Document:

Exhibit 10.3

 

LICENSE AND SUBLICENSE
AGREEMENT

 

This License and Sublicense Agreement (“Agreement”)
is made effective as of December 22, 2016 (“Effective Date”) by and between on the one hand NovImmune S.A., 14
Chemin des Aulx, Plan les Ouates, Geneva, Switzerland (“Licensor”), and Tiziana Life Sciences, 18 South Street, Mayfair,
London, W1K 1DG, UK (“Licensee”). Licensor and Licensee are each hereafter referred to individually as a “Party”
and together as the “Parties.”

 

WHEREAS, Licensee desires to obtain an
exclusive license to patents owned or controlled by Licensor, a sublicense to certain patents licensed from Bristol-Myers Squibb
Company (“BMS”), along with any associated know-how, biologic materials, clinical data or other technology relating to
IL-6 receptor monoclonal antibodies (identified as NI-1201), and their use in order to research, develop and commercialize products
and services;

 

NOW, THEREFORE, in consideration of the
mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties hereby agree as follows:

 

1. DEFINITIONS

 

Capitalized terms used in this Agreement
shall have the meanings specified below or elsewhere herein.

 

1.1. “Affiliate” means
any Person who directly or indirectly controls or is controlled by or is under common control with another Person. A Person shall
only be considered an Affiliate during the duration of such control. For purposes of this definition, “control”
or “controlled” means ownership, directly or through one or more Affiliates, of fifty percent (50%) or more of
the shares of stock entitled to vote for the election of directors, in the case of a corporation, or fifty percent (50%) or more
of the equity interest, in the case of any other type of legal entity, or status as a general partner in any partnership, or the
contractual right to control the election of directors or direct the affairs of any Person.

 

1.2. “Confidential Information
means with respect to a Party (the “Receiving Party”), all information that is (i) disclosed by the other Party
(the “Disclosing Party”) to the Receiving Party; and (ii) would be reasonably understood from notices or legends,
the nature of such information itself or the circumstances of such information’s disclosure to be confidential by a reasonable
person familiar with the applicable industry; provided, however, that Confidential Information shall not include information that
the Receiving Party can demonstrate by its records or other suitable documentary evidence, (a) as of the date of disclosure is
demonstrably known to the Receiving Party or its Affiliates other than by virtue of a prior confidential disclosure to such Party
or its Affiliates; (b) as of the date of disclosure is in, or subsequently enters, the public domain, through no fault or omission
of the Receiving Party; (c) is obtained from a Third Party having a lawful right to make such disclosure free from any obligation
of confidentiality to the Disclosing Party; or (d) is independently developed by or for the Receiving Party without reference to
or reliance upon any Confidential Information of the Disclosing Party.

 

     

     

    

 

1.3. Cover” means
with respect to Valid Claims in an issued patent, that, in the absence of a license, the use, sale, or manufacture of the product
in question would infringe such Valid Claim.

 

1.4. “Field”
means any and all uses including all therapeutic uses.

 

1.5. “First Commercial Sale”
means, on a country-by-country basis, the date of the first arm’s length transaction, transfer or disposition for value by or on
behalf of Licensee or any Affiliate or Sublicensee of Licensee to a Third Party of a Licensed Product after the granting of all
regulatory approvals and marketing authorizations. First Commercial Sale excludes any sale or other distribution in connection
with seeking regulatory approval.

 

1.6. “Licensor Indemnitees”
means Licensor, its Affiliates and the directors, officers, employees and agents of LICENSOR and its Affiliates.

 

1.7.
“Licensed Patents” means the patents and patent applications listed on Exhibit 1 hereto, and including all
provisionals, substitutions, continuations, continuations-in-part, divisionals, supplementary protection certificates, renewals,
all letters patent granted thereon, and all reissues, reexaminations, extensions, confirmations, revalidations, registrations,
patents of addition thereof, and foreign equivalents to any of the foregoing.

 

1.8. “Licensed Product”
means any product or service, the manufacture, use, sale, importation or performance of which would, absent the license granted
herein, infringe a Valid Claim of the Licensed Patents.

 

1.9. “Licensee Indemnitees”
means Licensee, its Affiliates, Sublicensees, and the directors, officers, employees and agents of Licensee and its Affiliates.

 

1.10. “Net Sales” means,
for any period, the gross amount invoiced by Licensee and its Affiliates for the sale of Licensed Products to third parties, less
deduction for:

 

		(a)	Normal and customary trade, quantity and cash discounts
and sales returns and allowances including (i) those granted on account of price adjustments, billing errors, rejected goods,
damaged goods, returns and rebates, (ii) administrative and other fees and reimbursements and similar payments directly related
to the sale or delivery of Licensed Products paid to wholesalers and other distributors, buying groups, pharmacy benefit management
organizations, health care insurance carriers and other institutions, (iii) allowances, rebates, and fees directly related to
the sale of delivery of License Products paid to distributors and (iv) chargebacks;

 

		(b)	Freight, postage, shipping and insurance costs to the
extent that such items are included in the gross amount invoiced;

 

		(c)	Customs and excise duties and other duties related
to the sales to the extent that such items are included in the gross amount invoiced;

 

    	 	2	 

     

    

 

		(d)	rebates and similar payments made with respect to sales
paid for or reimbursed by any governmental or regulatory authority such as, by way of illustration, federal or state Medicaid,
Medicare or similar state program or equivalent foreign governmental program;

 

		(e)	sales and other taxes and duties directly related to
the sale or delivery of Licensed Products (but not including taxes assed against the income derived from such sale) to the extent
that such items are included in the gross amount invoiced;

 

		(f)	distribution costs and expenses to the extent that
such items are included in the gross amount invoiced;

 

		(g)	any such invoiced amounts that are not collected by
the parties or their Affiliates;

 

provided that with respect to the deductions
specified in subsections (as) through (g) above, an amount shall be deducted only once regardless how many categories may apply
to it.

 

Any of the deductions listed above that
involves a payment by Licensee or its Affiliates shall be taken as a deduction in the calendar quarter in which the payment is
accrued. Deductions pursuant to section (g) above shall be taken in the calendar quarter in which such sales are no longer recorded
as a receivable. For purposes of determining Net Sales, the Licensed Products shall be deemed to be sold when invoiced and a “sale”
shall not include transfers or dispositions for charitable, promotional, pre-clinical, regulatory or governmental purposes.

 

For the purposed of calculating Net Sales
of Licensed Products, sales between or among Licensee or its Affiliates shall be excluded from the computation of Net Sales, but
sales by Licensee or its Affiliates to third parties shall be included in the computation of Net Sales.

 

In the event that a Licensed Product is
sold in any country in the form of a combination product containing one or more therapeutically active ingredients in addition
to the Licensed Product, with respect thereto, the parties shall negotiate in good faith to determine what portion of the net sales
of such combination product shall be treated as Net Sales under the Agreement, which determination shall be based on the value
added by the Licensed Product compared to the value added by such other therapeutically effective ingredients, to the invoice price
of such combination product.

 

1.11. “Person” means any
individual, corporation, limited or general partnership, limited liability company, joint venture, trust, unincorporated association,
governmental body, authority, bureau or agency, or any other entity or body.

 

    	 	3	 

     

    

 

1.12. “Revenue
Term” means, with respect to each Licensed Product, the period of time beginning on the First Commercial Sale of such
Licensed Product in a country following the receipt of applicable regulatory approval with respect to such sale of such Licensed
Product in such country and continuing on a country-by-country and product-by-product basis until the later of (a) the expiration
of the last Valid Claim of the Licensed Patents which Covers the sale of such Licensed Product in such country or (b) the end of
any market exclusivity period granted by the relevant governmental authority in a country that prevents another party from marketing
the same Licensed Product.

 

1.13. “Sublicensee”
means any Third Party to whom Licensee grants a sublicense of some or all of the rights granted to Licensee under this Agreement.

 

1.14. Territory.
Worldwide.

 

1.15.
“Third Party” means any person or entity other than Licensee, Licensor and their respective Affiliates.

 

1.16. “Valid Claim”
means a claim in an issued, unexpired patent within the Licensed Patents or a claim that has not been pending more than five (5)
years, in either case that (a) has not been finally cancelled, withdrawn, abandoned or rejected by any administrative agency or
other body of competent jurisdiction, (b) has not been revoked, held invalid, or declared unpatentable or unenforceable in a decision
of a court or other body of competent jurisdiction that is unappealable or unappealed within the time allowed for appeal, (c) has
not been rendered unenforceable through disclaimer or otherwise, and (d) is not lost through an interference proceeding.

 

2. LICENSE GRANT

 

2.1. License.
Licensor hereby grants to Licensee a worldwide, exclusive license (even as to Licensor), including the right to grant
sublicenses, under the Licensed Patents, for Licensee and its Affiliates to research, develop, make, have made, use, offer
for sale, sell, have sold and import Licensed Products for any and all uses in the Field in the Territory, subject to the
terms and conditions of this Agreement. The foregoing includes the right to employ Third Party distributors to sell Licensed
Products and Third Party contract manufacturers to make Licensed Products, neither of which shall be construed as a
sublicense.

 

2.2. Sublicense
to BMS Rights. Licensor hereby grants an exclusive sublicense to Licensee, including the right to grant
further sublicenses, under the Research and Commercialization Agreement between NovImmune and BMS dated September 30, 2004
and any amendments thereto, and the Exclusive Commercial License between NovImmune and BMS dated September 25, 2009, for the
IL-6 Antibody Licensed Product, copies of which are attached hereto as Schedule A, to make, have made, use, offer for sale,
sell, have sold and/or import Licensed Products in the Field in the Territory. Licensee acknowledges and agrees that the
terms of the sublicense pursuant to this Agreement shall be subordinate to and consistent with all the terms and conditions
of the Research and Commercialization Agreement and any amendments thereto, and the Exclusive Commercial License between
NovImmune and BMS.

 

    	 	4	 

     

    

 

3. DEVELOPMENT AND COMMERCIALIZATION
OF LICENSED PRODUCTS.

 

3.1. Authority.
Licensee shall have full control and authority over the research, development (including regulatory matters) and commercialization
of Licensed Products in the Field worldwide.

 

3.2. Diligence.
Licensee will, itself or through its Affiliates or Sublicensees, at all times exercise commercially reasonable efforts to commercialize
Licensed Products.

 

3.3. Transfer of Data and Know How.
Licensor will transfer all data and documentation relevant to Licensed Product to Licensee at no cost. For a period of 90 days
from signature, Licensor will make key personnel available to Licensee for briefings, to answer questions, and offer advice on
pre-clinical data, science, and manufacturing. As Licensee contemplates pursuing an alternative clinical indication Licensor will
not be able to assist in advising on clinical development. Should the time requirement for Licensor personnel supporting Licensee
to take over the NI-1201 program become burdensome to Licensor, the parties will discuss and agree to an alternative mutually satisfactory
arrangement.

 

4. PAYMENTS

 

4.1. BMS Obligation.
Licensee shall pay directly to BMS any amounts owed to BMS pursuant to the Research and Commercialization Agreement, such amounts
to be negotiated with BMS.

