Document:

Exhibit 10.15

 

[*] = 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 406 of the Securities Act of 1933, as amended.

  

 

AND

 

Oncobiologics, Inc.

 

Commercial License Agreement

 

April 11, 2013

 

     

     

    

 

CONFIDENTIAL

 

This Commercial License Agreement (this
“Agreement”) is made effective on April 11, 2013 (the “Effective Date”)

 

by and between

 

Selexis SA, a company
incorporated under the laws of Switzerland, with its registered office at 18 chemin des Aulx, 1228 Plan-les-Ouates, Geneva,
Switzerland

 

(“SELEXIS”)

 

and

 

Oncobiologics, Inc., a
company incorporated under the laws of the United States, with its registered office at 7 Clarke Drive, Cranbury, New
Jersey 08512 (“COMPANY”)

 

(SELEXIS and COMPANY, collectively the “PARTIES” and,
individually, a “PARTY”)

 

Preamble

 

		A.	Whereas, COMPANY is a biopharmaceutical company engaged
in the research, development, manufacturing and sale of biopharmaceutical products;

 

		B.	Whereas, SELEXIS is a biotechnology company engaged
in the development and sale of recombinant cell lines based on the SELEXIS Technology;

 

		C.	Whereas, SELEXIS is the owner of certain Confidential
Information, the SELEXIS Know-How and the SELEXIS Patent Rights;

 

		D.	Whereas, pursuant to a Research License Agreement
between the PARTIES dated October 3, 2011 (the “Research License Agreement”) COMPANY has developed certain recombinant
cell line(s) and/or COMPANY Material using the SELEXIS Technology, SELEXIS Know-How and SELEXIS Patent Rights, and COMPANY has
evaluated such cell Line(s); and

 

		E.	Whereas, SELEXIS is willing to grant COMPANY, and
COMPANY is willing to receive from SELEXIS, a commercial license to the SELEXIS Know-How and the SELEXIS Patent Rights with respect
to the SELEXIS Technology, on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, the PARTIES agree as follows:

 

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CONFIDENTIAL

 

		1.	Definitions

 

In addition to the terms defined above,
the following terms, whether used in the singular or plural, shall have the following meanings as used in this Agreement, unless
otherwise specifically indicated:

 

		1.1.	“Affiliate” shall mean any Person that, as of the Effective Date, directly
or indirectly, controls, is controlled by, or is under common control with the relevant Person.  For the purposes of
this definition only, “control” shall mean the possession, directly or indirectly, of the power to cause
the direction of the management and policies of a Person, whether through ownership of voting securities of such Person, by contract
or otherwise.  A Person shall only be considered an Affiliate for so long as such control exists.

 

		1.2.	“BLA” shall mean a Biologic License Application for the Final Product
filed with the FDA or any comparable filing made with a Regulatory Authority in another country.

 

		1.3.	“Calendar Quarter” shall mean, for each Calendar Year, each of the three
month periods ending March 31, June 30, September 30 and December 31, respectively.

 

		1.4.	“Calendar Year” shall mean the period commencing on January 1 and ending
twelve (12) consecutive calendar months later on December 31.

 

		1.5.	“Cell Line” shall mean a mammalian cell line that is developed using
the SELEXIS Technology.  Cell Line shall include, without limitation, any Company-Specific Cell Line(s) developed by
COMPANY under the Research License Agreement which have employed SELEXIS Technology, SELEXIS Know-How and/or SELEXIS Patent Rights.

 

		1.6.	“Clinical Trials” shall mean human studies designed to measure the safety
and/or efficacy of the Product.  Clinical Studies include Phase I Clinical Trials, Phase II Clinical Trials, and Phase
Ill Clinical Trials.

 

		1.7.	“Collaboration Partner” shall mean a Third Party with which COMPANY collaborates
on the development and/or commercialization of a Licensed Product or to which COMPANY has granted a license for the development
and/or commercialization of a Licensed Product, provided that [*] or [*] or [*] for [*].

 

		1.8.	“Combination Product Adjustment” shall mean the adjustment of: Net Sales
for any combination product done by multiplying actual Net Sales of such combination product by the fraction A/(A + B) where A
is the weighted (by sales volume) average invoice price of the Product, if sold separately, and B is the weighted (by sales volume)
average invoice price of any other active ingredient, device or component in the combination, if sold separately.  If,
on a country-by-country basis, the other active ingredient, device or component in the combination is not sold separately, Net
Sales shall be calculated by multiplying actual Net Sales of the combination product in such country by the fraction A/C where
A is the invoice price of the Product, if sold separately, in such country and C is the invoice price of the combination product
in such country.

 

		1.9.	“Commercial License” shall have the meaning set out in Article 2.1.

 

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CONFIDENTIAL

 

		1.10.	“Commercial License Option” shall mean the option granted to Company
in the Research License Agreement to obtain a non-exclusive commercial license.

 

		1.11.	“Company Protein” shall mean the recombinant protein listed in Exhibit
2.

 

		1.12.	“Company-Specific Cell Line” shall mean a Cell Line that has been modified
by Company under the Research License Agreement to specifically express the Company Protein.

 

		1.13.	“COMPANY Technology” shall mean any Technology owned or controlled by
COMPANY, including, without limitation, any such Technology related to Licensed or Final Product, but excluding any SELEXIS Technology
related thereto.

 

		1.14.	“Confidential Information” shall mean any technical and business information
pertaining to materials and production techniques, products, processes and services, including without limitation physical working
models and samples of the products, research, development, patentable and unpatentable inventions, manufacturing, purchasing and
product development plans, forecasts, strategies and information, engineering, marketing, merchandising, selling, customer lists,
customer prospects, software codes, algorithms, names and expertise of employees and consultants, blueprints, technical information,
trade secrets or know-how or other related proprietary business information and data, in any case whether such information is provided
in tangible or intangible form, written, oral, graphic, pictorial or recorded form or stored on computer discs, hard drives, magnetic
tape or digital or any other electronic medium.  Confidential Information disclosed in any tangible format will be labelled
“Confidential” or words to similar effect, and all non-tangible disclosures will be declared to be “Confidential”
or words to similar effect at the time of disclosure.  Confidential Information shall include any and all material and
data created by the receiving party based on, containing or otherwise reflecting Confidential Information.  Confidential
Information shall also include any such information or documents which may be disclosed hereunder which the disclosing party received
in confidence from a Third Party.

 

		1.15.	“Contract Manufacturing Organization” shall mean an entity of which at
least fifty percent (50%) of the business is directed toward the provision of biologic manufacturing services or products for non-affiliate
third parties.

 

		1.16.	“Contractor” shall mean a Third Party contractor who: (i) develops the
production process for Licensed Products by or on behalf of COMPANY, or (ii) manufactures and supplies Licensed Products by using
such production process by or on behalf of COMPANY.

 

		1.17.	“Default” shall have the meaning set out in Article 9.2.

 

		1.18.	“Defaulting Party” shall have the meaning set out in Article 9.2.

 

		1.19.	“FDA” shall mean the United States Food and Drug Administration, or any
successor agency.

 

		1.20.	“Final Product” shall mean any pharmaceutical preparation in final form
containing any Licensed Product(s) for sale by prescription, over-the-counter or any other method, in any dosage form, formulation,

 

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CONFIDENTIAL

 

presentation,
line extension or package configurations, including without limitation such Licensed Product in development where the context so
requires in this Agreement.

 

		1.21.	“First Commercial Sale” shall mean, with respect to any Final Product
in any country, the first sale of such Final Product for use or consumption by the general public in such country after Regulatory
Approval as well as Pricing and Reimbursement Approval for such Final Product has been obtained in such country.  For
the avoidance of doubt, sales prior to receipt of all Regulatory Approvals and Pricing and Reimbursement Approvals necessary to
commence regular commercial sales, such as so-called “treatment IND sales”, “named patient sales” and “compassionate
use sales”, shall not be construed as a First Commercial Sale.

 

		1.22.	“Force Majeure” shall mean conditions beyond the control of a PARTY,
including without limitation, an act of God, war, civil commotion, terrorist act, labor strike or lock-out, epidemic, failure or
default of public utilities or common carriers, destruction of facilities or materials by fire, earthquake, storm or the like catastrophe,
and failure of plant or machinery (provided that such failure could not have been prevented by the exercise of skill, diligence
and prudence that would be reasonably and ordinarily expected from a skilled and experienced person engaged in the same type of
undertaking under the same or similar circumstances).

 

		1.23.	“IND” shall mean an Investigational New Drug Application for the Final
Product filed with the FDA or any comparable filing made with a Regulatory Authority in another country.

 

		1.24.	“Insolvent Party” shall have the meaning set out in Article 9.3.

 

		1.25.	“Invention” shall mean any invention, idea, innovation, enhancement,
improvement or feature, whether or not patentable or registrable, together with any intellectual property rights relating thereto
(including without limitation, the Patent Rights and rights to confidentiality and proprietary information).

 

		1.26.	“Know-How” shall mean information in whatever form, tangible or intangible
and on whatever medium, including without limitation, information and materials relating to Inventions and other know-how, trade
secrets, data (including without limitation, all data from pre-clinical and clinical studies and other studies intended for regulatory
submission), results, formulae, DNA and amino acid sequence information and related developments.

 

		1.27.	“Licensed Field of Use” shall mean the development, manufacture and sale
of Final Products for any field of use.

 

		1.28.	“Licensed Product” shall mean Company Protein made or derived from any
Selexis Materials, including, without limitation, the Company-Specific Cell Lines.

 

		1.29.	“Losses” shall mean all and any liability, damage, loss or expense.

 

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CONFIDENTIAL

 

		1.30.	“Net Sales” shall mean the amount collected by COMPANY, its Affiliates,
its Sublicensees and/or any Collaboration Partner with whom the Parties enter into a tri-party agreement pursuant to Section 2.3,
on account of sales of Final Product to Third Parties in the Territory, less the following deductions:

 

		(i)	sales and excise taxes and duties paid or allowed by the selling PARTY and any other governmental
charges imposed upon the production, importation, use or sale of the Final Products;

 

		(ii)	customary trade, quantity and cash discounts allowed on Final Products;

 

		(iii)	compulsory government rebates;

 

		(iv)	allowances or credits to customers on account of rejection or return of Final Product or on account
of retroactive price reductions affecting the Final Product;

 

		(v)	freight and insurance costs, if they are included in the selling price for the Final Product invoiced
to Third Parties, provided always that such deduction shall not be greater than the balance between the selling price actually
invoiced to the Third Party and the standard selling price which would have been charged to such Third Party for such Final Product
exclusive of freight and insurance in the respective country or in a comparable country; and

 

		(vi)	in the event that a Final Product is sold in any country in the form of a combination product containing
one or more other therapeutically active ingredients, the Net Sales for any such Final Product shall be computed using the Combination
Product Adjustment for such country.

 

		1.31.	“Non-Defaulting Party” shall have the meaning set out in Article 9.2.

 

		1.32.	“Notice of Default” shall have the meaning set out in Article 9.2.

 

		1.33.	“Patent Rights” shall mean any and all of the following: (i) patent applications
(including without limitation provisional patent applications) and patents (including without limitation the inventor’s certificates);
(ii) any substitution, extension (including without limitation patent term extensions and supplementary protection certificates),
registration, confirmation, reissue, continuation, divisional, continuation-in-part, re-examination, renewal, patent of addition
or the like thereof or thereto; (iii) any foreign counterparts of any of the foregoing; and (iv) any utility model applications
and utility models (whether or not corresponding to any of the foregoing).

 

		1.34.	“Person” shall mean an individual, a partnership, a joint venture, a
corporation, a limited liability company, a trust, an estate, an unincorporated organization, or any other entity, or a government
or any department or agency thereof, whether acting in an individual, fiduciary or other capacity.

 

		1.35.	“Phase I Clinical Trial” shall mean a Clinical Trial conducted in humans
which is principally intended to obtain data on the safety, tolerability, pharmacokinetic or pharmacodynamic properties of a product.  Phase
I shall be deemed to have commenced when the first patient in the study has been treated.  Phase I shall be deemed to
have completed when the last patient has completed his or her treatment being investigated

 

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CONFIDENTIAL

 

by that Clinical
Trial as described in its protocol, the database is locked, and data from all patients, according to protocol, has been analyzed
for the primary endpoint.

 

		1.36.	“Phase II Clinical Trial” shall mean a Clinical Trial conducted in humans
in which the primary objective is a preliminary determination of therapeutic efficiency and/or to find an optimal dose range in
patients with the disease target being studied.  Phase II shall be deemed to have commenced when the first patient in
the study has been treated.  Phase II shall be deemed to have completed when the last patient has completed his or her
treatment being investigated by that Clinical Trial as described in its protocol, the database is locked, and data from all patients,
according to protocol, has been analyzed for the primary endpoint.

 

		1.37.	“Phase Ill Clinical Trial” shall mean a Clinical Trial conducted in humans
in which the primary objective is a determination of therapeutic efficiency in patients with the disease target being studied.  Phase
Ill shall be deemed to have commenced when the first patient in the study has been treated.  Phase Ill shall be deemed
to have completed when the last patient has completed his or her treatment being investigated by that Clinical Trial as described
in its protocol, the database is locked, and data from all patients, according to protocol, has been analyzed for the primary endpoint.

 

		1.38.	“Price and Reimbursement Approval” shall mean any approvals, licenses,
registrations or authorizations of any supranational, national, regional, state or local Regulatory Authority or other regulatory
agency, department, bureau or governmental entity, necessary to determine or set the pricing of a Product, and/or its reimbursement
level by the relevant health authorities, providers or other funding institutions, at supranational, national, regional, state
or local level.

 

		1.39.	“Regulatory Approval” shall mean any approvals, licenses, registrations
or authorizations of any supranational, national, regional, state or local Regulatory Authority or other regulatory agency, department,
bureau or governmental entity, necessary for the manufacture, marketing or sale of a Product or conduct of Clinical Trials in a
regulatory jurisdiction, excluding Price and Reimbursement Approval.

 

		1.40.	“Regulatory Authority” shall mean (i) the FDA or (ii) any and all governmental
or supranational agencies, ministries, authorities or other bodies with similar regulatory authority with respect to approval or
registration of pharmaceutical or biologic products in any other jurisdiction anywhere in the world.

 

		1.41.	“Royalty Term” shall mean with respect to each Final Product sold in
a particular country, the period beginning on the date of the First Commercial Sale in such country and terminating on the expiration
of the last-to-expire or lapse of any Valid Claims in such country covering [*].

 

		1.42.	“SELEXIS Know-How” shall mean SELEXIS’ Confidential Information
and Know-How owned, controlled by SELEXIS, or to which SELEXIS has received a license which includes a right to grant sublicenses
consistent with the Commercial License relating to, without limitation, the construction and development of recombinant cell lines
for the manufacture of biopharmaceutical products and existing as of the Effective Date or obtained thereafter during the Term.

 

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CONFIDENTIAL

 

		1.43.	“SELEXIS Materials” shall mean the materials provided by SELEXIS to COMPANY
under this Agreement and all modifications and improvements thereof made by SELEXIS during the Term.

