Document:

EX-10.11

 Exhibit 10.11 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of
            , 2018 between Vaccinex, Inc., a Delaware corporation (the “Company”), and
                    , an individual (“Indemnitee”). This Agreement will become effective only upon the effectiveness of the
Company’s registration statement on Form S-1 in connection with the Company’s initial public offering. This Agreement supersedes and replaces any and all previous agreements between the Company and
Indemnitee covering the subject matter of this Agreement. 
 WITNESSETH THAT: 

WHEREAS, Indemnitee performs a valuable service for the Company; 

WHEREAS, the Board of Directors of the Company (the “Board”) has adopted bylaws (the “Bylaws”) providing for
the indemnification of the officers and directors of the Company to the maximum extent authorized by the Delaware General Corporation Law (the “DGCL”); 

WHEREAS, the Bylaws and Section 145 of the DGCL, as amended (“Section 145”), by their nonexclusive
nature, permit contracts between the Company and the officers or directors of the Company with respect to indemnification of such officers or directors; 

WHEREAS, this Agreement is supplemental to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 
 WHEREAS, in accordance with the
authorization as provided by Section 145, the Company may purchase and maintain a policy or policies of directors’ and officers’ liability insurance, covering certain liabilities which may be incurred by its officers or directors in
the performance of their obligations to the Company; and 
 WHEREAS, in order to induce Indemnitee to continue to serve as an officer or
director of the Company, the Company has determined and agreed to enter into this contract with Indemnitee. 
 NOW, THEREFORE, in
consideration of Indemnitee’s service as an officer or director after the date hereof, the parties hereto agree as follows: 

1.    Indemnification of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the
full extent authorized or permitted by the provisions of Section 145, as such may be amended from time to time, and the Bylaws, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the
generality thereof: 
 (a)    Proceedings Other Than Proceedings by or in the Right of the Company. The Company
shall indemnify Indemnitee in accordance with the provisions of this Section 1(a) if, by reason of Indemnitee’s Corporate Status (as defined in Section 12 hereof), Indemnitee is, or is
threatened to be made, a party to or participant in any Proceeding (as defined in Section 12 hereof) other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 1(a), the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses (as defined in Section 12 hereof), judgments, fines and amounts paid in
settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee, or on
Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matter therein, if 

 
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no
reasonable cause to believe Indemnitee’s conduct was unlawful. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including,
without limitation, any indemnification provided by the certificate of incorporation of the Company (the “Certificate of Incorporation”), the Bylaws, vote of its stockholders or Disinterested Directors (as defined in
Section 12 hereof) or applicable law. 
 (b)    Proceedings by or in the Right of the
Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 1(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made,
a party to or participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 1(b), the Company shall indemnify Indemnitee to the fullest extent
permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification of Expenses shall be made under this Section 1(b) in respect of any claim, issue or matter as to which
Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or any court in which the Proceeding was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 

(c)    Indemnification of Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other
provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in
any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this
Section 1(c) and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 2.    Additional Indemnity. 

(a)    In addition to, and without regard to any limitations on, the indemnification provided for in
Section 1 hereof, the Company shall and hereby does indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, against all Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or
in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this
Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful under
Delaware law. 

  
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 (b)    For the purposes of Section 2(a), the
meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i)    to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates
additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL, and 

(ii)    to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL
adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

3.    Indemnification of Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the
fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 

4.    Advancement of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than
Section 6), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee.
Such advancement shall be made within ten (10) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall
ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 4 shall be unsecured and interest free. Notwithstanding the
foregoing, the obligation of the Company to advance Expenses pursuant to this Section 4 shall be subject to the condition that, if, when and to the extent that the Company determines that Indemnitee would not be permitted
to be indemnified under applicable law, the Company shall be entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid;
provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination
made by the Company that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final judicial determination is
made with respect thereto (and as to which all rights of appeal therefrom have been exhausted or lapsed). No other form of undertaking shall be required other than the execution of this Agreement. 

5.    Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this
Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under Section 145 and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall
apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 

(a)    To obtain indemnification (including, but not limited to, the advancement of Expenses and contribution by the
Company) under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and 

  
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information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company
shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 

(b)    Upon written request by Indemnitee for indemnification pursuant to the first sentence of
Section 5(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at the
election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum, (ii) by Independent Counsel (as defined in Section 12 hereof) in a written opinion or (iii) by
the stockholders. 
 (c)    If the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 5(b) hereof, the Independent Counsel shall be selected as provided in this Section 5(c). The Independent Counsel shall be selected by the Company. Indemnitee may, within ten
(10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 12 hereof, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until
such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to
Section 5(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of
Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by Indemnitee to the selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or
by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5(b) hereof. The
Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 5(b) hereof, and the Company shall pay all reasonable fees
and expenses incident to the procedures of this Section 5(c), regardless of the manner in which such Independent Counsel was selected or appointed. 

(d)    In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity
making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence. 
 (e)    For the purposes of any determination of good faith, Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise (as defined in Section 12 hereof), including financial statements, or on information
supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent
certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any 

  
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director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the
foregoing provisions of this Section 5(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(f)    If the person, persons or entity empowered or selected under this Section 5 to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the
fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such thirty (30)-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in
good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 5(f) shall not apply if
the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 5(b) hereof and if (x) within fifteen (15) days after receipt by the Company of the request for such
determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within
seventy-five (75) days after such receipt and such determination is made thereat, or (y) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose
of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat. 

(g)    Indemnitee shall cooperate with the person, persons or entity making such determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the
Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

(h)    The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it
permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee
(including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or
proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

  
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 6.    Remedies of Indemnitee. 

