Document:

Exhibit
10.5

 

CONFIDENTIAL TREATMENT REQUESTED. Confidential portions of this document have been redacted and have been
separately filed with the Commission. 

 

EXCLUSIVE
LICENSE AGREEMENT

 

THIS EXCLUSIVE LICENSE AGREEMENT (the
“Agreement”) is made and entered into as of the 17th day of February, 2017 (the “Effective
Date”) by and between Mustang Bio, Inc. (f/k/a Mustang Therapeutics, Inc.), a Delaware corporation with a principal place
of business at 3 Columbus Circle, New York, NY 10019 (“Licensee”) and City of Hope, a California nonprofit public
benefit corporation located at 1500 East Duarte Road, Duarte, California 91010 (“City of Hope” or “COH”).
Licensee and COH are each sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS:

 

A.         COH operates an academic research and
medical center that encourages the use of its inventions, discoveries and intellectual property for the benefit of the public and
COH owns or Controls (as defined below) certain Patent Rights (as defined below) useful in the Field (as defined below);

 

B.          COH owns or Controls (as defined below)
certain Patent Rights (as defined below) useful in the Field (as defined below);

 

C.          The research may have been sponsored
in part by the National Institute of Health, and as a consequence this license is subject to obligations to the United States Federal
Government under 35 U.S.C. §§ 200-212 and applicable U.S. government regulations;

 

D.          The research was sponsored in part by
a grant from the California Institute for Regenerative Medicine (the “CIRM Grant”), and as a consequence this
license is subject to applicable law and other obligations as applicable to exclusive licensees under the CIRM Grant; and

 

E.           Licensee is a company dedicated to the
commercial development and exploitation in the Field (as defined below) of products and services that incorporate one or more of
the technologies described in the Patent Rights and therefore Licensee desires to obtain from COH a worldwide, exclusive license
under the Patent Rights, on the terms and subject to the conditions set forth herein.

 

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

 

ARTICLE
1: DEFINITIONS

 

1.1          “Affiliate”
of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under
common control with such Party. For purposes of this Section 1.1, “control” means (i) the direct or indirect ownership
of 50 percent or more of the voting stock or other voting interests or interests in profits, or (ii) the ability to otherwise control
or direct the decisions of board of directors or equivalent governing body thereof.

 

    	 	 	 

     

    

 

CONFIDENTIAL

 

1.2         “Business
Day” means any day, other than a Saturday, Sunday or day on which commercial banks located in Los Angeles, California,
are authorized or required by law or regulation to close.

 

1.3         “Change
of Control” means (i) any transaction or series of related transactions following which the holders of Licensee’s
capital stock immediately prior to such transaction or series of related transactions collectively are the owners of less than
50% of the outstanding equity interests of Licensee entitled to (a) vote with respect to the election of directors (or positions
having a similar function) or (b) receive the proceeds upon any sale, liquidation or dissolution of Licensee, (ii) a sale, transfer,
exclusive license or other disposition, in a single transaction or series of related transactions, of all or a material portion
of Licensee’s interest in the Licensed Product or Licensed Service or (iii) a sale, transfer, exclusive license or other
disposition, in a single transaction or series of related transactions, of all or a material portion of Licensee’s right
title, or interest in its assets taken as a whole.

 

1.4         “Commercially
Reasonable Efforts” means the exercise of such efforts and commitment of such resources by Licensee, directly or
through one or more Sublicensees, in a diligent manner consistent with organizations in the pharmaceutical industry for a comparable
development or commercialization program at a similar stage of development or commercialization. In the event that Licensee or
a Sublicensee with respect to a given Licensed Product or Licensed Service, has a program or product that competes with the programs
contemplated by this Agreement with respect to such Licensed Product or Licensed Service, then “Commercially Reasonable Efforts”
shall also mean efforts at least comparable to those efforts and resources expended by Licensee or its Sublicensee on the competing
program and/or product or service.

 

1.5         “COH
CAR” means a chimeric antigen receptor that is licensed to Licensee by COH pursuant to an applicable license agreement
between the Parties, including but not limited to, pursuant to that certain Amended and Restated Exclusive License Agreement between
the Parties of even date herewith relating to IL-13, and that certain Amended and Restated Exclusive License Agreement between
the Parties of even date herewith relating to CD123.

 

1.6         “COH
Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, COH to Licensee
or its designees.

 

1.7         “Confidential
Information” means: (i) all information and materials (of whatever kind and in whatever form or medium) disclosed
by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement, whether prior to or during the
term of this Agreement and whether provided orally, electronically, visually, or in writing; provided that all such information
and materials initially disclosed in writing or electronically shall be clearly marked as “CONFIDENTIAL” and all such
materials and information initially disclosed orally shall be reduced to writing and marked as “CONFIDENTIAL” within
10 days following the date of initial oral disclosure; (ii) all copies of the information and materials described in (i) above;
and (iii) the existence and each of the terms and conditions of this Agreement; provided further that Confidential Information
shall not include information and materials to the extent a Party can demonstrate through its contemporaneous written records that
such information and materials are or have been:

 

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CONFIDENTIAL

 

(a)       known to the receiving
Party, or in the public domain, at the time of its receipt by a Party, or which thereafter becomes part of the public domain other
than by virtue of a breach of this Agreement or the obligations of confidentiality under this Agreement;

 

(b)       received without an
obligation of confidentiality from a Third Party having the right to disclose without restrictions such information;

 

(c)       independently developed
by or on behalf of the receiving Party without use of or reference to Confidential Information disclosed by the other Party; or

 

(d)       released from the
restrictions set forth in this Agreement by the express prior written consent of the disclosing Party.

 

1.8         “Control(s)”
or “Controlled” means the possession by a Party, as of the Effective Date, of rights sufficient to effect
the grant of rights set forth in this Agreement without violating the terms of any agreement with any Third Party.

 

1.9         “Covers”
or “Covered by,” means with reference to a particular Licensed Product or Licensed Service that the manufacture,
use, sale, offering for sale, or importation of such Licensed Product or performance of such Licensed Service would, but for ownership
of, or a license granted under this Agreement to, the relevant Patent Right, infringe a Valid Claim in the country in which the
activity occurs.

 

1.10       “Dispute”
means any controversy, claim or legal proceeding arising out of or relating to this Agreement, or the interpretation, breach, termination,
or invalidity thereof.

 

1.11       “Field”
means the treatment and diagnosis of all human diseases.

 

1.12       “First
Commercial Sale” means, with respect to a particular Licensed Product or Licensed Service in a given country, the
first arm’s-length commercial sale of such Licensed Product or the first performance of such Licensed Service following Marketing
Approval in such country by or under authority of Licensee or any Sublicensee to a Third Party who is not a Sublicensee.

 

1.13       “GAAP”
means generally accepted accounting principles, consistently applied, as promulgated from time to time by the Financial Accounting
Standards Board.

 

1.14       “License
Year” means each calendar year during the term of this Agreement; except that the first License Year shall commence
on the Effective Date and end on December 31 of the calendar year in which the Effective Date occurs.

 

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CONFIDENTIAL

 

1.15       “Licensed
Product” means a product (including kits, component sets or components thereof, regardless of concentration or formulation)
that: (i) is Covered by a Valid Claim, (ii) is manufactured by a process or used in a method Covered by a Valid Claim, or (iii)
contains, as an active ingredient, any substance the manufacture, use, offer for sale or sale of which is Covered by a Valid Claim.
By way of clarification, “Licensed Product” shall include a product manufactured in a country in which such manufacture
is Covered by a Valid Claim and thereafter exported to and sold in a country in which no Valid Claim exists.

 

1.16       “Licensed
Service” means any service the performance of which would, but for the license granted herein, infringe a Valid Claim.

 

1.17       “Licensee
Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, Licensee to COH
or its designees.

 

1.18       “Licensee
Net Sales” means the total gross amount invoiced by Licensee and its Affiliates (regardless of whether and when such
invoices are actually paid) on the sale of Licensed Products and Licensed Services to Third Parties (including, without limitation,
the provision of any product by Licensee or its Affiliates that incorporates a Licensed Product or Licensed Service but for clarity
excluding documented sponsored research and/or development activities, valued at the actual direct cost of such activities on a
fully burdened basis (including reasonable margin for overhead)), less the following items, as determined from the books and records
of Licensee or its Affiliates:

 

(a)       insurance, handling
and transportation charges actually invoiced;

 

(b)       amounts repaid, credited
or allowed for rejection, return or recall;

 

(c)       sales or other excise
taxes or other governmental charges levied on or measured by the invoiced amount (including, without limitation, value added taxes);

 

(d)       brokerage, customs
and import duties or charges; and

 

(e)       normal and customary
trade and quantity discounts (including chargebacks and allowances) and rebates which relate to the Licensed Products or Licensed
Services.

 

Sales of Licensed Products
between or among Licensee, its Affiliates or its Sublicensees shall be excluded from the computation of Licensee Net Sales, except
in those instances in which the purchaser is also the end-user of the Licensed Product sold. Further, transfers of reasonable quantities
of Licensed Product by Licensee, any of its Affiliates or of its Sublicensee to a Third Party that is not a Sublicensee for use
in the development of such Licensed Product (and not for resale) and transfers of industry standard quantities of Licensed Product
for promotional purposes shall not be deemed a sale of such Licensed Product that gives rise to Licensee Net Sales for purposes
of this Section 1.18.

 

1.19       “Marketing
Approval” means all approvals, licenses, registrations or authorizations of any federal, state or local regulatory
agency, department, bureau or other governmental entity, necessary for the manufacturing, use, storage, import, transport, marketing
and sale of Licensed Products or performance of Licensed Services in a country or regulatory jurisdiction.

 

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CONFIDENTIAL

 

1.20       “Patent
Rights” means: (i) U.S. Patent Application No. *, (ii) U.S. Patent Application No. *, (iii)
patents, patent applications, continuation and divisional applications and foreign equivalents that claim the same invention(s)
and priority date as the foregoing, (iv) continuation-in-part applications that repeat a substantial portion of any of the foregoing
applications, (v) Letters Patent or the equivalent issued on any of the foregoing applications throughout the world, and (vi) amendments,
extensions, renewals, reissues, and re-examinations of any of the foregoing. Notwithstanding the foregoing, “Patent Rights”
shall only include any continuation-in-part application to the extent that claims in such continuation-in-part application are
supported in the specification of the parent application, unless otherwise mutually agreed to in writing by the Parties to this
Agreement.

 

1.21       “Person”
means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited
liability company, business association, firm, joint venture or governmental agency or authority.

 

1.22       “Sublicensee”
means any Affiliate of Licensee or Third Party which enters into an agreement with Licensee involving the grant to such Affiliate
or Third Party of any rights under the license granted to Licensee pursuant to this Agreement.

 

1.23       “Sublicensee
Net Sales” means the total gross amount invoiced by Sublicensee (regardless of whether and when such invoices are
actually paid) on the sale of Licensed Products and Licensed Services to Third Parties (including, without limitation, the provision
of any product by Sublicensee that incorporates a Licensed Product or Licensed Service but for clarity excluding documented sponsored
research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including
reasonable margin for overhead)), less the following items, as determined from the books and records of Licensee, its Affiliates
or its Sublicensees:

 

(a)       insurance, handling
and transportation charges actually invoiced;

 

(b)       amounts repaid, credited
or allowed for rejection, return or recall;

 

(c)       sales or other excise
taxes or other governmental charges levied on or measured by the invoiced amount (including, without limitation, value added taxes);

 

(d)       brokerage, customs
and import duties or charges; and

 

(e)       normal and customary
trade and quantity discounts (including chargebacks and allowances) and rebates which relate to the Licensed Products or Licensed
Services.

 

Sales of Licensed Products between or among
Licensee, its Affiliates or its Sublicensees shall be excluded from the computation of Sublicensee Net Sales, except in those instances
in which the purchaser is also the end-user of the Licensed Product sold. Further, transfers of reasonable quantities of Licensed
Product by Licensee, any of its Affiliates or of its Sublicensee to a Third Party that is not a Sublicensee for use in the development
of such Licensed Product (and not for resale) and transfers of industry standard quantities of Licensed Product for promotional
purposes shall not be deemed a sale of such Licensed Product that gives rise to Sublicensee Net Sales for purposes of this Section
1.23.

