Document:

ex10-1.htm

ESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT AGREEMENT (this “Agreement”) dated as of this 14th day of April 2014 by and among MABVAX THERAPEUTICS HOLDINGS, INC., a Delaware corporation (the “Company”), having an address at 11588 Sorrento Valley Road, San Diego, CA 92121, OPKO Health, Inc., having an address at 4400 Biscayne Blvd. Miami, Florida 33137 (the “Principal Stockholder”) and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office at 950 Third Avenue, 9th Floor.  New York, NY 10022.

 

W I T N E S S E T H:

 

WHEREAS, the Company, Axiom Capital Management Inc. (the “Placement Agent”), and Escrow Agent have entered into a certain Escrow Deposit Agreement (the “Offering Escrow Agreement”) dated March 18, 2015, as amended on March 31, 2015, to establish an escrow account (the “Offering Escrow Account”) with Escrow Agent into which the Company and Placement Agent directs Subscribers subscribing to the Offering (as defined below) to deposit their funds in; and

 

WHEREAS, the Company has agreed to deposit $3,5000,000 of the proceeds from a financing transaction (the “Offering” and such $3,500,000, the “Offering Proceeds”) in which has been or will be deposited into the Offering Escrow Account, into an escrow account with the Escrow Agent, to be held pending the satisfaction of certain conditions (the “Release Conditions”); and

 

WHEREAS, unless the Release Conditions are satisfied on or before the date that is ten (10) weeks from the date the Offering Proceeds are deposited into the Escrow Account, (the “Termination Date”), such funds shall be returned to the applicable investing subscribers in the Offering (the “Subscribers”) pursuant to the wire instructions set forth on Schedule I hereto; and

 

WHEREAS, the Company and Principal Stockholder desire to establish an escrow account with the Escrow Agent into which the Company shall instruct the Escrow Agent, upon closing of the Offering, to transfer into such new escrow account from the Offering Escrow Account the Offering Proceeds; and

 

WHEREAS, the Company and Principal Stockholder represent and warrant to the Escrow Agent that it will comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect to sale of the Offering; and

WHEREAS, the Company and Principal Stockholder represent and warrant to the Escrow Agent that it has not stated to any individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

NOW, THEREFORE, IT IS AGREED as follows:

 

1.           Delivery of Escrow Funds.

 

(a)           The Company shall instruct Escrow Agent to transfer the Offering Proceeds from the Offering Escrow Account to an escrow account titled “Signature Bank, as Escrow Agent for MabVax Therapeutics Holdings, Inc.”, Signature Bank, 950 Third Avenue, 9th Floor.  New York, NY 10022, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for MabVax Therapeutics Holdings, Inc., Account No. [_______].

 

(b)           The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)           The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account.

 

2.           Release of Escrow Funds.  The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)           The Escrow Agent shall, upon receipt of written instructions, in the form of Exhibit A, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent, received from the Company and Principal Stockholder confirming that the Release Conditions have been satisfied or waived, pay the Escrow Funds in accordance with such written instructions, which instructions shall be in accordance with this Section 2(a). Such payment or payments shall be made by wire transfer within one (1) Business Day of receipt of such written instructions, which must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Business Day for the Escrow Agent to process such instructions that Business Day.   For purposes of this Agreement, “Release Conditions” shall mean that on or before the Termination Date, the Board of Directors of the Company shall be reconstituted to the satisfaction of the Principal Stockholder.

 

(b)           If by 3:00 P.M. Eastern time on the Termination Date, the Escrow Agent has not received written instructions from the Company and Principal Stockholder regarding the disbursement of the Escrow, then the Escrow Agent shall promptly return the Escrow Funds to the Subscribers without interest or offset pursuant to Schedule I.  The Escrow Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

 

(c)           The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(d)           If the Termination Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to take action is not a Business Day, then such date shall be the Business Day that immediately precedes that date. A “Business Day” is any day other than a Saturday, Sunday or a Bank holiday.

 

  

  

  

 

3.           Acceptance by Escrow Agent.  The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a)           The Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated by Principal Stockholder or the Company to give any written instructions, notice or receipt, or make any statements in connection with the provisions hereof has been duly authorized to do so.  Escrow Agent shall have no duty to make inquiry as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions.  The names and true signatures of each individual authorized to act singly on behalf of the Company and Principal Stockholder are stated in Schedule II, which is attached hereto and made a part hereof. The Company and Principal Stockholder may each remove or add one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories.