 

4.2. Upfront Fee
to NovImmune. Within sixty (60) days of the Effective Date, Licensee shall pay to Licensor the amount of $100,000 USD.

 

4.3. Royalties.
Licensee will pay a royalty of 2% on Net Sales, or 12.5% of any sublicense royalty revenue it receives arising from sales
of a Licensed Product, either by itself or through a sublicensee.

 

4.4. Payment Terms.

 

4.4.1. Payment
of Received Revenue. Licensee shall make any payments owed to Licensor hereunder in arrears, within ninety (90) days from the
end of each quarter in which such payment accrues. Each payment shall be accompanied by a report for each country in which sales
of Licensed Products occurred in the calendar quarter covered by such statement, specifying: the gross sales (if available) and
sales in each country’s currency; the applicable revenue sharing amount under this Agreement; the amount payable in each country’s
currency, including an accounting of deductions taken in accordance with Licensee’s accounting practices; the applicable exchange
rate to convert from each country’s currency to United States Dollars; and the amounts payable in United States Dollars.

 

    	 	5	 

     

    

 

4.4.2. Accounting. All payments
hereunder shall be made in in United States dollars. Conversion of foreign currency to United States dollars shall be made in the
same manner as Licensee converts all of its other revenues, provided that (a) such manner is consistent with United States generally
accepted accounting principles, and (b) the exchange rates employed are those quoted by a reputable source, such as a recognized
money center bank such as JP Morgan, Bank of America or an equivalent,.

 

4.4.3. Tax Withholding; Restrictions
on Payment. All payments hereunder shall be made free and clear of any taxes, duties, levies, fees or charges, except for withholding
taxes and interest and penalties thereon (to the extent applicable). Licensee shall make any applicable withholding payments due
on behalf of Licensor and shall provide Licensor upon request with such written documentation regarding any such payment as available
to Licensee relating to an application by Licensor for a foreign tax credit for such payment with the United States Internal Revenue
Service. Licensor shall provide all information necessary to determine if withholding taxes are applicable.

 

4.5. Records Retention by Licensee;
Review.

 

4.5.1. Royalty Records. Commencing
as of the date of First Commercial Sale of the first Licensed Product hereunder, Licensee and its Affiliates and Sublicensees shall
keep for at least three (3) years from the end of the calendar year to which they pertain complete and accurate records of sales
by Licensee or its Affiliates and Sublicensees, as the case may be, of each Licensed Product, in sufficient detail to allow the
accuracy of the payments hereunder to be confirmed.

 

4.5.2. Review. Subject to the other
terms of this Section 4.5, at the request of Licensor, which shall not be made more frequently than once per calendar year during
the Term, and upon at least thirty (30) days’ prior written notice from Licensor, and at the expense of Licensor (except as otherwise
provided herein), Licensee shall permit an independent certified public accountant selected by Licensor and reasonably acceptable
to Licensee to inspect (during Licensee’s regular business hours) the relevant records required to be maintained by Licensee under
Section 4.5. In every case the accountant must have previously entered into a confidentiality agreement with both Parties substantially
similar to the provisions of Article 5 and limiting the disclosure and use of such information by such accountant to authorized
representatives of the Parties and the purpose of verifying amounts payable to Licensor hereunder. Results of any such review shall
be binding on both Parties absent manifest error. If any review reveals a deficiency in the calculation and/or payment of amounts
owed by Licensee, then (a) Licensee shall pay Licensor the amount remaining to be paid, and (b) if such underpayment is by ten
percent (10%) or more for any twelve (12) month consecutive period, then Licensee shall reimburse Licensor for its reasonable out-of-pocket
costs and expenses incurred in performing the review.

 

5. TREATMENT OF CONFIDENTIAL
INFORMATION

 

5.1. Confidential Obligations.
Licensor and Licensee each recognize that the other Party’s Confidential Information constitutes highly valuable and proprietary
confidential information. Licensor and Licensee each agree that during the Term and for five (5) years thereafter, it will keep
confidential, and will cause its employees, consultants (including academic collaborators and CROs), professional advisors, Affiliates
and, in the case of Licensee, Sublicensees to keep confidential, all Confidential Information of the other Party. Neither Licensor
nor Licensee nor any of their respective employees, consultants, Affiliates or, in the case of Licensee, Sublicensees, shall use
any Confidential Information of the other Party for any purpose whatsoever other than exercising any rights granted to it hereunder
or as expressly permitted in this Article 5. Licensee may disclose Licensor’s Confidential Information to the extent such disclosure
is reasonably necessary to file and prosecute patent applications and/or maintain patents which are filed or prosecuted in accordance
with the provisions of this Agreement, or to obtain any authorization to conduct clinical studies or any regulatory approval for
Licensed Products. Each Party may disclose the other Party’s Confidential Information as reasonably necessary to file, conduct
or defend litigation in accordance with the provisions of this Agreement or comply with applicable laws, regulations or court orders;
provided, however, that if a Party is required to make any such disclosure of the other Party’s Confidential Information in connection
with any of the foregoing, it will give reasonable advance notice to the other Party of such disclosure requirement and will use
reasonable efforts to assist such other Party in efforts to secure confidential treatment of such information required to be disclosed.

 

5.2.
Limited Disclosure and Use. Each Party may disclose the other Party’s Confidential Information to any of its officers,
employees, consultants, agents or Affiliates, or in the case of Licensee, Sublicensees, if and only to the extent necessary to
carry out its rights and responsibilities under this Agreement. Such disclosures shall be limited to the maximum extent possible
consistent with such rights and responsibilities and shall only be made to the extent any such persons receiving the other Party’s
Confidential Information are bound by written confidentiality obligations to maintain the confidentiality thereof and not to use
such Confidential Information except as expressly permitted by this Agreement. Licensor and Licensee each agree not to disclose
or transfer the other Party’s Confidential Information to any Third Parties under any circumstance without the prior written
approval from the other Party, except as otherwise required by law, and except as otherwise expressly permitted under this Article
5 or elsewhere in this Agreement. Each Party shall take such action, and shall cause its Affiliates, and in the case of Licensee,
Sublicensees, to take such action, to preserve the confidentiality of each other’s Confidential Information as it would
customarily take to preserve the confidentiality of its own Confidential Information, using, in all such circumstances, not less
than reasonable care. Each Party, upon the request of the other Party, will return all the Confidential Information disclosed
or transferred to it by the other Party pursuant to this Agreement, including all copies and extracts of documents and all manifestations
in whatever form, in such Party’s possession within sixty (60) days of such request or, if earlier, the termination or expiration
of this Agreement; provided however, that a Party may retain (a) any Confidential Information of the other Party relating to any
license that is still in force hereunder or which expressly survives such termination, and (b) one (1) copy of all other
Confidential Information in inactive archives solely for the purpose of establishing the contents thereof,

 

    	 	6	 

     

    

 

5.3. Terms of Agreement. The terms
of this Agreement constitute each Party’s Confidential Information; provided, however, that either Party may disclose the terms
of this Agreement (a) to the extent required by law or by the requirements of any nationally recognized securities exchange, quotation
system or over-the-counter market on which such Party has its securities listed or traded, or (b) in confidence to its attorneys,
accountants and other fiduciaries, and (c) to any acquirers, potential acquirers, investors, prospective investors, lenders and
other potential financing sources who are obligated to keep such information confidential.

 

5.4. Press Release. The Parties
shall diligently work together to draft a mutually agreeable press release announcing the execution of this Agreement such announcement
to be made no later than 07:00 on the day following the Effective Date, and shall publish such press release in a mutually agreeable
manner.

 

6.
FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

 

6.1. Prosecution
Control. For purposes of this Article 6, the right to control prosecution of a Patent Right shall include the right to
control preparing, filing, and prosecuting patent applications therefor, and obtaining and maintaining any resulting patents,
including the conduct of interferences, the defense of oppositions and other similar proceedings with respect to a
patent.

 

6.2. Patent
Prosecution. Licensee shall, at its expense, to assume control of the prosecution of the Licensed Patents, subject to the
provisions of this Article 6. If Licensee decides not to prosecute or maintain any Patent Right within the Licensed
Patents, then Licensee shall provide Licensor with written notice of such decision prior to the deadline for taking any
action for such Patent Right or the date on which the abandonment of any such Patent Right would become effective, whichever
is earlier. If Licensee does not wish to continue prosecution of a case or decides not to file in a particular country, the
Licensor may do so at Licensor’s own cost.

 

6.3. Right of Review and Comment. Licensee
shall consult with Licensor regarding the prosecution of the Licensed Patents by using commercially reasonable efforts to provide
Licensor a Reasonable Opportunity to review and comment on all proposed submissions to any patent office before submission, where
“Reasonable Opportunity” means that Licensee shall provide Licensor or patent counsel true copies of all documents
relating to filing, registration, prosecution, and maintenance of patent applications and patents within the Licensed Patents as
soon as reasonably practical after Licensee has received such documents and materials. Licensee shall consider in good faith Licensor’s
comments concerning such documents and materials that it timely receives.

 

7.
PATENT ENFORCEMENT

 

7.1. Notice
of Infringement. If, during the Term, either Party learns of any actual, alleged or threatened infringement by a Third
Party of any Licensed Patents, such Party shall promptly notify the other Party and shall provide the other Party with
available evidence of such infringement.

 

    	 	7	 

     

    

 

7.2. Infringement
of Patent Rights. Licensee shall have the first right (but not the obligation), at its own expense and with legal counsel
of its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened
infringement of the Licensed Patents in the Field by any product or service that competes with a Licensed Product, as
reasonably determined by Licensee. Licensor shall take all actions necessary to assist Licensee in any suit, including
joining in such suit as a party if legally required, at Licensee’s expense. Licensor shall have the right, at its own
expense, to be represented in any such action by counsel of Licensor’s own choice; provided, however, that the foregoing
shall not affect the right of Licensee to control the suit as described in this Section. In the event that the Licensee does
not bring suit, Licensor shall have the right to bring suit, provided that there is no commercially reasonable reason that
Licensee did not bring suit.

 

8. REPRESENTATIONS AND
WARRANTIES

 

8.1. Licensor Representations.
Licensor represents, warrants and covenants to Licensee that:

 

		(a)	the execution and delivery of this Agreement and the
performance of the transactions contemplated hereby have been duly authorized by all appropriate Licensor corporate action;

 

		(b)	this Agreement is a legal and valid obligation binding
upon Licensor and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the
Parties does not conflict with any agreement, instrument or understanding to which Licensor is a party or by which it is bound;

 

		(c)	Licensor has the full right and legal capacity to grant
the rights granted to Licensee hereunder;

 

		(d)	the Licensed Patents have been properly filed and prosecuted
as of the Effective Date;

 

		(e)	Licensor is the sole owner of the Licensed Patents;

 

		(f)	as of the Effective Date, Licensor has not licensed or
transferred to any Person, including Licensor Affiliates, any rights under the Licensed Patents; and

 

		(g)	Licensor is not aware of any Third Party patent, patent
application or other intellectual property right that would be infringed (i) by practicing any process or method or by making,
using or selling any composition which is claimed or disclosed in, or which constitutes, Licensed Patents, or (ii) by making,
using, offering for sale, selling or importing Licensed Products.