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -5-	 

     

    

 

CONFIDENTIAL

 

1.24       “Sublicense
Revenues” means all consideration, in whatever form, due from a Sublicensee in return for the grant of a sublicense
of Licensee’s rights hereunder, excluding consideration in the form of: (i) royalties received by Licensee and calculated
wholly as a function of sales of Licensed Products or Licensed Services, (ii) payments or reimbursement for documented sponsored
research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including
reasonable margin for overhead), (iii) payment or reimbursement of reasonable patent expenses actually incurred or paid by Licensee
and not otherwise reimbursed, or payment of patent expenses required to by paid by Licensee hereunder, (iv) payments for the purchase
of equity in Licensee at the fair market value of such equity, (v) payments recognized as Sublicensee Net Sales under this Agreement
for which a royalty is payable to COH, and (vi) payments received in connection with an arms-length sale of Licensed Products in
finished dosage form to a commercial distributor of pharmaceutical products for distribution of such Licensed Products to end users;
provided, that, the royalty due under this Agreement is paid with respect to Licensee Net Sales or Sublicensee Net
Sales, as applicable, of such Licensed Products. By way of clarification, the principal amount of any loan or other extension of
credit provided to Licensee or an Affiliate of Licensee in connection with the grant of a sublicense by Licensee that is other
than an arm’s-length credit relationship shall be deemed to constitute “Sublicense Revenues.”

 

1.25       “Territory”
means the entire world.

 

1.26       “Third
Party” means a Person that is neither a Party to this Agreement nor an Affiliate of a Party.

 

1.27       “Valid
Claim” means a claim of a pending patent application or an issued and unexpired patent included in the Patent Rights
in a particular jurisdiction, which claim has not, in such jurisdiction, been finally rejected or been declared invalid or cancelled
by the patent office or a court of competent jurisdiction in a decision that is no longer subject to appeal as a matter of right.

 

ARTICLE
2: DEVELOPMENT AND COMMERCIALIZATION EFFORTS

 

2.1         Development
and Commercialization Responsibilities. Licensee shall have the sole right and responsibility for, and control over, all
development, manufacturing and commercialization activities (including all regulatory activities) with respect to Licensed Products
and Licensed Services in the Field.

 

2.2         Licensee Diligence.
Licensee shall use Commercially Reasonable Efforts to develop and commercialize Licensed Products and Licensed Services in the
Field, directly or through one or more Sublicensees. Without limiting the foregoing, if Licensee, directly or through one or Sublicensees,
fails to use Commercially Reasonable Efforts in furtherance of the accomplishment of any one of the “Diligence Milestones”
set forth in this Section 2.2 by the date specified (each a “Deadline Date”) corresponding to such Diligence
Milestone, COH shall have the right, on notice to Licensee, to terminate this Agreement or convert the grant of rights hereunder
from exclusive to non-exclusive without any change in the other terms and conditions of this Agreement.

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CONFIDENTIAL

 

 

	Bout “Deadline Date”	“Diligence Milestone”
	 	 
	1.  * from the Effective Date	Infusion of at least * with the first Licensed Product or Licensed Service.
	2.  * from the Effective Date	Submission of at least * (*) additional Investigational New Drug (“IND”) application in connection with a Licensed Product or Licensed Service after the Effective Date by or on behalf of Licensee or a Sublicensee.  For clarity, such additional IND application shall be (i) in addition to any IND application related to a Licensed Product or a Licensed Service existing as of the Effective Date, and (ii) directed to a new indication not already proposed in such IND application existing as of the Effective Date.
	3.  * from the Effective Date	Infusion of at least * with a Licensed Product or Licensed Service in connection with each additional IND application described in Diligence Milestone 2.

 

2.3       Governance.
COH and Licensee shall each designate one individual to serve as the main point of contact for communications related to development
and commercialization of Licensed Products and Licensed Services under this Agreement (each a “Designated Representative”).
The initial Designated Representative of COH shall be George Megaw, and the initial Designated Representative of Licensee shall
be Samuel W. Berry. Each Party may replace its Designated Representative at any time upon prior notice to the other Party. Licensee
shall keep COH reasonably informed as to its commercial development plan and progress in the development and commercialization
of Licensed Products and Licensed Services. Without limiting the foregoing, on or before January 15 and July 15 of each year during
the term of this Agreement, Licensee shall provide to COH a written report setting forth, in reasonable detail, its plans, activities,
and achievements with respect to the development and commercialization of Licensed Products and Licensed Services during the preceding
six months (the “Semi-Annual Report”). Each Semi-Annual Report shall also include the COH reference number,
OTL 16-126. The Designated Representatives shall meet in person twice each calendar year to present and discuss the current Semi-Annual
Report at such location and date as mutually agreed. Each Party shall be responsible for all expenses incurred by its Designated
Representative in the participation in such annual meetings. A copy of each Semi-Annual Report shall be provided, in addition to
the persons set forth in Section 14.7, to: The Office of Technology Licensing, email: licensing@coh.org.

 

 

*Confidential material redacted and filed separately
with the Commission.

 

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CONFIDENTIAL

 

ARTICLE
3: LICENSE GRANTS

 

3.1         Grant of Rights.
COH hereby grants to Licensee an exclusive royalty-bearing right and license under the Patent Rights to make, have made, use, offer
for sale, sell and import Licensed Products and to perform Licensed Services, in the Field, in the Territory. The foregoing grant
of rights shall be subject to: (i) the retained rights of the U.S. Government in the Patent Rights pursuant to 35 U.S.C. §§
200-212 and applicable U.S. government regulations, (ii) the royalty-free right of COH and its Affiliates to practice the Patent
Rights for educational and research uses, (iii) the right of COH and its Affiliates to publicly disclose research results, and
(iv) the right of COH and its Affiliates to allow other non-profit institutions to use the Patent Rights for the same purposes
as (ii) and (iii).

 

3.2         No Implied
Licenses. Licensee acknowledges that the licenses granted in this Agreement are limited to the scope expressly granted
and that, subject to the terms and conditions of this Agreement, all other rights under all Patent Rights and other intellectual
property rights Controlled by COH are expressly reserved to COH.

 

3.3         Sublicensing.
Licensee shall have the right to sublicense its rights hereunder without the consent of COH, effective on notice to COH. The terms
and conditions of each sublicense of Licensee’s rights hereunder shall be consistent with this Agreement. A true and complete
copy of each sublicense of Licensee’s rights hereunder, as well as any amendment thereto, shall be delivered to COH promptly
following the effective date of each such sublicense or amendment.

 

3.4         Effect of
Termination on Sublicenses.

 

(a)       In the event that
this Agreement terminates at any time for any reason, each sublicense validly granted hereunder which is in good standing as of
the effective date of such termination shall continue in effect as a direct license between COH (as licensor) and Sublicensee (as
licensee), provided that: (i) such sublicense, as determined by COH in its reasonable and good faith discretion, contains or imposes
on COH no material obligation or liability additional to those set forth in this Agreement, (ii) the Sublicensee delivers to COH,
within 30 days of the effective date of the termination of this Agreement, written acknowledgement that all payment and other obligations
previously payable to Licensee under such sublicense shall thereafter be payable and due, and be paid directly to COH, and (iii)
such Sublicensee (including its employees and contractors) is not at such time debarred or excluded or otherwise ineligible for
participation in federally funded programs. All other sublicenses in existence as of the effective date of the termination of this
Agreement which fail to satisfy the foregoing conditions shall, upon such termination, terminate.

 

(b)       Further and in addition
to the requirements of Section 3.4(a), above, the conversion of a sublicense into a direct license between COH (as licensor) and
Sublicensee (as licensee) upon termination of this Agreement shall require that either [A] or [B] (but not both), below, be satisfied:

 

[A]        On the effective date of the
termination of this Agreement:

 

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CONFIDENTIAL

 

(i)       the Sublicensee
is not a party to a proceeding in bankruptcy or insolvency filed by or against such Sublicensee, has not made a general assignment
for the benefit of its creditors, and is not in litigation with COH or any Affiliate of COH, and

 

(ii)       (1) the
effective royalty rate payable on Sublicensee’s Net Sales of Licensed Products and Licensed Services, (2) the aggregate of
other non- sale/royalty-based consideration due from Sublicensee, and (3) the other material terms and conditions of the sublicense
are materially no less favorable to COH than the corresponding terms of this Agreement, or

 

[B]        the terms
and conditions of the sublicense had been approved by COH prior to its having been entered into by Licensee and the Sublicensee,
such approval having been considered by COH expeditiously and not conditioned on the payment by Licensee of any additional consideration.

 

3.5         Documentation
of Licensed Services. Licensee and its Sublicensees shall provide Licensed Services only pursuant to one or more written
agreements which set forth, in reasonable detail, all consideration due to Licensee for the provision of such services. Licensee
shall provide a true and complete copy of each such agreement to COH promptly following the effective date of such agreement.

 

ARTICLE
4: PAYMENTS

 

4.1         Up-Front Payment.
Licensee shall pay to COH a one-time non-refundable license fee of $125,000  within
30 days after the Effective Date.

 

4.2         License Maintenance
Fee. On or before the tenth Business Day after the end of each License Year (excluding the first License Year ending December
31, 2016, the second License Year ending December 31, 2017, and the third License Year ending December 31, 2018), Licensee shall
pay to COH a non-refundable license maintenance fee of $*. The license maintenance fee paid in a given License Year shall be applied
as credit against royalties otherwise due to COH pursuant to Section 4.4, below, during the License Year in which payment was made
but may not be carried over and applied as credit against royalties due in subsequent years.

 

4.3         Milestone
Payments. Within 30 days after the occurrence of the milestone event “Milestone Event” set forth below,
Licensee shall pay COH or its designee the amount indicated below:

 

	Milestone Event	 	Amount Due	 
	#1.  Upon the *	 	$	*	 

 

 

Includes confidential material redacted in the
publicly-filed copy of the Agreement.

 

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CONFIDENTIAL

 

4.4         Royalties.

 

(a)       Net Sales by
Licensee and Affiliates. Licensee shall pay to COH or its designee royalties in an amount equal to * percent
of Licensee Net Sales of Licensed Products and Licensed Services. Royalties shall be paid on a Licensed Product-by-Licensed Product,
Licensed Service-by-Licensed Service and country-by-country basis until the expiration in each country of the last to expire of
the Valid Claims in such country Covering Licensed Product or Licensed Services.

 

(b)       Net Sales by
Sublicensees. Licensee shall pay to COH or its designee royalties in an amount equal to * percent of Sublicensee Net Sales
of Licensed Products and Licensed Services. Royalties shall be paid on a Licensed Product-by-Licensed Product, Licensed Service-by-Licensed
Service and country-by-country basis until the expiration in each country of the last to expire of the Valid Claims in such country
Covering Licensed Product or Licensed Services.

 

4.5         Royalty Offsets.
If, in Licensee’s reasonable business judgment it is necessary to pay to a Third Party, other than a Sublicensee, consideration
(whether in the form of a royalty or otherwise) for the right to make, have made, use, sell, offer for sale or import a Licensed
Product or Licensed Service in a given jurisdiction, and if the aggregate royalty rates of any and all royalties payable to such
Third Party licensors when combined with the royalty rate payable to COH exceeds * percent in the case of Licensee Net Sales of
Licensed Products or Licensed Services, then Licensee shall have the right with respect to any period for which royalties are due
(i.e. a calendar quarter or calendar year) to set off * percent of the aggregate royalties otherwise payable with respect to such
period and such jurisdiction to such Third Party licensors against royalties that would otherwise be due to COH hereunder with
respect to such period and jurisdiction; provided, however, that each Third Party licensor agrees to be stacked proportionally;
and provided further, however, that under no circumstances shall the royalty offsets permitted in this Section 4.5 result in the
reduction of the effective adjusted royalty rate and the royalty amount otherwise due to COH in any period for which payment is
due and in any jurisdiction pursuant to Section 4.4 above, by more than * percent (e.g., minimum effective adjusted royalty rate
for Licensed Product or Licensed Services sales shall be * percent).

 

4.6         Sublicense
Revenues.

 

4.6.1       Licensee
shall pay to COH an amount equal to * percent of all Sublicense Revenues within 30 days after payment is received from the
relevant Sublicensee. If Sublicense Revenues are not in cash or cash equivalents, the percentage share payable to COH pursuant
to this Section 4.6.1 shall be due, in COH’s sole discretion, either in kind or in its cash equivalent.

 

4.6.2       In the event that
Licensee sublicenses its rights hereunder solely for use by such sublicensee in connection with a chimeric antigen receptor that
is, as of the Effective Date or as of the date of execution of such sublicense, a COH CAR, either directly or indirectly pursuant
to an applicable license or sublicense agreement (each, a “COH CAR License”), Licensee shall only be required
to pay to COH a percentage of sublicensing revenues pursuant to the applicable COH CAR License, if any, and shall not be required
to make additional payments pursuant to Section 4.6.1 of this Agreement; provided, that the sublicensee shall only
receive a license to use the rights granted hereunder in connection with the applicable COH CAR. COH will determine, for purposes
of Licensee invoicing, the allocation of sublicensing revenues among this Agreement and the applicable COH CAR Licenses at a time
when a payment pursuant to this Section 4.6.2 is due and shall inform Licensee in writing of the determination at such time.