(a)    In the event that (i) a determination is made pursuant to Section 5 hereof that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4 hereof, (iii) no determination of entitlement to indemnification is made
pursuant to Section 5(b) hereof within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten
(10) days after receipt by the Company of a written request therefor, (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such
determination is deemed to have been made pursuant to Section 5 hereof, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or Proceeding designed to deny, or to recover from the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in an
appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an
award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within one
hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 6(a). The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration. 
 (b)    In the event that a determination shall have been made pursuant to
Section 5(b) hereof that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 6 shall be conducted in all respects as a de novo trial, or
arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 5(b) hereof. In any judicial proceeding or arbitration commenced pursuant to this
Section 6 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c)    If a determination shall have been made pursuant to Section 5(b) hereof that Indemnitee
is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d)    In the event that Indemnitee, pursuant to this Section 6, seeks a judicial adjudication
of Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s
behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 12 hereof) actually and reasonably incurred by Indemnitee in such judicial adjudication, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery. 

(e)    The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 6 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement. 

  
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 (f)    Notwithstanding anything in this Agreement to the contrary, no
determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 

7.    Non-Exclusivity; Survival of Rights; Insurance; Primacy of
Indemnification; Subrogation. 
 (a)    The rights of indemnification and to receive advancement of Expenses as
provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of
directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in
Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Section 145, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be
afforded currently under the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

(b)    To the extent that the Company maintains an insurance policy or policies providing liability insurance for
directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall
be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. 

8.    Liability Insurance. The Company currently maintains liability insurance applicable to directors, officers,
employees, or agents, and, to the extent liability insurance of comparable scope can continue to be purchased at reasonable cost, the Company shall continue to maintain such coverage. Indemnitee shall be covered by such policies in such a manner as
to provide such Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors. The Company shall notify Indemnitee of any change, lapse or cancellation of such coverage. 

9.    Exception to Right of Indemnification. Notwithstanding any other provision of this Agreement, Indemnitee
shall not be entitled to indemnification under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such Proceeding or making of such claim shall have been approved by the Board
or (b) such Proceeding is being brought by Indemnitee to assert, interpret or enforce Indemnitee’s rights under this Agreement. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding
against Indemnitee if such settlement is effected by Indemnitee without the Company’s prior written consent, which consent shall not be unreasonably withheld, unless such settlement solely involves the payment of money or performance of any
obligation by persons other than the Company and includes an unconditional release of the Company by all relevant parties from all liability on any matters that are the 

  
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subject of such Proceeding and an acknowledgment that the Company denies all wrongdoing in connection with such matters. The Company shall not, without the prior written consent of Indemnitee,
which consent shall not be unreasonably withheld, effect any settlement of any Proceeding against Indemnitee or which could have been brought against Indemnitee or which potentially or actually imposes any cost, liability, exposure or burden on
Indemnitee, unless such settlement solely involves the payment of money or performance of any obligation by persons other than Indemnitee and includes an unconditional release of Indemnitee by all relevant parties from all liability on any matters
that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters. 

10.    Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during
the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall
continue thereafter so long as Indemnitee could be subject to any Proceeding (or any proceeding commenced under Section 6 hereof) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or
serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and
legal representatives. 
 11.    Security. To the extent requested by Indemnitee and approved by the Board, the
Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee,
may not be revoked or released without the prior written consent of the Indemnitee. 
 12.    Definitions. For
purposes of this Agreement: 
 (a)    “Corporate Status” means the status of a person who is or was a
director (including, without limitation, serving as a member of any committee or subcommittee of the Board), officer, employee, agent or fiduciary of the Company (or any subsidiary of the Company) or of any other corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company. 

(b)    “Disinterested Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee. 
 (c)    “Enterprise” means
the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 (d)    “Expenses” means all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees , any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or
deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, participating, or 

  
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being or preparing to be a witness in a Proceeding. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 6(d) only, Expenses incurred by Indemnitee in
connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written
demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(e)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters
of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning
Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (f)    “Proceeding”
means any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or
will be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by Indemnitee
or of any inaction on Indemnitee’s part while acting as an officer or director of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of
another corporation, partnership, joint venture, trust or other Enterprise or of any action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status; in each case whether or not Indemnitee is acting
or serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement; including one pending on or before the date of this Agreement,
but excluding one initiated by an Indemnitee pursuant to Section 6 hereof to enforce Indemnitee’s rights under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in
the institution of a Proceeding, this shall be considered a Proceeding under this paragraph. 

13.    Severability. If any provision or provisions of this Agreement shall be held by a court of competent
jurisdiction to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent 

  
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permitted by law; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement
is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the
aforementioned intent, to the extent necessary to resolve such conflict. 
 14.    Enforcement. 

(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

(b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in
furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

15.    Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver. 
 16.    Notice By Indemnitee. Indemnitee agrees promptly to notify the Company
in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The
failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

17.    Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed, or (iii) mailed with a nationally recognized overnight courier specifying next day delivery with written verification of receipt, on the first business day after the date on which it is so
mailed: 
 (a)    If to Indemnitee, to the address set forth below Indemnitee signature hereto. 

(b)    If to the Company, to: 

Vaccinex, Inc. 

1895 Mount Hope Avenue 

Rochester, NY 14620 

Attention: Chief Executive Officer 

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

  
 10 

 18.    Contribution. To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding, and/or (ii) the
relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

19.    Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for
all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of
this Agreement. 
 20.    Headings. The headings of the paragraphs of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

21.    Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Delaware without application of the conflict of laws principles thereof. 

