Document:

License Agreement

 Exhibit 10.7 
 LICENSE AGREEMENT 
 THIS AGREEMENT is made and entered into the 27th day of March, 2001
(the “Effective Date”) by and between the GEORGIA TECH RESEARCH CORPORATION, a nonprofit corporation organized and existing under the laws of the State of Georgia and having its principal offices at the Georgia Institute of
Technology (hereinafter “GIT”), Centennial Research Building, Atlanta, Georgia 30332-0415, (hereinafter “GTRC”) and CardioMEMS, Inc., a corporation existing under the laws of the State of Ohio, and having its principal offices at
109 Waverly Lane, South Russell, Ohio 44022, (hereinafter “Licensee”). 
 W I T N E S S E T H: 
 WHEREAS, GTRC owns and wants to provide for the commercialization of a certain invention entitled “System and Method for Sensing Physical
Properties”, which is the subject of GTRC Invention Disclosure Number 1879 and U.S. Patent Number 6,111,520 (the “Invention”); and 
 WHEREAS, GTRC has available to it certain know-how, technology, trade secrets and methods (hereinafter “Know-how”) which relate to the Invention; and 
 WHEREAS, Licensee wishes to utilize the Invention, the Patents, and Know-how related to the Invention and the Patents (collectively, the
“Technology”) to achieve the development, manufacture, and sale of Products (as defined below) containing the Technology. 
 NOW, THEREFORE, GTRC and Licensee in consideration of the foregoing and the mutual promises contained herein and intending to be legally bound hereby agree as follows: 
  

	1.	DEFINITIONS 

 As used herein: 
  

	 	1.1	 “Licensee Confidential Information” means any information, trade secrets, data, or know-how of Licensee or any of its affiliates, including, but not
limited to, the Licensee’s patent applications, information relating to test or clinical data, licenses, research plans, regulatory plans, products or services, development, inventions, consultants’ or advisors’ identities, samples,
processes, designs, engineering, marketing, financial matters, or business partners disclosed by the Licensee either directly or indirectly in writing, orally or by drawings or inspection of samples which have been indicated as proprietary. Licensee
Confidential Information does not include information, technical data or know-how which (i) is known by GTRC prior to its disclosure to GTRC as demonstrated by GTRC’s records ; (ii) before or after it has been disclosed to the GTRC,
it is part of the public knowledge or literature, not 

  

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as a result of any action or inaction of GTRC or any of its affiliates; (iii) is approved for release by written authorization of Licensee; or
(iv) is rightfully disclosed to GTRC by a third party without restriction. 

  

	 	1.2	“Field of Use” shall mean medical diagnostic equipment, implants and prostheses, medical monitoring equipment, surgical and medical equipment, medical services and
applications, and medical therapeutic equipment. 

  

	 	1.3	“Patents” shall mean any issued patents and any patent applications disclosing and claiming the Invention, including but not limited to those patents and patent
applications listed on Schedule A attached hereto and any reissued patent, patent issuing from a continuation application, divisional application or continuation-in-part application, any extensions or additions thereto, and any corresponding foreign
patent applications relating thereto. 

  

	 	1.4	“Products” shall mean any method, product or machine incorporating the Technology. 

  

	 	1.5	“GTRC Proprietary Information” shall mean information and trade secrets owned or controlled by GTRC at any time during the term of this Agreement, which relates to the
Inventions covered by the Licensed Patents, including but not limited to, invention records, research records and reports, engineering and technical data, designs, production specifications, processes, methods, procedures, facilities and know-how.

  

	 	1.6	“Sales,” “Sell,” or “Sold” shall mean any sale, transfer, lease, license, permission to use or other transfer of the right of possession or other
conveyance by Licensee or any affiliate, subsidiary or parent entity of Licensee or through a sublicensee. 

  

	 	1.7	“Territory” shall mean the world. 

  

	2.	GRANT OF LICENSE 

  

	 	2.1	GTRC hereby grants to Licensee an exclusive, nontransferable, license in and to the Technology, with a right of sublicense, to make, have made, sell, offer for sale, use, and import
Products in the Field of Use throughout the Territory. The foregoing license shall be subject to any rights of the government pursuant to the Bayh-Dole Act. 

  

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	 	2.2	Licensee shall not export any Product or enter into any sublicense without fully and completely complying with any and all United States export or munitions control regulations and
laws. 

  

	 	2.3	Licensee acknowledges and agrees that by entering into this Agreement, it may be precluded from receiving subcontracts from the Georgia Institute of Technology funded by an agency
of the Federal government which it might otherwise be able to receive on a sole basis. 

  

	 	2.4	Any provision of this Agreement to the contrary notwithstanding, GTRC reserves an irrevocable, nonexclusive, royalty-free, nontransferable license to make and use the Technology
solely for educational and research purposes only as practiced by GTRC and GIT and not for any commercial use or exploitation. 

  

	3.	CONSIDERATION 

  

	 	3.1	In consideration of the granting herein of the License as described in Article 2, Licensee shall: 

  

	 	3.1.1	Pay GTRC Ten Thousand ($10,000) U.S. Dollars within thirty (30) days of the Effective Date of this Agreement; 

  

	 	3.1.2	Raise at least One Million U.S. Dollars ($1,000,000) in capital within twelve (12) months and a total of Two Million U.S. Dollars ($2,000,000) within Thirty Six
(36) months, of the Effective Date of this Agreement. 

  

	 	3.2	As additional consideration for the License, Licensee shall pay GTRC an annual maintenance fee of Ten Thousand Dollars ($10,000) commencing three (3) years from the Effective
Date of this Agreement. 

  

	 	3.2	As additional consideration Licensee shall issue to GTRC a sufficient number of shares of the common stock of Licensee so that GTRC will own one and one-half percent (1.5%) of
the total number of shares issued by Licensee on a fully diluted basis as of the Effective Date, assuming the exercise, conversion and/or exchange of all outstanding securities of Licensee for or into shares of common stock as of the Effective Date,
all on the terms and conditions as set forth in a stock purchase agreement (“Stock Purchase Agreement”) to be entered between Licensee and GTRC. 

  

	 	3.3	 GTRC and Licensee will negotiate in good faith with the aim of executing the Stock Purchase Agreement as soon as practicable following execution of this License

  

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agreement, but in any event no later than 15 days following the execution of this License agreement. Said Stock Purchase Agreement shall provide GTRC terms
for dilution and registration of its common stock no less favorable than for the founders of Licensee and be in accordance with the laws of the United States, including the regulations of the Securities and Exchange Commission.

  

	4.	SUBLICENSES 

  

	 	4.1	Subject to this Paragraph, Licensee may grant sublicenses, provided that each sublicense contains a provision that such sublicense and the rights thereby granted are personal to the
sublicensee thereunder and such sublicense cannot be further assigned or sublicensed. 

  

	 	4.2	Any sublicense granted pursuant to this Article shall be in accordance with the terms and conditions of this Agreement and shall at a minimum, contain the same protection of the
GTRC Proprietary Information as is set forth herein. 

  

	 	4.3	In respect of any sublicense granted by Licensee within four (4) months of the Effective Date of this Agreement and in accordance with this Section 4, Licensee shall
promptly pay to GTRC an amount equal to thirty-five percent (35%) of any one time lump sum payment, royalty payments, or other payment, howsoever calculated, made by sublicensee thereunder in consideration for the grant of such sublicense to it
by the Licensee. Notwithstanding anything to the contrary in this paragraph 4.3, Licensee has no obligations to pay to GTRC any amount received in consideration for the grant of any such sublicense if such grant occurs after the period of four
(4) months from the Effective Date of this Agreement. 

  

	5.	ACCOUNTS 

  

	 	5.1	Prior to signing this Agreement, Licensee has provided to GTRC a written research and development plan under which Licensee intends to bring the Technology into commercial use upon
execution of this Agreement. Such plan shall include projections of United States Food and Drug Administration (USFDA) approvals, sales and proposed marketing efforts. 

  

	 	5.2	Licensee shall provide written annual reports within ninety (90) days after December 31 of each calendar year which shall include, but not be limited to, reports of
progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and sales during the preceding twelve (12) months as well as plans for the coming year. Licensee shall also provide any reasonable additional
data GTRC may require to evaluate Licensee’s performance. 

  

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	 	5.3	Licensee shall keep at its usual place of business true and particular accounts of all matters connected with the use of the Technology and the manufacture and sale of all Products
containing true entries complete in every particular as may be necessary or proper. 

  

	 	5.4	Notwithstanding anything contained herein to the contrary, GTRC agrees to use the information provided pursuant to this Section 5, for the purpose of evaluating its equity
position in the Licensee and to evaluate Licensee’s performance under this Agreement. GTRC shall undertake to treat the Licensee Confidential Information in a manner consistent with the treatment of its own information of such proprietary
nature. The provisions of this Section 5.4 shall not apply (i) to the extent that GTRC is required to disclose Licensee Confidential Information pursuant to any law, statute, rule or regulation or any order of any court of competent
jurisdiction; or (ii) to the disclosure of Licensee Confidential Information to GTRC’s employees, counsel, accountants or other professional advisors in connection, but not limited to, with evaluation of GTRC’s equity position in the
Licensee and the Licensee’s performance under this Agreement. 

  

	6.	IMPROVEMENTS 

  

	 	6.1	Should Licensee or any consultant or employee of Licensee during the term of this Agreement make or discover or conceive any improvement in connection with the Technology, whether
patentable or not, which if practiced would constitute an infringement of any valid claim under any of the Patents (“Improvements”), Licensee may in its sole discretion disclose or cause the same to be disclosed to GTRC, and such
Improvement shall be deemed to be a part of the “Technology”. The foregoing notwithstanding, Licensee shall own all right, title and interest in any such Improvements and shall have the sole and exclusive right, but not the obligation, to
file, prosecute and maintain at its own cost and expense any patents or other protection with respect to such Improvements. Licensee in its sole discretion, may make available to GTRC and GIT any information or data necessary for the proper
understanding or use of the Improvements it makes to the Technology and in its sole discretion may grant to GTRC and GIT an irrevocable, nonexclusive, royalty-free, nontransferable license to use the Improvements throughout the world for educational
and research purposes only as practiced by GTRC and GIT and not for any commercial use or exploitation. 