 

(b)           The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.  The Escrow Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its willful misconduct or gross negligence.

 

(c)           The Company agrees to indemnify, release and hold the Escrow Agent harmless from and against any and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow Agent’s gross negligence or willful misconduct.  The Principal Stockholder agrees to release and hold the Escrow Agent harmless from and against any and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow Agent’s gross negligence or willful misconduct.

 

(d)           In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)           The Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected and are available for withdrawal.

 

4.           Escrow Account Statements and Information. The Escrow Agent agrees to send to the Company and the Principal Stockholder a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing account statements to its non-escrow clients and to also provide the Company and Principal Stockholder, or their designee, upon request other deposit account information, including Account balances, by telephone or by computer communication, to the extent practicable. The Company and Principal Stockholder agree to complete and sign all forms or agreements required by the Escrow Agent for that purpose.  The Company and Principal Stockholder each consent to the Escrow Agent’s release of such Account information to any of the individuals designated by Company or Principal Stockholder, which designation has been signed in accordance with paragraph 3(a) by any of the persons in Schedule II.  Further, the Company and Principal Stockholder have an option to receive e-mail notification of incoming and outgoing wire transfers.  If this e-mail notification service is requested and subsequently approved by the Escrow Agent, the Company and Principal Stockholder agrees to provide a valid e-mail address and other information necessary to set-up this service and sign all forms and agreements required for such service.  The Company and Principal Stockholder each consent to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es).  The Escrow Agent’s liability for failure to comply with this section shall not exceed the cost of providing such information.

 

5.           Resignation and Termination of the Escrow Agent.  The Escrow Agent may resign at any time by giving thirty (30) days’ prior written notice of such resignation to Principal Stockholder and the Company.  Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period.  In such event, the Escrow Agent shall not take any action until the Company has designated a banking corporation, trust company, attorney or other person as successor.  Upon receipt of such written designation signed by Principal Stockholder and the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder.  If such instructions are not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor.  In either case provided for in this section, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

6.           Termination.  The Company and Principal Stockholder may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which such termination shall take effect, which date shall be at least thirty (30) days from the date of such notice.  In the event of such termination, the Company and Principal Stockholder shall, within thirty (30) days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and Principal Stockholder, turn over to such successor escrow agent all of the Escrow Funds; provided, however, that if the Company and Principal Stockholder fail to appoint a successor escrow agent within such thirty (30)-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof.  Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

  

  

  

 

7.           Investment.  All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at Escrow Agent.

 

8.           Compensation.  Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s fees.  Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission.  To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing.

 

9.           Notices.  All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Principal Stockholder:

 

OPKO Health, Inc.

Attn: Legal Department

4400 Biscayne Blvd.

                                Miami, Florida 33137

 

If to the Company:

 

MabVax Therapeutics Holdings, Inc.

11588 Sorrento Valley Road

San Diego, CA 92121

Attention: Gregory P. Hanson

Fax: 858-792-7375

If to Escrow Agent:

 

Signature Bank

950 Third Avenue, 9th Floor

New York, NY 10022

Attention: John D. Gonzalez, Group Director & Senior Vice President

Fax: 646-822-1520

 

  

  

  

 

10.           General.

 

 

(a)This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder shall be brought in the courts of the State of New York, located in the County of New York.  Each party hereto irrevocably waives any objection on the grounds of venue, forum non­conveniens or any similar grounds and irrevocably consents to service of process by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts.  Each of the parties hereto hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated by this Agreement.

 

(b)           This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements and understandings relating thereto.

 

(c)           All of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto, as well as their respective successors and assigns.

 

(d)           This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.  No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement.  No party may assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)           If any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining provisions.

 

(f)           This Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11.           Form of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party.

 

12.           No Third-Party Beneficiaries.  This Agreement is solely for the benefit of the parties and their respective successors and permitted assigns, and no other person has any right, benefit, priority or interest under or because of the existence of this Agreement.

  

  

  

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set forth above.

