Document:

EX-10.6

 Exhibit 10.6 

 

[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii)
would be competitively harmful if publicly disclosed. 

 LICENSE AGREEMENT 

Between: THE UNIVERSITY OF BRITISH COLUMBIA 

and 
 ABCELLERA
BIOLOGICS INC. 
 Table of Contents 
  

					
	 Article
	  	 	Page	 
		
	 1.0 DEFINITIONS
	  	 	2	 
	 2.0 PROPERTY RIGHTS IN & TO THE TECHNOLOGY
	  	 	7	 
	 3.0 GRANT OF LICENSE
	  	 	8	 
	 4.0 SUBLICENSING
	  	 	9	 
	 5.0 ROYALTIES
	  	 	11	 
	 6.0 ANNUAL LICENSE FEE AND EQUITY
	  	 	12	 
	 7.0 PATENTS
	  	 	13	 
	 8.0 DISCLAIMER OF WARRANT
	  	 	14	 
	 9.0 INDEMNITY & LIMITATION OF LIABILITY
	  	 	16	 
	 10.0 PUBLICATION & CONFIDENTIALITY
	  	 	16	 
	 11.0 PRODUCTION & MARKETING
	  	 	17	 
	 12.0 ACCOUNTING RECORDS & REPORTS
	  	 	18	 
	 13.0 INSURANCE
	  	 	19	 
	 14.0 ASSIGNMENT
	  	 	20	 
	 15.0 GOVERNING LAW
	  	 	20	 
	 16.0 NOTICES
	  	 	20	 
	 17.0 TERM
	  	 	20	 
	 18.0 TERMINATION OF AGREEMENT
	  	 	21	 
	 19.0 MISCELLANEOUS COVENANTS OF LICENSEE
	  	 	22	 
	 20.0 MANAGEMENT OF CONFLICTS OF INTEREST
	  	 	23	 
	 21.0 GENERAL
	  	 	23	 

 Schedules 

“A” Description of “Technology” 

“B” Payment Report 

“C” UBC License Agreement Annual Report 

“D” Address for Notices & Payment Instructions 

 LICENSE AGREEMENT 

BETWEEN: 
 THE UNIVERSITY OF BRITISH
COLUMBIA, a corporation continued under the University Act of British Columbia with offices at #103-6190 Agronomy Road, Vancouver, British Columbia, V6T 1Z3 

(“UBC”) 
 AND: 

ABCELLERA BIOLOGICS INC., a corporation incorporated under the laws of British Columbia, with a registered office at P.O. Box 10424,
Pacific Centre, 1300 - 777 Dunsmuir Street, Vancouver, BC, V7Y 1K2 
 (the “Licensee”) 

WHEREAS: 
 A. UBC has been engaged in research during the
course of which it has invented, developed and/or acquired certain technology, which research was undertaken by Dr. Carl Hansen of the UBC Department of Physics and Astronomy (the “Investigator”); 

B. It is UBC’s objective to mobilize its technology for the public benefit, and in a manner consistent with its Global Access Principles, and status as a
non-profit, tax exempt educational institution; and 
 C. The Licensee and UBC have agreed to enter into this
license on the terms and conditions set out in this Agreement. 
 THE PARTIES AGREE AS FOLLOWS: 

 

	1.0	 DEFINITIONS 

1.1 In this Agreement: 
  

	 	(a)	 “Affiliated Company” or “Affiliated Companies” means two or more corporations
if the relationship between them is one in which one of them is a subsidiary of the other, or both are subsidiaries of the same corporation, or 50% or more of the voting shares of each of them is owned or controlled by the same person, corporation
or other legal entity; 

  

	 	(b)	 “Agreement” means this license agreement; 

 

	 	(c)	 “Annual License Fee” is defined in Article 6.1; 

 

	 	(d)	 “Annual Report” means a report in the form referred to in Article 12; 

 

	 	(e)	 “Antibody Field of Use” means Microfluidic devices, instrumentation, methods, and other items
specifically for the combination of: 

  

	 	(i)	 the analysis of antibodies expressed by single cells for the purpose of identifying, screening, selecting or
producing antibodies, followed by 

  