 

		1.44.	“SELEXIS Patent Rights” shall mean Patent Rights which: (i) are owned
or controlled by SELEXIS, or to which SELEXIS has received a license which includes a right to grant sublicenses consistent with
the Commercial License (ii) are necessary or useful for the use of SELEXIS Materials or the construction, development and use of
Cell Lines and (iii) are existing as of the Effective Date or obtained thereafter during the Term.  Without limiting
the generality this Article, the SELEXIS Patent Rights as of the Effective Date are listed in Exhibit 1 hereto.

 

		1.45.	“SELEXIS Technology” shall mean the SELEXIS Patent Rights, the SELEXIS
Know-How and the SELEXIS Materials.

 

		1.46.	“Tax Authority” shall mean the relevant governing tax authority as defined
in Article 4.2.

 

		1.47.	“Taxes” shall mean all excises, taxes and duties with the exception of
VAT.

 

		1.48.	“Technology” shall mean all inventions (whether or not patentable or
patented) and intellectual property rights therein, including without limitation, patents, patent applications, know-how, trade
secrets, copyrights, trademarks, designs, concepts, registered and unregistered design rights, data, work product, results, reports,
improvements, business and research plans, analytic methods and results, experimental methods and results, manufacturing processes,
developments, technologies, technical information, composites of genes and gene constructs, cell lines, manuals, standard operating
procedures, instructions and specifications.

 

		1.49.	“Term” shall have the meaning set out in Article 9.1.

 

		1.50.	“Territory’’ shall mean the entire world.

 

		1.51.	“Third Party” shall mean a Person other than SELEXIS, COMPANY or an Affiliate
of SELEXIS or COMPANY.

 

		1.52.	“Transferee” shall have the meaning set out in Article 2.3.

 

		1.53.	“Valid Claim” shall mean any issued or granted claim of the SELEXIS Patent
Rights that has not been revoked or held unenforceable or invalid by a decision of a court or other governmental agency of competent
jurisdiction, that is unappealable or remains unappealed at the end of the time allowed for appeal, or that has not been disclaimed,
denied or admitted to be invalid or unenforceable through reissue, re-examination, disclaimer or otherwise.

 

		1.54.	“VAT” shall mean value added tax and any other similar turnover, sales
or purchase, tax or duty levied by any other jurisdiction whether central, regional or local.

 

 

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		2.	Commercial Licenses

 

CONFIDENTIAL

 

		2.1.	Commercial Licenses.  Subject to payment by COMPANY of the amounts provided for
below and COMPANY’s compliance with the other terms and conditions of this Agreement, SELEXIS hereby grants to COMPANY a
non-exclusive license under the SELEXIS Patent Rights and SELEXIS Know-How, in the Territory, with the limited right to sublicense
in accordance with Article 2.2, to use (and have used only by permitted Sublicensees in accordance with Sections 2.2 and 2.3) Company-Specific
Cell Lines and SELEXIS Materials for the manufacture of Licensed and/or Final Products in the Licensed Field of Use and to make,
have made, use, offer for sale, sell, import and otherwise exploit Licensed and/or Final Products, including, without limitation,
the use of Licensed and Final Products in Clinical Trials (the “Commercial License”).

 

		2.2.	Sublicenses.

 

		2.2.1.	COMPANY may solely, without prior written consent from SELEXIS, grant sublicenses under the Commercial
License to (i) a Contractor or a Collaboration Partner for and only with respect to [*] or [*], or (ii) a Collaboration Partner
for and only with respect to [*] or [*]. In the event that [*] any sublicense of any rights granted under the Commercial License
to a Collaboration Partner or a Contractor [*], [*] thereof and the parties [*] sublicenses under this Section 2.2.1 [*].

 

		2.2.2.	Any sublicenses other than those expressly permitted without consent pursuant to Section 2.2.1,
including, without limitation, with respect to [*], shall require the prior written consent of SELEXIS, which consent will not
be unreasonably withheld, conditioned or delayed.

 

		2.2.3.	If COMPANY grants any sublicenses permitted or consented to hereunder, it shall notify SELEXIS
within thirty (30) days of any such sublicense grant and report the name and address of any such sublicensee (each, a “Sublicensee”)
together with written certification by an officer of COMPANY that the Sublicensee has agreed in writing to adhere to the relevant
provisions of this Agreement.  Notwithstanding the above, COMPANY is and remains fully liable and responsible for any
breach of this Agreement committed or any Losses caused by any Sublicensee, or any other Third Party or Affiliate to whom the Company-Specific
Cell Lines, SELEXIS Materials and the SELEXIS Know-How or parts thereof are made available under any such sublicense.

 

		2.3.	Tri-Party Agreements.  In the event that SELEXIS is unable, due to restrictions
on its rights to permit COMPANY to grant any sublicense of any rights granted under the Commercial License to a Collaboration Partner
or a Contractor, to consent to any sublicense pursuant to Section 2.2.1, then the parties agree to use diligent efforts to negotiate
a tri-party agreement among SELEXIS, COMPANY and such Collaboration Partner or Contractor (each a “Tri-Party Agreement”),
pursuant to which: (a) SELEXIS will grant a non-transferable, non-sublicenseable, royalty-free, non-exclusive license to such Collaboration
Partner or Contractor, under the SELEXIS Know-How and the SELEXIS Patent Rights, to use the Company-Specific Cell Lines: (i) solely
for uses that are reasonably related to the development, manufacture, use, commercialization and/or sale of the Licensed or Final
Products in the relevant territory; and (ii) in accordance with Applicable Laws; (b) such license shall be subject to obligations
and restrictions

 

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CONFIDENTIAL

 

comparable to
those set forth in this Agreement, provided that such Tri-Party Agreement will not include any payment obligations comparable to
those set forth in Article 3 or otherwise; and (c) COMPANY will remain responsible for all financial obligations to SELEXIS under
this Agreement for the entire Territory, including the territory granted to such Collaboration Partner or Contractor and including,
without limitation, payment with respect to any Net Sales therein.

 

		2.4.	Transfer of SELEXIS Materials.  COMPANY shall not transfer the Cell Lines, SELEXIS
Materials or SELEXIS Know-How to any Third Party, except that during and for the Term only, COMPANY may transfer SELEXIS Know-How
to Contractors or Collaboration Partners (the “Transferees”) solely for their use in connection with their development
of the production process and/or manufacturing of Licensed Products with, or on behalf of, COMPANY, pursuant either to a sublicense
as permitted or consented to under Section 2.2 or a Tri-Party Agreement.  If COMPANY makes any such transfer, it shall
notify SELEXIS within thirty (30) days of any such transfer and report the name and address of any Transferee together with confirmation
that the Transferee has agreed in writing to adhere to the confidentiality obligations and use restrictions set out in this Agreement.

 

		3.	Consideration

 

		3.1.	Payments.

 

		3.1.1.	Commercial License Execution Payment.  As partial consideration for the rights
and licenses granted by SELEXIS to COMPANY under this Agreement, COMPANY shall pay SELEXIS a one-time fee of CHF 65,000.00 (Sixty-Five
Thousand Swiss Francs), due within ten (10) business days of execution of this Agreement.

 

		3.1.2.	Commercial License Milestone Payments.  As partial consideration for the rights
and licenses granted by SELEXIS to COMPANY under this Agreement, COMPANY shall make the following milestone payments to SELEXIS
with respect to the first occurrence of each such milestone event for each Licensed Product:

 

		(i)	[*] CHF 65,000.00 (Sixty-Five Thousand Swiss Francs); and

 

		(ii)	[*] CHF 300,000 (Three Hundred Thousand Swiss Francs).

 

		3.1.3.	Commercial License Royalty Payments: In addition to the milestone payments under Article
3.1.2, during the Royalty Term, COMPANY shall pay SELEXIS on a Product-by-Product and country-by-country basis a royalty of [*]
of Net Sales of all Final Products sold worldwide.  Where royalties are due for the sale of Final Products directly by
COMPANY, such royalties shall be paid for each Calendar Quarter within [*] of the end of that Calendar Quarter.  Where
royalties are due for the sales of Final Product by a Sublicensee, payment shall be made within [*] of the end of that Calendar
Quarter. For the avoidance of doubt, no royalty payments shall be due for a Final Product in a specific country after the Royalty
Term has expired for such Final Product in such country.  Where royalties

 

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CONFIDENTIAL

 

are no longer
due in accordance with the foregoing, the Commercial License granted to COMPANY under this Agreement shall become perpetual, irrevocable,
fully paid up and royalty free with respect to such Final Product in such country.

 

		3.1.4.	Royalty
                                         Buyout.  At any time during the Term, COMPANY shall have the right to terminate
                                         its obligation to pay a royalty pursuant to Section 3.1.3 of this Agreement with respect
                                         to all Final Product containing a specific Licensed Product by paying to SELEXIS the
                                         sum of CHF 1,750,000 (One Million One Hundred Seventy-Five Thousand Swiss Francs) (a
                                         “Royalty Termination Fee”).  In order to exercise this right, COMPANY
                                         shall notify SELEXIS in accordance with Section 11.10 of this Agreement that it is paying
                                         the Royalty Termination Fee for all Final Product containing the specified Licensed Product
                                         in such notice.  Provided that the Royalty Termination Fee is paid to SELEXIS
                                         within five (5) business days of such notice in accordance with Section 3.2 of this Agreement,
                                         the notice shall be effective as of the first day of the Calendar Quarter in which the
                                         notice was delivered, thereby terminating the royalty obligation for all Final Product
                                         containing the specified Licensed Product for that Calendar Quarter and thereafter.  Payment
                                         of a Royalty Termination Fee shall apply only to all Final Product containing a single
                                         Licensed Product [*].  For avoidance of doubt, upon COMPANY paying a Royalty
                                         Termination Fee under this Agreement, no royalties shall thereafter be due to SELEXIS
                                         under this Agreement.

 

		3.2.	Mechanism of Payment.  The payments due to SELEXIS under this Agreement shall
be made either by check or by wire transfer or electronic fund transfer to the credit and account of SELEXIS, as follows:

 

		Bank Name:	[*]

 

		Account:	[*]

 

		To:	Selexis S.A.

18, chemin des Aulx

1228 Plan-les-Ouates

Geneva, Switzerland

 

		3.3.	Payment Terms.  Except with respect to royalties due pursuant to Article 3.1.3,
COMPANY shall make payments due to SELEXIS under this Agreement at the latest [*] business days after receipt of invoice.  All
fees and payments, including without limitation under Article 3.1.3, do not include any applicable VAT or Taxes.

 

		3.4.	Records.  COMPANY and its Affiliates and Sublicensees shall keep true accounts
of Net Sales of Licensed Products and COMPANY shall deliver to SELEXIS at the same time as the payments due under Article 3.1.3,
a written account, including quantities of Net Sales of each such Licensed Product, broken down on a country-by-country basis with
respect to those payments.  SELEXIS is entitled to have such accounts audited by an independent expert of its choice.  Such
independent expert shall be bound by confidentiality terms at least as restrictive as the terms of Article 8 and shall be authorized
to disclose to SELEXIS only the results of its audit.  COMPANY shall provide access to all information reasonably

 

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CONFIDENTIAL

 

requested by
such expert.  The cost of any audit shall be borne by SELEXIS unless the audit shows that COMPANY underpaid SELEXIS by
more than [*] of the amounts due, in which case, the cost of the audit shall be borne by COMPANY.

 

		3.5.	Single Royalty and Milestone.  For Final Products covered by more than one SELEXIS
Patent Rights, COMPANY will make one payment to SELEXIS for royalties on any unit of Final Product sold by COMPANY or Sublicensees,
irrespective of how many SELEXIS Patent Rights may cover such Final Product.  Each milestone described in Article 3 shall
be payable only once in relation to each Licensed Product, irrespective of the number of Final Products which incorporate that
Licensed Product and undergo the events triggering the payment.  All fees and payments, including without limitation
under Article 3.1, do not include any applicable VAT or Taxes.

 

		4.	Taxes

 

		4.1.	General.  All Taxes levied on account of any payment made by COMPANY to SELEXIS
pursuant to this Agreement (other than Taxes on income, gains or profits levied against SELEXIS by any competent Swiss tax authority)
will be the responsibility of, and shall be paid by, COMPANY pursuant to Article 4.2.

 

		4.2.	Character of Payments.  The PARTIES agree that, for purposes of determining the
applicability of any Taxes, the payments to be made under this Agreement constitute payments for tangible property and the license
of intellectual property.  However, in the event that the governing tax authority (the “Tax Authority”)
qualifies such payment differently, any additional taxes that may be applied (including without limitation, any interest and penalties
that may be unpaid) shall [*].

 

		4.3.	Withholding by COMPANY.

 

		(i)	All payments by COMPANY hereunder shall be made in full without any deduction or withholding whatsoever,
and free and clear of and without any deduction or withholding for or on account of any Taxes, except to the extent that any such
deduction or withholding is required by any law in effect at the time of payment.  Subject to paragraph (ii) of this
Article, if any Taxes or amounts with respect to Taxes must be deducted or withheld, or any other deductions or withholdings must
be made, from any amounts payable or paid by COMPANY, [*] and [*] deduction or withholding.

 

		(ii)	[*] pursuant to paragraph (i) of this Article with respect to any deduction or withholding [*]
if [*] or [*].

 

		5.	Intellectual Property

 

		5.1.	Ownership.  Each PARTY shall retain all right, title and interest in and to its
Inventions and Know-How which exist on the Effective Date or which are thereafter developed independently of the performance of
this Agreement.

 

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CONFIDENTIAL

 

		5.2.	COMPANY and SELEXIS Inventions.  Any Invention developed hereunder by or for either
Party, solely or jointly with the other PARTY or any Affiliate or agent thereof, shall belong exclusively (i) to COMPANY, to the
extent it relates specifically to any COMPANY Technology, including, without limitation, any improvement or modification thereto
(“COMPANY Invention”); or (ii) to SELEXIS, to the extent it relates specifically to any SELEXIS Technology,
including, without limitation, any improvements or modifications thereto (“SELEXIS Invention”).  Any
SELEXIS Inventions shall be included within the scope of the SELEXIS Technology licensed to COMPANY under this Agreement as provided
for within Article 5.5.  Notwithstanding the foregoing, such ownership shall not be construed to transfer to either PARTY
ownership of or any license or other rights in or to any of the other PARTY’s underlying Technology which may be included
or embodied therein, or useful or necessary to use in connection with exploiting such Invention.

 

		5.3.	Other Inventions.  Except as set forth in Article 5.2, any other Invention developed
hereunder solely by COMPANY shall be COMPANY’s sole property and any other Invention developed hereunder solely by SELEXIS
shall be SELEXIS’ sole property.  The PARTIES do not anticipate that there will be any jointly developed Inventions
hereunder, but if there are any other such jointly developed Inventions which do not relate to either the SELEXIS Technology or
the COMPANY Technology, such Inventions shall be owned jointly by COMPANY and SELEXIS (“Joint Inventions”).  In
the event any such Joint Inventions arise, the PARTIES will use commercially reasonable efforts to cooperate to protect and/or
exploit such Joint Inventions, including, without limitation, sharing those costs incurred through protection of such Joint
Inventions and sharing in revenues generated by the use or sublicense of such Joint Inventions.

