Document:

Standby Subscription Agreement

 Exhibit 4.3 
 Mallesons Stephen Jaques 
  
  

Standby Subscription 
 Agreement 
  

DATED 
  

Prima Biomed Limited (ACN 009 237 889) (“Company”) 
 Fortrend Securities Pty Ltd (“Fortrend Securities”) 
 for itself and as agent
for the Subscriber 
  
  
 Mallesons Stephen Jaques 
 Level 50 

Bourke Place 
 600
Bourke Street 
 Melbourne Vic 3000 
 Australia 
 T +61 3 9643 4000 

F +61 3 9643 5999 

DX 101 Melbourne 

www.mallesons.com 
 9825408_2 

 Standby Subscription Agreement 
 Contents 
  

							
	 Details
	  	 	1	  
		
	 General Terms
	  	 	2	  
	1	  	 Interpretation
	  	 	2	  
			
	1.1	  	 Definitions
	  	 	2	  
	1.2	  	 References to certain general terms
	  	 	6	  
	1.3	  	 Number
	  	 	7	  
	1.4	  	 Headings
	  	 	7	  
	1.5	  	 Agency for named principal
	  	 	7	  
			
	 	  	 	  	 	 	 
	2	  	 The Facility and Facility Limits
	  	 	8	  
			
	2.1	  	 Subscriber to fund
	  	 	8	  
	2.2	  	 Maximum subscription amount
	  	 	8	  
			
	 	  	 	  	 	 	 
	3	  	 Using the Facility
	  	 	8	  
			
	3.1	  	 Drawing down
	  	 	8	  
	3.2	  	 Requesting a drawdown
	  	 	8	  
	3.3	  	 Effect of a Drawdown Notice
	  	 	8	  
	3.4	  	 Conditions to first drawdown
	  	 	8	  
	3.5	  	 Conditions to all drawdowns
	  	 	8	  
	3.6	  	 Benefit of conditions
	  	 	9	  
	3.7	  	 Notice to be given by the Company
	  	 	9	  
			
	 	  	 	  	 	 	 
	4	  	 Pricing
	  	 	10	  
			
	4.1	  	 Issue Price for Shares
	  	 	10	  
	4.2	  	 Adjustment if trade price below Threshold Price
	  	 	10	  
	4.3	  	 Maximum Number of Shares to be Subscribed for
	  	 	10	  
	4.4	  	 Shares to rank pari passu with other Shares
	  	 	11	  
			
	 	  	 	  	 	 	 
	5	  	 Delivery vs Payment

 
	  	 	11	  
	 	  	 	  	 	 	 
	6	  	 Fees
	  	 	11	  
			
	6.1	  	 Placement fee
	  	 	11	  
	6.2	  	 Options
	  	 	12	  
			
	 	  	 	  	 	 	 
	7	  	 Increased Costs
	  	 	12	  
			
	7.1	  	 Compensation
	  	 	12	  
	7.2	  	 Possible minimisation
	  	 	13	  
			
	 	  	 	  	 	 	 
	8	  	 Illegality or Impossibility
	  	 	13	  
			
	8.1	  	 Subscriber’s right to suspend or cancel
	  	 	13	  
	8.2	  	 Extent and duration
	  	 	13	  
			
	 	  	 	  	 	 	 
	9	  	 Representations and Warranties
	  	 	14	  
			
	9.1	  	 Representations and warranties
	  	 	14	  
	9.2	  	 Repetition of representations and warranties
	  	 	16	  
	9.3	  	 Reliance
	  	 	16	  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	i

  

							
	10	  	 Undertakings
	  	 	16	  
			
	 	  	 	  	 	 	 
	11	  	 Review
	  	 	17	  
			
	11.1	  	 Review Event
	  	 	17	  
	11.2	  	 Consequences of review
	  	 	18	  
			
	 	  	 	  	 	 	 
	12	  	 Termination
	  	 	19	  
			
	12.1	  	 Termination Events
	  	 	19	  
	12.2	  	 Consequences of default
	  	 	21	  
	12.3	  	 Investigation of default
	  	 	21	  
			
	 	  	 	  	 	 	 
	13	  	 Costs and indemnities
	  	 	21	  
			
	13.1	  	 What the Company agrees to pay
	  	 	21	  
	13.2	  	 Indemnity
	  	 	22	  
	13.3	  	 Items included in loss, liability and Costs
	  	 	22	  
	13.4	  	 Payment of third party losses
	  	 	23	  
	13.5	  	 Currency conversion on judgment debt
	  	 	23	  
			
	 	  	 	  	 	 	 
	14	  	 Interest on overdue amounts
	  	 	23	  
			
	14.1	  	 Obligation to pay
	  	 	23	  
	14.2	  	 Compounding
	  	 	24	  
	14.3	  	 Interest following judgment
	  	 	24	  
			
	 	  	 	  	 	 	 
	15	  	 Payments
	  	 	24	  
			
	15.1	  	 Manner of payment
	  	 	24	  
	15.2	  	 Currency of payment
	  	 	25	  
	15.3	  	 Application of Payments
	  	 	25	  
			
	 	  	 	  	 	 	 
	16	  	 Dealing with interests
	  	 	25	  
			
	16.1	  	 No dealing by parties in the Facility
	  	 	25	  
	16.2	  	 Dealings by the Subscriber
	  	 	25	  
	16.3	  	 Short Selling
	  	 	25	  
	16.4	  	 Sales of Shares
	  	 	25	  
	16.5	  	 Holding of Shares
	  	 	26	  
			
	 	  	 	  	 	 	 
	17	  	 Notices and other communications
	  	 	26	  
			
	17.1	  	 Form - all communications
	  	 	26	  
	17.2	  	 Form - communications sent by email
	  	 	26	  
	17.3	  	 Delivery
	  	 	26	  
	17.4	  	 When effective
	  	 	26	  
	17.5	  	 When taken to be received
	  	 	27	  
	17.6	  	 Receipt outside business hours
	  	 	27	  
	17.7	  	 Waiver of notice period
	  	 	27	  
			
	 	  	 	  	 	 	 
	18	  	 General
	  	 	27	  
			
	18.1	  	 Application to Transaction Documents
	  	 	27	  
	18.2	  	 Prompt performance
	  	 	27	  
	18.3	  	 Consents
	  	 	28	  
	18.4	  	 Certificates
	  	 	28	  
	18.5	  	 Set-off
	  	 	28	  
	18.6	  	 Discretion in exercising rights
	  	 	28	  
	18.7	  	 Partial exercising of rights
	  	 	28	  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	ii

  

							
	18.8	  	 No liability for loss
	  	 	28	  
	18.9	  	 Conflict of interest
	  	 	28	  
	18.10	  	 Remedies cumulative
	  	 	28	  
	18.11	  	 Indemnities
	  	 	29	  
	18.12	  	 Rights and obligations are unaffected
	  	 	29	  
	18.13	  	 Inconsistent law
	  	 	29	  
	18.14	  	 Supervening legislation
	  	 	29	  
	18.15	  	 Time of the essence
	  	 	29	  
	18.16	  	 Variation and waiver
	  	 	29	  
	18.17	  	 Confidentiality
	  	 	29	  
	18.18	  	 Counterparts
	  	 	30	  
	18.19	  	 Governing law
	  	 	30	  
	18.20	  	 Serving documents
	  	 	30	  
		
	 Schedule 1 – Conditions precedent (clause 3.4)
	  	 	31	  
		
	 Schedule 2 – Drawdown Notice (clause 3)
	  	 	32	  
		
	 Schedule 3 – Form of Option Certificate (clause 6.2)
	  	 	33	  
		
	 Signing page
	  	 	39	  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	iii

 Standby Subscription Agreement 
 Details 
 Parties 

 

					
	 Parties
	  	Company and the Subscriber and Fortrend Securities (as agent for the Subscriber)
			
	 	  	 	  	 
	  

Company
	  	  
 Name
	  	Prima Biomed Limited
			
		  	ACN	  	009 237 889
			
		  	Address	  	 Suite 1, 1233 High Street

Armadale, Victoria 3143

			
		  	Fax	  	(03) 9822 7735
			
		  	Telephone	  	(03) 9824 5254
			
		  	Email	  	Martin.rogers@primabiomed.com.au
			
		  	Attention	  	Martin Rogers
			
	 	  	 	  	 
	  
 Subscriber
	  	  
 Name
	  	Fortrend Small Cap Investors Limited
			
		  	Address	  	 C/- Fortrend Securities
 Level 42,
55 Collins Street, Melbourne,
 Victoria 3000

			
	 	  	 	  	 
	  
 Fortrend
Securities
	  	  
 Name
	  	Fortrend Securities Pty Ltd (as agent for the Subscriber)
			
		  	ABN	  	95 055 706 693
			
		  	Address	  	 Level 42, 55 Collins Street, Melbourne,
 Victoria 3000

			
		  	Fax	  	61 3 9650 8740
			
		  	Telephone	  	61 3 9650 8400
			
		  	Email	  	cholly@fortrend.com.au
			
		  	Attention	  	Chris Holly
			
	 	  	 	  	 
	  
 Date of
agreement
	  	  

See signing page
	  	 
			
	 	  	 	  	 
	  
 Facility
Limit
	  	  

A $12,000,000
	  	 
			
	 	  	 	  	 

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	1

 Standby Subscription Agreement 
 General Terms 
  
  

	1	   Interpretation 

  

	1.1	Definitions 

 These meanings
apply unless the contrary intention appears: 
 ASIC means the Australian Securities & Investments Commission.

 ASX means Australian Securities Exchange and ASX Limited. 

Authorised Officer means: 
  

	 	(a)	in the case of Fortrend Securities, a director or secretary, or an officer whose title contains the word “director”, “chief”, “head”,
“president” or “manager” or a person performing the functions of any of them, or any other person nominated by Fortrend Securities as an Authorised Officer for the purposes of the Transaction Documents; and

  

	 	(b)	in the case of the Company, a director or secretary or any other person appointed by the Company to act as an Authorised Officer under the Transaction Documents to
which it is a party. 

 Availability Period means the period from the date of this agreement to the
third anniversary of the date of this agreement. 
 Business Day means a day on which banks are open for
general banking business in Melbourne, Australia (not being a Saturday, Sunday or public holiday in that place). 

Company means the person so described in the Details. 
 Control of a corporation includes the direct or indirect power to directly or indirectly: 
  

	 	(a)	direct the management or policies of the corporation; or 

  

	 	(b)	control the membership of the board of directors, 

 whether or not the power has statutory, legal or equitable force or is based on statutory, legal or equitable rights and whether or not it arises by means of trusts, agreements, arrangements,
understandings, practices, the ownership of any interest in shares or stock of the corporation or otherwise. 

Controller has the meaning it has in the Corporations Act. 

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	2

 Costs includes costs, charges and expenses, including those incurred in connection
with advisers. 
 Default Rate means at any time the penalty interest rate then fixed under the Penalty Interest Rates
Act 1983 of Victoria. 
 Details means the section of this agreement headed “Details”. 

Directive means: 
  

	 	(a)	a law; or 

  

	 	(b)	a treaty, an official directive, request, guideline or policy (whether or not having the force of law) with which responsible financiers generally comply in carrying on
their business. 

 Drawdown Date means the date on which a drawdown is or is to be made. 

Drawdown Notice means a completed notice containing the information and representations and warranties set out in schedule 2.

 Drawdown Notice Date means the date a Drawdown Notice is received by Fortrend Securities. 

Drawdown Pricing Period means in relation to a Drawdown Notice the period of 5 consecutive Trading Days commencing on (and
including) the Drawdown Notice Date. 
 Drawing means the amount of a drawdown made under the Facility. 

Encumbrance means any: 
  

	 	(a)	security for the payment of money or performance of obligations, including a mortgage, charge, lien, pledge, trust, power or title retention or flawed deposit
arrangement; or 

  

	 	(b)	right, interest or arrangement which has the effect of giving another person a preference, priority or advantage over creditors including any right of set-off; or

  

	 	(c)	right that a person (other than the owner) has to remove something from land (known as a profit à prendre), easement, public right of way, restrictive or
positive covenant, lease, or licence to use or occupy; or 

  

	 	(d)	third party right or interest or any right arising as a consequence of the enforcement of a judgment, 

or any agreement to create any of them or allow them to exist. 
 Facility means the facility for subscription for Shares by the Subscriber made available under this agreement. 
 Facility Limit means the amount set out in the Details. 

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	3

 Financial Report means a financial report consisting of: 

 

	 	(a)	financial statements; and 

  

	 	(b)	any notes to those financial statements; and 

  

	 	(c)	any directors’ declaration about the financial statements and notes, 

 together with any reports (including any directors’ reports) attached to any of those documents or intended to be read with any of them. 

Fortrend Securities means the person so described in the Details. 

A person is Insolvent if: 
  

	 	(a)	it is (or states that it is) an insolvent under administration or insolvent (each as defined in the Corporations Act); or 

 

	 	(b)	it is in liquidation, in provisional liquidation, under administration or wound up or has had a Controller appointed to its property; or 

 

	 	(c)	it is subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute or dissolved (in each case, other than to carry out
a reconstruction or amalgamation while solvent on terms approved by Fortrend Securities); or 

  

	 	(d)	an application or order has been made (and, in the case of an application, it is not stayed, withdrawn or dismissed within 30 days), resolution passed, proposal put
forward, or any other action taken, in each case in connection with that person, which is preparatory to or could result in any of (a), (b) or (c) above; or 

 

	 	(e)	it is taken (under section 459F(1) of the Corporations Act) to have failed to comply with a statutory demand; or 

 

	 	(f)	it is the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act (or it makes a statement from which Fortrend Securities reasonably
deduces it is so subject); or 

  

	 	(g)	it is otherwise unable to pay its debts when they fall due; or 

  

	 	(h)	something having a substantially similar effect to (a) to (g) happens in connection with that person under the law of any jurisdiction.

 Issue Price has the meaning given in clause 4.1 (adjusted where applicable in accordance with clause
4.2). 
 Market Price has the meaning given in clause 4.1 (adjusted where applicable in accordance with clause 4.2).

 Material Adverse Effect means a material adverse effect on: 

 

	 	(a)	the Company’s ability to comply with its obligations under any Transaction Document; or 

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	4

	 	(b)	the Subscriber’s rights under a Transaction Document; or 

  

	 	(c)	the business or financial condition or prospects of the Company. 

 Minimum Issue Price means A$0.01. 
 Option means in relation to a
Drawdown Date an Option to be issued by the Company to the Subscriber on that Drawdown Date in accordance with clause 6.2. 

Option Certificate means an option certificate in the form set out in schedule 3 (“Form of Option Certificate”).

 Potential Termination Event means an event which, with the giving of notice, lapse of time or fulfilment of any
condition, would be likely to become a Termination Event. 
 Related Entity has the meaning it has in the Corporations
Act. 
 Review Event means an event so described in clause 11.1 (“Review Event”). 

Share means a fully paid ordinary share in the capital of the Company. 

Subscriber means the person so described in the Details. 
 Subsidiary of an entity means another entity which: 
  

	 	(a)	is a subsidiary of the first entity within the meaning of the Corporations Act; or 

 

	 	(b)	is part of the consolidated entity constituted by the first entity and the entities it is required to include in the consolidated financial statements it prepares, or
would be if the first entity was required to prepare consolidated financial statements. 

 Tax Act means
the Income Tax Assessment Act 1936 (Cwlth) or the Income Tax Assessment Act 1997 (Cwlth), as the context requires. 

Taxes means taxes, levies, imposts, charges and duties (including stamp and transaction duties) imposed by any authority together
with any related interest, penalties, fines and expenses in connection with them, except if imposed on, or calculated having regard to, the net income of Fortrend Securities. 
 Termination Event means an event so described in clause Error! Reference source not found.Error! Reference source not found. (“Termination”). 

Trading Day means a day which is a trading day under the Listing Rules of the ASX. 

Transaction Documents means: 
  

	 	(a)	this agreement; 

  

	 	(b)	any Drawdown Notice; 

  

	 	(c)	any Option; 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	5

	 	(d)	any document which the Company acknowledges in writing to be a Transaction Document; and 

 

	 	(e)	any other document connected with any of them. 

 Undrawn Facility Limit means the Facility Limit less the total of the Drawings. 
 VWAP means, in relation to a Trading Day the volume weighted average price ( in Australian dollars, rounded to three decimal places) of Shares sold on the ASX on that Trading Day PROVIDED
THAT: 
  

	 	(a)	where, on that Trading Day, Shares have been quoted on the ASX as cum dividend or cum any other distribution or entitlement and the issue of Shares will occur after
that date and those Shares no longer carry that dividend or other distribution or entitlement, then the VWAP on that Trading Day shall be reduced by an amount (Cum Value) equal to: 

 

	 	(i)	(in the case of a dividend or other distribution), the amount of that dividend or other distribution; 

 

	 	(ii)	(in the case of any other entitlement which is traded on the ASX on that Trading Day), the VWAP of such entitlements sold on the ASX on that Trading Day; or

  

	 	(iii)	(in the case of an entitlement not traded on the ASX on that Trading Day), the value of the entitlement as reasonably determined by Fortrend Securities;

  

	 	(b)	where, on that Trading Day, Shares have been quoted on the ASX as ex dividend or ex any other distribution or entitlement, and Shares which are to be issued would be
entitled to receive the relevant dividend or other distribution or entitlement, the VWAP on that Trading Day shall be increased by the Cum Value; and 

  

	 	(c)	where the Shares are reconstructed, consolidated, divided or reclassified into a lesser or greater number of securities, the VWAP shall be adjusted by Fortrend
Securities as it considers appropriate. 

