submit, obtain or maintain a Regulatory Approval for the Manufacture of the
Product in the Field in the Territory or if access to such information is otherwise necessary for regulatory or quality reasons
in order to sell the Product in the Field in the Territory, segregating all Manufacturing Information from its own information
or materials or that of others (including Affiliates and Designated Parties) in order to prevent commingling and securing all tangible
embodiments of such Manufacturing Information in a safe, locked file, or other suitable locked container, or on a secure, password-protected
computer or in a locked room with restricted access to specific and identifiable Persons when such items are not in use; not copying
or otherwise duplicating any embodiments of the Manufacturing Information, except as necessary to prepare, submit, obtain or maintain
a Regulatory Approval for the Product in the Territory or if the copy or duplication of the Manufacturing Information is otherwise
necessary for regulatory or quality reasons to sell the Product in the Field in the Territory (provided that any such copies or
duplications of such Manufacturing Information shall be marked “confidential,” “proprietary,” or the like),
and notifying Licensor immediately, and cooperating with Licensor as Licensor may reasonably request, upon any discovery of any
loss of, damage to or compromise of Manufacturing Information. Notwithstanding the foregoing, to the extent any Manufacturing Information
is subject to the exceptions set forth in Article 12.1 (a)-(e), such Manufacturing Information shall not be subject to this Article12.3.

 

    	 	 38	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		12.4	Publicity; Terms of Agreement.

 

		(a)	The Parties agree that the terms of this Agreement are the Confidential Information of both Parties,
subject to the special authorized disclosure provisions set forth in Article 12.2 (c) and (d) and this Article 12.4.

 

		(b)	After release of such press release, if either Party desires to make a public disclosure concerning
the terms of this Agreement, such Party shall give reasonable advance notice of the proposed text of such disclosure to the other
Party for its prior review (except as otherwise provided herein). The Party commenting on such a proposed disclosure shall provide
its comments, if any, within three (3) Business Days after receiving the proposed disclosure for review. In addition, where required
by Applicable Laws, including regulations promulgated by applicable security exchanges, such Party shall have the right to make
a press release or other public disclosure regarding the achievement of each milestone under this Agreement as it is achieved,
the achievements of Regulatory Approval, including product pricing and reimbursement, in the Territory as they occur, or the occurrence
of other events that affect either Party’s rights or obligations under this Agreement, in each case subject only to the review
procedure set forth in the preceding sentences. In relation to the other Party’s review of such an announcement, such other
Party may make specific, reasonable comments on such proposed press release within the prescribed time for commentary, but such
other Party’s approval shall not be required. Neither Party shall be required to seek the permission of the other Party to
repeat any information regarding the terms of this Agreement that has already been publicly disclosed by such Party, or by the
other Party, in accordance with this Article 12.4.

 

		(c)	The Parties acknowledge that either or both Parties or their Affiliates may be obligated to file
under Applicable Laws a copy of this Agreement with the applicable stock exchange or other Governmental Authorities or to disclose
its existence under the rules or regulations of such Persons. Each Party and its Affiliates shall be entitled to make such a required
filing or disclosure, provided that it requests confidential treatment of the commercial terms and sensitive technical terms hereof
and thereof to the extent such confidential treatment is reasonably available. In the event of any such filing or disclosure, each
Party will provide the other Party with a copy of this Agreement marked to show provisions for which such Party or its Affiliate
intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s timely comments thereon
to the extent consistent with the legal requirements, with respect to the filing Party or Affiliate, governing disclosure of material
agreements and material information that must be publicly filed.

 

    	 	 39	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		12.5	Publications and Presentations. The SC will coordinate the plans of the Parties regarding
planned publication in the Territory of Data or other clinical or pre-clinical results relating to Products into a single schedule
that will be shared with the Parties. With respect to publication in any academic journal, authorship of any publication shall
be subject to the obligations of confidentiality herein and determined based on the accepted standards used in peer-reviewed, academic
journals at the time of the proposed publication. Notwithstanding the forgoing, each Party recognizes the mutual interest in obtaining
valid Patent protection and in protecting business interests and trade secret information. Consequently, except for disclosures
permitted pursuant to Article 12.2, if either Party, its employees or consultants wishes to publish or present to any Third Party,
results of the Development work, or any research results, or any Data or other clinical information about a Product being Developed
or Commercialized pursuant to this Agreement, it shall deliver to the other Party a copy of the proposed written publication or
an outline of an oral disclosure as soon as practicable prior to submission for publication or presentation. The reviewing Party
shall notify the other Party promptly after receipt of such proposed publication whether such draft publication contains (a) Confidential
Information of the reviewing Party, or (b) information that if published would have an adverse effect on a Patent or a Party. The
reviewing Party shall have the right to (i) propose modifications to the publication or presentation for Patent reasons, trade
secret reasons, confidentiality reasons or business reasons or (ii) request a reasonable delay in publication or presentation in
order to protect patentable information. If the reviewing Party requests a delay to protect patentable information, the publishing
Party shall delay submission or presentation for a period not to exceed thirty (30) days to enable Patent applications protecting
each Party’s rights in such information to be filed in accordance with the terms of this Agreement. Upon expiration of such
thirty (30) days, the publishing Party shall be free to proceed with the publication or presentation. If the reviewing Party reasonably
requests modifications to the publication or presentation to prevent disclosure of material trade secret or proprietary business
information, the publishing Party shall edit such publication to prevent the disclosure of such information prior to submission
of the publication or presentation.