 

 

*Confidential material redacted and filed separately
with the Commission.

 

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CONFIDENTIAL

 

4.7         Timing of
Royalty Payments. Royalty payments due under Section 4.4 above shall be paid annually within 60 days following the end
of each License Year until the first License Year in which aggregate Licensee Net Sales and Sublicensee Net Sales reach $*.
 Thereafter, all royalty payments due under Section 4.4 shall be paid in quarterly installments, within 60 days following
the end of each calendar quarter.

 

4.8         No Deductions
from Payments. Licensee is solely responsible for payment of any fee, royalty or other payment due to any Third Party not
a Sublicensee in connection with the research, development, manufacture, distribution, use, sale, import or export of a Licensed
Product or Licensed Service and, except as set forth in Section 4.5 above, Licensee shall not have the right to set off any amounts
paid to such a Third Party, including fee, royalty or other payment, against any amount payable to COH hereunder.

 

4.9         Single Royalty.
Only a single royalty payment shall be due and payable on Licensee Net Sales and Sublicensee Net Sales of a Licensed Product or
performance of a Licensed Service, regardless if such Licensed Product or Licensed Service is Covered by more than one Valid Claim.

 

ARTICLE
5: REPORTS, AUDITS AND FINANCIAL TERMS

 

5.1         Royalty Reports.
Within 60 days after the end of each calendar quarter in which a royalty payment under Article 4 is required to be made, Licensee
shall send to COH a report of Licensee Net Sales and Sublicensee Net Sales of the Licensed Products and Licensed Services for which
a royalty is due, which report sets forth for such calendar quarter the following information, on a Licensed Product-by-Licensed
Product, Licensed Service-by-Licensed Service and country-by-country basis: (i) total Licensee Net Sales and Sublicensee Net Sales,
(ii) total gross sales of Licensed Products and Licensed Services, (iii) the quantity of each Licensed Products sold and Licensed
Services performed, (iv) the exchange rate used to convert Licensee Net Sales and Sublicensee Net Sales from the currency in which
they are earned to United States dollars; and (v) the total royalty payments due. All royalty reports shall also include the
COH reference number, OTL 16-126. A copy of each royalty report shall be provided, in addition to the persons set forth in Section
14.7, to: The Office of Technology Licensing, email: otl-royalties@coh.org.

 

5.2         Additional
Financial Terms.

 

5.2.1       Currency.
All payments to be made under this Agreement shall be made in United States dollars, unless expressly specified to the contrary
herein. Licensee Net Sales and Sublicensee Net Sales outside of the United States shall be first determined in the currency in
which they are earned and shall then be converted into an amount in United States dollars. All currency conversions shall use the
conversion rate reported by Reuters, Ltd. on the last Business Day of the calendar quarter for which such payment is being determined.

 

5.2.2       Payment Method.
Amounts due under this Agreement shall be paid in immediately available funds, by means of wire transfer to an account identified
by COH.

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -11-	 

     

    

 

CONFIDENTIAL

 

5.2.3       Withholding
of Taxes. Licensee may withhold from payments due to COH amounts for payment of any withholding tax that is required by
law to be paid to any taxing authority with respect to such payments. Licensee shall provide to COH all relevant documents and
correspondence, and shall also provide to COH any other cooperation or assistance on a reasonable basis as may be necessary to
enable COH to claim exemption from such withholding taxes and to receive a full refund of such withholding tax or claim a foreign
tax credit. Licensee shall give COH proper evidence from time to time as to the payment of such tax. The Parties shall cooperate
with each other in seeking deductions under federal and state tax laws and any double taxation or other similar treaty or agreement
from time to time in force.

 

5.2.4       Late Payments.
Any amounts not paid on or before the date due under this Agreement are subject to interest from the date due through and including
the date upon which payment is received. Interest is calculated, over the period between the date due and the date paid, at a rate
equal to * percentage point (*%) over the “bank prime loan” rate, as such rate is published in the U.S.
Federal Reserve Bulletin H.15 or successor thereto on the last Business Day of the applicable calendar quarter prior to the date
on which such payment is due.

 

5.2.5       Blocked Currency.
If, at any time, legal restrictions prevent the prompt remittance of part or all royalties with respect to any country where a
Licensed Product is sold or Licensed Service provided, payment shall be made through such lawful means or methods as Licensee may
determine. When, in any country, the law or regulations prohibit both the transmittal and deposit of royalties or other payments,
Licensee shall continue to report all such amounts, but may suspend payment for as long as such prohibition is in effect. As soon
as such prohibition ceases to be in effect, all amounts that would have been obligated to be transmitted or deposited but for the
prohibition, together with accrued interested thereon, shall promptly be transmitted to COH.

 

5.3         Accounts and
Audit.

 

5.3.1       Records.
Licensee shall keep, and shall require in applicable sublicense agreements, that each Sublicensee keep, full, true and accurate
books of account containing the particulars of its Licensee Net Sales and Sublicensee Net Sales, as applicable, and the calculation
of royalties. Licensee and its Sublicensees shall each keep such books of account and the supporting data and other records at
its principal place of business. Such books and records must be maintained available for examination in accordance with this Section
5.3.1 for five calendar years after the end of the calendar year to which they pertain, and otherwise as reasonably required to
comply with GAAP.

 

5.3.2       Appointment
of Auditor. COH may appoint an internationally- recognized independent accounting firm reasonably acceptable to Licensee
to inspect the relevant books of account of Licensee and its Sublicensees to verify any reports or statements provided, or amounts
paid or invoiced (as appropriate), by Licensee or its Sublicensees.

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -12-	 

     

    

 

CONFIDENTIAL

 

5.3.3       Procedures
for Audit. COH may exercise its right to have Licensee’s and its Sublicensees’ relevant records examined only
during the five year period during which Licensee is required to maintain records, no more than once in any consecutive four calendar
quarters. Licensee and its Sublicensees are required to make records available for inspection only during regular business hours,
only at such place or places where such records are customarily kept, and only upon receipt of at least 15 days advance notice
from COH.

 

5.3.4       Audit Report.
The independent accountant will be instructed to provide to COH an audit report containing only its conclusions and methodology
regarding the audit, and specifying whether the amounts paid were correct and, if incorrect, the amount of any underpayment or
overpayment.

 

5.3.5       Underpayment
and Overpayment. After review of the auditor’s report: (i) if there is an uncontested underpayment by Licensee for
all of the periods covered by such auditor’s report, then Licensee shall pay to COH the full amount of that uncontested underpayment,
and (ii) if there is an uncontested overpayment for such periods, then COH shall provide to Licensee a credit against future payments
(such credit equal to the full amount of that overpayment), or, if Licensee is not obligated to make any future payments, then
COH shall pay to Licensee the full amount of that overpayment. Contested amounts are subject to dispute resolution under Article
12. If the total amount of any such underpayment (as agreed to by Licensee or as determined under Article 12) exceeds * percent
of the amount previously paid by Licensee for the period subject to audit, then Licensee shall pay the reasonable costs for the
audit. Otherwise, all costs of the audit shall be paid by COH.

 

ARTICLE
6: LICENSEE COVENANTS

 

6.1         Licensee covenants
and agrees that:

 

(a)       During the period
commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date, both Dr. Lindsay A.
Rosenwald and Michael S. Weiss will hold either directorial or senior management positions of Licensee or its parent company, Fortress
Biotech, Inc.; provided, that, in the event of a Change of Control of Licensee, subsequent to such Change of Control, in the event
that either Dr. Lindsay A. Rosenwald or Michael S. Weiss no longer holds either a directorial or senior management position of
Licensee or its parent company Fortress Biotech, Inc., then both individuals must remain materially involved with the oversight
and management of the development of Licensed Products during such period; provided further that in the event of the death or permanent
disability of either of Dr. Rosenwald or Mr. Weiss, Licensee will be excused from observing this Section 6.1(a) with regard to
the decedent;

 

(b)       in conducting activities
contemplated under this Agreement, it shall comply in all material respects with all applicable laws and regulations including,
without limitation, those related to the manufacture, use, labeling importation and marketing of Licensed Products and Licensed
Services; and

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -13-	 

     

    

 

CONFIDENTIAL

 

(c)       without limiting the
foregoing and notwithstanding any other provision in this Agreement, Licensee acknowledges and agrees that it is an exclusive Licensee
under this Agreement and agrees (i) to be subject to all laws and other obligations applicable to the CIRM Grant as they apply
to an exclusive Licensee, including diligence, reporting, access and pricing requirements, and (ii) to assist COH as necessary
to ensure COH remains in compliance with any laws and other obligations applicable to the CIRM Grant.

 

ARTICLE
7: INTELLECTUAL PROPERTY; PATENT PROSECUTION,

 MAINTENANCE AND ENFORCEMENT.

 

7.1         Patent Prosecution,
Maintenance and Enforcement.

 

(a)       COH shall be responsible
for the preparation, filing, prosecution, and maintenance of all Patent Rights, using counsel of its choice. COH will timely provide
Licensee with copies of all relevant documentation relating to such prosecution and Licensee shall keep such information confidential.
In addition, COH shall instruct the patent counsel prosecuting Patent Rights to (i) copy Licensee 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 Licensee, provide Licensee with copies of draft submissions to the USPTO prior to filing; and (iii) give reasonable
consideration to the comments and requests of Licensee or its patent counsel, provided that (a) COH reserves the sole right to
make all final decisions with respect to the preparation, filing, prosecution and maintenance of such patent applications and patents;
and (b) the patent counsel remains counsel to COH (and shall not jointly represent Licensee unless requested by Licensee and approved
by COH, and an appropriate engagement letter and conflict waiver are in effect). All patents and patent applications in Patent
Rights, to the extent assignable in whole or in part to COH, shall be assigned to COH.

 

(b)       COH will not unreasonably
refuse to amend any patent application in Patent Rights to include claims reasonably requested by Licensee to protect the products
contemplated to be sold by Licensee under this Agreement. If Licensee informs COH of other countries or jurisdictions in which
it wishes to obtain patent protection with respect to the Patent Rights, COH shall prepare, file, prosecute and maintain patent
applications in such countries and any patents resulting therefrom (and, for the avoidance of doubt, such patent applications and
patents shall be deemed included in the Patent Rights). On a country by country and patent by patent basis, Licensee may elect
to surrender any patent or patent application in Patent Rights in any country upon sixty (60) days advance written notice to COH.
Such notice shall relieve Licensee from the obligation to pay for future patent costs but shall not relieve Licensee 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, Licensee shall have no further rights therein and COH 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.

 

    	 	 -14-	 

     

    

 

CONFIDENTIAL

 

(c)       Each Party shall promptly
provide written notice to the other in the event it becomes aware of any actual or probable infringement of any of the Patent Rights
in or relevant to the Field or of any Third Party claim regarding the enforceability or validity of any Patent Rights (“Infringement
Notice”). Licensee shall, in cooperation with COH, use reasonable efforts to terminate infringement without litigation.

 

(d)       If infringing activity
has not been abated within ninety (90) days following the date the Infringement Notice takes effect, then Licensee may, following
consultation with COH, in its sole discretion and at its sole expense, take action against any alleged infringer or in defense
of such any claim, provided, that Licensee has exclusive rights under this Agreement. Any recovery obtained by Licensee
as the result of legal proceedings initiated and paid for by Licensee pursuant to this subsection (d), after deduction of Licensee’s
reasonable out-of-pocket expenses incurred in securing such recovery, shall be deemed to be Licensee Net Sales or Sublicensee Net
Sales, as applicable, of Licensed Products and/or Licensed Services in the calendar quarter in which such recovery was received
and royalties shall be due and payable thereon accordingly.

 

(e)       If COH is involuntarily
joined in a suit initiated by Licensee, then the Licensee will pay any costs incurred by COH arising out of such suit, including
but not limited to, reasonable legal fees of counsel that COH selects and retains to represent it in the suit.

 

(f)       In the event that
Licensee declines either to cause such infringement to cease (e.g., by settlement or injunction) or to initiate and thereafter
diligently maintain legal proceedings against the infringer other than as part of a mutually agreed upon bona fide strategy, developed
with the guidance of outside patent counsel, to preserve the Patent Rights, COH may, in its sole discretion and at its sole expense,
take action against such alleged infringer or in defense of any such Third Party claim. Any recovery obtained by COH as the result
of any such legal proceedings shall be for the benefit of COH only.