22.    Gender. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where
appropriate. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year
first above written. 
  

			
	VACCINEX, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

					
		 	INDEMNITEE
		
		 	[Indemnitee name]
		
		 	  

		
	Address:	 	  

		 	  

		 	  

  

SIGNATURE PAGE TO INDEMNIFICATION AGREEMENTEX-10.12

 Exhibit 10.12 

[***] INDICATES MATERIAL THAT WAS OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
 EXCLUSIVE LICENSE
AGREEMENT 
 This Exclusive License Agreement (the “Agreement”) is made effective as of the 29 day of December, 1998 (the
“Effective Date”), by and between the UNIVERSITY OF ROCHESTER (“Rochester”), a New York education corporation, and VACCINEX, L.P., a for profit limited partnership organized under the laws of Georgia (“Vaccinex”). 

WITNESSETH: 
 WHEREAS,
Rochester is the owner of the Subject Technology, as defined below; and 
 WHEREAS, Rochester is willing to grant a royalty bearing,
worldwide, exclusive license to the Subject Technology to Vaccinex on the terms set forth herein; and 
 WHEREAS, Vaccinex desires to obtain
said exclusive license to the Subject Technology. 
 NOW, THEREFORE, for and in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto expressly agree as follows: 
 1. CERTAIN
DEFINITIONS 
 1.1 Affiliates. The term “Affiliates” shall mean any legal entity controlled by, controlling or under
common control with Vaccinex. For this purpose “control” means direct or indirect beneficial ownership of at least fifty percent (50%) of the outstanding voting equity or other ownership interests or assets of the other entity. 

1.2 Appreciation Rights Agreement. The term “Appreciation Rights Agreement” shall mean that certain Appreciation Rights
Agreement between the parties executed concurrently with this Agreement. 
 1.3 Field. The term “Field” shall mean all
fields of use desired by Vaccinex. 
 1.4 Lease Agreement. The term “Lease Agreement” shall mean that certain Lease
Agreement between the parties executed concurrently with this Agreement. 
 1.5 Licensed Method. The term “Licensed Method”
shall mean all methods that incorporate or utilize the Subject Technology. 
 1.6 Licensed Products. The term “Licensed
Products” shall mean all products that incorporate, utilize or are made with the use of the Subject Technology. 
 1.7 Net
Sales. The term “Net Sales” shall mean the gross amount of monies or cash equivalent of other consideration which is paid by unrelated third parties to Vaccinex for the Licensed Method or the Licensed Products, as the case may be, by
sale or other mode of transfer, 

 
less all trade, quantity and cash discounts actually allowed, credits, and allowances actually granted on account of rejections, returns or billing errors, and all duties, transportation,
handling, insurance, taxes and other governmental charges actually paid. 
 1.8 Parties. The term “Parties” or
individually, a “Party,” shall mean the parties to this Agreement, namely, Rochester and Vaccinex. 
 1.9 Patent Rights.
The term “Patent Rights” shall mean the patent application listed in Exhibit A hereto (the “Zauderer Patent Application), together with all other applications for patent or like protection on the inventions disclosed in Zauderer
Patent Application that may be made resulting from work performed by Maurice Zauderer or in the facilities under his direction and all patents or like protection that may in the future be granted on said inventions whether in the United States of
America or any other country and all substitutions for and provisionals, divisions, continuations, continuations in part, renewals, reissues, reexaminations, extensions and the like on said applications and patents. In the event that this Agreement
is used for licenses under the Research Agreement or the Lease Agreement, the term “Patent Rights” shall mean the patents and other intellectual property rights identified by the parties as the licensed technology or the licensed products
under any such license together with all other applications for patent or like protection on the inventions disclosed in such patents or patent applications that may be made and all patents or like protection that may in the future be granted on
said inventions whether in the United States of America or any other country and all substitutions for and provisionals, divisions, continuations, continuations in part, renewals, reissues, reexaminations, extensions and the like on said
applications and patents. 
 1.10 Research Agreement. The term “Research Agreement” shall mean that certain Cooperative
Research & Development Agreement between the parties executed concurrently with this Agreement. 
 1.11 [***]. The term
“[***]” shall mean [***]. 
 1.12 Subject Technology. The term “Subject Technology” shall mean the Patent Rights
and all technology, methods, compounds, compositions, cell lines, biological materials, know-how, documents, materials, tests, laboratory notebooks, computer data, all improvements, thereto, and all confidential information related to the subject
matter disclosed or claimed in the patents and patent applications listed in Exhibit A, which were developed prior to, or are developed during the term of this Agreement by Rochester. 

1.13 [***]. The term “[***]” shall mean [***]. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 2 

 2. GRANT OF LICENSE 

2.1 Exclusive License. Subject to Section 2.2, Rochester hereby grants to Vaccinex and its Affiliates an exclusive, worldwide,
right and license, with the right to sublicense, of the Subject Technology to make, have made, use, market, import, export, sell and offer for sale Licensed Products and otherwise use the Subject Technology for research and any other purpose in the
Field. To the extent that an Affiliate of Vaccinex uses the foregoing license of the Subject Technology, the Affiliate shall agree to be bound by the terms and conditions of this Agreement, and all references to Vaccinex in this Agreement shall be
deemed to include such Affiliate. 
 2.2 Reserved Rights. The grant in Section 2.1 shall be further subject to, restricted by
and non-exclusive with respect to: 
 (i) the use of the Subject Technology by Rochester for non-commercial research, patient care, teaching
and other educationally related purposes; 
 (ii) the use of the Subject Technology by the inventor thereof for non-commercial research
purposes at academic or research institutions; and 
 (iii) any non-exclusive license of the Subject Technology that Rochester is required
by law or regulation to grant to the United States of America or to a foreign state pursuant to an existing or future treaty with the United States of America. 