 

		12.6	Equitable Relief. Each Party acknowledges that its breach of this Article 12 will cause
irreparable harm to the other Party, which cannot be reasonably or adequately compensated in damages in an action at law. By reasons
thereof, each Party agrees that the other Party shall be entitled, in addition to any other remedies it may have under this Agreement
or otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any actual or threatened
breach of the obligations relating to Confidential Information set forth in this Article 12 by the other Party.

 

ARTICLE
13

Term And Termination

 

		13.1	Term. This Agreement shall commence on the Effective Date and shall continue in force and
effect until the date of termination in accordance herewith (such period the “Term”).

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		13.2	Termination for Breach. Subject to the terms and conditions of this Article 13.2, a Party
(the “Non-Breaching Party”) shall have the right, in addition to any other rights and remedies, to terminate
this Agreement in the event the other Party (the “Breaching Party”) is in Material Breach of its obligations
under this Agreement. "Material Breach" in the case of the Licensee means breach of Articles 2.3, 2.5, 8.2 and
8.3.The Non-Breaching Party shall first provide written notice to the Breaching Party, which notice shall identify with particularity
the alleged breach. In respect of material breaches which cannot be cured, the Agreement shall terminate immediately upon receipt
of such notice by the Breaching Party. With respect to material breaches of any payment provision hereunder, the Breaching Party
shall have a period of sixty (60) days after such written notice is provided to cure such breach. With respect to all other material
breaches which are capable of being cured, the Breaching Party shall have a period of one hundred and twenty (120) days after such
written notice is provided to cure such breach. If such breach is not cured within the applicable period set forth above, this
Agreement shall terminate immediately at the end of such period on written notice from the Non-Breaching Party, unless the Breaching
Party has commenced a cure and is diligently pursuing such cure at the end of such period, pursuant to an acceptable plan for such
cure approved by the other Party, such approval not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing,
if a Party gives to the other Party a notice pursuant to this Article 13.2 of a material breach by such other Party, and such other
Party provides notice during the applicable cure period set forth above that such other Party disputes the basis for termination
pursuant to this Article13.2 in good faith on bone fide grounds, then this Agreement shall not terminate unless and until an arbitrator
issues a final award pursuant to Article 14.2 upholding such basis for termination provided that the resolution of such dispute
is promptly commenced and diligently pursued by the non-terminating Party and in any event with thirty (30) days of its notice.

 

		13.3	Termination for non-Development or non-Commercialization.

 

		(a)	In making any decisions relating to whether to Develop or Commercialize any Product in any country
in the Territory, Licensee shall at all times operate, and cause its Designated Parties to operate, in utmost good faith to Licensor.

 

		(b)	If for any reason whatsoever CMS decides after the First Commercial Sale, itself or through a Designated
Party not to Develop or Commercialize, or to cease to Develop or Commercialize, any Product in any country in the Territory it
shall notify Licensor accordingly and if Licensee fails to find an assignee to perform the Development or Commercialization in
that country within [***] after the date on which it decides not to Develop or Commercialize, or ceases to Develop or Commercialize
any Product in that country, then both Parties shall negotiate in good faith to resolve the failure to find such an assignee. If
an agreement is not reached [***], this Agreement shall automatically terminate in relation to that Product in that country.

 

		(c)	In the case of an Insolvency Event of a Designated Party, CMS shall replace the Designated Party
[***] and notify the Company accordingly and if it fails to do so, this Agreement shall automatically terminate in relation to
that Product in that country.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(d)	If Licensor may terminate this Agreement forthwith in writing to Licensee on a Product by Product
and a country by country basis in respect of a particular Product and a particular country in the Territory if (i) a Product has
received a Regulatory Approval from the FDA or the EMA or from one of the Regulatory Authorities in the European Recognised Countries,
and (ii). Licensee or a Designated Party has not commenced the Development of the Product in question in the relevant country in
the Territory [***] of the date on which the Product received the Regulatory Approval as aforesaid by filing an application for
or otherwise obtaining the grant of a local Regulatory Approval in such country; or Licensee or a Designated Party has not made
a First Commercial Sale of the Product in such country of the Territory [***] following (a) the Product has been physically transported
to the designated warehouse of Licensee; and (b) Licensee has obtained all approvals necessary to make such a sale.