  

	 	6.2	 If GTRC makes or discovers or conceives of any Improvement through Mark Allen, (other than Improvements described in Section 6.3 below), GTRC shall, subject to
the rights any third party may have as a result of, but not limited to, sponsored research, disclose or cause the same to be disclosed to Licensee and any such Improvement 

  

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shall be deemed to be included in the term “Technology” and to be included in this Agreement and be subject to the terms hereof and any application
for letters patent or other equivalent protection made in respect thereof shall be treated as if it were included in the term “Patents”. Licensee shall have the sole option to file, prosecute and maintain all patent applications relating
to such Improvements. If Licensee exercises its option in accordance with this paragraph, Licensee shall be responsible for all costs, fees and expenses incurred in connection with the filing, prosecution and maintenance of such patent applications
and the maintenance of any patents issuing therefrom. In the event that Licensee declines to file, prosecute or maintain any application or patent relating to such Improvements, Licensee shall give GTRC prompt notice of such decision. Thereafter,
GTRC may, at its own expense, continue to prosecute or maintain such application or patent, which shall no longer be included within the Patents. 

  

	 	6.3	Notwithstanding anything contained herein to the contrary, GTRC acknowledges that the Licensee intends to use Mark Allen and Michael Fonseca (each a “GTRC Affiliate and
collectively the “GTRC Affiliates”) to provide services as a consultant to the Licensee. The Parties expressly acknowledge and agree that ownership of any discovery or improvement to the Technology, whether patentable or not, developed by
GTRC Affiliates or any other personnel of GIT and/or GTRC in the capacity of a consultant to Licensee shall be determined in accordance with, but not limited to, section 5.14 “Intellectual Property Policy” and section 5.2 “Conflict of
Interest, Consulting, Disclosure” of the Georgia Tech Faculty Handbook (the “GT Handbook”) and Section 10 of this Agreement. The Parties further acknowledge and agree that for so long as the Consulting Agreement presently
contemplated to be entered by and between Mark Allen and the Licensee (the “Allen Consulting Agreement”) is entered into in accordance with and in adherence to section 5.14 and section 5.2 of the Georgia Tech Faculty Handbook and for so
long as the Mark Allen’s services pursuant to the Allen Consulting Agreement meets the requirements for “Individual Effort” as set forth in Section 5.14.6 of GT Handbook, the ownership of any work product, including any discovery
or improvement relating to the Technology and intellectual property rights therein resulting from the Consulting Agreement may be assigned by Mark Allen to the Licensee as set forth in the Allen Consulting Agreement. 

  

	7	EXPANDED FIELD OF USE AND NOTIFICATION 

  

	 	7.1	 Expanded Field of Use. Subject to rights of the government pursuant to the Bayh-Dole Act and any future rights acquired by third parties in a license with
GTRC in accordance with Section 7.2, GTRC grants Licensee the opportunity to expand the license granted pursuant to Section 2 hereof to include Products outside the Field of 

  

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Use (the “Expanded Field of Use”). Such opportunity shall be available to Licensee upon written notice to GTRC indicating Licensee’s desire to
expand the license to the Expanded Field of Use. Along with such notice to GTRC (the “Expanded Field Notice”), Licensee shall indicate the new field(s) and/or area(s) as well as provide GTRC with marketing and development plans relating to
such expanded license. Upon providing the Expanded Field Notice the marketing and development plans, GTRC and Licensee shall promptly engage in good faith negotiation with respect to such expanded license. GTRC shall only grant expanded licenses to
Licensee in areas Licensee can demonstrate expertise and if Licensee has met its obligations under Section 3 and is not in breach of the obligations in Section 9 of this Agreement at the time Expanded Field Notice is received by GTRC.
 

  

	 	7.2	Right of First Offer and Notification. GTRC grants to Licensee a limited “right of first offer” whereby GTRC shall notify Licensee in writing (the “First Offer
Notice”) if it wishes to license or otherwise transfer to any third party any rights to the Technology to make, have made, sell, offer for sale, use or otherwise import Products outside the Field of Use (the “Other Field of Use”).
GTRC shall also notify Licensee (“Other Notice”) if GTRC receives an offer from any third party to license the rights to the Technology to make, have made, sell, offer for sale, use or otherwise import Products in Other Field of Use. The
First Offer Notice or the Other Notice, as the case may be, shall include any information related to the proposed license (other than any proprietary third party information) that is reasonably necessary to assist Licensee in making an informed
decision regarding the exercise of its rights under this Section 7.2. Licensee shall use reasonable efforts to notify GTRC within 10 days after receiving the First Offer Notice or Other Notice on whether it wishes to exercise its rights in
accordance with Section 7.1. Upon receipt of such notification, Licensee may exercise its right in accordance with Section 7.1. If Licensee has notified GTRC of its desire to exercise its rights under this Section 7 and the
notification is in response to the First Offer Notice and not the Other Notice, the Licensee shall have the right to negotiate exclusively with GTRC for a period not to exceed 30 days from when the First Offer Notice was received by Licensee.
Notwithstanding anything to the contrary in this Section 7.2, GTRC shall have no obligation to delay, postpone, or otherwise hinder negotiations with any interested third party in the case a third party has approached GTRC with respect to a
proposed license to the Technology to make, have made, sell, offer for sale, use or otherwise import Products in Other Field of Use 

  

	 	7.3	If Licensee and GTRC have agreed to and expanded the License to outside the Field of Use as contemplated in Section 7.1 and Section 7.2 above, then the “Field of
Use” as referenced in this Agreement shall be deemed to include the original Field of Use as well as such Expanded Field of Use or Other Field of Use, as the case may be, agreed to pursuant to such expanded license. 

  

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	8.	CONFIDENTIALITY  

  

	 	8.1	Licensee shall not disclose any GTRC Proprietary Information pertaining to the Invention other than to Licensee employees, consultants or agents who must have access to such
Information in order to further develop and commercialize the technology or otherwise carry out Licensee’s obligations under this Agreement and to potential sublicensees of the Technology, provided such disclosure is in accordance with
Section 8.3 hereof. Prior to disclosure of Proprietary Information to Licensee employees, such employees shall be under a written obligation of confidentiality to Licensee at least as restrictive as the provisions contained herein. Proprietary
Information shall be maintained in confidence by Licensee for so long as such GTRC Proprietary Information is maintained in confidence by GTRC. 

  

	 	8.2	To protect GTRC Proprietary Information, Licensee shall adopt security measures commonly observed in industries that rely on proprietary information. These measures shall include,
but not be limited to, restricted access to such information, marking such information, and the selective destruction of sensitive materials. Upon termination of this Agreement, Licensee shall return or destroy all documents or materials embodying
GTRC Proprietary Information. 

  

	 	8.3	Any disclosure of GTRC Proprietary Information by Licensee to potential sublicensees of the Technology shall be prohibited, unless such potential sublicensee has signed an agreement
which imposes obligations of confidentiality and nonuse at least as restrictive as those imposed on Licensee hereunder. 

  

	 	8.4	GTRC Proprietary Information does not include information which: 

  

	 	a.	is published or is otherwise in the public domain through no fault of the receiving party; or 

  

	 	b.	prior to disclosure hereunder, can be demonstrated by the receiving party to have been in its possession prior to receipt under this Agreement; or 

  

	 	c.	is properly obtained by the receiving party without restriction from a third party; or 

  

	 	d.	is independently developed by or for the receiving party without reliance, direct or indirect, on such information; or 

  

	 	e.	is disclosed by the receiving party to a third party with the written approval of the disclosing party; or 

  

	 	f.	is obligated to be produced by order of a court of competent jurisdiction. 

  

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	9.	INITIAL DEVELOPMENT AND FULL USE OF TECHNOLOGY 

  

	 	9.1	Licensee shall: 

  

	 	(a)	submit and pursue an application to the United States Food and Drug Administration (the “USFDA”) for approval of a Product utilizing the Technology, the first such
application to be submitted within thirty-six (36) months from the date of this Agreement; and 

  

	 	(b)	make a first commercial sale of any Product within twelve (12) months from the date of USFDA approval of such Product, either directly itself or through its affiliates, parent
entity or subsidiaries or indirectly through a sublicensee. 

  

	 	9.2	Should Licensee not generate a cumulative amount of Sales of Products of at least One Million Dollars ($1,000,000) during the five year period following the date of USFDA approval
of the first Product and the continued Sales of Products in each year thereafter, GTRC shall have the option to allow this Agreement to continue in full force and effect or to convert the license granted hereunder to a nonexclusive license upon
written notice to Licensee. 

  

	10.	CONSULTING 

  

	 	10.1	Any use of GIT personnel as consultants shall be on a non-interfering basis with normal GIT activities. Licensee shall make arrangements with GIT to assure noninterference.
Compensation and travel reimbursement are to be paid directly to consultants by Licensee. Except as specifically referenced in Section 6.3 above, the relationship between Licensee and its consultants shall be outside the scope of this
Agreement, and such consulting agreements shall not under any circumstances grant Licensee rights to any GTRC Proprietary Information. 

  

	11.	PROTECTION OF INTELLECTUAL PROPERTY  

  

	 	11.1	 GTRC shall file any and all future patent applications, trademarks or copyright registrations (hereinafter “Intellectual Property Protection”), domestic
and/or foreign, in GTRC’s name to protect the Technology. Any patent applications and patents issuing thereon shall be included within the definition of Patents being licensed hereunder and any copyright registration shall be included in the
definition of Technology being licensed hereunder. GTRC shall deliver to Licensee copies of all patent applications, amendments, material related correspondence, and other material related matters for all Intellectual Property Protection within a
reasonable period of 

  

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time after such items are prepared by, received by or reported to GTRC. GTRC shall consult with Licensee prior to filing of any patent application and shall
take into consideration any comments or suggestions made by Licensee with respect to such prosecution and maintenance. 

  

	 	11.2	To the extent possible, GTRC shall file foreign patent applications in those countries reasonably requested by Licensee or such other countries as GTRC may deem necessary and
desirable. GTRC shall file such applications no later than 60 days after such request by Licensee and in any event at least 30 days prior to the expiration of any deadline related to such application (the “Application Filing Date”). If
GTRC is unable for any reason to file any application requested by Licensee by the Application Filing Date, then GTRC shall promptly notify License prior to the Application Filing Date and Licensee shall be free to do so at Licensee’s own
expense; provided, further, that (i) GTRC shall reimburse Licensee for an equitable portion of all reasonable costs, fees and expenses incurred in connection with the future filing, prosecution and maintenance of all Intellectual Property
Protection as it relates to and is allocable to outside the Field of Use and the maintenance of any patent issuing thereon, (ii) while GTRC shall be the sole owner of any such patent applications filed by Licensee and any patents issuing
thereon, such patent applications and patents shall be included within the definition of Patents hereunder, and (iii) Licensee will keep GTRC advised of the status of such prosecution and maintenance by providing GTRC with copies of all
official communications with respect to such patent applications and patents, and Licensee shall take into consideration any comments or suggestions made by GTRC with respect to such prosecution and maintenance. 