 

7.2         Trademarks.
Licensee shall be responsible for the selection, registration, maintenance, and defense of all trademarks for use in connection
with the sale or marketing of Licensed Products and Licensed Services in the Field in the Territory (the “Marks”),
as well as all expenses associated therewith. All uses of the Marks by Licensee or a Sublicensee shall comply in all material respects
with all applicable laws and regulations (including those laws and regulations particularly applying to the proper use and designation
of trademarks in the applicable countries). Licensee shall not, without COH’s prior written consent, use any trademarks or
house marks of COH (including the COH corporate name), or marks confusingly similar thereto, in connection with Licensee commercialization
of Licensed Products or Licensed Services under this Agreement in any promotional materials or applications or in any manner implying
an endorsement by COH of Licensee or the Licensed Products or Licensed Services. Licensee shall own all Marks.

 

    	 	 -15-	 

     

    

 

CONFIDENTIAL

 

7.3         Challenge
to the Patent Rights by Licensee. COH may terminate this Agreement and, notwithstanding Section 3.3 above, all Sublicenses
issued hereunder, upon written notice to Licensee in the event that Licensee or any of its Affiliates or Sublicensees directly
or indirectly asserts a Patent Challenge. “Patent Challenge” means any challenge in a legal or administrative
proceeding to the patentability, validity or enforceability of any of the Patent Rights (or any claim thereof), including by: (a)
filing or pursuing a declaratory judgment action in which any of the Patent Rights is alleged to be invalid or unenforceable; (b)
citing prior art against any of the Patent Rights, filing a request for or pursuing a re-examination of any of the Patent Rights
(other than with COH’s written agreement), or becoming a party to or pursuing an interference; or (c) filing or pursuing
any re-examination, opposition, cancellation, nullity or other like proceedings against any of the Patent Rights; but excluding
any challenge raised as a defense against a claim, action or proceeding asserted by COH against Licensee, its Affiliates or Sublicensees.
In lieu of exercising its rights to terminate under this Section 7.3 COH may elect upon written notice to increase the payments
due under all of Article 4 by * percent (*%), which election will be effective retroactively to the date of the commencement
of the Patent Challenge. Licensee acknowledges and agrees that this Section 7.3 is reasonable, valid and necessary for the adequate
protection of COH’s interest in and to the Patent Rights, and that would not have granted to Licensee the licenses under
those Patent Rights, without this Section 7.3.

 

7.4         Payment of
COH Patent Expenses.

 

(a)       The Parties acknowledge
that, prior to the Effective Date, COH provided to Licensee documentation of historic expenses incurred by COH with respect to
the drafting, prosecution and maintenance of the Patent Rights. In consideration of such historic expenditures by COH, Licensee
shall reimburse COH for such expenses within 30 days after the Effective Date.

 

(b)       After the Effective
Date, COH shall provide to Licensee an annual invoice and reasonably detailed documentation with respect to COH’s out-of-pocket
expenses incurred with respect to such prosecution and maintenance for the previous year. Licensee shall reimburse COH for * percent
of such expenses within 30 days after receipt of such invoice and documentation.

 

7.5         Marking.
Licensee and its Sublicensees shall mark all Licensed Products and all materials related to Licensed Services in such a matter
as to conform with the patent laws of the country to which such Licensed Products are shipped or in which such products are sold
and such Licensed Services performed.

 

ARTICLE
8: TERM AND TERMINATION

 

8.1         Term and Expiration
of Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and, notwithstanding
any other provision of this Agreement, unless sooner terminated by mutual agreement or pursuant to any other provision of this
Agreement, this Agreement shall expire on a country-by-country basis and on a Patent Right-by- Patent Right basis on the later
to occur of: (a) the expiration of the last to expire of any of the Patent Rights in such country (or if no patent issues, until
the last patent application in Patent Rights is abandoned), and (b) the date on which the last of the remaining obligations under
this Agreement between the Parties with respect to the payment of milestones or royalties with respect to Licensed Products and
Licensed Services have been satisfied (such expiry of the Term hereinafter referred to as “Expiration”).

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -16-	 

     

    

 

CONFIDENTIAL

 

8.2         Termination.

 

8.2.1       Material Breach.
Either Party may terminate this Agreement prior to its Expiration for any material breach by the other Party, provided that
the Party seeking to terminate shall have first given the breaching Party notice of such material breach with reasonable particulars
of the material breach, and the Party receiving the notice of the material breach shall have failed to cure that material breach
within 60 days after the date of receipt of such notice.

 

8.2.2       Bankruptcy.
COH shall have the right to terminate this Agreement prior to its Expiration upon notice to Licensee, in the event that: (i) Licensee
seeks protection of any bankruptcy or insolvency law other than with the prior consent of City of Hope, or (ii) a proceeding in
bankruptcy or insolvency is filed by or against Licensee and not withdrawn, removed or vacated within 120 days of such filing,
or there is adjudication by a court of competent jurisdiction that Licensee is bankrupt or insolvent.

 

8.2.3       Termination
at Will by Licensee. Licensee shall have the right to terminate this Agreement prior to its Expiration upon notice to COH
without cause, effective no fewer than 90 days following the date of such notice.

 

8.3         Effect of
Termination.

 

8.3.1       Upon any termination
of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration), all rights and licenses granted
to Licensee under Article 4, if any, shall immediately terminate on and as of the effective date of termination as provided in
Section 8.2, except that Licensee shall have the right to continue to sell Licensed Products manufactured prior to the effective
date of such termination until the sooner of: (i) 90 days after the effective date of termination, or (ii) the exhaustion of Licensee’s
inventory of Licensed Products.

 

8.3.2       Upon termination
of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration):

 

(a)       Each Party shall
promptly return to the other Party all relevant records and materials in its possession or control containing or comprising the
other Party’s Confidential Information and to which the Party does not retain rights hereunder.

 

(b)       Licensee shall discontinue
making any representation regarding its status as a licensee of COH for Licensed Products and Licensed Services. Subject to Section
8.3.1 above, Licensee shall cease conducting any activities with respect to the marketing, promotion, sale or distribution of Licensed
Products and Licensed Services.

 

8.3.3       Termination of this
Agreement through any means and for any reason pursuant to Section 8.2 (but for clarity, not in the case of its Expiration), shall
not relieve the Parties of any obligation accruing prior thereto, including the payment of all sums due and payable, and shall
be without prejudice to the rights and remedies of either Party with respect to any antecedent breach of any of the provisions
of this Agreement.

 

    	 	 -17-	 

     

    

 

CONFIDENTIAL

 

8.4         Survival.
Sections 4.7, 5.1, 5.2, 5.3, 7.5, 8.3, 8.4, Article 10, Article 11, Article 12, Sections 14.2, 14.4, 14.7, and 14.10 shall survive
termination of this Agreement for any reason pursuant to Section 8.2 and Expiration pursuant to Section 8.2.

 

ARTICLE
9: REPRESENTATIONS AND WARRANTIES

 

9.1         Mutual Representations
and Warranties. COH and Licensee each represents and warrants as follows:

 

9.1.1       It has the right
and authority to enter into this Agreement and all action required to be taken on its behalf, its officers, directors, partners
and stockholders necessary for the authorization, execution, and delivery of this Agreement and, the performance of all of its
obligations hereunder, and this Agreement, when executed and delivered, will constitute valid and legally binding obligations of
such Party, enforceable in accordance with its terms, subject to: (i) laws limiting the availability of specific performance, injunctive
relief, and other equitable remedies; and (ii) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other
similar laws now or hereafter in effect generally relating to or affecting creditors’ rights generally;

 

9.1.2       Entry into this
Agreement will not constitute a breach of any other agreement to which it is party;

 

9.1.3       It has read this
Agreement, with assistance from its counsel of choice. It understands all of this Agreement’s terms. It has been given a
reasonable amount of time to consider the contents of this Agreement before each Party executed it. It agrees that it is executing
this Agreement voluntarily with full knowledge of this Agreement’s legal significance; and

 

9.1.4       It has made such
investigation of all matters pertaining to this Agreement that it deems necessary, and does not rely on any statement, promise,
or representation, whether oral or written, with respect to such matters other than those expressly set forth herein. It agrees
that it is not relying in any manner on any statement, promise, representation or understanding, whether oral, written or implied,
made by any Party, not specifically set forth in this Agreement. It acknowledges that, after execution of this Agreement, it may
discover facts different from or in addition to those which it now knows or believes to be true. Nevertheless, it agrees that this
Agreement shall be and remain in full force and effect in all respects, notwithstanding such different or additional facts.

 

9.2      
 Representations and Warranties of COH. COH represents and warrants that, to the actual knowledge of the
Director of its Office of Technology Transfer without independent inquiry, COH has the full power and authority to grant the
rights, licenses and privileges granted herein.

 

9.3         Exclusions.
Nothing in this Agreement is or shall be construed as:

 

9.3.1       A warranty or representation
by COH as to the validity or scope of any claim or patent or patent application within the Patent Rights;

 

    	 	 -18-	 

     

    

 

CONFIDENTIAL

 

9.3.2       A warranty or representation
by COH that anything made, used, sold, or otherwise disposed of under any license granted in this Agreement is or will be free
from infringement of any patent rights or other intellectual property right of any Third Party;

 

9.3.3       A grant by COH,
whether by implication, estoppel, or otherwise, of any licenses or rights under any patents other than Patent Rights as defined
herein, regardless of whether such patents are dominant or subordinate to Patent Rights;

 

9.3.4       An obligation on
COH to bring or prosecute any suit or action against a third party for infringement of any of the Patent Rights;

 

9.3.5       An obligation to
furnish any know-how not provided in Patent Rights; or

 

9.3.6       A representation
or warranty of the ownership of the Patent Rights other than as set forth in Section 9.29.2, above.

 

9.4         DISCLAIMER.
NO WARRANTY IS GIVEN WITH RESPECT TO THE PATENT RIGHTS, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE
OR OTHERWISE, AND THE PARTIES SPECIFICALLY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, VALIDITY OF THE PATENT RIGHTS OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY OR OTHER RIGHTS OF ANY THIRD PARTY. THE
WARRANTIES SET FORTH IN SECTIONS 9.1 AND 9.2 ABOVE, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT
LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, NON-INFRINGEMENT AND ALL SUCH
OTHER WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED.

 

ARTICLE
10: INDEMNIFICATION

 

10.1       Indemnification
by Licensee. Licensee shall defend, indemnify and hold harmless COH, its Affiliates, officers, directors, shareholders,
employees and agents (“COH Indemnitees”) from and against any and all Third Party liabilities, claims, suits,
and expenses, including reasonable attorneys’ fees (collectively, “Losses”), arising out of or are in
any way attributable to: (i) the material breach of any representation or warranty made by Licensee under this Agreement, (ii)
the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution,
promotion, marketing or sale of Licensed Products or Licensed Services by or on behalf of Licensee, any of its Affiliates or a
Sublicensee or any other exercise of rights under this Agreement or pursuant to any sublicense, or (iii) the negligence, willful
misconduct or failure to comply with applicable law by a Licensee Indemnitee or Sublicensee; in each case except to the extent
that such Losses are caused directly by: (a) COH’s material breach of any representation or warranty made by COH under this
Agreement, (b) COH’s material breach of its obligations under this Agreement, and/or (c) the gross negligence or willful
misconduct of a COH Indemnitee.

 

    	 	 -19-	 

     

    

 

CONFIDENTIAL

 

10.2       Indemnification
by COH. COH shall defend, indemnify and hold harmless Licensee and its Affiliates and their respective officers, directors,
shareholders, employees and agents (collectively, the “Licensee Indemnitees”) from and against any and all Losses
caused directly by: (i) the material breach of any representation or warranty made by COH under this Agreement, or (ii) the gross
negligence or willful misconduct of a COH Indemnitee, except to the extent that such Losses arise out of or are in any way attributable
to: (a) the material breach of any representation or warranty made by Licensee under this Agreement, (b) the research, development,
marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution, promotion, marketing
or sale of Licensed Products or Licensed Services by or on behalf of Licensee or a Sublicensee, or (c) the negligence, willful
misconduct or failure to comply with applicable law by a Licensee Indemnitee or a Sublicensee.

 

10.3       Procedure.
The indemnities set forth in this Article 10 are subject to the condition that the Party seeking the indemnity shall forthwith
notify the indemnifying Party on being notified or otherwise made aware of a liability, claim, suit, action or expense and that
the indemnifying Party defend and control any proceedings with the other Party being permitted to participate at its own expense
(unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the indemnifying
Party shall pay for the other Party’s counsel); provided, that, the indemnifying Party may not settle the liability,
claim, suit, action or expense, or otherwise admit fault of the other Party or consent to any judgment, without the written consent
of the other Party (such consent not to be unreasonably withheld). Notwithstanding the foregoing, no delay in the notification
of the existence of any claim of Loss shall cause a failure to comply with this Section 10.3 as long as such delay shall not have
materially impaired the rights of the indemnifying Party.