 

		13.4	Termination for Insolvency. Any Party may terminate this Agreement effective immediately
by written notice to the other Party if the other Party is subject to an Insolvency Event.

 

		13.5	Change of Control.  This Agreement shall remain unchanged and valid as it is in the event
of Change of Control of either Party unless both Parties agree otherwise.

 

		13.6	Intellectual Property Infringement or Challenge. Licensor may terminate this Agreement forthwith
by giving notice in writing to Licensee in the event a Licensee or a Designated Party directly or indirectly infringes the Intellectual
Property Rights of the Licensor or an Affiliate of Licensor (or of its or their licensors) or if Licensee or a Designated Party
directly or indirectly opposes or assists any Third Party to oppose the grant of a Patent of the Licensor or an Affiliate of Licensor
(or of its or their licensors) or disputes or directly or indirectly assists any Third Party to dispute the ownership or validity
of any of the Licensed Technology, provided that such action has a material adverse effect on the Licensor.

 

		13.7	Effects of Termination.

 

		(a)	General Effects of Termination. Upon the termination of this Agreement in its entirety or,
if applicable, on a Product-by-Product basis, the following shall apply (in addition to any other rights and obligations under
this Agreement with respect to such termination):

 

		(b)	Licenses. On the effective date of termination, all licenses and other rights granted by
Licensor to Licensee under this Agreement (or with respect to the terminated Product(s) and/or country, as applicable) shall terminate.
Upon termination of this Agreement in its entirety, at such time as all licenses and other rights granted by Licensor to Licensee
under this Agreement terminate as provided in the preceding sentence.

 

		(c)	Confidential Information. On the effective date of termination , each Party shall promptly
destroy all Confidential Information of the other Party pertaining to the terminated Product(s) ; provided, however, that, subject
to continuing compliance with Article 12, Licensor may retain any Confidential Information to the extent necessary to exercise
rights which survive termination or are retained by Licensor under this Agreement following termination and Licensee may retain
Confidential Information pertaining to any Product(s) with respect to which this Agreement is not terminated.

 

    	 	 42	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(d)	Inventory; Wholesalers. If the date of termination of this Agreement with respect to a Product
is prior to the date on which the applicable Regulatory Approval is transferred and assigned to Licensor or its designee (if applicable),
Licensor shall have the right, but not the obligation, to purchase any and all of the inventory of the terminated Product held
by Licensee or its Affiliates or Designated Parties as of the date of termination, at a price equal to the Supply Price paid by
Licensee to Licensor for such inventory, and to the extent Licensor does not purchase such Product inventory, Licensee will have
the continued right to sell such terminated Product in its inventory for at least [***] months after the date of termination until
transfer and assignment of the applicable Regulatory Approval to Licensor or to its Third Party of Affiliate designee, or, if Licensor
or any of its Affiliates are the owners of the Regulatory Approval for such Product, then, Licensee will have the continued right
to sell such terminated Product in its inventory on the same basis and for the same price as such Product was previously sold until
such inventory has been cleared or the Product passes its sell by date whichever is the earlier; provided, however, that Licensee’s
obligations under this Agreement with respect to all such terminated Product that Licensee sells, including the obligation to remit
royalties to Licensor hereunder, shall continue in full force and effect. If any Products in the retained inventory pass their
sell by date, Licensee shall notify Licensor and shall dispose of such product in accordance with Applicable Laws.

 

		(e)	Survival. Notwithstanding anything to the contrary, the following provisions shall survive
any termination of this Agreement as described in this Article13: Article10, Article11, Article12, Article13.7, Article14, and
Article 15.3.

 

		13.8	Effect of Termination of Agreement for Material Breach of Licensee. In the event that this
Agreement is terminated by Licensor for the material breach of License pursuant to Articles 13.2, 13.3, 13.4 or 13.6, then the
following effects of termination will occur:

 

		(a)	Regulatory Materials. Licensee shall, as instructed by Licensor, either (i) if applicable
and if permitted by Applicable Laws, promptly transfer and assign to Licensor or its designee all Regulatory Materials, including
each Regulatory Approval that is owned by Licensee or its Affiliate with respect to the terminated Product(s). If the transfer
and assignment of Regulatory Materials is not possible under Applicable Laws, the parties will consider in good faith a strategy
which allows the Regulatory Materials to be so assigned on transferred while complying with Applicable Laws at the request of Licensor
or (ii) terminate or withdraw each Regulatory Approval that is Controlled by Licensee or its Affiliate with respect to the terminated
Product(s), in either case in accordance with Applicable Laws. Prior to the effective date of termination and thereafter, Licensee
shall take all action necessary to, and shall use Commercially Reasonable Efforts to, transfer, terminate or withdraw (as the case
may be) all Regulatory Approvals with respect to the terminated Product(s) owned by Licensee on or promptly after the effective
date of termination. Licensee may retain copies of all Regulatory Materials to the extent required by Applicable Laws or for so
long as may be required for Licensee to perform any of its surviving obligations under this Agreement. All Regulatory Materials
transferred and assigned to Licensor under this Article shall be the Confidential Information of Licensor and, to the extent Licensee
retains Regulatory Materials in accordance with the preceding sentence, Licensee shall be subject to and shall comply with Article
12 with respect to such Regulatory Materials.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(b)	Product Mark. If this Agreement is terminated in its entirety, then on the effective date
of termination (if this Agreement is terminated prior to First Commercial Sale of the first Product), or upon transfer, termination
or withdrawal by Licensee of Regulatory Approval (if this Agreement is terminated on or after First Commercial Sale of the first
Product), Licensee and its Affiliates and Designated Parties shall no longer have any right to use the Product Marks in the Territory
and shall assign, free of charge, all its or their rights, interest and title in or to the Product Marks to Licensor together with
all goodwill related thereto.