	 	(ii)	 the genetic analysis of single cells for the purpose of identifying, screening, selecting or producing
antibodies; 

  
 2 

	 	(f)	 “Cellular Components” means substances or products of cells such as proteins or antibodies
that are discovered or generated using the Technology or Improvements; 

  

	 	(g)	 “Confidential Information” means all information, regardless of its form:

  

	 	(i)	 disclosed by UBC to the Licensee and designated by UBC as confidential, whether orally or in writing, including
without limitation all information and documents related to the Technology or any Improvements (including all derived analyses and conclusions) and the terms and conditions of this Agreement; or 

 

	 	(ii)	 disclosed by the Licensee to UBC and which is clearly identified in writing as “Confidential”,

 except that “Confidential Information” does not include information: 

 

	 	(iii)	 possessed by the recipient (the “Recipient”) before receipt from the disclosing party (the
“Discloser”), other than through prior disclosure by the Discloser, as evidenced by the Recipient’s business records; 

  

	 	(iv)	 published or available to the general public otherwise than through a breach of this Agreement;

  

	 	(v)	 obtained by the Recipient from a third party with a valid right to disclose it, provided that the third party
is not under a confidentiality obligation to the Discloser; or 

  

	 	(vi)	 independently developed by employees, agents or consultants of the Recipient who had no knowledge of or access
to the Discloser’s information as evidenced by the Recipient’s business records; 

  

	 	(h)	 “Cluster” means populations of 100 or fewer single cells; 

 

	 	(i)	 “Core Patents” means collectively the rights in and to any and all inventions which are
disclosed in the patent applications identified in Schedule “A”, including: 

  

	 	(i)	 counterparts, continuations, divisionals, continuing prosecution applications, and requests for continued
examinations, extensions, term restorations, renewals, reissues, re-examinations, or substitutions thereof; 

  

	 	(ii)	 corresponding international patent applications; 

 

	 	(iii)	 corresponding foreign patent applications, including supplementary protection certificates and other
administrative protections; and 

  

	 	(iv)	 international and foreign counterpart patents resulting therefrom, 

all of which will be deemed added, from time to time, to Schedule “A”; 

 

	 	(j)	 “Core Technology” means the Core Patents and any directly related knowledge, know-how and/or technique or techniques developed before the Start Date by the Investigator while employed at UBC; 

  

	 	(k)	 [***]; 

  

	 	(l)	 “Digital PCR Field of Use” means use of the inventions disclosed and/or claimed in the Digital
PCR Patents in the field of Microfluidics; 

  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 3 

	 	(m)	 “Digital PCR Improvements” means improvements, variations, updates, modifications, and
enhancements relating to the Digital PCR Patents that are made and/or acquired by the Investigator while employed by UBC or UBC employed researchers working under the direction of the Investigator; 

 

	 	(n)	 “Digital PCR Patents” means: 

 

	 	(i)	 international patent application number PCT/CA2008/001985 entitled “Microfluidic Device and Method of
Using Same” and 

  

	 	(ii)	 any patents and patent applications filed to cover Digital PCR Improvements, 

and, with respect to both (i) and (ii) above, all: 
  

	 	(iii)	 counterparts, continuations, divisionals,
continuations-in-part, continuing prosecution applications, requests for continued examinations, extensions, term restorations, renewals, reissues, re-examinations, substitutions thereof; 

  

	 	(iv)	 corresponding international patent applications; 

 

	 	(v)	 corresponding foreign patent applications, including supplementary protection certificates and other
administrative protections; 

  

	 	(vi)	 and international and foreign counterparts resulting therefrom; 

 

	 	(o)	 “Effective Termination Date” means the date on which this Agreement is terminated under
Article 18; 

  

	 	(p)	 “Excluded Fields of Use” means individually and collectively the Single Cell Field of Use,
Diagnostics Field of Use, Sample Preparation for Sequencing Field of Use, and Nanoparticle Field of Use; 

  

	 	(q)	 “First Use of the Technology” means the earlier of either: 

 

	 	(i)	 the first use of the Technology or any Improvement, or 

 

	 	(ii)	 the first sale of a Product or provision of a Service, 

in exchange for valuable consideration; 
  