 

		5.4.	Notification.  Each PARTY shall promptly notify the other PARTY of any Invention
arising in connection with this Agreement, provided, however, that COMPANY has no obligation to notify SELEXIS with
respect to any COMPANY Inventions developed solely by or on behalf of COMPANY.

 

		5.5.	Improvements.  In the event SELEXIS possesses, acquires, creates or is licensed
(with the right to grant a sublicense consistent with the terms of the Commercial License) any improvements to the SELEXIS Technology
which are necessary or useful for COMPANY to use in connection with the development of Cell Lines as licensed hereunder, such improvements
shall automatically be included in the SELEXIS Patent Rights and/or the SELEXIS Know-How and thereby disclosed and licensed at
no extra cost to COMPANY in accordance with this Agreement; provided, however, that any rights granted by the foregoing
will be subject to COMPANY’s compliance with any bona fide obligations owed to Third Parties (with respect to which, SELEXIS
has notified COMPANY of such obligations), including, without limitation, [*].

 

		5.6.	Third Party Patent Rights.  SELEXIS covenants that if SELEXIS becomes aware that
COMPANY’s use of the SELEXIS Technology in accordance with the terms hereunder would or would likely infringe any Third Party
proprietary rights, SELEXIS shall use its reasonable commercial efforts to resolve such potential infringement at SELEXIS’
cost to ensure COMPANY’s freedom to continue to exercise the licenses granted under this Agreement, including without limitation,
by using its reasonable commercial efforts to obtain a

 

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CONFIDENTIAL

 

license from
such Third Party owner of proprietary rights which entitles SELEXIS to continue to grant the rights to COMPANY as provided for
herein.  Should such efforts not be successful, SELEXIS shall inform COMPANY in writing and thereafter, subject to such
notification, either PARTY may terminate this Agreement with immediate effect, save that SELEXIS shall not have such right if COMPANY
agrees to waive any liability SELEXIS would otherwise have to COMPANY hereunder with respect to the infringement of such Third
Party proprietary rights.  The obligations set forth in this Article pertain solely to Third Party rights specifically
and solely related to the SELEXIS Technology or SELEXIS Materials licensed hereunder, and do not apply to any other technology
or materials used by COMPANY at its discretion in connection with its exercise of the license rights granted hereunder, and specifically
exclude any such Third Party rights which relate to the Licensed Product(s) produced by any Cell Lines hereunder.

 

		5.7.	Enforcement of SELEXIS Patent Rights.  If, during the Term, either PARTY becomes
aware of any infringement or potential infringement of the SELEXIS Technology, it shall promptly notify the other PARTY in writing
and the PARTIES shall immediately consult with each other to decide the best way to respond to such infringement or misuse, provided
that SELEXIS shall remain free to take any action it deems fit and in its sole discretion.

 

		5.8.	COMPANY Publications.  COMPANY shall have the unrestricted right to publish or
otherwise disclose the results and data obtained by the practice of the SELEXIS Technology in accordance with the terms hereof,
provided, however, that such publication or disclosure does not include any Confidential Information of SELEXIS.
The name of SELEXIS shall be given proper recognition in such publication(s) as scientifically appropriate.

 

		5.9.	Further Assurance.  Each PARTY agrees to execute and effect all necessary steps
at the cost of the other PARTY (if not specifically agreed to otherwise) and as the other PARTY may reasonably require to give
the other PARTY the full benefit of the provisions of this Article 5.

 

		6.	Representations, Warranties, and Covenants

 

		6.1.	General.  Except for the representations, warranties and covenants set forth in
this Article 6, the PARTIES do not make any other representations, nor give any other warranties, express or implied, nor undertake
to any other covenants.  The PARTIES expressly exclude any and all other representations, warranties and covenants.

 

		6.2.	Representations and Warranties by the PARTIES.  Each PARTY hereby represents and
warrants to the other PARTY that:

 

		6.2.1.	Corporate Power.  It is duly organized and validly existing under the laws of
the state (or country or other jurisdiction, as the case may be) of its incorporation and has full corporate power and authority
to enter into this Agreement and to carry out the provisions hereof.

 

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CONFIDENTIAL

 

		6.2.2.	Due Authorization.  It is duly authorized to execute and deliver this Agreement
and to perform its obligations hereunder, and the persons executing this Agreement on its behalf have been duly authorized to do
so by all requisite corporate actions.

 

		6.2.3.	Binding Agreement.  This Agreement is a legal and valid obligation binding upon
it and is enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, fraudulent conveyance,
insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and by general
equitable principles and public policy.

 

		6.2.4.	No Conflicts.  The execution, delivery and performance of this Agreement by itself
does not conflict with any agreement, instrument or understanding, oral or written, to which it is a PARTY or by which it may be
bound.

 

		6.2.5.	Intellectual Property Rights.  Each PARTY represents that it has valid and sufficient
arrangements and agreements with its directors, officers and employees (which term shall include agents, consultants and subcontractors)
such that ownership of intellectual property rights in and to any Inventions made by its directors, officers and employees vests
in such PARTY.

 

		6.3.	Additional Representations and Warranties by SELEXIS.  SELEXIS hereby represents
and warrants that, to the best of its knowledge, as of the Effective Date:

 

		6.3.1.	There is no pending litigation asserting that the use of the SELEXIS Technology or the SELEXIS
Know-How constitutes an infringement or misappropriation of any intellectual property rights of a Third Party;

 

		6.3.2.	SELEXIS has the right in and to the SELEXIS Technology, SELEXIS. Know-How and the SELEXIS Patents
to grant COMPANY the rights which are granted to COMPANY under this Agreement; and

 

		6.3.3.	SELEXIS has the rights necessary to grant a non-transferable, non-sublicenseable royalty-free,
non-exclusive license to a Collaboration Partner or Contractor, under the SELEXIS Know-How and the SELEXIS Patent Rights, to use
the Company-Specific Cell Lines solely for uses that are reasonably related to the development, manufacture, use, commercialization
and/or sale of the Licensed or Final Products in part of the Territory, as contemplated by Section 2.3.

 

		6.4.	Additional Warranties by COMPANY. COMPANY hereby represents and warrants to SELEXIS that:

 

		6.4.1.	There are no Third Party intellectual property rights or any other rights that may be asserted
against SELEXIS claiming that SELEXIS was or is directly infringing or is helping or assisting COMPANY in infringing such Third
Party’s rights in connection with COMPANY’s exercise of the Commercial License granted by SELEXIS hereunder (except
to the extent that any such Third Party rights relate solely and specifically to the SELEXIS Technology and/or SELEXIS Materials),
including, without limitation, the development, manufacture and commercialization of Licensed Products and/or Final Products as
permitted hereunder; and

 

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CONFIDENTIAL

 

		6.4.2.	As of the Effective Date, to the best of its knowledge, there is no litigation pending against
COMPANY in connection with the use or ownership of the Company Protein and/or Licensed Product, including, without limitation,
the infringement or misappropriation of any intellectual property rights of a Third Party relating to the Company Protein and/or
Licensed Product, and COMPANY has not received any written claim that the use thereof infringes on any intellectual property rights
of a Third Party or a request or demand from any Third Party for the licensing of any intellectual property rights to such Third
Party in connection with the use of the Company Protein and/or Licensed Product.

 

		6.4.3.	COMPANY will not knowingly misappropriate or infringe the intellectual property or other rights
of any Third Party in connection with its exercise of its licensed rights hereunder, including, without limitation, use of any
SELEXIS Technology, Cell Line, or development, manufacture or sale of Licensed and/or Final Product hereunder, and understands
and agrees that SELEXIS will have no liability whatsoever for any such misappropriation or infringement to the extent they do not
relate solely and specifically to the use of the SELEXIS Technology and/or SELEXIS Materials hereunder.

 

		6.5.	Disclaimer of Warranties by SELEXIS.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT
AND WITHOUT LIMITING THE GENERALITY OF ARTICLE 6.1, SELEXIS DOES NOT MAKE NOR GIVE ANY REPRESENTATION OR WARRANTY TO COMPANY OF
ANY NATURE, EXPRESS OR IMPLIED, THAT THE SELEXIS TECHNOLOGY WILL BE USEFUL FOR, OR ACHIEVE ANY PARTICULAR RESULTS AS A RESULT OF
ANY USE THEREOF BY SELEXIS OR BY COMPANY PURSUANT TO ANY LICENSE GRANTED TO COMPANY UNDER THIS AGREEMENT. EXCEPT AS EXPRESSLY SET
FORTH IN THIS AGREEMENT, SELEXIS SPECIFICALLY DISCLAIMS ANY WARRANTY OF NONINFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE.

 

		7.	Liability and Indemnification

 

		7.1.	Indemnification by SELEXIS. During the Term and thereafter, SELEXIS hereby agrees to save,
defend and hold COMPANY, its Affiliates, and their respective officers, directors, employees, consultants and agents harmless from
and against any and all Losses resulting directly from (i) any Third Party claim alleging that Customer’s use of the SELEXIS
Technology and/or the SELEXIS Materials in strict accordance with the terms of this Agreement infringes or misappropriates such
Third Party’s intellectual property or other property right (except to the extent such claim relates to the use of the SELEXIS
Technology and/or SELEXIS Materials in combination with any technologies or materials not supplied by SELEXIS or any modifications
made by anyone other than SELEXIS to the SELEXIS Technology or SELEXIS Materials); or (ii) any material breach of SELEXIS’
representations, warranties and covenants set forth in Article 6; except in each case to the extent that such Losses were caused
by willful misconduct or gross negligence of COMPANY or any of its Affiliates, Collaborators or Sublicensees.  In the
event COMPANY seeks indemnification under this Article 7.1, COMPANY shall notify SELEXIS of

 

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CONFIDENTIAL

 

any claim as
soon as reasonably practicable after it receives notice of the claim.  COMPANY shall then allow SELEXIS to conduct and
control the defense against the claim (including without limitation to settle the claim solely for monetary consideration), shall
(at SELEXIS’ expense) execute and deliver such documents and other papers and take such further actions as may be reasonably
required to defend against the claim (including without limitation to settle the claim solely for monetary consideration) and shall
(at SELEXIS’ expense) cooperate as requested by SELEXIS in the defense of the claim, provided always that SELEXIS may not
settle any such claim or otherwise consent to an adverse judgment or order in any relevant action or other proceeding which includes
any admission as to liability or fault without the prior express written consent of COMPANY, which consent will not be unreasonably
withheld.

 

		7.2.	Indemnification by COMPANY.  During the Term and thereafter, COMPANY hereby agrees
to save, defend and hold SELEXIS and its officers, directors, employees, consultants and agents harmless from and against any and
all Losses resulting directly from (i) Third Party claims in connection with personal injury or damages to property caused by the
Company Protein, Licensed Products and/or Final Products, including, without limitation, any product liability claims however stated;
(ii) Third Party claims relating to any use of the Cell Lines, SELEXIS Technology and/or SELEXIS Materials outside the scope of
the license granted herein or otherwise not in strict compliance with the terms hereof, or any use of the Cell Lines, SELEXIS Technology
and/or SELEXIS Materials in conjunction with technology or materials not provided by SELEXIS, or any modifications to the SELEXIS
Technology and/or SELEXIS Materials (except in each of the foregoing cases, to the extent SELEXIS is obligated to indemnify COMPANY
pursuant to Article 8.1 above); or (iii) any material breach of COMPANY’s representations, warranties and covenants
set forth in Article 6; in each case, except to the extent that such Losses result from the willful misconduct or gross negligence
of SELEXIS or its Affiliates.  In the event SELEXIS seeks indemnification under this Article, SELEXIS shall notify COMPANY
of any claim as soon as reasonably practicable after it receives notice of the claim.  SELEXIS shall then allow COMPANY
to assume direction and control of the defense of the claim (including without limitation the right to settle the claim solely
for monetary consideration), and shall (at COMPANY’s expense) execute and deliver such documents and other papers and take
such further actions as may be reasonably required to defend against the claim (including without limitation to settle the claim
solely for monetary consideration).  SELEXIS shall (at COMPANY’s expense) cooperate as requested by COMPANY in
the defense of the claim, provided always that COMPANY may not settle any such claim or otherwise consent to an adverse judgment
or order in any relevant action or other proceeding which includes any admission as to liability or fault without the prior express
written consent of SELEXIS, which consent will not be unreasonably withheld.

 

		7.3.	No Incidental or Consequential Damages.  In no event shall either PARTY be responsible
for any incidental or consequential damages, including without limitation, lost profits or opportunities; provided that the foregoing
shall in no event limit a PARTY’s indemnification obligation under Article 7.1 or Article 7.2 hereinabove.

 

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CONFIDENTIAL

 

		7.4.	Limitation of Liability.  Except with respect to its indemnification obligations
under Article 7.1, [*] cumulative liability under this Agreement, whether in contract, in tort, or otherwise, shall in no event
exceed [*].  With respect to its indemnification obligations under Article 7.1, [*] cumulative liability shall in no
event exceed [*].

 

		8.	Confidentiality

 

		8.1.	Non-disclosure.  During the Term of this Agreement and for [*] thereafter, each
PARTY shall keep Confidential Information of the other PARTY confidential and shall not (i) use the other PARTY’s Confidential
Information for any purpose not expressly permitted under this Agreement, nor (ii) disclose the other PARTY’s Confidential
Information to any Person other than those of its agents, employees, and consultants (collectively, “Representatives”)
who need to know such Confidential Information for a use or purpose expressly permitted under this Agreement.  Any such
Representative who receives Confidential Information pursuant to this Article 8.1 shall be bound by written obligations of confidentiality
and non-use with respect to the Confidential Information that are no less stringent than the obligations set forth in this Agreement.

 

		8.2.	Exceptions.  The confidentiality obligations set forth in Article 8.1 shall not
apply to Confidential Information that (i) is, or becomes, public information other than as the result of the violation of this
Agreement or other act or omission by the receiving PARTY or its Representatives; (ii) was lawfully known to the receiving PARTY
or its Representatives without restriction on use or disclosure at the time of disclosure hereunder; (iii) is hereafter lawfully
received by the receiving PARTY or its Representatives from a Third Party authorized to make such disclosure and without restriction
on use or disclosure; or (iv) is approved for release by prior written consent from the disclosing Party.

 

		8.3.	Authorized Disclosures.  Notwithstanding any provision of this Agreement to the
contrary:

 

		8.3.1.	COMPANY may disclose this Agreement to any potential Contractor or Collaboration Partner in connection
with its discussions relating to a possible arrangement with such Contractor or Collaboration Partner, provided, however,
that such potential Contractor or Collaboration Partner is subject to confidentiality obligations with reasonable scope and duration
and no less stringent than the obligations set forth in this Agreement; and (ii) such Contractor or Collaboration Partner is contractually
restricted from using this Agreement for any purpose other than as reasonably necessary to carry out the discussions with COMPANY.

 

		8.3.2.	Each PARTY may disclose Confidential Information of the other PARTY to the extent such disclosure
is required by law, provided, however, that the receiving PARTY gives the disclosing PARTY reasonable prior written
notice to enable the disclosing PARTY to take appropriate measures to protect its Confidential Information and fully cooperates,
subject to commercially reasonable efforts, with the disclosing PARTY to prevent or limit, to the greatest extent possible, the
disclosure of Confidential Information.