 In determining “VWAP” the following trades will be excluded:
any “crossing” transacted outside the “Open Session State” or any “special crossing” transacted at any time ( each as defined in the Market Rules of ASX) or any overseas trade or trade pursuant to the exercise of
options over Shares. 
  

	1.2	References to certain general terms 

 Unless the contrary intention appears, in this agreement: 
  

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

 

	 	(b)	a reference to a document (including this agreement) includes any variation or replacement of it; 

 

	 	(c)	 the word “law” includes common law, principles of equity, and laws made by parliament (and laws made by parliament include State, Territory
and 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	6

	 	
Commonwealth laws and regulations and other instruments under them, and consolidations, amendments, re-enactments or replacements of any of them); 

 

	 	(d)	a reference to accounting standards is a reference to the accounting standards as defined in the Corporations Act and a reference to an accounting term is a reference
to that term as it is used in those accounting standards, or, if not inconsistent with those standards, in accounting principles and practices generally accepted in Australia; 

 

	 	(e)	a reference to Australian dollars, dollars, $ or A$ is a reference to the lawful currency of Australia; 

 

	 	(f)	a reference to a time of day is a reference to Melbourne time; 

  

	 	(g)	the word “person” includes an individual, a firm, a body corporate, an unincorporated association and an authority; 

 

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

  

	 	(i)	the words “including”, “for example” or “such as” when introducing an example, do not limit the meaning of the words to which the example
relates to that example or examples of a similar kind; 

  

	 	(j)	a Termination Event or Potential Termination Event, or Review Event is “continuing” if it has not been waived by, or remedied to the satisfaction of, Fortrend
Securities; 

  

	 	(k)	a reference to the Corporations Act is a reference to the Corporations Act 2001 (Cwlth). 

 

	1.3	Number 

 The singular
includes the plural and vice versa. 
  

	1.4	Headings 

 Headings
(including those in brackets at the beginning of paragraphs) are for convenience only and do not affect the interpretation of this agreement. 
  

	1.5	Agency for named principal 

Fortrend Securities enters into this agreement as agent for the Subscriber. Fortrend Securities is not liable for any default by the
Subscriber. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	7

  
  

	2	The Facility and Facility Limits 

  

	2.1	Subscriber to fund 

 The
Subscriber agrees to subscribe for Shares if requested by the Company under this agreement. Subject to the terms and conditions of this agreement, the amount to be subscribed on a Drawdown Date is the Drawing requested in the Drawdown Notice for
that Drawdown Date. 
  

	2.2	Maximum subscription amount 

The maximum total amount of subscription monies available to the Company under this agreement is the Facility Limit. 

 
  

	3	Using the Facility 

  

	3.1	Drawing down 

 The Company
need not use the Facility. However, if the Company wants to use the Facility, it may do so by one or more drawdowns. 
  

	3.2	Requesting a drawdown 

 If
the Company wants a drawdown, it agrees to give a Drawdown Notice to Fortrend Securities by 11.00 am on the 5th consecutive Trading Day before the Trading Day on which it wants the drawdown. 

A Drawdown Notice may not be given within 5 consecutive Trading Days before or after another Drawdown Notice. 

 

	3.3	Effect of a Drawdown Notice 

A Drawdown Notice is effective when Fortrend Securities actually receives it in legible form. An effective Drawdown Notice is
irrevocable. 
  

	3.4	Conditions to first drawdown 

The Company agrees not to request the first drawdown until Fortrend Securities has received every item listed in schedule 1
(“Conditions precedent”) in form and substance satisfactory to Fortrend Securities. Any item required to be certified must be certified by a secretary or a director of the Company as being true and complete as at a date no earlier than the
date of this agreement. 
  

	3.5	Conditions to all drawdowns 

The Subscriber need not subscribe for Shares unless: 
  

	 	(a)	the proposed subscription is to take place during the Availability Period; and 

 

	 	(b)	Fortrend Securities is satisfied that after subscribing the amount of the proposed drawdown the Facility Limit would not be exceeded; and 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	8

	 	(c)	Fortrend Securities has received a Drawdown Notice in respect of the proposed subscription; and 

 

	 	(d)	Fortrend Securities is satisfied that the representations and warranties in clause 9 (“Representations and warranties”) and in the Drawdown Notice and the
statements in the Drawdown Notice are correct and not misleading at the date of the Drawdown Notice and at the Drawdown Date; and 

  

	 	(e)	Fortrend Securities is satisfied that no Termination Event or Potential Termination Event or Review Event has occurred (other than a Termination Event or Potential
Termination Event which is capable of remedy and has been remedied to the satisfaction of Fortrend Securities), or would result from the subscription being made; and 

 

	 	(f)	Fortrend Securities is satisfied that: 

  

	 	(i)	any offer for sale by the Subscriber of Shares subscribed for as a result of the Drawdown Notice would not need disclosure to investors under Part 6D.2 of the
Corporations Act subject only to the Company giving a notice under section 708A(5)(e); 

  

	 	(ii)	the issue of the Shares on the Drawdown Date would not result in the Company being in breach of the ASX Listing Rules; and 

 

	 	(iii)	quotation of the Shares to be issued in response to the Drawdown Notice has been approved by the ASX subject only to notification to ASX of their issue; and

  

	 	(g)	Fortrend Securities is satisfied that at or immediately after the issue of the Shares to be subscribed for, the Company will give ASX a notice under section 708A(5)(e)
and satisfy all conditions of quotation of the Shares. 

  

	 	(h)	Fortrend Securities has received all other documents and other information it reasonably requests. 

 

	3.6	Benefit of conditions 

 Each
condition to drawdown is for the sole benefit of the Subscriber and may be waived on its behalf by Fortrend Securities. 
  

	3.7	Notice to be given by the Company 

 The Company undertakes to comply with section 708A(5)(e) of the Corporations Act on the Drawdown Date so as to ensure that any offer for sale by the Subscriber of Shares issued to the Subscriber on that
Drawdown Date may be made without disclosure to investors under Part 6D.2 of the Corporations Act or to issue a disclosure document. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	9

  
  

	4	Pricing 

  

	4.1	Issue Price for Shares 

Subject to this clause, the number of Shares to be issued to the Subscriber in response to a Drawdown Notice will be S where: 

 

					
	S =	  	   Drawing
   Issue Price
	  	

 rounded up to the nearest whole number of Shares, 

and where: 
  

					
		 	Drawing means	  	the amount of the drawdown requested under the Drawdown Notice
			
		 	Issue Price means	  	90% of the Market Price.
			
		 	Market Price means	  	the average of the VWAP on each Trading Day during the Drawdown Pricing Period for the Drawdown Notice.

  

	4.2	Adjustment if trade price below Threshold Price 

 If on any Trading Day during the Drawdown Pricing Period the VWAP for that Trading Day multiplied by 90% is less than the Minimum Issue Price (a “Relevant Trading Day”): 

 

	 	(a)	the average of the VWAP on each Trading Day during the Drawdown Pricing Period will be calculated by excluding the VWAP for each Relevant Trading Day and the Market
Price and the Issue Price will be adjusted accordingly; 

  

	 	(b)	 the number of shares to be subscribed for by the Subscriber under clause 4.1 will be calculated using the Issue Price adjusted under clause 4.2(a) and
after reducing the amount of the Drawing by 1/5th for each
Relevant Trading Day; and 

  

	 	(c)	the amount to be subscribed by the Subscriber will be the amount of the Drawing less 1/5th for each Relevant Trading Day. 

 

	4.3	Maximum Number of Shares to be Subscribed for 

 The maximum number of Shares which the Subscriber is required to subscribe for under clause 4.1 is Smax where: 
 Smax = the
lesser of: 
  

	 	(i)	5 x Average Trading Volume; and 

  

	 	(ii)	2% of the Shares on issue immediately prior to subscription by the Subscriber. 

 and where: 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	10

 Average Trading Volume means the average daily trading volume on the ASX during the
15 Trading Days immediately prior to the Drawdown Notice Date (“Relevant Period”) provided that if on a Trading Day during the Relevant Period the daily trading volume exceeds 10 times the average daily trading volume on the ASX during the
60 Trading Days immediately prior to the Drawdown Notice Date (“the 60 Day Average Daily Trading Volume”) the Average Trading Volume will be calculated as if the daily trading volume on that Trading Day was equal to 10 times the 60 Day
Average Trading Volume. 
 If Smax is less than S calculated under clause 4.1, the Subscriber shall subscribe for a number of Shares equal to Smax at an issue price per share equal to the Issue Price. 

 

	4.4	Shares to rank pari passu with other Shares 

 Each Share issued under this agreement must rank pari passu for dividend with all existing fully paid Shares regardless of its date of issue. 

 
  

	5	Delivery vs Payment 

  

	 	(a)	Unless otherwise agreed between the Company and Fortrend Securities the issue of Shares and payment of subscription moneys on a Drawdown Date will be effected in
accordance with the ASTC Settlement Rules and procedures of CHESS (or such other computer based system which provides for the recording and transfer of title by way of electronic entries, delivery and transfer of title, used by the Company from time
to time and approved by Fortrend Securities). 

  

	 	(b)	Options to be issued under clause 6.2 on a Drawdown Date must be issued to the Subscriber at or prior to the issue of Shares under clause 5(a).

  

	 	(c)	Without limiting clause 18.5 (Set-off) the Subscriber may deduct the placement fee payable under clause 6.1 from the amount payable on the first Drawdown Date. Fortrend
Securities may effect this set off as agent for the Subscriber. 

  

 

	6	Fees 

  

	6.1	Placement fee 

  

	 	(a)	The Company agrees to pay the Subscriber a placement fee of one percent (1%) of the Facility Limit. 

 

	 	(b)	Subject to clause 6.1(c), 50% of the placement fee is payable to Fortrend Securities as agent for the Subscriber on each of the first two Drawdown Dates.

  

	 	(c)	The amount of the placement fee remaining unpaid must be paid on the first anniversary of the date of this agreement. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	11

	6.2	Options 

  

	 	(a)	On each Drawdown Date the Company must issue to the Subscriber for no additional payment a number of Options equal to N where: 

 

					
	N =	  	   S
   4
	  	

 and where: 
 S means the number of Shares subscribed for by the Subscriber on that Drawdown Date under clause 4.1 (as the same may have been limited under clause 4.3). 

 

	 	(b)	As soon as practicable after each Drawdown Date, the Company must issue an Option Certificate to the Subscriber evidencing the Options referred to in clause 6.2(a). The
terms of the Options are set out in the Option Certificate. 

  

	 	(c)	The exercise price for the Options will be 90% of the Market Price determined under clause 4.1 (adjusted under clause 4.2 where applicable) in respect of the Drawdown
Notice for that Drawdown Date. 

  
  

	7	Increased costs 

  

	7.1	Compensation 

 The Company
agrees to compensate the Subscriber on demand if Fortrend Securities determines that: 
  

	 	(a)	a Directive or change in Directive, in either case applying for the first time after the date of this agreement; or 

 

	 	(b)	a change in a Directive’s interpretation or administration by an authority after the date of this agreement; or 

 

	 	(c)	compliance by the Subscriber, Fortrend Securities or any of its Related Entities with any such Directive, changed Directive or changed interpretation or administration

 directly or indirectly: 
  

	 	(i)	increases the cost of the Facility to the Subscriber, Fortrend Securities or any of its Related Entities; or 

 

	 	(ii)	reduces any amount received or receivable by the Subscriber, Fortrend Securities, or the effective return to, the Subscriber, Fortrend Securities or any of its Related
Entities, in connection with the Facility; or 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	12

	 	(iii)	reduces the return on capital allocated to the Facility, or the overall return on capital of the Subscriber, Fortrend Securities or any of its Related Entities.

 In this clause 7.1, a reference to a Directive does not include a Directive imposing or changing the basis of a
tax on the overall net income of the Subscriber or Fortrend Securities. 
 Compensation need not be in the form of a lump sum
and may be demanded as a series of payments. 
  

	7.2	Possible minimisation 

 The
Company agrees to compensate the Subscriber and Fortrend Securities whether or not the increase or reduction could have been avoided. However, if the Company asks, Fortrend Securities agrees to consider ways of minimising any increase or reduction.

  
  

	8	Illegality or impossibility 

  

	8.1	Subscriber’s right to suspend or cancel 

 This clause 8 applies if Fortrend Securities determines that: 
  

	 	(a)	a change in a Directive; or 

  

	 	(b)	a change in the interpretation or administration of a Directive by an authority; or 

 

	 	(c)	a Directive, 

 applying for the
first time after the date of this agreement, makes it (or will make it) illegal or impossible in practice for the Subscriber to fund, provide, or continue to fund or provide, financial accommodation under the Transaction Documents. In these
circumstances, Fortrend Securities, by giving a notice to the Company, may suspend or cancel some or all of the Subscriber’s obligations under this agreement as indicated in the notice. 

 

	8.2	Extent and duration 

 The
suspension or cancellation: 
  

	 	(a)	must apply only to the extent necessary to avoid the illegality or impossibility; and 

 

	 	(b)	in the case of suspension, may continue only for so long as the illegality or impossibility continues. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	13

  
  

	9	Representations and warranties 

  

	9.1	Representations and warranties 

 The Company represents and warrants to the Subscriber and Fortrend Securities (except in relation to matters disclosed to Fortrend Securities by the Company and accepted by Fortrend Securities in writing)
that: 
  

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

  

	 	(b)	(power) it has power to enter into the Transaction Documents to which it is a party and comply with its obligations under them; and 

 

	 	(c)	(no contravention or exceeding power) the Transaction Documents and the transactions under them which involve it do not contravene its constituent documents (if
any) or any law or obligation by which it is bound or to which any of its assets are subject or cause a limitation on its powers or the powers of its directors to be exceeded; and 

 

	 	(d)	(authorisations) it has in full force and effect the authorisations necessary for it to enter into the Transaction Documents to which it is a party, to comply
with its obligations and exercise its rights under them and to allow them to be enforced; and 

  

	 	(e)	(validity of obligations) its obligations under the Transaction Documents are valid and binding and are enforceable against it in accordance with their terms;
and 

  

	 	(f)	(benefit) it benefits by entering into the Transaction Documents to which it is a party; and 

 

	 	(g)	(accounts) its most recent Financial Report given to Fortrend Securities complies with any applicable requirements of the Corporations Act or, if the
Corporations Act does not apply to the Financial Report: 

  

	 	(i)	complies with any applicable accounting standards; and 

  

	 	(ii)	gives a true and fair view of its financial position and performance or, if it is required to prepare consolidated financial statements, the financial position and
performance of the consolidated entity constituted by it and the entities it is required to include in the consolidated financial statements; and 

  

	 	(h)	(solvency) there are no reasonable grounds to suspect that it or any of its Subsidiaries is unable to pay its debts as and when they become due and payable; and

  

	 	(i)	(not a trustee) unless stated in the Details, it does not enter into any Transaction Document as trustee; and 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	14

	 	(j)	(ownership of property) it is the beneficial owner of and has good title to all property held by it or on its behalf and all undertakings carried on by it free
from Encumbrances; 

  

	 	(k)	(no benefit to related party) no person has contravened or will contravene section 208 or section 209 of the Corporations Act by entering into any Transaction
Document or participating in any transaction in connection with a Transaction Document; and 

  

	 	(l)	(litigation) there is no pending or threatened proceeding affecting it or any of its Subsidiaries or any of their assets before a court, authority, commission or
arbitrator in which a decision against it or the Subsidiary (either alone or together with other decisions) is likely to have a Material Adverse Effect; and 

 

	 	(m)	(Termination Event) no Termination Event or Potential Termination Event is continuing; and 

 

	 	(n)	(default under law - Material Adverse Effect) neither it nor any of its Subsidiaries is in breach of a law or obligation affecting any of them or their assets in
a way which has had, or is likely to have, a Material Adverse Effect; and 

  

	 	(o)	(no material change) there has been no change in its financial position since the date to which its most recent Financial Report given to Fortrend Securities was
prepared which has had, or is likely to have, a Material Adverse Effect; and 

  

	 	(p)	(no material change to consolidated entity) if it is required to prepare consolidated financial statements, there has been no change in the financial position of
the consolidated entity constituted by it and the entities it is required to include in the consolidated financial statements since the date to which its most recent Financial Report given to Fortrend Securities was prepared which has had, or is
likely to have, a Material Adverse Effect; and 

  

	 	(q)	(full disclosure) it has disclosed in writing to Fortrend Securities all facts relating to it and its Subsidiaries, the Transaction Documents and all things in
connection with them which are material to the assessment of the nature and amount of the risk undertaken by the Subscriber and Fortrend Securities in entering into the Transaction Documents and doing anything in connection with them; and

  

	 	(r)	(no immunity) neither it nor any of its Subsidiaries has immunity from the jurisdiction of a court or from legal process; and 

 

	 	(s)	(section 708A(1)(c) : no determination by ASIC) no determination has been made by ASIC under section 708A(2) which is in force in relation to the Company; and

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	15

	 	(t)	(section 708A(5)) the Shares are quoted securities, the Shares issued or to be issued on a Drawdown Date are in a class of securities which have been quoted
securities at all times in the 3 months before the day on which those Shares were, or are to be, issued, trading in that class of securities on the ASX has not been suspended for more than a total of five days during the shorter of the period during
which the class of securities were quoted, and the period of 12 months before the day on which the relevant securities were issued, no exemption under section 111 AS or 111 AT of the Corporations Act covered the Company, or any person as a director
or auditor of the Company at any time during that 12 months, and no order under section 340 or 341 of the Corporations Act covered the Company, or any persons as director or auditor of the Company at any time in that 12 months.

  

	9.2	Repetition of representations and warranties 

 The representations and warranties in this clause 9 are taken to be also made (by reference to the then current circumstances) on each Drawdown Date. 