	 	(r)	 “FOU Patents” means collectively the rights in and to any and all inventions which are
disclosed in the patent applications identified in Schedule “A-1”, including: 

  

	 	(i)	 counterparts, continuations, divisionals, continuing prosecution applications, and requests for continued
examinations, extensions, term restorations, renewals, reissues, re-examinations, or substitutions thereof; 

  

	 	(ii)	 corresponding international patent applications; 

 

	 	(iii)	 corresponding foreign patent applications, including supplementary protection certificates and other
administrative protections; and 

  
 4 

	 	(iv)	 international and foreign counterpart patents resulting therefrom, all of which will be deemed added, from time
to time, to Schedule “A-1” for use in fields of use wholly outside the Excluded Fields of Use; 

  

	 	(s)	 “FOU Technology” means the FOU Patents and any directly related knowledge, know-how and/or technique or techniques developed before the Start Date by the Investigator while employed at UBC; 

  

	 	(t)	 “Improvements” means collectively the UBC Improvements, Licensee Improvements and Joint
Improvements. For clarity, Improvements do not include Cellular Components; 

  

	 	(u)	 “Initial License Fee” is defined in Article 3.6; 

 

	 	(v)	 “Investigator” is defined in Recital “A”; 

 

	 	(w)	 “Joint Improvements” means improvements, variations, updates, modifications and enhancements
relating to the Technology made and/or acquired at any time after the Start Date: 

  

	 	(i)	 solely by the Investigator while employed at UBC and/or any UBC researchers working under the direction of the
Investigator, and 

  

	 	(ii)	 the Licensee, which improvements, variations, updates, modifications or enhancements cannot be legally used or
practiced without infringing the Patents. For greater clarity Joint Improvements will not include (and will specifically exclude) any Digital PCR Improvements; 

 

	 	(x)	 “Licensee Improvements” means improvements, variations, updates, modifications and
enhancements relating to the Technology made and/or acquired at any time after the Start Date by the Licensee, which improvements, variations, updates, modifications or enhancements cannot be legally used or practiced without infringing the
Patents.; For greater clarity, improvements, variations, updates, modifications and enhancements relating to the Technology made and/or acquired at any time after the Start Date by either: 

 

	 	(i)	 the Investigator as an employee of, or consultant to, the Licensee while concurrently holding an academic
position or position of employment at UBC; or 

  

	 	(ii)	 by any other researcher as an employee of, or consultant to, the Licensee while concurrently holding an
academic position or position of employment at UBC; 

 will not be treated as Licensee Improvements and will instead be
treated as, and included in, UBC improvements; 
  

	 	(y)	 “Microfluidic(s)” means transporting fluids or gasses using chips or other substrates having
at least one well, via, reservoir, reaction chamber, valve, or channel with a feature size of 500 microns or less, including associated instruments and devices to the extent used to perform such microfluidics; 

 

	 	(z)	 “Nanoparticle” means an homogeneous particle comprising more than one component material (for
instance nucleic acid, protein, lipid, etc.) and having a smallest dimension that is less than 250 nanometers; 

  

	 	(aa)	 [***]; 

  

	 	(bb)	 “Objectionable Material” is defined in Article 10.3; 

 

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 5 

	 	(cc)	 “Patents” means collectively the Core Patents and the FOU Patents. For greater clarity the
Patents will not include (and will specifically exclude) the Digital PCR Patents; 

  

	 	(dd)	 “Payment Report” means a report in the form referred to in Article 12 setting out in detail
how the amount of Revenue and Sublicensing Revenue was determined; 

  

	 	(ee)	 “Product(s)” means any product, the manufacture, use, importation, sale or offer for sale of
which in the absence of this Agreement would constitute an infringement of a Valid Claim of the Patents or any Valid Claim of a patent filed to cover or claim any Improvement(s); 

 

	 	(ff)	 “Qualified Investment” means completion of an equity financing under which shares of the
Licensee are acquired for net proceeds to the Licensee of not less [***]; 

  

	 	(gg)	 “Research Chair Agreement” means the chair agreement entered into between UBC and a 3rd party
industry sponsor on January 25, 2011 which supports research and development activities of the Investigator and UBC employed researchers working under the direction of the Investigator; 