2.3 Registration of License. Vaccinex at its expense, may register the license granted under this Agreement in any country of the world
where the use, sale or manufacture of a Licensed Method or a Licensed Product in such country would be covered by the Patent Rights. Upon request by Vaccinex, Rochester agrees promptly to execute any “short form” licenses submitted to it
by Vaccinex in order to effect the foregoing registration in such country. 
 3. PAYMENTS AND REPORTS 

3.1 Initial Fee. Vaccinex shall pay Rochester an initial license fee of [***] Dollars ($[***]), payable in full upon execution of this
Agreement. 
 3.2 Royalties. 

3.2.1 Licensed Method Royalty Under Appendix A Patents. Vaccinex shall pay Rochester a running royalty of [***]percent ([***]%) of Net
Sales of the Licensed Method made in countries in which a Licensed Method falls within the valid or pending claims of any patent application listed in Appendix A or of any patent issuing on the applications listed in Appendix A. Such running
royalties shall be payable as provided in Section 3.7. 
 3.2.2 Licensed Product Royalty Under Appendix A Patents. Vaccinex
shall pay Rochester a running royalty of [***] percent ([***]%) of Net Sales of Licensed Products made in countries in which a Licensed Products falls within the valid or pending claims of any patent application listed in Appendix A or of any patent
issuing on the applications listed in Appendix A. Such running royalties shall be payable as provided in Section 3.7. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 3 

 3.2.3 Licensed Products Arising from the Lease or Research Agreements. In the event that
this Agreement is used as the applicable License Agreement for technologies or rights licensed under the Research Agreement or under the Lease Agreement, the following royalty provisions will apply: Vaccinex shall pay Rochester a running royalty of
(i) [***] percent ([***]%) of Net Sales of Licensed Products that are vaccines or therapeutic products made in countries in which a Licensed Product sold falls within the valid claims of any patent licensed hereunder, (ii) [***] percent
([***]%) of Net Sales of Licensed Products that are diagnostic products made in countries in which a Licensed Product sold falls within the valid claims of any patent licensed hereunder, and (iii) [***] percent ([***]%) of Net Sales of Licensed
Products that are methods of production of a vaccine, therapeutic product or a diagnostic product made in countries in which a Licensed Product sold falls within the valid claims of any patent licensed hereunder. The running royalties owed under
this Section shall be payable as provided in Section 3.7. 
 3.2.4 Pass Through Royalty on Licensed Products Not Arising from the
Lease or Research Agreements. With respect to Licensed Products developed using the Licensed Method that are not subject to the running royalties under Section 3.2.2 or Section 3.2.3 above, Vaccinex shall pay Rochester for each
calendar year in which Net Sales of such Licensed Products are made the lesser of (i) [***] Dollars ($[***]) or (ii) a running royalty of [***] percent ([***]%) of Net Sales of such Licensed Products for such year that are made in
countries in which a Licensed Product falls within the valid claims of any patent licensed hereunder. The running royalties owed under this Section shall be payable as provided in Section 3.7. 

3.2.5 Application of Royalties. The royalties set forth in each of Section 3.2.1, Section 3.2.2, each of the three categories
set forth in Section 3.2.3, and Section 3.2.4 shall each be in lieu of, and not in addition to, or aggregated with each other. Accordingly, if a royalty is paid under one Section, no royalty shall be owed under another Section for the same
sale of such Licensed Product or Licensed Method. 
 3.2.6 Credits. Vaccinex may credit solely against running royalties (paid
pursuant to this Section 3.2 or Sections 3.4 or 3.5), all reasonable costs incurred by Vaccinex after the date hereof (excluding any reimbursements to Rochester pursuant to Section 6.1 and the Initial Filing Costs, as defined therein) in
connection with any litigation, interference, opposition, or other action pertaining to the Patent Rights or whether Vaccinex’s practice of the Patent Rights infringes a third party patent, such credits not to exceed [***] percent ([***]%) of
the running royalties otherwise due Rochester hereunder. Should any such litigation, interference, opposition or other action result in a settlement which provides income to Vaccinex, such income shall be first paid to Rochester up to an amount
equal to any reduction in royalties made pursuant to this Section 3.2.5. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 4 

 3.3 Milestone Payments. Vaccinex shall also make payments to Rochester in the following
amounts upon the occurrence of the following milestones: (a) [***] Dollars ($[***]) upon the submission of the first Investigational New Drug Application (“INDA”) for a Licensed Product to the FDA; (b) [***] Dollars ($[***]) upon
the approval of the first New Drug Application (“NDA”) for a Licensed Product from the FDA and (c) [***] Dollars ($[***]) upon the filing of the first 510(k) (or similar filing) for a Licensed Product that is a diagnostic. The
foregoing milestone payments shall only be owed for the first Licensed Product reaching such milestone. Any subsequent INDA, NDA or 510(k) for other Licensed Products shall not result in any additional required payment to Rochester. 