 

	9.3	Reliance 

 The Company
acknowledges that each of the Subscriber and Fortrend Securities has entered into the Transaction Documents in reliance on the representations and warranties in this clause 9. 

 
  

	10	Undertakings 

 The Company
undertakes: 
  

	 	(a)	(accounting records) to keep proper accounting records and ensure that each of its Subsidiaries does the same; and 

 

	 	(b)	(conduct of business) to conduct its business (including collecting debts owed to it) in a proper, orderly and efficient manner; and 

 

	 	(c)	(no cessation of business) not, without Fortrend Securities’ consent, to cease conducting any of its business and not to significantly change the general
character of any business it conducts; and 

  

	 	(d)	(information) to give Fortrend Securities any document or other information that Fortrend Securities reasonably requests from time to time; and

  

	 	(e)	(status certificates) on request from Fortrend Securities, to give Fortrend Securities a certificate signed by two of its directors which states whether a
Termination Event or Potential Termination Event, or Review Event is continuing; and 

  

	 	(f)	(maintain authorisations) to obtain, renew on time and comply with the terms of each authorisation necessary for it to enter into the Transaction Documents to
which it is a party, to comply with its obligations and exercise its rights under them and to allow them to be enforced; and 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	16

	 	(g)	(continuous disclosure) to comply at all times with its obligations under Chapter 6CA of the Corporations Act and under the ASX Listing Rules and to notify ASX
on the date a Drawdown Notice is given of the giving of the Drawdown Notice, the Drawing, the Drawdown Date and reasonable details of the pricing of the Shares to be issued under the Drawdown Notice and, if requested by Fortrend Securities, to
immediately disclose to the market any inside information concerning the Company possessed by Fortrend Securities or the Subscriber; and 

  

	 	(h)	(annual accounts) to give its audited Financial Report for each financial year to Fortrend Securities on the date when the Financial Report is lodged with ASIC
or, if earlier, within 120 days after the end of that financial year; and 

  

	 	(i)	(half yearly accounts) to give its Financial Report (audited or reviewed, if required under the Corporations Act) for the first half of each financial year to
Fortrend Securities on the date when the Financial Report is lodged with ASIC or, if earlier, within 75 days after the end of that financial half year; and 

 

	 	(j)	(incorrect representation or warranty) to notify Fortrend Securities if any representation or warranty made, or taken to be made, by it or on its behalf in
connection with a Transaction Document is found to have been incorrect or misleading when made or taken to be made; and 

  

	 	(k)	(ensure no Termination Event) to do everything necessary to ensure that no Termination Event occurs and ensure that each of its Subsidiaries does the same; and

  

	 	(l)	(notify details of Termination Event or Potential Termination Event, or Review Event) if a Termination Event or Potential Termination Event, or Review Event
occurs, to notify Fortrend Securities giving full details of the event and any step taken or proposed to remedy it; and 

  

	 	(m)	(purpose) to use the Facility only for working capital; and 

  

	 	(n)	(quotation) to procure that all Shares issued under this agreement or upon exercise of an Option are quoted on the ASX from the date of their issue.

  
  

	11	  Review 

  

	11.1	Review Event 

 Each of the
following is a Review Event: 
  

	 	(a)	(Fortrend Securities’ determination) an event or circumstance relating to or affecting the Company which Fortrend Securities reasonably determines may
warrant a review of the pricing terms or continuation of the Facility; or 

  

	 	(b)	 (change of key management) any Key Executive ceases to be employed by the Company and a replacement (approved by Fortrend Securities

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	17

	 	
acting reasonably) is not employed by the Company within 90 days after the date on which the Key Executive ceases to be employed. 

In this clause, Key Executive means each of: 
 Martin Rogers, Executive Director, 
 any person employed by the Company to
replace a Key Executive and any person whom the Company acknowledges in writing to be a Key Executive; or 
  

	 	(c)	(trading in shares generally) trading of all securities quoted on ASX, NYSE or LSE is suspended or limited in a material respect; or 

 

	 	(d)	(hostilities) hostilities not existing at the date of this agreement commence (whether war has been declared or not) or a major escalation in existing
hostilities occurs (whether war has been declared or not) involving any one or more of Australia; New Zealand, the United States of America, any member state of the European Union, the United Kingdom, North or South Korea, Indonesia, Japan, Russia
or the Peoples Republic of China, or a national emergency is declared by any of those countries or a major terrorist act is perpetrated in any of those countries; or 

 

	 	(e)	(change in law) there is introduced into the Parliament of the Commonwealth of Australia or any State or Territory of Australia or the House of Representatives
or Senate of the United States of America a law or any new regulation is made under a law or a Government Agency or Regulatory Body adopts a policy and that law, regulation or policy would render any Transaction Document or transaction contemplated
by a Transaction Document illegal, void, voidable or unenforceable or would materially adversely affect the Subscriber’s rights under any Transaction Document or the economics of the transactions contemplated by the Transaction Documents.

  

	11.2	Consequences of review 

 If
a Review Event is continuing, then Fortrend Securities may request amendments to the Transaction Documents by giving notice to the Company no later than 30 days after it becomes aware of the Review Event. 

If Fortrend Securities does not give notice on or before the 30th day after it becomes aware of the Review Event, it may not do so
afterwards. 
 If Fortrend Securities gives notice under this clause 11.2, the Company and Fortrend Securities agree to
negotiate in good faith those amendments to the Transaction Documents which they determine are appropriate in light of the Review Event. If the Company and Fortrend Securities cannot agree the amendments within 60 days after Fortrend Securities
gives notice, Fortrend Securities may declare at any time afterwards by notice to the Company that the Subscriber’s obligations specified in the notice are terminated. 
 The making of the declaration gives immediate effect to its provisions. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	18

 Being a Review Event does not prevent that event or circumstance from being a Termination
Event. Nothing in this clause 11 affects the operation of clause 12. 
  

 

	12	  Termination 

  

	12.1	Termination Events 

 Each of
the following is a Termination Event: 
  

	 	(a)	(non-payment-Transaction Document) the Company does not pay on time any amount payable by it under any Transaction Document in the manner required under it; or

  

	 	(b)	(breach of certain undertakings) the Company does not comply with its undertaking in paragraph (g) of clause 10; or 

 

	 	(c)	(cross default) any present or future monetary obligations of the Company or any of its Subsidiaries for amounts totalling more than $100,000 are not satisfied
on time (or at the end of their period of grace) or become prematurely payable. 

 (In this clause 12.1(c), a
“monetary obligation” means a monetary obligation in connection with: 
  

	 	(i)	money borrowed or raised; or 

  

	 	(ii)	any hiring arrangement, redeemable preference share, letter of credit or financial markets transaction (including a swap, option or futures contract), performance bond
or guarantee facility; or 

  

	 	(iii)	a guarantee or indemnity in connection with anything referred to in clauses 12.1(c)(i) or 12.1(c)(ii)); or 

 

	 	(d)	(enforcement against assets) distress is levied or a judgment, order or Encumbrance is enforced, or becomes enforceable, against any property of the Company or
any of its Subsidiaries for amounts totalling more than $100,000; or 

  

	 	(e)	(incorrect certificate) a certificate given under clause 3.4 (“Conditions to first drawdown”) is incorrect or misleading; or 

 

	 	(f)	(incorrect representation or warranty) a representation or warranty made or taken to be made by or for the Company in connection with a Transaction Document is
found to have been incorrect or misleading when made or taken to be made; or 

  

	 	(g)	(Insolvency) the Company or any of its Subsidiaries becomes Insolvent; or 

 

	 	(h)	(ceasing business) the Company or any of its Subsidiaries stops payment, ceases to carry on its business or a material part of it, or threatens to do either of
those things except to reconstruct or amalgamate while solvent on terms approved by Fortrend Securities; or 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	19

	 	(i)	(voidable Transaction Document) a Transaction Document or a transaction in connection with it is or becomes (or is claimed to be) wholly or partly void, voidable
or unenforceable (“claimed” in this paragraph means claimed by the Company or any of its Related Entities or anyone on behalf of any of them); or 

 

	 	(j)	(change of Control) the persons who at the date of this agreement have Control of the Company cease to have Control of the Company or one or more persons acquire
Control of the Company after the date of this agreement; or 

  

	 	(k)	(change in group structure) the Company ceases to be a Subsidiary of the company which is its holding company at the date of this agreement or a company ceases
to be a Subsidiary of the Company; or 

  

	 	(l)	(reduction of capital) without the consent of Fortrend Securities, the Company or any of its Subsidiaries takes action to reduce its capital or buy back any of
its shares or passes a resolution referred to in section 254N(1) of the Corporations Act (“Calls may be limited”); or 

  

	 	(m)	(appointment of manager) a person is appointed under legislation to manage any part of the affairs of the Company or any of its Subsidiaries; or

  

	 	(n)	(Material Adverse Effect) an event occurs which has, or is likely to have (or a series of events occur which, together, have, or are likely to have), a Material
Adverse Effect; or 

  

	 	(o)	(breach of undertaking) an undertaking given to the Subscriber or Fortrend Securities or their solicitors by the Company or another person in connection with a
Transaction Document is breached or not wholly performed within any period specified in the undertaking or, where no period is specified and the undertaking is not an ongoing undertaking, within seven days after the date of the undertaking; or

  

	 	(p)	(default under other Transaction Document) an event occurs which is called an “event of default” under any Transaction Document other than this
agreement; or 

  

	 	(q)	(Shares) trading in Shares on ASX or another stock exchange is suspended for a period of 3 or more Trading Days (except for a voluntary suspension requested by
the Company for the purposes of a capital raising to fund an acquisition) or the Shares cease to be quoted on ASX or another stock exchange; or 

  

	 	(r)	(Directors) a director of the Company: 

  

	 	(i)	is charged with an indictable offence relating to any financial or corporate matter or any regulatory body commences any public action against the director in their
capacity as a director of the Company or announces that it intends to take such action; or 

  

	 	(ii)	is disqualified from managing a corporation under section 206B, 206C, 206D, 206E, 206F or 206G of the Corporations Act; or 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	20

	 	(s)	(non-compliance with other obligations) the Company does not comply with any other obligation under any Transaction Document and, if the non-compliance can be
remedied, does not remedy the non-compliance within seven days. 

  

	12.2	Consequences of default 

 If
a Termination Event is continuing, then Fortrend Securities may declare at any time by notice to the Company that the Subscriber’s obligations specified in the notice are terminated. 

The making of a declaration gives immediate effect to its provisions. 

 

	12.3	Investigation of default 

If Fortrend Securities reasonably believes that a Termination Event is, or may be, continuing, Fortrend Securities may appoint a person
to investigate this. The Company agrees to co-operate with the person and comply with every reasonable request they make. If there is or was a Termination Event, the Company agrees to pay all Costs in connection with the investigation. 

 
  

	13	  Costs and indemnities 

  

	13.1	What the Company agrees to pay 

 The Company agrees to pay or reimburse: 
  

	 	(a)	the Subscriber’s and Fortrend Securities’ reasonable Costs in connection with: 

 

	 	(i)	the negotiation, preparation and execution of any Transaction Document (not exceeding $A25,000); and 

 

	 	(ii)	the registration of and payment of Taxes on any Transaction Document; and 

 

	 	(iii)	it being satisfied that conditions to drawdown have been met; and 

  

	 	(iv)	giving and considering consents, waivers, variations, discharges and releases and producing title documents; and 

 

	 	(b)	the Costs of each of the Subscriber and Fortrend Securities in otherwise acting in connection with the Transaction Documents, such as exercising, enforcing or
preserving rights (or considering doing so), or doing anything in connection with any enquiry by an authority involving the Company or any of its Related Entities; and 

 

	 	(c)	 Taxes and fees (including registration fees) and fines and penalties in respect of fees paid, or that the Subscriber or Fortrend Securities reasonably
believes are payable, in connection with any Transaction Document or a payment or receipt or any other transaction contemplated 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	21

	 	
by any Transaction Document. However, the Company need not pay a fine or penalty in connection with Taxes or fees to the extent that it has placed the Subscriber or Fortrend Securities in
sufficient cleared funds for the Subscriber or Fortrend Securities to be able to pay the Taxes or fees by the due date. 

 The Company agrees to pay amounts due under this clause on demand from Fortrend Securities. 
  

	13.2	Indemnity 

 The Company
indemnifies each of the Subscriber and Fortrend Securities against any liability or loss arising from, and any Costs incurred in connection with: 
  

	 	(a)	any subscription amount requested under a Transaction Document not being provided in accordance with the request for any reason except default of the Subscriber; or

  

	 	(b)	Shares not being issued on the Drawdown Date in accordance with this agreement for any reason except default of the Subscriber; or 

 

	 	(c)	the Subscriber or Fortrend Securities acting in connection with a Transaction Document in good faith on fax, telephone, email or written instructions purporting to
originate from the offices of the Company or to be given by an Authorised Officer of the Company; or 

  

	 	(d)	a Termination Event; or 

  

	 	(e)	the Subscriber or Fortrend Securities exercising or attempting to exercise a right or remedy in connection with a Transaction Document after a Termination Event; or

  

	 	(f)	any Transaction Document; or 

  

	 	(g)	any indemnity the Subscriber or Fortrend Securities gives a Controller or administrator of the Company. 

The Company agrees to pay amounts due under this indemnity on demand from Fortrend Securities. 

 

	13.3	Items included in loss, liability and Costs 

 The Company agrees that: 
  

	 	(a)	the Costs referred to in clause 12.3 (“Investigation of default”) and in clause 13.1 (“What the Company agrees to pay”), and the liability, loss or
Costs referred to in clause 13.2 (“Indemnity”) include legal Costs in accordance with any written agreement as to legal costs (whether or not the Company is a party to the agreement) or, if no agreement, on whichever is the higher of a
full indemnity basis or solicitor and own client basis; and 

  

	 	(b)	 the Costs referred to in clauses 13.1(a) and 13.1(b) (“What the Company agrees to pay”) include those paid, or that Fortrend Securities
reasonably believes are payable, to persons engaged by the Subscriber or Fortrend 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	22

	 	
Securities in connection with the Transaction Documents (such as consultants); and 

  

	 	(c)	loss or liability and any Costs in any indemnity under the Transaction Documents may include an amount called “break costs”. These may be calculated by any
method Fortrend Securities reasonably chooses including by reference to any loss the Subscriber incurs because the Subscriber terminates arrangements it has made with others to fund (or to maintain its funding of) financial accommodation under the
Transaction Documents. 

  

	13.4	Payment of third party losses 

 The Company agrees to pay an amount equal to any liability or loss and any Costs of the kind referred to in clause 13.2 (“Indemnity”) suffered or incurred by any employee, officer, agent or
contractor of the Subscriber or Fortrend Securities. 
  

	13.5	Currency conversion on judgment debt 

 If a judgment, order or proof of debt for an amount in connection with a Transaction Document is expressed in a currency other than that in which the amount is due under the Transaction Document, then the
Company indemnifies each of the Subscriber and Fortrend Securities against: 
  

	 	(a)	any difference arising from converting the other currency if the rate of exchange used by Fortrend Securities under clause 15.2 (“Currency of payment”) for
converting currency when it receives a payment in the other currency is less favourable to the Subscriber or Fortrend Securities than the rate of exchange used for the purpose of the judgment, order or acceptance of proof of debt; and

  

	 	(b)	the Costs of conversion. 

 The Company agrees to pay amounts due under this indemnity on demand from Fortrend Securities. 
  

 

	14	  Interest on overdue amounts 

  

	14.1	Obligation to pay 

 If the
Company does not pay any amount under this agreement on the due date for payment, the Company agrees to pay interest on that amount at the Default Rate. The interest accrues daily from (and including) the due date to (but excluding) the date of
actual payment and is calculated on actual days elapsed and a year of 365 days. 
 The Company agrees to pay interest under this
clause on demand from Fortrend Securities. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	23

	14.2	Compounding 

 Interest
payable under clause 14.1 (“Obligation to pay”) which is not paid when due for payment may be added to the overdue amount by Fortrend Securities at intervals which Fortrend Securities determines from time to time or, if no determination is
made, every 30 days. Interest is payable on the increased overdue amount at the Default Rate in the manner set out in clause 14.1 (“Obligation to pay”). 
  

	14.3	Interest following judgment 

If a liability becomes merged in a judgment, the Company agrees to pay interest on the amount of that liability as an independent
obligation. This interest: 
  

	 	(a)	accrues daily from (and including) the date the liability becomes due for payment both before and after the judgment up to (but excluding) the date the liability is
paid; and 

  

	 	(b)	is calculated at the judgment rate or the Default Rate (whichever is higher). 

 The Company agrees to pay interest under this clause on demand from Fortrend Securities. 
  

 

	15	  Payments 

  

	15.1	Manner of payment 

 Unless a
provision of a Transaction Document expressly states otherwise, the Company agrees to make payments (including by way of reimbursement) under each Transaction Document: 

 

	 	(a)	on the due date (or, if that is not a Business Day, on the next Business Day); and 

 

	 	(b)	not later than 10.00 am in the place for payment; and 

  

	 	(c)	in Australian dollars in immediately available funds; and 

  

	 	(d)	in full without set-off or counterclaim and without any deduction in respect of Taxes unless prohibited by law; and 

 

	 	(e)	to the Subscriber by payment into the account nominated by Fortrend Securities, or by payment as Fortrend Securities otherwise directs. 