 

	
MABVAX THERAPEUTICS HOLDINGS, INC.

	
OPKO HEALTH, INC.

 

	By:	 
	 	Name:
	 	Title:
	 	Officer

 

SIGNATURE BANK

 

By:           _____________________________

Name:

Title:

 

 

By:           _____________________________

Name:

Title:Exhibit 10.1

 

CLINICAL TRIAL AGREEMENT NO. AMI-201951

 

This clinical
trial agreement (“Agreement”) is entered into this 24th day of March 2015, by and between The Regents
of the University of California, on behalf of its Irvine campus, a California corporation with a place of business at 5171
California Avenue, Suite 150, Irvine, CA 92697-7600 (hereinafter referred to as the “Institution”)
and Aethlon Medical, Inc. and its subsidiaries, a Nevada corporation with a place
of business at 9635 Granite Ridge Drive, Suite 100, San Diego, CA. 92123, (hereinafter referred to as the “Sponsor"),
the Institution and Sponsor each being a “party“ and hereinafter collectively referred to as the “Parties”.

 

WITNESSETH

 

WHEREAS, Sponsor is interested in
supporting a clinical trial by providing financial support;

 

WHEREAS, the Institution acknowledges
and affirms that it is familiar with and understands the regulations of the United States Food and Drug Administration governing
clinical trials and that it is capable of complying with such regulations as applicable to this trial; and

 

WHEREAS, the Institution and Sponsor
have entered into this Agreement in order to set forth the terms pursuant to which a clinical trial shall be performed by the Institution.

 

NOW THEREFORE, the Parties agree
as follows:

 

		1.	SCOPE OF WORK
	 	 	 

		A.	The Institution shall exercise reasonable efforts to conduct the investigator-initiated clinical
trial (“Clinical Trial”) set forth in the protocol entitled "Plasma Exosome Concentration in Cancer Patients Undergoing
Treatment" ("Protocol"), in accordance with this Agreement. The Protocol, which is approved by the Sponsor and the
Institution’s Institutional Review Board (“IRB”), is attached hereto as Exhibit A and incorporated by reference
(along with any approved subsequent modifications). In the event of any conflict between the terms of this Agreement and the Protocol,
the terms of this Agreement shall govern.

 

 

 

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		2.	PRINCIPAL INVESTIGATOR

 

The Institution's principal
investigator shall be Edward Nelson, M.D. ("Principal Investigator") who shall be responsible for the direction of the
Clinical Trial in accordance with applicable Institution policies. If, for any reason, (s)he is unwilling or unable to continue
to serve as the Principal Investigator and a successor, acceptable to both the Institution and Sponsor, is not available, this
Agreement may be terminated by either party in accordance with the provisions of Paragraph A of Section 13.

 

		3.	PERIOD OF PERFORMANCE

 

This Agreement shall commence
on March 24, 2015 and shall continue through March 23, 2020, unless extended by mutual
written agreement of the Parties or unless sooner terminated pursuant to Paragraph A of Section 13.

 

		4.	RECORDKEEPING, REPORTING AND ACCESS

 

	 	A.	The
Institution shall notify Sponsor of each serious adverse event encountered in the Clinical Trial within twenty-four (24) hours
of becoming aware of it.   
	 	 	 
		B.	The Institution shall, in a timely manner, prepare and maintain complete and accurate written records
related to the Clinical Trial (“Records”).
	 	 	 

		D.	The Institution will provide the Sponsor with quarterly updates concerning the progress of the
Clinical Trial. Upon completion of Clinical Trial, or earlier termination of this Agreement, the Institution will provide a final
written report (“Final Report”) to Sponsor describing the outcomes of the work performed.

 

 

 

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5. COSTS,
PAYMENT

 

		A.	As consideration for Institution’s performance of the Clinical Trial under the terms of this
Agreement, Sponsor agrees to pay Institution in accordance with the terms of Exhibit B, which is attached hereto and incorporated
by reference.

 

		B.	All costs set forth in Exhibit B shall remain firm for the duration of the Clinical Trial, unless
otherwise agreed to in writing by the Parties.

 

		C.	Checks shall be made payable to “The Regents of the University of California.” Checks
shall reference this Agreement number and shall be mailed to the address shown in Exhibit B.