 

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CONFIDENTIAL

 

		8.4.	Use of Name.  No right, express or implied, is granted to either PARTY by this
Agreement to use in any manner any trademark or trade name of the other PARTY, including the names “Oncobiologics”
and “SELEXIS” without the prior written consent of the PARTY entitled to use such trademark or trade name.

 

		9.	Term and Termination

 

		9.1.	Term.  This Agreement is effective as of the Effective Date.  Unless
earlier terminated pursuant to Articles 9.2, 9.3 or 9.4, this Agreement shall remain in full force and effect until expiration
of the last-to-expire of the SELEXIS Patent Rights (the “Term”).

 

		9.2.	Termination for Default.  In addition to any other remedies which may be available
at law or equity, in the event of any material breach of this Agreement (the “Default”) by a PARTY (the “Defaulting
Party”), the PARTY not in default (the “Non-Defaulting Party”) shall have the right to give the Defaulting
Party a written notice thereof (the “Notice of Default”), whereby such notice must state the nature of the Default
in reasonable details and request that the Defaulting Party cure such Default within [*].  If such Default is not cured
within [*] after receipt of a Notice of Default by the Defaulting Party or if such Default cannot be cured, the Non-Defaulting
Party may, at its sole discretion, terminate this Agreement by written notice effective upon receipt

 

		9.3.	Termination for Bankruptcy.  In the event that a PARTY shall become insolvent
or make any arrangement with its creditors or has a receiver or administrator appointed to the whole or any part of its assets,
or if an order shall be made or a resolution passed for its winding up unless such order or resolution is part of a scheme for
its amalgamation or reconstruction (the “Insolvent Party”), the other PARTY shall have the right, at its sole
discretion, to serve immediate notice of termination of this Agreement, effective upon receipt.

 

		9.4.	Termination by COMPANY.  COMPANY may terminate this Agreement for convenience
at any time by giving [*] written notice to SELEXIS.

 

		9.5.	Consequences of Expiration or Termination.

 

		9.5.1.	Termination of Licenses.  In the event of a termination of this Agreement by COMPANY
pursuant to Article 9.2. 9.3 or 9.4 or by SELEXIS pursuant to Article 9.2 or 9.3, all and any rights and licenses granted under
this Agreement shall terminate upon termination of this Agreement, except for the licenses which have become perpetual pursuant
to Article 3.1.3.

 

		9.5.2.	SELEXIS Technology and Confidential Information.  Upon termination of this Agreement
under Article 9.2 or Article 9.3 where COMPANY is the Insolvent Party, or Article 9.4, COMPANY shall dispose of all tangible embodiments
of the SELEXIS Technology and SELEXIS Confidential Information, including without limitation the SELEXIS Materials and Cell Lines,
and render inaccessible or useless all electronic embodiments, of SELEXIS Confidential Information provided to COMPANY by SELEXIS
hereunder, except that (a) COMPANY may retain one copy of the SELEXIS

 

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CONFIDENTIAL

 

Confidential
Information delivered hereunder in its secured legal files only for ensuring compliance with the terms of this Agreement and (b)
such obligation shall not apply with respect to SELEXIS Technology and SELEXIS Confidential Information necessary or useful with
respect to the practice of any licenses that have become perpetual pursuant to Article 3.1.3.

 

		9.5.3.	COMPANY Confidential Information.  Upon any expiration or termination of this
Agreement, SELEXIS shall dispose of all tangible embodiments, and render inaccessible or useless all electronic embodiments, of
COMPANY Confidential Information provided to SELEXIS by COMPANY hereunder, except that SELEXIS may retain one copy of the COMPANY’s
Confidential Information delivered hereunder in its secured legal files only for ensuring compliance with the terms of this Agreement.

 

		9.5.4.	Accrued Obligations.  Expiration or termination of this Agreement shall not relieve
the PARTIES of any obligation or liability accruing prior to such expiration or termination.

 

		10.	Miscellaneous

 

		10.1.	Assignment.  Neither this Agreement nor any interest hereunder shall be assignable
by either PARTY without the prior written consent of the other PARTY; provided, however, that either PARTY may assign
this Agreement and all of its rights and obligations hereunder, without such prior written consent, to an entity” which acquires
all or substantially all of the business or assets of such PARTY (or the business or assets to which this Agreement pertains) whether
by merger, consolidation, reorganization, acquisition, sale or otherwise; and COMPANY may assign this Agreement and all of its
rights and obligations hereunder, without such consent, to an Affiliate if COMPANY remains liable and responsible for the performance
and observance of all of the Affiliate’s duties and obligations hereunder, and provided that such Affiliate is not a Contract
Manufacturing Organization.  This Agreement shall be binding upon the successors and permitted assigns of the PARTIES
and the name of a PARTY appearing herein shall be deemed to include the names of such PARTY’s successors and permitted assigns
to the extent necessary to carry out the intent of this Agreement.  Any assignment not in accordance with this Article
10.1 shall be null and void.

 

		10.2.	Compliance with Governmental Obligations.  Each PARTY shall comply, upon reasonable
notice from the other PARTY, with all governmental requests directed to either PARTY relating to this Agreement and provide all
information and assistance necessary to comply with the governmental requests.

 

		10.3.	Counterparts.  This Agreement may be executed in any number of counterparts, each
of which need not contain the signature of more than one PARTY but all such counterparts taken together shall constitute one and
the same agreement, and may be executed through the use of electronic .PDF’s or facsimiles.

 

		10.4.	Dispute Resolution.  The PARTIES agree that in the event of a dispute between
them arising from, concerning or in any way relating to this Agreement, the PARTIES shall undertake good faith efforts to resolve
any such dispute, with the matter being referred at the request of either PARTY to the General

 

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CONFIDENTIAL

 

Counsel (or
chief legal officer) of each PARTY and, if remaining unresolved after [*], then to the Chief Executive Officers of each PARTY (or
their designees).  If after [*] of the matter first being referred to the General Counsel, the PARTIES are unable to
resolve such dispute, either PARTY may, pursuant to Article 10.16, seek any remedy available at law.

 

		10.5.	Entire Agreement.  This Agreement sets forth all of the covenants, promises, agreements,
representations, warranties, conditions and understandings between the PARTIES with respect to the subject matter hereof, and constitutes
and contains the complete, final, and exclusive understanding and agreement of the PARTIES with respect to the subject matter hereof,
and cancels, supersedes and terminates all prior agreements and/or understanding between the PARTIES with respect to the subject
matter hereof.  There are no covenants, promises, agreements, representations, warranties, conditions or understandings,
whether oral or written, between the PARTIES other than as set forth herein.  No subsequent alteration, amendment, change
or addition to this Agreement shall be binding upon the PARTIES hereto unless reduced to writing and signed by the respective authorized
officers of the PARTIES. For the avoidance of doubt, and to the extent of any inconsistency between this Agreement and the Research
License Agreement, the terms of this Agreement shall govern and prevail.

 

		10.6.	Force Majeure.  Neither PARTY shall be liable to the other for loss, damages,
default or delay due to Force Majeure, provided that the PARTY affected by a case of Force Majeure gives prompt notice of such
case to the other PARTY. The PARTY giving such notice shall thereupon be excused from its obligations hereunder as it is thereby
disabled from performing for so long as it is so disabled, provided, however, that such affected PARTY commences
and continues to take reasonable and diligent actions to cure such cause; and provided further that if any Force Majeure delays
or prevents the performance of the obligations of either PARTY for a continuous period in excess of [*] days, the PARTY not affected
shall then be entitled to terminate this Agreement, which termination shall be effective upon [*] written notice to the affected
PARTY. Such a termination shall be irrevocable, except otherwise provided by the PARTIES and upon termination, the provisions of
Article 9.5 shall apply.

 

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

 

		10.8.	Independent Contractors.  The relationship between SELEXIS and COMPANY created
by this Agreement is one of independent contractors and neither PARTY shall have the power or authority to bind or obligate the
other PARTY except as expressly set forth in this Agreement.

 

		10.9.	Interpretation of Agreement.  Articles and other descriptive headings used in
this Agreement are for reference purposes only and shall not constitute a part hereof or affect the meaning or interpretation of
this Agreement.  Whenever the context so requires, the use of the singular shall be deemed to include the plural and
vice versa.

 

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		10.10.	License Obligations.  Nothing in this Agreement imposes any obligation upon a
PARTY to enter into any other license or agreement with the other PARTY.

 

		10.11.	Notices.  All notices and other communications required by this Agreement shall
be in writing in the English language and shall be deemed transmitted if delivered personally or by electronic or facsimile transmission
(receipt verified), mailed by registered or certified mail (return receipt requested), postage prepaid, or sent by express courier
service, to the PARTIES at the following addresses (or at such other addresses that a PARTY specifies by like notice, provided,
however, that notices of a change of address shall be effective only upon written receipt thereof):

 

If to COMPANY, addressed to: 

Oncobiologics, Inc.

7 Clarke Drive

Cranbury, NJ 08512

		Attention:	Stephen J. McAndrew, Ph.D.

VP, Business Development

		With a copy to:	CEO, Pankaj
Mohan, Ph.D., MBA

		Facsimile:	(609) 619-3980

 

If to SELEXIS,
addressed to: 

Selexis S.A.

18 Chemin des Aulx

1228 Plan-les-Ouates

Geneva, Switzerland

 

		Attention:	Sophie Vock

 

		With a copy to:	CEO, Igor Fisch,
Ph.D.

  

		Facsimile:	+41 22 308-9361

 

		10.12.	Binding Effect.  This Agreement shall be binding upon and inure solely to the
benefit of COMPANY and SELEXIS (and their permitted successors and assigns) and nothing in this Agreement (express or implied)
is intended to or shall confer upon any Third Party any rights, benefits or remedies of any nature whatsoever under or by reason
of this Agreement.

 

		10.13.	Severability.  If any term, covenant or condition of this Agreement or the application
thereof to any PARTY or circumstance shall, to any extent, be held to be invalid or unenforceable, then the remainder of this Agreement,
or the application of such term, covenant or condition to PARTIES or circumstances other than those as to which it is held invalid
or unenforceable, shall therefore not be affected and each

 

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CONFIDENTIAL

 

term, covenant
or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by applicable law.

 

		10.14.	Waiver.  The failure on the part of a PARTY to exercise or enforce any rights
conferred upon it hereunder shall not be deemed to be a waiver of any such rights nor operate to bar the exercise or enforcement
thereof at any time or times hereafter.

 

		10.15.	Survival.  Articles 1, 3.1.3, 3.4, 4, 5, 6, 7, 8, 9.5 and 10 shall survive any
termination or expiration of this Agreement in accordance with their terms.

 

		10.16.	Governing Law and Jurisdiction.  This Agreement shall be governed by and construed
in accordance with the substantive laws of [*], without regard to principles of conflict of laws.  Any dispute arising
out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of [*].

 

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CONFIDENTIAL

 

IN WITNESS WHEREOF, the PARTIES, having
read the terms of this Agreement and intending to be legally bound, do hereby execute this Agreement:

 

	SELEXIS SA	 	ONCOBIOLOGICS, INC.
	 	 	 	 	 	 	 
	Signature:	/s/ Girod Pierre-Alain	 	Signature:	/s/ Pankaj Mohan
	 	 	 	 	 	 	 
	Place, Date:	April 16, 2013	 	Place, Date:	7 Clarke Drive, Cranbury, NJ 08512
	 	 	 	 	 	 	April 11, 2013
	 	 	 	 	 	 	 
	Name:  GIROD Pierre-Alain	 	Name:  Pankaj Mohan, Ph.D., MBA
	 	 	 
	Title: Chief Scientific Officer	 	Title:  Chief Executive Officer
	 	 	 	 	 	 	 
	Signature:	/s/ Regine Brokamp	 	Signature:	/s/ Stephen J. McAndrew
	 	 	 	 	 	 	 
	Place, Date:	PLO, April 15th, 2013	 	Place, Date:	7 Clarke Drive, Cranbury, NJ 08512
	 	 	 	 	 	 	April 11, 2013
	 	 	 	 	 	 	 
	Name:  Regine Brokamp	 	Name:  Stephen J. McAndrew, Ph.D.
	 	 	 
	Title:  COO	 	Title:  Vice President, Business Development

 

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CONFIDENTIAL

 

EXHIBIT 1

 

[*]

 

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CONFIDENTIAL

 

EXHIBIT 2

 

LICENSED PRODUCTS

 

		1.	ONS-1045, Avastin Biosimilar

 

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CONFIDENTIAL

 

AMENDMENT
NO. 1

TO

COMMERCIAL
LICENSE AGREEMENT

 

This Amendment No. 1 to the Commercial License
Agreement (the “Amendment”), effective as of May 21, 2014 (the “Amendment Effective Date”), is by and between
Selexis SA (“Selexis”) and Oncobiologics, Inc. (“Company”).

 

WHEREAS, Company and Selexis entered into
and executed the Commercial License Agreement dated April 11, 2013 (the “Agreement”) relating to Company’s Licensed
and/or Final Product referred to as ONS-1045; and

 

WHEREAS, the parties desire to modify the
Agreement to revise Company’s sublicense rights.

 

NOW, THEREFORE, in consideration of the
mutual obligations and covenants set out herein and for good consideration, the parties agree as follows:

 

1.         Section
2.2.1 of the Agreement is deleted in its entirety and replaced with the following:

 

2.2.1           COMPANY
may, without prior written consent from SELEXIS, grant sublicenses under the Commercial License to a Contractor or to a Collaboration
Partner and only with respect to (i) [*], or (ii) [*].  A Collaboration Partner may further grant a sub-sublicense, only
with prior written consent from SELEXIS where such consent is not to be unreasonably withheld, conditioned or delayed, under the
Commercial License to a Contractor only with respect to [*].

 

2.         Section
2.2.2 of the Agreement is deleted in its entirety and replaced with the following:

 

2.2.2           Any
sublicenses other than those expressly permitted without consent pursuant to Section 2.2.1 shall require the prior written consent
of SELEXIS, which consent will not be unreasonably withheld, conditoned or delayed.

 

3.         Section
2.3 is deleted in its entirety.

 

4.         Section
2.4 is renumbered as Section 2.3, and the last clause of the first sentence (beginning with “...pursuant either to...”)
is deleted and replaced with “pursuant to a sublicense as permitted or consented to under Section 2.2.”

 

5.         In
Section 1.30, the reference to the tri-party agreement is removed, so that the sentence begins: “...shall mean the amount
collected by COMPANY, its Affiliates and its Sublicensees, on account of sales of Final Product to Third Parties in the Territory,
less the following deductions:”

 

6.         All
capitalized terms used in the Agreement will have the same meaning where used in this Amendment.  In the event of a conflict
or inconsistency between this Amendment and the

 

     

     

    

 

CONFIDENTIAL

 

Agreement, the applicable terms and conditions of this Amendment shall prevail.  All
terms and conditions of the Agreement that are not amended herein shall remain unchanged and in full force and effect.

 

7.          This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which taken together
shall constitute one and the same document.  In addition, this document may be executed by facsimile, and the parties
agree that facsimile copies of signatures shall have the same effect as original signatures.

 

In
Witness Whereof, the Parties have executed this Amendment by their proper officers as of the Effective Date.

 

	SELEXIS SA	 	ONCOBIOLOGICS, INC.
	 	 	 	 	 