If Fortrend Securities directs the Company to pay a particular party or in a particular manner, the Company is taken to have satisfied
its obligation to the Subscriber by paying in accordance with the direction. 
 The Company satisfies a payment obligation only
when the Subscriber or the person to whom Fortrend Securities has directed payment receives the amount. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	24

	15.2	Currency of payment 

 The
Company waives any right it has in any jurisdiction to pay an amount other than in the currency in which it is due. However, if the Subscriber receives an amount in a currency other than that in which it is due: 

 

	 	(a)	it may convert the amount received into the due currency (even though it may be necessary to convert through a third currency to do so) on the day and at such rates
(including spot rate, same day value rate or value tomorrow rate) as it reasonably considers appropriate. It may deduct its Costs in connection with the conversion; and 

 

	 	(b)	the Company satisfies its obligation to pay in the due currency only to the extent of the amount of the due currency obtained from the conversion after deducting the
Costs of the conversion. 

  

	15.3	Application of Payments 

Each of the Subscriber and Fortrend Securities may apply amounts paid by the Company towards satisfaction of the Company’s
obligations under the Transaction Documents in the manner it sees fit, unless the Transaction Documents expressly provide otherwise. This appropriation overrides any purported appropriation by the Company or any other person. 

 
  

	16	  Dealing with interests 

  

	16.1	No dealing by parties in the Facility 

 Neither party may assign or otherwise deal with its rights under this agreement or allow any interest in it to arise or be varied, in each case, without the prior written consent of the other party.

  

	16.2	Dealings by the Subscriber 

Nothing in clause 16.1 prevents the Subscriber from assigning, transferring, encumbering or otherwise dealing with its rights under or in
connection with any Shares or Options without the consent of any person. 
  

	16.3	Short Selling 

 The
Subscriber may not short sell any Shares. Nothing in this clause prevents the Subscriber from selling Shares previously issued to it under this agreement. 
  

	16.4	Sales of Shares 

 The
Subscriber agrees not to sell on any Trading Day during the Drawdown Pricing Period more than 1/5th of the number of Shares estimated by Fortrend Securities to be subscribed for on the Drawdown Date at the end of that Drawdown Pricing Period. Shares
sold by the Subscriber during the Drawdown Pricing Period must be Shares already held by the Subscriber. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	25

	16.5	Holding of Shares 

 The
Subscriber agrees not to hold at any time more than 4.9% of the total number of Shares then on issue. 
  

 

	17	  Notices and other communications 

  

	17.1	Form—all communications 

Unless expressly stated otherwise in the Transaction Documents, all notices, certificates, consents, approvals, waivers and other
communications in connection with a Transaction Document must be in writing, signed by the sender (if an individual) or an Authorised Officer of the sender and marked for the attention of the person identified in the Details or, if the recipient has
notified otherwise, then marked for attention in the way last notified. 
 All communications to the Subscriber are to be given
to Fortrend Securities and if given to Fortrend Securities in accordance with this clause, will be taken to have been given to the Subscriber. Any communication given by Fortrend Securities as agent of the Subscriber will be taken to have been given
by the Subscriber. 
  

	17.2	Form—communications sent by email 

 Communications sent by email need not be marked for attention in the way stated in clause 17.1 (“Form—all communications”). However, the email must state the first and last name of the
sender. 
 Communications sent by email are taken to be signed by the named sender. 

 

	17.3	Delivery 

 Communications
must be: 
  

	 	(a)	left at the address set out or referred to in the Details; or 

  

	 	(b)	sent by prepaid ordinary post (airmail, if appropriate) to the address set out or referred to in the Details; or 

 

	 	(c)	sent by fax to the fax number set out or referred to in the Details; or 

  

	 	(d)	sent by email to the address set out or referred to in the Details. 

 However, if the intended recipient has notified a changed address or fax number, then communications must be to that address or number. 

 

	17.4	When effective 

Communications take effect from the time they are received or taken to be received under clause 17.5 (“When taken to be
received”) (whichever happens first) unless a later time is specified. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	26

	17.5	When taken to be received 

Communications are taken to be received: 
  

	 	(a)	if sent by post, three days after posting (or seven days after posting if sent from one country to another); or 

 

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

 

	 	(c)	if sent by email: 

  

	 	(i)	when the sender receives an automated message confirming delivery; or 

  

	 	(ii)	four hours after the time sent (as recorded on the device from which the sender sent the email) unless the sender receives an automated message that the email has not
been delivered, 

 whichever happens first. 

 

	17.6	Receipt outside business hours 

 Despite clauses 17.4 (“When effective”) and 17.5 (“When taken to be received”), if communications are received or taken to be received under clause 17.5 after 5.00 pm in the place of
receipt or on a non-Business Day, they are taken to be received at 9.00 am on the next Business Day and take effect from that time unless a later time is specified. 
  

	17.7	Waiver of notice period 

Fortrend Securities may waive a period of notice required to be given by the Company under this agreement. 

 
  

	18	General 

  

	18.1	Application to Transaction Documents 

 If anything in this clause 18 (“General”) is inconsistent with a provision in another Transaction Document, then the provision in the other Transaction Document prevails for the purposes of that
Transaction Document. 
  

	18.2	Prompt performance 

 Subject
to clause 18.15 (“Time of the essence”): 
  

	 	(a)	if a Transaction Document specifies when the Company agrees to perform an obligation, the Company agrees to perform it by the time specified; and

  

	 	(b)	the Company agrees to perform all other obligations promptly. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	27

	18.3	Consents 

 The Company
agrees to comply with all conditions in any consent Fortrend Securities gives in connection with a Transaction Document. 
  

	18.4	Certificates 

 Fortrend
Securities may give the Company a certificate about an amount payable or other matter in connection with a Transaction Document. The certificate is sufficient evidence of the amount or matter, unless it is proved to be incorrect. 

 

	18.5	Set-off 

 Each of the
Subscriber and Fortrend Securities may set off any amount owing by it to the Company (whether or not due for payment) against any amount due for payment by the Company to it under a Transaction Document. 

Each of the Subscriber and Fortrend Securities may do anything necessary to effect any set-off under this clause (including varying the
date for payment of any amount owing by it to the Company and making currency exchanges). This clause applies despite any other agreement between the Company and the Subscriber or Fortrend Securities. 

 

	18.6	Discretion in exercising rights 

 Each of the Subscriber and Fortrend Securities may exercise a right or remedy or give or refuse its consent under a Transaction Document in any way it considers appropriate (including by imposing
conditions). 
  

	18.7	Partial exercising of rights 

If the Subscriber or Fortrend Securities does not exercise a right or remedy under a Transaction Document fully or at a given time, it
may still exercise it later. 
  

	18.8	No liability for loss 

Neither the Subscriber nor Fortrend Securities is liable for loss caused by the exercise or attempted exercise of, failure to exercise,
or delay in exercising, a right or remedy under a Transaction Document. 
  

	18.9	Conflict of interest 

 The
Subscriber’s rights and remedies under any Transaction Document may be exercised even if this involves a conflict of duty or the Subscriber or Fortrend Securities has a personal interest in their exercise. 

 

	18.10	Remedies cumulative 

 The
rights and remedies of each of the Subscriber and Fortrend Securities under any Transaction Document are in addition to other rights and remedies given by law independently of the Transaction Document. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	28

	18.11	Indemnities 

 Any indemnity
in a Transaction Document is a continuing obligation, independent of the Company’s other obligations under that Transaction Document and continues after the Transaction Document ends. It is not necessary for the Subscriber or Fortrend
Securities to incur expense or make payment before enforcing a right of indemnity under a Transaction Document. 
  

	18.12	Rights and obligations are unaffected 

 Rights given to the Subscriber or Fortrend Securities under a Transaction Document and the Company’s liabilities under it are not affected by anything which might otherwise affect them at law.

  

	18.13	Inconsistent law 

 To the
extent permitted by law, each Transaction Document prevails to the extent it is inconsistent with any law. 
  

	18.14	Supervening legislation 

Any present or future legislation which operates to vary the obligations of the Company in connection with a Transaction Document with
the result that Fortrend Securities’ rights, powers or remedies are adversely affected (including by way of delay or postponement) is excluded except to the extent that its exclusion is prohibited or rendered ineffective by law. 

 

	18.15	Time of the essence 

 Time
is of the essence in any Transaction Document in respect of an obligation of the Company to pay money. 
  

	18.16	Variation and waiver 

 A
provision of a Transaction Document, or right created under it, may not be waived or varied except in writing signed by the party or parties to be bound. 
  

	18.17	Confidentiality 

 Each party
agrees not to disclose information provided by any other party that is not publicly available (including the existence or contents of any Transaction Document) except: 
  

	 	(a)	to any person in connection with an exercise of rights or a dealing with rights or obligations under a Transaction Document (including in connection with preparatory
steps such as negotiating with any potential assignee or potential sub-participant or other person who is considering contracting with the Subscriber or Fortrend Securities in connection with a Transaction Document); or 

 

	 	(b)	to a person considering entering into (or who enters into) a credit swap with the Subscriber or Fortrend Securities involving credit events relating to the Company or
any of its Related Entities; or 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	29

	 	(c)	to officers, employees, legal and other advisers and auditors of the Company or the Subscriber or Fortrend Securities; or 

 

	 	(d)	to any party to this agreement or any Related Entity of any party to this agreement, provided the recipient agrees to act consistently with this clause 18.17; or

  

	 	(e)	with the consent of the party who provided the information (such consent not to be unreasonably withheld); or 

 

	 	(f)	as required by any law or stock exchange. 

 Each party consents to disclosures made in accordance with this clause 18.17. 
  

	18.18	Counterparts 

 This
agreement may consist of a number of copies, each signed by one or more parties to the agreement. If so, the signed copies are treated as making up the one document. 
  

	18.19	Governing law 

 Each
Transaction Document is governed by the law in force in Victoria and the Company, Fortrend Securities and the Subscriber submit to the non-exclusive jurisdiction of the courts of that place. 

 

	18.20	Serving documents 

 Without
preventing any other method of service, any document in a court action may be served on a party by being delivered to or left at that party’s address for service of notices under clause 17.3 (“Delivery”). 

EXECUTED as an agreement 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	30

 Standby Subscription Agreement 
 Schedule 1 – Conditions precedent (clause 3.4) 
 Conditions to first drawdown 

 

	 	•	 	 Each item must be in form and substance satisfactory to Fortrend Securities. 

 

	 	•	 	 Fortrend Securities may also require other documents and information (see clause 3.5(h)) 

 

	 	•	 	 Certification is to be by a director or secretary of the Company, that the item is true and complete as at a date no earlier than the date of this
agreement. 

  
  

 

					
	           Item
	  	Form	  	Required for
			
	 1            Constitution
	  	Certified copy	  	Company
			
	 2            Certificate of registration
	  	Certified copy	  	Company
			
	 3            Extract of minutes of
a meeting of the entity’s board of directors which evidences the resolutions:
  

(a)         authorising the signing and delivery of the Transaction
Documents to which the entity is a party and the observance of obligations under those documents; and
  

(b)         appointing Authorised Officers of the entity;
and
  

(c)         which acknowledge that the Transaction Documents (to
which the entity is a party) will benefit that entity.
	  	Certified copy	  	Company
			
	 4            Each document which evidences any other necessary
corporate or other action of the entity in connection with the Transaction Documents to which it is a party.
	  	Certified copy	  	Company
			
	 5            Each authorisation of the entity necessary to enter into
the Transaction Documents to which it is a party and to comply with obligations under those documents and enforce those documents.
	  	Certified copy	  	Company
			
	 6            Each power of attorney under which a person signs a
Transaction Document for the entity.
	  	Original	  	Company
			
	 7            Specimen signature
of
  

(a)         each Authorised Officer of the entity; and

 

(b)         each other person who is authorised to sign a
Transaction Document for the entity.
	  		  	Company
			
	 8            This agreement fully signed.
	  	Original	  	Not applicable

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	31

 Standby Subscription Agreement 
 Schedule 2 - Drawdown Notice (clause 3) 

To:                        
Fortrend Securities Pty Ltd  
 Attention:             C Holly 

 [Date] 
 Drawdown
Notice—Standby Subscription Agreement between Prima Biomed Limited, the Subscriber and Fortrend Securities Pty Ltd as agent for the Subscriber dated [            ] (“Standby
Subscription Agreement”) 
 Under clause 3.2 (“Requesting a drawdown”) of the Standby Subscription
Agreement, the Company gives notice as follows.1

 The Company wants to drawdown under the Facility. 
  

	•	 	 The requested Drawdown Date is [            ]2. 

 

	•	 	 The amount of the proposed drawdown is A$[            ]3. 

 

	•	 	 The amount of the proposed drawdown is to be paid to: 

 Account number:             [            ] 

Account name:                
[            ] 

Bank:                      
          [            ] 

Branch:                      
       [            ] 

BSB:                      
           [            ] 
 The
Company represents and warrants to the Subscriber and Fortrend Securities that the representations and warranties in the Standby Subscription Agreement are correct and not misleading on the date of this notice and that each will be correct and not
misleading on the Drawdown Date. 
 The “Interpretation” clause of the Standby Subscription Agreement applies to this notice as if it
was fully set out in this notice. 
  

			
	 	  	

 [Name of person] being 
 an Authorised Officer of 
 [Name of Company] 

Instructions for completion 
  

	1	All items must be completed. 

  

	2	Must be a Trading Day within the Availability Period and 16 Trading Days after the date the Drawdown Notice is given to Fortrend Securities. 

 

	3	Must not result in total Drawings exceeding the Facility Limit. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	32

 Standby Subscription Agreement 
 Schedule 3 - Form of Option Certificate (clause 6.2) 
 Option Certificate [front
page] 
 Prima Biomed Limited (ACN 009 237 889) (“Company”) 
 incorporated under the Corporations Act 2001 in the Commonwealth of Australia 
 Suite 1, 1233
High Street 
 Armadale, Victoria 3143 
  

			
	 Name and
Address
	  	Date
	 	 
	
Fortrend Small Cap Investors Limited

C/- Fortrend Securities,

Level 42, 55 Collins Street

Melbourne, Victoria, 3000
	  	 
	 	  	Register

 This is to certify that the person named above is the registered holder of [insert number] of Options for
ordinary shares in the capital of the Company. The terms of the Options are set out on the back of this certificate. 
 In this Option
Certificate: 
 Drawdown Date means [insert] 
 Market Price means [insert] 
 Except where expressly defined otherwise, terms
defined in the “Interpretation” clause of the Standby Subscription Agreement between Prima Biomed Limited, the Subscriber and Fortrend Securities Pty Ltd as agent for the Subscriber dated [insert], have the same meanings when used
in this certificate. 

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	33

  

					
	 THE COMMON SEAL of PRIMA
 BIOMED LIMITED is duly affixed by
 authority of its directors in the presence
of:
	  	 )
)
)
)
	  	 
			
		  		  	
	  
	  		  	  

	 Signature of authorised person
	  		  	Signature of authorised person
			
		  		  	
	  
	  		  	  

	 Office held
	  		  	Office held
			
		  		  	
	  
	  		  	  

	 Name of authorised person (block letters)
	  		  	Name of authorised person (block letters)

  

  

			
	 Standby Subscription Agreement

28 September 2010
 900999 v1/HN
	  	34

 Option Certificate [back pages] 

 
  

	1	  Entitlement 

  

	1.1	Subscription 

 Each Option
entitles the holder to subscribe for and be allotted one ordinary share in the capital of the Company, credited as fully paid, at an exercise price (“Exercise Price”) equal to the 90% of the Market Price. 

 

	1.2	Issue 

 The Company will
allot and issue Shares on exercise of an Option. 
  

	1.3	Ranking 

 Shares issued on
the exercise of Options will rank pari passu with all existing Shares in the capital of the Company from the date of issue. 
  

 

	2	  Exercise of Options 

  

	2.1	Notice of exercise of Option 

An Option is exercisable by the holder lodging with the Company the Notice of Exercise of Option and Application for Shares in the form
set out below, together with payment of the Exercise Price. Remittances must be made payable to the Company and cheques should be crossed “not negotiable”. 
  

	2.2	Exercise 

 Each Option may be
exercised by the holder at any time on or before 5.00 pm on the date which is three (3) years after the Drawdown Date on which it was issued. 
  

 

	3	  Transfer 

  

	3.1	Transfer 

 Options may be
transferred at any time before lapsing. Options are transferable by any standard form of transfer. 
  

	3.2	Option register 

 The Company
will maintain a register of Option holders in accordance with section 170 of the Corporations Act and may not refuse to register any transfer nor charge any fee for registration. Executed transfers (stamped if required) will be recorded in the
Company’s Option register on lodgment of the transfer with the Company. 
  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	35

  
  

	4	  Reorganisation 

  

	4.1	Reorganisation of Issued Options 

 If, following the issue of any Options to the Subscriber (“Issued Options”) there is a reorganisation of the capital of the Company (“Reorganisation”), the Issued Options
will be reconstructed in the manner specified below: 
  

	 	(a)	in a consolidation of capital, the number of Issued Options must be consolidated in the same ratio as the Shares and the Exercise Price must be amended in inverse
proportion to that ratio; 

  

	 	(b)	in a sub-division of capital, the number of Issued Options must be sub-divided in the same ratio as the Shares and the Exercise Price must be amended in inverse
proportion to that ratio; 

  

	 	(c)	in a return of capital, the number of Issued Options must remain the same, and the Exercise Price of each Issued Option must be reduced by the same amount as the amount
returned in relation to each ordinary security; 

  

	 	(d)	in a reduction of capital by cancellation of capital paid up on Shares that is lost or not represented by available assets where no Shares are cancelled, the number of
Issued Options and the Exercise Price of each Issued Option must remain unaltered; 

  

	 	(e)	in a pro rata cancellation of Shares, the number of Issued Options must be reduced in the same ratio as the Shares and Exercise Price of each Issued Option must be
amended in inverse proportion to that ratio; and 

  

	 	(f)	in any other case, the number of Issued Options, or the Exercise Price, or both, must be reorganised so that the Subscriber will not receive a benefit that holders of
Shares do not receive. Nothing in this clause prevents a rounding up of the number of Shares to be received on exercise if the rounding up is approved at the shareholders’ meeting that approves the Reorganisation. 

and the terms of the Issued Options will be construed accordingly. 