 

10.4       Insurance.

 

(a)         Within 30 days following
the Effective Date, Licensee shall procure at its sole expense and provide to COH evidence of comprehensive or commercial general
liability insurance (contractual liability included) with limits of at least: (i) each occurrence, $*;  (ii) products/completed
operations aggregate, $*; (iii) personal and advertising injury, $*; and general aggregate (commercial form only), $*.

 

(b)         The foregoing policies
will provide primary coverage to COH and shall name the COH Indemnitees as additional insureds, and shall remain in effect during
the term of this Agreement and for * years following the termination or expiration of the term of this Agreement. The COH Indemnitees
shall be notified in writing by Licensee not less than 30 days prior to any modification, cancellation or non-renewal of such policy.
Licensee’s insurance must include a provision that the coverages will be primary and will not participate with nor will be
excess over any valid and collective insurance or program of self-insurance carried or maintained by the COH Indemnitees. Such
insurance coverage shall be maintained with an insurance company or companies having an A.M. Best’s rating (or its equivalent)
of A-XII or better.

 

(c)         Licensee expressly
understands that the coverage limits in Section 10.4(a) do not in any way limit the Licensee’s liability.

 

 

*Confidential material redacted and filed separately with the Commission.

 

    	 	 -20-	 

     

    

 

CONFIDENTIAL

 

10.5       LIMITATION
ON DAMAGES.  NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, EXCEPT IN RELATION TO LICENSEE’S
INDEMNIFICATION OBLIGATIONS UNDER SECTION 10.1 AND ANY BREACH BY LICENSEE OF ARTICLE 11 (I) IN NO EVENT SHALL EITHER PARTY BE LIABLE
FOR ANY SPECIAL, PUNITIVE, CONSEQUENTIAL, INDIRECT, OR INCIDENTAL DAMAGES (INCLUDING LOSS OF PROFITS, COSTS OF PROCURING SUBSTITUTE
GOODS, LOST BUSINESS OR ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT) WHETHER BASED UPON BREACH OF WARRANTY, BREACH
OF CONTRACT, NEGLIGENCE, STRICT LIABILITY IN TORT OR ANY OTHER LEGAL THEORY, AND (II) IN NO EVENT SHALL COH BE LIABLE TO LICENSEE
FOR AN AGGREGATE AMOUNT IN EXCESS OF TWO-THIRDS OF THE TOTAL CONSIDERATION PAID TO COH HEREUNDER. 

 

ARTICLE
11: CONFIDENTIALITY

 

11.1       Confidential
Information. During the term of this Agreement and for *  years thereafter without regard to the means of termination:
(i) COH shall not use, for any purpose other than the purpose contemplated by this Agreement, or reveal or disclose to any Third
Party Licensee Confidential Information; and (ii) Licensee shall not use, for any purpose other than the purpose contemplated by
this Agreement, or reveal or disclose COH Confidential Information to any Third Party. The Parties shall take reasonable measures
to assure that no unauthorized use or disclosure is made by others to whom access to such information is granted.

 

11.2       Exceptions.       Notwithstanding
the foregoing, a Party may use and disclose Confidential Information of the other Party as follows:

 

(a)       if required by applicable
law, rule, regulation, government requirement and/or court order, provided, that, the disclosing Party promptly notifies
the other Party of its notice of any such requirement and provides the other Party a reasonable opportunity to seek a protective
order or other appropriate remedy and/or to waive compliance with the provisions of this Agreement;

 

(b)       to the extent such
use and disclosure occurs in the filing or publication of any patent application or patent on inventions;

 

(c)       as necessary or desirable
for securing any regulatory approvals, including pricing approvals, for any Licensed Products or Licensed Services, provided,
that, the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential Information outside such
regulatory agency and to otherwise maintain the confidentiality of the Confidential Information;

 

(d)       to take any lawful
action that it deems necessary to protect its interest under, or to enforce compliance with the terms and conditions of, this Agreement;

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -21-	 

     

    

 

CONFIDENTIAL

 

(e)       to the extent necessary,
to its Affiliates, directors, officers, employees, consultants, vendors and clinicians under written agreements of confidentiality
at least as restrictive as those set forth in this Agreement, who have a need to know such information in connection with such
Party performing its obligations or exercising its rights under this Agreement; and

 

(f)       by Licensee, to actual
and potential investors, licensees, Sublicensees, consultants, vendors and suppliers, and academic and commercial collaborators,
under written agreements of confidentiality at least as restrictive as those set forth in this Agreement.

 

11.3       Certain Obligations.
During the Term and for a period of *  years thereafter and subject to the exceptions set forth in Section 11.2 Licensee,
with respect to COH Confidential Information, and COH, with respect to Licensee Confidential Information, agree:

 

(a)       to use such Confidential
Information only for the purposes contemplated under this Agreement,

 

(b)       to treat such Confidential
Information as it would its own proprietary information which in no event shall be less than a reasonable standard of care,

 

(c)       to take reasonable
precautions to prevent the disclosure of such Confidential Information to a Third Party without written consent of the other Party,
and

 

(d)       to only disclose such
Confidential Information to those employees, agents and Third Parties who have a need to know such Confidential Information for
the purposes set forth herein and who are subject to obligations of confidentiality no less restrictive than those set forth herein.

 

11.4       Termination.
Upon termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration), and upon the request
of the disclosing Party, the receiving Party shall promptly return to the disclosing Party or destroy all copies of Confidential
Information received from such Party, and shall return or destroy, and document the destruction of, all summaries, abstracts, extracts,
or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be permitted
to retain a copy (or copies, as necessary) of such Confidential Information for archival purposes or to enforce or verify compliance
with this Agreement, or as required by any applicable law or regulation.

 

ARTICLE
12: DISPUTE RESOLUTION

 

All Disputes shall be first referred to a Vice
President, Center for Applied Technology Development of COH (the “COH VP”) and the President of Licensee for
resolution, prior to proceeding under the other provisions of this Article 12. A Dispute shall be referred to such executives upon
one Party (the “Initiating Party”) providing the other Party (the “Responding Party”) with
notice that such Dispute exists, together with a written statement describing the Dispute with reasonable specificity and proposing
a resolution to such Dispute that the Initiating Party is willing to accept, if any. Within ten days after having received such
statement and proposed resolution, if any, the Responding Party shall respond with a written statement that provides additional
information, if any, regarding such Dispute, and proposes a resolution to such Dispute that the Responding Party is willing to
accept, if any. In the event that such Dispute is not resolved within 60 days after the Responding Party’s receipt of the
Initiating Party’s notice, either Party may bring and thereafter maintain suit against the other with respect to such Dispute;
provided, however, that the exclusive jurisdiction of any such suit shall be the state and federal courts located in Los Angeles
County, California, and the Parties hereby consent to the exclusive jurisdiction and venue of such courts.

 

 

*Confidential material redacted and filed separately
with the Commission.

 

    	 	 -22-	 

     

    

 

CONFIDENTIAL

 

ARTICLE
13: GOVERNMENTAL MATTERS

 

13.1       Governmental
Approval or Registration. If this Agreement or any associated transaction is required by the law of any nation to be either
approved or registered with any governmental agency, Licensee shall assume all legal obligations to do so. Licensee shall notify
COH if it becomes aware that this Agreement is subject to a U.S. or foreign government reporting or approval requirement. Licensee
shall make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with
such reporting or approval process.

 

13.2       Export Control
Laws. Licensee shall observe all applicable U.S. and foreign laws with respect to the transfer of Licensed Products and
related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations and the
Export Administration Regulations.

 

13.3       Preference
for United States Industry. If Licensee sells a Licensed Product in the U.S., Licensee shall make Commercially Reasonable
Efforts to manufacture said product substantially in the U.S.

 

ARTICLE
14: MISCELLANEOUS

 

14.1       Assignment
and Delegation. Except as expressly provided in this Section 14.1, neither this Agreement nor any right or obligation hereunder
shall be assignable in whole or in part, whether by operation of law, or otherwise by Licensee without the prior written consent
of COH. Notwithstanding the foregoing, Licensee may assign or transfer its rights and obligations under this Agreement to a Person
that succeeds to all or substantially all of that Party’s business or assets, whether by sale, merger, operation of law or
otherwise and provided that such Person agrees, in form and substance reasonably acceptable to COH, to be bound as a direct party
to this Agreement in lieu of or in addition to Licensee and provided further that Licensee has complied with its obligations pursuant
to Section 4.4. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their
respective successors and permitted assignees. Any transfer or assignment of this Agreement in violation of this Section 14.1 shall
be null and void.

 

14.2       Entire Agreement.
This Agreement contains the entire agreement between the Parties relating to the subject matter hereof, and all prior understandings,
representations and warranties between the Parties are superseded by this Agreement.

 

    	 	 -23-	 

     

    

 

CONFIDENTIAL

 

14.3       Amendments.
Changes and additional provisions to this Agreement shall be binding on the Parties only if agreed upon in writing and signed by
the Parties.

 

14.4       Applicable
Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of California and all rights
and remedies shall be governed by such laws without regard to principles of conflicts of law.

 

14.5       Force Majeure.
If the performance of this Agreement or any obligations hereunder is prevented, restricted or interfered with by reason of earthquake,
fire, flood or other casualty or due to strikes, riot, storms, explosions, acts of God, war, terrorism, or a similar occurrence
or condition beyond the reasonable control of the Parties, the Party so affected shall, upon giving prompt notice to the other
Parties, be excused from such performance during such prevention, restriction or interference, and any failure or delay resulting
therefrom shall not be considered a breach of this Agreement.

 

14.6       Severability.
The Parties do not intend to violate any public policy or statutory common law. However, if any sentence, paragraph, clause or
combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause
or combination of the same shall be deleted and the remainder of this Agreement shall remain binding, provided that
such deletion does not alter the basic purpose and structure of this Agreement.

 

14.7       Notices.
All notices, requests, demands, and other communications relating to this Agreement shall be in writing in the English language
and shall be delivered in person or by mail, international courier or facsimile transmission (with a confirmation copy forwarded
by courier or mail). Notices sent by mail shall be sent by first class mail or the equivalent, registered or certified, postage
prepaid, and shall be deemed to have been given on the date actually received. Notices sent by international courier shall be sent
using a service which provides traceability of packages. Notices shall be sent as follows:

 

	
        

        Notices to COH:

         

        Office of Technology Licensing

        City of Hope

        1500 East Duarte Road

        Duarte, CA 91010

        Attn: Sr. VP, Center for Applied

 Technology Development

        Fax 626-301-8175

         
	
        with a copy to:

         

        Office of General Counsel

        City of Hope

        1500 East Duarte Road

        Duarte, CA 91010

        Attn: General Counsel

        Fax 626-301-8863

	
        Notices to Licensee:

         

        Mustang Bio, Inc.

        2 Gansevoort, 9th Floor

        New York, NY 10014

        Attn: CEO
	
        with a copy to:

         

        Mustang Bio, Inc.

        2 Gansevoort, 9th Floor

        New York, NY 10014

        Attn: Corporate Counsel

 

    	 	 -24-	 

     

    

 

CONFIDENTIAL

 

Either Party may change its address for notices
or facsimile number at any time by sending notice to the other Party.

 

14.8       Independent
Contractor. Nothing herein shall create any association, partnership, joint venture, fiduciary duty or the relation of
principal and agent between the Parties hereto, it being understood that each Party is acting as an independent contractor, and
neither Party shall have the authority to bind the other or the other’s representatives in any way.

 

14.9       Waiver.
No delay on the part of either Party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any
other power or right. No waiver of this Agreement or any provision hereof shall be enforceable against any Party hereto unless
in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the one event.

 

14.10     Interpretation.
This Agreement has been prepared jointly and no rule of strict construction shall be applied against either Party. In this Agreement,
the singular shall include the plural and vice versa and the word “including” shall be deemed to be followed by the
phrase “without limitation.” The section headings contained in this Agreement are inserted for convenience only and
shall not affect in any way the meaning or interpretation of this Agreement.

 

14.11     Counterparts.
This Agreement may be executed in counterparts, each of which together shall constitute one and the same Agreement. For purposes
of executing this agreement, a facsimile copy or an emailed PDF of this Agreement, including the signature pages, will be deemed
an original.