 

    	 	8	 

     

    

 

8.2.
Licensee Representations. Licensee represents and warrants to Licensor that:

 

8.2.1. the execution and delivery of this
Agreement and the performance of the transactions contemplated hereby have been duly authorized by all appropriate Licensee corporate
action; and

 

8.2.2. this Agreement is a legal and valid
obligation binding upon Licensee and enforceable in accordance with its terms, and the execution, delivery and performance of this
Agreement by the Parties does not conflict with any agreement, instrument or understanding to which Licensee is a party or by which
it is bound.

 

8.3.
No Warranties. Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES
OF ANY KIND, EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE, OR OF NON-INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES, OR AS TO THE SUCCESS OR
LIKELIHOOD OF SUCCESS OF THE RESEARCH, DEVELOPMENT OR COMMERCIALIZATION OF LICENSED PRODUCTS UNDER THIS AGREEMENT, OR ANY OTHER
EXPRESS OR IMPLIED WARRANTIES.

 

9.
INDEMNIFICATION

 

9.1.
Indemnification by Licensee. Licensee shall indemnify, defend and hold harmless the Licensor Indemnitees from and against
any and all losses, damages, fees, expenses, settlement amounts and costs (including reasonable attorneys’ fees and witness
fees) (collectively, “Losses”) relating to or in connection with a Third Party claim arising after the Effective
Date out of (a) any breach by Licensee of its representations, warranties or covenants made under this Agreement, or (b) any actual
or alleged death, personal bodily injury or damage to real or tangible personal property claimed to result, directly or indirectly,
from the possession, use or consumption of, or treatment with, the Licensed Product made or sold by or on behalf of Licensee or
its Affiliates or Sublicensees, including any product liability claims; provided, however, that the foregoing indemnity shall
not apply to the extent that any such Losses (i) are attributable to the negligence or willful misconduct of the Licensor Indemnitees,
or (ii) are subject to an obligation by Licensor to indemnify the Licensee Indemnitees under Section 9.2. For the avoidance of
doubt, Licensee shall not indemnify Licensor for any activities, including clinical trial activities, carried out by Licensor
or Licensor’s agents prior to the Effective Date.

 

9.2. Indemnification by Licensor. Licensor
shall indemnify, defend and hold harmless the Licensee Indemnitees from and against any and all Losses relating to or in connection
with a Third Party claim arising after the Effective Date out of (a) any breach by Licensor of its representations, warranties
or covenants made under this Agreement, or (b) any negligent act or omission or willful misconduct of Licensor or its Affiliates
or its or their sublicensees, or any of their employees, contractors or agents, in performing Licensor’s obligations or exercising
Licensor’s rights under this Agreement; provided, however, that the foregoing indemnity shall not apply to the extent that any
such Losses are attributable to (i) the negligence or willful misconduct of the Licensee Indemnitees, or (ii) are otherwise subject
to an obligation by Licensee to indemnify the Licensor Indemnitees under Section 9.1. For the avoidance of doubt, Licensor shall
not indemnify Licensee for any activities, including clinical trial activities, carried out by Licensee or Licensee’s agents after
to the Effective Date.

 

    	 	9	 

     

    

 

10. TERM AND TERMINATION

 

10.1.
Term; Expiration. Unless earlier terminated in accordance with this Article, the term of this Agreement (the “Term”)
shall commence as of the Effective Date and remain in force until the Revenue Term has expired with respect to all Licensed Products
in all countries.

 

10.2. Termination for Breach. Subject
to the other terms of this Agreement, this Agreement and the rights granted herein may be terminated by either Party for the material
breach by the other Party of any material obligation or condition hereof, provided that the breaching Party has not cured such
breach within forty-five (45) days after the date of written notice to the breaching Party in the case of a payment breach and
one hundred twenty (120) days after the date of written notice to the breaching Party in the case of any other breach, which notice
shall describe such breach in reasonable detail and shall state the non-breaching Party’s intention to terminate this Agreement
pursuant to this Section or in the case of Licensee, its intention to either terminate this Agreement or elect its alternative
remedy pursuant to Section 10.8.

 

10.3. Voluntary Termination. Licensee
may terminate this Agreement at any time upon ninety (90) days’ notice to Licensor.

 

10.4. Effects of Expiration or Termination.
Upon any termination of this Agreement, (i) as of the effective date of such termination all licenses granted by Licensor to
Licensee under this Agreement hereunder shall terminate automatically; provided, however, that Licensee and its Affiliates and
Sublicensees may sell Licensed Products in their inventory as of the effective date of such termination, subject to the payment
of royalties under Section 4, and (ii) each Party shall return all Confidential Information of the other Party.

 

10.5. Survival of Sublicenses. Notwithstanding
anything to the contrary, no termination of this Agreement shall be construed as a termination of any sublicense of any Sublicensee,
and thereafter each such Sublicensee shall be considered a direct licensee of Licensor, provided that (i) Licensee represents and
warrants to Licensor that, to Licensee’s actual knowledge, as of the effective date of such termination, such Sublicensee is then
in full compliance with all terms and conditions of its sublicense, (ii) such Sublicensee agrees in writing to assume all applicable
obligations of Licensee under this Agreement.

 

10.6. Remedies. Except as otherwise
expressly set forth in this Agreement, the termination provisions of this Article 11 are in addition to any other relief and remedies
available to either Party at law.

 

    	 	10	 

     

    

 

10.7.
Surviving Provisions. Notwithstanding any provision herein to the contrary, the rights and obligations of the Parties set
forth in Articles and Sections 1 (Definitions), 4.5 (Records Retention by Licensee; Review), 5 (Treatment of Confidential Information),
8 (Representations and Warranties), 9 (Indemnification), 10.4 (Effects of Expiration or Termination), 10.5 (Survival of Sublicensees),
10.6 (Remedies), 7 (Surviving Provisions), and 11 (Miscellaneous) as well as any rights or obligations otherwise accrued hereunder
(including any accrued payment obligations), shall survive the expiration or termination of the Term. Without limiting the generality
of the foregoing, Licensee shall have no obligation to make any milestone or payment to Licensor that has not accrued prior to
the effective date of any termination of this Agreement.

 

10.8. Remedy in Lieu of Termination.
if Licensor materially breaches or defaults with respect to any material obligation or condition of this Agreement and fails
to cure such breach or default within one hundred twenty (120) days after receipt of written notice from Licensee that describes
such breach in reasonable detail, Licensee may reduce each of its payment obligations under this Agreement by fifty percent (50%),
which reduction shall be effective with respect to any payment obligations that come due on or after the first day following such
one hundred twenty (120) day cure period. The foregoing shall be in lieu of any right of termination of this Agreement, if any,
for such material breach or default, but in any event will be without prejudice to any other right or remedy that may be available
to Licensee under this Agreement or at law or in equity.

 

11.
MISCELLANEOUS

 

11.1. Notices. All notices,
requests and other communications hereunder shall be in writing, shall be addressed to the receiving Party’s address set forth
below or to such other address as a Party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made
by email (to be followed with postal confirmation), (iii) sent by private courier service providing evidence of receipt, or (iv)
sent by registered or certified mail, return receipt requested, postage prepaid. The addresses and other contact information for
the Parties are as follows:

 

	 	
        If to LICENSOR:

         
	
        NovImmune S.A.

        14 Chemin des Aulx

        1228
Plan les Ouates, Geneva, Switzerland

        Phone: +41 22 839 71 41

        Fax: +41 22 839 71 42

	 	 	 
	 	If to Licensee:	
        Tiziana Life Sciences

        18
South Street, Mayfair, London, UK

        Phone: +44 (0) 20 7 493 2853

 

All
notices, requests and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time
of the delivery thereof to the receiving Party at the address of such Party set forth above, (ii) if made by telecopy or
facsimile transmission, at the time that receipt thereof has been acknowledged by the recipient, (iii) if sent by private
courier, on the day such notice is delivered to the recipient, or (iv) if sent by registered or certified mail, on the
seventh (7th) business day following the day such mailing is made.

 

    	 	11	 

     

    

 

11.2. Language. The Parties
hereto have requested that this Agreement and any related documents be drafted in English, which shall be controlling for all purposes.
Any translation of this Agreement or any part hereof into a language other than English is for convenience only, and only the original
English language version of this Agreement, as it may be amended from time to time as permitted herein, shall have legal effect.

 

11.3. Governing Law. This
Agreement will be construed, interpreted and applied in accordance with the laws of England and Wales (excluding any law controlling
conflicts of law). The UN Convention for the International Sale of Goods shall not apply to this Agreement.

 

11.4. Venue. Any dispute,
controversy or claim initiated by either Party arising out of, resulting from or relating to this Agreement, or the performance
by either Party of its obligations under this Agreement, whether before or after termination of this Agreement, shall be subject
to the sole jurisdiction of, and venue in, the courts of competent jurisdiction located within England and Wales. Licensee and
Licensor each irrevocably consent to the jurisdiction of such courts, irrevocably waive any objection based on inconvenience of
forum, and agree that process may be served in the manner provided herein for giving notices or otherwise as allowed by the law
of England and Wales. Notwithstanding the foregoing, either Party shall have the right, without waiving any right or remedy available
to such Party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any Interim or provisional
relief that is necessary or desirable to protect the rights or property of such Party.

 

11.5.
Entire Agreement; Amendment. This Agreement comprises the entire Agreement between the Parties with respect to the subject
matter hereof and thereof and supersede all prior representations, understandings and agreements between the Parties with respect
to the subject matter hereof. No modification shall be effective unless in writing with specific reference to this Agreement and
signed by the Parties.

 

11.6. Assignment. Licensee
may, without the written consent of Licensor, assign this Agreement, in whole or in part, and its rights and delegate its obligations
hereunder to its Affiliates, for any reason, including without limitation in the event of its merger, consolidation, change in
control or similar transaction. Any permitted assignee shall assume all obligations of its assignor under this Agreement. The terms
and conditions of this Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the
Parties.

 

11.7. Force Majeure. Neither
Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed
in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control
of such Party. In event of such force majeure, the Party affected thereby shall use reasonable efforts to cure or overcome the
same and resume performance of its obligations hereunder.

 

    	 	12	 

     

    

 

11.8. Construction. The
Parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and negotiated the terms and provisions of this
Agreement and have contributed to its revision; (ii) the rule of construction to the effect that any ambiguities are resolved against
the drafting Party shall not be employed in the interpretation of this Agreement; and (iii) the terms and provisions of this Agreement
shall be construed fairly as to all Parties hereto and not in favor of or against any Party, regardless of which Party was generally
responsible for the preparation of this Agreement. In this Agreement: (a) the word “including” shall be deemed to be
followed by the phrase “without limitation” or like expression; (b) the singular shall include the plural and vice versa:
(c) masculine, feminine and neuter pronouns and expressions shall be interchangeable, (d) all references to “days” means
“calendar days” unless expressly stated to be “business days,” and (e) all references to dollars or $ are to
United States dollars, whether or not so expressly stated.