 

	4.2	Inconsistency with the ASX Listing Rules 

 In the event of any Reorganisation of capital of the Company prior to the exercise of the then outstanding Issued Options in accordance with these terms, clause 4.1 will be amended to the extent necessary
to comply with the ASX Listing Rules applicable to the reorganisation of capital at the time of the Reorganisation. 
  

	4.3	Independent expert 

 The
Company agrees to the appointment by the Subscriber (at the Company’s expense) of an independent expert, for the purposes of determining any reorganisation of Issued Options required to give effect to clause 4.1(c). The Company agrees to be
bound by such determination. 
  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	36

  
  

	5	  Option Certificates 

  

	5.1	Surrender 

 No exercise or
transfer of an Option represented by an Option Certificate may be registered until the Option Certificate for that Option is surrendered to the Company or the Option holder provides the Company with a statutory declaration, in a form satisfactory to
the Company, to the effect that the certificate has been lost or destroyed and indemnifies the Company against any loss or damage if the original certificate is found. 
  

	5.2	New certificates 

 If an
Option holder exercises or transfers less than all Options represented by an Option Certificate then the Company will cancel the Option Certificate and issue a new Option Certificate to the Option holder for the balance. 

 
  

	6	  Quotation 

Quotation of the Options on the ASX will not be sought by the Company. The Company will make application to the ASX for official
quotation of Shares issued on the exercise of Options. 
  
  

	7	  Notices 

Notices may be given by the Company to the Option holder in the manner prescribed by the constitution of the Company for the giving of
notices to members of the Company and the relevant provisions of the constitution of the Company apply with all necessary modification to notices to Option holders. 
  

 

	8	  Rights to Accounts 

 Option holders will be sent all reports and accounts to be laid before members in general meeting and all notices of general meetings of members but will not have any right to attend or vote at those
meetings by virtue only of being the holder of an Option. 
  
  

	9	  Participation in new issues 

 The holder or an Option cannot participate in any new issues by the Company without exercising the Option. 

 

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	37

 Standby Subscription Agreement 
 Form of Notice of Exercise of Options and Application for Shares 
 To:
        The Directors 
 Prima Biomed Limited (ACN 009 237 889) 

Notice of exercise of options and application for shares 
 We, Fortrend Small Cap Investors Limited 
 of C/- Fortrend Securities 

Level 42, 55 Collins Street 
 Melbourne,
Victoria, 3000 
 are the registered holder(s)
                of options. 
 We hereby exercise
                options to subscribe for                 fully paid ordinary shares in
the capital of the Company. 
 We enclose application moneys of
A$[                    ], calculated at A[$      ] per share. 
 We request registration as the holder(s) of the shares on the Company register in the name of Fortrend Small Cap Investors Limited. Our address to be shown on the register is Level 42, 55 Collins Street,
Melbourne, Victoria, 3000. 
 We agree to be bound by the constitution of the Company. 

 

Dated:.............................................. 

 

					
	 THE COMMON SEAL of
 FORTREND SMALL CAP
 INVESTORS LIMITED is duly

affixed by authority of its directors in
 the
presence of:
	  	 )
)
)
)
	  	 
			
		  		  	
	  
	  		  	  

	 Signature of authorised person
	  		  	Signature of authorised person
			
		  		  	
	  
	  		  	  

	 Office held
	  		  	Office held
			
		  		  	
	  
	  		  	  

	 Name of authorised person (block letters)
	  		  	Name of authorised person (block letters)

  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	38

 Standby Subscription Agreement 
 Signing page 
 DATED: 10th March 2009 
  

 

					
	 EXECUTED by PRIMA BIOMED
 LIMITED in accordance with section
 127(1) of the Corporations Act in the

presence of:
	  	)
)
)
)	  	 
			
	 /s/ Martin Rogers
	  		  	/s/ Ata Gokyildirim
	 Executive Director – Martin Rogers
	  		  	Chairman – Ata Gokyildirim

  
  

					
	 SIGNED for and on behalf of
 FORTREND SECURITIES PTY
 LTD (for itself and as agent for and
	  	)
)
)	  	 
		  		  	  

	on behalf of the Subscriber):	  	)	  	
		  		  	
		  		  	  

		  		  	Name/Title

  

  

			
	 Standby Subscription Agreement
 28
September 2010
 900999 v1/HN
	  	39Technology License Deed

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE
24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

EXHIBIT 4.4 
 Deed of Variation 
 The Austin Research Institute 

ACN 007 418 224 

and 
 OncoMab Pty
Ltd 
 ACN 101 431 814 
 and 
 Ilexus Pty Ltd 

ACN 064 772 103 

and 
 Prima Biomed
Ltd 
 ACN 009 237 889 
 Middletons Lawyers  
 Melbourne office 

Ref: SRM.PTH.1759898 

 Table of Contents 
  

							
	1.	  	Definitions and interpretation	  	 	1	  
	1.1	  	Definitions	  	 	1	  
	1.2	  	Interpretation	  	 	1	  
			
	2.	  	Variation of Licence Deed	  	 	2	  
	2.1	  	Variation	  	 	2	  
	2.2	  	Confirmation of Licence Deed	  	 	2	  
	2.3	  	Prior rights not affected	  	 	2	  
	2.4	  	Retrospective Operation	  	 	2	  
			
	3.	  	Inconsistency	  	 	2	  
			
	4.	  	Warranty	  	 	2	  
			
	5.	  	General	  	 	2	  
	5.1	  	Nature of obligations	  	 	2	  
	5.2	  	No adverse construction	  	 	3	  
	5.3	  	Further assurances	  	 	3	  
	5.4	  	Severability	  	 	3	  
	5.5	  	Successors and assigns	  	 	3	  
	5.6	  	No variation	  	 	3	  
	5.7	  	Costs	  	 	3	  
	5.8	  	Duty	  	 	3	  
	5.9	  	Governing law and jurisdiction	  	 	3	  
	5.10	  	Counterparts	  	 	4	  
			
	Annexure	  		  	 	7	  

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 Deed of Variation 
 Date 24 August 2005 
 Parties 

 

	1.	 The Austin Research Institute ACN 007 418 224 of Kronheimer Building, Austin Hospital, Studley Road, Heidelberg, Victoria 3084 (ARI)

  

	2.	 Ilexus Pty Ltd ACN 064 772 103 of Kronheimer Building, A&RMC, Studley Road, Heidelberg, Victoria 3084 (Ilexus)

  

	3.	 OncoMab Pty Ltd ACN 101 431 814 of Suite 1, 1233 High Street, Armadale, Victoria 3143 (OncoMab) 

 

	4.	 Prima Biomed Ltd ACN 009 237 889 of Suite 1, 1233 High Street, Armadale, Victoria 3143 (Prima) 

Background 
  

	A.	 The parties are parties to the Licence Deed. 

  

	B.	 The parties wish to vary the Licence Deed as set out in this Deed. 

 Operative Provisions 
  

	1.	 Definitions and interpretation 

  

	1.1	 Definitions 

  

	  	 In this Deed: 

  

	  	 Effective Date means the date of execution of this Deed; and 

 

	  	 Licence Deed means the Technology Licence Deed between the parties dated 20 November 2002 in respect of technology licensed from ARI;

  

	1.2	 Interpretation 

  

	  	 In this Deed, unless the context requires otherwise: 

 

	 	(a)	 words or expressions defined in the Licence Deed have the same meaning when used in this Deed; 

 

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

  

	 	(c)	 a gender includes the other genders; 

  

	 	(d)	 the headings are used for convenience only and do not affect the interpretation of this Deed; 

 

	 	(e)	 other grammatical forms of defined words or expressions have corresponding meanings; and 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

	 	(f)	 a reference to a document includes the document as modified from time to time and any document replacing it. 

 

	2.	 Variation of Licence Deed 

  

	2.1	 Variation 

  

	  	 Subject to clause 2.4, with effect on and from the Effective Date, the Licence Deed is varied by: 

 

	 	(a)	 deleting each word, number or character that is struck out in the marked up copy of the Licence Deed set out in the Annexure; and

  

	 	(b)	 inserting each word, number or character that is underlined in the marked up copy of the Licence Deed set out in the Annexure.

  

	2.2	 Confirmation of Licence Deed 

  

	  	 All provisions of the Licence Deed other than those varied by clause 2.1 remain unchanged and continue in full force. 

 

	2.3	 Prior rights not affected 

  

	  	 Subject to clause 2.4, this Deed does not affect the rights and obligations of the parties to the extent that they relate to the period prior to the
Effective Date. 

  

	2.4	 Retrospective Operation 

  

	  	 The following variations apply and shall be deemed to have taken effect on and from 20 November 2002: 

 

	  	 [ * ] 

  

	3.	 Inconsistency 

  

	  	 If there is any inconsistency between the provisions of this Deed and the provisions of the Licence Deed, then the provisions of this Deed prevail.

  

	4.	 Warranty 

  

	  	 ARI represents and warrants that it has full power and authority at the Effective Date to agree to the amendments to the Licence Deed on the
Effective Date and to agree to those amendments that are expressed to take effect on and from the Commencement Date (20 November 2002) and that the grant of the additional rights to OncoMab under the amended licence does not to the best of the
actual knowledge and belief of ARI infringe the Intellectual Property or other rights of a third party. 

  

	5.	 General 

  

	5.1	 Nature of obligations 

  

	 	(a)	 Any provision in this Deed which binds more than one person binds all of those persons jointly and each of them severally.

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 2 

	 	(b)	 Each obligation imposed on a party by this Deed in favour of another is a separate obligation. 

 

	5.2	 No adverse construction 

  

	  	 This Deed is not to be construed to the disadvantage of a party because that party was responsible for its preparation.

  

	5.3	 Further assurances 

  

	  	 A party, at its own expense and within a reasonable time of being requested by another party to do so, must do all things and execute all documents
that are reasonably necessary to give full effect to this Deed. 

  

	5.4	 Severability 

  

	  	 If any provision of this Deed offends any law applicable to it and is as a consequence illegal, invalid or unenforceable then:

  

	 	(a)	 where the offending provision can be read down so as to give it a valid and enforceable operation of a partial nature, it must be read down to the
minimum extent necessary to achieve that result; and 

  

	 	(b)	 in any other case the offending provision must be severed from this Deed, in which event the remaining provisions of the Deed operate as if the
severed provision had not been included. 

  

	5.5	 Successors and assigns 

  

	  	 This Deed binds and benefits the parties and their respective successors and permitted assigns. 

 

	5.6	 No variation 

  

	  	 This Deed cannot be amended or varied except in writing signed by the parties. 

 

	5.7	 Costs 

  

	  	 Each party must pay its own legal costs of and incidental to the preparation and completion of this Deed. 

 

	5.8	 Duty 

  

	 	(a)	 Any duty (including related interest or penalties) payable in respect of this Deed or any instrument created in connection with it must be paid by
OncoMab and Prima. 

  

	 	(b)	 OncoMab and Prima jointly and severally undertake to keep ARI and Ilexus indemnified against all liability relating to the duty, fines and
penalties. 

  

	5.9	 Governing law and jurisdiction 

  

	 	(a)	 This Deed is governed by and must be construed in accordance with the laws in force in Victoria. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 3 

	 	(b)	 The parties submit to the exclusive jurisdiction of the courts of that State and the Commonwealth of Australia in respect of all matters arising out
of or relating to this Deed, its performance or subject matter. 

  

	5.10	 Counterparts 

  

	  	 If this Deed consists of a number of signed counterparts, each is an original and all of the counterparts together constitute the same document.

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 4 

 Executed as a deed 
  

			
	Executed by The Austin Research Institute	 	)
	ACN 007 418 224 in accordance with section	 	)
	127(1) of the Corporations Act 2001 (Cth):	 	)
		 	)
		 	)

					
			
	/s/ P.M. Hogarth	 		 	/s/ Rob Tanner
	Signature of director	 		 	 Signature of company secretary*
 *delete whichever does not apply

					
			
	P.M. Hogarth	 		 	Rob Tanner
	Name (please print)	 		 	Name (please print)

  

			
	 Executed by Ilexus Pty Ltd ACN 064 772 103
	 	)
	 in accordance with section 127(1) of the
	 	)
	 Corporations Act 2001 (Cth):
	 	)
		 	)
		 	)

					
			
	/s/ P.M. Hogarth	 		 	/s/ Mauro Sandrin
	Signature of director	 		 	 Signature of director*
 *delete whichever does not apply

					
			
	P.M. Hogarth	 		 	Mauro Sandrin
	Name (please print)	 		 	Name (please print)

  

			
	Executed by OncoMab Pty Ltd ACN 101 431	 	)
	814 in accordance with section 127(1) of the	 	)
	Corporations Act 2001 (Cth): 	 	)
		 	)
		 	)

					
			
	/s/ Eugene Kopp	 		 	/s/ Marcus Clark
	Signature of director	 		 	 Signature of director or company secretary*

*delete whichever does not apply

					
			
	Eugene Kopp	 		 	Marcus Clark
	Name (please print)	 		 	Name (please print)

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 5 

			
	 Executed by Prima Biomed Ltd ACN 009 
	 	)
	 237 889 in accordance with section 127(1) of
	 	)
	 the Corporations Act 2001 (Cth):
	 	)
		 	)
		 	)

					
			
	/s/ Eugene Kopp	 		 	/s/ Marcus Clark
	Signature of director	 		 	 Signature of director or company secretary*

*delete whichever does not apply

			
	Eugene Kopp	 		 	Marcus Clark
	Name (please print)	 		 	Name (please print)

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 6 

 Annexure 
 Clause 2 — Marked up copy of the Licence Deed 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 7 

 Technology Licence Deed 

Ilexus Pty Ltd 
 The Austin Research Institute 
 OncoMab Pty Ltd 

Prima Biomed Ltd 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

							
	 1.
	  	INTERPRETATION	  	 	6	  
			
	 1.1
	  	 Definitions
	  	 	6	  
	 1.2
	  	 General
	  	 	11	  
	 1.3
	  	 Headings
	  	 	11	  
	 1.4
	  	 Business Day
	  	 	12	  
			
	 2.
	  	TERM	  	 	12	  
			
	 2.1
	  	 Duration
	  	 	12	  
			
	 3.
	  	RESEARCH AND DEVELOPMENT LICENCE	  	 	12	  
			
	 3.1
	  	 Licence Grant
	  	 	12	  
	 3.2
	  	 Intellectual Property in Research Results
	  	 	12	  
	 3.3
	  	 Reservation of Rights of ARI
	  	 	12	  
	 3.4
	  	 Background Technology — Research Funding Mechanism
	  	 	12	  
	 3.5
	  	 ARI’s Rights
	  	 	13	  
			
	 4.
	  	COMMERCIALISATION LICENCE	  	 	13	  
			
	 4.1
	  	 Licence Grant
	  	 	13	  
	 4.2
	  	 Sub-Licensing
	  	 	13	  
	 4.3
	  	 OncoMab’s Rights to ARI’s BTI
	  	 	14	  
	 4.4
	  	 Reservation of Rights of ARI
	  	 	14	  
	 4.5
	  	 Research Results — Research Funding Mechanism
	  	 	14	  
	 4.6
	  	 Licence Outside the Agreed Field
	  	 	15	  
	 4.7
	  	 Technological Developments
	  	 	15	  
			
	 5.
	  	COMMERCIALISATION BENEFITS	  	 	15	  
			
	 5.1
	  	 Royalty and Securities
	  	 	15	  
	 5.2
	  	 Royalty Calculation
	  	 	16	  
	 5.3
	  	 Trade Sale
	  	 	16	  
			
	 6.
	  	GST	  	 	16	  
			
	 6.1
	  	 Definitions
	  	 	16	  
	 6.2
	  	 Consideration is GST exclusive
	  	 	16	  
	 6.3
	  	 Payment of GST
	  	 	17	  
	 6.4
	  	 Reimbursement of expenses
	  	 	17	  
			
	 7.
	  	AUDIT	  	 	17	  
			
	 7.1
	  	 OncoMab to Retain Records
	  	 	17	  
	 7.2
	  	 ARI’s Right to Inspect the Records
	  	 	17	  
			
	 8.
	  	TITLE OF ARI IN BACKGROUND TECHNOLOGY	  	 	18	  
			
	 8.1
	  	 Background Technology Not Owned by OncoMab
	  	 	18	  
	 8.2
	  	 Warranty by ARI
	  	 	18	  
	 8.3
	  	 OncoMab Due Diligence
	  	 	18	  
	 8.4
	  	 Warranty on ARI BTI
	  	 	19	  
			
	 9.
	  	ONCOMAB PERFORMANCE	  	 	19	  
			
	 9.1
	  	 Research and Development
	  	 	19	  
	 9.2
	  	 Performance Review
	  	 	19	  

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 2 

							
	 9.3
	  	 Dispute Resolution Procedure
	  	 	19	  
			
	 10.
	  	INSURANCE & INDEMNITY	  	 	19	  
			
	 10.1
	  	 Insurance
	  	 	20	  
	 10.2
	  	 Indemnity
	  	 	20	  
			
	 11.
	  	UNDERTAKINGS BY ARI	  	 	20	  
			
	 11.1
	  	 Restriction on Dealings with Background Technology
	  	 	20	  
	 11.2
	  	 Indemnity by ARI
	  	 	20	  
	 11.3
	  	 OncoMab Due Diligence
	  	 	20	  
			