	By:	/s/ Regine Brokamp	 	By:	/s/ Stephen
    J. McAndrew, Ph.D.
	Name:	Regine Brokamp	 	Name:	Stephen J. McAndrew, Ph.D.
	Title:	COO	 	Title:	Vice President, Business Development
	Date:	May 23rd, 2014	 	Date:	May 21, 2014

 

	 	/s/ Igor Fisch	 
	 	Igor Fisch	 
	 	CEO	 
	 	May 23rd, 2014Exhibit 10.16

 

[*] = 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 406 of the Securities Act of 1933, as amended.

 

 

 

 

 

AND

 

 

 

Oncobiologics, Inc.

 

 

 

Commercial License Agreement

 

 

 

April 11, 2013

 

     

     

    

 

CONFIDENTIAL

 

This Commercial License Agreement (this “Agreement”)
is made effective on April 11, 2013 (the “Effective Date”)

 

by and between

 

Selexis SA, a company
incorporated under the laws of Switzerland, with its registered office at 18 chemin des Aulx, 1228 Plan-les-Ouates, Geneva,
Switzerland (“SELEXIS”)

 

and

 

Oncobiologics, Inc., a company
incorporated under the laws of the United States, with its registered office at 7 Clarke Drive, Cranbury, New Jersey
08512 (“COMPANY”) (SELEXIS and COMPANY, collectively the “PARTIES” and, individually, a
“PARTY”).

 

Preamble

 

		A.	Whereas,
COMPANY is a biopharmaceutical company engaged in the research, development, manufacturing and sale of biopharmaceutical products;

 

		B.	Whereas,
SELEXIS is a biotechnology company engaged in the development and sale of recombinant cell lines based on the SELEXIS Technology;

 

		C.	Whereas,
SELEXIS is the owner of certain Confidential Information, the SELEXIS Know-How and the SELEXIS Patent Rights;

 

		D.	Whereas,
pursuant to a Research License Agreement between the PARTIES dated October 3, 2011 (the “Research License Agreement”)
COMPANY has developed certain recombinant cell line(s) and/or COMPANY Material using the SELEXIS Technology, SELEXIS Know-How
and SELEXIS Patent Rights, and COMPANY has evaluated such cell Line(s); and

 

		E.	Whereas,
SELEXIS is willing to grant COMPANY, and COMPANY is willing to receive from SELEXIS, a commercial license to the SELEXIS Know-How
and the SELEXIS Patent Rights with respect to the SELEXIS Technology, on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, the PARTIES agree as follows:

 

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CONFIDENTIAL

 

 

		1.	Definitions

 

In addition to the terms defined above, the following
terms, whether used in the singular or plural, shall have the following meanings as used in this Agreement, unless otherwise specifically
indicated:

 

		1.1.	“Affiliate” shall mean any
Person that, as of the Effective Date, directly or indirectly, controls, is controlled by, or is under common control with the
relevant Person. For the purposes of this definition only, “control” shall mean the possession, directly
or indirectly, of the power to cause the direction of the management and policies of a Person, whether through ownership of voting
securities of such Person, by contract or otherwise. A Person shall only be considered an Affiliate for so long as such control
exists.

 

		1.2.	“BLA” shall mean a Biologic
License Application for the Final Product filed with the FDA or any comparable filing made with a Regulatory Authority in another
country.

 

		1.3.	“Calendar Quarter” shall mean,
for each Calendar Year, each of the three month periods ending March 31, June 30, September 30 and December 31, respectively.

 

		1.4.	“Calendar Year” shall mean
the period commencing on January 1 and ending twelve (12) consecutive calendar months later on December 31.

 

		1.5.	“Cell Line” shall mean a mammalian
cell line that is developed using the SELEXIS Technology. Cell Line shall include, without limitation, any Company-Specific Cell
Line(s) developed by COMPANY under the Research License Agreement which have employed SELEXIS Technology, SELEXIS Know-How and/or
SELEXIS Patent Rights.

 

		1.6.	“Clinical Trials” shall mean
human studies designed to measure the safety and/or efficacy of the Product. Clinical Studies include Phase I Clinical Trials,
Phase II Clinical Trials, and Phase Ill Clinical Trials.

 

		1.7.	“Collaboration Partner” shall
mean a Third Party with which COMPANY collaborates on the development and/or commercialization of a Licensed Product or to which
COMPANY has granted a license for the development and/or commercialization of a Licensed Product, provided that [*] or [*] or
[*] for [*].

 

		1.8.	“Combination Product Adjustment”
shall mean the adjustment of: Net Sales for any combination product done by multiplying actual Net Sales of such combination product
by the fraction A/(A + B) where A is the weighted (by sales volume) average invoice price of the Product, if sold separately,
and B is the weighted (by sales volume) average invoice price of any other active ingredient, device or component in the combination,
if sold separately. If, on a country-by-country basis, the other active ingredient, device or component in the combination is
not sold separately, Net Sales shall be calculated by multiplying actual Net Sales of the combination product in such country
by the fraction A/C where A is the invoice price of the Product, if sold separately, in such country and C is the invoice price
of the combination product in such country.

 

		1.9.	“Commercial License” shall
have the meaning set out in Article 2.1.

 

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CONFIDENTIAL

 

1.10.      “Commercial
License Option” shall mean the option granted to Company in the Research License Agreement to obtain a non-exclusive
commercial license.

 

1.11.      “Company
Protein” shall mean the recombinant protein listed in Exhibit 2.

 

1.12.      “Company-Specific
Cell Line” shall mean a Cell Line that has been modified by Company under the Research License Agreement to specifically
express the Company Protein.

 

1.13.      “COMPANY
Technology” shall mean any Technology owned or controlled by COMPANY, including, without limitation, any such Technology
related to Licensed or Final Product, but excluding any SELEXIS Technology related thereto.

 

1.14.      “Confidential
Information” shall mean any technical and business information pertaining to materials and production techniques,
products, processes and services, including without limitation physical working models and samples of the products, research, development,
patentable and unpatentable inventions, manufacturing, purchasing and product development plans, forecasts, strategies and information,
engineering, marketing, merchandising, selling, customer lists, customer prospects, software codes, algorithms, names and expertise
of employees and consultants, blueprints, technical information, trade secrets or know-how or other related proprietary business
information and data, in any case whether such information is provided in tangible or intangible form, written, oral, graphic,
pictorial or recorded form or stored on computer discs, hard drives, magnetic tape or digital or any other electronic medium. Confidential
Information disclosed in any tangible format will be labelled “Confidential” or words to similar effect, and all non-tangible
disclosures will be declared to be “Confidential” or words to similar effect at the time of disclosure. Confidential
Information shall include any and all material and data created by the receiving party based on, containing or otherwise reflecting
Confidential Information. Confidential Information shall also include any such information or documents which may be disclosed
hereunder which the disclosing party received in confidence from a Third Party.

 

1.15.      “Contract
Manufacturing Organization” shall mean an entity of which at least fifty percent (50%) of the business is directed
toward the provision of biologic manufacturing services or products for non-affiliate third parties.

 

1.16.      “Contractor”
shall mean a Third Party contractor who: (i) develops the production process for Licensed Products by or on behalf of COMPANY,
or (ii) manufactures and supplies Licensed Products by using such production process by or on behalf of COMPANY.

 

1.17.      “Default”
shall have the meaning set out in Article 9.2.

 

1.18.      “Defaulting
Party” shall have the meaning set out in Article 9.2.

 

1.19.      “FDA”
shall mean the United States Food and Drug Administration, or any successor agency.

 

1.20.      “Final
Product” shall mean any pharmaceutical preparation in final form containing any Licensed Product(s) for sale by prescription,
over-the-counter or any other method, in any dosage form, formulation,

 

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CONFIDENTIAL

 

presentation, line extension
or package configurations, including without limitation such Licensed Product in development where the context so requires in this
Agreement.

 

1.21.      “First
Commercial Sale” shall mean, with respect to any Final Product in any country, the first sale of such Final Product
for use or consumption by the general public in such country after Regulatory Approval as well as Pricing and Reimbursement Approval
for such Final Product has been obtained in such country. For the avoidance of doubt, sales prior to receipt of all Regulatory
Approvals and Pricing and Reimbursement Approvals necessary to commence regular commercial sales, such as so-called “treatment
IND sales”, “named patient sales” and “compassionate use sales”, shall not be construed as a First
Commercial Sale.

 

1.22.      “Force
Majeure” shall mean conditions beyond the control of a PARTY, including without limitation, an act of God, war, civil
commotion, terrorist act, labor strike or lock-out, epidemic, failure or default of public utilities or common carriers, destruction
of facilities or materials by fire, earthquake, storm or the like catastrophe, and failure of plant or machinery (provided that
such failure could not have been prevented by the exercise of skill, diligence and prudence that would be reasonably and ordinarily
expected from a skilled and experienced person engaged in the same type of undertaking under the same or similar circumstances).

 

1.23.      “IND”
shall mean an Investigational New Drug Application for the Final Product filed with the FDA or any comparable filing made with
a Regulatory Authority in another country.

 

1.24.      “Insolvent
Party” shall have the meaning set out in Article 9.3.

 

1.25.      “Invention”
shall mean any invention, idea, innovation, enhancement, improvement or feature, whether or not patentable or registrable, together
with any intellectual property rights relating thereto (including without limitation, the Patent Rights and rights to confidentiality
and proprietary information).

 

1.26.      “Know-How”
shall mean information in whatever form, tangible or intangible and on whatever medium, including without limitation, information
and materials relating to Inventions and other know-how, trade secrets, data (including without limitation, all data from pre-clinical
and clinical studies and other studies intended for regulatory submission), results, formulae, DNA and amino acid sequence information
and related developments.

 

1.27.      “Licensed
Field of Use” shall mean the development, manufacture and sale of Final Products for any field of use.

 

1.28.      “Licensed
Product” shall mean Company Protein made or derived from any Selexis Materials, including, without limitation, the
Company-Specific Cell Lines.

 

1.29.      “Losses”
shall mean all and any liability, damage, loss or expense.

 

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1.30.      “Net
Sales” shall mean the amount collected by COMPANY, its Affiliates, its Sublicensees and/or any Collaboration Partner
with whom the Parties enter into a tri-party agreement pursuant to Section 2.3, on account of sales of Final Product to Third Parties
in the Territory, less the following deductions:

 

		(i)	sales and excise taxes and duties paid or allowed by
the selling PARTY and any other governmental charges imposed upon the production, importation, use or sale of the Final Products;

 

		(ii)	customary trade, quantity and cash discounts allowed
on Final Products;

 

		(iii)	compulsory government rebates;

 

		(iv)	allowances or credits to customers on account of rejection
or return of Final Product or on account of retroactive price reductions affecting the Final Product;

 

		(v)	freight and insurance costs, if they are included in
the selling price for the Final Product invoiced to Third Parties, provided always that such deduction shall not be greater than
the balance between the selling price actually invoiced to the Third Party and the standard selling price which would have been
charged to such Third Party for such Final Product exclusive of freight and insurance in the respective country or in a comparable
country; and

 

		(vi)	in the event that a Final Product is sold in any country
in the form of a combination product containing one or more other therapeutically active ingredients, the Net Sales for any such
Final Product shall be computed using the Combination Product Adjustment for such country.

 

1.31.      “Non-Defaulting
Party” shall have the meaning set out in Article 9.2.

 

1.32.      “Notice
of Default” shall have the meaning set out in Article 9.2.

 

1.33.      “Patent
Rights” shall mean any and all of the following: (i) patent applications (including without limitation provisional
patent applications) and patents (including without limitation the inventor’s certificates); (ii) any substitution, extension
(including without limitation patent term extensions and supplementary protection certificates), registration, confirmation, reissue,
continuation, divisional, continuation-in-part, re-examination, renewal, patent of addition or the like thereof or thereto; (iii)
any foreign counterparts of any of the foregoing; and (iv) any utility model applications and utility models (whether or not corresponding
to any of the foregoing).

 

1.34.      “Person”
shall mean an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an estate, an unincorporated
organization, or any other entity, or a government or any department or agency thereof, whether acting in an individual, fiduciary
or other capacity.

 

1.35.      “Phase
I Clinical Trial” shall mean a Clinical Trial conducted in humans which is principally intended to obtain data on
the safety, tolerability, pharmacokinetic or pharmacodynamic properties of a product. Phase I shall be deemed to have commenced
when the first patient in the study has been treated. Phase I shall be deemed to have completed when the last patient has completed
his or her treatment being investigated

 

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by that Clinical Trial
as described in its protocol, the database is locked, and data from all patients, according to protocol, has been analyzed for
the primary endpoint.

 

1.36.      “Phase
II Clinical Trial” shall mean a Clinical Trial conducted in humans in which the primary objective is a preliminary
determination of therapeutic efficiency and/or to find an optimal dose range in patients with the disease target being studied.
Phase II shall be deemed to have commenced when the first patient in the study has been treated. Phase II shall be deemed to have
completed when the last patient has completed his or her treatment being investigated by that Clinical Trial as described in its
protocol, the database is locked, and data from all patients, according to protocol, has been analyzed for the primary endpoint.

 

1.37.      “Phase
Ill Clinical Trial” shall mean a Clinical Trial conducted in humans in which the primary objective is a determination
of therapeutic efficiency in patients with the disease target being studied. Phase Ill shall be deemed to have commenced when the
first patient in the study has been treated. Phase Ill shall be deemed to have completed when the last patient has completed his
or her treatment being investigated by that Clinical Trial as described in its protocol, the database is locked, and data from
all patients, according to protocol, has been analyzed for the primary endpoint.

 

1.38.      “Price
and Reimbursement Approval” shall mean any approvals, licenses, registrations or authorizations of any supranational,
national, regional, state or local Regulatory Authority or other regulatory agency, department, bureau or governmental entity,
necessary to determine or set the pricing of a Product, and/or its reimbursement level by the relevant health authorities, providers
or other funding institutions, at supranational, national, regional, state or local level.

 

1.39.      “Regulatory
Approval” shall mean any approvals, licenses, registrations or authorizations of any supranational, national, regional,
state or local Regulatory Authority or other regulatory agency, department, bureau or governmental entity, necessary for the manufacture,
marketing or sale of a Product or conduct of Clinical Trials in a regulatory jurisdiction, excluding Price and Reimbursement Approval.

 

1.40.      “Regulatory
Authority” shall mean (i) the FDA or (ii) any and all governmental or supranational agencies, ministries, authorities
or other bodies with similar regulatory authority with respect to approval or registration of pharmaceutical or biologic products
in any other jurisdiction anywhere in the world.

 

1.41.      “Royalty
Term” shall mean with respect to each Final Product sold in a particular country, the period beginning on the date
of the First Commercial Sale in such country and terminating on the expiration of the last-to-expire or lapse of any Valid Claims
in such country covering [*].

 

1.42.      “SELEXIS
Know-How” shall mean SELEXIS’ Confidential Information and Know-How owned, controlled by SELEXIS, or to which
SELEXIS has received a license which includes a right to grant sublicenses consistent with the Commercial License relating to,
without limitation, the construction and development of recombinant cell lines for the manufacture of biopharmaceutical products
and existing as of the Effective Date or obtained thereafter during the Term.