 

14.12     Licensee
Certification. Licensee certifies to COH, under penalty of perjury, that Licensee has not been convicted of a criminal
offense related to health care, is not currently debarred, excluded or otherwise ineligible for participation in federally funded
health care programs and has not arranged or contracted (by employment or otherwise) with any employee, contractor, or agent that
it knew or should have known are excluded from participation in any federal health care program, and will not knowingly arrange
or contract with any such individuals or entities during the term of this Agreement. Licensee agrees to notify COH in writing immediately
of any threatened, proposed or actual conviction relating to health care, of any threatened, proposed or actual debarment or exclusion
from participation in federally funded programs, of COH or any employee, contractor or agent of COH.  Any breach of this
Section 14.12 by Licensee shall be grounds for termination of this Agreement by COH in accordance with Section 8.2.1.

  

    	 	 -25-	 

     

    

 

CONFIDENTIAL

 

14.13     Publicity.
Neither Party may issue a press releases or otherwise disclose the existence or terms of this Agreement without the prior written
consent of the other Party; provided, however, that once the existence or any terms or conditions of this Agreement
has been publicly disclosed in a manner mutually and reasonably agreed-to by the Parties, either Party may republish the facts
previously disclosed without the prior consent of the other Party. COH may, in its sole discretion and without the approval of
Licensee, publicly disclose the existence of this Agreement and the overall potential value of the Agreement to COH, so long as
the detailed and specific terms and conditions of this Agreement are not disclosed. If a third party inquires whether a license
is available, COH may disclose the existence of the Agreement and the extent of its grant in Section 3.1 to such third party, but
will not disclose the name of the Licensee, except where COH is required to release information under either the California Public
Records Act or other applicable law. Notwithstanding the foregoing, COH may disclose an unredacted copy of this Agreement as required
under applicable law and other obligations as applicable to the CIRM Grant.

 

14.14       No Third
Party Beneficiaries. Except for the rights of the COH Indemnities pursuant to Article 10, nothing in this Agreement, either
express or implied, is intended to or shall confer upon any Third Party any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement.

 

    	 	 -26-	 

     

    

 

CONFIDENTIAL

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement by their duly authorized representatives.

 

	MUSTANG BIO, INC.	 	CITY OF HOPE
	 	 	 	 	 
	By:	 	 	By:	 
	Name	 	 	Name:	 
	Title:	 	 	Title:EX-4.1

 Exhibit 4.1 

INTEL CORPORATION, as Issuer, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 

and 
 ELAVON FINANCIAL
SERVICES DAC, UK BRANCH, as Paying Agent 
  

 
 4.10% Senior
Notes due 2047 
  
  

Eleventh Supplemental Indenture 

Dated as of August 14, 2017 

to 
 Indenture dated as
of March 29, 2006 
  
  

							
		 	ARTICLE 1	  			
		 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Conflicts with Base Indenture	  	 	3	 
			
		 	ARTICLE 2	  			
		 	FORM OF NOTES	  			
	 Section 2.01.
	 	Form of Notes	  	 	4	 
			
		 	ARTICLE 3	  			
		 	THE NOTES	  			
	 Section 3.01.
	 	Amount; Series; Terms	  	 	4	 
	 Section 3.02.
	 	Denominations	  	 	5	 
	 Section 3.03.
	 	Book-entry Provisions for Global Securities	  	 	5	 
	 Section 3.04.
	 	Additional Notes	  	 	6	 
			
		 	ARTICLE 4	  			
		 	REDEMPTION OF SECURITIES	  			
	 Section 4.01.
	 	Optional Redemption	  	 	7	 
	 Section 4.02.
	 	Redemption for Tax Reasons	  	 	7	 
	 Section 4.03.
	 	General	  	 	7	 
			
		 	ARTICLE 5	  			
		 	EVENTS OF DEFAULT AND REMEDIES	  			
	 Section 5.01.
	 	Events of Default	  	 	8	 
	 Section 5.02.
	 	Acceleration Of Maturity; Rescission And Annulment	  	 	9	 
	 Section 5.03.
	 	References In Base Indenture	  	 	10	 
	 Section 5.04.
	 	Waiver Of Certain Covenants	  	 	10	 
			
		 	ARTICLE 6	  			
		 	SUPPLEMENTAL INDENTURES	  			
	 Section 6.01.
	 	Applicability Of Base Indenture	  	 	10	 
	 Section 6.02.
	 	Supplemental Indentures Without Consent Of Holders	  	 	10	 
	 Section 6.03.
	 	Supplemental Indentures With Consent Of Holders	  	 	11	 
			
		 	ARTICLE 7	  			
		 	PAYMENT OF ADDITIONAL AMOUNTS	  			
	 Section 7.01.
	 	Payment of Additional Amounts	  	 	12	 
	 Section 7.02.
	 	General	  	 	14	 

							
			
		 	ARTICLE 8	  			
		 	MISCELLANEOUS	  			
	 Section 8.01.
	 	Sinking Funds	  	 	15	 
	 Section 8.02.
	 	Confirmation of Indenture	  	 	15	 
	 Section 8.03.
	 	Counterparts	  	 	15	 
	 Section 8.04.
	 	Governing Law	  	 	15	 
	 Section 8.05.
	 	Waiver of Jury Trial	  	 	15	 

									
				
	 EXHIBIT A
	  	FORM OF NOTE	 		  	 	A-1	 

  
 ii 

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of August 14, 2017 (this “Supplemental
Indenture”), to the Indenture dated as of March 29, 2006 (as amended by the First Supplemental Indenture (as defined below) by and between INTEL CORPORATION (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as trustee (the “Trustee”) and as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base Indenture” and, as
amended, modified and supplemented by this Supplemental Indenture, the “Indenture”), by and among the Company, the Trustee and Elavon Financial Services DAC, UK Branch, as London paying agent. 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Notes: 

WHEREAS, the Company has duly authorized the execution and delivery of the Base Indenture to provide for the issuance from time to time of
senior debt securities to be issued in one or more series as provided in the Base Indenture; 
 WHEREAS, the Company has duly authorized the
execution and delivery, and desires and has requested the Trustee to join it in the execution and delivery, of this Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its
$640,000,000 4.10% Senior Notes due 2047 (the “Notes”), on the terms set forth herein; 
 WHEREAS, the Trustee was
appointed as successor trustee under the Base Indenture in connection with that certain first supplemental indenture as of December 3, 2007, between the Company and the Trustee (the “First Supplemental Indenture”); 

WHEREAS, Article 9 of the Base Indenture provides that a supplemental indenture may be entered into by the parties to establish the terms of
new Securities without the consent of any Holders; 
 WHEREAS, the conditions set forth in the Base Indenture for the execution and delivery
of this Supplemental Indenture have been met; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid and binding
agreement of the parties, in accordance with its terms, and a valid amendment of, and supplement to, the Base Indenture with respect to the Notes have been done; 

NOW, THEREFORE: 
 
ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION 
 Section 1.01. Definitions.
Capitalized terms used herein and not otherwise defined herein have the meanings assigned to them in the Base Indenture. The words “herein”, “hereof” and “hereby” and other words of similar import used in this
Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

 As used herein, the following terms have the specified meanings: 

“Additional Amounts” has the meaning specified in Article 7. 

“Additional Notes” has the meaning specified in Section 3.04 of this Supplemental Indenture. 

“Agency Agreement” means that certain agency agreement, dated as of August 14, 2017, among the Company, the Paying
Agent, Elavon Financial Services DAC and the Trustee. 
 “Base Indenture” has the meaning specified in the recitals of this
Supplemental Indenture. 
 “Business Day” when used with respect to any Note, means any day, other than a Saturday or
Sunday, which is not a day on which banking institutions in the City of New York, London or Taipei, Taiwan, are authorized or required by law, regulation or executive order to close. 

“Change in Tax Law” has the meaning specified in Section 4.02(a). 

“Clearstream” has the meaning specified in Section 3.03(b). 

“Code” has the meaning specified in Section 7.01. 

“Company” means the corporation specified as the “Company” in the recitals of this Supplemental Indenture until a
successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Company” shall mean such successor Person. 

“Corporation” means, for purposes of Section 801 of the Base Indenture as applied to the Notes, any corporation and not
any other form of business entity. 
 “Depositary” means Elavon Financial Services DAC, or any successor. References in the
Base Indenture to “U.S. Depository” or “Depository” shall be deemed to refer to “Depositary” as defined in this Supplemental Indenture. 

“Euroclear” has the meaning specified in Section 3.03(b). 

“First Supplemental Indenture” has the meaning specified in the recitals of this Supplemental Indenture. 

“Global Security” means, with respect to the Notes, a Security executed by the Company and delivered by the Trustee to the
Depositary or pursuant to a safekeeping agreement with the Depositary, all in accordance with the Indenture, which shall be registered in global form without interest coupons in the name of the Depositary or its nominee. References to “global
Security” in the Base Indenture shall be deemed to refer to “Global Security” as defined in this Supplemental Indenture. 

  
 2 

 “Indenture” has the meaning specified in the recitals of this Supplemental
Indenture. 
 “Initial Notes” has the meaning set forth in Section 3.01(b). 

“Notes” has the meaning specified in the recitals of this Supplemental Indenture. 

“Notice of Default” has the meaning specified in Section 5.01(c). 

“Officer’s Certificate” means a certificate signed on behalf of the Company by chairman of the Board of Directors, chief
executive officer, chief financial officer, principal accounting officer, treasurer, president, any vice president, controller, secretary, any assistant secretary or general counsel of the Company. For purposes of the Notes (and the Indenture as
applicable to the Notes), all references in the Base Indenture to “Officers’ Certificate” shall be deemed to refer to “Officer’s Certificate” as defined in this Supplemental Indenture. 

“Paying Agent” has the meaning specified in Section 3.01(e). 

“Property” means any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of
capital stock. 
 “ROC” means the Republic of China. 

“ROC Approvals” means all necessary regulatory and listing approvals from applicable authorities in the ROC, including but
not limited to the Taipei Exchange and the Taiwan Securities Association (or their respective successors). 
 “Supplemental
Indenture” has the meaning specified in the recitals of this Supplemental Indenture. 
 “Taxes” has the meaning
specified in Section 7.01. 
 “U.S. Person” has the meaning specified in Section 7.02(c). 

Section 1.02. Conflicts with Base Indenture. In the event that any provision of this Supplemental
Indenture limits, qualifies or conflicts with a provision of the Base Indenture, such provision of this Supplemental Indenture shall control. 

  
 3 

 ARTICLE 2 

FORM OF NOTES 

Section 2.01. Form of Notes. The Notes shall be substantially in the form of Exhibit A hereto which is
hereby incorporated in and expressly made a part of the Indenture. 
 ARTICLE 3 

THE NOTES 

Section 3.01. Amount; Series; Terms. (a) There is hereby created and designated one series of
Securities under the Base Indenture: the title of the Notes shall be “4.10% Senior Notes due 2047.” The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with
respect to, and govern the terms of, the Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically
incorporates such changes, modifications and supplements. 
 (b) The aggregate principal amount of the Notes that initially may be
authenticated and delivered under this Supplemental Indenture (the “Initial Notes”) shall be limited to $640,000,000, subject to increase as set forth in Section 3.04. 

(c) The Stated Maturity of the Notes shall be August 14, 2047. 

(d) The Notes shall bear interest at the rate of 4.10% per annum from August 14, 2017, or from the most recent date to which interest has
been paid or duly provided for, as further provided in the form of Note annexed hereto as Exhibit A. Interest shall be computed on the basis of a 360-day year composed of twelve
30-day months. The Interest Payment Dates for the Notes shall be February 14 and August 14 of each year, beginning on February 14, 2018, and the Regular Record Date for any interest payable on
each such Interest Payment Date shall be the immediately preceding January 31 and July 31, respectively. If any Interest Payment Date, Stated Maturity, Redemption Date or other payment date with respect to the Notes is not a Business Day,
the required payment of principal, premium, if any, or interest will be due on the next succeeding Business Day as if made on the date that such payment was due, and no interest will accrue on that payment for the period from and after that Interest
Payment Date, Stated Maturity, Redemption Date or other payment date, as the case may be, to the date of that payment on the next succeeding Business Day. All payment dates with respect to the Notes, whether at Stated Maturity, on any Redemption
Date or on any Interest Payment Date, shall be determined in accordance with the time-zone applicable to The City of New York. 
 (e) Elavon
Financial Services DAC, UK Branch, shall initially act as the London paying agent for the Notes (the “Paying Agent”) and Elavon Financial Services DAC shall initially act as transfer agent for the Notes (the “Transfer
Agent”) in accordance with the terms of the Agency Agreement. The Company may change the Paying Agent or the Transfer Agent without prior notice to the Holders. 