 

11.9. Severability. If
any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are deemed
unenforceable under then-current applicable law from time to time in effect during the Term
hereof, it is the intention of the Parties that such provision(s) be deemed to be severed from this Agreement and the remainder
of this Agreement shall not be affected thereby. The Parties hereto agree to renegotiate any such severed provision in good faith
in order to provide a reasonably acceptable, valid alternative to the severed provision, it being the intent of the Parties that
the basic purposes of this Agreement are to be effectuated.

 

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

 

11.11. Counterparts. This
Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

[Remainder of page intentionally
left blank]

 

    	 	13	 

     

    

  

IN WITNESS WHEREOF,
the Parties have executed this Agreement effective as of the Effective Date.

 

	NOVIMMUNE SA	 	TIZIANA LIFE SCIENCES
	 	 	 
	/s/ Eduard E. Holdener	 	/s/ Gabriele Cerrone
	Eduard E. Holdener, MD	 	Gabriele Cerrone, Chairman
	Chairman and CEO	 	 
	 	 	 
	/s/ Nathalie Muller	 	 
	Nathalie Muller	 	 
	Legal Director	 	 

 

    	 	14	 

     

    

 

 

 

    	 	15	 

     

    

 

 

 

    	 	16	 

     

    

 

AMENDMENT TO THE RESEARCH AND COMMERCIALIZATION
AGREEMENT

 

This amendment to
the Research and Commercialization Agreement (the “IL-6r Amendment”) is entered into as of the 22nd day of
December, 2016 (the “IL-6r Amendment Effective Date”) by and between:

 

Bristol-Myers Squibb
Company, a Delaware corporation with a principal place of business at 345 Park Avenue, New York, NY 10154 (“BMS”),
Medarex, Inc., a wholly owned subsidiary of BMS (“Medarex”), GenPharm International, Inc., a
wholly owned subsidiary of Medarex, Inc. (together with BMS and Medarex, “Medarex”) and Novimmune S.A. (“Novimmune”),
with a principal place of business at 18 chemin des Aulx, Plan les Ouates, Geneva, Switzerland. Medarex and Novimmune
may sometimes individually be referred to hereafter as a “Party” or collectively as the “Parties”.

 

BACKGROUND

 

WHEREAS, the
Parties have executed that certain Research and Commercialization Agreement dated September 30, 2004 (the “Agreement”)
and the IL-6r Antibody Exclusive Commercial License (“EC License”) between Novimmune and BMS
dated September 25, 2009, and the Parties would like to further Amend said Agreement and EC License.

 

NOW, THEREFORE,
in consideration of the mutual covenants and obligations set forth herein, and for other good and valuable consideration, the
Parties hereby agree as follows:

 

1. All terms and conditions of the Agreement
and the EC License not modified by the Amendment shall continue in full force and effect in accordance with their terms.
All capitalized terms not otherwise defined herein shall have the same definition as in the Agreement.

 

2. The Parties acknowledge that the Exclusive
Commercial License fee has been paid. The Parties agree that the development deadline set forth in section 8.3 for the filing of
an IND shall be reset until November 30, 2019, with all subsequent development milestones or non-diligence payments delayed and
reset based on the filing date of the IND. All amounts of such development milestones and non-diligence payments shall otherwise
be unchanged.

 

3. The Parties further agree that in the
event that Novimmune or a sublicensee commercializes a combination product comprising an anti IL-6r antibody (NI-1201) and an
anti CD3 antibody (NI-0401) then such product shall be subject to a single royalty at the rate set forth is section 5.5.1 of the
Agreement.

 

4. The Parties agree that pursuant the
terms of this Amendment, the Agreement and EC License, shall be considered in full force and effect.

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have caused this Amendment to be executed by their duly authorized representatives as set forth below.

 

	BRISTOL-MYERS SQUIBB COMPANY	 	NOVIMMUNE S.A.
	 	 	 
	By:	/s/
    Arthur H. Bertelsen 	 	By:	/s/ Eduard E. Holdener
	Name:	Arthur H.
    Bertelsen, Ph.D.	 	Name:	Eduard E. Holdener
	Title:	Vice President, Research Collaborations	 	Title:	Chairman and CEO
	 	 	 	 	 
	 	 	 	By:	/s/ Nathalie Muller
	 	 	 	Name:	Nathalie Muller
	 	 	 	Title:	Legal Director

 

    	 	18Exhibit 10.4

 

EXCLUSIVE PATENT LICENSE AGREEMENT

 

BWH Agreement No: A225080

BWH Case No: BWH 24334

 

This Exclusive Patent License
Agreement (“Agreement”) is made as of the last signature date of this Agreement, (“Effective Date”), by
and between Tiziana Pharma Ltd., a company incorporated in England and Wales, having a principal place of business at 3rd
Floor, 11-12 St. James Square, London, United Kingdom SW1Y 4LB (“Company”) and The Brigham and Women’s
Hospital, Inc., a not-for-profit Massachusetts corporation, with a principal place of business at 75 Francis Street, Boston, Massachusetts
02115 (“Hospital”), each referred to herein individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

Hospital,
as a center for patient care, research and education, is the owner of certain Patent Rights (defined below) and desires to grant
a license of those Patent Rights to Company in order to benefit the public by disseminating the results of its research via the
commercial development, manufacture, distribution and use of Products and Processes (defined below).

 

Company
has the capability to commercially develop, manufacture, distribute and use Products and Processes for public use and benefit and
desires to license such Patent Rights.

 

For good
and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

1. CERTAIN DEFINITIONS

 

As used
in this Agreement, the following terms shall have the following meanings, unless the context requires otherwise.

 

1.1 “Affiliate” with respect to either
Party shall mean any corporation or other legal entity other than that Party in whatever country organized, controlling,
controlled by or under common control with that Party. The term “control” shall mean (i) in the case of Company,
direct or indirect ownership of fifty percent (50%) or more of the voting securities having the right to elect directors, and
(ii) in the case of Hospital, the power, direct or indirect, to elect or appoint fifty percent (50%) or more of the directors
or trustees, or to cause direction of management and policies, whether through the ownership of voting securities, by
contract or otherwise.

 

1.2 “Claim” shall
mean any pending or issued claim of any Patent Right that has not been permanently revoked, nor held unenforceable or invalid
by a decision of a court or other governmental agency of competent jurisdiction that is unappealable or unappealed in the
time allowed for appeal.

 

     

     

    

 

1.3
“Distributor” shall mean any third party entity to whom Company, a Company Affiliate or a Sublicensee
has granted, express or implied, the right to distribute any Product or Process pursuant to Section 2.1(b)(ii).

 

1.4 “First Commercial
Sale” shall mean the initial Sale anywhere in the applicable License Territory of a Product or Process.

 

1.5 “License Field” shall mean all uses
of the Patent Rights.

 

1.6 “License Territory” shall mean worldwide.

 

1.7 “Net Sales” shall be calculated
as set forth in this Section 1.7.

 

		(a)	Subject to the conditions set forth below, “Net
Sales” shall mean:

 

		(i)	the gross amount billed or invoiced, or if no such
bill or invoice is issued the amount received, whichever is greatest, by Company and its Affiliates and Sublicensees for or on
account of Sales of Products and Processes;

 

		(ii)	less the following amounts:

 

		(A)	to the extent separately stated on the bill or invoice,
actually paid by Company and its Affiliates in effecting such Sale:

 

		1.	amounts repaid or credited by reason of rejection or
return of applicable Products or Processes;

 

		2.	reasonable and customary trade, quantity or cash rebates
or discounts to the extent allowed and taken;

 

		3.	amounts for outbound transportation, insurance, handling
and shipping, but only to the extent separately invoiced in a manner that clearly specifies the charges applicable to the applicable
Products; and

 

		4.	taxes, customs duties and other governmental charges
levied on or measured by Sales of Products or Processes, to the extent separately invoiced, whether paid by or on behalf of Company
so long as Company’s price is reduced thereby, but not franchise or income taxes of any kind whatsoever.

 

		(B)	the gross amount billed or invoiced, or if no such
bill or invoice is issued the amount received, whichever is greatest, by Company and its Affiliates and Sublicensees for or on
account of Sales of Products and Processes to Hospital and Hospital’s Affiliates.

 

    	 	2	 

     

    

 

		(b)	Specifically excluded
from the definition of “Net Sales” are amounts attributable to any Sale of any Product or Process between or among
Company and any Company Affiliate and/or Sublicensee, unless the transferee is the end purchaser, user or consumer of such Product
or Process.

 

		(c)	No deductions shall be made for any commissions paid
to any individuals or for any costs or expenses of collections.

 

		(d)	Net Sales shall be deemed to have occurred and the
applicable Product or Process “Sold” on the earliest of the date of billing, invoicing, delivery or payment or the
due date for payment.

 

		(e)	If any Product or Process is Sold at a discounted
price that is lower than the customary price charged, or for non-cash consideration (whether or not at a discount), Net Sales
shall be calculated based on the non-discounted cash amount charged to an independent third party for the Product or Process during
the same Reporting Period or, in the absence of such transaction, on the fair market value of the Product or Process. Non-cash
consideration that could affect any payment due to Hospital hereunder shall not be accepted without the prior written consent
of Hospital.

 

1.8 “Patent Rights”
shall mean, inclusively, the U.S. Patent Application number 62/515,711, filed on June 6th 2017, and/or the equivalent
of such application including any division, continuation (but not including continuation-in-part), foreign patent application,
Letters Patent, and/or the equivalent thereof issuing thereon, and/or reissue, reexamination or extension thereof, as may be further
described in Appendix A.

 

1.9 “Process”
shall mean any process, method or service the use or performance of which, in whole or in part, absent the license granted
hereunder would infringe, or is covered by, one or more Claims of Patent Rights.

 

1.10 “Product” shall mean
any article, device or composition, the manufacture, use, or sale of which, in whole or in part, absent the license granted hereunder
would infringe, or is covered by, one or more Claims of Patent Rights.

 

1.11 “Reporting Period”
shall mean each three month period ending March 31, June 30, September 30 and December 31.

 

1.12 “Sell” (and “Sale”
and “Sold” as the case may be) shall mean to sell or have sold, to lease or have leased, to import or have imported or
otherwise to transfer or have transferred a Product or Process for valuable consideration (in the form of cash or otherwise), and
further in the case of a Process to use or perform such Process for the benefit of a third party.

 

    	 	3	 

     

    

 

1.13 “Sublicense
Income” shall mean consideration in any form received by Company and/or Company’s Affiliate(s) in connection with
a grant of a sublicense or any other right, license, privilege or immunity (regardless of whether such grantee is a “Sublicensee”
as defined in this Agreement) to make, have made, use, have used, Sell or have Sold Products or
Processes, but excluding consideration included within Net Sales. Sublicense Income shall include without limitation any license
signing fee, license maintenance fee, unearned portion of any minimum royalty payment, distribution or joint marketing fee, research
and development funding in excess of the cost of performing such research and development, and any consideration received for
an equity interest in, extension of credit to or other investment in Company or Company’s Affiliates to the extent such
consideration exceeds the fair market value of the equity or other interest received as determined by agreement of the Parties
or by an independent appraiser mutually agreeable to the Parties.