  

	 	11.3	If, at any time during the term of this Agreement, either party elects to abandon its right in any pending Intellectual Property Protection or any patent, or copyright issued
thereon, either domestic or foreign, it shall notify the other party of that decision at least two (2) months prior to any deadline for filing any response or taking any other action necessary to maintain any such Intellectual Property
Protection. Thereafter, the other party shall have the right and option to take over the sole and exclusive responsibility for the prosecution of any such Intellectual Property Protection and/or the maintenance of any such patent, or copyright
solely at its own expense and if (a) the abandoning party is the Licensee, in such an event the rights granted under this Agreement shall become nonexclusive for such country or countries of the Territory, and (b) if the abandoning party
is GTRC, then (i) Licensee shall be the sole and exclusive owner of such Intellectual Property Protection and any patents, copyrights or other rights issuing thereon and GTRC shall cooperate, at Licensee’s expense, to perfect
Licensee’s rights to such patents and copyrights. 

  

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	12.	NOTICE OF INFRINGEMENT AND ENFORCEMENT OF RIGHTS 

  

	 	12.1	In the event that Licensee or GTRC becomes aware of any actual or threatened infringement, misappropriation or other unauthorized use (“Infringement”) of Patents, or
Technology licensed hereunder (hereinafter “Intellectual Property Rights”), that party shall promptly notify the other and the parties shall discuss the most appropriate actions to take. Both parties shall use their reasonable efforts in
cooperating with each other to terminate such Infringement without litigation. 

  

	 	12.2	If Licensee and GTRC agree to jointly pursue enforcement of Intellectual Property Rights, then the parties hereto shall share equally all costs, fees and/or expenses incurred in
connection with enforcement of Intellectual Property Rights provided only that each party’s maximum exposure for such costs, fees and expenses shall be an amount mutually agreed upon by the parties. Any payments accruing from such action to
enforce the Intellectual Property Rights shall be paid to Licensee and GTRC in proportion to the parties’ respective contributions to all costs, fees and/or expenses incurred in such action. 

  

	 	12.3	In the event that the parties fail to agree to jointly pursue any enforcement action as contemplated in Section 12.2 within sixty (60) days after the date of notification
of infringement, then Licensee alone may, in its sole discretion and at its own expense initiate and conduct an Infringement action and keep any settlement or award which may be obtained. In this event, GTRC shall cooperate with Licensee in the suit
at Licensee’s expense. In the event that either party shall determine, for any reason, that it does not choose to enforce Intellectual Property Rights as contemplated in Section 12.2, then that party shall promptly (but in not event later
than 60 days after the date of notification of infringement), notify the other party of such decision. The party choosing to enforce the Intellectual Property Rights may then proceed with such enforcement action solely at its own expense and any and
all recoveries shall be awarded sole and exclusively to that party. 

  

	 	12.5	The parties recognize that GTRC may also license some of the Patents to third parties for outside the Field of Use; and if that does occur and there are infringement actions which
affect both Licensee and said third party, then the parties agree that there will be cooperation between Licensor, Licensee and said third party(ies), subject to third party(ies) agreement, regarding the handling of the infringement claim and an
equitable allocation of any settlement or award based upon the relative rights and contributions of GTRC, Licensee and the third party(ies). Notwithstanding anything to the contrary in this Section 12.5, any such third party(ies) has no
obligation under this Agreement. 

  

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	13	THIRD PARTY CLAIMS  

  

	 	13.1	In the event that any Product becomes the subject of a claim for patent or other proprietary right infringement anywhere in the world, the party with notice of such claim shall
promptly give notice to the other and the parties shall meet to consider the claim and the appropriate course of action. Licensee shall have the exclusive right to conduct the defense of any such suit brought against Licensee and shall have the sole
right and authority to settle any such suit; provided, however, that Licensee shall not enter into any settlement that adversely affects GTRC’s rights or interests without GTRC’s written consent. GTRC shall cooperate with Licensee, as
reasonably requested by Licensee, in connection with the defense of such claim. Notwithstanding the foregoing, GTRC shall have the sole and exclusive right to conduct the defense of any such suit brought against it at its own expense, and shall have
the right and authority to settle any such suit brought against it; provided, however, that GTRC shall use reasonable efforts enter into any settlement that adversely affects Licensee’s rights or interest pursuant to this Agreement or
otherwise. Licensee shall cooperate with GTRC, as reasonably requested by GTRC, in connection with the defense of such claim. 

  

	14.	INDEMNITY 

  

	 	14.1	Each party shall be responsible for its own acts and/or omissions. Neither party shall be responsible for the acts and/or omissions of the other party. 

  

	15	DISCLAIMER, WARRANTY AND LIMITATION OF LIABILITY 

  

	 	15.1	EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, GTRC DISCLAIMS ANY AND ALL PROMISES, REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE TECHNOLOGY, INCLUDING ITS CONDITION,
CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION, THE EXISTENCE OF ANY LATENT OR PATENT DEFECTS THEREIN AND ITS MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE. 

  

	 	15.2	In no event shall any party (“First Party”) be liable to the other party (“Other Party”) for any use of the Inventions by the Other Party or any loss, claim,
damage or liability, of whatsoever kind or nature, which may arise from or in connection with Other Party’s performance under this Agreement. 

  

	16.	REPRESENTATIONS 

  

	 	16.1	 Patent Ownership. GTRC represents that (a) it has full right, power and authority to enter into this Agreement and to grant all of the right and
interest in the Patent and Technology; (b) it has not granted any license or rights in or to any of the Patents or 

  

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the Technology and is under no obligation to grant any such license or rights except for rights of the government reserved under the Bayh-Dole Act and except
to Licensee pursuant to this Agreement; (c) there are no outstanding liens, encumbrances, agreements or understandings of any kind, either written, oral or implied which are inconsistent or conflict with any provision of this Agreement; and to
the best of its knowledge (d) GTRC has disclosed to Licensee all known inventors of the Technology who have performed research at GTRC’s or GIT’s, as the case may be, facilities, or in concert with GTRC, and it is the sole assignee of
the Patent; and (e) it has disclosed to Licensee all material information relating to the Technology, and has authorized Licensee’s counsel to discuss any issues relating to the Patents. 

  

	 	16.2	Knowledge of Third Party Rights and Action. GTRC represents that (a) it has no knowledge, at the time of execution of this Agreement, that the Technology infringes any
U.S. or foreign patent or copyright rights owned or controlled by any third party; (b) it is not aware of any existing or threatened infringement action or claim of invalidity or adverse ownership with respect to the subject matter of the
Technology or the Patents for use in conjunction with the Products or of any facts which indicates that any such action or claim is likely to be instituted or asserted. (c) it is aware of related patents and has shared that knowledge with
licensee. 

  

	 	16.3	Knowledge of Third Party Infringement. GTRC represents that is has no knowledge, at the time of execution of this Agreement, that any third party is infringing or would
infringe any patent claims of the Invention. 

  

	17.	TRADEMARK 

  

	 	17.1	Except for the purposes of identifying the Technology, no right, title, interest or license to any trademark or service mark, is granted to Licensee. 

  

	18.	PRODUCT LIABILITY 

  

	 	18.1	Licensee shall, from the date of first sales of and Product and thereafter, during the term of this Agreement maintain in full force and effect a product liability insurance policy
in the amount of one million ($1,000,000) U.S. Dollars and shall each year provide to GTRC evidence of such policy. 

  

	19.	RELATIONSHIP BETWEEN GTRC AND LICENSEE 

  

	 	19.1	GTRC and Licensee are and shall remain independent contractors and nothing herein shall create a partnership or joint venture between GTRC and Licensee. 

  

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	20.	ADVERTISING, PUBLICITY AND PUBLICATIONS 

  

	 	20.1	Except as otherwise provided herein, Licensee shall not use the names of Georgia Tech Research Corporation, the Georgia Institute of Technology, Georgia Tech, the Georgia Tech
Foundation or any of their respective affiliates or divisions in any advertisement or sales materials without the prior written consent of GTRC. 

  

	 	20.2	In any publication (including advertisements, sales and trade literature and instruction manuals) relating to the Invention used pursuant to this Agreement, Licensee shall, where
practical, give due credit to GTRC, as owner and licensor and in the case of professional journals, trade publications and editorials to Mark Allen and Jennifer English as Inventor(s) of the Invention. 

  

	 	20.3	GTRC and the Inventor(s) shall have the right to publish papers and other scholarly materials on the Technology in the appropriate literature. Such publication shall in no event
disclose any Licensee Confidential Information. GTRC and GIT may catalog and place such publications in the GIT library. Licensee shall have the right to review materials related to the Technology at least 30 days prior to its proposed publication
or disclosure and shall have the right to request a delay in publication or disclosure for the purpose of filing patent protection and/or the removal of Licensee’s identified proprietary information. The delay period shall not exceed a total of
sixty (60) days from the date the proposed publication is received by Licensee. 

  

	21.	TERM AND TERMINATION 

  

	 	21.1	This Agreement shall commence on the Effective Date of this Agreement and shall continue until the expiration of the last expiring patent covering any of the Technology licensed
hereunder. Notwithstanding the foregoing, the obligations of the parties under Articles 5, 8, 14, 15,21 and 30 shall survive any termination of this Agreement. 

  

	 	21.2	In the event of the breach of a material obligation hereunder by either party, the non-breaching party shall inform the alleged breaching party of said breach in writing. The
alleged breaching party shall have thirty (30) days from the date of said notification during which time to cure the breach. In the event the alleged breaching party does not cure the breach within thirty (30) days, the non-breaching party
may terminate the Agreement upon written notification to the alleged breaching party. 

  

	 	21.3	 Each party shall, within ten (10) days of termination of this Agreement for any reason, deliver to the other party all written documentation in the possession
of such 

  

 14 

	 	 
party which contains proprietary information of the other party. Notwithstanding anything to the contrary in this Section, GTRC may keep any information that
may be deemed necessary by law. 

  

	22.	NOTICES 

  

	 	22.1	All notices required or permitted under this Agreement shall be in writing and will be deemed given if delivered personally, by express courier, by facsimile transmission (receipt
verified) or sent by certified registered mail to Licensee or GTRC at the addresses set forth below (or such other addresses for a party as will be specified by a party to the other in like notice) 

 GTRC: 
 GEORGIA TECH RESEARCH
CORPORATION 
 Centennial Research Building 
 Georgia Institute of Technology 
 Atlanta, Georgia 30332-0415 
 Attn: Director, Technology Licensing 
 LICENSEE: 
 CardioMEMS, Inc. 
 109 Waverly Lane 
 South Russell, Ohio 44022 
 Attn: Dr. Jay S. Yadav 
 With a
copy to: 
 Cooley Godward LLP 
 Attn: Frank Rahmani 
 5 Palo Alto Square 
 3000 El Camino Real 
 Palo Alto, California 94306-2155 
  

	23.	WAIVER 

  

	 	23.1	Waiver by either party of any term or provision of this Agreement shall not constitute a continuing waiver thereof nor of any further or additional rights such party may hold under
this Agreement. 