 

	 	(hh)	 “Revenue” means and includes all revenues, development fees or commercialization fees,
receipts, money, and the fair market value of any shares or other securities when such securities are liquid and transferable free of any mandatory hold period and all other consideration received and/or collected directly or indirectly by the
Licensee, whether by way of cash, cash receipts, cheques, bank drafts, credit, money orders or other value, from the marketing and manufacturing, sale lease, use or distribution of the Technology and Improvements or any Products or Services in any
or all parts of the world. Revenues will also include fees that are characterized as research or development fees but solely to the extent such fees are in excess of the direct reimbursement for the actual costs of research and development
(including a reasonable allocation of overhead) incurred by the Licensee relating to the Technology and Improvements (which direct reimbursement may be in the form of payments in the form of reasonable and typical FTE rates), and that any amounts
received by the Licensee as reimbursement for the actual costs of research and development shall not be included; 

  

	 	(ii)	 “Royalty Due Dates” means the last day of March, June, September and December of each year
during the Term; 

  

	 	(jj)	 [***]; 

  

	 	(kk)	 “Services” means any method or service that is performed, provided or sold by the Licensee for
an unrelated third party which in the absence of this Agreement would infringe a Valid Claim of the Patents or any Valid Claim of a patent filed to cover or claim any Improvement(s), or which utilizes or incorporates a Product;

  

	 	(ll)	 [***]; 

  

	 	(mm)	 “Start Date” means December 8th, 2013; 

 

	 	(nn)	 “Sublicensing Revenue” means all revenues, receipts, monies, and the fair market value of any
shares or other securities and all other consideration directly or indirectly collected or received whether by way of cash, credit or other value received by the Licensee under each agreement relating to sublicense, grant or transfer of the
Licensee’s rights in the Technology and any Improvements, and/or any Products or Services whether by way of sublicense, assignment development agreement or otherwise. Without limiting the generality of the forgoing Sublicensing Revenue will
include all: 

  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 6 

	 	(i)	 milestone payments, royalties, license fees, option fees, and the fair market value of all consideration
received in connection with any assignment or transfer of the Licensee’s rights in the Technology and any Improvements, and/or any Products or Services; and 

 

	 	(ii)	 research or development fees in excess of the direct reimbursement for the actual costs of such research and
development incurred by the Licensee under a written research plan and agreement, 

 received by the Licensee from any
sublicensee or assignee relating to the Licensee’s rights in the Technology, Improvements, Products or Services; 
  

	 	(oo)	 “Technology” means collectively the Core Technology and the FOU Technology;

  

	 	(pp)	 “Term” is defined in Article 17.1; 

 

	 	(qq)	 “UBC Improvements” means improvements, variations, updates, modifications and enhancements
relating to the Technology made and/or acquired at any time after the Start Date by: 

  

	 	(i)	 the Investigator while employed at UBC, or 

 

	 	(ii)	 any UBC researcher working under the direction of the Investigator; 

which improvements, variations, updates, modifications or enhancements cannot be legally used or practiced without infringing the Patents. For
greater clarity UBC Improvements will not include (and will specifically exclude) any Digital PCR Improvements; 
  

	 	(rr)	 “UBC Trade-marks” means any mark, trade-mark, service mark, logo, insignia, seal, design,
symbol or device used by UBC in any manner at all; and 

  

	 	(ss)	 “Valid Claim” means: 

 

	 	(i)	 a claim in any issued and unexpired patent that has not been: 

 

	 	(A)	 abandoned or disclaimed; or 

 

	 	(B)	 held invalid by a decision by a court or other appropriate body of competent jurisdiction, provided, however,
if the decision of such court or body is later reversed or otherwise becomes nonbinding, such claim shall be reinstated as a Valid Claim; or 

  

	 	(ii)	 a claim in any pending patent application that has not been held unpatentable by a final decision of the
relevant patent office; provided, however, that such claim is diligently and continuously prosecuted to a final patent office decision within 6 years of when it could have been originally presented in an application and if the decision of such
patent office is later reversed or otherwise becomes nonbinding, such claim shall be reinstated as a Valid Claim; which for the purposes of this Agreement shall be treated as if such pending claim were issued in its then current form.