3.4 [***] 
 3.5 [***] 

3.6 Third Party Royalties. If Vaccinex determines after consultation with Rochester that it is required to pay royalties or other fees
to any third party because the manufacture, use, offer for sale, importation, or sale of a Licensed Method or a Licensed Product would otherwise be likely to infringe any patent or other intellectual property rights of such third party in a given
country (“Third Party Royalties”), Vaccinex may deduct from running royalties thereafter due to Rochester (pursuant to Sections 3.2, 3.4 or 3.5 of this Agreement) with respect to the Net Sales of such Licensed Method or Licensed Product in
such country up to [***] percent ([***]%) of the Third Party Royalties. In no event shall the royalties due to Rochester on such Net Sales in such country on account of any reduction pursuant to this Section 3.6 be thereby reduced to less than
[***] percent ([***]%) on such Net Sales of a Licensed Method, [***] percent ([***]%) on such Net Sales of a Licensed Product that is a diagnostic product or [***] percent ([***]%) on such Net Sales of a Licensed Product that is a vaccine or
therapeutic product in such country. If the sum of the royalties paid hereunder and Third Party Royalties for a given Licensed Product or a Licensed Method in a given country exceeds, at any time, more than [***] percent ([***]%) on a vaccine or
other therapeutic product, [***] percent ([***]%) on a diagnostic product or [***] percent ([***]%) on a method of production of the Net Sales for such a Licensed Product or Licensed Method, then upon Vaccinex’s request, Rochester and Vaccinex
agree to negotiate in good faith in an effort to agree on a reduction in the royalties payable hereunder to Rochester for such Licensed Product or Licensed Method in such country. In the event the parties are unable to agree to such reduction after
a reasonable period of time, not to exceed [***], either party may request that the issue be arbitrated in accordance with Section 12.6 of this Agreement. 

3.7 Quarterly Payments. Upon the commencement of Net Sales of the Licensed Method or any Licensed Product, payment of the royalties
specified in Section 3.2 shall be made by Vaccinex to Rochester within [***] after March 31, June 30, September 30 and December 31 of each year during the term of this Agreement covering the quantity of Licensed
Products sold by Vaccinex during the preceding calendar quarter. Payment of the royalties specified in Sections 3.4 and 3.5 shall be made by Vaccinex to Rochester within [***] after receipt of payment from the sublicensee. After termination or
expiration of this Agreement, a final payment shall be made by Vaccinex covering the whole or partial calendar quarter. Each 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 5 

 
quarterly payment shall be accompanied by a written statement of Net Sales of Licensed Products by Vaccinex during such calendar quarter. Such written statements shall be duly signed by an
authorized signatory of Vaccinex on behalf of Vaccinex and shall show the Net Sales of Licensed Products by Vaccinex during such calendar quarter and the amount of royalties payable under this Agreement based thereon. 

3.8 Payments in Dollars. All payments due hereunder are expressed in and shall be paid by check payable in United States of America
currency, without deduction of exchange, collection or other charges, to Rochester, or to the account of Rochester at such other bank as Rochester may from time to time designate by notice to Vaccinex. All currency conversion rates will be
calculated at the reported conversion rate in The Wall Street Journal on the first day of the month in which the payment is due. 
 3.9
Interest on Late Payments. In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the [***] following the due date thereof, calculated at the annual rate of [***] percent ([***]%), the
interest being compounded on the last day of each calendar quarter, provided, however, that in no event shall said annual interest rate exceed the maximum legal interest rate. Each such royalty payment when made shall be accompanied by all interest
so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of Rochester to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment. 

3.10 Invalid or Pending Claims. With respect to any running royalty payment owed by Vaccinex hereunder for a claim under a pending
patent application or under any patent or patent claim that is held invalid in a decision by any court of competent jurisdiction, all such payments shall be paid to an interest-bearing escrow account established by the parties until a final decision
is made by the applicable government patent office or a final decision is rendered in any appeal made to a court of competent jurisdiction and last resort. In the event that a patent issues or a patent or patent claim is held valid, then the monies
and interest in such escrow account with respect to such patent or patent claim will be paid to Rochester. In the event that a patent does not issue or a patent or patent claim is held invalid, than the monies and interest in such escrow account
with respect to such patent or patent claim shall be paid to Vaccinex. 
 4. RECORDS AND INSPECTION 

Vaccinex shall maintain or cause to be maintained a true and correct set of records pertaining to the Net Sales of Licensed Products by
Vaccinex under this Agreement. During the term of this Agreement and for a period of one (1) year thereafter, Vaccinex agrees to permit, upon reasonable advance notice, an accountant selected by Rochester and reasonably acceptable to Vaccinex
to have access during ordinary business hours to such records as are maintained by Vaccinex as may be necessary, in the opinion of such accountant, to determine the correctness of any report and/or payment made under this Agreement. In the event
that the audit reveals an 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 6 

 
underpayment of royalty by more than [***] percent ([***]%), the cost of the audit shall be paid by Vaccinex. If the underpayment is less than [***] percent ([***]%) but more than [***] percent
([***]%), Vaccinex and Rochester shall each pay fifty percent (50%) of the cost of the independent audit. If the underpayment is less than [***] percent ([***]%), Rochester shall bear the cost of the independent audit. Such accountant shall
maintain in confidence, and shall not disclose to Rochester, any information concerning Vaccinex or its operations or properties other than information directly relating to the correctness of such reports and payments and such accountant shall be
required to sign a confidentiality agreement to effect the foregoing in such form as Vaccinex shall reasonably require. 
 5.
SUBLICENSES 
 All sublicenses granted by Vaccinex of its rights hereunder shall be subject to the terms of this License Agreement. No
sublicense royalty fees shall be owed to Rochester hereunder for milestone payments, development funds, equity investments in Vaccinex, payments for past research expenditures, or similar payments made by third parties to Vaccinex. Vaccinex shall be
responsible for its sublicensees and shall not grant any rights which are inconsistent with the rights granted to and obligations of Vaccinex hereunder. Any act or omission of a sublicensee which would be a breach of this License Agreement if
performed by Vaccinex shall be deemed to be a breach by Vaccinex of this License Agreement. Vaccinex shall give Rochester prompt notification of the identity and address of each sublicensee with whom it concludes a sublicense agreement. 