  
 4 

 (f) Elavon Financial Services DAC shall initially act as the Security Registrar, as such term is
defined in in Section 305 of the Base Indenture, for the Notes in accordance with the terms of the Agency Agreement and for so long as Elavon Financial Services DAC shall be the Security Registrar for the Notes, the list of Holders required by
701 of the Base Indenture shall not be required to be furnished to the Trustee. The Company may change the Security Registrar without prior notice to the Holders. 

(g) The Company designates the office of the Transfer Agent and Paying Agent at 125 Old Broad Street, Fifth Floor, London EC2N 1AR as an agency
where the Notes may be presented for payment, exchange or registration of transfer, in each case as provided for in the Indenture. 
 
Section 3.02. Denominations. The Notes shall be issuable only in registered form without coupons and in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

Section 3.03. Book-entry Provisions for Global Securities. (a) Subject to Section 1.02
hereof, the provisions of Articles 2 and 3 of the Base Indenture, as supplemented by the provisions of this Supplemental Indenture, shall apply to the Notes. 

(b) The Global Securities representing the Notes shall be deposited with, or on behalf of, Elavon Financial Services DAC, a common depositary
for Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”), and registered in the name of such common depositary or its nominee for the accounts of Euroclear and Clearstream, duly
executed by the Company and authenticated by the Trustee as provided in Section 3.03 and the Base Indenture. Each such Global Security shall constitute a single Security for all purposes of the Indenture. 

(c) Notwithstanding any other provision in the Indenture, no Global Security may be exchanged in whole or in part for Notes registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (1) has notified the Company that it is
unwilling or unable to continue as Depositary for such Global Security and no successor Depositary has been appointed within 90 days after such notice or (2) ceases to be a “clearing agency” registered under Section 17A of the
Exchange Act when the Depositary is required to be so registered to act as the Depositary and so notifies the Company, and no successor Depositary has been appointed within 90 days after such notice, (B) the Company determines at any time that
the Notes shall no longer be represented by Global Securities and shall inform such Depositary of such determination and participants in such Depositary elect to withdraw their beneficial interests in the Notes from such Depositary, following
notification by the Depositary of their right to do so, or (C) such exchange is made upon request by or on behalf of the Depositary in accordance with customary procedures, following the request of a Holder seeking to exercise or enforce its
rights under the Notes during the continuance of an Event of Default. 

  
 5 

 (d) Subject to clause (c) above, any exchange of a Global Security for other Notes may be
made in whole or in part, and all Notes issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct in writing to the Trustee. 

(e) Every Note authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Note is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 

(f) Subject to the provisions of clause (h) below, the registered Holder may grant proxies and otherwise authorize any Person, including
Agent Members (as defined below in clause (h)) and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes. 

(g) In the event of the occurrence of any of the events specified in clause (c) above, the Company will promptly make available to the
Trustee a reasonable supply of certificated Notes in definitive, fully registered form, without interest coupons. 
 (h) Neither any members
of, or participants in, the Depositary (collectively, the “Agent Members”) nor any other Persons on whose behalf Agent Members may act shall have any rights under the Indenture with respect to any Global Security registered in the
name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner
and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of
such Persons governing the exercise of the rights of a Holder of any Note. 
 Section 3.04. Additional
Notes. To the extent permitted by applicable authorities in the ROC and subject to the receipt of ROC Approvals, the Company may, from time to time, subject to compliance with any other applicable provisions of the Indenture, without notice to
or the consent of the Holders of the Notes, create and issue pursuant to the Indenture additional Notes (“Additional Notes”) having terms and conditions set forth in Exhibit A identical to those of the other Notes, except that
Additional Notes: 
 (i) may have a different issue date from other Outstanding Notes; 

(ii) may have a different issue price from other Outstanding Notes; and 

(iii) may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on
other Outstanding Notes; 

  
 6 

 provided that if such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax
purposes, such Additional Notes will have one or more separate ISIN numbers. Such Additional Notes may be, to the extent permitted by applicable authorities in the ROC and subject to the receipt of ROC Approvals, consolidated and form a single
series with, and will have the same terms as to ranking, redemption, waivers, amendments or otherwise, as the Notes, and will vote together as one class on all matters with respect to such Notes. References to “CUSIP” numbers in the Base
Indenture shall be deemed replaced by “ISIN” numbers with respect to the Notes. 
 ARTICLE 4 

REDEMPTION OF SECURITIES 

Section 4.01. Optional Redemption. (a) On each August 14 on or after August 14, 2022,
the Company may redeem the Notes at its option in whole, but not in part, at a Redemption Price equal to 100% of their principal amount plus any accrued interest to, but not including, the Redemption Date. 

Section 4.02. Redemption for Tax Reasons. (a) The Company may redeem the Notes at its option in
whole, but not in part, at a Redemption Price equal to 100% of their principal amount (plus any accrued interest and Additional Amounts then payable with respect to the Notes), if the Company determines determine that (A) as a result of any
change or amendment to the laws, treaties, regulations or rulings of the United States or any political subdivision or taxing authority thereof, which change or amendment is announced and becomes effective after August 3, 2017, the Company has
or will become obligated to pay Additional Amounts pursuant to Article 7 on any Notes or (B) after August 3, 2017, any change in the official application, enforcement or interpretation of those laws, treaties, regulations or rulings,
including a holding by a court of competent jurisdiction in the United States or any other action, taken by any taxing authority or a court of competent jurisdiction in the United States, whether or not such action was taken or made with respect to
the Company, results in a material probability that the Company has or will become obligated to pay Additional Amounts pursuant to Article 7 on any Notes (a “Change in Tax Law”). 

(b) Prior to the mailing of any notice of any redemption pursuant to this Section 4.02, the Company shall deliver to the Trustee
(1) an Officer’s Certificate stating that the Company is entitled to effect such a redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company to so redeem have occurred and
(2) an Opinion of Counsel to that effect based on that statement of facts. 
 Section 4.03.
General. (a) Subject to Section 1.02 hereof, the provisions of Article 11 of the Base Indenture, as supplemented by the provisions of this Supplemental Indenture, shall apply to the Notes. 

  
 7 

 (b) On and after the Redemption Date, interest will cease to accrue on such Notes, unless the
Company defaults in the payment of the Redemption Price (including any accrued interest and/or Additional Amounts, as applicable). On or before the Redemption Date for the Notes, the Company shall deposit with the Trustee or a Paying Agent, funds
sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date. The Company need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the
electronic delivery or mailing of a notice of redemption, nor need the Company register the transfer or exchange of any Note selected for redemption. 

(c) Notice of any redemption shall be electronically delivered or mailed at least 30 days, in the case of a redemption pursuant to
Section 4.01, or at least 15 days, in the case of a redemption pursuant to Section 4.02, but in each case not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed. Such notice shall state the
Redemption Price. Notice of redemption having been given as provided in the Indenture, the Notes called for redemption shall become due and payable on the Redemption Date and at the applicable Redemption Price. 

(d) The election of the Company to optionally redeem the Notes shall be evidenced by or pursuant to a Board Resolution. In case of any optional
redemption of the Notes pursuant to the Indenture, the Company shall, at least 5 days (unless a shorter notice shall be satisfactory to the Trustee) prior to the date on which the notice of redemption will be delivered pursuant to paragraph (c),
notify the Trustee of the applicable Redemption Date and of the aggregate principal amount of Notes to be redeemed. This paragraph (d) applies to the Notes in lieu of Section 1102 of the Base Indenture. 

ARTICLE 5 

EVENTS OF DEFAULT AND REMEDIES 

Section 5.01. Events of Default. Section 501 of the Base Indenture shall not apply to the Notes.
Each of the following events shall constitute an “Event of Default” with respect to the Notes: 
 (a) default in the payment
of the principal of or premium (if any) on any Note when due and payable at its Stated Maturity, upon redemption, acceleration or otherwise; 

(b) default in the payment of any interest upon any Note when it becomes due and payable (if the time of payment has not been extended or
deferred), and continuance of such default for a period of 30 days; 
 (c) default in the performance, or breach, of any covenant of the
Company in the Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section 5.01 specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been
given, by registered or certified mail, or overnight delivery service to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, a written notice specifying
such default or breach and stating that such notice is a “Notice of Default” under the Indenture; 

  
 8 

 (d) the entry by a court having jurisdiction in the premises of (i) a decree or order for
relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company as bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or of any substantial part of its Property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of 60 consecutive days; and 
 (e) the commencement by the Company of a voluntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or
the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its Property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action. 

Section 5.02. Acceleration Of Maturity; Rescission And Annulment. The first paragraph of
Section 502 of the Base Indenture shall not apply to the Notes, and the following shall apply in lieu thereof. If an Event of Default occurs and is continuing with respect to the Notes, then and in every such case except as provided below, the
Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes may declare the principal amount of all such Notes, plus accrued and unpaid interest, if any, to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount shall become immediately due and payable. However, upon an Event of Default arising out of Section 5.01(d) or
Section 5.01(e), the principal amount of all Outstanding Notes, plus accrued and unpaid interest to the acceleration date, shall be due and payable immediately without notice from the Trustee or Holders. 

At any time after such a declaration of acceleration with respect to the Notes has been made, but before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in the Indenture provided, the Holders of a majority in aggregate principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences as provided in Section 502 of the Base Indenture. No such rescission shall affect any subsequent default or impair any right consequent thereon. 

  
 9 

 Section 5.03. References In Base Indenture. References to
“Section 501,” “Section 501(4),” Section 501(5),” “Section 501(6)” and Section 501(7) in the Base Indenture shall be deemed to refer to Section 5.01, Section 5.01(c),
Section 5.01(d), Section 5.01(e) and Section 5.01 of this Supplemental Indenture, respectively. 

Section 5.04. Waiver Of Certain Covenants. Section 1006 of the Base Indenture shall not apply to
the Notes. 
 ARTICLE 6 

SUPPLEMENTAL INDENTURES 

Section 6.01. Applicability Of Base Indenture. Sections 901 and 902 of the Base Indenture shall not
apply to the Notes. Sections 6.02 and 6.03 of this Supplemental Indenture shall apply in lieu thereof, and references in the Base Indenture to Sections 901 and 902 shall be deemed to refer to Section 6.02 and Section 6.03, respectively.

 Section 6.02. Supplemental Indentures Without Consent Of Holders. The Company and the Trustee may
amend the Indenture or the Notes or enter into an indenture supplemental hereto without notice to or the consent of any Holder to 
 (a) cure
ambiguities, omissions, defects or inconsistencies as evidenced by an Officer’s Certificate; 
 (b) make any change that would provide
any additional rights or benefits to the Holders of the Notes; 
 (c) provide for or add guarantors with respect to the Notes; 

(d) secure the Notes; 
 (e)
provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (f) evidence and provide for the acceptance of
appointment by a successor Trustee; 
 (g) provide for the assumption by a successor corporation of the Company’s obligations to the
Holders of the Notes, in compliance with the applicable provisions of the Indenture; 
 (h) maintain the qualification of the Indenture under
the Trust Indenture Act; or 
 (i) make any change that does not adversely affect the rights of any Holder of Notes in any material respect.

  
 10 

 The Trustee is hereby authorized to join with the Company in the execution of any such amendment
or supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any Property thereunder, but the Trustee shall not be
obligated to enter into any such amendment or supplemental indenture which affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

Any amendment or supplemental indenture authorized by the provisions of this section may be executed without notice to and without the consent
of the Holders of any of the Notes at the time Outstanding, notwithstanding any of the provisions of Section 
6.03. 
 Section 6.03. Supplemental Indentures With Consent Of Holders. 

(a) With the consent (evidenced as provided in Article 1 of the Base Indenture) of the Holders of not less than a majority in aggregate
principal amount of all series of Securities (including the Notes) at the time Outstanding affected by such amendment or supplemental indenture (voting together as a single class), the Company, when authorized by a Board Resolution, and the Trustee
may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Holders of the Notes and the Holders of not less than a majority in aggregate principal amount of all series of Securities (including the Notes) at such time Outstanding affected by such
waiver (voting together as a single class) may waive, with respect to each such series affected by such waiver, future compliance by the Company with a provision of the Indenture or the Notes. 

(b) Notwithstanding the provisions of paragraph (a), without the consent of each affected Holder of Notes, an amendment, supplement or waiver
may not: 
 (i) reduce the principal amount, extend the fixed maturity, or alter or waive the redemption provisions of the
Notes; 
 (ii) impair the right of any Holder of the Notes to receive payment of principal, premium or interest on the Notes
on and after the due dates for such principal, premium or interest; 
 (iii) change the Currency in which principal, any
premium or interest is paid; 
 (iv) reduce the percentage in principal amount Outstanding of Notes which must consent to an
amendment, supplement or waiver or consent to take any action; 
 (v) impair the right to institute suit for the enforcement
of any payment on the Notes; 

  
 11 

 (vi) waive a payment default with respect to the Notes or any future guarantor of
the Notes; 
 (vii) reduce the interest rate or extend the time for payment of interest on the Notes; or 

(viii) adversely affect the ranking of the Notes. 