  

	2.0	 PROPERTY RIGHTS IN & TO THE TECHNOLOGY 

2.1 UBC and the Licensee acknowledge and agree that: 

  
 7 

	 	(a)	 UBC owns all right, title and interest in and to the Patents, the Digital PCR Patents, the Digital PCR
Improvements, the UBC Improvements and the Joint Improvements; 

  

	 	(b)	 the Licensee will own all right, title and interest in and to the Licensee Improvements. 

2.2 The Licensee will, at the request of UBC, sign all documents as may be required to ensure that ownership of the Patents, the Digital PCR Patents, the
Digital PCR Improvements, the UBC Improvements and the Joint Improvements vest and remain with UBC. 
 2.3 On the last working day of June and December of
each year during the Term, the Licensee will give notice to UBC of the details of all Improvements which the Licensee and any sublicensees of the Licensee have developed and/or acquired during the previous 6 month period. 

 

	3.0	 GRANT OF LICENSE 

3.1 Subject to Article 3.5 and the condition precedent in Article 6.4, UBC grants to the Licensee on the terms and conditions set out in this Agreement: 

 

	 	(a)	 a worldwide, exclusive license to use and sublicense the Core Technology and to manufacture, have made,
distribute and sell the Products and provide Services made from or based on the Core Technology; 

  

	 	(b)	 a worldwide, exclusive license to use and sublicense the FOU Technology solely within the Antibody Field of Use
(but not the Excluded Fields of Use), and to manufacture, have made, distribute and sell Products and provide Services made from or based on the FOU Technology solely within the Antibody Field of Use (but not the Excluded Fields of Use); and

  

	 	(c)	 a worldwide, exclusive license to use and sublicense the UBC Improvements and/or Joint Improvements solely
within the Antibody Field of Use (but not the Excluded Fields of Use), and to manufacture, have made, distribute and sell Products and provide Services made from or based on the UBC Improvements and/or Joint Improvements solely in the Antibody Field
of Use (but not the Excluded Fields of Use). 

 3.2 For greater clarity it is confirmed that: 

 

	 	(a)	 all UBC Improvements and/or Joint Improvements made and/or acquired after the Start Date will be licensed to
the Licensee solely within the Antibody Field of Use, and that the Licensee will have no right to practice such UBC Improvements and/or Joint Improvements in the Excluded Fields of Use; and 

 

	 	(b)	 except for the rights expressly granted to the Licensee under this Agreement, no other license, right, title or
interest of any nature whatsoever is granted hereunder to Licensee by implication, estoppel, reliance or otherwise. Without limiting the generality of the foregoing, Licensee acknowledges that nothing in this Agreement confers by implication,
estoppel, reliance or otherwise any license, right or freedom to operate to or under: 

  

	 	(i)	 the Digital PCR Patents and/or any Digital PCR Improvements; 

 

	 	(ii)	 any other intellectual property rights owned by UBC (or licensed by UBC to any third party), regardless of
whether such other intellectual property rights are dominant or subordinate to the Technology or any UBC Improvements or Joint Improvements. 

  
 8 

	 	(c)	 during the Term of this Agreement any technology, UBC Improvements, Joint Improvements and/or Digital PCR
Improvements developed by the Investigator, or by any researcher working under the direction of the Investigator, will be disclosed to UBC. The Licensee acknowledges that UBC will then have the right to disclose such technology; UBC Improvements,
Joint Improvements and/or Digital PCR Improvements under a confidentiality agreement to 3rd party research sponsors and licensees of UBC’s in the Excluded Fields of Use and/or the Digital PCR Field of Use and such 3rd party research sponsors or
licensees shall, depending on their agreements with UBC have the right to either: 

  

	 	(i)	 obtain a royalty-bearing, exclusive or non-exclusive license to use and
exploit the technology, UBC Improvements, Joint Improvements and/or Digital PCR Improvements in one or more of the Excluded Fields of Use or the Digital PCR Field of Use; or 

 

	 	(ii)	 include such technology, UBC Improvements, Joint Improvements and/or Digital PCR Improvements under an existing
license within one or more of the Excluded Fields of Use or the Digital PCR Field of Use. 