6. PATENTS AND INFRINGEMENT 

6.1 Patent Costs. Within thirty days of the Effective Date, Vaccinex agrees to pay Rochester Sixteen Thousand Seven Hundred Twenty-Four
Dollars ($16,724) (the “Initial Filing Costs”) in reimbursement of the legal fees incurred in the filing and prosecution of the Patent Rights to the Effective Date. After the Effective Date, Vaccinex agrees, with respect to the Subject
Technology for the term of this Agreement, to pay all costs incurred by Rochester, incident to the United States and foreign applications, patents and like protection, including all costs incurred for filing, prosecution, issuance and maintenance
fees as well as any costs incurred in filing continuations, continuations-in-part, divisionals or related applications and any reexamination or reissue proceedings; provided Rochester has complied with the other terms and conditions of this
Agreement, including, without limitation, Sections 6.3 and 6.4 hereof. Other than the Initial Filing Costs, Vaccinex shall have no obligation for any costs related to the protection of the Subject Technology that were incurred prior to the Effective
Date. 
 6.2 Maintenance of Patents. Rochester shall use all reasonable efforts to prosecute any patent applications within the
Patent Rights, to obtain patents thereon and to maintain such patents using patent counsel of its choice as approved by Vaccinex. Vaccinex shall have the right to terminate its payment obligations pursuant to Section 6.1 with respect to any
patent 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 7 

 
application or patent included in the Patent Rights in any country or countries upon at least [***] prior written notice to Rochester. Rochester may pay for such patents and patent applications
and continue said prosecution or maintenance of such patent applications at its own expense, and the license rights as to such Subject Technology covered by such patents and patent applications shall terminate with respect to such country or
countries as of the effective date of Vaccinex’s notice. 
 6.3 Patent Prosecutions. Rochester agrees to keep Vaccinex fully
informed of any and all patent prosecution and other actions with respect to the Subject Technology including sending to Vaccinex copies of all correspondence with patent offices and local associates, submitting to Vaccinex copies of all draft
responses to Office Actions and other substantive filings in sufficient time prior to filing to provide Vaccinex with adequate time to review and comment on such matters; provided, however, that Vaccinex shall be responsible for any of its expenses
including attorney’s fees that Vaccinex incurs in reviewing and commenting on the information received from Rochester. Rochester shall consult with Vaccinex regarding any material actions concerning the Patent Rights and shall use all
reasonable efforts to amend any patent applications to add claims reasonably requested by Vaccinex. If Rochester decides to abandon or allow to lapse any patent or patent application within the Patent Rights in any country, Rochester will inform
Vaccinex in a timely manner and Vaccinex shall have the right to prosecute or maintain any such patent or patent application at its expense. Rochester will use patent counsel for all patent matters that is acceptable to Vaccinex. 

6.4 Cooperation. Rochester agrees to reasonably cooperate with Vaccinex to whatever extent is reasonably necessary to procure and
defend the patent protection of any rights in the Subject Technology, including presenting or amending any claims desired by Vaccinex, filing reissue or reexamination applications, patent extensions, or other documents desired by Vaccinex, and
agreeing to execute any and all documents to provide Vaccinex the full benefit of the licenses granted herein. 
 6.5 Infringements.
Each Party shall promptly inform the other of any suspected infringement of any claims in the Patent Rights or misuse, misappropriation, theft or breach of confidence of other proprietary rights in the Subject Technology by a third party, and with
respect to such activities as are suspected, Vaccinex shall have the right, but not the obligation, to institute an action for infringement, misuse, misappropriation, theft or breach of confidence of the proprietary rights against such third party.
If Vaccinex fails to bring such an action or proceeding within a period of [***] after receiving notice or otherwise having knowledge of such infringement, then Rochester shall have the right, but not the obligation, to prosecute at its own expense
any such claim. Should either Rochester or Vaccinex commence suit under the provisions of this Section 6.5 and thereafter elect to abandon the same, it shall give at least [***] written notice to the other Party who may, if it so desires,
continue prosecution of such action or proceeding. All recoveries, whether by judgment, award, decree or settlement, from infringement or misuse of Subject Technology shall be apportioned as follows: the Party 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 8 

 
bringing the action or proceeding shall first recover an amount equal to [***] times the costs and expenses incurred by such Party directly related to the prosecution of such action or proceeding
and the remainder shall be distributed pursuant to the terms of this agreement. 
 6.6 Settlements. Neither Rochester nor Vaccinex
shall settle any action covered by Section 6.5 without first obtaining the consent of the other Party, which consent will not be unreasonably withheld. 

6.7 Certain Notices. Rochester shall use its best efforts to notify Vaccinex of (i) the issuance of each patent included within
the Patent Rights, giving the date of issue and patent number for each such patent, and (ii) each notice pertaining to any patent included within the Patent Rights which Rochester receives as patent owner pursuant to the Drug Price Competition
and Patent Term Restoration Act of 1984 (hereinafter called the “Act”), including but not necessarily limited to notices pursuant to §§ 101 and 103 of the Act from persons who have filed an abbreviated NDA (“ANDA”) or a
“paper” NDA. Such notices shall be given promptly, but in any event within [***] of each such patent’s date of issue or receipt of each such notice pursuant to the Act, whichever is applicable. 