  

 15 

	24.	SEVERABILITY 

  

	 	24.1	If any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way
be affected or impaired. 

  

	25.	GOVERNING LAW 

  

	 	25.1	This Agreement shall be construed in accordance with the laws of the State of Georgia, U.S.A. 

  

	26.	ENTIRE AGREEMENT 

  

	 	26.1	This Agreement is the complete and exclusive statement between the parties relating to the subject matter hereof, and supersedes all prior understandings, communications, or
representations, either oral or written, between the parties. This License Agreement may not be modified or altered except by a written instrument duly executed by Licensee and GTRC. 

  

	27.	CUMULATIVE RIGHTS 

  

	 	27.1	Unless expressly stated to the contrary elsewhere in this Agreement, all rights, powers and privileges conferred hereunder upon the parties hereto shall be cumulative and not
restrictive of those given by law. 

  

	28.	SECTION HEADINGS 

  

	 	28.1	Section headings have been inserted herein for convenience of reference only and shall in no way modify or restrict any of the terms or provisions of this Agreement.

  

	29.	ASSIGNMENT 

  

	 	29.1	Subject to this Section 29, Licensee may assign or transfer License (i) on a merger or reorganization of the Licensee with or into another entity or (ii) upon the
sale of substantially all of the business or assets of the product line using the Technology, (iii) to any wholly-owned subsidiary or parent entity of Licensee. It is expressly understood by the parties that the License may be assigned to the
Georgia Institute of Technology or the Board of Regents of the University System of the State of Georgia. Except as otherwise agreed herein, this Agreement may not be assigned by either party without the prior written consent of the other.

  

 16 

	30.	DISPUTE RESOLUTION 

  

	 	30.1	In the event of a dispute relating to this Agreement, the parties shall endeavor to settle such dispute amicably prior to taking more formal action. 

  

	31.	SUCCESSORS AND ASSIGNS 

  

	 	31.1	This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and permitted assigns, but nothing contained herein shall be deemed to
permit assignment by either party except as otherwise permitted in this Agreement. 

  

	32.	INTERPRETATION 

  

	 	32.1	In the interpretation of this Agreement, words importing the singular or plural number shall be deemed to import the plural and singular number respectively, words denoting gender
shall include all genders and references to persons shall include corporations or other bodies and vice versa. 

  

	33.	FORCE MAJEURE 

  

	 	33.1	Neither party shall be held in breach of this Agreement because of acts or omissions caused by any act of God or other cause beyond the control of the parties, including, but not
limited to, fire, floods, labor disputes, or other unforeseen circumstances. 

 {Remainder of Page Intentionally Left Blank} 

 

 17 

 IN WITNESS WHEREOF, the parties have set their hands and seals and duly executed this Agreement
effective as of the date first above written. 
  

									
	GEORGIA TECH RESEARCH CORPORATION	 		 	CardioMEMS, Inc.
					
	By:	 	 /s/ Jilda D. Garton
	 		 	By:	 	 /s/ Jay Yadav

	Typed Name:	 	  
	 		 	Typed Name:	 	Jay Yadav, M.D
	Title:	 	  
	 		 	Title:	 	Chairman & CEO
	Date:	 	4/9/01	 		 	Date:	 	4/3/01
					
	By:	 	 /s/ G. Duane Hutchinson
	 		 		 	
	Typed Name:	 	G. Duane Hutchinson	 		 		 	
	Title:	 	Asst. Secretary & Asst. Treasurer	 		 		 	
	Date;	 	4-10-01	 		 		 	

  

 18 

 EXECUTION COPY 
 FIRST AMENDMENT AND CONSENT TO LICENSE AGREEMENT 
 THIS FIRST AMENDMENT AND CONSENT TO THE LICENSE AGREEMENT (hereinafter referred to as the “Amendment”) is made and entered into this 31st day of October, 2003, by and between GEORGIA TECH RESEARCH
CORPORATION, a non-profit corporation organized and existing under the laws of the state of Georgia and with offices at the Georgia Institute of Technology, 505 Tenth Street, Atlanta, Georgia 30332-0415 (hereinafter referred to as
“GTRC”); CardioMEMS, Inc., a corporation existing under the laws of the State of Delaware and having its principal offices at 75 5th St. N.W., Suite 205, Atlanta, Georgia 30308 (hereinafter “Licensee”); and MedSensor
LLC, a Delaware limited liability corporation with a mailing address of 2872 Nottingham Lane, Hunting Valley, OH 44022 (“LLC”) Each of Licensee, LLC and GTRC may be referred to herein individually as a “Party” and jointly as
the Parties. 
 WITNESSETH: 
 WHEREAS, GTRC and Licensee entered into a License Agreement, dated the 27th day of March, 2001 (hereinafter referred to as “License Agreement”) for an invention entitled “System and
Method for Sensing Physical Properties” (hereinafter referred to as the “Technology”), which is the subject of GTRC Disclosure Number 1879 and United States Patent 6,111,520; and 
 WHEREAS, Licensee desires to sublicense its rights under the License Agreement to LLC, pursuant to the terms and conditions of a License Agreement
between Licensee and LLC, substantially in the form attached hereto as Exhibit A (the “Sublicensing Agreement”); and 
 WHEREAS,
GTRC and Licensee desire to amend the License Agreement as set forth below to allow Licensee to grant LLC the right to further sublicense such rights; and 
 WHEREAS, GTRC further desires to consent to the Sublicensing Agreement. 
 NOW THEREFORE, in consideration of
the mutual covenants and agreements set forth herein and intending to be legally bound, Licensee, LLC, and GTRC mutually agree as follows: 
  

	 	1.	The following provision is added as Section 1.8 of the License Agreement: 

 “‘Affiliate’ shall mean (a) an entity that owns directly or indirectly, a controlling interest in a Party, (b) any entity in which a Party owns a controlling interest, by stock
ownership or otherwise, or (c) any entity under common control with a Party, directly or indirectly. As used in this Section 1.8, the terms “controlling 

  

 1. 

 EXECUTION COPY 
  

 
interest” and “common control” mean the ownership, directly or indirectly through the stockholders or members of an entity, of at least fifty
percent (50%) of the voting securities or other ownership interest of the other entity, or the possession, directly or indirectly, of the power to direct the management or policies of the other entity, through the ownership of securities.

  

	 	2.	Section 4.1 of the License Agreement is deleted in its entirety and the following Section 4.1 is hereby added in lieu thereof: 

  

	 	“4.1.	Subject to this Paragraph, Licensee may grant sublicenses, provided that each sublicense contains a provision that such sublicense and the rights thereby granted are personal to the
sublicensee thereunder and such sublicense cannot be further assigned or sublicensed. Notwithstanding anything to the contrary in this Section 4.1, any rights sublicensed from Licensee to MedSensor LLC (“MedSensor”) may be further
sublicensed provided that each sublicense granted by MedSensor contains restrictions at least as restrictive as those contained in this Section 4.1, unless such sublicense is to an Affiliate of MedSensor, in which case the restrictions on
further sublicensing contained in this Section 4.1 shall not apply with respect to such Affiliate’s license but shall apply to any subsequent sublicense granted by such Affiliate to a non-Affiliate third party.”

  

	 	3.	Section 14.1 of the License Agreement is deleted in its entirety and the following Section 14.1 is hereby added in lieu thereof: 

  

	 	“14.1	As between CardioMEMS and GTRC, each party shall be responsible for its own acts and/or omissions and for the acts and/or omissions of its Affiliates or sublicensees. Neither party
shall be responsible for the acts and/or omissions of the other party or the other party’s Affiliates or sublicensees.” 

  

	 	4.	Except as amended by this Amendment, the License Agreement shall remain in full force and effect pursuant to the terms and conditions thereof. 

  

	 	5.	GTRC acknowledges that the Sublicense Agreement satisfies Licensee’s obligations under the License Agreement (as hereby amended in regards to LLC) and consents to the
Sublicense Agreement. 

 (Signatures on Page 3) 
  

 2. 

 EXECUTION COPY 
 IN WITNESS WHEREOF, Licensee and GTRC have caused this Amendment to be executed by their duly authorized offices on the day and year first written above. 
  

									
	CARDIOMEMS, INC.	 		 	GEORGIA TECH RESEARCH CORPORATION
					
	By:	  	 /s/ David R. Stern
	 		 	By:	 	 /s/ George Harber

	Title:	  	President & CEO	 		 	Title:	 	Director – Technology Licensing
	Date:	  	November 5, 2003	 		 	Date:	 	October 31, 2003
					
		  		 		 	By:	 	 /s/ Jilda D. Garton

		  		 		 	Title:	 	General Manager
		  		 		 	Date:	 	October 31, 2003
				
	MEDSENSOR LLC	 		 		 	
					
	By:	  	 Jay Yadav
	 		 		 	
	Title:	  	Jay Yadav, M.D.	 		 		 	
	Date:	  	11/1/03	 		 		 	

  

 3. 

 EXHIBIT A 
 SUBLICENSING AGREEMENT 

 SECOND AMENDMENT TO THE LICENSE AGREEMENT 
 THIS SECOND AMENDMENT TO THE LICENSE AGREEMENT (hereinafter referred to as the
“Amendment”) is made and entered into this 17th day of January, 2007, by and between GEORGIA TECH
RESEARCH CORPORATION, a non-profit corporation organized and existing under the laws of the state of Georgia and with offices at the Georgia Institute of Technology, 505 Tenth Street, Atlanta, Georgia 30332-0415 (hereinafter referred to as
“GTRC”); and CardioMEMS, Inc., a corporation existing under the laws of the State of Delaware and having its principal offices at 75 5th St. N.W., Suite 440, Atlanta, Georgia 30308 (hereinafter “Licensee”). Each of
Licensee and GTRC may be referred to herein individually as a “Party” and jointly as the “Parties.” 
 WITNESSETH: 
 WHEREAS, GTRC and Licensee entered into a License Agreement, dated the 27th day of March, 2001, as amended November 6, 2003 (hereinafter referred to as “License Agreement”), for an
invention entitled “System and Method for Sensing Physical Properties,” which is the subject of GTRC Disclosure Number 1879 and United States Patent 6,111,520; and 
 WHEREAS, GTRC and Licensee desire to amend the License Agreement as set forth below to expand the field of the license and, in return, to grant GTRC the
right to purchase additional common stock of the Company. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and intending to be legally bound, Licensee and GTRC mutually agree as follows: 
  

	 	1.	Section 1.2 of the License Agreement is deleted in its entirety and the following Section 1.2 is hereby added in lieu thereof: 

 “1.2 “Field of Use” shall mean (a) medical diagnostic equipment, implants and prostheses, medical monitoring equipment,
surgical and medical equipment, medical services and applications, and medical therapeutic equipment and (b) hydraulic and industrial fluidic components, systems, and processes.” 
  