 3.3 The license granted under this Agreement
is granted only to the Licensee and not to any Affiliated Companies, consent not to be unreasonably withheld or delayed. 
 3.4 The Licensee will not
cross-license the Technology or any Improvements without the prior written consent of UBC, consent not to be unreasonably withheld or delayed. 
 3.5 The
Licensee acknowledges and agrees that UBC may use the Technology and any Improvements without charge in any manner at all for research, scholarly publication, educational and all other non-commercial uses.

 3.6 As a condition of UBC granting this license, the Licensee agrees to pay to UBC an initial license fee of [***] (the “Initial License
Fee”). The first half of the Initial License Fee, [***] will be paid by the Licensee as soon as possible after execution of this Agreement and in any event no later than 6 months from the Start Date. The second half of the Initial License
Fee, [***] will be paid by the Licensee as soon as possible after 6 months from the Start Date and in any event no later than 12 months from the Start Date. Once paid to UBC the Initial License Fee will not be refunded to the Licensee (in whole or
in part) under any circumstances. 
 3.7 UBC may register a financing statement regarding this Agreement under the Personal Property Security Act of
British Columbia and/or under similar legislation in those jurisdictions in which the Licensee carries on business and/or has its chief place of business. The Licensee will pay for all costs associated with such registrations. 

3.8 The Licensee will give notice to UBC if it is carrying on business and/or locates its chief place of business in a jurisdiction outside British Columbia
before starting business in that other jurisdiction. If UBC has registered a financing statement under Article 3.7, the Licensee will file within 15 days of any change in jurisdiction, the appropriate documents in the Personal Property Registries or
similar registries outside of British Columbia to document the change in jurisdiction and will provide UBC a copy of the verification statement regarding each filing within 15 days after receiving the verification statement. The Licensee will pay
for all costs associated with the registrations under this Article 3.8. 
  

	4.0	 SUBLICENSING 

4.1 The Licensee may not sublicense to [***] without UBC’s consent. 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 9 

 4.2 Except as provided in this Article 4.2, the Licensee will not grant sublicenses of the Technology and/or
any Improvements to Affiliated Companies or other third parties without the prior written consent of UBC, which consent will not be unreasonably withheld or delayed. After obtaining UBC’s consent, the Licensee will provide UBC with a signed
copy of each sublicense agreement granted within 30 days of it being signed by the Licensee and the sublicensee. Such sublicense agreements will be considered to be Confidential Information of the Licensee, and will be subject to the Confidentiality
provisions of Article 10.0. The Licensee shall not be obligated to obtain UBC’s consent to the granting of a sublicense agreement to any sublicensee that has a market capitalization in excess of [***] and revenues in excess of [***] at the time
of the granting of such sublicense agreement. All sublicense agreements shall be consistent with this Agreement and in full compliance with Article 4.3 of this Agreement: 

4.3 Any sublicense granted by the Licensee in accordance with Article 4.2 shall be granted only in accordance with the following terms and conditions: 

 

	 	(a)	 any sublicense of the Core Technology may be granted in any field of use; and 

 

	 	(b)	 any sublicense of the FOU Technology may be granted solely within the Antibody Field of Use (but not within the
Excluded Fields of Use) provided that: 

  

	 	(c)	 all such sublicense agreements shall be consistent, and not conflict, with the relevant terms of this
Agreement; 

  

	 	(d)	 all sublicenses must contain covenants by each sublicensee to observe and perform terms and conditions similar
to those contained in this Agreement, as reasonably applicable to each sublicensee, including without limitation: Articles 2.1, 3.1, 3.2, 3.3, 3.4, 3.5. 7.6, 7.7, 8.1, 8.2, 8.3, 8.4, 9.1, 9.2, 9.3, 9.4, 10.1, 10.3, 11.1, 12.1, 13.4,18.3, 19.2, 20.1,
and 20.2; 

  

	 	(e)	 the Licensee will guarantee and remain responsible for the compliance by all its sublicensees with the relevant
terms of such sublicense agreements as if such performance were carried out by the Licensee itself. Any breach by a sublicensee may be treated by UBC as a breach by the Licensee of this Agreement and shall entitle UBC, following the delivery of a
written notice of default to the Licensee (and if applicable an opportunity to cure any such default of at least 90 days which cure may include Licensee terminating the sublicense with the sublicensee who is in breach) to exercise its termination
rights against the Licensee; and 

  

	 	(f)	 the Licensee provides to UBC a non-redacted copy of each sublicense
agreement entered into by the Licensee within 30 days of signing the sublicense agreement. 