 

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1.43.      “SELEXIS
Materials” shall mean the materials provided by SELEXIS to COMPANY under this Agreement and all modifications and
improvements thereof made by SELEXIS during the Term.

 

1.44.      “SELEXIS
Patent Rights” shall mean Patent Rights which: (i) are owned or controlled by SELEXIS, or to which SELEXIS has received
a license which includes a right to grant sublicenses consistent with the Commercial License (ii) are necessary or useful for the
use of SELEXIS Materials or the construction, development and use of Cell Lines and (iii) are existing as of the Effective Date
or obtained thereafter during the Term. Without limiting the generality this Article, the SELEXIS Patent Rights as of the Effective
Date are listed in Exhibit 1 hereto.

 

1.45.      “SELEXIS
Technology” shall mean the SELEXIS Patent Rights, the SELEXIS Know-How and the SELEXIS Materials.

 

1.46.      “Tax
Authority” shall mean the relevant governing tax authority as defined in Article 4.2.

 

1.47.      “Taxes”
shall mean all excises, taxes and duties with the exception of VAT.

 

1.48.      “Technology”
shall mean all inventions (whether or not patentable or patented) and intellectual property rights therein, including without limitation,
patents, patent applications, know-how, trade secrets, copyrights, trademarks, designs, concepts, registered and unregistered design
rights, data, work product, results, reports, improvements, business and research plans, analytic methods and results, experimental
methods and results, manufacturing processes, developments, technologies, technical information, composites of genes and gene constructs,
cell lines, manuals, standard operating procedures, instructions and specifications.

 

1.49.      “Term”
shall have the meaning set out in Article 9.1.

 

1.50.      “Territory’’
shall mean the entire world.

 

1.51.      “Third
Party” shall mean a Person other than SELEXIS, COMPANY or an Affiliate of SELEXIS or COMPANY.

 

1.52.      “Transferee”
shall have the meaning set out in Article 2.3.

 

1.53.      “Valid
Claim” shall mean any issued or granted claim of the SELEXIS Patent Rights that has not been revoked or held unenforceable
or invalid by a decision of a court or other governmental agency of competent jurisdiction, that is unappealable or remains unappealed
at the end of the time allowed for appeal, or that has not been disclaimed, denied or admitted to be invalid or unenforceable through
reissue, re-examination, disclaimer or otherwise.

 

1.54.      “VAT”
shall mean value added tax and any other similar turnover, sales or purchase, tax or duty levied by any other jurisdiction whether
central, regional or local.

 

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CONFIDENTIAL

 

		2.	Commercial Licenses

 

		2.1.	Commercial Licenses.
Subject to payment by COMPANY of the amounts provided for below and COMPANY’s compliance with the other terms and conditions
of this Agreement, SELEXIS hereby grants to COMPANY a non-exclusive license under the SELEXIS Patent Rights and SELEXIS Know-How,
in the Territory, with the limited right to sublicense in accordance with Article 2.2, to use (and have used only by permitted
Sublicensees in accordance with Sections 2.2 and 2.3) Company-Specific Cell Lines and SELEXIS Materials for the manufacture of
Licensed and/or Final Products in the Licensed Field of Use and to make, have made, use, offer for sale, sell, import and otherwise
exploit Licensed and/or Final Products, including, without limitation, the use of Licensed and Final Products in Clinical Trials
(the “Commercial License”).

 

		2.2.	Sublicenses.

 

		2.2.1.	COMPANY may solely, without prior written consent from
SELEXIS, grant sublicenses under the Commercial License to (i) a Contractor or a Collaboration Partner for and only with respect
to [*] or [*], or (ii) a Collaboration Partner for and only with respect to [*] or [*]. In the event that [*] any sublicense of
any rights granted under the Commercial License to a Collaboration Partner or a Contractor [*], [*] thereof and the parties [*]
sublicenses under this Section 2.2.1 [*].

 

		2.2.2.	Any sublicenses other than those expressly permitted
without consent pursuant to Section 2.2.1, including, without limitation, with respect to [*], shall require the prior written
consent of SELEXIS, which consent will not be unreasonably withheld, conditioned or delayed.

 

		2.2.3.	If COMPANY grants any sublicenses permitted or consented
to hereunder, it shall notify SELEXIS within thirty (30) days of any such sublicense grant and report the name and address of
any such sublicensee (each, a “Sublicensee”) together with written certification by an officer of COMPANY that
the Sublicensee has agreed in writing to adhere to the relevant provisions of this Agreement. Notwithstanding the above, COMPANY
is and remains fully liable and responsible for any breach of this Agreement committed or any Losses caused by any Sublicensee,
or any other Third Party or Affiliate to whom the Company-Specific Cell Lines, SELEXIS Materials and the SELEXIS Know How or parts
thereof are made available under any such sublicense.

 

		2.3.	Tri-Party Agreements. In the event that SELEXIS
is unable, due to restrictions on its rights to permit COMPANY to grant any sublicense of any rights granted under the Commercial
License to a Collaboration Partner or a Contractor, to consent to any sublicense pursuant to Section 2.2.1, then the parties agree
to use diligent efforts to negotiate a tri-party agreement among SELEXIS, COMPANY and such Collaboration Partner or Contractor
(each a “Tri-Party Agreement”), pursuant to which: (a) SELEXIS will grant a non-transferable, non-sublicenseable,
royalty-free, non-exclusive license to such Collaboration Partner or Contractor, under the SELEXIS Know-How and the SELEXIS Patent
Rights, to use the Company-Specific Cell Lines: (i) solely for uses that are reasonably related to the development, manufacture,
use, commercialization and/or sale of the Licensed or Final Products in the relevant territory; and (ii) in accordance with Applicable
Laws; (b) such license shall be subject to obligations and restrictions

 

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comparable to those set
forth in this Agreement, provided that such Tri-Party Agreement will not include any payment obligations comparable to those set
forth in Article 3 or otherwise; and (c) COMPANY will remain responsible for all financial obligations to SELEXIS under this Agreement
for the entire Territory, including the territory granted to such Collaboration Partner or Contractor and including, without limitation,
payment with respect to any Net Sales therein.

 

		2.4.	Transfer of SELEXIS Materials. COMPANY shall not
transfer the Cell Lines, SELEXIS Materials or SELEXIS Know-How to any Third Party, except that during and for the Term only, COMPANY
may transfer SELEXIS Know-How to Contractors or Collaboration Partners (the “Transferees”) solely for their
use in connection with their development of the production process and/or manufacturing of Licensed Products with, or on behalf
of, COMPANY, pursuant either to a sublicense as permitted or consented to under Section 2.2 or a Tri-Party Agreement. If COMPANY
makes any such transfer, it shall notify SELEXIS within thirty (30) days of any such transfer and report the name and address
of any Transferee together with confirmation that the Transferee has agreed in writing to adhere to the confidentiality obligations
and use restrictions set out in this Agreement.

 

		3.	Consideration

 

		3.1.	Payments.

 

3.1.1.    Commercial
License Execution Payment. As partial consideration for the rights and licenses granted by SELEXIS to COMPANY under this Agreement,
COMPANY shall pay SELEXIS a one-time fee of CHF 65,000.00 (Sixty-Five Thousand Swiss Francs), due within ten (10) business days
of execution of this Agreement.

 

3.1.2.    Commercial
License Milestone Payments. As partial consideration for the rights and licenses granted by SELEXIS to COMPANY under this Agreement,
COMPANY shall make the following milestone payments to SELEXIS with respect to the first occurrence of each such milestone event
for each Licensed Product:

 

(i)    [*]
CHF 65,000.00 (Sixty-Five Thousand Swiss Francs); and

 

(ii)   [*]
CHF 300,000 (Three Hundred Thousand Swiss Francs).

 

3.1.3.     Commercial
License Royalty Payments: In addition to the milestone payments under Article 3.1.2, during the Royalty Term, COMPANY shall
pay SELEXIS on a Product-by-Product and country-by-country basis a royalty of [*] of Net Sales of all Final Products sold worldwide.
Where royalties are due for the sale of Final Products directly by COMPANY, such royalties shall be paid for each Calendar Quarter
within [*] of the end of that Calendar Quarter. Where royalties are due for the sales of Final Product by a Sublicensee, payment
shall be made within [*] of the end of that Calendar Quarter. For the avoidance of doubt, no royalty payments shall be due for
a Final Product in a specific country after the Royalty Term has expired for such Final Product in such country. Where royalties

 

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are no longer due in
accordance with the foregoing, the Commercial License granted to COMPANY under this Agreement shall become perpetual, irrevocable,
fully paid up and royalty free with respect to such Final Product in such country.

 

3.1.4.       Royalty
Buyout. At any time during the Term, COMPANY shall have the right to terminate its obligation to pay a royalty pursuant to
Section 3.1.3 of this Agreement with respect to all Final Product containing a specific Licensed Product by paying to SELEXIS
the sum of CHF 1,750,000 (One Million One Hundred Seventy-Five Thousand Swiss Francs) (a “Royalty Termination Fee”).
In order to exercise this right, COMPANY shall notify SELEXIS in accordance with Section 11.10 of this Agreement that it is paying
the Royalty Termination Fee for all Final Product containing the specified Licensed Product in such notice. Provided that the
Royalty Termination Fee is paid to SELEXIS within five (5) business days of such notice in accordance with Section 3.2 of this
Agreement, the notice shall be effective as of the first day of the Calendar Quarter in which the notice was delivered, thereby
terminating the royalty obligation for all Final Product containing the specified Licensed Product for that Calendar Quarter and
thereafter. Payment of a Royalty Termination Fee shall apply only to all Final Product containing a single Licensed Product [*].
For avoidance of doubt, upon COMPANY paying a Royalty Termination Fee under this Agreement, no royalties shall thereafter be due
to SELEXIS under this Agreement.

 

		3.2.	Mechanism of Payment. The payments due to SELEXIS
under this Agreement shall be made either by check or by wire transfer or electronic fund transfer to the credit and account of
SELEXIS, as follows:

 

Bank Name:    [*]

 

Account:         [*]

 

		To:	Selexis S.A.

18, chemin des Aulx

1228 Plan-les-Ouates

Geneva, Switzerland

 

		3.3.	Payment Terms. Except with respect to royalties
due pursuant to Article 3.1.3, COMPANY shall make payments due to SELEXIS under this Agreement at the latest [*] business days
after receipt of invoice. All fees and payments, including without limitation under Article 3.1.3, do not include any applicable
VAT or Taxes.

 

		3.4.	Records. COMPANY and its Affiliates and Sublicensees
shall keep true accounts of Net Sales of Licensed Products and COMPANY shall deliver to SELEXIS at the same time as the payments
due under Article 3.1.3, a written account, including quantities of Net Sales of each such Licensed Product, broken down
on a country-by-country basis with respect to those payments. SELEXIS is entitled to have such accounts audited by an independent
expert of its choice. Such independent expert shall be bound by confidentiality terms at least as restrictive as the terms of
Article 8 and shall be authorized to disclose to SELEXIS only the results of its audit. COMPANY shall provide access to all information
reasonably

 

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requested by such expert.
The cost of any audit shall be borne by SELEXIS unless the audit shows that COMPANY underpaid SELEXIS by more than [*] of the amounts
due, in which case, the cost of the audit shall be borne by COMPANY.

 

		3.5.	Single Royalty and Milestone. For Final Products
covered by more than one SELEXIS Patent Rights, COMPANY will make one payment to SELEXIS for royalties on any unit of Final Product
sold by COMPANY or Sublicensees, irrespective of how many SELEXIS Patent Rights may cover such Final Product. Each milestone described
in Article 3 shall be payable only once in relation to each Licensed Product, irrespective of the number of Final Products which
incorporate that Licensed Product and undergo the events triggering the payment. All fees and payments, including without limitation
under Article 3.1, do not include any applicable VAT or Taxes.

 

		4.	Taxes

 

		4.1.	General. All Taxes levied on account of any payment
made by COMPANY to SELEXIS pursuant to this Agreement (other than Taxes on income, gains or profits levied against SELEXIS by
any competent Swiss tax authority) will be the responsibility of, and shall be paid by, COMPANY pursuant to Article 4.2.

 

		4.2.	Character of Payments. The PARTIES agree that,
for purposes of determining the applicability of any Taxes, the payments to be made under this Agreement constitute payments for
tangible property and the license of intellectual property. However, in the event that the governing tax authority (the “Tax
Authority”) qualifies such payment differently, any additional taxes that may be applied (including without limitation,
any interest and penalties that may be unpaid) shall [*].

 

		4.3.	Withholding by COMPANY.

 

		(i)	All payments by COMPANY hereunder shall be made in full
without any deduction or withholding whatsoever, and free and clear of and without any deduction or withholding for or on account
of any Taxes, except to the extent that any such deduction or withholding is required by any law in effect at the time of payment.
Subject to paragraph (ii) of this Article, if any Taxes or amounts with respect to Taxes must be deducted or withheld, or any
other deductions or withholdings must be made, from any amounts payable or paid by COMPANY, [*] and [*] deduction or withholding.

 

		(ii)	[*] pursuant to paragraph (i) of this Article with respect
to any deduction or withholding [*] if [*] or [*].

 

		5.	Intellectual Property

 

		5.1.	Ownership. Each PARTY shall retain all right,
title and interest in and to its Inventions and Know-How which exist on the Effective Date or which are thereafter developed independently
of the performance of this Agreement.

 

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		5.2.	COMPANY and SELEXIS Inventions. Any Invention
developed hereunder by or for either Party, solely or jointly with the other PARTY or any Affiliate or agent thereof, shall belong
exclusively (i) to COMPANY, to the extent it relates specifically to any COMPANY Technology, including, without limitation, any
improvement or modification thereto (“COMPANY Invention”); or (ii) to SELEXIS, to the extent it relates specifically
to any SELEXIS Technology, including, without limitation, any improvements or modifications thereto (“SELEXIS Invention”).
Any SELEXIS Inventions shall be included within the scope of the SELEXIS Technology licensed to COMPANY under this Agreement as
provided for within Article 5.5. Notwithstanding the foregoing, such ownership shall not be construed to transfer to either PARTY
ownership of or any license or other rights in or to any of the other PARTY’s underlying Technology which may be included
or embodied therein, or useful or necessary to use in connection with exploiting such Invention.

 

		5.3.	Other Inventions. Except as set forth in Article
5.2, any other Invention developed hereunder solely by COMPANY shall be COMPANY’s sole property and any other Invention
developed hereunder solely by SELEXIS shall be SELEXIS’ sole property. The PARTIES do not anticipate that there will be
any jointly developed Inventions hereunder, but if there are any other such jointly developed Inventions which do not relate to
either the SELEXIS Technology or the COMPANY Technology, such Inventions shall be owned jointly by COMPANY and SELEXIS (“Joint
Inventions”). In the event any such Joint Inventions arise, the PARTIES will use commercially reasonable efforts to
cooperate to protect and/or exploit such Joint Inventions, including, without limitation, sharing those costs incurred
through protection of such Joint Inventions and sharing in revenues generated by the use or sublicense of such Joint Inventions.

 

		5.4.	Notification. Each PARTY shall promptly notify
the other PARTY of any Invention arising in connection with this Agreement, provided, however, that COMPANY has
no obligation to notify SELEXIS with respect to any COMPANY Inventions developed solely by or on behalf of COMPANY.