 

		(c)	Intellectual Property. Licensee shall and hereby does, and shall cause its Designated Parties
to, effective as of the effective date of termination of this Agreement in its entirety, grant Licensor an exclusive, royalty free,
fully paid up, worldwide, perpetual, irrevocable and assignable license and right of reference, with the right to grant multiple
tiers of sub-licenses and further rights of reference, in and to: (i) the Licensee Retained Inventions, (ii) Licensee Retained
Invention Patents, (iii) Licensee's and Designated Parties' rights in and to the foregoing. Licensee shall and hereby does, and
shall cause its Designated Parties to, effective as of the effective date of termination of this Agreement in its entirety, further
assign, free of charge, to Licensor all its rights, interest and title in or to the Licensor Patents under its Control (if any)
in the Territory in a timely manner.

 

		13.9	Effect of Termination of Agreement For Material Breach of Licensor. In the event that this
Agreement is terminated by Licensee for the material breach of Licensor pursuant to Article 13.2, then Licensor shall not, either
directly or indirectly, initiate or conduct any Development or Commercialization activities with respect to the Product(s) in the
Territory within [***] from the termination by Licensee.

 

		13.10	Accrued Rights and Obligations. Termination of this Agreement shall not affect rights or
obligations of the Parties under this Agreement that have accrued prior to the date of termination or which are expressed to or
by their nature are intended to survive termination of this Agreement in whole or in part.

 

		13.11	Termination Not Sole Remedy. Termination is not the sole remedy under this Agreement and,
whether or not termination is effected and notwithstanding anything contained in this Agreement to the contrary, all other rights
and remedies shall remain available except as otherwise agreed upon and set forth herein.

 

    	 	 44	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

ARTICLE
14

Dispute Resolution

 

		14.1	Escalation Procedure. The Parties recognize that disputes as to certain matters may from
time to time arise that relate to either Party’s rights or obligations hereunder. It is the objective of the Parties to establish
procedures to facilitate the resolution of disputes arising under this Agreement in an expedient manner by mutual good faith cooperation.
To accomplish this objective, the Parties agree that, if a dispute arises under this Agreement, including any alleged breach of
this Agreement or any issue relating to the interpretation or application of this Agreement (“Dispute”), and
the Parties are unable to resolve such Dispute within thirty (30) days after such Dispute is first identified by either Party in
writing to the other, the Parties shall refer such Dispute to their respective Chief Executive Officers for attempted resolution
by good faith negotiations within thirty (30) days after such notice is received, which negotiations shall include at least one
(1) in person meeting of the Chief Executive Officers within twenty (20) days after such notice is received. If the negotiations
by the Chief Executive Officers fail to achieve a mutually acceptable resolution, the Dispute shall be finally and exclusively
settled by binding arbitration administered by the London Court of International Arbitration (“LCIA”) in accordance
with the LCIA Arbitration Rules as provided in Article 14.2.

 

		14.2	Arbitration.

 

		(a)	If either Party intends to commence binding arbitration of a Dispute that has not been resolved
in accordance with Article 14.1, such Party shall file its demand for arbitration (“Demand”), which shall include
a statement of the issues to be resolved, with the LCIA. The filing Party shall simultaneously deliver a copy of the Demand to
the other Party. Within thirty (30) days after receipt of the Demand, the other Party may, by written notice to the LCIA and the
Party that initiated the arbitration, add additional issues to be resolved. All arbitration proceedings shall be held in London,
unless the Parties mutually agree in writing upon a different location.