 4.4 Any sublicense agreement granted by the
Licensee will be granted only to the sublicensee and cannot be assigned or further sub-sublicensed (other than to a sub-sublicensee that has a market capitalization in
excess of [***] and revenues in excess of [***] at the time of the granting of such sub-sublicense agreement, provided always that such sub-sublicense agreement shall be
consistent with this Agreement and in full compliance with Articles 4.2 and 4.3) without the prior written consent of UBC, which consent will not be unreasonably withheld or delayed. All sublicense agreements (and permitted sub-sublicense agreements) must contain covenants by each sublicensee or sub-sublicensee to observe and perform terms and conditions similar to those contained in this
Agreement and shall comply with all of the provisions set out in Article 4.3. 
 4.5 On termination of this Agreement before the end of the Term, any
sublicense entered into by the Licensee prior to such termination shall remain in full force and effect so long as the sublicensee is not then in breach of its sublicense agreement, and provided that each such sublicensee: 

 

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 10 

	 	(a)	 will agree in writing to be bound to UBC as licensor under the terms and conditions of this Agreement to the
extent that such terms and conditions apply to the grant of such pre-termination sublicense; 

  

	 	(b)	 will negotiate in good faith with UBC an appropriate agreement, or amendment to this Agreement (an
“Amendment Agreement”), to substitute itself for the Licensee under terms substantially similar, in the aggregate, the terms of this Agreement, such Amendment Agreement to include the exclusivity or non-exclusivity (as the case may
be) and field of use as were granted from the Licensee to the sublicensee prior to the termination; 

  

	 	(c)	 shall agree in writing that UBC is not bound by any provision of the Licensee’s sublicense agreement to
perform or assume any actions, covenants or obligations that are uniquely personal to the Licensee, or which are not an action, covenant or obligation of UBC under this Agreement: for example research collaboration obligations, warranties or
indemnities of the Licensee or any other actions, covenants or obligations of the Licensee related to the use or development of the sublicensed technology; and 

 

	 	(d)	 will pay all of UBC’s legal costs that arise in connection with, extending such post-termination rights to
the sublicensee, including without limitation all costs that arise in connection with the negotiation of any agreements with the sublicensee including any Amendment Agreement. 

 

	5.0	 ROYALTIES 

5.1 In consideration of the license granted under this Agreement, the Licensee will pay to UBC a royalty equal to: 

[***] 
 5.2 With respect to Revenues, the parties
recognize that Licensee may need to obtain additional rights and licenses from arms-iength third parties in order to enable Licensee to use such third-party’s technology (the “Third Party Technology”) to optimally develop,
make, use, offer for sale, sell and/or import Products or Services. If Licensee’s total combined royalty burden on Revenue received by the Licensee with respect to any specific Products or Services exceeds the Royalty Stack Cap, as defined
below, then the royalty payable by Licensee to UBC on such Revenue shall be adjusted by an amount proportionate to the amount by which the total Royalty Stack exceeds the Royalty Stack Cap, as follows: 

[***] 
 5.3 The royalty is due and payable within
30 days of each respective Royalty Due Date and is to be calculated with respect to the Revenue and the Sublicensing Revenue in the 3 month period immediately before the applicable Royalty Due Date. 

5.4 All royalties paid by the Licensee to UBC under this Agreement will be in Canadian dollars without any reduction or deduction of any nature or kind at
all. [***]. 
 5.5 Products and Services are deemed to have been sold or provided by the Licensee and included in the Revenue when payment is received by
Licensee. The Licensee is deemed to receive Sublicensing Revenue when the consideration is due from the sublicensee. 
 5.6 Any transaction, disposition, or
other dealing involving all or part of the Technology or any Improvements, Products or Services, between the Licensee and another person that is not made at fair market value is deemed to have been made at fair market value, and the fair market
value of the transaction, disposition, or other dealing will be added to and deemed part of the Revenue or the Sublicensing Revenue, as the case may be, and will be included in the calculation of royalties under this Agreement. 