 

1.14 “Sublicensee”
shall mean any sublicensee of rights granted in accordance with Section 2.1(a)(ii). For purpose of this Agreement, a Distributor
of a Product or Process shall not be included in the definition of Sublicensee unless such Distributor (i) is granted any right
to make, have made, use or have used Products or Processes in accordance with Section 2.1(a)(ii), or (ii) has agreed to pay to
Company or its Affiliate(s) royalties on such Distributor’s sales of Products or Processes, in which case such Distributor shall
be a Sublicensee for all purposes of this Agreement.

 

2. LICENSE

 

2.1 Grant of License.

 

		(a)	Subject to the terms
of this Agreement and Hospital’s rights in Patent Rights, Hospital hereby grants to Company in the License Field
in the License Territory:

 

		(i)	an exclusive, royalty-bearing license under its rights
in Patent Rights to make, have made, use, have used, Sell and have Sold Products and Processes; and

 

		(ii)	the right to grant sublicenses under the rights granted
in Section 2.1(a)(i) to Sublicensees, provided that in each case Company shall be responsible for the performance of any obligations
of Sublicensees relevant to this Agreement as if such performance were carried out by Company itself, including, without limitation,
the payment of any royalties or other payments provided for hereunder, regardless of whether the terms of any sublicense provide
for such amounts to be paid by the Sublicensee directly to Hospital.

 

		(b)	The license granted in Section 2.1(a) above includes:

 

		(i)	the right to grant to the final purchaser, user or
consumer of Products the right to use such purchased Products in a method coming within the scope of Patent Rights within the
License Field and License Territory; and

 

		(ii)	the right to grant a Distributor the right to Sell
(but not to make, have made, use or have used) such Products and/or Processes for or on behalf of Company, its Affiliates and
Sublicensees in a manner consistent with this Agreement.

 

    	 	4	 

     

    

 

		(c)	The foregoing license grant shall include the grant
of such license to any Affiliate of Company, provided that such Affiliate shall assume the same obligations as those of Company
and be subject to the same terms and conditions hereunder; and further provided that Company shall be responsible for the performance
of all of such obligations and for compliance with all of such terms and conditions by Affiliate. Company shall provide to Hospital
a fully signed, non-redacted copy of each agreement with each Affiliate that assumes the aforesaid obligations, including all
exhibits, attachments and related documents and any amendments, within thirty (30) days of request by Hospital.

 

2.2 Sublicenses. Each sublicense granted hereunder
shall be consistent with and comply with all terms of this Agreement, shall incorporate terms and conditions sufficient to
enable Company to comply with this Agreement, shall prohibit any further sublicense or assignment by a Sublicensee without
Hospital consent and shall provide that Hospital is a third party beneficiary thereof. Any sublicense granted by Company
shall be subject to the prior written approval of Hospital, which approval shall not be unreasonably withheld. Company shall
provide to Hospital a fully signed non-redacted copy of all sublicense agreements and amendments thereto, including all
exhibits, attachments and related documents, within thirty (30) days of executing the same. Upon termination of this
Agreement or any license granted hereunder for any reason, any sublicenses shall be addressed in accordance with Section
10.7. Any sublicense which is not in accordance with the forgoing provisions shall be null and void.

 

2.3 Retained Rights; Requirements. Any and all
licenses granted hereunder are subject to:

 

		(a)	the right of Hospital and Hospital’s Affiliates
and academic, government and not-for-profit institutions to make and to use the subject matter described and/or claimed in the
Patent Rights; and

 

		(b)	for Patent
                                         Rights supported by federal funding, the rights, conditions and limitations imposed by
                                         U.S. law (see 35 U.S.C. § 202 et seq. and regulations
                                         pertaining thereto), including without limitation:

 

		(i)	the royalty-free non-exclusive license granted to the
U.S. government; and

 

		(ii)	the requirement that any Products used or sold in the
United States shall be manufactured substantially in the United States.

 

2.4 No Additional Rights. It is understood that
nothing in this Agreement shall be construed to grant Company or any of its Affiliates a license, express or implied, under
any patent owned solely or jointly by Hospital other than the Patent Rights expressly licensed hereunder. Hospital shall have
the right to license any Patent Rights to any other party for any purpose outside of the License Field or the License
Territory.

 

    	 	5	 

     

    

 

3. DUE
DILIGENCE OBLIGATIONS

 

3.1 Diligence Requirements. Company shall use, and
shall cause its Affiliates and Sublicensees, as applicable, to use, best efforts to develop and make available to the public
Products and Processes throughout the License Territory in the License Field. Such efforts shall include achieving the
following objectives within the time periods designated below following the Effective Date:

 

		(a)	First patient
                                         enrolled in a Phase I human clinical trial to be completed by December 31st
                                         2025.

 

		(b)	First patient
                                         enrolled in a Phase II human clinical trial to be completed by December 31st
                                         2027.

 

		(c)	First patient
                                         enrolled in a Phase III human clinical trial to be completed by December 31st
                                         2031.

 

		(d)	First Commercial
                                         Sale of a Product to be completed by December 31st 2033.

 

Achievement of the
foregoing objectives shall be deemed to satisfy Company’s obligations to use best efforts under this Section 3.1.

 

3.2 Diligence Failures. If Hospital determines
that Company has failed to fulfill any of its obligations under Section 3.1, then Hospital may treat such failure as a
default and may terminate this Agreement and/or any license granted hereunder in accordance with Section 10.4.

 

3.3 Diligence Reports. Company
shall provide all reports with respect to its obligations under Section 3.1 as set forth in Section 5.

 

4. PAYMENTS AND ROYALTIES

 

4.1 License Issue Fee. Company shall pay Hospital a
non-refundable license issue fee in the amount of ten Thousand Dollars ($10,000) upon execution of this Agreement.

 

4.2 Patent Cost Reimbursement. Company shall
reimburse Hospital for all costs associated with the preparation, filing, prosecution and maintenance of all Patent Rights
(“Patent Costs”). Company shall pay to Hospital, or at Hospital’s request directly to patent counsel, all
other Patent Costs within thirty (30) days of Company’s receipt of an invoice for such Patent Costs either from
Hospital or Hospital’s patent counsel. Company agrees to indemnify, defend and hold Hospital harmless from and against
any and all liabilities, damages, costs and expenses arising from the failure of Company to timely pay such invoices and
Patent Costs. Hospital shall instruct patent counsel to provide copies to Hospital for Hospital’s administrative files
of all invoices detailing Patent Costs which are sent directly to Company. If Company pays any Patent Costs directly, Company
shall advise patent counsel that Hospital is and shall remain patent counsel’s client.

 

    	 	6	 

     

    

 

4.3 Annual License Fee; Annual Minimum Royalty.

 

		(a)	Before First Commercial Sale. Prior to the First
Commercial Sale, Company shall pay to Hospital the following non-refundable amounts as an annual license fee within sixty (60)
days after each of the following anniversaries of the Effective Date:

 

		(i)	the first anniversary of the Effective Date: Five Thousand
Dollars ($5,000);

 

		(ii)	the second anniversary of the Effective Date: Five Thousand Dollars ($5,000);

 

		(iii)	the third anniversary and on each subsequent anniversary of the Effective
Date thereafter: Five Thousand Dollars ($5,000).

 

		(b)	After First Commercial Sale. Following the First
Commercial Sale, Company shall pay Hospital a non-refundable minimum annual royalty in the amount of Five Thousand Dollars ($5,000)
per year within sixty (60) days after each annual anniversary of the Effective Date. The annual minimum royalty shall be credited
against royalties subsequently due on Net Sales made during the same calendar year, if any, but shall not be credited against
royalties due on Net Sales made in any other year.

 

4.4 Milestone Payments. In addition to the
payments set forth in Sections 4.1 through 4.3 above, Company shall pay Hospital milestone payments, as follows:

 

		(a)	Three Hundred Thousand dollars ($300,000) within sixty
(60) days of first patient enrolled in a Phase I human clinical trial.

 

		(b)	Six Hundred Thousand dollars ($600,000) within sixty (60) days of first
patient enrolled in a Phase II human clinical trial.

 

		(c)	One Million and Five Hundred Thousand dollars ($1,500,000) within sixty
(60) days of first patient enrolled in a Phase III human clinical trial.

 

		(d)	Three Million Dollars ($3,000,000) within sixty (60) days of First Commercial
Sale of a Product.

 

    	 	7	 

     

    

 

4.5 Royalties and Sublicense Income.

 

		(a)	Beginning with the First Commercial Sale in any country in the License Territory,
Company shall pay Hospital during the term of any license granted under Section 2.1(a)(i), a royalty of One and One Half Percent
(1.5%) of the Net Sales of all Products and Processes.

 

		(b)	Company shall pay Hospital Twelve Percent (12%) of any and all Sublicense
Income.

 

		(c)	All payments due to Hospital under this Section 4.5 shall be due and payable
by Company within thirty (30) days after the end of each Reporting Period, and shall be accompanied by a report as set forth in
Sections 5.3 and 5.4.

 

4.6 Form of Payment. All payments due under this
Agreement shall be drawn on a United States bank and shall be payable in United States dollars. Each payment shall reference
this Agreement and its Agreement Number and identify the obligation under this Agreement that the payment satisfies.
Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States, as
reported in The Wall Street Journal, on the last working day of the applicable Reporting Period. Such payments shall be
without deduction of exchange, collection or other charges, and, specifically, without deduction of withholding or similar
taxes or other government imposed fees or taxes, except as permitted in the definition of Net Sales.

 

Checks for all payments due
to the Hospital under this Agreement shall be made payable to the Hospital and addressed as set forth below:

 

Brigham and Women’s Hospital

BOA-Lockbox Services

PCSR Lockbox #415007

MA5-527-02-07

2 Morrissey Blvd

Dorchester, MA 02125

 

Reference Agreement #: A225080

 

    	 	8	 

     

    

 

Payments via wire transfer should be made as follows:

 

ACH Credit: ABA # 011-000-138

Federal Reserve Wire: ABA#026-009-593

SWIFT Code: BOFAUS3N

Account #0050169434

Brigham and Women’s Hospital

Bank of America

100 Federal Street

Boston, MA 02110

 

Reference Agreement #: A225080

 

4.7 Overdue Payments. The payments due under this
Agreement shall, if overdue, bear interest beginning on the first day following the Reporting Period to which such payment
was incurred and until payment thereof at a per annum rate equal to two percent (2%) above the prime rate in effect on the
due date as reported by The Wall Street Journal, such interest rate being compounded on the last day of each Reporting
Period, not to exceed the maximum permitted by law. Any such overdue payments when made shall be accompanied by all interest
so accrued. Said interest and the payment and acceptance thereof shall not preclude Hospital from exercising any other rights
it may have as a consequence of the lateness of any payment.