 

		6.	CONFIDENTIAL INFORMATION

 

		A.	The Institution shall not disclose or use for any purpose other than the performance of the Clinical
Trial any privileged records and other confidential or proprietary information disclosed to the Institution by or on behalf of
Sponsor (“Confidential Information“). Confidential Information shall be marked as confidential or, if not so marked,
shall be treated as confidential if a reasonable person involved in the conduct of clinical trials would reasonably believe such
information was a trade secret, confidential or proprietary information of Sponsor. This obligation of non-disclosure and non-use
shall not apply to any Confidential Information:

 

		(1)	that is or becomes publicly available through no fault of the Institution;

 

		(2)	already known to the Institution prior to receipt from Sponsor, as shown by Institution’s
prior written records;

 

		(3)	disclosed to the Institution by a third-party without an obligation of confidentiality;

 

		(4)	developed and/or discovered independently by Institution without reference to and/or use of Confidential
Information, as evidenced by written contemporaneous documentation; and

 

		(5)	required to be released by any governmental entity with jurisdiction, provided that the Institution
gives notice to Sponsor at least ten (10) days (if reasonably possible, and, if not, as many days as is reasonably possible) prior
to making such release of Confidential Information.

 

		B.	The obligations of the Institution under this Section shall survive the termination of this Agreement
for a period of five (5) years.

 

7.
PRESENTATIONS AND PUBLICATIONS

 

		A.	The Institution may, consistent with scientific standards, disseminate the results of the Clinical
Trial through either presentation or publication including, but not limited to, full papers, manuscripts, abstracts, poster presentations,
and oral presentations (“Publications”), but will not disclose any Confidential Information without Sponsor' prior
written consent.

 

		B.	Institution shall submit Publications to Sponsor for review thirty (30) days prior to any publication.
Sponsor may comment upon, but may not make any editorial changes to, the results and conclusions set forth in the Publications;
however, if identified by Sponsor, the Institution will delete any of Sponsor's Confidential Information that may be contained
therein. In the event that Sponsor determines patentable subject matter is disclosed in a Publication, it shall immediately notify
Institution and, if Institution concurs, such Publication will be delayed: (a) for up to ninety (90) days to permit preparation
and filing of appropriate patent application(s); (b) until a patent application thereon has been prepared and filed; or (c) until
Institution and Sponsor mutually agree in writing that no patent application(s) shall be prepared or filed, whichever of (a), (b),
or (c) is earlier in time.

 

 

 

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8.
INTELLECTUAL PROPERTY

 

		A.	Title to any inventions and discoveries conceived and reduced to practice in the performance of
the Clinical Trial ("Invention") shall be determined in accordance with the rules of inventorship under United States
Patent law in effect at the time of the invention. Sponsor shall own each Invention made solely by one or more inventors under
an obligation to assign inventions to Sponsor (“Sponsor Inventions”). Institution shall own each Invention made solely
by one or more inventors under an obligation to assign inventions to Institution (“Institution Inventions”). The Parties
shall jointly own each Invention jointly made by one or more inventors under an obligation to assign inventions to the Institution
and one or more inventors under an obligation to assign inventions to Sponsor (“Joint Inventions”). Each party shall
make all decisions concerning, and shall bear all expenses of, the patenting of, and the maintenance of patents on, each Invention
that it owns and shall own the resulting applications and patents. In the case of Joint Inventions, the Parties shall enter into
good faith negotiations concerning the patenting thereof and the maintenance of patents thereon.

 

	 	B.	To the
extent that Institution has the legal right to do so, Sponsor shall be given a time-limited first right to negotiate an
exclusive, worldwide, royalty-bearing commercial license to all rights, title and interest which Institution may have or obtain
in Joint Inventions and in Institution Inventions, with such license to include the right to make, use and sell such Inventions.
	 	 	 