 

		(b)	Promptly following receipt of the Demand, the Parties shall meet and discuss in good faith and
agree on three (3) arbitrators to resolve the Dispute, which arbitrators shall have experience with respect to the matter(s) to
be arbitrated. If the Parties cannot agree on three (3) arbitrators within thirty (30) days of the Demand, then such constitution
of arbitrators shall be left to the decision by the applicable arbitration rules of the LCIA. The arbitrators shall apply the governing
law set forth in Article 14.5 and the proceedings shall be in English. The Parties shall instruct the arbitrators to: (i) conclude
the arbitration as soon as practicable (and in any event within six (6) months after selection of the arbitrators), and (ii) deliver
a written, reasoned opinion stating the arbitrators’ decision within thirty (30) days after the arbitration hearing is concluded.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(c)	The Parties shall share equally (50% each) the administrative charges, arbitrators’ fees
and related expenses of arbitration, but each Party shall pay its own attorney’s fees incurred in connection with such arbitration;
provided however, if the arbitrators specifically determine that one Party prevailed clearly and substantially over the other Party
or the other party behaved unreasonably or not in good faith in respect of the matters giving rise to the Dispute, then the arbitrators
may require the non-prevailing Party to pay the prevailing Party’s reasonable attorney’s fees and expert witness costs
and arbitration costs.

 

		(d)	Either Party may apply to the arbitrators for, or may seek from any court having jurisdiction,
interim injunctive or provisional relief as necessary to protect the rights or property of such Party until the arbitration award
is rendered or the controversy is otherwise resolved. The arbitrators may grant legal, equitable and monetary relief consistent
with the terms of this Agreement. Judgment upon the award rendered by the arbitrators shall be binding, final and non-appealable
(absent manifest error) and may be entered and enforced in any court having jurisdiction thereof.

 

		14.3	Injunctive Relief. Notwithstanding anything to the contrary in this Article14, either Party
may apply to any court having jurisdiction for interim injunctive relief (including a temporary restraining order or preliminary
injunction) to protect a Party’s interests or preserve the status quo during the pendency of a dispute between the Parties.

 

		14.4	Intellectual Property Disputes. Notwithstanding Article 14.2, in the event that a Dispute
arises with respect to the validity, scope, enforceability or ownership of any Patent or other Intellectual Property Rights, and
such Dispute is not resolved in accordance with Article 14.1, such Dispute shall not be submitted to an arbitration proceeding
in accordance with Article 14.2, unless otherwise agreed by the Parties in writing, and instead, either Party may initiate litigation
in the courts of England and Wales.

 

		14.5	Governing Law. This Agreement and all disputes arising out of or related to this Agreement
or any breach hereof shall be governed by and construed under the laws of England without giving effect to any choice of law principles
that would require the application of the Laws of a different state.

 

ARTICLE
15

 

GUARANTEE

 

		15.1	Guarantee. Guarantor hereby irrevocably and unconditionally:

 

		(a)	guarantees to Licensor as principal obligor (subject to the requirements of sub-Article 15.5 hereof)
the due and punctual performance and observance by Licensee of the obligations set out in Article 8.9 of the Agreement; and

 

		(b)	in the event that this guarantee is asserted by the Guarantor to be unenforceable, invalid or void,
undertakes to indemnify Licensor against all Losses incurred by Licensor arising from any failure by Licensee to perform and/or
observe any of its obligations set out in Article 8.9 of the Agreement, but only to the extent that such Losses would have been
recoverable under sub-Article 15.1(a) but for any such unenforceability, invalidity or voidness.

 

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    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		15.2	Continuing Security. This guarantee is to be a continuing security which shall remain in
full force and effect until the obligations of Licensee set out in Article 8.9 of the Agreement shall have been fulfilled or shall
have expired in accordance with the terms of the Agreement (whichever is the sooner) and this guarantee is to be in addition, and
without prejudice to, and shall not merge with any other right, remedy, guarantee, indemnity or security which Licensor may now
or hereafter hold in respect of such obligations under the Agreement.

 

		15.3	Licensor's Protections. The liability of Guarantor under this guarantee shall not be affected,
impaired or discharged by reason of any act, omission, matter or thing which but for this provision might operate to release or
otherwise exonerate Guarantor from its obligations hereunder including:

 

		(a)	any amendment, variation or modification to, or replacement of the Agreement,

 

		(b)	the taking, variation, compromise, renewal, release, refusal or neglect to perfect or enforce any
rights, remedies or securities against Licensee or any other Person;

 

		(c)	any time or indulgence or waiver given to, or composition made with Licensee or any other Person;
or

 

		(d)	Licensee becoming insolvent, going into receivership or liquidation or having an administrator
appointed;

 

provided that Guarantor's aggregate
liability under this guarantee shall not exceed the aggregate potential liability of Licensee under the terms of the Agreement.

 

		15.4	Further Protection. This guarantee shall continue in full force and effect notwithstanding:-

 

		(a)	that any purported obligation of Licensee or any other person to Licensor (or any security therefor)
becomes wholly or partly void, invalid or unenforceable for any reason whether or not known to Licensor or Guarantor; or

 

		(b)	any incapacity or any change in the constitution of, or any amalgamation or reconstruction of Guarantor
or Licensee or any other matter whatsoever.

 

		15.5	Primary Obligations. This guarantee shall constitute the primary obligations of Guarantor,
provided that each of Licensor shall be obliged to make demand on Licensee before enforcing.