	 12.
	  	INTELLECTUAL PROPERTY PROTECTION	  	 	20	  
			
	 12.1
	  	 Background Technology
	  	 	20	  
	 12.2
	  	 Research Results
	  	 	21	  
	 12.3
	  	 Coordination on Patent Protection
	  	 	21	  
	 12.4
	  	 Infringement
	  	 	21	  
			
	 13.
	  	CONFIDENTIALITY AND PUBLICATION	  	 	21	  
			
	 13.1
	  	 Publication
	  	 	21	  
	 13.2
	  	 Confidentiality
	  	 	22	  
			
	 14.
	  	TERMINATION	  	 	22	  
			
	 14.1
	  	 Termination for Due Cause
	  	 	22	  
	 14.2
	  	 Consequences of Termination
	  	 	22	  
	 14.3
	  	 Rights Prior to Termination
	  	 	22	  
			
	 15.
	  	FORCE MAJEURE	  	 	22	  
			
	 15.1
	  	 Effect of Force Majeure
	  	 	22	  
	 15.2
	  	 Remedial Action
	  	 	23	  
			
	 16.
	  	DISPUTE RESOLUTION	  	 	23	  
			
	 16.1
	  	 Good Faith Negotiation
	  	 	23	  
	 16.2
	  	 OncoMab Performance
	  	 	23	  
	 16.3
	  	 Disputes Generally
	  	 	23	  
	 16.4
	  	 Mediation
	  	 	23	  
			
	 17.
	  	NOTICES	  	 	24	  
			
	 18.
	  	AMENDMENT AND ASSIGNMENT	  	 	24	  
			
	 18.1
	  	 Amendment
	  	 	24	  
	 18.2
	  	 Assignment and Subcontracting
	  	 	24	  
			
	 19.
	  	GENERAL	  	 	25	  
			
	 19.1
	  	 Governing Law
	  	 	25	  
	 19.2
	  	 Liability for Expenses
	  	 	25	  
	 19.3
	  	 Giving Effect to this Deed
	  	 	25	  
	 19.4
	  	 Waiver of Rights
	  	 	25	  
	 19.5
	  	 Operation of this Deed
	  	 	26	  
	 19.6
	  	 Consents
	  	 	26	  
	 19.7
	  	 Exclusion of Agency, Partnership, Joint Venture
	  	 	26	  

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 3 

							
	 19.8
	  	 Rights and Obligations of ARI
	  	 	26	  
	 19.9
	  	 Counterparts
	  	 	26	  
	 19.10
	  	 Attorneys
	  	 	26	  
			
	 20.
	  	ACKNOWLEDGEMENT	  	 	26	  

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 4 

 TECHNOLOGY LICENCE DEED 

DATE 
 BETWEEN 
 The Austin Research Institute ACN 007 418
224 of Kronheimer Building, Austin Hospital, Studley Road, Heidelberg in the State of Victoria (the “ARI”) 
 AND 
 Ilexus Pty Ltd ACN 064 772 130 of Kronheimer
Building, A&RMC, Studley Road, Heidelberg, Victoria 3084 (“Ilexus”) 
 AND

 OncoMab Pty Ltd ACN 101 431 814 of Suite 1, 1233 High St, Armadale, Victoria
3143(“OncoMab”) 
 AND 

Prima Biomed Ltd ACN 009 237 889 of Suite 1, 1233 High St Armadale, Victoria 3143 (“Prima”)

 RECITALS 
  

	 	A.	 ARI owns and/or holds all rights to the Background Technology as described in Schedule 1. 

 

	 	B.	 ARI is entitled to license the Background Technology as described in Schedule 1. 

 

	 	C.	 OncoMab wishes to conduct Research and Development with a view to obtaining Research Results and opportunities for Commercialisation.

  

	 	D.	 Ilexus is a wholly owned subsidiary of ARI and enters this Deed solely to provide the acknowledgement contained in clause 20 hereof.

  

	 	E.	 ARI has agreed to license the Background Technology to OncoMab, on the terms and conditions of this Deed. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 5 

 OPERATIVE PROVISIONS 

 

	1.	 INTERPRETATION 

  

	 	1.1	 Definitions 

 In this Deed, unless the context otherwise requires: 

“Adjustments” means any expenses, costs, commissions paid in securing and obtaining the Revenue including
without limitation legal, accounting and finance adviser costs [ * ]. 
 “Agreed Field” means
the development of cripto-1 antibodies for the diagnosis and treatment of cancer. 
 “ARI BTI”
means any Improvements of the Background Technology made or developed by or on behalf of ARI which is not funded by Prima or OncoMab. 
 “Background Technology” means all drawings, specifications, processes, techniques, samples, specimens, prototypes, designs, research and development results, test results, and other
technical and scientific information relating to the anti-cripto antibody technology specified in Schedule 1 (or any related patent applications or patents including any national phase patent applications, divisionals or continuation-in part) and
includes ARI BTI and the antibodies specified in Schedule 1. 
 “Business Day” means a day
that is not a Saturday, Sunday or public holiday in Melbourne. 
 “Commencement Date” means the
date of execution of this Deed (or such other date as mutually agreed in writing by the parties). 

“Commercialise” or “Commercialisation” means 

 

	 	(a)	 to develop, manufacture, use and market the Background Technology and Research Results; 

 

	 	(b)	 to use, manufacture, market, sell or otherwise dispose of any product or process resulting from the Commercialisation of the Background Technology
and Research Results; or 

  

	 	(c)	 to licence any third party to do any of the things referred to in (a) or (b) above; 

“Confidential Information” means any information, in any form or media relating to or representing the
Background Technology, Intellectual Property rights, Research Program, research or Research Results, information submitted by ARI to OncoMab pursuant to Clauses 3.4(a), 4.5(a) or 4.5(b), any sub-licence submitted by OncoMab to ARI pursuant to Clause
4.2(d) or other confidential information of either party other than information which: 
  

	 	(a)	 was in the public domain at the time of its disclosure; 

 

	 	(b)	 came into the hands of the receiving party by lawful means and without breach of any obligation of confidentiality by any third party; or

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 6 

	 	(c)	 was in fact known to the receiving party prior to its disclosure to that party. 

“Due Cause” means the other party: 

 

	 	(a)	 fails to pay when due any sum payable under this Deed and such default continues for a period of [ * ] after receipt of a notice requiring payment;

  

	 	(b)	 is in material breach of any of its other obligations under this Deed or the Research Agreement and, if that breach is capable of remedy, does not
rectify that breach within [ * ] after receipt of a notice to remedy that breach; 

  

	 	(c)	 is unable to pay its debts as they fall due, makes or commences negotiations with a view to making a general re-scheduling of its indebtedness, a
general assignment, scheme of arrangement or composition with its creditors; 

  

	 	(d)	 ceases to carry on business or disposes of the whole or a material part of its business other than in those circumstances described in Clause 18;

  

	 	(e)	 takes any corporate action or any steps are taken or legal proceedings are started for: 

 

	 	(i)	 its winding-up, dissolution, liquidation, or re-organisation, other than in those circumstances described in Clause 18; or

  

	 	(ii)	 the appointment of a controller, receiver, administrator, official manager, trustee or similar officer of it or of any of its revenues and assets;
or 

  

	 	(f)	 seeks protection or is granted protection from its creditors, under any applicable legislation. 

“Enabling Technology” means all associated or connected Intellectual Property owned by ARI (or which ARI
is entitled to use and provide to OncoMab on the terms of this Deed (if any)) that is associated or connected with or concerns the Background Technology. 
 “Exempt Payments” means the following: 
  

	 	(a)	 any payments made to Prima or OncoMab before the Effective Date [ * ] and [ * ]; or 

 

	 	(b)	 any payments received by Prima or OncoMab from a third party for [ * ] and [ * ] or [ * ]; or 

 

	 	(c)	 any payments received by Prima or OncoMab from a third party by way of [ * ] and [ * ]; or 

 

	 	(d)	 any payments received by Prima or OncoMab from a third party as [ * ] for the [ * ] and [ * ] for [ * ]. 

“Force Majeure” means any cause which is not reasonably within the control of the party affected,
including without limitation an act of God, strike, lockout or other interference with work, war (declared or undeclared), blockade, disturbance, lightning, 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 7 

 
fire, earthquake, storm, flood, explosion, governmental or quasi governmental restraint, expropriation, prohibition, intervention, direction or embargo, unavailability or delay in availability of
materials, equipment or transport, inability or delay in obtaining governmental or quasi governmental approvals, consents, permits, licenses, authorities or allocations. 

“Improvements” means any improvement, enhancement, development, modification or adaptation of any
Background Technology or Research Results. 
 “Independent Expert” means an independent expert
appointed by the President for the time being of the Licensing Executives Society of Australia and New Zealand. 

“Intellectual Property” includes all copyright and industrial and intellectual property rights, including
without limitation all rights in relation to inventions, plant varieties, registered and unregistered trade marks (including service marks), registered designs, confidential information and circuit layouts, and all other rights resulting from
intellectual activity in the industrial, scientific, literary or artistic fields. 
 “Loss or
Claim” means, in relation to any person, a damage, loss, cost, expense or liability incurred by the person or a claim, action, proceeding or demand made against the person, howsoever arising and whether present or future, fixed or
unascertained, actual or contingent. 
 “Merger” means an arrangement, transaction or event (in
whatever form) under which or as a result of which the operations of the ARI (whether alone or with those of another entity) are or will be: 
  

	 	(a)	 disposed of to or assumed by a Merger Party; or 

  

	 	(b)	 combined with the operations of a Merger Party, and 

includes a disposal by the ARI of its main undertaking and “Merge” shall have a corresponding meaning.

 “Merger Party” means a person (which for the purposes of this definition shall also include a
body politic or corporate, an a agency, an organisation whether or not incorporated or registered under an statute, order or proclamation and which also includes a statutory authority, government department or business unit, an educational,
religious or charitable institution or a corporation sole) by which as a result of any arrangement transaction or event an operations of the ARI at the a applicable time pertaining to the rights granted to Prima by this Deed may be: 

 

	 	(a)	 acquired, whether alone or in combination with the operations of others; or 

 

	 	(b)	 assumed or carried on other than solely by ARI, and 

for the avoidance of doubt, includes a person coming into existence for the purposes of acquiring, assuming or carrying on
the operations of the ARI or the existence of which commences upon or as a result of an arrangement transaction or event involving or concerning the operations of the ARI. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 8 

 “OncoMag BTI” mean any Improvement of the Background
Technology (including any Improvements of any Background Technology made by ARI but funded by either OncoMab or Prima) made or developed by or on behalf of OncoMab or Prima. 

“Product” means any product, article or thing that incorporates any of the Background Technology or
Research Results. 
 “Quarter” means a period of 3 months ending on a Quarterly Date.

 “Quarterly Date” means the last day of March, June, September and December during each year
of the Term. 
 “Relevant Authority” means government bodies (including government or
semi-governmental) or any public, statutory, judicial body, entity, department or authority including any self-regulatory organisation established under statute in any jurisdiction in the world responsible for registering, approving or authorising
the sale of Products. 
 “Research Agreement” means the agreement dated 20 November 2002
through which OncoMab engages ARI to undertake research work in the Agreed Field utilising the Background Technology. 
 “Research Organisation” means any research organisation performing work or contracted by OncoMab to perform work as part of the Research and Development. 

“Research Program” means the program of research and development work to be conducted by ARI in
accordance with the Research Agreement. 
 “Research and Development” means research into the
Background Technology and development of opportunities arising out of that research. 
 “Research
Results” means all data, research papers, test results, experiments, products and any Intellectual Property and items incorporating Intellectual Property arising out of the Research and Development, including any OncoMab BTI. 

“Royalty” means: 
  

	 	(a)	 where the payment is made [ * ], [ * ]% of Revenues or 

 

	 	(b)	 where the payment is made [ * ], [ * ]% of Revenue. 

“Related Body Corporate” has the meaning given to that term in the Corporations Act 2001 (Cth.)

 “Revenue” means all Commercialisation benefits of any kind received by Prima or OncoMab from
a Third Party in connection with Commercialisation of all or part of the Background Technology or Research Results, whether received in cash or Securities, and includes, without limitation, revenue received by Prima or OncoMab or Related Bodies
Corporate for sales of Product, including any lump-sum payments, royalties or other payments and any sub-licensing payments made to Prima or OncoMab or Related Bodies Corporate, less Adjustments and excluding the Exempt Payments. For the avoidance
of doubt, revenue is determined net of any GST. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 9 

 “Securities” will have the same meaning as in the
Corporations Act 2001 (Cth) as specified in section 92(1). 
 “Successor Body Corporate”
means a successor body corporate to OncoMab (but expressly not a sub-licensee), where such body corporate derives rights from the Technology Licence. 
 “Technology Licence” means the licence granted to OncoMab by this Deed. 
 “Term” means in respect of each patent granted or to be granted in respect of the patent application specified in Schedule 1 (or any related patent applications or patents, including any
national phase patent applications, divisionals or continuation-in-part) in each country in the Territory, the period commencing on the Commencement Date and ending on the date such patent expires, lapses or ceases to have effect in a particular
country, or in respect of non-patented technology in any country, the later of the date the last patent expires, lapses or ceases to have effect or twenty (20) years from the date of filing the provisional patent application on 26 March
2001. 
 “Territory” means the world. 

“Third Party” means an unrelated person or other entity dealt with on arms-length terms, and without
limitation expressly does not include a party to this Deed, a Successor Body Corporate wholly owned by Prima or OncoMab, or a wholly owned Related Body Corporate of a party to this Deed or of a Successor Body Corporate wholly owned by Prima or
OncoMab. 
 “Trade Sale” means any of the following transactions involving one or more Third
Parties: 
  

	 	(a)	 the disposition to a Third Party of some or all of the shares of OncoMab held by Prima at the applicable time; 

 

	 	(b)	 the disposition to a Third Party of some or all of the shares of a Successor Body Corporate held by Prima at the applicable time;

  

	 	(c)	 the disposition to a Third Party of some or all or any of the assets of OncoMab or a Successor Body Corporate where the assets disposed of include
the Technology Licence or rights deriving from the Technology Licence; or 

  

	 	(d)	 the assignment or novation of the Technology Licence to a Third Party such that OncoMab or a Successor Body Corporate no longer has rights in
respect of the Technology Licence or assignment or novation of part of the Technology Licence such that OncoMab or a Successor Body Corporate no longer has rights in respect of that part of the Technology Licence which is the subject of the
assignment or novation. 

 “Trade Sale Fee” means an amount equal to [ * ]% of
the Trade Sale Consideration received by Prima or a Related Body Corporate of Prima or OncoMab for a Trade Sale. 

“Trade Sale Consideration” means any payments, shares or ongoing commercial return (including royalties
or other periodic payments) received from a Third Party by Prima or 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 10 

 
OncoMab or a Related Body Corporate of Prima or OncoMab for a Trade Sale less any expenses, costs, commissions paid in securing and obtaining the Trade Sale Consideration including without
limitation legal, accounting and finance adviser costs [ * ]. 
  

	 	1.2	 General 

 In this Deed, unless the context otherwise requires: 
  

	 	(a)	 a reference to: 

  

	 	(i)	 legislation (including subordinate legislation) is to that legislation as amended, re-enacted or replaced, and includes any subordinate legislation
issued under it; 

  

	 	(ii)	 a document or agreement, or a provision of a document or agreement, is to that document, agreement or provision as amended, supplemented,
replaced or novated; 

  

	 	(iii)	 a party to this document or to any other document or agreement includes a permitted substitute or a permitted assign of that party;

  

	 	(iv)	 a person includes any type of entity or body of persons, whether or not it is incorporated or has a separate legal identity, and any executor,
administrator or successor in law of the person; and 

  

	 	(v)	 anything (including a right, obligation or concept) includes each part of it; 

 

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

  

	 	(c)	 a reference to an individual or person includes a corporation, partnership, joint venture, association, authority, trust, state or government and
vice versa; 

  

	 	(d)	 a reference to any gender includes all genders; 

  

	 	(e)	 a reference to a recital, clause, schedule, annexure or exhibit is to a recital, clause, schedule, annexure or exhibit of or to this Deed;

  

	 	(f)	 a recital, schedule, annexure or a description of the parties forms part of this Deed; 

 

	 	(g)	 where an expression is defined, another part of speech or grammatical form of that expression has a corresponding meaning;

  

	 	(h)	 a reference to “dollars” or “$” is to Australian currency; 

 

	 	(i)	 The words “subsidiary”, has the same meanings as in the Corporations Act 2001 Cth. 

 

	 	1.3	 Headings 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 11 

 In this Deed, headings are for convenience of reference only and do not
affect interpretation. 
  

	 	1.4	 Business Day 

 If the day on which any act, matter or thing is to be done under this Deed is not a Business Day, that act, matter or thing: 

 

	 	(a)	 if it involves a payment other than a payment which is due on demand, must be done on the preceding Business Day; and 

 

	 	(b)	 in all other cases, may be done on the next Business Day. 

 

	2.	 TERM 

  

	 	2.1	 Duration 

 This Deed will commence operation on the Commencement Date and shall continue for the Term. 
  

	3.	 RESEARCH AND DEVELOPMENT LICENCE 

  

	 	3.1	 Licence Grant 

 ARI grants to OncoMab an exclusive royalty free licence of the Background Technology within the Agreed Field in the Territory for the Term to conduct the Research and Development including without
limitation the Research Program. 
  

	 	3.2	 Intellectual Property in Research Results 

ARI acknowledges that OncoMab will be the owner of all Intellectual Property in the Research Results. 

 

	 	3.3	 Reservation of Rights of ARI 

 Despite anything in this Deed, but subject to ARI complying with the applicable obligations under Clauses 12 (Intellectual Property Protection) and 13 (Confidentiality and Publication), ARI may use the
Background Technology for the purposes of internal research and teaching within ARI but not for commercial purposes. 
  