	 	2.	As consideration for GTRC’s entering into this Amendment, Licensee shall pay GTRC an annual maintenance fee of Four Thousand Dollars ($4,000) on each anniversary of the
Effective Date, which amount shall be in addition to the annual maintenance fee owed by Licensee pursuant to Section 3.2 of the License Agreement. 

  

	 	3.	As further consideration for GTRC’s entering into this Amendment, Licensee shall issue to GTRC 40,000 shares of the common stock of Licensee on the terms and conditions as set
forth in a stock purchase agreement (“Stock Purchase Agreement”) to be entered between Licensee and GTRC. The Stock Purchase Agreement shall be substantially in the form set forth in Exhibit A. 

  

 1 

	 	4.	Except as amended by this Amendment, the License Agreement shall remain in full force and effect pursuant to the terms and conditions thereof. 

 (Signatures on Page 3) 
  

 2. 

 IN WITNESS WHEREOF, Licensee and GTRC have caused this Amendment to be executed by their duly authorized officers on the
day and year first written above. 
  

									
	CARDIOMEMS, INC.	 		 	GEORGIA TECH RESEARCH CORPORATION
					
	By:	  	 /s/ Jay Yadav
	 		 	By:	 	 /s/ Kevin Wozniak 1-18-07

	Name:	  	Jay Yadav	 		 	Name:	 	Kevin Wozniak
	Title:	  	Chairman & CEO	 		 	Title:	 	Assoc Director
					
		  		 		 	By:	 	 /s/ G. Duane Hutchison

		  		 		 	Name:	 	G. Duane Hutchison
		  		 		 	Title:	 	Assistant Secretary

  

 3 

 EXHIBIT A 
 COMMON STOCK PURCHASE AGREEMENTExclusive Patent License Agreement

 Exhibit 10.8 
  

					
	 Ver. EQ.5/8/00
	  	Last Modified:	  	12.3.2001
		  	TLO:	  	Jack Turner

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 
 EXCLUSIVE PATENT LICENSE AGREEMENT 
 and 
 CARDIOMEMS, INC. 

 TABLE OF CONTENTS 
  

			
	 R E C I T A L S
	  	1
	 1. Definitions.
	  	2
	 2. Grant of Rights.
	  	3
	 3. COMPANY Diligence Obligations.
	  	4
	 4. Royalties and Payment Terms.
	  	6
	 5. Reports and Records.
	  	8
	 6. Patent Prosecution.
	  	8
	 7. Infringement.
	  	9
	 8. Indemnification and Insurance
	  	11
	 9. Representations and Warranties.
	  	12
	 10. Assignment.
	  	13
	 11. General Compliance with Laws
	  	14
	 12. Termination.
	  	15
	 13. Dispute Resolution.
	  	16
	 14. Miscellaneous.
	  	17
	 APPENDIX A
	  	21

  

 ii 

 Ver. EQ. 5/8/00 
 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 
 EXCLUSIVE PATENT LICENSE AGREEMENT 
 This Agreement, effective as August 1, 2001 (the “EFFECTIVE DATE”), is between the Massachusetts Institute of Technology
(“M.I.T.”), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and CardioMEMS, INC. (“COMPANY”), a Delaware corporation, with a principal place of business at
                                        .

 R E C I T A L S 
 WHEREAS,
M.I.T. is the owner of certain PATENT RIGHTS (as later defined herein) relating to M.I.T. Case No. 7550T, “Inexpensive Wireless Sensor Incorporating Active Dielectric”, by Richard Fletcher and Neil A. Gershenfeld and has the right to
grant licenses under said PATENT RIGHTS; 
 WHEREAS, the PATENT RIGHTS patent application was filed more than two (2) years before the
EFFECTIVE DATE and, therefore, the resulting patent may be licensed to COMPANY; 
 WHEREAS, M.I.T.’s Vice President for Research has
approved that M.I.T. is accepting equity as partial consideration for the rights and licenses granted under this Agreement; 
 WHEREAS,
M.I.T. desires to have the PATENT RIGHTS developed and commercialized to benefit the public and is willing to grant a license thereunder; 
 WHEREAS, COMPANY has represented to M.I.T., to induce M.I.T. to enter into this Agreement, that COMPANY shall commit itself to a thorough, vigorous and diligent program of exploiting the PATENT RIGHTS so that public utilization shall result
therefrom; and 
 WHEREAS, COMPANY desires to obtain a license under the PATENT RIGHTS upon the terms and conditions hereinafter set forth.

 NOW, THEREFORE, M.I.T. and COMPANY hereby agree as follows: 

 1. DEFINITIONS. 
 1.1 “AFFILIATE” shall mean any legal entity (such as a corporation, partnership, or limited liability company) that is controlled by COMPANY. For the purposes of this definition, the term
“control” means (i) beneficial ownership of at least fifty percent (50%) of the voting securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater interest
in the net assets or profits of a partnership or other business organization without voting securities. 
 1.2 “EXCLUSIVE
PERIOD” shall mean the period of time set forth in Section 2.2. 
 1.3 “FIELD” shall mean any medical device,
medical instrumentation, or other medical product or medical process for which commercial SALE in the United States is regulated under the jurisdiction of the United States Food and Drug Administration (hereinafter “FDA”) or any affiliate
or successor entity thereof. 
 As COMPANY’s business evolves, it shall be free to approach M.I.T. with a request to expand the FIELD in
order to accommodate new business needs. To the extent such an expansion is not blocked by other license agreements or SPONSOR commitments, M.I.T. agrees to give such a request fair consideration and to negotiate reasonable terms for such an
expansion. 
 1.4 “LICENSED PRODUCT” shall mean any product or part thereof that: 
 (i) absent the license granted hereunder, would infringe one or more VALID CLAIMS; or 
 (ii) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS. 
 1.5 “LICENSED PROCESS” shall mean any process that, absent the license granted hereunder, would infringe one or more VALID CLAIMS.

 1.6 “PATENT RIGHTS” shall mean (a) United States Patent No. 6,025,725 entitled “Electrically Active
Resonant Structures For Wireless Monitoring And Control”, the application for which was filed December 4, 1997 and which issued February 15, 2000, and (b) any patents resulting from reissues, reexaminations of extensions thereof.

 1.7 “REPORTING PERIOD” shall begin on the first day of each calendar quarter and end on the last day of such calendar
quarter. 
  

 2 

 1.8 “SUBLICENSEE” shall mean any non-AFFILIATE sublicensee of the rights granted COMPANY
under Section 2.1. 
 1.9 “SUBLICENSE INCOME” shall mean any payments that COMPANY or an AFFILIATE receives from a
SUBLICENSEE in consideration of the sublicense of the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone payments, license maintenance fees, and royalties. 
 1.10 “TERM” shall mean the term of this Agreement, which shall commence on the EFFECTIVE DATE and shall remain in effect until the
expiration or abandonment of all issued patents within the PATENT RIGHTS, unless earlier terminated in accordance with the provisions of this Agreement. 
 1.11 “TERRITORY” shall mean worldwide. 
 1.12 “SPONSORS” shall mean those
sponsors of the M.I.T. Media Laboratory set forth in Appendix A. SPONSOR shall include a related company of SPONSOR, the voting stock of which is directly or indirectly at least fifty percent (50%) owned or controlled by the SPONSOR, an
organization which directly or indirectly controls more that fifty percent (50%) of the voting stock of the SPONSOR, and an organization, the majority ownership of which is directly or indirectly common to the ownership of the SPONSOR.

 1.13 “VALID CLAIM” shall mean a claim of an issued patent within the PATENT RIGHTS that has not (a) lapsed, been cancelled
or become abandoned, (b) been declared invalid by a court of competent jurisdiction, or (c) been admitted to be invalid or unenforceable through reissue or disclaimer. 
 1.14 “SALE”, “SELL”, or “SOLD” shall mean any sale, transfer, lease, license, permission to use or the transfer of the
right of possession or other conveyance by COMPANY or any AFFILIATE. 
 2. GRANT OF RIGHTS. 
 2.1 License Grants. Subject to the terms of this Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM a license under the
PATENT RIGHTS to develop, make, have made, use, SELL, offer to SELL, lease, and import LICENSED 

  

 3 

 
PRODUCTS in the FIELD in the TERRITORY and to develop, use and perform LICENSED PROCESSES in the FIELD in the TERRITORY and to use all related M.I.T.-owned
or controlled know-how in connection therewith. 
 2.2 Exclusivity. In order to establish an exclusive period for COMPANY, M.I.T.
agrees that it shall not grant any other license to make, have made, use, SELL, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to develop, use or perform LICENSED PROCESSES in the FIELD in the TERRITORY except for nonexclusive
licenses to SPONSORS. The exclusive period shall commence on the EFFECTIVE DATE and terminate at the end of the TERM. 
 2.3
Sublicenses. During the exclusive period, COMPANY shall have the right to grant sublicenses of its rights under Section 2.1. COMPANY shall incorporate terms and conditions into its sublicense agreements sufficient to enable COMPANY to
comply with this Agreement. COMPANY shall promptly furnish M.I.T. with a fully signed photocopy of any sublicense agreement; provided that M.I.T. shall maintain all such copies in confidence. Upon termination of this Agreement for any reason, any
SUBLICENSEE not then in default shall have the right to seek a license from M.I.T. M.I.T. agrees to negotiate such licenses in good faith under reasonable terms and conditions. 
 2.4 U.S. Manufacturing. COMPANY agrees that, to the extent it is commercially reasonable, any LICENSED PRODUCTS used or SOLD in the United States
will be manufactured substantially in the United States . 
 2.5 Retained Rights. M.I.T. retains the right to practice under the
PATENT RIGHTS for research, teaching, and educational purposes at M.I.T. and at any M.I.T. Media Laboratory affiliated research, teaching or educational facility. 
 2.6 No Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of M.I.T. or any other
entity other than the PATENT RIGHTS, regardless of whether such technology or patent rights shall be dominant or subordinate to any PATENT RIGHTS. 
  