It shall not be necessary for the consent of the Holders under this section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to this Section 6.03, the Company shall transmit to
the Holders of Outstanding Notes affected thereby a notice setting forth the substance of such supplemental indenture. 
 
ARTICLE 7 
 PAYMENT OF ADDITIONAL AMOUNTS 

Section 7.01. Payment of Additional Amounts. All payments of principal and interest in respect of the
Notes by the Company or a Paying Agent on the Company’s behalf will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other similar governmental charges
imposed or levied by the United States or any political subdivision or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction is required by law. In the event such withholding or
deduction for Taxes is required by law, subject to the limitations described below, the Company shall pay to or on account of any beneficial owner of Notes who is not a U.S. Person (as defined below) such additional amounts (“Additional
Amounts”) as may be necessary to ensure that the net amount received by such beneficial owner, after withholding or deduction for such Taxes, will be equal to the amount such person would have received in the absence of such withholding or
deduction; provided, however, that no Additional Amounts shall be payable for or on account of: 
 (a) any Taxes which would
not have been so imposed, withheld or deducted but for: 
 (i) the existence of any present or former connection between the
holder or beneficial owner (or between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a
limited liability company, a partnership, a corporation or other entity or between a person related to the holder or beneficial owner) and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor,
beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or treated as a resident of the United States, being or having been engaged in a trade or business in the United States,
being or having been present in the United States, or having or having had a permanent establishment in the United States; 

  
 12 

 (ii) the failure of the holder, the beneficial owner or any other person to
comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the notes, if compliance is required by
statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge (including,
but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty); or 

(b) any Taxes imposed by reason of the holder’s or beneficial owner’s present or former status as a foreign personal holding company,
or personal holding company, with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign tax exempt organization
with respect to the United States or as a corporation that accumulates earnings to avoid United States federal income tax; 
 (c) any Taxes
which would not have been imposed, withheld or deducted but for the holder or beneficial owner being or having been (x) a “10-percent shareholder” of ours as defined in Section 871(h)(3) of
the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provision, (y) a controlled foreign corporation that is related to us within the meaning of Section 864(d)(4) of the Code or
(z) a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; 

(d) any Taxes which would not have been imposed, withheld or deducted but for the presentation by the holder or beneficial owner of such note
for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment of the Note is duly provided for, whichever occurs later; 

(e) any estate, inheritance, gift, sales, excise, transfer, personal property, wealth or similar Taxes; 

(f) any Taxes which are payable otherwise than by withholding or deduction from a payment on such Note; 

(g) any Taxes which are imposed, withheld or deducted with respect to, or payable by, a Holder that is not the beneficial owner of the Note, or
a portion of the Note, or that is a fiduciary, partnership, limited liability company or other similar entity, but 

  
 13 

 
only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar entity would not have been
entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 

(h) any Taxes required to be withheld or deducted by any Paying Agent from any payment on any Note, if such payment can be made without such
withholding or deduction by at least one other Paying Agent; 
 (i) any Taxes imposed, withheld or deducted under Sections 1471 through 1474
of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code or any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; 

(j) any Taxes that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative or
judicial interpretation that becomes effective more than 15 days after the applicable payment becomes due or is duly provided for, whichever occurs later; or 

(k) any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i) and (j). 

Section 7.02. General. (a) For purposes of this Article 7, the acquisition, ownership,
enforcement, or holding of or the receipt of any payment with respect to a Note will not, in and of itself, constitute a connection (1) between the Holder or beneficial owner and the United States or (2) between a fiduciary, settlor,
beneficiary, member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or
other entity and the United States. Except as specifically provided under this Article 7, the Company shall not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any
political subdivision or taxing authority. 
 (b) If the Company is required to pay Additional Amounts with respect to the Notes, the Company
shall notify the Trustee and Paying Agent pursuant to an Officer’s Certificate that specifies the Additional Amounts payable and when the Additional Amounts are payable. If the Trustee and the Paying Agent do not receive such an Officer’s
Certificate from the Company, the Trustee and Paying agent may rely on the absence of such an Officer’s Certificate in assuming that no such Additional Amounts are payable. 

(c) As used in this Article 7, “U.S. Person” means any individual who is a citizen or resident of the United States for U.S.
federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject
to United States federal income taxation regardless of its source. 

  
 14 

 ARTICLE 8 

MISCELLANEOUS 

Section 8.01. Sinking Funds. Article 12 of the Base Indenture shall have no application. The Notes
shall not have the benefit of a sinking fund. 
 Section 8.02. Confirmation of Indenture. The Base
Indenture, as supplemented and amended by this Supplemental Indenture and all other indentures supplemental thereto, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental
thereto shall be read, taken and construed as one and the same instrument. 
 Section 8.03.
Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of
signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 
Section 8.04. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF). 

Section 8.05. Waiver of Jury Trial. EACH OF THE COMPANY, THE PAYING AGENT AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, ANY OTHER OUTSTANDING SECURITIES ISSUED UNDER THE BASE
INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first written above. 
  

			
	 INTEL CORPORATION

		
	 By:
	 	 /s/ Ravi Jacob

		 	 Name: Ravi Jacob

		 	 Title:   Vice President and Treasurer

 [Trustee Signature Follows] 

  
 [Signature Page to
Supplemental Indenture] 
 16 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 /s/ Maddy Hughes

		 	 Name: Maddy Hughes

		 	 Title:   Vice President

  

			
	 ELAVON FINANCIAL SERVICES DAC, UK BRANCH, as Paying Agent

		
	 By:
	 	 /s/ Laurence Griffiths

		 	 Name: Laurence Griffiths

		 	 Title:   Authorized Signatory

  

			
		
	 By:
	 	 /s/ Chris Hobbs

		 	 Name: Chris Hobbs

		 	 Title:   Authorized Signatory

  
 [Signature Page to
Supplemental Indenture] 
 17 

 EXHIBIT A 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED IN WHOLE OR IN PART FOR
A SECURITY REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON
REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM
(“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 

 INTEL CORPORATION 

4.10% Senior Notes due 2047 
  

			
	No. [●]	 	ISIN No.: XS1661884400
		 	Initially $[●]

 INTEL CORPORATION, a Delaware corporation (the “Issuer”), for value received promises to pay
to USB Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, a common depositary for the accounts of Euroclear Bank S.A./N.V. and Clearstream Banking S.A. or registered assigns, the principal sum of $[●] on August 14, 2047.

 Interest Payment Dates: February 14 and August 14 of each year (each, an “Interest Payment Date”),
commencing on February 14, 2018. 
 Interest Record Dates: January 31 and July 31 (each, a “Regular Record
Date”). 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same
effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	 INTEL CORPORATION

		
	 By:
	 	 
		 	 Name: Ravi Jacob

		 	 Title:   Vice President and Treasurer

  
 [Signature Page to
Note] 

 This is one of the Notes of the series designated herein and referred to in the within-mentioned
Indenture. 
 Dated: August 14, 2017 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

  
 [Signature Page to
Note] 

 (REVERSE OF NOTE) 

INTEL CORPORATION 
 4.10% Senior
Notes due 2047 
 1. Interest. 

Intel Corporation (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described
above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from August 14, 2017. Interest on this Note will be paid to but excluding the relevant Interest Payment
Date or on such earlier date as the principal amount shall become due in accordance with the provisions hereof. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, beginning on June 14, 2016. If any Interest
Payment Date, Stated Maturity, Redemption Date or other payment date with respect to the Notes is not a Business Day, the required payment of principal, premium, if any, or interest will be due on the next succeeding Business Day as if made on the
date that such payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date, Stated Maturity, Redemption Date or other payment date, as the case may be, to the date of that payment on the next
succeeding Business Day. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and at the same rate on overdue
installments of interest (without regard to any applicable grace periods) to the extent lawful from the dates such amounts are due until such amounts are paid or made available for payment. 

2. Paying Agent. 
 Initially,
Elavon Financial Services DAC, UK Branch, will act as paying agent (the “Paying Agent”). The Issuer may appoint and change the Paying Agent without notice to the Holders. 

3. Indenture; Defined Terms. 

This Note is one of the 4.10% Senior Notes due 2047 (the “Notes”) issued under the Indenture dated as of March 29,
2006, as amended by the First Supplemental Indenture dated as of December 3, 2007 (together, the “Base Indenture”) by and between the Issuer and Wells Fargo Bank, National Association, as Trustee (the
“Trustee”) and, as amended, modified and supplemented by the Eleventh Supplemental Indenture dated as of August 14, 2017 (the “Eleventh Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), by and among the Issuer, the Trustee and the Paying Agent. This Note is a “Security” and the Notes are “Securities” under the Indenture. 

  
 R-1 

 For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as
defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in effect
on the date on which the Indenture was qualified under the TIA. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of them. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 
 4. Denominations; Transfer;
Exchange. 
 The Notes are in registered form, without coupons, in denominations of $100,000 and multiples of $1,000 in excess thereof. A
Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes for a period of fifteen (15) days before the electronic delivery or
mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption. 
 5.
Amendment; Modification; Waiver. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate
principal amount of the Notes and each other series of Securities at the time Outstanding affected thereby (voting together as a single class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount
of the Securities of a series at the time Outstanding with respect to which a default under the Indenture shall have occurred and be continuing, on behalf of the Holders of all Securities of such series, to waive, with certain exceptions, such past
default with respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in aggregate principal amount of all series of Securities (including the Notes) at the time Outstanding affected (voting
together as a single class), on behalf of the Holders of all such Securities, to waive future compliance by the Issuer with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
Without notice to or consent of any Holder, the Indenture also permits the amendment or supplement thereof to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with
qualifications of the Indenture under the TIA, or make any other change that does not adversely affect the rights of Holders in any material respect. 

  
 R-2 

 6. Optional Redemption. 

On each August 14 on or after August 14, 2022, the Issuer may redeem the Notes at its option in whole, but not in part, at a
Redemption Price equal to 100% of their principal amount plus any accrued interest to, but not including, the Redemption Date, as set forth in the Eleventh Supplemental Indenture. 

7. Redemption for Tax Reasons. 

The Notes are redeemable by the Issuer in whole, but not in part, upon the occurrence of certain developments affecting U.S. taxation
constituting a Change in Tax Law described in the Eleventh Supplemental Indenture at a Redemption Price equal to 100% of their principal amount (plus any accrued interest and Additional Amounts then payable with respect to the Notes). 

8. Payment of Additional Amounts. 

The Issuer, will, subject to the exceptions and limitations set forth in the Eleventh Supplemental Indenture, pay to or on account of any
beneficial owner of Notes who is not a U.S. Person such Additional Amounts as may be necessary to ensure that the net amount received by such beneficial owner, after withholding or deduction for Taxes, will be equal to the amount such person would
have received in the absence of such withholding or deduction. 
 As used in this Section 8, “U.S. Person” means any
individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the
District of Columbia, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

9. Defaults and Remedies. 
 If an
Event of Default with respect to the Notes occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal amount of all the Notes to be due and
payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. 

The Indenture permits, subject to certain limitations therein provided, Holders of not less than a majority in aggregate principal amount of
the Outstanding Notes to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Notes. 

  
 R-3 

 10. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

11. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

12. ISIN Numbers. 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused ISIN numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of
such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 
 13. Governing
Law. 
 The laws of the State of New York shall govern the Indenture and this Note without regard to conflicts of laws principles thereof.

  
 R-4 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this Note on the
books of the Issuer. The agent may substitute another to act for him. 
  

									
	 	 	 	 	 
	Date:	 	 	 		 	Your Signature:	 	 
					
	 	 	 	 	 	 	 	 	 
	Sign exactly as your name appears on the other side of this Note.	 		 	
		 		 	
					
		 		 		 	 	 	 
		 		 		 	
            Signature

	 Signature Guarantee:
	 		 	
					
	 	 	 	 		 	 	 	 
	Signature must be guaranteed	 		 	
            Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

  
 R-5 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Security for certificated Notes or a part of another Global Security have been made: 

 

									
	 Date of

Exchange
	 	 Amount of decrease

in principal amount
 of this
Global Security
	 	 Amount of increase

in principal amount
 of this
Global
 Security
	  	 Principal amount of

this Global Security

following such
 decrease
(or
 increase)
	  	 Signature of

authorized officer of

Trustee

  
 R-6

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