	 	3.4	 Background Technology — Research Funding Mechanism 

 

	 	(a)	 Before commencing research on the Background Technology pursuant to the licence granted to ARI by Clause 3.3, ARI may, but is not obliged to, make a
written request to OncoMab to fund the research (“BT Funding Request”). The BT Funding Request will provide OncoMab with such information concerning the proposed research as is reasonably necessary to allow OncoMab to evaluate the
proposed research including (without limitation) the research’s objectives, costs, funding sources, milestones and duration and likely research and intellectual property outcomes. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 12 

	 	(b)	 OncoMab will have [ * ] from the date of receipt of the BT Funding Request to confirm in writing with ARI whether it elects (at its absolute
discretion) to fund the research project on the Background Technology. 

  

	 	(c)	 Where OncoMab fails to respond within the period set out in Clause 3.4(b) or indicates in writing it does not intend to fund the research project,
ARI may seek funding for the research on the Background Technology from a third party, provided that [ * ]. 

  

	 	3.5	 ARI’s Rights 

 During the Term OncoMab will as far as reasonably practicable, use ARI to carry out any research requirements of OncoMab for contract Research and Development on competitive commercial terms where
OncoMab’s proposed research is within ARI’s field of expertise. 
  

	4.	 COMMERCIALISATION LICENCE 

  

	 	4.1	 Licence Grant 

  

	 	(a)	 In consideration of OncoMab paying the Royalty, ARI grants to OncoMab an exclusive licence of the Background Technology in the Territory for the
Term to: 

  

	 	(i)	 Commercialise the Background Technology (and any Intellectual Property subsisting therein) within the Agreed Field; and

  

	 	(ii)	 to the extent necessary, Commercialise the Research Results (and any Intellectual Property subsisting therein) 

 

	 	(b)	 To the extent necessary to facilitate the licence contained in Clause 4.1(a), ARI grants to OncoMab a non-exclusive royalty free sub licensable
licence of the Enabling Technology in the Territory for the Term. 

  

	 	4.2	 Sub-Licensing 

  

	 	(a)	 OncoMab is permitted to sub-license its rights under Clauses 3.1 and 4, subject to compliance with this Clause 4.2. 

 

	 	(b)	 OncoMab will, as far as reasonably practicable consult with ARI concerning any proposed sub-licensing of its rights under Clauses 3.1 or 4.1.

  

	 	(c)	 OncoMab will use its reasonable endeavours to ensure that any proposed sub-licensee is solvent and of good reputation in the field covered by the
sub-licence. 

  

	 	(d)	 OncoMab will, within [ * ] of receipt of a written request from ARI, deliver a copy of the sub-licence agreement to ARI for the sole purpose of
allowing ARI to confirm that the sub-licence is consistent with the rights granted to OncoMab under this Deed provided nothing in this Clause 4.2(d) obliges OncoMab to provide ARI with any confidential information of the sub-licensee.

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 13 

	 	(e)	 For the avoidance of doubt, nothing in this Deed requires OncoMab to obtain the consent or approval of ARI before sub-licensing all or part of its
rights under Clauses 3.1 or 4.1. 

  

	 	4.3	 OncoMab’s Rights to ARI’s BTI 

OncoMab acknowledges that ARI will be the owner of Intellectual Property rights in ARI BTI (other than Improvements to the
Research Results which will be owned b OncoMab in accordance Clause 4.4). ARI will disclose to OncoMab ARI BTI developed or acquired by ARI as soon as reasonably practicable after development of ARI BTI during the Term. 

 

	 	4.4	 Reservation of Rights of ARI 

  

	 	(a)	 Despite anything in this Deed, but subject to ARI complying with the applicable obligations under Clauses 12 (Intellectual Property Protection) and
13 (Confidentiality and Publication), ARI may use the Research Results arising from the Research Program for the purposes of internal research and teaching within ARI but not for commercial purposes. 

 

	 	(b)	 If any Improvements to the Research Results are made or developed by or on behalf of ARI pursuant to the licence granted to ARI under Clause 4.4(a),
any and all Intellectual Property in the Improvements to the Research Results shall belong to and remain vested in OncoMab. 

  

	 	(c)	 ARI hereby assigns to OncoMab absolutely and beneficially the whole of the right, title and interest, whether presently existing or which arises at
a date after the Effective Date, in and to any Intellectual Property in relation to the Improvements to the Research Results made or developed by or on behalf of ARI pursuant to the licence granted to ARI under Clause 4.4(a) including (without
limitation) the right to apply for and register in an country such Intellectual Property. 

  

	 	(d)	 At the reasonable cost of OncoMab, ARI agrees to promptly execute all documents, forms and authorisations and do all acts and things that OncoMab
reasonably considers to be necessary or desirable to give effect to Clause 4.4(c) and to absolutely vest in OncoMab full right, title and interest in and to all of the Improvements in the Research Results made or developed by or on behalf of ARI
pursuant to the licence granted to ARI under Clause 4.4(a). 

  

	 	4.5	 Research Results — Research Funding Mechanism 

 

	 	(a)	 ARI must notify OncoMab of any proposed research on the Research Results not less than [ * ] before the proposed research is due to commence.
ARI’s notification must contain such reasonable information as is necessary to allow OncoMab to assess the proposed research including the research program and research objectives. 

 

	 	(b)	 Before commencing research on the Research Results pursuant to the licence granted to ARI by Clause 4.4, ARI may make a written request to OncoMab
to fund the research (“RR Funding Request”). The RR Funding Request will 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 14 

	 	 
provide OncoMab with such information concerning the proposed research as is reasonably necessary to allow OncoMab to evaluate the proposed research including (without limitation) the
research’s objectives costs funding sources, milestones and duration and likely research and intellectual property outcomes. 

  

	 	(c)	 OncoMab will have [ * ] from the date of receipt of the RR Funding Request to confirm in writing with ARI whether it elects (at it absolute
discretion) to fund the research project on the Research Results. 

  

	 	(d)	 Where OncoMab fails to respond within the period set out in Clause 4.5(c) or indicates in writing it does not intend to fund the research project,
ARI may seek funding for the research on the Research Result from a third party provided that [ * ]. 

  

	 	(e)	 Notwithstanding anything else in this Deed, ARI warrants that an agreement entered by ARI with a third party to conduct research on the Research
Results will provide that any and all research results (including Intellectual Property subsisting in the research results) arising from that research will be assigned to ARI to allow ARI to effect the assignment specified in Clause 4.4(c).

  

	 	4.6	 Licence Outside the Agreed Field 

  

	 	(a)	 Provided that ARI demonstrates to OncoMab and Prima’s reasonable satisfaction that ARI properly holds and properly exercises the right to
Commercialise the Background Technology outside the Agreed Field and provided further ARI has fulfilled its obligations (if any) to Prima (whether or not in this Deed or otherwise) with respect to Commercialisation of the Background Technology
outside the Agreed Field, ARI is hereby granted an option to negotiate a non-exclusive licence to use the Research Results solely to the extent necessary for ARI to commercialise the Background Technology outside the Agreed Field.

  

	 	(b)	 ARI will exercise the option by notice in writing to OncoMab and OncoMab and ARI will use their reasonable endeavours to agree normal commercial
terms of the licence within [ * ] on and from the date OncoMab receives the written notice from ARI (“Negotiation Period”). 

  

	 	(c)	 Those terms and conditions of the licence under which ARI will use the Research Results which are not agreed between OncoMab and ARI at the expiry
of the Negotiation Period will be [ * ]. The parties agree that [ * ]. 

  

	 	4.7	 Technological Developments 

 The parties will disclose to each other any developments in competing technology that may impact upon the Commercialisation of the Background Technology or the Research Results and will consult as to
appropriate action. 
  

	5.	 Commercialisation Benefits 

  

	 	5.1	 Royalty and Securities 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 15 

	 	(a)	 Subject to Clause 5.1(b), OncoMab must pay to ARI the Royalty for each Quarter during the Term within [ * ] of the Quarterly Date.

  

	 	(b)	 Where Revenue includes Securities in a third party received by Prima or OncoMab or Related Bodies Corporate, OncoMab or Prima as the case may be
will [ * ] or [ * ] or [ * ]. 

  

	 	(c)	 OncoMab and Prima agree to promptly [ * ] and [ * ] necessary or desirable to give effect to Clause 5.1(b) and to [ * ] and [ * ] and [ * ] in
Clause 5.1(b). 

  

	 	5.2	 Royalty Calculation 

 OncoMab must calculate the Royalty within [ * ] after each Quarterly Date. 
  

	 	5.3	 Trade Sale 

  

	 	(a)	 Subject to Prima paying all amounts due under this Clause 5.3 in full, in the event of a Trade Sale, the obligations contained in Clause 5.1 will
terminate on and from the date of the Trade Sale, provided that: 

  

	 	(i)	 if the Trade Sale does not involve Prima or a Successor Body Corporate disposing of all or some of its shares held in OncoMab or a Successor Body
Corporate at the applicable time; and 

  

	 	(ii)	 OncoMab or the Successor Body Corporate retains rights in respect of the Technology Licence. 

then the obligations contained in Clause 5.1 will continue to apply in respect of the retained rights (including the
obligation to pay the Royalty calculated by reference to Revenue derived by OncoMab or the Successor Body Corporate from the retained rights). 
  

	 	(b)	 In the event of a Trade Sale, Prima will pay ARI the Trade Sale Fee within 30 days of receiving the Trade Sale Consideration from the third party.

  

	 	(c)	 Notwithstanding anything to the contrary in this Deed, neither ARI or Ilexus will be entitled to terminate this Deed for Due Cause in the event of a
Trade Sale. 

  

	6.	 GST 

  

	 	6.1	 Definitions 

 In this Clause the expressions Consideration, GST, Input Tax Credit, Recipient, Supply, Tax Invoice and Taxable Supply have the meanings given to those expressions in the A New Tax System
(Goods and Services Tax) Act 1999 (GST Act). A Supplier means any party treated by the GST Act as making a Supply under this Deed. 
  

	 	6.2	 Consideration is GST exclusive 

 Unless otherwise expressly stated, all prices or other sums payable or consideration to be provided under or in accordance with this Deed are exclusive of GST. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 16 

	 	6.3	 Payment of GST 

  

	 	(a)	 If GST is imposed on any Supply made under or in accordance with this Deed, the Recipient of the Taxable Supply must pay to the Supplier an
additional amount equal to the GST payable on or for the Taxable Supply, subject to the Recipient receiving a valid Tax Invoice in respect of the Supply at or before the time of payment. 

 

	 	(b)	 Payment of the additional amount must be made at the same time as payment for the Taxable Supply is required to be made in accordance with this Deed
or at an earlier time provided a Tax Invoice is provided to the payer (or representative member if applicable) at least [ * ] prior to such date. 

  

	 	6.4	 Reimbursement of expenses 

 If this Deed requires a party (the First Party) to pay for, reimburse, set off or contribute to any expense, loss or outgoing (Reimbursable Expense) suffered or incurred by the other party
(the Other Party) the amount required to be paid, reimbursed, set off or contributed by the First Party will be the sum of: 
  

	 	(a)	 the amount of the Reimbursable Expense net of Input Tax Credits (if any) to which the Other Party is entitled in respect of the Reimbursable Expense
(Net Amount); and 

  

	 	(b)	 if the Other Party’s recovery from the First Party is a Taxable Supply, any GST payable in respect of that Supply, such that after the Other
Party meets the GST liability, it retains the Net Amount. 

  

	7.	 AUDIT 

  

	 	7.1	 OncoMab to Retain Records 

 OncoMab must maintain separate and accurate records of; 
  

	 	(a)	 the Revenue; 

  

	 	(b)	 the Exempt Payments; 

  

	 	(c)	 the Adjustments; 

  

	 	(d)	 the working papers OncoMab used to calculate the Royalty; 

 

	 	(e)	 each Royalty report. 

 The records must be maintained for [ * ] after payment of the Royalty in such reasonable manner as ARI approve in writing-from time to time. 

 

	 	7.2	 ARI’s Right to Inspect the Records 

OncoMab must: 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 17 

	 	(a)	 permit ARI’s accountant or auditor, from time to time, on reasonable notice and during ordinary business hours to inspect and verify the
records specified in Clause 7.1; and 

  

	 	(b)	 give ARI all reasonable help in any inspection and verification and permit ARI’s accountant or auditor to take copies of the records specified
in Clause 7.1 solely for the purpose of verifying the accuracy of the Royalty calculation. 

  

	 	(c)	 pay the costs of the auditor if the accountant identifies a deviation equal to or greater than [ * ] in the amounts payable to ARI pursuant to
Clause 5.1. 

  

	8.	 TITLE OF ARI IN BACKGROUND TECHNOLOGY 

  

	 	8.1	 Background Technology Not Owned by OncoMab 

OncoMab will not represent that it has any ownership interest in the Intellectual Property in the Background Technology.
OncoMab’s use of the Background Technology under this Deed is subject to the right, title and interest of ARI in the Background Technology. OncoMab will not contest or impair the right, title or interest of ARI in the Background Technology
either during or after the Term. 
  

	 	8.2	 Warranty by ARI 

 ARI represents and warrants that: 
  

	 	(a)	 the Background Technology created by ARI represents the original work of ARI; 

 

	 	(b)	 the Background Technology does not to the best of the knowledge and belief of ARI infringe any third party rights other than has already been
disclosed in writing by ARI or Ilexus to OncoMab; 

  

	 	(c)	 it holds the exclusive rights to conduct Research and Development and Commercialisation in relation to the Background Technology;

  

	 	(d)	 the grant of licences to OncoMab pursuant to this Deed in relation to Research and Development do not to the best of the knowledge and belief of ARI
infringe Intellectual Property or other rights of any third party in relation to the Background Technology; and 

  

	 	(e)	 to the best of ARI’s actual belief and knowledge on the Commencement Date (20 November 2002), ARI is the beneficial owner of the
Background Technology, free from any encumbrances other than any relevant or existing licences or agreements expressly disclosed to Prima or OncoMab prior to that date, and neither the Background Technology nor the grant of the licences contemplated
by this Deed knowingly infringes the Intellectual Property Rights of any third party other than has already been disclosed in writing by ARI or Ilexus to OncoMab. 

 

	 	8.3	 OncoMab Due Diligence 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 18 

 ARI makes no representation and gives no warranty or indemnity that
Commercialisation of the Research Results and Background Technology will be free of infringement of third party rights. OncoMab acknowledges that it has and will undertake due diligence in this regard. 

 

	 	8.4	 Warranty on ARI BTI 

 Unless ARI advises OncoMab in writing otherwise at the time of disclosing any item of ARI BTI in accordance with Clause 4.3, ARI will be taken to make the same representations and warranties in relation
to each item of ARI BTI at the time of such disclosure as are referred to in Clause 8.2. 
  

	9.	 ONCOMAB PERFORMANCE 

  

	 	9.1	 Research and Development 

 OncoMab must use reasonable endeavours to carry out the Research and Development of the Background Technology and Commercialise the Research Results and Background Technology in the Agreed Field except to
the extent prevented by the act or default of ARI under the Research Agreement, in which case OncoMab shall be entitled to a reasonable extension of time to complete the relevant milestone. 

 

	 	9.2	 Performance Review 

  

	 	(a)	 The parties will meet to review OncoMab performance in carrying out the Research and Development and Commercialisation of the Background Technology
[ * ] during the Research Program, and following completion of the Research Program [ * ], or otherwise as agreed in writing. The parties will disclose to each other any developments in competing technology that may impact upon the Research and
Development of the Background Technology and Commercialisation of the Research Results or Background Technology and will consult as to appropriate action. 

 

	 	(b)	 In the event ARI is dissatisfied with the performance by OncoMab of its obligations under this Clause, as disclosed by any review or by reason of
any other matter coming to the attention of ARI, ARI will draw its concerns to the attention of OncoMab. The parties will consult in good faith as to how the performance issues may be resolved in the best interest of those parties to facilitate the
Research and Development of the Background Technology and Commercialisation of Research Results or Background Technology. 

  

	 	(c)	 OncoMab will use its reasonable endeavours to address any concerns of ARI and may, in its discretion, prepare a strategy to be provided to ARI,
having regard to the good faith consultations between the parties. 

  

	 	9.3	 Dispute Resolution Procedure 

 For the avoidance of doubt, the procedure under Clause 16 applies to any dispute regarding the operation or effect of this Clause 9. 

 

	10.	 INSURANCE & INDEMNITY 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 19 

	 	10.1	 Insurance 

 OncoMab must maintain adequate product liability, third party liability and other reasonable insurance cover during the Term (in the joint names of OncoMab and ARI if reasonably required). OncoMab must
provide adequate evidence of cover. 
  

	 	10.2	 Indemnity 

 OncoMab shall indemnify ARI and Ilexus and keep them indemnified from and against any Loss or Claim suffered or incurred by either of them as a result of or arising out of or in respect of the Research
and Development and Commercialisation of the Research Results and Background Technology (excluding any Loss or Claim attributable to the default of ARI and Ilexus). 
  

	11.	 UNDERTAKINGS BY ARI 

  

	 	11.1	 Restriction on Dealings with Background Technology 

Subject to Clause 18.2(c) ARI must not dispose of its interests in the Background Technology or any part of it during the
Term without the prior consent of OncoMab (which must not be unreasonably withheld). 
  