 

 

 

ARTICLE
16

Miscellaneous

 

		16.1	Entire Agreement; Amendment.

 

		(a)	This Agreement, including the Exhibits hereto, the Confidentiality Agreement, the Pharmacovigilance
Agreement, sets forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations,
conditions and understandings between the Parties hereto with respect to the subject matter hereof and supersedes, as of the Effective
Date, all prior and contemporaneous agreements and understandings between the Parties with respect to the subject matter hereof,
[including the Confidentiality Agreement; provided, that all information shared by the Parties or their Affiliates pursuant to
the Confidentiality Agreement shall be deemed Confidential Information under this Agreement, and the use and disclosure thereof
shall be governed by Article 12 hereof).

 

    	 	 47	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		(b)	There are no covenants, promises, agreements, warranties, representations, conditions or understandings,
either oral or written, between the Parties other than as are set forth in this Agreement, the Confidentiality Agreement, the Pharmacovigilance
Agreement and.

 

		(c)	Each Party acknowledges that in agreeing to enter into this agreement it has not relied on any
express or implied representation, warranty, collateral contract or other assurance (except those set out in this Agreement) made
by or on behalf of the other Party before the entering into of this Agreement and waives all rights and remedies which, but for
this Article 15.1, might otherwise be available to it in respect of any such express or implied representation, warranty, collateral
contract or other assurance.

 

		(d)	Nothing in this Article limits or excludes any liability for fraud or fraudulent misrepresentation.

 

		(e)	No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon
the Parties unless reduced to writing and signed by an authorized officer of each Party.

 

		16.2	Force Majeure. Both Parties shall be excused from the performance of their obligations under
this Agreement to the extent that such performance is prevented by an event of force majeure. The non-performing Party shall promptly
provide notice of the event of force majeure to the other Party as soon as it becomes aware of it. Such excuse shall be continued
so long as the event of force majeure continues and the nonperforming Party makes reasonable efforts to overcome the event. For
purposes of this Agreement, an event of force majeure shall include conditions beyond the reasonable control of the applicable
Party, including an act of God, war, civil commotion, terrorist act, labor strike or lock-out, epidemic, failure or default of
public utilities or common carriers, and destruction of production facilities, equipment or materials by fire, earthquake, storm
or like catastrophe. Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of
a force majeure affecting such Party. If a force majeure persists for more than ninety (90) days, the Party not claiming relief
under this force majeure provision shall be entitled to terminate this Agreement upon written notice.

 

		16.3	Notices. Any notice required or permitted to be given under this Agreement shall be in writing,
shall specifically refer to this Agreement, and shall be addressed to the appropriate Party at the address specified below or such
other address as may be specified by such Party in writing in accordance with this Article 15.3, and shall be deemed to have been
given for all purposes (a) when received, if hand-delivered or sent by a reputable courier service, or (b) five (5) Business Days
after mailing, if mailed by first class certified or registered airmail (or equivalent), postage prepaid, return receipt requested..

 

    	 	 48	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

If to Licensor:

 

Attention: The Chief Executive Officer

Midatech Pharma PLC

65 Innovation Drive,

Milton Park, Milton, Abingdon, Oxfordshire, OX14
4RQ

email;-

telephone:

fax:-

 

With copies to (which shall not constitute notice):

 

Brown Rudnick LLP

8 Clifford Street

London

W1S 2LQ

Tel: +44 20 7851 6000

 

If to Licensee:

 

Licensee

Attention: Dr. Huaizheng Peng

Email: huaizhengpeng@cms.net.cn

Tel: 0086-75582416868

Facsimile: 0086-75582416622

 

With copies to (which shall not constitute notice):

 

Licensee

Attention: Ms. Wu Sanyan (Aliciya)

Email: aliciya.wu@cms.net.cn

Tel: 0086-75582416868

Facsimile: 0086-75582416622

 

		16.4	Assignment. Licensee shall not assign, transfer, declare a trust over or in any other manner
make over to any Third Party the benefit or the burden of this Agreement or any part of it without the prior written consent of
the Licensor save to an Affiliate for so long as it remains an Affiliate . If the assignee to which this Agreement is assigned
in whole or in part ceases to be an Affiliate of Licensee, Licensee shall procure that such Person shall assign this Agreement
back to Licensee or to another Affiliate of Licensee.

 

		16.5	Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments,
and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

		16.6	Severability. If any one or more of the provisions of this Agreement is held to be invalid
or unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered
severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith
effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated
by the Parties when entering this Agreement may be realized.

 

    	 	 49	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		16.7	No Waiver. Any delay in enforcing a Party’s rights under this Agreement or any waiver
as to a particular default or other matter shall not constitute a waiver of such Party’s rights to the future enforcement
of its rights under this Agreement, except with respect to an express written and signed waiver relating to a particular matter
for a particular period of time.