 4 

 3. COMPANY DILIGENCE OBLIGATIONS. 
 3.1 Diligence Requirements. COMPANY shall use commercially reasonable efforts, or shall cause its AFFILIATES to use commercially reasonable
diligent efforts, to develop one or more LICENSED PRODUCTS or LICENSED PROCESSES and to introduce one or more LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market. Specifically, COMPANY or AFFILIATE shall fulfill the following
obligations: 
 (a) Within six (6) months after the EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written research and development
plan describing the major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS, specifying the number of staff and other resources to be devoted to such commercialization effort. 
 (b) Within sixty (60) days after the end of each calendar year, COMPANY shall furnish M.I.T. with a written report (consistent with
Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED PROCESSES. The report shall also contain a discussion of intended efforts and sales
projections for the year in which the report is submitted. Any and all information provided by COMPANY pursuant to Section 3.1(a) or (b) shall be deemed Confidential Information of COMPANY subject to Section 14.5 hereunder.

 (c) COMPANY shall develop an in-vitro working model of a LICENSED PRODUCT on or before July 1, 2002, and permit an in-plant
inspection during regular business hours by M.I.T. on or before July 1, 2002 and thereafter permit in-plant inspections during regular business hours by M.I.T. at regular intervals with at least twelve (12) months between each such
inspection. 
 (d) COMPANY shall raise at least One Million Dollars ($1,000,000) by March 31, 2002 from the sale of COMPANY’s
capital stock and securities. 
 (e) In the aggregate, COMPANY shall raise at least Three Million Dollars ($3,000,000) by March 31, 2003
from the sale of COMPANY’s capital stock and securities for its own account unless COMPANY has been subject to an Acquisition Transaction (as defined in Article 10) prior to such date. 
  

 5 

 (f) By no later than July 1, 2004, COMPANY shall have submitted an application to the FDA for
approval of at least one LICENSED PRODUCT. 
 (g) By no later than July 1, 2006 COMPANY shall either have received FDA approval for the
commercial sale of at least one LICENSED PRODUCT or have an ongoing FDA supervised clinical study for approval of at least one LICENSED PRODUCT. 
 (h) During the five (5) year period following the date of FDA approval of the first LICENSED PRODUCT, COMPANY shall have achieved at least Five Million Dollars ($5,000,000) in cumulative revenue from the SALE of LICENSED PRODUCTS.

 In the event that COMPANY (or an AFFILIATE) has failed to fulfill any of its obligations under this Section 3.1, then M.I.T. shall
have the option to allow this Agreement to continue in full force and effect or to convert the license granted hereunder to a nonexclusive license upon thirty (30) days written notice to COMPANY. 
 4. ROYALTIES AND PAYMENT TERMS. 
 4.1
Consideration for Grant of Rights. 
 (a) License Issue Fee. Upon receipt of the financing specified under Section 3.1(d)
hereof, but not later than March 31, 2002, COMPANY shall pay to M.I.T. a license issue fee of Ten Thousand Dollars ($10,000). 
 (b)
Sharing of SUBLICENSE INCOME. COMPANY shall pay M.I.T. a total of Twenty-five Percent (25%) of all SUBLICENSE INCOME received by COMPANY or AFFILIATES pursuant to any sublicense granted pursuant to Section 2.3 within one
(1) year of the EFFECTIVE DATE. Such amount shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD. COMPANY shall have no obligation to pay to M.I.T. any part of
SUBLICENSE INCOME for the grant of any sublicense if such grant occurs on or after the first anniversary of the EFFECTIVE DATE. 
  

 6 

 (c) Equity. 
 (i) Initial Grant. COMPANY shall issue such number of shares of Common Stock of COMPANY, $0.001 par value per share, sufficient to constitute One and one-half Percent (1.5%) of the COMPANY’S issued
and outstanding Common Stock determined on a Fully Diluted Basis (defined below) as of the EFFECTIVE DATE (the “Shares”) in the name of M.I.T. The Shares shall be subject to the terms and conditions as set forth in a stock issuance
agreement between COMPANY and M.I.T. in substantially the form of Exhibit A attached hereto (“Stock Issuance Agreement”). M.I.T. and COMPANY will execute the Stock Issuance Agreement promptly following the execution of this Agreement, but
in any event, no later than December 31, 2001. COMPANY shall permit and promptly effect any request from M.I.T to transfer any of the Shares initially issued to M.I.T to any persons as M.I.T. shall direct (the “M.I.T. Holder” or
collectively the “M.I.T. Holders”) and COMPANY, M.I.T and M.I.T. Holder(s) shall execute such documents and instruments as are reasonably necessary to effect such transfer. 
 For purposes of this Section 4.1(c), “Fully Diluted Basis” shall mean that the total number of issued and outstanding shares of the
COMPANY’s Common Stock shall be calculated to include conversion of all issued and outstanding securities then convertible into common stock, the exercise of all then outstanding options and warrants to purchase shares of common stock, whether
or not then exercisable, and shall assume the issuance or grant of all securities reserved for issuance pursuant to any COMPANY stock or stock option plan in effect on the date of the calculation. 
 (ii) Participation in Future Private Equity Offerings. M.I.T. shall have the right to participate in any subsequent offerings of equity
securities of the COMPANY to the same extent and subject to the same terms and conditions as such participation rights are offered to any other investor or stockholder of the COMPANY. 
 4.2 Payments. 
 (a) Method of
Payment. All payments under this Agreement should be made payable to “Massachusetts Institute of Technology” and sent to the address identified in Section 14.1. Each payment should reference this Agreement and identify the
obligation under this Agreement that the payment satisfies. 
  

 7 

 (b) Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a United
States bank and shall be payable in United States dollars. 
 (c) Late Payments. Any payments by COMPANY that are not paid on or
before the date such payments are due under this Agreement shall bear interest, to the extent permitted by law, at the per annum rate equal two percentage points above the Prime Rate of interest as reported in the Wall Street Journal on the
date payment is due. 
 5. REPORTS AND RECORDS. 
 5.1 Reports. 
 The COMPANY shall provide M.I.T. with any and all reports and other information rights
with respect to the COMPANY’s business, status of research and development, commercialization and regulatory approval, and other information as it provides to its investors and other stockholders. 
 In addition, COMPANY shall, within sixty (60) days of the end of each calendar quarter, report the amount of SUBLICENSE INCOME received by COMPANY
from each SUBLICENSEE and the amount due to M.I.T. from such SUBLICENSE INCOME, including an itemized breakdown of the sources of income and any deductions comprising the SUBLICENSE INCOME. 
 5.2 Financial Statements. On or before the ninetieth (90th) day following the close of COMPANY’s fiscal year, COMPANY shall provide
M.I.T. with COMPANY’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by COMPANY’s treasurer or chief financial officer or by an independent auditor.

 5.3 Records. COMPANY shall maintain, and shall cause its AFFILIATES and SUBLICENSEES to maintain, complete and accurate records
relating to the rights and obligations under this Agreement, which records shall contain sufficient information to permit M.I.T. to confirm the accuracy of any reports delivered to M.I.T. and compliance in other respects with this Agreement.

  

 8 

 6. PATENT PROSECUTION. 
 6.1 Responsibility for PATENT RIGHTS. M.I.T. shall maintain the PATENT RIGHTS. 
 6.2 Payment of Expenses. Payment of all fees and costs, including attorneys fees, relating to the maintenance of the PATENT RIGHTS incurred during
the TERM shall be the responsibility of COMPANY. COMPANY shall reimburse all amounts due pursuant to this Section within thirty (30) days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c). In all instances,
M.I.T. shall pay the fees prescribed for large entities to the United States Patent and Trademark Office. 
 6.3 If at any time during the
TERM, M.I.T. elects to abandon its rights in any PATENT RIGHTS, it shall notify COMPANY of that decision at least two (2) months prior to any deadline for any action necessary to maintain any such PATENT RIGHTS. Thereafter, COMPANY shall have
the right and option to take over the sole and exclusive responsibility for the prosecution and maintenance of any such PATENT RIGHTS solely at its own expense. M.I.T. shall cooperate, at COMPANY’s expense, in this regard. 
 7. INFRINGEMENT. 
 7.1 Notification
of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any actual or threatened infringement of the PATENT RIGHTS. In the event of infringement, the parties shall discuss the most
appropriate actions to take and both parties shall use their reasonable efforts in cooperating with each other to terminate such infringement without litigation. 
 7.2 Right to Prosecute Infringements. 
 (a) COMPANY Right to Prosecute. So long as COMPANY
remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT
RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. Such right shall include the right to recover any damages awarded in consequence of any actual or alleged infringement of the PATENT RIGHTS in accordance with this
Agreement. If required by law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.I.T. harmless from, and indemnify M.I.T. against, any costs,
expenses, or liability that M.I.T. incurs in connection with such action. M.I.T. shall cooperate with COMPANY in any such action. 
  

 9 

 Prior to commencing any such action, COMPANY shall consult with M.I.T. and shall consider the views of
M.I.T. regarding the advisability of the proposed action and its effect on the public interest. 
 (b) M.I.T. Right to Prosecute. In
the event that COMPANY is unsuccessful in persuading the alleged infringer to desist or fails to have initiated an infringement action within a reasonable time after COMPANY first becomes aware of the basis for such action, M.I.T. shall have the
right, at its sole discretion, to prosecute such infringement under its sole control and at its sole expense, and any recovery obtained shall belong to M.I.T. 
 (c) COMPANY and M.I.T. agree that neither shall enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section 7.2 that is materially prejudicial
to any PATENT RIGHTS or to the other party’s interests under this Agreement without the other party’s prior written approval. 
 7.3 Declaratory Judgment Actions. In the event that a declaratory judgment action is brought against M.I.T. or COMPANY by a third party alleging invalidity, unenforceability, or non-infringement of the PATENT RIGHTS, M.I.T., at its
option, shall have the right within twenty (20) days after commencement of such action to take over the sole defense of the action at its own expense. If M.I.T. does not exercise this right, COMPANY may take over the sole defense of the action
at COMPANY’s sole expense, subject to Sections 7.4 and 7.5. 
 7.4 Offsets. COMPANY may offset a total of fifty percent
(50%) of any expenses incurred under Sections 7.2 and 7.3 against any payments due to M.I.T. under Section 4.1(b), provided that in no event shall such payments under Section 4.1(b), when aggregated with any other offsets and credits
allowed under this Agreement, be reduced by more than fifty percent (50%) in any REPORTING PERIOD. 
 7.5 Recovery. Any recovery
obtained, whether by settlement or judgment, in an action brought by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: (i) each party shall be reimbursed for any expenses incurred in the action (including the amount of any
royalty or other payments withheld from M.I.T. as described in Section 7.4), (ii) as to ordinary damages, COMPANY shall receive an amount equal to its lost profits or a reasonable royalty on the infringing sales, or whichever measure of
damages the court shall have applied and assessed as part of an upfront fee (“Infringement Award”), and COMPANY shall pay to M.I.T. a portion of 