 

		5.5.	Improvements. In the event SELEXIS possesses,
acquires, creates or is licensed (with the right to grant a sublicense consistent with the terms of the Commercial License) any
improvements to the SELEXIS Technology which are necessary or useful for COMPANY to use in connection with the development of
Cell Lines as licensed hereunder, such improvements shall automatically be included in the SELEXIS Patent Rights and/or the SELEXIS
Know-How and thereby disclosed and licensed at no extra cost to COMPANY in accordance with this Agreement; provided, however,
that any rights granted by the foregoing will be subject to COMPANY’s compliance with any bona fide obligations owed to
Third Parties (with respect to which, SELEXIS has notified COMPANY of such obligations), including, without limitation, [*].

 

		5.6.	Third Party Patent Rights. SELEXIS covenants that if SELEXIS becomes aware that
                                                                                 COMPANY’s use of the SELEXIS Technology in accordance with the terms hereunder would or would likely infringe any Third
                                                                                 Party proprietary rights, SELEXIS shall use its reasonable commercial efforts to resolve such potential infringement at
                                                                                 SELEXIS’ cost to ensure COMPANY’s freedom to continue to exercise the licenses granted under this Agreement,
                                                                                 including without limitation, by using its reasonable commercial efforts to obtain a

 

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license from such Third
Party owner of proprietary rights which entitles SELEXIS to continue to grant the rights to COMPANY as provided for herein. Should
such efforts not be successful, SELEXIS shall inform COMPANY in writing and thereafter, subject to such notification, either PARTY
may terminate this Agreement with immediate effect, save that SELEXIS shall not have such right if COMPANY agrees to waive any
liability SELEXIS would otherwise have to COMPANY hereunder with respect to the infringement of such Third Party proprietary rights.
The obligations set forth in this Article pertain solely to Third Party rights specifically and solely related to the SELEXIS Technology
or SELEXIS Materials licensed hereunder, and do not apply to any other technology or materials used by COMPANY at its discretion
in connection with its exercise of the license rights granted hereunder, and specifically exclude any such Third Party rights which
relate to the Licensed Product(s) produced by any Cell Lines hereunder.

 

		5.7.	Enforcement of SELEXIS Patent Rights. If, during
the Term, either PARTY becomes aware of any infringement or potential infringement of the SELEXIS Technology, it shall promptly
notify the other PARTY in writing and the PARTIES shall immediately consult with each other to decide the best way to respond
to such infringement or misuse, provided that SELEXIS shall remain free to take any action it deems fit and in its sole discretion.

 

		5.8.	COMPANY Publications. COMPANY shall have the unrestricted
right to publish or otherwise disclose the results and data obtained by the practice of the SELEXIS Technology in accordance with
the terms hereof, provided, however, that such publication or disclosure does not include any Confidential Information
of SELEXIS. The name of SELEXIS shall be given proper recognition in such publication(s) as scientifically appropriate.

 

		5.9.	Further Assurance. Each PARTY agrees to execute
and effect all necessary steps at the cost of the other PARTY (if not specifically agreed to otherwise) and as the other PARTY
may reasonably require to give the other PARTY the full benefit of the provisions of this Article 5.

 

		6.	Representations, Warranties, and Covenants

 

		6.1.	General. Except for the representations, warranties
and covenants set forth in this Article 6, the PARTIES do not make any other representations, nor give any other warranties, express
or implied, nor undertake to any other covenants. The PARTIES expressly exclude any and all other representations, warranties
and covenants.

 

		6.2.	Representations and Warranties by the PARTIES.
Each PARTY hereby represents and warrants to the other PARTY that:

 

6.2.1.       Corporate
Power. It is duly organized and validly existing under the laws of the state (or country or other jurisdiction, as the case
may be) of its incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions
hereof.

 

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6.2.2.       Due
Authorization. It is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the
persons executing this Agreement on its behalf have been duly authorized to do so by all requisite corporate actions.

 

6.2.3.       Binding
Agreement. This Agreement is a legal and valid obligation binding upon it and is enforceable in accordance with its terms,
except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other
laws relating to or affecting creditors’ rights generally and by general equitable principles and public policy.

 

6.2.4.       No
Conflicts. The execution, delivery and performance of this Agreement by itself does not conflict with any agreement, instrument
or understanding, oral or written, to which it is a PARTY or by which it may be bound.

 

6.2.5.       Intellectual
Property Rights. Each PARTY represents that it has valid and sufficient arrangements and agreements with its directors, officers
and employees (which term shall include agents, consultants and subcontractors) such that ownership of intellectual property rights
in and to any Inventions made by its directors, officers and employees vests in such PARTY.

 

		6.3.	Additional Representations and Warranties by SELEXIS.
SELEXIS hereby represents and warrants that, to the best of its knowledge, as of the Effective Date:

 

6.3.1.       There
is no pending litigation asserting that the use of the SELEXIS Technology or the SELEXIS Know-How constitutes an infringement or
misappropriation of any intellectual property rights of a Third Party;

 

6.3.2.       SELEXIS
has the right in and to the SELEXIS Technology, SELEXIS. Know-How and the SELEXIS Patents to grant COMPANY the rights which are
granted to COMPANY under this Agreement; and

 

6.3.3.       SELEXIS
has the rights necessary to grant a non-transferable, non-sublicenseable royalty-free, non-exclusive license to a Collaboration
Partner or Contractor, under the SELEXIS Know-How and the SELEXIS Patent Rights, to use the Company-Specific Cell Lines solely
for uses that are reasonably related to the development, manufacture, use, commercialization and/or sale of the Licensed or Final
Products in part of the Territory, as contemplated by Section 2.3.

 

		6.4.	Additional
                                         Warranties by COMPANY. COMPANY hereby represents and warrants to SELEXIS that:

 

6.4.1.       There
are no Third Party intellectual property rights or any other rights that may be asserted against SELEXIS claiming that SELEXIS
was or is directly infringing or is helping or assisting COMPANY in infringing such Third Party’s rights in connection with
COMPANY’s exercise of the Commercial License granted by SELEXIS hereunder (except to the extent that any such Third Party
rights relate solely and specifically to the SELEXIS Technology and/or SELEXIS Materials), including, without limitation, the development,
manufacture and commercialization of Licensed Products and/or Final Products as permitted hereunder; and

 

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6.4.2.       As
of the Effective Date, to the best of its knowledge, there is no litigation pending against COMPANY in connection with the use
or ownership of the Company Protein and/or Licensed Product, including, without limitation, the infringement or misappropriation
of any intellectual property rights of a Third Party relating to the Company Protein and/or Licensed Product, and COMPANY has not
received any written claim that the use thereof infringes on any intellectual property rights of a Third Party or a request or
demand from any Third Party for the licensing of any intellectual property rights to such Third Party in connection with the use
of the Company Protein and/or Licensed Product.

 

6.4.3.       COMPANY
will not knowingly misappropriate or infringe the intellectual property or other rights of any Third Party in connection with its
exercise of its licensed rights hereunder, including, without limitation, use of any SELEXIS Technology, Cell Line, or development,
manufacture or sale of Licensed and/or Final Product hereunder, and understands and agrees that SELEXIS will have no liability
whatsoever for any such misappropriation or infringement to the extent they do not relate solely and specifically to the use of
the SELEXIS Technology and/or SELEXIS Materials hereunder.

 

		6.5.	Disclaimer of
Warranties by SELEXIS. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND WITHOUT LIMITING THE GENERALITY OF ARTICLE 6.1,
SELEXIS DOES NOT MAKE NOR GIVE ANY REPRESENTATION OR WARRANTY TO COMPANY OF ANY NATURE, EXPRESS OR IMPLIED, THAT THE SELEXIS TECHNOLOGY
WILL BE USEFUL FOR, OR ACHIEVE ANY PARTICULAR RESULTS AS A RESULT OF ANY USE THEREOF BY SELEXIS OR BY COMPANY PURSUANT TO ANY
LICENSE GRANTED TO COMPANY UNDER THIS AGREEMENT. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, SELEXIS SPECIFICALLY DISCLAIMS
ANY WARRANTY OF NONINFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

		7.	Liability and Indemnification

 

		7.1.	Indemnification
by SELEXIS. During the Term and thereafter, SELEXIS hereby agrees to save, defend and hold COMPANY, its Affiliates, and their
respective officers, directors, employees, consultants and agents harmless from and against any and all Losses resulting directly
from (i) any Third Party claim alleging that Customer’s use of the SELEXIS Technology and/or the SELEXIS Materials in strict
accordance with the terms of this Agreement infringes or misappropriates such Third Party’s intellectual property or other
property right (except to the extent such claim relates to the use of the SELEXIS Technology and/or SELEXIS Materials in combination
with any technologies or materials not supplied by SELEXIS or any modifications made by anyone other than SELEXIS to the SELEXIS
Technology or SELEXIS Materials); or (ii) any material breach of SELEXIS’ representations, warranties and covenants set
forth in Article 6; except in each case to the extent that such Losses were caused by willful misconduct or gross negligence of
COMPANY or any of its Affiliates, Collaborators or Sublicensees. In the event COMPANY seeks indemnification under this Article
7.1, COMPANY shall notify SELEXIS of

 

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any
claim as soon as reasonably practicable after it receives notice of the claim. COMPANY shall then allow SELEXIS to conduct and
control the defense against the claim (including without limitation to settle the claim solely for monetary consideration), shall
(at SELEXIS’ expense) execute and deliver such documents and other papers and take such further actions as may be reasonably
required to defend against the claim (including without limitation to settle the claim solely for monetary consideration) and shall
(at SELEXIS’ expense) cooperate as requested by SELEXIS in the defense of the claim, provided always that SELEXIS may not
settle any such claim or otherwise consent to an adverse judgment or order in any relevant action or other proceeding which includes
any admission as to liability or fault without the prior express written consent of COMPANY, which consent will not be unreasonably
withheld.

 

		7.2.	Indemnification
by COMPANY. During the Term and thereafter, COMPANY hereby agrees to save, defend and hold SELEXIS and its officers, directors,
employees, consultants and agents harmless from and against any and all Losses resulting directly from (i) Third Party claims
in connection with personal injury or damages to property caused by the Company Protein, Licensed Products and/or Final Products,
including, without limitation, any product liability claims however stated; (ii) Third Party claims relating to any use of the
Cell Lines, SELEXIS Technology and/or SELEXIS Materials outside the scope of the license granted herein or otherwise not in strict
compliance with the terms hereof, or any use of the Cell Lines, SELEXIS Technology and/or SELEXIS Materials in conjunction with
technology or materials not provided by SELEXIS, or any modifications to the SELEXIS Technology and/or SELEXIS Materials (except
in each of the foregoing cases, to the extent SELEXIS is obligated to indemnify COMPANY pursuant to Article 8.1 above); or (iii)
any material breach of COMPANY’s representations, warranties and covenants set forth in Article 6; in each case, except
to the extent that such Losses result from the willful misconduct or gross negligence of SELEXIS or its Affiliates. In the event
SELEXIS seeks indemnification under this Article, SELEXIS shall notify COMPANY of any claim as soon as reasonably practicable
after it receives notice of the claim. SELEXIS shall then allow COMPANY to assume direction and control of the defense of the
claim (including without limitation the right to settle the claim solely for monetary consideration), and shall (at COMPANY’s
expense) execute and deliver such documents and other papers and take such further actions as may be reasonably required to defend
against the claim (including without limitation to settle the claim solely for monetary consideration). SELEXIS shall (at COMPANY’s
expense) cooperate as requested by COMPANY in the defense of the claim, provided always that COMPANY may not settle any such claim
or otherwise consent to an adverse judgment or order in any relevant action or other proceeding which includes any admission as
to liability or fault without the prior express written consent of SELEXIS, which consent will not be unreasonably withheld.

 

		7.3.	No Incidental
                                         or Consequential Damages. In no event shall either PARTY be responsible for any incidental
                                         or consequential damages, including without limitation, lost profits or opportunities;
                                         provided that the foregoing shall in no event limit a PARTY’s indemnification obligation
                                         under Article 7.1 or Article 7.2 hereinabove.

 

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		7.4.	Limitation of Liability. Except with respect to
its indemnification obligations under Article 7.1, [*] cumulative liability under this Agreement, whether in contract, in tort,
or otherwise, shall in no event exceed [*]. With respect to its indemnification obligations under Article 7.1, [*] cumulative
liability shall in no event exceed [*].

 

		8.	Confidentiality

 

		8.1.	Non-disclosure.
                                         During the Term of this Agreement and for [*] thereafter, each PARTY shall keep Confidential
                                         Information of the other PARTY confidential and shall not (i) use the other PARTY’s
                                         Confidential Information for any purpose not expressly permitted under this Agreement,
                                         nor (ii) disclose the other PARTY’s Confidential Information to any Person other
                                         than those of its agents, employees, and consultants (collectively, “Representatives”)
                                         who need to know such Confidential Information for a use or purpose expressly permitted
                                         under this Agreement. Any such Representative who receives Confidential Information pursuant
                                         to this Article 8.1 shall be bound by written obligations of confidentiality and non-use
                                         with respect to the Confidential Information that are no less stringent than the obligations
                                         set forth in this Agreement.

 

		8.2.	Exceptions. The confidentiality obligations set
forth in Article 8.1 shall not apply to Confidential Information that (i) is, or becomes, public information other than as the
result of the violation of this Agreement or other act or omission by the receiving PARTY or its Representatives; (ii) was lawfully
known to the receiving PARTY or its Representatives without restriction on use or disclosure at the time of disclosure hereunder;
(iii) is hereafter lawfully received by the receiving PARTY or its Representatives from a Third Party authorized to make such
disclosure and without restriction on use or disclosure; or (iv) is approved for release by prior written consent from the disclosing
Party.

 

		8.3.	Authorized Disclosures. Notwithstanding any provision
of this Agreement to the contrary:

 

8.3.1.       COMPANY
may disclose this Agreement to any potential Contractor or Collaboration Partner in connection with its discussions relating to
a possible arrangement with such Contractor or Collaboration Partner, provided, however, that such potential Contractor
or Collaboration Partner is subject to confidentiality obligations with reasonable scope and duration and no less stringent than
the obligations set forth in this Agreement; and (ii) such Contractor or Collaboration Partner is contractually restricted from
using this Agreement for any purpose other than as reasonably necessary to carry out the discussions with COMPANY.

 

8.3.2.       Each
PARTY may disclose Confidential Information of the other PARTY to the extent such disclosure is required by law, provided,
however, that the receiving PARTY gives the disclosing PARTY reasonable prior written notice to enable the disclosing PARTY
to take appropriate measures to protect its Confidential Information and fully cooperates, subject to commercially reasonable efforts,
with the disclosing PARTY to prevent or limit, to the greatest extent possible, the disclosure of Confidential Information.

 

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		8.4.	Use of Name. No right, express or implied, is
granted to either PARTY by this Agreement to use in any manner any trademark or trade name of the other PARTY, including the names
“Oncobiologics” and “SELEXIS” without the prior written consent of the PARTY entitled to use such trademark
or trade name.