		C.	Institution shall promptly disclose to Sponsor in writing any Joint Inventions and Institution
Inventions. Sponsor shall hold such disclosure on a confidential basis and will not disclose the information to any third party
without consent of the Institution. Sponsor shall advise Institution in writing within sixty (60) days of disclosure to Sponsor
whether it wishes to secure a commercial license for any such Inventions. If Sponsor elects to secure such a license, Sponsor shall
assume all costs associated with securing and maintaining patent protection for such Invention(s), whether Letters Patent issue
or not. Sponsor shall have ninety (90) days from the date of election to conclude a license agreement with Institution. Said license
shall contain reasonable terms, and shall require diligent performance by Sponsor for the timely commercial development and early
marketing of such Inventions, and include Sponsor's continuing obligation to pay patent cost. If such license agreement is not
concluded in said period, Institution has no further obligations to Sponsor. If Sponsor does not elect to secure such license,
rights to the Inventions disclosed hereunder shall be disposed of in accordance with Institution policies with no further obligation
to Sponsor.

 

		D.	Nothing contained in this Agreement shall be deemed to grant, either directly or by implication,
estoppel or otherwise, any license under any patents, patent applications or other proprietary interests of any other invention,
discovery or improvement of either party.

 

		9.	PUBLICITY

 

Neither party shall use the
other party's name in advertising nor publicity, without the prior written permission of the other party, except as required by
law (and, in such case, only with ten (10) days prior notice to the other party (if reasonably possible, and, if not, as many days
as is reasonably possible). If the relationship is deemed material under U.S. securities law, the parties recognize any required
public disclosure shall be on a timely basis. Such prior permission shall not be unreasonably withheld. Institution, as an instrumentality
of the State of California, is subject to a State requirement that the Institution make available the terms and conditions of its
contracts. Sponsor acknowledges that Institution maintains a publicly accessible listing of all proposals and awards; the listing
includes the name of the campus, sponsor, award amount, begin and end dates, principal investigator and co-investigator’s
name, project type, award instrument, descriptive project title, indirect cost rate, account and fund number, department and academic
discipline. The actual contract agreement must be released upon request, although portions of the document may be withheld when
redaction meets one of the legal exemptions under the California Public Records Act. As such, the general terms and conditions
of this Agreement will be released to the public upon request, although portions of the scope of work may be withheld to the extent
that patentable inventions are so disclosed.

 

 

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		10.	APPLICABLE LAW

 

This Agreement shall be governed
by the laws of the State of California without regard to any conflict of laws provisions.

 

11. NOTICE

 

Any notice required or permitted
by this Agreement shall be in writing and delivered by hand or sent by registered or certified mail, postage prepaid, return receipt
requested, or by nationally recognized overnight delivery service, delivery charges prepaid, in each case addressed to the party
to receive such notice at the address set forth below or such other address as is subsequently specified in writing in accordance
with this Section. Such notice shall be deemed given or provided as of the date of such hand delivery or date of sending.

 

IF
TO SPONSOR:

Aethlon Medical, Inc.

9635 Granite Ridge Drive, Suite
100

San Diego, CA. 92123

Attention: Jim Joyce, CEO 858-459-7800
x301

 

IF TO INSTITUTION:

 

University of California, Irvine

Office of Research, Sponsored
Projects Administration

5171 California Avenue, Suite
150

Irvine, CA 92697-7600

Attention: Chris Abernethy,
Principal C&G Officer, 949-824-1749

 

If sent via overnight
delivery service to Institution, then to:

 

University of California, Irvine

Office of Research, Sponsored
Projects Administration

5171 California Avenue, Suite
150

Irvine, CA 92617-3067

Attention: Chris Abernethy,
Principal C&G Officer, 949-824-1749

 

		12.	INDEMNIFICATION AND INSURANCE

 

A. The
Institution shall indemnify, defend, and hold harmless Sponsor and its officers, directors, employees and agents (collectively
"Sponsor Indemnitees") against and from any and all claims, actions, suits, proceedings and investigations (“Claims”)
arising out of, or in connection with, the Clinical Trial, but only in proportion to and to the extent that such Claims are due
or claimed to be due to the negligent acts or omissions of Institution, its officers, employees or agents. Sponsor Indemnitees
shall: (i) promptly notify the Institution of any Claims for which such Sponsor Indemnitees may seek indemnification hereunder,
(ii) permit the Institution to conduct and exercise sole control of the defense (including all decisions relative to litigation,
appeal or settlement) thereof, and (iii) fully cooperate and assist the Institution in such defense, at the Institution’s
expense; provided, however, that the Institution shall not settle such Claims which admits fault or wrongdoing on the part of any
of the Sponsor Indemnitees without obtaining the Sponsor Indemnitees’ prior written consent, which will not be unreasonably
withheld.