 

5. REPORTS AND RECORDS

 

5.1 Diligence Reports. Within sixty (60) days
after the end of each calendar year, Company shall report in writing to Hospital on progress made toward the objectives set
forth in Section 3.1 during such preceding 12 month period, including, without limitation, progress on research and
development, status of applications for regulatory approvals, manufacturing, sublicensing and the number of sublicenses
entered into and marketing.

 

5.2 Milestone Achievement
Notification, Company shall report to Hospital the dates on which it achieves the milestones set forth in Section 4.4
within sixty (60) days of each such occurrence.

 

5.3 Sales Reports. Company
shall report to Hospital the date on which it achieves the First Commercial Sale in each country of the License Territory
within thirty (30) days of each such occurrence. Following the First Commercial Sale, Company shall deliver reports to
Hospital within thirty (30) days after the end of each Reporting Period. Each report under this Section 5.3 shall have
substantially the format outlined in Appendix B, shall be certified as correct by an officer of Company and shall contain at
least the following information as may be pertinent to a royalty accounting hereunder for the immediately preceding Reporting
Period:

 

		(a)	the number of Products and Processes Sold by Company,
its Affiliates and Sublicensees in each country;

 

    	 	9	 

     

    

 

		(b)	the amounts billed, invoiced
and received by Company, its Affiliates and Sublicensees for each Product and Process, in each country, and total billings
or payments due or made for all Products and Processes;

 

		(c)	calculation of Net Sales for the applicable Reporting
Period in each country, including an itemized listing of permitted offsets and deductions;

 

		(d)	total royalties payable on Net Sales in U.S. dollars,
together with the exchange rates used for conversion; and

 

		(e)	any other payments due to Hospital under this Agreement. 

 

If no amounts are due to Hospital for any Reporting Period, the report shall so state.

 

5.4 Sublicense Income Reports. Company shall,
along with delivering payment as set forth in Section 4.6, report to Hospital within thirty (30) days of receipt the amount
of all Sublicense Income received by Company, and Company’s calculation of the amount due and paid to Hospital from
such income, including an itemized listing of the source of income comprising such consideration, and the name and address of
each entity making such payments in substantially the format outlined in Appendix C.

 

5.5 Audit Rights. Company
shall maintain, and shall cause each of its Affiliates and Sublicensees to maintain, complete and accurate records relating
to the rights and obligations under this Agreement and any amounts payable to Hospital in relation to this Agreement, which
records shall contain sufficient information to permit Hospital and its representatives to confirm the accuracy of any
payments and reports delivered to Hospital and compliance in all other respects with this Agreement. Company shall retain and
make available, and shall cause each of its Affiliates and Sublicensees to retain and make available, such records for at
least five (5) years following the end of the calendar year to which they pertain, to Hospital and/or its representatives and
upon at least fifteen (15) days’ advance written notice, for inspection during normal business hours, to verify any
reports and payments made and/or compliance in other respects under this Agreement. If any examination conducted by Hospital
or its representatives pursuant to the provisions of this Section show an underreporting or underpayment of five percent (5%)
or more in any payment due to Hospital hereunder, Company shall bear the full cost of such audit and shall remit any amounts
due to Hospital (including interest due in accordance with Section 4.7) within thirty (30) days of receiving notice thereof
from Hospital.

 

6. PATENT PROSECUTION AND MAINTENANCE

 

6.1 Prosecution. Hospital shall be responsible for
the preparation, filing, prosecution and maintenance of all patent applications and patents included in Patent Rights.
Company shall reimburse Hospital for Patent Costs incurred by Hospital relating thereto in accordance with Section 4.2.

 

    	 	10	 

     

    

 

6.2 Copies of Documents. With
respect to any Patent Right licensed hereunder, Hospital shall instruct the patent counsel prosecuting such Patent Right to
(i) copy Company on patent prosecution documents that are received from or filed with the
United States Patent and Trademark Office and foreign equivalent, as applicable; (ii) if requested by Company, provide
Company with copies of draft submissions to the USPTO prior to filing; and (iii) give consideration to the comments and
requests of Company or its patent counsel.

 

6.3 Company’s Election Not
to Proceed. Company may elect to surrender any patent or patent application in Patent Rights in any country upon sixty
(60) days advance written notice to Hospital. Such notice shall relieve Company from the obligation to pay for future Patent
Costs but shall not relieve Company from responsibility to pay Patent Costs incurred prior to the expiration of the sixty
(60) day notice period. Such U.S. or foreign patent application or patent shall thereupon cease to be a Patent Right
hereunder, Company shall have no further rights therein and Hospital shall be free to license its rights to that particular
U.S. or foreign patent application or patent to any other party on any terms.

 

6.4 Confidentiality of
Prosecution and Maintenance Information. Company agrees to treat all information related to prosecution and maintenance
of Patent Rights as Confidential Information in accordance with the provisions of Appendix D.

 

7. THIRD PARTY INFRINGEMENT AND LEGAL
ACTIONS

 

7.1 Hospital Right to Prosecute. Hospital will
protect its Patent Rights from infringement and prosecute infringers when, in its sole judgment, such action may be
reasonably necessary, proper and justified. If Company shall have supplied Hospital with written evidence demonstrating to
Hospital’s reasonable satisfaction prima facie infringement of a claim of a Patent Right in the License Field in the
License Territory by a third party which poses a material threat to Company’s rights under this Agreement, Company may
by notice request Hospital to take steps to protect such Patent Right. Hospital shall notify Company within three (3) months
of the receipt of such notice whether Hospital intends to prosecute the alleged infringement. If Hospital notifies Company
that it intends to so prosecute, Hospital shall, within three (3) months of its notice to Company either (i) cause such
infringement to terminate, or (ii) initiate legal proceedings against the infringer.

 

7.2 Company Right to
Prosecute. In the event Hospital notifies Company that Hospital does not intend to prosecute infringement identified
under Section 7.1, Company may, upon notice to Hospital, initiate legal proceedings against the infringer at Company’s
expense with respect to a claim of a Patent Right in the License Field in the License Territory. Before commencing such
action, Company and, as applicable, any Affiliate, shall consult with Hospital, concerning, among other things,
Company’s standing to bring suit, the advisability of bringing suit, the selection of counsel and the jurisdiction for
such action (provided Company must have Hospital’s prior written consent with respect to selection of jurisdiction for
any action in which Hospital may be joined as a party-plaintiff) and shall use reasonable efforts to accommodate the views of
Hospital regarding the proposed action, including without limitation with respect to potential effects on the public
interest. Company shall be responsible for all costs, expenses and liabilities in connection with any such action and shall
indemnify and hold Hospital harmless therefrom, regardless of whether Hospital is a party-plaintiff, except for the expense
of any independent counsel retained by Hospital in accordance with Section 7.5 below.

 

    	 	11	 

     

    

 

7.3 Hospital Joined as
Party-Plaintiff. If Company elects to commence an action as described in Section 7.2 above, Hospital shall have, in its
sole discretion, the option to join such action as a party-plaintiff. If Hospital is required by law to join such action as a
party-plaintiff, Hospital may either, in its sole discretion, permit itself to be joined as a party-plaintiff at the sole
expense of Company, or assign to Company all of Hospital’s right, title and interest in and to the Patent Right which
is the subject of such action (subject to all of Hospital’s obligations to the government under law and any other
rights that others may have in such Patent Right). If Hospital makes such an assignment, such action by Company shall
thereafter be brought or continued without Hospital as a party; provided, however, that Hospital shall continue to have all
rights of prosecution and maintenance with respect to Patent Rights and Company shall continue to meet all of its obligations
under this Agreement as if the assigned Patent Right were still licensed to Company hereunder.

 

7.4 Notice of
Actions., Settlement. Company shall promptly inform Hospital of any action or suit relating to Patent Rights
and shall not enter into any settlement, consent judgment or other voluntary final disposition of any action relating to
Patent Rights, including but not limited to appeals, without the prior written consent of Hospital.

 

7.5 Cooperation.
Each Party agrees to cooperate reasonably in any action under Section 7 which is controlled by the other Party, provided that
the controlling party reimburses the cooperating party for any costs and expenses incurred by the cooperating party in
connection with providing such assistance, except for the expense of any independent counsel retained by the cooperating
party in accordance with this Section 7.5. Such controlling party shall keep the cooperating party informed of the progress
of such proceedings and shall make its counsel available to the cooperating party. The cooperating party shall also be
entitled to independent counsel in such proceedings but at its own expense, said expense to be offset against any damages
received by the Party bringing suit in accordance with Section 7.6.

 

7.6 Recovery. Any
award paid by third parties as the result of such proceedings (whether by way of settlement or otherwise) shall first be
applied to reimbursement of any legal fees and expenses incurred by either Party and then the remainder shall be divided
between the Parties as follows:

 

		(a)	(i)	Company shall receive an amount equal to
its lost profits or a reasonable royalty on the infringing sales, or whichever measure of damages the court shall have applied;
and

 

		(ii)	Hospital shall receive an amount equal to the royalties
and other amounts that Company would have paid to Hospital if Company had Sold the infringing Products and Services rather than
the infringer; and

 

		(b)	the balance, if any, remaining after Company and Hospital
have been compensated under Section 7.6(a) shall be shall be shared equally by the Parties.

 

    	 	12	 

     

    

 

8. INDEMNIFICATION
AND INSURANCE

 

 8.1 Indemnification.

 

		(a)	Company shall indemnify, defend and hold harmless Hospital and its Affiliates and
their respective trustees, directors, officers, medical and professional staff, employees, and agents and their respective successors,
heirs and assigns (the “Indemnitees”), against any liability, damage, loss or expense (including reasonable attorney’s
fees and expenses of litigation) incurred by or imposed upon the Indemnitees or any one of them in connection with any claims,
suits, actions, demands or judgments arising out of any theory of product liability (including, but not limited to, actions in
the form of contract, tort, warranty, or strict liability) concerning any product, process or service made, used, or sold or performed
pursuant to any right or license granted under this Agreement.

 

		(b)	Company agrees, at its own expense, to provide attorneys reasonably acceptable
to the Hospital to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject
of indemnity contained herein, whether or not such actions are rightfully brought; provided, however, that any Indemnitee shall
have the right to retain its own counsel, at the expense of Company, if representation of such Indemnitee by counsel retained by
Company would be inappropriate because of conflict of interests of such Indemnitee and any other party represented by such counsel.
Company agrees to keep Hospital informed of the progress in the defense and disposition of such claim and to consult with Hospital
prior to any proposed settlement.

 

		(c)	This section 8.1 shall survive expiration or termination of this Agreement.

 

8.2 Insurance.

 

		(a)	Beginning at such time
as any such product, process or service is being commercially distributed, sold, leased or otherwise transferred, or performed
or used (other than for the purpose of obtaining regulatory approvals), by Company, an Affiliate or Sublicensee, Company shall,
at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than $2,000,000
per incident and $2,000,000 annual aggregate and naming the Indemnitees as additional insureds. Such commercial general liability
insurance shall provide (i) product liability coverage and (ii) broad form contractual liability coverage for Company’s
indemnification under Section 8.1 of this Agreement. If Company elects to self-insure all or part of the limits described above
(including deductibles or retentions which are in excess of $250,000 annual aggregate) such self-insurance program must be acceptable
to the Hospital and the Risk Management Foundation. The minimum amounts of insurance coverage required under
this Section 8.2 shall not be construed to create a limit of Company’s liability with respect to its indemnification under
Section 8.1 of this Agreement.