6.8 Authorizations Relating to Patent Term Extension. Rochester hereby authorizes Vaccinex (i) to include in any NDA for a
Licensed Product, as Vaccinex may deem appropriate under the Act, a list of patents included within the Patent Rights that relate to such Licensed Product and such other information as Vaccinex in its reasonable discretion believes is appropriate to
be filed pursuant to the Act; (ii) notwithstanding the provisions of Section 6.5, to commence suit for any infringement of Patent Rights under § 271(e) (2) of Title 35 of the United States Code occasioned by the submission by a
third party of an ANDA or a paper NDA for a Licensed Product pursuant to §§ 101 or 103 of the Act; and (iii) in consultation with Rochester, to exercise any rights that may be exercisable by Rochester as patent owner under the Act to
apply for an extension of the term of any patent included within the Patent Rights, as Vaccinex in its discretion deems appropriate. In the event that applicable law in any other country of the world hereafter provides for the extension of the term
of any patent included in the Patent Rights in such country, upon request by Vaccinex, Rochester shall use its best efforts to obtain such extension or, in lieu thereof, shall authorize Vaccinex or, if requested by Vaccinex, its sublicensee to apply
for such extension, in consultation with Rochester. Rochester agrees to cooperate with Vaccinex or its sublicensee, as applicable, in the exercise of the authorization granted herein and will execute such documents and take such additional action as
Vaccinex may reasonably request in connection therewith, including, if necessary, permitting itself to be joined as a proper party in any suit for infringement brought by Vaccinex under subsection (ii) above. Any damages awarded under any suit
for infringement brought by Vaccinex under subsection (ii) above shall be divided among the Parties as set forth in Section 6.5. In the event Vaccinex decides not to commence suit for infringement under subsection (ii) above, Vaccinex
will notify Rochester of its decision within [***] so that Rochester may institute such litigation itself, if it wishes, at its own cost and expense. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 9 

 7. TERM AND TERMINATION 

7.1 Term of Agreement. Unless earlier terminated as hereinafter provided, this Agreement shall extend for the life of the last to expire
patent issued on the Subject Technology and shall then expire automatically. After such expiration, Vaccinex shall have a perpetual, royalty-free license to make, use, sell, offer to sell, and sublicense the Subject Technology. 

7.2 Vaccinex Rights. Vaccinex shall have the right, at its option, to terminate this Agreement without cause upon ninety (90) days
prior written notice to Rochester. 
 7.3 Breach of Agreement. In the event of default or failure by either Party to perform any of
the terms, covenants or provisions of this Agreement, such Party shall have [***] after the giving of written notice of such default by the other Party to correct such default. If such default is not corrected within the said [***] period, the other
Party shall have the right, at its option, to cancel and terminate this Agreement. The failure of a Party to exercise such right of termination for non-payment of royalties or otherwise shall not be deemed to be a waiver of any right a Party might
have, nor shall such failure preclude such Party from exercising or enforcing said right upon any subsequent default. 
 7.4
Bankruptcy. Rochester shall have the right, at its option, to cancel and terminate this Agreement in the event that Vaccinex shall (i) become involved in insolvency, dissolution, bankruptcy or receivership proceedings affecting the
operation of its business or (ii) make an assignment of all or substantially all of its assets for the benefit of creditors, or in the event that (iii) a receiver or trustee is appointed for Vaccinex and Vaccinex, after the expiration of
[***] following any of the events enumerated above, has been unable to secure a dismissal, stay or other suspension of such proceedings. 

7.5 Effect of Termination. At the date of any termination of this Agreement pursuant to Section 7.2, Section 7.3 for breach
by Vaccinex, or pursuant to Section 7.4, as of the receipt by Vaccinex of notice of such termination, all rights to the Subject Technology shall revert to Rochester and Vaccinex shall immediately cease using any of the Subject Technology and
return all copies of the same to Rochester; provided, however, that Vaccinex may dispose of any Licensed Products actually in the possession of Vaccinex or its agents prior to the date of termination, subject to Vaccinex’s paying to Rochester
running royalties in accordance with Section 3.2 with respect thereto and otherwise complying with the terms of this Agreement. 
 7.6
No Waiver. No termination of this Agreement shall constitute a termination or a waiver of any rights of either Party against the other Party accruing at or prior to the time of such termination. 

8. ASSIGNABILITY 
 This
Agreement may not be assigned in whole or in any part by any Party except that Vaccinex may assign all or any part of this Agreement to any Affiliate. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 10 

 9. GOVERNMENTAL COMPLIANCE 

Vaccinex shall at all times during the term of this Agreement and for so long as it shall sell Licensed Products comply and cause its
sublicensees to comply with all laws that may control the import, export, manufacture, use, sale, marketing, distribution and other commercial exploitation of Licensed Products. 

10. GOVERNING LAW 
 This
Agreement shall be deemed to have been made under, and shall be construed and interpreted in accordance with, the laws of the State of New York, USA. 

11. NOTICES 
 Any payment,
notice or other communication pursuant to this Agreement shall be considered given on the date of receipt by the other party, addressed to it at its address below or as it shall designate by written notice given to the other Party: 

 

			
	 In the case of Rochester to:
	 	 Office of Technology Transfer, Director

University of Rochester
 518 Hylan Building

Rochester, New York 14627
 Telephone Number: [***]

Fax Number: [***]

		
	 With a copy to:
	 	 Office of Counsel to the Medical Center

Director
 601 Elmwood Avenue, Box 308

Rochester, New York 14642
 Telephone Number: [***]

Fax Number: [***]

		
	 In the case of Vaccinex to:
	 	 Albert Freidberg
 Vaccinex, L.P.

c/o Freidberg Mercantile Group
 BCE Place

181 Bay Street - Suite 250
 Toronto, Ontario M5J 2T3

Telephone Number: (416) 350-2890
 Fax Number: [***]

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 11 

					
	 With a copy to:
	 	 Sherry M. Knowles & W. Richard Smith, Jr.