	 	11.2	 Indemnity by ARI 

 ARI indemnifies OncoMab from any Loss or Claim suffered or incurred by OncoMab as a result of or arising out of or in respect of: 

 

	 	(a)	 the Background Technology created by ARI not representing the original work of ARI; 

 

	 	(b)	 the Background Technology to the knowledge and belief of ARI at the date of signing this Deed infringing the rights of a third party except where
details of the infringement or alleged infringement have been expressly notified in writing by ARI or Ilexus to OncoMab prior to the execution of this Deed; 

 

	 	(c)	 ARI not being entitled to license the Background Technology to OncoMab; 

 

	 	(d)	 any default by ARI in the performance or observance of its obligations under this Deed. 

 

	 	11.3	 OncoMab Due Diligence 

 Despite anything in Clause 11.2, ARI makes no representation and gives no warranty that patent applications comprised in the Background Technology will be granted or if granted will be valid. The
indemnity under Clause 11.2 does not cover OncoMab against these risks. OncoMab acknowledges that it has and will undertake due diligence in this regard. 
  

	12.	 INTELLECTUAL PROPERTY PROTECTION 

  

	 	12.1	 Background Technology 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 20 

 The copyright in all documents (whether written, electronic or otherwise)
embodying the Background Technology belongs to ARI. OncoMab is responsible for applying for or obtaining a grant of a patent in the name of ARI in respect of any of the Background Technology and ARI must provide reasonable assistance to OncoMab for
this purpose. [ * ] shall pay all patent costs in respect of the Background Technology and Research Results during the Term. If OncoMab does not pursue patent protection with regard to the Background Technology that ARI considers adequate, ARI may
take over prosecution of those patents [ * ] and in the name of ARI. 
  

	 	12.2	 Research Results 

 The Research Results will be the property of OncoMab. ARI will execute all documents and do all other things necessary to confirm OncoMab’s rights to the Research Results. If OncoMab considers that
intellectual property protection is desirable in respect of any part of the Research Results, it will notify ARI. OncoMab is responsible for applying for or obtaining a grant of a patent in the name of OncoMab in respect of any of the Research
Results and ARI must provide reasonable assistance to OncoMab for this purpose. 
  

	 	12.3	 Coordination on Patent Protection 

 ARI and OncoMab will consult and coordinate regarding patent protection in Australia and elsewhere for the Background Technology and any Research Results. 

 

	 	12.4	 Infringement 

 ARI and OncoMab will disclose to each other any events that may involve a third party infringing the Background Technology and any Research Results and will consult as to appropriate action. OncoMab shall
control any proceedings and settlement but will consult with ARI and will [ * ]. If OncoMab does not take proceedings, ARI shall be at liberty to do so. OncoMab shall bear the cost of proceedings to protect its rights in the Background Technology
and any Research Results. In the event that either ARI or Ilexus or both are indispensable parties to any proceedings brought by OncoMab in any jurisdiction, either ARI or Ilexus or both will join as parties in such infringement actions involving
OncoMab, [ * ]. 
  

	13.	 CONFIDENTIALITY AND PUBLICATION 

  

	 	13.1	 Publication 

 If ARI wishes to make any public statement or publication in respect of the Background Technology or any Research Results, it will: 

 

	 	(i)	 forward a copy of the proposed public statement or publication to OncoMab; 

 

	 	(ii)	 allow OncoMab [ * ] (or such further time as OncoMab may reasonably require) to seek such legal protection of the Research Results and/or material
contained in the proposed public statement or publication as it considers necessary; 

  

	 	(iii)	 obtain the prior written consent of OncoMab (which shall not be unreasonably withheld); and 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 21 

	 	(iv)	 in the event that OncoMab does not advise the party that it objects to any proposed publication or the making of a public statement within [ * ] the
consent of OncoMab will be deemed to have been obtained. 

  

	 	13.2	 Confidentiality 

 Subject to this Clause 13, no party may disclose any Confidential Information of the other to any third party or use any Confidential Information other than for the purpose for which it was disclosed,
except for disclosures: 
  

	 	(i)	 required by law or government authorities; or 

  

	 	(ii)	 to employees or financial or legal advisers on a need to know basis. 

The parties shall ensure that their staff sign all necessary confidentiality undertakings to protect the rights of the
other party. 
  

	14.	 TERMINATION 

  

	 	14.1	 Termination for Due Cause 

 Without limiting any other rights it may have, subject to Clause 5.3(c), a party may terminate this Deed by written notice to the other if Due Cause has arisen. 

 

	 	14.2	 Consequences of Termination 

 Subject to this Clause and Clause 5.3(c), upon termination of this Deed, all further rights and obligations under this Deed (other than those contained in Clauses 4.1(a)(ii), 4.1(b), 4.4, 4.6, 10.2, 11.2,
12.2, 13, 14.2, 14.3 and 19 shall terminate. 
  

	 	14.3	 Rights Prior to Termination 

 Any termination of this Deed will not affect the enforceability of any other obligations of a party, in whole or in part, or rights against a party accrued prior to termination, or which relate in any way
to an event or matter on or before the effective date (notwithstanding that the event or matter comes to the attention of a party after the termination of this Deed). 
 15. FORCE MAJEURE 
  

	 	15.1	 Effect of Force Majeure 

 Where a party is unable, wholly or in part, by reason of Force Majeure, to carry out any obligation under this Deed, and that party: 

 

	 	(a)	 gives the other party prompt notice of that Force Majeure including reasonable particulars and anticipated extent to which it will be unable to
perform or be delayed in performing that obligation; and 

  

	 	(b)	 does what it reasonably can to remove that Force Majeure as quickly as possible (this does not require the settlement of strikes, lockouts or other
labour disputes 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 22 

	 	 
or claims or demands by any government on terms contrary to the wishes of the party affected), 

that obligation is suspended so far as it is affected by Force Majeure during the continuance of that Force Majeure and
that party shall be allowed a reasonable extension of time to perform its obligations. 
  

	 	15.2	 Remedial Action 

 If, after [ * ], the Force Majeure has not ceased, the parties shall meet in good faith to discuss the situation and endeavour to achieve a mutually satisfactory resolution to the problem. 

 

	16.	 DISPUTE RESOLUTION 

  

	 	16.1	 Good Faith Negotiation 

 The parties shall without delay and in good faith attempt to resolve any dispute or difference that may arise between them in relation to this Deed. 

 

	 	16.2	 OncoMab Performance 

 Any dispute or difference arising between the parties relating to OncoMab performance in Clause 9.2 which cannot be resolved between them may, if the parties agree, be finally resolved by expert
determination undertaken at the shared expense of the parties by an independent expert to be agreed or in default of agreement appointed by the President or Acting President of the Licensing Executives Society or his nominee. The determination of
the expert shall be final and binding. The person shall be acting as an expert and not an arbitrator. 
  

	 	16.3	 Disputes Generally 

 Any dispute or difference relating to a matter (other than which is resolved under Clause 16.2) shall be resolved in accordance with the following procedure: 

 

	 	(a)	 the party claiming that a dispute exists shall notify the other party that a dispute exists and forthwith submit such dispute or difference to the
respective chief executives for resolution; 

  

	 	(b)	 if the chief executives are unable to resolve the dispute or difference within a reasonable time, a meeting shall be convened forthwith between the
Chairmen of the respective Boards of the disputing parties for resolution of the dispute or difference; and 

  

	 	(c)	 if the dispute or difference is not resolved by the persons referred to in paragraph (b) above, within such time as they agree but not being
more than [ * ], Subclause 16.4 (mediation) shall apply. 

  

	 	16.4	 Mediation 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 23 

 If any dispute or difference is not resolved by negotiation in accordance
with the above procedure, the parties agree that it shall first be referred to mediation before either of them shall be entitled to commence any proceedings in a court of competent jurisdiction or otherwise in respect of such dispute or difference.
However this shall not preclude a party from seeking urgent interlocutory relief in a court of competent jurisdiction. 
  

	17.	 NOTICES 

  

	(a)	 A notice, consent or other communication under this Deed is only effective if it is in writing and either left at the addressee’s address or
sent to the addressee by mail or fax. If it is sent by mail, it is taken to have been received three (3) Business Days after it is posted. If it is sent by fax, it is taken to have been received at the time indicated on the transmission report
of the machine from which the fax was sent in its entirety to the fax number of the recipient. However, if transmission is completed after 5:00pm on a Business Day or is sent on a day that is not a Business Day, the message is taken to have been
received at 9:00am on the next Business Day. 

  

	(b)	 A person’s address and fax number are those set out below, or as the person notifies the sender: 

 

					
		  	ARI	  	
			
		  	Address:	  	 Kronheimer Building, A&RMC, Studley Road,
 Heidelberg, Victoria, 3084

			
		  	Fax number:	  	(03) 9287 0639 
		  	Attention:	  	Professor Mark Hogarth
			
		  	OncoMab	  	
			
		  	Address:	  	 Suite 1, 1233 High St,

Armadale, Victoria, 3143 

			
		  	Fax number:	  	(03) 9854 5777 
		  	Attention:	  	Mr Marcus Clark 
			
		  	Prima	  	
			
		  	Address:	  	 Suite 1, 1233 High St,

Armadale, Victoria, 3143 

			
		  	Fax Number:	  	(03) 9854 5777 
		  	Attention:	  	Mr. Marcus Clark 

  

	18.	 AMENDMENT AND ASSIGNMENT 

  

	 	18.1	 Amendment 

 This Deed can only be amended, supplemented, replaced or novated by another agreement signed by the parties. 
  

	 	18.2	 Assignment and Subcontracting 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 24 

	 	(a)	 OncoMab may not assign its rights under this Deed without the consent of ARI (such consent not to be unreasonably withheld), except where the
assignment is: 

  

	 	(i)	 to a Related Body Corporate; or 

  

	 	(ii)	 is in the event of a Trade Sale. 

  

	 	(b)	 Any assignment under Clause 18.2(a) will not take effect until the Related Body Corporate or Third Party executes a deed in favour of ARI and Ilexus
agreeing to be bound by the terms of this Deed. 

  

	 	(c)	 ARI and Ilexus may assign any or all of their rights (if any) under this Deed for the purpose of solvent reconstruction or merger, without the need
for consent of OncoMab, subject to an assignee taking an assignment of all rights in the Background Technology and agreeing in writing to be bound by this Deed as licensor. ARI and Ilexus shall be released from obligations accruing after the
effective date of the assignment provided that those obligations did not accrue in whole or in part before the effective date or if accruing after the effective date relate in any way to any event or matter occurring on or before the effective date.
Except as provided above, ARI and Ilexus may not assign their rights under this Deed without the consent of OncoMab (which shall not be unreasonably withheld). 

 

	19.	 GENERAL 

  

	 	19.1	 Governing Law 

 This Deed is governed by the law in force in Victoria. 
  

	 	19.2	 Liability for Expenses 

 Unless otherwise agreed, each party shall bear its own costs in relation to the preparation and execution of this Deed. 
  

	 	19.3	 Giving Effect to this Deed 

 Each party must do anything (including execute any document), and must ensure that its employees and agents do anything (including execute any document), that the other party may reasonably require to
give full effect to this Deed. 
  

	 	19.4	 Waiver of Rights 

 A right may only be waived in writing, signed by the party giving the waiver, and: 
  

	 	(a)	 no other conduct of a party (including a failure to exercise, or delay in exercising, the right) operates as a waiver of the right or otherwise
prevents the exercise of the right; 

  

	 	(b)	 a waiver of a right on one or more occasions does not operate as a waiver of that right if it arises again; and 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 25 

	 	(c)	 the exercise of a right does not prevent any further exercise of that right or of any other right. 

 

	 	19.5	 Operation of this Deed 

  

	 	(a)	 This Deed contains the entire agreement between the parties about its subject matter. Any previous understanding, agreement, representation or
warranty relating to that subject matter is replaced by this Deed and has no further effect. 

  

	 	(b)	 Any right that a person may have under this Deed is in addition to, and does not replace or limit, any other right that the person may have.

  

	 	(c)	 Any provision of this Deed which is unenforceable or partly unenforceable is, where possible, to be severed to the extent necessary to make this
Deed enforceable, unless this would materially change the intended effect of this Deed. 

  

	 	19.6	 Consents 

 Where this Deed contemplates that a party may agree or consent to something (however it is described), the party may: 
  

	 	(a)	 agree or consent, or not agree or consent, in its absolute discretion; and 

 

	 	(b)	 agree or consent subject to conditions, 

 unless this Deed expressly contemplates otherwise. 
  

	 	19.7	 Exclusion of Agency, Partnership, Joint Venture 

Nothing in this Deed is to be treated as creating a partnership or joint venture between the parties under the laws of any
applicable jurisdiction and no party may act or has any authority to act as agent of or in any way bind or commit the another party to any obligation. 
  

	 	19.8	 Rights and Obligations of ARI 

 Any rights conferred on ARI under this Deed will be held by Ilexus on its behalf. Any obligation imposed on ARI under this Deed will be construed as an obligation on Ilexus to procure ARI to fulfil the
obligation. This does not prevent ARI directly asserting or enforcing its rights under this Deed upon and after becoming a party to this Deed. 
  

	 	19.9	 Counterparts 

 This Deed may be executed in counterparts. 
  

	 	19.10 	 Attorneys 

 Each person who executes this Deed on behalf of a party under a power of attorney declares that he or she is not aware of any fact or circumstance that might affect his or her authority to do so under
that power of attorney. 
  

	20.	 ACKNOWLEDGEMENT 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 26 

	 	(a)	 Despite anything else contained herein, Ilexus acknowledges and confirms that it has no rights to that part of the intellectual property the subject
of this Deed or to that technology the parties have otherwise described as the anti-cripto antibody technology and that ARI has the rights to licence the Background Technology to OncoMab. 

 

	 	(b)	 If contrary to the preceding statement, Ilexus would, but for this clause: 

 

	 	(i)	 retain any rights as licensee of ARI to sub-licence any party of the Background Technology – to the extent necessary to give effect to this
Clause 20, Ilexus assigns such rights in favour of ARI with effect from the Commencement Date; or 

  

	 	(ii)	 beneficially owns any Intellectual Property rights in any party of the Background Technology – to the extent necessary to give effect to this
Clause 20, Ilexus assigns all its rights, title and interest in the Background Technology to ARI with effect from the Commencement Date. 

 and ARI acknowledges that the Background Technology shall be taken to be subject to the licence granted by ARI to OncoMab in accordance with this Deed with effect from the Commencement Date. 

EXECUTED as a Deed. 
  

							
		 	 EXECUTED by ILEXUS PTY LTD ACN

064 772 130 in a manner authorised by the

Corporations Act with the authority of the

director(s):
	 		  	 )
 )

)
 )

				
		 	 	 		  	 
				
		 	 Signature of Director/Secretary
	 		  	Name of Director/Secretary in full
		 	 	 		  	  
 [    ] Tick here if sole Director and Sole
Secretary

				
		 	 Signature of Director/Secretary
	 		  	 
				
		 		 		  	 Name of Director/Secretary in full
  

[Delete if not applicable]

				
		 	 EXECUTED by THE AUSTIN )

RESEARCH INSTITUTE ACN 007 418 224 

in a manner authorised by the Corporations Act

with the authority of the director(s):
	 		  	 )
 )

)
 )

				
		 	 	 		  	 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 27 

							
		 	Signature of Director/Secretary	 		  	Name of Director/Secretary in full
				
		 	 	 		  	[    ] Tick here if sole Director and Sole Secretary
				
		 	Signature of Director/Secretary	 		  	 
				
		 		 		  	 Name of Director/Secretary in full
  

[Delete if not applicable]

				
		 	 EXECUTED by ONCOMAB PTY LTD

ACN 101 431 814 in a manner authorised by the

Corporations Act with the authority of the

director(s):
	 		  	 )
 )

)
 )

				
		 	 	 		  	 
				
		 	 Signature of Director/Secretary
	 		  	Name of Director/Secretary in full
				
		 	 	 		  	[    ] Tick here if sole Director and Sole Secretary
				
		 	 Signature of Director/Secretary
	 		  	 
				
		 		 		  	 Name of Director/Secretary in full
  

[Delete if not applicable]

				
		 	 EXECUTED by PRIMA BIOMED LTD

ACN 009 237 889 in a manner authorised by

the Corporations Act with the authority of the

director(s):
	 		  	 )
 )

)
 )

				
		 	 	 		  	 
				
		 	Signature of Director/Secretary	 		  	Name of Director/Secretary in full
				
		 	 	 		  	[    ] Tick here if sole Director and Sole Secretary
				
		 	Signature of Director/Secretary	 		  	 
				
		 		 		  	 Name of Director/Secretary in full
  

[Delete if not applicable]

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 28 

 SCHEDULE 1 
 BACKGROUND TECHNOLOGY 
  

	1.	 ANTIBODY TECHNOLOGY 

 PCT APPLICATION 
 Entitled: “Antibodies Against Cancer” 

Application No.: PCT/AUO2/00362 
 Date of
Filing: PCT Application – 26 March 2002 
 Priority: PR3958 - 26th March 2001 

Inventors: Ian McKenzie 
 Applicant: The Austin
Research Institute 
 This application describes a “binding partner” of Cripto-1 protein, Pim-1 protein or an antigen
in a colon cancer cell lysate, the binding partner having the ability to inhibit growth of colon cancer cells, prostate cancer cells and/or breast cancer cells. Anti-cancer agents comprising the binding partners and methods of treating cancer
comprising administration of the agents are also disclosed, together with cancer vaccines containing the various proteins or antigens, and a method of treating cancer by administration of the vaccines. 

 

	2.	 ANTIBODIES 

 Anti-cripto-1 antibodies that recognise the Cripto-1 [ * ] as described in [ * ] and including be not limited to the following [ * ] antibodies: 

 

									
	 Antibody
Name
	 	Immunoglobulin
Isotype	 	 	Reactivity	 
	[ * ]	 	 	[ 	* ] 	 	 	[ 	* ] 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 
 29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]