 

		16.8	Independent Contractors. Each Party shall act solely as an independent contractor, and nothing
in this Agreement shall be construed to give either Party the power or authority to act for, bind, or commit the other Party in
any way. Nothing herein shall be construed to create the relationship of partners, principal and agent, or joint-venture partners
between the Parties.

 

		16.9	English Language. This Agreement was prepared in the English language, which language shall
govern the interpretation of, and any dispute regarding, the terms of this Agreement.

 

		16.10	Counterparts. This Agreement may be executed in counterparts, all of which taken together
shall be regarded as the same instrument. Each Party may execute this Agreement in AdobeTM Portable Document Format (PDF)
sent by electronic mail. PDF signatures of authorized signatories of the Parties will be deemed to be original signatures, will
be valid and binding upon the Parties, and, upon delivery, will constitute due execution of this Agreement.

 

[Signature Page Follows]

 

    	 	 50	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

In
Witness Whereof, the Parties have executed this License, Collaboration and Distribution Agreement by their duly authorized
officers as of the Effective Date.

 

    	 	 51	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

	MIDATECH PHARMA PLC
	
         

         

        Signature: /s/ Craig Cook

         

	Name: Craig Cook

                                                      

	Title:  CEO

 

    	 	 52	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

	CMS Bridging Limited
	
         

         

        Signature: /s/ Huaizheng Peng

         

	Name: Huaizheng Peng

                                                      

	Title: Managing Director

 

    	 	 53	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

	CMS Medical Hong Kong Limited
	
         

         

        Signature: /s/ Yau Wing Hei

         

	Name:  Yau Wing Hei

                                                      

	Title:  Director

  

    	 	 54	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

	
        China Medical System Holdings Limited

         

         

        Signature: /s/ Dr. Lam Kong

         

	Name: Dr. Lam Kong

                                                      

	Title: Director

 

    	 	 55	 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

Exhibit
A

 

Territory

 

China, including
Macau, Hong Kong and Taiwan

 

TIER-TWO REGIONS:

 

[***]

 

NOTE: Tier-Two Regions will be regarded as part of the Territory
for a given Product if confirmed in writing by CMS within forty five (45) days of CMS being notified that a regulatory approval
has been granted for such Product by the FDA, EMA or by one of the European Recognized Countries.

 

    	 		 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

exhibit
b

 

PRODUCTS-

 

The internal names of the current Product portfolio of the Group,
which may be amended from time to time, are as listed below, and the final and definitive names of the Products shall be subject
to the Regulatory Approvals subsequently issued by the competent Regulatory Authorities.

 

 

 

		A.	Q-Sphera platform products

		i.	MTD201 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD201 Octreotide for Carcinoid Cancer and Acromegaly

 

		ii.	MTD202 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD202 OpsiSporin (Cyclosporin) for Posterior Autoimmune Uveitis

 

		iii.	MTD203 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD203 Exenatide for Type 2 Diabetes

 

		iv.	MTD204 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD204 Leuprolide for Palliative Treatment of Advanced Prostrate cancer

 

		v.	MTD205 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD205 Granisetron for Chemotherapy-Induced Nausea and Vomiting

 

		vi.	MTD206 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD206 Dexamethasone for Inflammatory Disorders and Treatments

 

		B.	Midasolve platform productS

		i.	MTX110 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTX110 Panobinostat for Diffuse Intrinsic Pontine Glioma (DIPG)

		·	MTX110 Panobinostat for Glioblastoma Multiforme (GBM)

 

 

		C.	MidaCORE platform productS

		i.	MTR103 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTX103 Gold Nanoparticle bound Chemotherapeutics for Glioblastoma Multiforme (DIPG)

 

    	 		 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		ii.	mtx114 with the following Product API for the following Indications:

		·	MTX114 Gold Nanoparticle bound Methotrexate for topical Psoriasis Immuno-Therapy

 

		iii.	MTD119 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTD119 Mertansine (DM1 or Structural Analogue) for Hepatocellular Carcinoma

 

		iv.	MTR111 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTR111 Gold Nanoparticle bound DIPG specific surface receptor peptide H3.3 K27M mutation for DIPG Immuno-Therapy 

 

		v.	MTR116 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTR116 Gold Nanoparticle bound GBM specific surface receptor peptide survivin for GBM Immuno-Therapy 

 

		vi.	MTX102 WITH THE FOLLOWING PRODUCT API FOR THE FOLLOWING INDICATIONS:

		·	MTX102 Gold Nanoparticle bound peptide C19-A3 for Type1 Autoimmune Diabetes

 

    	 		 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

exhibit
C

 

EXISTING
LICENSOR PATENTS

 

 

 

 

 

 

 

    	 		 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

eXHIBIT D

 

TERMS
OF REFERENCE OF the steering committee

 

The responsibilities of the SC shall be
to:

 

		(a)	Review Licensee’s and its and their Affiliate’s and Designated Parties' activities
in relation to the Products under this Agreement in the Territory with the objective of ensuring, for the Parties’ mutual
benefit, that the Licensor is fully aware of such activities.