 

 

 

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		B.	The Sponsor shall indemnify, defend, and hold harmless the Institution, its officers, agents and
employees (collectively “Institution Indemnitees”) against and from any and all claims, actions, suits, proceedings
and investigations (“Claims”) arising our of, or in connection with, the Clinical Trial, but only in proportion to
and to the extent that such Claims are due or claimed to be due to the negligent acts or omissions of Sponsor, its officers, directors,
employees or agents. The Institution Indemnitees shall: (i) promptly notify the Sponsor of any Claim for which such Institution
Indemnitee may seek indemnification hereunder, (ii) permit the Sponsor to conduct and exercise sole control of the defense (including
all decisions relative to litigation, appeal or settlement) thereof, and (iii) fully cooperate and assist the Sponsor in such defense,
at the Sponsor’s expense; provided, however, that the Sponsor shall not settle such Claim which admits fault or wrongdoing
on the part of any of the Institution Indemnitees without obtaining the Institution Indemnitees’ prior written consent, which
will not be unreasonably withheld.

 

		C.	Each party certifies that it maintains a policy or program of insurance or self-insurance at levels
sufficient to support the indemnification obligations assumed herein. Upon request, evidence of a party’s insurance or self-insurance
shall be provided to the other party. Unless a party is self-insured, it shall name the other party as an additional insured party
under its insurance policies and shall provide notice to the other party within thirty (30) days of any change in or cancellation
of its coverage.

 

		13.	TERMINATION

 

		A.	This Agreement may be terminated by either party for any reason upon not less than thirty (30)
days prior written notice to the other.

 

		B.	Within sixty (60) days of the effective date of the termination, the Institution shall return to
Sponsor any funds paid by Sponsor that were not expended or irrevocably committed by the Institution prior to said date.

 

		C.	Termination of this Agreement shall not affect the rights and obligations of the Parties accrued
prior to the effective date of the termination. The rights and obligations under Sections 4, 6, 7, 8, 9, 11, 12, 17 and 18 shall
survive the termination or expiration of this Agreement.

 

14. ASSIGNMENT

 

Neither this Agreement nor any
rights and obligations hereunder may be assigned by the Institution without the written consent of Sponsor, which will not be unreasonably
withheld.

 

15. INDEPENDENT
CONTRACTOR

 

The relationship of the Parties
is that of independent contractors. Neither party is the partner, joint venturer, nor agent of the other and neither party has
authority to make any statement, representation, commitment, or action of any kind which purports to bind the other without the
other party’s prior written authorization.

 

16.
CHANGES TO AND DEVIATIONS FROM THE PROTOCOL

 

		A.	If, at any time, changes in the Protocol appear desirable, such changes may be made by the Institution
with the prior written consent of Sponsor.

 

		B.	If, during the performance of the Clinical Trial, generally accepted standards of clinical trial
studies and medical practice relating to the safety of the Subjects requires a deviation from the Protocol, such standards shall
be followed. In such case, the party aware of the need for a deviation from the Protocol shall promptly inform the other party
in writing of the facts necessitating such deviation.

 

 

 

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		17.	CONFORMANCE WITH APPLICABLE LAW

 

		A.	The Institution shall perform the Clinical Trial in conformance with generally accepted standards
of good clinical practice, the Protocol and all applicable Federal, state and local government laws and regulations and applicable
ICH guidelines governing the performance of clinical investigations, including, but not limited to, the Federal Food, Drug and
Cosmetic Act and regulations of the FDA. All shipments of diagnostic specimens obtained as the result of the performance of a Clinical
Trial shall comply with all applicable Federal regulations including, but not limited to, 49 CFR Part 173, such as 49 CFR 173.199
(if applicable), and the Institution shall execute any declarations required in connection therewith on forms provided, or approved,
by Sponsor.