  

 10 

 
such Infringement Royalty Award pursuant to Section 4.1(b) as if the infringer had been a SUBLICENSEE under Section 2.1 and the Infringement
Royalty Award is SUBLICENSE INCOME subject to Section 4.1(b), and (iii) as to any damages or any other amounts recovered, including, without limitation, any future or ongoing royalty awards, punitive, special or exemplary damages awarded,
COMPANY shall retain the entirety of all such award. 
 7.6 Cooperation. Each party agrees to cooperate in any action under this
Article which is controlled by the other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 
 7.7 Right to Sublicense. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY shall have
the sole right to sublicense any alleged infringer in the FIELD in the TERRITORY for future use of the PATENT RIGHTS in accordance with the terms and conditions of this Agreement relating to sublicenses. Any fees as part of such sublicense granted
within the period set forth in Section 4.1(b) shall be treated as set forth in Section 4.1(b). 
 8. INDEMNIFICATION AND
INSURANCE 
 8.1 Indemnification. 
 (a) Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T. and its trustees, officers, faculty, students, employees, and agents and their respective successors, heirs and assigns (the
“Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys fees and expenses) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, actions, demands or judgments
arising out of any theory of liability (including without limitation actions in the form of tort, warranty, or strict liability and regardless of whether such action has any factual basis) (“Losses”) concerning any product, process, or
service that is made, used, SOLD, imported, or performed pursuant to any right or license granted under this Agreement to the extent that such Losses do not arise out of the breach of the representations of the Indemnitees hereunder or the
Indemnitees’ own gross negligence or willful misconduct. 
 (b) Procedures. The Indemnitees agree to provide COMPANY with prompt
written notice of any claim, suit, action, demand, or judgment for which indemnification is 

  

 11 

 
sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to the Indemnitees to defend against any such
claim. The Indemnitees shall cooperate fully with COMPANY in such defense and will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and
settlement). COMPANY agrees to keep M.I.T. informed of the progress in the defense and disposition of such claim and to consult with M.I.T. with regard to any proposed settlement. 
 8.2 Insurance. At the time of the first commercial SALE of any LICENSED PRODUCTS or LICENSED PROCESSES, COMPANY shall have obtained and shall
carry in full force and effect commercial general liability insurance, including product liability and errors and omissions insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such
insurance (i) shall be issued by an insurer licensed to practice in the Commonwealth of Massachusetts or an insurer pre-approved by M.I.T., such approval not to be unreasonably withheld, (ii) shall list M.I.T. as an additional insured
thereunder, (iii) shall be endorsed to include product liability coverage, and (iv) shall require thirty (30) days written notice to be given to M.I.T. prior to any cancellation or material change thereof. The limits of such insurance
shall not be less than One Million Dollars ($1,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for bodily injury including death; One Million Dollars ($1,000,000) per occurrence with an aggregate of Three Million
Dollars ($3,000,000) for property damage; and One Million Dollars ($1,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for errors and omissions. In the alternative, COMPANY may self-insure subject to prior approval of
M.I.T. COMPANY shall provide M.I.T. with Certificates of Insurance evidencing compliance with this Section. COMPANY shall continue to maintain such insurance or self-insurance after the expiration or termination of this Agreement during any period
in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or SELL a product that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this Agreement, and thereafter
for a period of five (5) years. 
 9. REPRESENTATIONS AND WARRANTIES. 
 9.1 EXCEPT AS MAY OTHERWISE BE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T. MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT
RIGHTS, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A 

  

 12 

 
PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT
DISCOVERABLE. Specifically, and not to limit the foregoing, except as set forth in Section 9.2, M.I.T. makes no warranty or representation (i) regarding the validity or scope of the PATENT RIGHTS, and (ii) that the exploitation of the
PATENT RIGHTS or any LICENSED PRODUCT or LICENSED PROCESS will not infringe any patents or other intellectual property rights of M.I.T. or of a third party. 
 IN NO EVENT SHALL EITHER PARTY, ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES
OR INJURY TO PROPERTY AND LOST PROFITS, WHETHER BASED UPON A CLAIM OR ACTION OF CONTRACT, WARRANTY, NEGLIGENCE, STRICT LIABILITY OR OTHER TORT, OR OTHERWISE, ARISING OUT OF THIS AGREEMENT AND REGARDLESS OF WHETHER SUCH PARTY SHALL BE ADVISED, SHALL
HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. 
 9.2 M.I.T. represents and warrants that, as of the
EFFECTIVE DATE: 
 (i) M.I.T. has the right to grant the rights set forth in Article 2 of this Agreement. 
 (ii) M.I.T. has received assignment of all right, title and interest in the PATENT RIGHTS from all known inventors. 
 (iii) M.I.T. is not a party to any other license agreement for or relating to the PATENT RIGHTS except for the agreements identified in
Section 2.2 of this Agreement. 
 (iv) M.I.T.’s Technology Licensing Office (TLO) has not received notice of any
third party infringement of any of the PATENT RIGHTS in the FIELD and has not made any claims against a third party alleging infringement of any of the PATENT RIGHTS. 
 (v) To the knowledge of the M.I.T.’s TLO, there have been no claims of judicial proceedings concerning any of the PATENT RIGHTS and
no such claims have been threatened. 
 (vi) To the knowledge of M.I.T.’s TLO, and without due inquiry, the PATENT RIGHTS
are not dominated by any patent or other intellectual property rights of M.I.T. or any third party, and M.I.T.’s TLO has not received notice from any third party that practice of the PATENT RIGHTS in the FIELD will infringe any patent or other
intellectual property of any third party. 
  

 13 

 M.I.T.’s liability with respect to breach of the representations and warrants of this Agreement
shall be limited to (i) reimbursement of those cash amounts paid under Article 4 through the date the breach is discovered, and (ii) the return of any Shares it received under Section 4.1(c)(i) which are still held by M.I.T. when
notice of such breach is received by M.I.T. 
 10. ASSIGNMENT. 
 This Agreement is personal to COMPANY and no rights or obligations may be assigned by COMPANY without the prior written consent of M.I.T. Notwithstanding
the foregoing, COMPANY may assign this Agreement in connection with the sale or transfer of all or substantially all of COMPANY’s business relating to the LICENSED PRODUCTS and LICENSED PROCESSES, whether by merger, consolidation, sale of
assets or otherwise (“Acquisition Transaction”); provided that (a) the assignee shall agree in writing to be bound by the terms and conditions hereof prior to such assignment, and (b) the total valuation of the COMPANY in
connection with such Acquisition Transaction, as determined in good faith by the Company’s Board of Directors, is at least Twenty-five Million Dollars ($25,000,000). In the event that the total valuation of the COMPANY is less than $25 million,
then the assignment may be made only with M.I.T.’s written permission, such permission not to be unreasonably withheld. Failure of such assignee to agree to be bound by the terms and conditions hereof shall be grounds for termination by M.I.T.
under Section 12.3. 
 11. GENERAL COMPLIANCE WITH LAWS 
 11.1 Compliance with Laws. COMPANY shall use reasonable commercial efforts to comply with all commercially material local, state, federal, and
international laws and regulations relating to the development, manufacture, use, and SALE of LICENSED PRODUCTS and LICENSED PROCESSES. 
 11.2 Export Control. COMPANY and its AFFILIATES and SUBLICENSEES shall comply with all United States laws and regulations controlling the export of certain commodities and technical data, including without limitation all Export
Administration Regulations of the 

  

 14 

 
United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain types of
commodities and technical data to specified countries. COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to comply with, all United States export control laws and regulations, that it
bears sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend, and hold M.I.T. harmless (in accordance with Section 8.1) for the consequences of any such
violation. 
 11.3 Non-Use of M.I.T. Name. COMPANY and its AFFILIATES and SUBLICENSEES shall not use the name of “Massachusetts
Institute of Technology,” “Lincoln Laboratory” or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by M.I.T., or any terms of this
Agreement in any promotional material or other public announcement or public disclosure without the prior written consent of M.I.T. The foregoing notwithstanding, without the consent of M.I.T., COMPANY may state that it is licensed by M.I.T. under
one or more of the patents and/or patent applications comprising the PATENT RIGHTS. 
 11.4 Marking of LICENSED PRODUCTS. To the
extent commercially feasible and consistent with prevailing business practices, COMPANY shall mark, and shall cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or SOLD under this Agreement with the number of
each issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT. 
 12. TERMINATION. 
 12.1 Voluntary Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least three
(3) months prior written notice to M.I.T., such notice to state the date at least three (3) months in the future upon which termination is to be effective, and (ii) upon payment of any amounts due to M.I.T. through such termination
effective date. 
 12.2 Termination for Default. 
 (a) Nonpayment. In the event COMPANY fails to pay any amounts due and payable to M.I.T. hereunder, and fails to make such payments within thirty (30) days after receiving written notice of such failure,
M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 
  

 15 

 (b) Material Breach. In the event that either party (“Breaching Party”) commits a
material breach of its obligations under this Agreement, except for breach as described in Section 12.2(a), and fails to cure that breach within sixty (60) days after receiving written notice thereof from the other party (“Terminating
Party”), the Terminating Party may terminate this Agreement immediately upon written notice to the Breaching Party. 
 (c) Cessation
of Business. If COMPANY, for a period in excess of six (6) months, ceases to carry on its business related to this Agreement other than pursuant to an assignment in compliance with Article 10 hereof, M.I.T. shall have the right to terminate
this Agreement immediately upon written notice to COMPANY. 
 12.3 Effect of Termination. 
 (a) Survival. The following provisions shall survive the expiration or termination of this Agreement: Articles 1, 8, 9, 13 and 14, and Sections
11.1, 11.2 and 12.3. 
 (b) Inventory. Upon the early termination of this Agreement, COMPANY and its AFFILIATES and SUBLICENSEES may
complete and SELL any work-in-progress and inventory of LICENSED PRODUCTS that exist as of the effective date of termination, provided that COMPANY and its AFFILIATES and SUBLICENSEES shall complete and SELL all work-in-progress and inventory of
LICENSED PRODUCTS within six (6) months after the effective date of termination. 
 (c) Pre-termination Obligations. In no event
shall termination of this Agreement release COMPANY, AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination. 
 13. DISPUTE RESOLUTION. 
 13.1 Mandatory Procedures. The parties agree
that any dispute arising out of or relating to this Agreement shall be resolved solely by means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this
Agreement. If either party fails to observe the procedures of this Article, as may be modified by their written agreement, the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction.