 

    	 	13	 

     

    

 

		(b)	Company shall provide Hospital with written evidence
of such insurance upon request of Hospital. Company shall provide Hospital with written notice at least fifteen (15) days prior
to the cancellation, non-renewal or material change in such insurance; if Company does not obtain replacement insurance providing
comparable coverage prior to the expiration of such fifteen (15) day period, Hospital shall have the right to terminate this Agreement
effective at the end of such fifteen (15) day period without notice or any additional waiting periods.

 

		(c)	Company shall maintain such commercial general liability
insurance beyond the expiration or termination of this Agreement during (i) the period that any such product, process, or service
is being commercially distributed, sold, leased or otherwise transferred, or performed or used (other than for the purpose of
obtaining regulatory approvals), by Company or by a licensee, affiliate or agent of Company and (ii) a reasonable period after
the period referred to in (c) (i) above which in no event shall be less than fifteen (15) years.

 

		(d)	This section 8.2 shall survive expiration or termination
of this Agreement.

  

9. DISCLAIMER
OF WARRANTIES; LIMITATION OF LIABILITY

 

9.1 Title to Patent Rights. To the best knowledge
of Hospital’s Innovation office, Hospital is the owner by assignment from Dr. Howard Weiner and Dr. Oleg Butovsky of
the Patent Rights and has the authority to enter into this Agreement and license the Patent Rights to Company hereunder.

 

9.2 No Warranties. HOSPITAL
MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, CONCERNING THE PATENT RIGHTS AND THE RIGHTS GRANTED
HEREUNDER, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT,
VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT
DISCOVERABLE, AND HEREBY DISCLAIMS THE SAME. SPECIFICALLY, AND NOT TO LIMIT THE FOREGOING, HOSPITAL MAKES NO WARRANTY OR
REPRESENTATION (i) REGARDING THE VALIDITY OR SCOPE OF ANY OF THE CLAIM(S), WHETHER ISSUED OR PENDING, OF ANY OF THE PATENT
RIGHTS, AND (ii) THAT THE EXPLOITATION OF THE PATENT RIGHTS OR ANY PRODUCT WILL NOT INFRINGE ANY PATENTS OR OTHER
INTELLECTUAL PROPERTY RIGHTS OF HOSPITAL OR OF ANY THIRD PARTY.

 

    	 	14	 

     

    

 

9.3 Limitation of
Liability. IN NO EVENT SHALL HOSPITAL OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE TRUSTEES, DIRECTORS, OFFICERS,
MEDICAL OR PROFESSIONAL STAFF, EMPLOYEES AND AGENTS BE LIABLE TO LICENSEE OR ANY OF ITS AFFILIATES, SUBLICENSEES OR
DISTRIBUTORS FOR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING IN ANY WAY OUT OF THIS AGREEMENT
OR THE LICENSE OR RIGHTS GRANTED HEREUNDER, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, INCLUDING WITHOUT LIMITATION
ECONOMIC DAMAGES OR INJURY TO PROPERTY OR LOST PROFITS, REGARDLESS OF WHETHER HOSPITAL SHALL BE ADVISED, SHALL HAVE OTHER
REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

 

10. TERM AND TERMINATION

 

10.1 Term. The term of this Agreement
shall commence on the Effective Date and shall remain in effect until the date on which all issued patents and filed patent applications
within the Patent Rights have expired or been abandoned, unless this Agreement is terminated earlier in accordance with any of
the other provisions of Section 10.

 

10.2 Termination for Failure to Pay.
If Company fails to make any payment due hereunder, Hospital shall have the right to terminate this Agreement upon ten (10) business
days written notice, unless Company makes such payments plus any interest due, as set forth in Section 4.7, within said ten (10)
day notice period. If payments are not made, Hospital may immediately terminate this Agreement at the end of said ten (10) day
period. Company shall be entitled to only one such cure period in a calendar year; for a second failure to make payment on time,
Hospital shall have the right to terminate this Agreement immediately upon written notice.

 

10.3 Termination for Insurance and Insolvency.

 

		(a)	Insurance. Hospital shall have the right to terminate this Agreement in accordance with
Section 8.2(b) if Company fails to maintain the insurance required by Section 8.2.

 

		(b)	Insolvency and other Bankruptcy Related Events. Hospital shall have the right to terminate
this Agreement immediately upon written notice to Company with no further notice obligation or opportunity to cure if Company:
(i) shall become insolvent; (ii) shall make an assignment for the benefit of creditors; or (iii) or shall have a petition in bankruptcy
filed for or against it.

 

10.4 Termination for Non-Financial Default.
If Company, any of its Affiliates or any Sublicensee shall default in the performance of any of its other obligations under this
Agreement not otherwise covered by the provisions of Section 10.2 and 10.3, and if such default has not been cured within sixty
(60) days after notice by Hospital in writing of such default, Hospital may immediately terminate this Agreement, and/or any license
granted hereunder with respect to the country or countries in which such default has occurred, at the end of said sixty (60) day
cure period. Hospital shall also have the right to terminate this Agreement and/or any such license immediately, upon written notice,
in the event of repeated defaults even if cured within such sixty (60) day periods.

 

    	 	15	 

     

    

 

10.5 Challenging Validity.
During the term of this Agreement, Company shall not challenge, and shall restrict Company Affiliates and Sublicensees from challenging,
the validity of the Patent Rights and in the event of any breach of this provision Hospital shall have the right to terminate this
Agreement and any license granted hereunder immediately. In addition, if the Patent Rights are upheld Company shall reimburse Hospital
for its legal costs and expenses incurred in defending any such challenge.

 

10.6 Termination by Company.
Company shall have the right to terminate this Agreement by giving ninety (90) days advance written notice to Hospital and upon
such termination shall immediately cease all use and Sales of Products and Processes, subject to Section 10.9.

 

10.7 Effect of Termination
on Sublicenses. Any sublicenses granted by Company under this Agreement shall provide for termination or assignment to Hospital
of Company’s interest therein, at the option of Hospital, upon termination of this Agreement or upon termination of any license
hereunder under which such sublicense has been granted.

 

10.8 Effects of Termination
of Agreement. Upon termination of this Agreement or any of the licenses hereunder for any reason, final reports in accordance
with Section 5 shall be submitted to Hospital and all royalties and other payments, including without limitation any unreimbursed
Patent Costs, accrued or due to Hospital as of the termination date shall become immediately payable. Company shall cease, and
shall cause its Affiliates and Sublicensees to cease under any sublicense granted by Company, all Sales and uses of Products and
Processes upon such termination, subject to Section 10,9. The termination or expiration of this Agreement or any license granted
hereunder shall not relieve Company, its Affiliates or Sublicensees of obligations arising before such termination or expiration.

 

10.9 Inventory. Upon
early termination of this Agreement other than for Company default, Company, Company Affiliates and Sublicensees may complete and
sell any work-in-progress and inventory of Products that exist as of the effective date of termination provided that (i) Company
pays Hospital the applicable running royalty or other amounts due on such Net Sales in accordance with the terms and conditions
of this Agreement, and (ii) Company, Company Affiliates and Sublicensees shall complete and sell all work-in-progress and inventory
of Products within six (6) months after the effective date of termination. Upon expiration of this Agreement, Company shall pay
to Hospital the royalties set forth in Section 4.5(a) for Sales of any Product that was in inventory or was a work-in-progress
on the date of expiration of the Agreement.

 

11. COMPLIANCE WITH LAW

 

11.1 Compliance.
Company shall have the sole obligation for compliance with, and shall ensure that any Affiliates and Sublicensees comply
with, all government statutes and regulations that relate to Products and Processes, including, but not limited to, those of
the Food and Drug Administration and the Export Administration, as amended, and any applicable laws and regulations of any
other country in the License Territory. Company agrees that it shall be solely responsible for obtaining any necessary
licenses to export, re-export, or import Products or Processes covered by Patent Rights and/or
Confidential Information. Company shall indemnify and hold harmless Hospital for any breach of Company’s obligations
under this Section 11.1.

 

    	 	16	 

     

    

 

11.2 Patent Numbers.
Company shall cause all Products sold in the United States to be marked with all applicable U.S. Patent Numbers, to the full extent
required by United States law. Company shall similarly cause all Products shipped to or sold in any other country to be marked
in such a manner as to conform with the patent laws and practices of such country.

 

12. MISCELLANEOUS

 

12.1 Entire Agreement.
This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof. For the avoidance
of doubt, this Agreement supersedes the Exclusive Option Agreement with an effective date of November 7th 2017, by
and between the Parties.

 

12.2 Notices. Any notices,
reports, waivers, correspondences or other communications required under or pertaining to this Agreement shall be in writing and
shall be delivered by hand, or sent by a reputable overnight mail service (e.g., Federal Express), or by first class mail (certified
or registered), or by facsimile confirmed by one of the foregoing methods, to the other party. Notices will be deemed effective
(a) three (3) working days after deposit, postage prepaid, if mailed, (b) the next day if sent by overnight mail, or (c) the same
day if sent by facsimile and confirmed as set forth above or delivered by hand. Unless changed in writing in accordance with this
Section, the notice address for Hospital shall be as follows:

 

Chief Innovation Officer, Innovation,

Partners
Health Care,

The Brigham and Women’s Hospital,

215 First Street,
Suite 500

Cambridge, MA 02142

 

12.3 Amendment; Waiver. This Agreement
may be amended and any of its terms or conditions may be waived only by a written instrument executed by an authorized signatory
of the Parties or, in the case of a waiver, by the Party waiving compliance. The failure of either Party at any time or times to
require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the same. No waiver
by either Party of any condition or term shall be deemed as a further or continuing waiver of such condition or term or of any
other condition or term.

 

12.4 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective
permitted successors and assigns.

 

    	 	17	 

     

    

 

12.5 Assignment. Company shall
not assign this Agreement or any of its rights or obligations under this Agreement without the prior written consent of Hospital;
provided, however, that if Company has fulfilled its diligence obligations as set forth in Section 3, no such consent will be
required to assign this Agreement to a successor of the Company’s business to which this Agreement pertains or to a purchaser
of substantially all of the Company’s assets related to this Agreement, so long as such successor
or purchaser shall agree in writing to be bound by all of the terms and conditions hereof prior to such assignment. Company shall
notify Hospital in writing of any such assignment and provide a copy of all assignment documents and related agreements to Hospital
within thirty (30) days of such assignment. Failure of an assignee to agree to be bound by the terms hereof or failure of Company
to notify hospital and provide copies of assignment documentation shall be grounds for termination of this Agreement for default.
Further, neither any rights granted under this Agreement nor any sublicense may be assigned by any Sublicensee without the prior
written consent of Hospital.