 

		B.	The Institution hereby certifies that, as of the date of enrollment of each individual participating
in the Clinical Trial (a “Subject”), it will obtain from each such Subject an authorization that meets the requirements
of the privacy rule issued under the Health Insurance Portability and Accountability Act of 1996 ("HIPAA Privacy Rule")
set forth at 45 CFR 164.508(b) and (c). Such authorization shall permit (i) all necessary uses of the individual's "protected
health information", as that term is defined in the HIPAA Privacy Rule, 45 CFR 164.501, by the Institution as part of the
Clinical Trial and (ii) delivery of reports that may contain some protected health information by the Institution to Sponsor and
its authorized agents and the Clinical Trial team and other professionals involved in the Clinical Trial for purposes relating
to the Clinical Trial or other purposes permitted by law under the randomization number assigned to the Subject. Such reports shall
not contain the Subject’s name, address, telephone number, social security number or number assigned by the Institution or
healthcare insurer to the Subject for the purposes of billing and locating medical records.

 

		18.	SEVERABILITY

 

The invalidity or unenforceability
of any term or provision of this Agreement shall not affect the validity or enforceability of any other term or provision hereof.

 

		19.	WAIVER; MODIFICATION OF AGREEMENT

 

No waiver, amendment, or modification
of any of the terms of this Agreement shall be valid unless in writing and signed by authorized representatives of each party.
Failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of such rights nor shall
a waiver by either party in one or more instances be construed as constituting a continuing waiver or as a waiver in other instances.

 

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IS INTENTIONALLY LEFT BLANK]

 

 

 

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		20.	ENTIRE AGREEMENT

 

This Agreement represents the
entire understanding of the Parties and supersedes all prior negotiations, representations or agreements, either written or oral,
with respect to the subject matter hereof.

 

IN WITNESS WHEREOF, the Parties
have executed this Agreement in duplicate by proper persons thereunto duly authorized.

 

	Aethlon Medical, Inc.	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	 	 	 
	By: 	 	By:
	(signature)	 	(signature)
	 	 	 
	 	 	 
	(print or type name)	 	(print or type name)
	 	 	 
	Title:	 	Title:
	 	 	 
	Date:	 	Date:
	 	 	 
	 	 	 
	 	 	PRINCIPAL INVESTIGATOR
	 	 	 
	 	 	I have read this Agreement and understand my obligations hereunder.
	 	 	 
	 	 	By: 
	 	 	(signature)
	 	 	 
	 	 	 
	 	 	(print or type name)
	 	 	 
	 	 	Title: 
	 	 	 
	 	 	Date:
	 	 	 

 

 

 

    	8

    	 

    

 

 

EXHIBIT A

 

 

PROTOCOL

 

 

 

 

 

 

 

 

 

    	9

    	 

    

 

EXHIBIT B

 

PART I: PAYEE INFORMATION

	 

		Project:	Plasma Exosome Concentration in Cancer Patients Undergoing Treatment 
	 	 	 
	 	Effective Period:	From 3/24/15 To 3/23/20
	 	 	 
	 	Investigator:	Edward Nelson, M.D. 
	 	 	 
	 	Institution:	University of California, Irvine 
	 	 	 
	 	Payee:	The Regents of the University of California                     Tax
ID: 95-2226406
	 	 	 
	 	Mailing Address:	UCI Contracts & Grants Accounting
	 	 	BioSci III, Suite 1400
	 	 	Irvine, CA 92697-1050
	 	 	Attention: Rebecca Tangen, Manager/Principal
Accountant
	 	 	 
	 	 	 

 

	 

PART II: PAYMENT INSTRUCTIONS AND DETAILED BUDGET

 

As consideration for performance
under the terms of this Agreement, Sponsor agrees to pay the Institution a total sum of $178,226. Actual charges shall be based
upon a rate of $3,359 per Subject. The maximum sum assumes completion of 45 Subjects in accordance to the work set forth
in the Protocol. A one time, non-refundable start-up fee of $19,032.30 (which includes institutional overhead) will be made within
30 days of full execution of the Agreement. Subsequent payments will be made quarterly, within forty-five (45) days of the end
of each calendar quarter, on a completed visit per subject. Invoices for the annual renewal fee shall be sent to Aethlon within
two (2) months from the date of incurrence of the invoice item. Payment includes all applicable overhead. Checks will be made payable
to Payee as listed above and will be sent to the address as listed under Payee.

 

 

 

 

 

 

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