King & Spalding
 191 Peachtree Street

Atlanta, Georgia 30303-1763
 Main Telephone Number: (404)
572-4600
 Main Fax Number: (404) 572-5100
	 	

 If written notice is given via facsimile, the original signed document must be delivered promptly thereafter.

 12. MISCELLANEOUS PROVISIONS 

12.1 Independent Contractors. The Parties hereby acknowledge and agree that each is an independent contractor and that neither Party
shall be considered to be the agent, representative, master or servant of the other Party for any purpose whatsoever, and that neither Party has any authority to enter into a contract, to assume any obligation or to give warranties or
representations on behalf of the other Party. Nothing in this relationship shall be construed to create a relationship of joint venture, partnership, fiduciary or other similar relationship between the Parties. 

12.2 Rochester’s Disclaimers. Neither Rochester, nor any of its faculty members, researchers, trustees, officers, employees,
directors, or agents assume any responsibility for the manufacture, product specifications, sale or use of the Subject Technology or the Licensed Products which are manufactured by or sold by Vaccinex pursuant to this Agreement. 

12.3 WARRANTIES. Each party hereto represents to the other party that it is free to enter into this Agreement and to carry out all of
the provisions hereof including, in the case of Rochester, its grant to Vaccinex of the license set forth in Section 2.1. EXCEPT AS SET FORTH ABOVE, ROCHESTER MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, INCLUDING, BUT NOT
LIMITED TO, WARRANTIES OF FITNESS OR MERCHANTABILITY, REGARDING OR WITH RESPECT TO THE SUBJECT TECHNOLOGY OR LICENSED PRODUCTS AND ROCHESTER MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, OF THE PATENTABILITY OF THE SUBJECT TECHNOLOGY
OR LICENSED PRODUCTS OR OF THE ENFORCEABILITY OF ANY PATENTS ISSUING THEREUPON , IF ANY, OR THAT THE SUBJECT TECHNOLOGY OR LICENSED PRODUCTS ARE OR SHALL BE FREE FROM INFRINGEMENT OF ANY PATENT OR OTHER RIGHTS OF THIRD PARTIES. 

12.4 Reformation. All Parties hereby agree that neither Party intends to violate any public policy, statutory or common law, rule,
regulation, treaty or decision of any government agency or executive body thereof of any country or community or association of countries; that if any word, sentence, Section or clause or combination thereof of this Agreement is found, by a 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 12 

 
court or executive body with judicial powers having jurisdiction over this Agreement or any of its Parties hereto, in a final unappealed order to be in violation of any such provision in any
country or community or association of countries, such words, sentences, Sections or clauses or combination shall be inoperative in such country or community or association of countries, and the remainder of this Agreement shall remain binding upon
the Parties hereto. 
 12.5 Force Majeure. No liability hereunder shall result to a Party by reason of delay in performance caused by
force majeure, that is circumstances beyond the reasonable control of the Party, including, without limitation, acts of God, fire, flood, war, civil unrest, labor unrest, or shortage of or inability to obtain material as equipment. 

12.6 Dispute. The Parties will attempt in good faith to resolve any controversy or dispute arising out of or relating to this Agreement
promptly by negotiations between or among the parties. Any and all claims, disputes or controversies arising under, out of, or in connection with this Agreement, including any dispute relating to patent validity or infringement and appropriate
license terms and royalties, which have not been resolved by good faith negotiations between the parties shall be resolved by final and binding arbitration in Rochester, New York, under the rules of the American Arbitration Association, or the
Patent Arbitration Rules if applicable. The arbitrators shall have no power to add to, subtract from or modify any of the terms or conditions of this agreement. Any award rendered in such arbitration may be enforced by either party in either the
courts of the State of New York or in the United States District Court for the District of New York, to whose jurisdiction for such purposes Rochester and Vaccinex each hereby irrevocably consents and submits. 

12.7 Modification. No amendment or modification of this Agreement shall be effective unless it is in writing and signed by duly
authorized representatives of all Parties. 
 12.8 Entire Agreement. The terms and conditions herein constitute the entire agreement
between the Parties and shall supersede all previous agreements, either oral or written, between the Parties hereto with respect to the subject matter hereof. No agreement of understanding bearing on this Agreement shall be binding upon either Party
hereto unless it shall be in writing and signed by the duly authorized officer or representative of each of the Parties and shall expressly refer to this Agreement. 

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 13 

 IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement in multiple
originals by their duly authorized officers and representatives on the respective dates shown below, but effective as of the Effective Date. 
  

					
	 VACCINEX, L.P.

		
	 By:
	 	 Vaccinex (Rochester) LLC,

its General Partner

			
		 	 By:
	 	 /s/ Albert Friedberg

		 		 	 Albert Friedberg,

		 		 	 its Chief Financial Officer

	
	 UNIVERSITY OF ROCHESTER

		
	 By:
	 	 /s/ Ojas P. Mehte

	 Name:
	 	 Ojas P. Mehte

	 Title:
	 	Acting Director, Office of Technology Transfer

  
 [***] INDICATES MATERIAL THAT WAS
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 14 

 EXHIBIT A 

PATENT APPLICATION 
 [***]. 

[***] INDICATES ONE PAGE OF MATERIAL THAT WAS OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

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