 

		9.	Term and Termination

 

		9.1.	Term. This Agreement is effective as of the Effective
Date. Unless earlier terminated pursuant to Articles 9.2, 9.3 or 9.4, this Agreement shall remain in full force and effect until
expiration of the last-to-expire of the SELEXIS Patent Rights (the “Term”).

 

		9.2.	Termination for Default. In addition to any other
remedies which may be available at law or equity, in the event of any material breach of this Agreement (the “Default”)
by a PARTY (the “Defaulting Party”), the PARTY not in default (the “Non-Defaulting Party”)
shall have the right to give the Defaulting Party a written notice thereof (the “Notice of Default”), whereby
such notice must state the nature of the Default in reasonable details and request that the Defaulting Party cure such Default
within [*]. If such Default is not cured within [*] after receipt of a Notice of Default by the Defaulting Party or if such Default
cannot be cured, the Non-Defaulting Party may, at its sole discretion, terminate this Agreement by written notice effective upon
receipt

 

		9.3.	Termination for Bankruptcy. In the event that
a PARTY shall become insolvent or make any arrangement with its creditors or has a receiver or administrator appointed to the
whole or any part of its assets, or if an order shall be made or a resolution passed for its winding up unless such order or resolution
is part of a scheme for its amalgamation or reconstruction (the “Insolvent Party”), the other PARTY shall have
the right, at its sole discretion, to serve immediate notice of termination of this Agreement, effective upon receipt.

 

		9.4.	Termination by COMPANY. COMPANY may terminate
this Agreement for convenience at any time by giving [*] written notice to SELEXIS.

 

		9.5.	Consequences of Expiration or Termination.

 

9.5.1.       Termination
of Licenses. In the event of a termination of this Agreement by COMPANY pursuant to Article 9.2. 9.3 or 9.4 or by SELEXIS pursuant
to Article 9.2 or 9.3, all and any rights and licenses granted under this Agreement shall terminate upon termination of this Agreement,
except for the licenses which have become perpetual pursuant to Article 3.1.3.

 

9.5.2.       SELEXIS
Technology and Confidential Information. Upon termination of this Agreement under Article 9.2 or Article 9.3 where COMPANY
is the Insolvent Party, or Article 9.4, COMPANY shall dispose of all tangible embodiments of the SELEXIS Technology and SELEXIS
Confidential Information, including without limitation the SELEXIS Materials and Cell Lines, and render inaccessible or useless
all electronic embodiments, of SELEXIS Confidential Information provided to COMPANY by SELEXIS hereunder, except that (a) COMPANY
may retain one copy of the SELEXIS

 

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CONFIDENTIAL

 

Confidential Information
delivered hereunder in its secured legal files only for ensuring compliance with the terms of this Agreement and (b) such obligation
shall not apply with respect to SELEXIS Technology and SELEXIS Confidential Information necessary or useful with respect to the
practice of any licenses that have become perpetual pursuant to Article 3.1.3.

 

9.5.3.       COMPANY
Confidential Information. Upon any expiration or termination of this Agreement, SELEXIS shall dispose of all tangible embodiments,
and render inaccessible or useless all electronic embodiments, of COMPANY Confidential Information provided to SELEXIS by COMPANY
hereunder, except that SELEXIS may retain one copy of the COMPANY’s Confidential Information delivered hereunder in its secured
legal files only for ensuring compliance with the terms of this Agreement.

 

9.5.4.       Accrued
Obligations. Expiration or termination of this Agreement shall not relieve the PARTIES of any obligation or liability accruing
prior to such expiration or termination.

 

		10.	Miscellaneous

 

		10.1.	Assignment. Neither this Agreement nor any interest
hereunder shall be assignable by either PARTY without the prior written consent of the other PARTY; provided, however,
that either PARTY may assign this Agreement and all of its rights and obligations hereunder, without such prior written consent,
to an entity” which acquires all or substantially all of the business or assets of such PARTY (or the business or assets
to which this Agreement pertains) whether by merger, consolidation, reorganization, acquisition, sale or otherwise; and COMPANY
may assign this Agreement and all of its rights and obligations hereunder, without such consent, to an Affiliate if COMPANY remains
liable and responsible for the performance and observance of all of the Affiliate’s duties and obligations hereunder, and
provided that such Affiliate is not a Contract Manufacturing Organization. This Agreement shall be binding upon the successors
and permitted assigns of the PARTIES and the name of a PARTY appearing herein shall be deemed to include the names of such PARTY’s
successors and permitted assigns to the extent necessary to carry out the intent of this Agreement. Any assignment not in accordance
with this Article 10.1 shall be null and void.

 

		10.2.	Compliance with Governmental Obligations. Each
PARTY shall comply, upon reasonable notice from the other PARTY, with all governmental requests directed to either PARTY relating
to this Agreement and provide all information and assistance necessary to comply with the governmental requests.

 

		10.3.	Counterparts. This Agreement may be executed in
any number of counterparts, each of which need not contain the signature of more than one PARTY but all such counterparts taken
together shall constitute one and the same agreement, and may be executed through the use of electronic .PDF’s or facsimiles.

 

		10.4.	Dispute Resolution. The PARTIES agree that in
the event of a dispute between them arising from, concerning or in any way relating to this Agreement, the PARTIES shall undertake
good faith efforts to resolve any such dispute, with the matter being referred at the request of either PARTY to the General

 

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CONFIDENTIAL

 

Counsel (or chief legal
officer) of each PARTY and, if remaining unresolved after [*], then to the Chief Executive Officers of each PARTY (or their designees).
If after [*] of the matter first being referred to the General Counsel, the PARTIES are unable to resolve such dispute, either
PARTY may, pursuant to Article 10.16, seek any remedy available at law.

 

		10.5.	Entire Agreement.
This Agreement sets forth all of the covenants, promises, agreements, representations, warranties, conditions and understandings
between the PARTIES with respect to the subject matter hereof, and constitutes and contains the complete, final, and exclusive
understanding and agreement of the PARTIES with respect to the subject matter hereof, and cancels, supersedes and terminates all
prior agreements and/or understanding between the PARTIES with respect to the subject matter hereof. There are no covenants, promises,
agreements, representations, warranties, conditions or understandings, whether oral or written, between the PARTIES other than
as set forth herein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the PARTIES
hereto unless reduced to writing and signed by the respective authorized officers
of the PARTIES. For the avoidance of doubt, and to the extent of any inconsistency between this Agreement and the Research License
Agreement, the terms of this Agreement shall govern and prevail.

 

		10.6.	Force Majeure. Neither PARTY shall be liable to
the other for loss, damages, default or delay due to Force Majeure, provided that the PARTY affected by a case of Force Majeure
gives prompt notice of such case to the other PARTY. The PARTY giving such notice shall thereupon be excused from its obligations
hereunder as it is thereby disabled from performing for so long as it is so disabled, provided, however, that such
affected PARTY commences and continues to take reasonable and diligent actions to cure such cause; and provided further that if
any Force Majeure delays or prevents the performance of the obligations of either PARTY for a continuous period in excess of [*]
days, the PARTY not affected shall then be entitled to terminate this Agreement, which termination shall be effective upon [*]
written notice to the affected PARTY. Such a termination shall be irrevocable, except otherwise provided by the PARTIES and upon
termination, the provisions of Article 9.5 shall apply.

 

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

 

		10.8.	Independent Contractors. The relationship between
SELEXIS and COMPANY created by this Agreement is one of independent contractors and neither PARTY shall have the power or authority
to bind or obligate the other PARTY except as expressly set forth in this Agreement.

 

		10.9.	Interpretation of Agreement. Articles and other
descriptive headings used in this Agreement are for reference purposes only and shall not constitute a part hereof or affect the
meaning or interpretation of this Agreement. Whenever the context so requires, the use of the singular shall be deemed to include
the plural and vice versa.

 

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CONFIDENTIAL

 

		10.10.	License Obligations. Nothing in this Agreement
imposes any obligation upon a PARTY to enter into any other license or agreement with the other PARTY.

 

		10.11.	Notices. All notices and other communications
required by this Agreement shall be in writing in the English language and shall be deemed transmitted if delivered personally
or by electronic or facsimile transmission (receipt verified), mailed by registered or certified mail (return receipt requested),
postage prepaid, or sent by express courier service, to the PARTIES at the following addresses (or at such other addresses that
a PARTY specifies by like notice, provided, however, that notices of a change of address shall be effective only
upon written receipt thereof):

 

If to COMPANY, addressed to:

Oncobiologics, Inc.

7 Clarke Drive

Cranbury, NJ 08512

		Attention:	Stephen J. McAndrew, Ph.D.

VP, Business Development

With a copy to:                CEO, Pankaj Mohan,
Ph.D., MBA

Facsimile:                       (609) 619-3980

 

If to SELEXIS, addressed
to:

Selexis S.A.

18 Chemin des Aulx

1228 Plan-les-Ouates

Geneva, Switzerland

 

Attention:                         Sophie Vock

 

With a copy to:                CEO, Igor Fisch, Ph.D.

 

Facsimile:                        +41 22 308-9361

 

		10.12.	Binding Effect. This Agreement shall be binding
upon and inure solely to the benefit of COMPANY and SELEXIS (and their permitted successors and assigns) and nothing in this Agreement
(express or implied) is intended to or shall confer upon any Third Party any rights, benefits or remedies of any nature whatsoever
under or by reason of this Agreement.

 

		10.13.	Severability. If any term, covenant or condition
of this Agreement or the application thereof to any PARTY or circumstance shall, to any extent, be held to be invalid or unenforceable,
then the remainder of this Agreement, or the application of such term, covenant or condition to PARTIES or circumstances other
than those as to which it is held invalid or unenforceable, shall therefore not be affected and each

 

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CONFIDENTIAL

 

term, covenant or
condition of this Agreement shall be valid and be enforced to the fullest extent permitted by applicable law.

 

		10.14.	Waiver. The failure on the part of a PARTY to
exercise or enforce any rights conferred upon it hereunder shall not be deemed to be a waiver of any such rights nor operate to
bar the exercise or enforcement thereof at any time or times hereafter.

 

		10.15.	Survival. Articles 1, 3.1.3, 3.4, 4, 5, 6, 7,
8, 9.5 and 10 shall survive any termination or expiration of this Agreement in accordance with their terms.

 

		10.16.	Governing Law and Jurisdiction. This Agreement
shall be governed by and construed in accordance with the substantive laws of [*], without regard to principles of conflict of
laws. Any dispute arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts
of [*].

 

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CONFIDENTIAL

 

IN WITNESS WHEREOF, the PARTIES, having read the
terms of this Agreement and intending to be legally bound, do hereby execute this Agreement:

 

	SELEXIS SA	 	ONCOBIOLOGICS, INC.
	 	 	 	 	 
	Signature:	   /s/ Girod Pierre-Alain	 	Signature:	    /s/ Pankaj Mohan
	 	 	 
	Place, Date:  April 16, 2013	 	Place, Date: 7 Clarke Drive, Cranbury, NJ 08512
	 	 	                   April 11, 2013
	 	 	 
	Name:  GIROD Pierre-Alain	 	Name:  Pankaj Mohan, Ph.D., MBA
	 	 	 
	Title: Chief Scientific Officer	 	Title:  Chief Executive Officer
	 	 	 	 	 
	Signature:	   /s/ Regine Brokamp	 	Signature:	   /s/ Stephen J. McAndrew
	 	 	 
	Place, Date:  PLO, April 15th, 2013	 	Place, Date: 7 Clarke Drive, Cranbury, NJ 08512
	 	 	                   April 11, 2013
	Name:  Regine Brokamp	 	Name:  Stephen J. McAndrew, Ph.D.
	 	 	 
	Title:   COO	 	Title:  Vice President, Business Development

 

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CONFIDENTIAL

 

EXHIBIT 1

 

[*]

 

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CONFIDENTIAL

 

EXHIBIT 2

 

LICENSED PRODUCTS

 

1.    ONS-1050,
Herceptin Biosimilar

 

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CONFIDENTIAL

 

AMENDMENT
NO. 1

TO

COMMERCIAL LICENSE AGREEMENT

 

This Amendment No. 1 to the Commercial License Agreement
(the “Amendment”), effective as of May 21, 2014 (the “Amendment Effective Date”), is by and between Selexis
SA (“Selexis”) and Oncobiologics, Inc. (“Company”).

 

WHEREAS, Company and Selexis entered into and executed
the Commercial License Agreement dated April 11, 2013 (the “Agreement”) relating to Company’s Licensed and/or
Final Product referred to as ONS-1050; and

 

WHEREAS, the parties desire to modify the Agreement
to revise Company’s sublicense rights.

 

NOW, THEREFORE, in consideration of the mutual obligations
and covenants set out herein and for good consideration, the parties agree as follows:

 

1.        Section 2.2.1
of the Agreement is deleted in its entirety and replaced with the following:

 

2.2.1           COMPANY
may, without prior written consent from SELEXIS, grant sublicenses under the Commercial License to a Contractor or to a Collaboration
Partner and only with respect to (i) [*], or (ii) [*]. A Collaboration Partner may further grant a sub-sublicense, only with prior
written consent from SELEXIS where such consent is not to be unreasonably withheld, conditioned or delayed, under the Commercial
License to a Contractor only with respect to [*].

 

2.        Section 2.2.2
of the Agreement is deleted in its entirety and replaced with the following:

 

2.2.2           Any
sublicenses other than those expressly permitted without consent pursuant to Section 2.2.1 shall require the prior written consent
of SELEXIS, which consent will not be unreasonably withheld, conditoned or delayed.

 

3.        Section 2.3
is deleted in its entirety.

 

4.        Section 2.4
is renumbered as Section 2.3, and the last clause of the first sentence (beginning with “...pursuant either to...”)
is deleted and replaced with “pursuant to a sublicense as permitted or consented to under Section 2.2.”

 

5.        In Section
1.30, the reference to the tri-party agreement is removed, so that the sentence begins: “...shall mean the amount collected
by COMPANY, its Affiliates and its Sublicensees, on account of sales of Final Product to Third Parties in the Territory, less the
following deductions:”

 

6.        All capitalized
terms used in the Agreement will have the same meaning where used in this Amendment. In the event of a conflict or inconsistency
between this Amendment and the

 

     

     

    

 

CONFIDENTIAL

 

Agreement, the applicable terms and conditions of this Amendment shall prevail.
All terms and conditions of the Agreement that are not amended herein shall remain unchanged and in full force and effect.

 

7.        This Amendment
may be executed in one or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute
one and the same document. In addition, this document may be executed by facsimile, and the parties agree that facsimile copies
of signatures shall have the same effect as original signatures.

 

In Witness
Whereof, the Parties have executed this Amendment by their proper officers as of the Effective Date.

 

	SELEXIS SA	 	ONCOBIOLOGICS, INC.
	 	 	 
	By:	  /s/ Regine Brokamp	 	By:	  /s/ Stephen J. McAndrew, Ph.D.
	Name:	      Regine Brokamp	 	Name:	   Stephen J. McAndrew, Ph.D.
	Title:	      COO	 	Title:	   Vice
President, Business Development
	Date:	      May 23rd, 2014	 	Date:	   May
21, 2014
	 	 	 	 
	 	      /s/ Igor Fisch	 	 
	 	      Igor Fisch	 	 
	 	      CEO	 	 
	 	      May 23rd, 2014

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