 

12.6 Force Majeure. Neither
Party shall be responsible for delays resulting from causes beyond the reasonable control of such Party, including without limitation
fire, explosion, flood, war, sabotage, strike or riot, provided that the nonperforming Party uses commercially reasonable efforts
to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever
such causes are removed.

 

12.7 Use of Name. Neither
Party shall use the name of the other Party or of any trustee, director, officer, staff member, employee, student or agent of the
other Party or any adaptation thereof in any advertising, promotional or sales literature, publicity or in any document employed
to obtain funds or financing without the prior written approval of the Party or individual whose name is to be used. For Hospital,
such approval shall be obtained from Hospital’s VP of Public Affairs.

 

12.8 Governing
Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the Commonwealth of
Massachusetts, excluding with respect to conflict of laws, except that questions affecting the construction and effect of any
patent shall be determined by the law of the country in which the patent shall have been granted. Each
Party agrees to submit to the exclusive jurisdiction of the Superior Court for Suffolk County, Massachusetts, and the
United States District Court for the District of Massachusetts with respect to any claim, suit or action in law or equity
arising in any way out of this Agreement or the subject matter hereof.

 

12.9 Hospital Policies.
Company acknowledges that Hospital’s employees and medical and professional staff members and the employees and staff members of
Hospital’s Affiliates are subject to the applicable policies of Hospital and such Affiliates, including, without limitation, policies
regarding conflicts of interest, intellectual property and other matters. Company shall provide Hospital with any agreement it
proposes to enter into with any employee or staff member of Hospital or any of Hospital’s Affiliates for Hospital’s prior review
and shall not enter into any oral or written agreement with such employee or staff member which conflicts with any such policy.
Hospital shall provide Company, at Company’s request, with copies of any such policies applicable to any such employee or staff
member.

 

12.10 Severability.
If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are
deemed unenforceable under then current applicable law from time to time in effect during the term hereof, it is the
intention of the parties that the remainder of this Agreement shall not be effected thereby. It is further the intention of
the parties that in lieu of each such provision which is invalid, illegal or unenforceable, there be substituted or added as
part of this Agreement a provision which shall be as similar as possible in economic and business objectives as intended by
the parties to such invalid, illegal or enforceable provision, but shall be valid, legal and enforceable.

 

    	 	18	 

     

    

 

12.11 Survival. In addition to any
specific survival references in this Agreement, Sections 1, 2.4, 4.2, 4.6, 4.7, 5.3, 5.4, 5.5, 6.4, 8.1, 8.2, 9.2, 9.3, 10.7, 10.8,
10.9, 12.1, 12.2, 12.3, 12.4, 12.7, 12.8, 12.9, 12.10, 12.11, 12.12 and 12.13 shall survive termination or expiration of this Agreement.
Any other rights, responsibilities, obligations, covenants and warranties which by their nature should survive this Agreement shall
similarly survive and remain in effect.

 

12.12 Interpretation. The parties
hereto are sophisticated, have had the opportunity to consult legal counsel with respect to this transaction and hereby waive any
presumptions of any statutory or common law rule relating to the interpretation of contracts against the drafter.

 

12.13 Headings. All headings are
for convenience only and shall not affect the meaning of any provision of this Agreement.

 

[Remainder of page intentionally left
blank]

 

    	 	19	 

     

    

 

IN WITNESS
WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date
first written above.

 

	Tiziana Pharma Ltd.	 	The Brigham And Women’s Hospital, Inc.
	 	 	 
	By:	/s/ Gabriele Cerrone	 	By:	/s/ Emy Chen
	Name:	Gabriele Cerrone	 	Name:	Emy Chen       
	Title:	Chairman	 	Title:	Director, Licensing Partners Healthcare Innovation
	Date:	5/29/2018	 	Date:	5/29/2018

 

    	 	20	 

     

    

 

Appendix A

 

DESCRIPTION OF PATENT
RIGHTS

 

US Provisional Patent
Application 62/515,711. Filed June 6th 2017.

 

    	 	21	 

     

    

 

Appendix B

SALES REPORTS

 

	AGREEMENT INCOME REPORT	Royalty Income

	[MGH][BWH] Agreement # -	 
	Licensee -	 
	Sub-Licensee -	 

 

Separate reports must be filed for:

		1.	Each Product sold.

		2.	Each country of sale, if different deductions
or royalty rates apply.

 

	Product Name:

	 

Report Time Period:

 

From       mm                 /dd/yyyy_________________________________________________________________

From       mm                 /dd/yyyy_________________________________________________________________

 

	 

 

	Country of Sale	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Quantity Sold	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Gross Sales (USD)	 	$	 	$	 	$
	 	 	 	 	 	 	 
	Exchange Rate	 	 	 	 	 	 

 

Deductions (Itemize)

Please list each deduction separately. Use
same definition as appears in Agreement and include the contract paragraph as a reference (Std Section 1.17(a)(ii) line item deductions
listed below).

 

	A1.	 	 	 	 	 	 
	A2.	 	 	 	 	 	 
	A3.	 	 	 	 	 	 
	A4.	 	 	 	 	 	 
	B.	 	 	 	 	 	 

 

	Total Deductions	 	(__________________________)	 	(__________________________)	 	(__________________________)
	 	 	 	 	 	 	 
	Net Sales	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Royalty Percentage	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Credits (Itemize)	 	(__________________________)	 	(__________________________)	 	(__________________________)
	 	 	 	 	 	 	 
	Royalties Due	 	$__________________________	 	$__________________________	 	$__________________________

 

	 

 

PLEASE ATTACH DETAIL SALES REPORTS AS REQUIRED

 

    	 	22	 

     

    

 

Appendix C

 

	AGREEMENT
    INCOME REPORT	Sublicense
    Income

 

	[MGH][BWH]
Agreement # -	 
	Licensee -	 
	Sub-Licensee -	 

 

Separate
reports must be filed for Payments associated with each Product:

 

	Product
                                         Name:

	 	 

 

	Report
    Time Period:	 	 

 

	 	From
            mm	   /dd/yyyy	 
	 	 	 	 
	 	To
                mm	   /dd/yyyy	 

 

 

	 

Detailed
Explanation of Payment

Required
for “Other Payment”

 

	Annual
    Fees/Minimum Royalties	 	$	 	 	 			 
	 	 	 	 	 	 	 	 	 
	Milestone
    Payments	 	$	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Sublicense
    Fees and Royalties	 	$	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Other
    Payment	 	$	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Other
    Payment	 	$	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Other
    Payment	 	$	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	TOTAL	 	$	 	 	 	 	 	 

 

 

	 

  

PLEASE
ATTACH DETAIL AS REQUIRED

 

    	 	23	 

     

    

 

Appendix D

 

CONFIDENTIALITY TERMS
AND CONDITIONS

 

1. Definition of
Confidential Information. “Confidential Information” shall mean any information, including but not limited to
data, techniques, protocols or results, or business, financial, commercial or technical information, disclosed by one Party
(each a “Discloser” as applicable) to the other Party (each a “Recipient” as applicable) in
connection with the terms of that certain Agreement and identified as confidential at the time of disclosure (the
“Purpose”). Hospital’s Confidential Information shall also include all information disclosed by Hospital to
Company in connection with the Patent Rights. Capitalized terms used in this Appendix that are not otherwise defined herein
have the meanings ascribed in the License Agreement to which this Appendix is attached and made a part thereof.

 

2. Exclusions.
“Confidential Information” under this Agreement shall not include any information that (i) is or becomes publicly
available through no wrongful act of Recipient; (ii) was known by Recipient prior to disclosure by Discloser, as evidenced by
tangible records; (iii) becomes known to Recipient after disclosure from a third
party having an apparent bona fide right to disclose it; (iv) is independently developed or discovered by Recipient without
use of Discloser’s Confidential Information, as evidenced by tangible records; or (v) is disclosed to another party by
Discloser without restriction on further disclosure. The obligations of confidentiality and non-use set forth in this
Agreement shall not apply with respect to any information that Recipient is required to disclose or produce pursuant to
applicable law, court order or other valid legal process provided that Recipient promptly notifies Discloser prior to such
required disclosure, discloses such information only to the extent so required and cooperates reasonably with
Discloser’s efforts to contest or limit the scope of such disclosure.

 

3. Permitted
Purpose. Recipient shall have the right to, and agrees that it will, use Discloser’s Confidential Information
solely for the Purpose as described in the License Agreement, except as may be otherwise specified in a separate definitive
written agreement negotiated and executed between the parties.

 

4. Restrictions. For
the term of the Agreement and a period of three {3) years thereafter (and indefinitely with respect to any individually identifiable
health information disclosed by Hospital to Company, if any), each Recipient agrees that: (i) it will not use such Confidential
Information for any purpose other than as specified herein, including without limitation for its own benefit or the benefit of
any other person or entity; and (ii) it will use reasonable efforts (but no less than the efforts used to protect its own confidential
and/or proprietary information of a similar nature) not to disclose such Confidential Information to any other person or entity
except as expressly permitted hereunder. Recipient may, however, disclose Discloser’s Confidential Information only on a
need-to-know basis to its and its Affiliates employees, staff members and agents (“Receiving Individuals”) who are
directly participating in the Purpose and who are informed of the confidential nature of such information, provided Recipient
shall be responsible for compliance by Receiving Individuals with the terms of this Agreement and any breach thereof. Each party
further agrees not to use the name of the other party or any of its Affiliates or any of their respective trustees, directors,
officers, staff members, employees, students or agents in any advertising, promotional or sales literature, publicity or in any
document employed to obtain funds or financing without the prior written approval of the party or individual whose name is to
be used, in the case of Hospital such approval to be given by the Public Affairs Department. This Section 4 shall survive termination
or expiration of this Agreement.

 

    	 	24	 

     

    

 

5. Right
to Disclose. Discloser represents that to the best of its knowledge it has the right to disclose to each Recipient all of
Discloser’s Confidential Information that will be disclosed hereunder.

 

6. Ownership.
All Confidential Information disclosed pursuant to this Agreement, including without limitation all written and tangible forms
thereof, shall be and remain the property of the Discloser. Upon termination of this Agreement, if requested by Discloser, Recipient
shall return or destroy at Discloser’s discretion all of Discloser’s Confidential Information, provided that Recipient
shall be entitled to keep one copy of such Confidential Information in a secure location solely for the purpose of determining
Recipient’s legal obligations hereunder.

 

7. No
License. Nothing in this Agreement shall be construed as granting or conferring, expressly or impliedly, any rights by license
or otherwise, under any patent, copyright, or other intellectual property rights owned or controlled by Discloser relating to
Confidential Information, except as specifically set forth in the Agreement.

 

8. Remedies.
Each party acknowledges that any breach of this Agreement by it may cause irreparable harm to the other party and that each party
is entitled to seek injunctive relief and any other remedy available at law or in equity.

 

9. General.
These Confidentiality Terms and Conditions, along with the License, contain the entire understanding of the parties with respect
to the subject matter hereof, and supersede any prior oral or written understandings between the parties relating to confidential
treatment of information. Sections 1, 2, 4, 6, 8 and 9 of these Confidentiality Terms and Conditions shall survive any expiration
or termination of the Agreement.

 

    	 	25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]