  

 16 

 13.2 Equitable Remedies. Although the procedures specified in this Article are the sole and
exclusive procedures for the resolution of disputes arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid
irreparable harm to itself or to preserve its rights under this Agreement. 
 13.3 Dispute Resolution Procedures. 
 (a) Mediation. In the event any dispute arising out of or relating to this Agreement remains unresolved within sixty (60) days from the date
the affected party informed the other party of such dispute, either party may initiate mediation upon written notice to the other party (“Notice Date”), whereupon both parties shall be obligated to engage in a mediation proceeding under
the then current Center for Public Resources (“CPR”) Model Procedure for Mediation of Business Disputes (http://www.cpradr.org), except that specific provisions of this Article shall override inconsistent provisions of the CPR Model
Procedure. The mediator will be selected from the CPR Panels of Neutrals. If the parties cannot agree upon the selection of a mediator within fifteen (15) business days after the Notice Date, then upon the request of either party, the CPR shall
appoint the mediator. The parties shall attempt to resolve the dispute through mediation until the first of the following occurs: (i) the parties reach a written settlement; (ii) the mediator notifies the parties in writing that they have
reached an impasse; (iii) the parties agree in writing that they have reached an impasse; or (iv) the parties have not reached a settlement within sixty (60) days after the Notice Date. 
 (b) Trial Without Jury. If the parties fail to resolve the dispute through mediation, or if neither party elects to initiate mediation, each party
shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that the parties expressly waive any right to a jury trial in any legal proceeding under this Article. 
 13.4 Performance to Continue. Each party shall continue to perform its undisputed obligations under this Agreement pending final resolution of any
dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the other party fails or refuses to perform its undisputed obligations. Nothing in
this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement. 
  

 17 

 13.5 Statute of Limitations. The parties agree that all applicable statutes of limitation and
time-based defenses (such as estoppel and laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 
 14. MISCELLANEOUS. 
 14.1
Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed
electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties: 
  

	
	    If to M.I.T., all matters relating to the license:

	
	 Technology Licensing Office, Room NE25-230

	 Massachusetts Institute of Technology

	 77 Massachusetts Avenue

	 Cambridge, MA 02139-4307

	 Attention: Director

	 Tel: 617-253-6966

	 Fax: 617-258-6790

	
	    If to M.I.T., relating to any equity action after the initial issuance of shares:

	
	 Massachusetts Institute of Technology

	 Treasurer’s Office

	 238 Main Street

	 Cambridge, MA 02142

	 Attention: Phillips B. Moore

	 Tel: 617-253-5422

	 Fax: 617-258-6676

  

 18 

							
	If to COMPANY:	  	CardioMEMS, Inc.	  	 
				
		  	Attention:	  	 Jay Yadav, CEO
	  	
		  	Tel:	  	  
	  	
		  	Fax:	  	  
	  	

					
	 	  	 
	With copy to:	  	      Frank F. Rahmani
		  	      Cooley Godward L.L.P.
		  	      5 Palo Alto Square
		  	      3000 El Camino Real
		  	      Palo Alto, CA 94306

 All notices under this Agreement shall be deemed effective upon receipt. A party may change its
contact information immediately upon written notice to the other party in the manner provided in this Section. 
 14.2 Governing Law.
This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with
the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall
have been granted. 
 14.3 Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable
control of such party, including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance
under this Agreement with reasonable dispatch whenever such causes are removed. 
 14.4 Amendment and Waiver. This Agreement may be
amended, supplemented, or otherwise modified only by means of a written instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an
agreement to waive any rights or fail to act in any other instance, whether or not similar. 
  

 19 

 14.5 Confidentiality. M.I.T. agrees to keep confidential any information supplied by COMPANY under
this Agreement and marked as Confidential or Proprietary. This Agreement shall, however, impose no obligation upon M.I.T. with respect to such information that shall be: 
  

	 	(a)	in M.I.T.’s possession before receipt from COMPANY; 

  

	 	(b)	becomes available to the public through no fault of M.I.T.; 

  

	 	(c)	received in good faith by M.I.T. from a third party and not subject to an obligation of confidentiality owed to the third party; or 

  

	 	(d)	independently developed by M.I.T. without reference to any confidential or proprietary information of COMPANY, as evidenced by M.I.T.’s records. 

 14.6 Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for any reason, such invalidity or
unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their original intent. If the parties fail to reach a modified
agreement within thirty (30) days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 13. While the dispute is pending resolution, this
Agreement shall be construed as if such provision were deleted by agreement of the parties. 
 14.7 Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 
 14.8 Headings.
All headings are for convenience only and shall not affect the meaning of any provision of this Agreement. 
 14.9 Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter. 
  

 20 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
representatives. 
  

							
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	  	CARDIOMEMS, INC.
				
	By:	  	 /s/ John H. Turner, Jr.
	  	By:	  	 /s/ Jay Yadav

	Name:	  	John H. Turner, Jr.	  	Name:	  	Jay Yadav, M.D.
	Title:	  	Associate Director Technology Licensing Office	  	Title:	  	Chairman & CEO

  

			
	MASSACHUSETTS INSTITUTE OF
TECHNOLOGY
		
	By:	 	 /s/ J. David Litster

	Name:	 	J. David Litster
	Title:	 	Vice President for Research

  

 21 

 APPENDIX A 
 Media Laboratory Sponsors 
  

			
	360networks, Inc.	  	Grupo Clarin
	3Com Corporation	  	Grupo Estado
	AARP	  	Gruppo Editoriale L’Espresso Spa
	ABC Radio Networks and Capital Cities/ABC	  	Gruppo Grauso
	    Publishing Group	  	Hakuhodo Inc.
	Acer Incorporated	  	Hallmark Cards, Inc.
	Advance Publications, Inc.	  	Harman International Industries
	AGFA - Gevaert N.V.	  	Hearst Corporation
	Alma Media	  	Hewlett-Packard Company
	American Greetings Corporation	  	Hughes Space & Communications Company
	Ameritrade Holding Corporation	  	iba-k inc.
	Amgen, Inc.	  	IBM
	AMP, Inc.	  	Intel Corporation
	Analog Devices, Inc.	  	InterLego, A/S
	Artificial Life, Inc.	  	International Olympic Committee
	ASCII Corporation	  	International Paper Company
	AT&T Laboratories	  	Interval Research Corp.
	Avery Dennison Corporation	  	Intracom SA
	Avid Technology, Inc.	  	Iomega Corporation
	Becton Dickinson and Company	  	J. Sainsbury plc
	Bell South Enterprises, Inc.	  	JCPenney
	Best Buy Co., Inc.	  	Kaiser Foundation Health Plan, Inc.
	BMG Entertainment, a Division of Bertelsmann AG	  	Karstadt Aktiengesellschaft
	British Airways PLC	  	Korea Institute of Science & Technology
	Brother Industries, Ltd.	  	Kraft Foods, Inc.
	BT Laboratories	  	Lear Corporation
	Canon, Inc.	  	LEGO Group
	Center for Future Health	  	Levi Strauss & Company
	Charmed Technology	  	LG Electronics Inc.
	Chevron Information Technology Co.	  	Lord Corporation
	Chronicle Publishing Company	  	Lotus Development Corporation
	Citicorp/TTI	  	Lucent Technologies
	Compaq Computer Corporation, Tandem Division	  	Magneti Marelli S.p.A.
	Corporation for Public Broadcasting	  	Marks & Spencer plc
	Creative Technology, Ltd.	  	Mars, Inc.
	CTU (Learning Lab Denmark)	  	Mastercard International
	Cyrano Sciences, Incorporated	  	Mattel, Inc.
	DaimlerChrysler AG	  	McCann-Erickson
	Datalogic SPA	  	McDonald’s Corporation
	Dentsu Inc.	  	McGraw-Hill Education
	Deutsche Telekom AG	  	Merrill Lynch
	DuPont iTechnologies	  	Merrill Lynch, Pierce, Fenner and Smith, Inc.
	Eastman Kodak Company	  	Microsoft Corporation
	EDS	  	Minnesota Mining and Manufacturing Company
	eircom plc	  	Minolta Co., Ltd.
	ejnj (Johnson and Johnson)	  	Mitsubishi Electric Research Laboratory, Inc.
	Ericsson	  	Motorola, Inc.
	Escher Group, Ltd.	  	National Semiconductor Corporation
	Federal Express Corporation	  	National University of Singapore
	Festo AG & Co.	  	NCR
	Ford Motor Company	  	NEC Corporation
	France Telecom CNET	  	NewcoGen Group (Engeneos, Inc.)
	Frontline Capital Group	  	Nickelodeon
	Fuji Xerox Co., Ltd.	  	NIKE, Inc.
	Gannett Co., Inc.	  	Nippon Columbia Co., Ltd.
	General Motors Cyberworks	  	Nokia Corporation
	Gillette Company	  	Nortel Technology
	Globe Newspaper Company	  	Oki America, Inc.
	Goldman Sachs Group, L.P.	  	OneMain.com, Inc.

	
	Panasonic Technologies, Ltd
	Philip Morris Inc.
	Philips Research Laboratories
	Pitney Bowes, Inc.
	Procter & Gamble Company
	Roche Diagnostics Corporation
	Royal Ahold NV
	SAAB AB
	Saatchi & Saatchi North America, Inc.
	Samsung Advanced Institute of Technology
	SAP AG
	SCA Research
	Schott Glas
	Science Applications International Corp.
	Scitex Corporation, Ltd.
	SEGA of America, Inc.
	Seiko Epson
	Sensormatic Electronics Corporation
	Shell Oil Company
	Shingakusha Co., Ltd.
	Siemens Nixdorf Ag
	Sonera
	Sony Corporation
	Southwestern Bell Technology Resources, Inc.
	Sprint/United Management Company
	Starlab Research Labs (Riverland Holding)
	Steelcase Inc.
	STMicroelectronics S.r.l.
	Sun Microsystems Laboratories, Inc.
	Swatch Telecom AG
	Symbol Technologies, Inc.
	Tandem Computers, Inc.
	Telcordia Technologies
	Tele Danmark
	Telecom Italia
	Telefonos de Mexico, S.A. de C.V.
	Telenor R&D
	Televisa s.a. de c.v.
	Telia Research AB
	Texas Instruments, Inc.
	The Post Office (UK)
	Thomson Newspapers Corporation
	Time Inc. Production
	Tomy Company, Ltd.
	Toppan Printing Co., Ltd.
	Toshiba Corporation
	Tribune Company
	Trimble Navigation Limited
	Try Group, Inc.
	UK Post Office
	Unilever Research
	Unisys Corporation
	United States Postal Service
	United Technologies Corporation
	Viacom International Inc.
	Viant Corporation
	Visa International
	Volvo
	Walt Disney Imagineering Research and Development, Inc.
	WPP Group
	WRAP SpA
	Yamaha Corporation
	ZKey.com
	Zyomyx, Inc.

  

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