 

		(b)	Provide a forum for the Licensee to update Licensor periodically on relevant activities conducted
by the Licensee and its Affiliates and Designated Parties in the Territory in relation to any Products in the Territory.

 

		(c)	Coordinate the conduct of any pre-clinical and clinical trials of Development of the Products that
are performed under this Agreement.

 

		(d)	Review updates on each Party’s, and its Affiliate’s and Designated Parties', , as the
case may be, strategy for making, and the content of, any regulatory filings with the competent Regulatory Authorities in such
Party’s territory (being the Territory or outside the Territory, as applicable), and any communications with the regulatory
authorities, provided that such filings and communications are relevant or conducive to Licensee’s application or maintenance
for any Regulatory Approvals of the Products.

 

		(e)	Coordinate management of the Intellectual Property Rights relating to the Products in or for the
Territory and also discuss any potential new Intellectual Property Rights relating to the Products which may be generated by or
on behalf of either Party in or for the Territory in the performance of this Agreement.

 

		(f)	Share information on Commercialization project plans and activities relating to the Product.

 

		(g)	Make recommendations to the Parties from time to time as needed to facilitate the Commercialization
of the Products in the Territory and the performance of this Agreement by each Party.

 

		(h)	Perform such other tasks and assume such other responsibilities as agreed in writing by the Parties.

 

		1.	Each Party shall cause its members of the SC to have the requisite experience and authority to
enable them to perform their duties on the SC on behalf of such Party. Each Party shall have the right to replace its respective
representatives on the SC upon twenty (20) Business Days’ written notice to the other Party (or more quickly if such representative’s
relationship with the appointing Party has terminated), provided that any such substitute representative shall have substantially
the equivalent experience and authority as the representative that such person replaces.

 

    	 		 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

		2.	The SC shall be run in accordance with the following provisions.

 

		(a)	The Chairman of the SC will be the designated person of the Licensee or Licensor on an alternating
basis, each period of appointment lasting [6/12] months. The first Chairman will be the designated person of Licensor. The role
of the chairperson shall be to convene and preside at the SC meetings and to ensure the circulation of meeting agendas and the
preparation of meeting minutes in accordance with the terms in this Exhibit, but the chairperson shall have no additional powers
or voting rights beyond those held by other SC members.

 

		(b)	The SC shall have its first meeting within sixty (60) Business Days after the Effective Date, and
thereafter shall hold regular meetings at least one (1) time per quarter. Except for the first meeting of the SC, which shall be
a face-to-face meeting, meetings of the SC may be held as a teleconference or video conference, provided that the SC shall hold
at least one face-to-face meeting during each year. In addition, special meetings of the SC may be called by any SC member upon
written request to the Chairman of the SC.

 

		(c)	At least twenty one (21) days prior to each regularly scheduled meeting of the SC, written notice
shall be given to each SC member by the Chairman of the SC. Ad hoc or special meetings of the SC may be scheduled on shorter written
notice.

 

		(d)	The Chairman of the SC shall set meeting agendas for the SC, which shall include any matter reasonably
requested by either Party to be included and which is subject to the SC’s purview pursuant to paragraph 1 above. Such agendas
shall be circulated to all SC members at least five (5) Business Days prior to the date of the relevant meeting. The SC chairman
shall be responsible for recording, preparing and, within five (5) Business Days, issuing draft minutes of the SC meetings, which
draft minutes shall be reviewed, modified and approved in writing by the SC members within five (5) Business Days. Such minutes
shall record all proposed decisions and all actions recommended or taken, including a copy of progress reports.

 

		(e)	Each Party may invite its employees or consultants who are not SC members to attend SC meetings
in a non-voting capacity from time-to-time, subject to such persons first entering into suitable confidentiality undertakings.

 

		(f)	Each Party shall be responsible for all travel and related costs and expenses for its members and
non-SC invitees to attend meetings of, and otherwise participate on, the SC.

 

		(g)	A SC meeting will be quorate whenever there is present at least one (1) SC member on behalf of
each Party either in person or by telephone, video conference or similar means.

 

		(h)	Notwithstanding the foregoing, the opinions and recommendations of the SC, in whatever form or
name, shall be non-binding and only for reference in good faith.

 

		3.	Notwithstanding the foregoing, the SC shall not have the authority to: (i) modify or amend the
terms and conditions of this Agreement; (ii) waive or determine either Party’s compliance with this Agreement; (iii) decide
any issue in a manner that would conflict with the express terms and conditions of this Agreement; or (iv) obligate either Party
to violate Applicable Laws.

 

    	 		 

    	CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

    

 

eXHIBIT
E Pharmacovigilance Agreement

 

To be provided
in accordance with the terms of Article 5.5 (a)

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