 

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 11 

	6.0	 ANNUAL LICENSE FEE AND EQUITY 

6.1 The Licensee will pay to UBC, in addition to all other amounts due under this Agreement, an annual license fee as set out in the table below (the
“Annual License Fee”): 
 [***] 

The Annual License Fee shall not be refundable under any circumstances, provided that the Annual License Fees that have been paid by the Licensee to UBC can
be deducted from royalty payments due to UBC under Article 5.1(a), once the royalty payments for the sale of Products or Services become due. 
 6.2 In
addition to the Initial License Fee under Article 3.6, the Licensee agrees to grant, issue and deliver to UBC on execution of this Agreement common voting shares in the capital of the Licensee (the “UBC Shares”), it being the
intention of the parties that the issuance of such UBC Founders Shares to UBC shall represent [***] the total shares in the capital of the Licensee issued by the Licensee to its founding shareholders (being composed of [***] execution of this
Agreement. For the purpose of [***] the shares issued by the Licensee to its founders shall be determined on a fully diluted basis taking into account all escrowed shares as if they had been released from escrow, and any rights to acquire any shares
of the Licensee under any option, warrant or right of conversion, as if such right had been fully exercised. 
 6.3 The UBC Shares shall be deemed to be
fully paid for by UBC as of the date of issuance and shall be the absolute property of UBC. Neither all nor any portion of the UBC Shares shall be refundable to Licensee under any circumstances. 

6.4 UBC will become a party to any shareholders’ agreement entered into between the Licensee and its founders. As a condition precedent to the execution
of this Agreement UBC shall have approved in writing the form of this shareholders agreement. Such shareholders agreement shall include: 
  

	 	(a)	 tag along rights preventing other shareholders of the Licensee (each a “Selling Shareholder”)
from selling any shares of the Licensee to any third party unless the UBC Shares are included, at the option of UBC, in such sale, pro rata based on the total number of shares owned by the Selling Shareholder(s) and UBC, and on the same terms and
conditions as those accepted by the Selling Shareholder(s). The shareholders agreement shall provide that these tag along rights will not apply to sales by a Selling Shareholder where the sale is made to a spouse of a Selling Shareholder or to a
company controlled by a Selling shareholder; and 

  

	 	(b)	 rights for the benefit of UBC that are not less favourable than the rights granted to the other founding
shareholders of the Licensee under the terms of such shareholders agreement. 

 [***]. 

6.5 Until the Licensee becomes a reporting issuer for equity securities under the Securities Act of British Columbia or under the applicable securities
legislation in any other jurisdiction which has jurisdiction over the issuance of shares by the Licensee, the Licensee shall provide to UBC within 90 days after the end of each fiscal year of the Licensee, financial statements of the Licensee
prepared by a reputable accounting firm. 
 6.6 The Licensee will use commercially reasonable efforts to cause all of the UBC Shares to be issued free from
any pooling, escrow or other trading restrictions placed on such shares by the Licensee or any regulatory authority having jurisdiction over the Licensee. The Licensee acknowledges and agrees that UBC shall have the right to transfer any or all of
the UBC Shares to a company or society of which UBC is the sole shareholder in the case of a company or of which UBC controls the membership, in the case of a society and/or to persons employed by UBC who have made a contribution to the invention or
development of the Technology or any UBC Improvements or Joint Improvements, and the Licensee shall take all steps or do such acts as may be reasonably required to allow such transfer or transfers. 

 

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 12 

 6.7 The Licensee acknowledges and agrees that it will comply with all applicable laws and legislation with
respect to the issuance of the UBC shares. If the Licensee files at any time a registration statement or prospectus with any securities authority, including the Securities and Exchange Commission in the U.S., the Licensee will to the fullest extent
permitted by applicable securities laws, include the registration of the UBC Shares under such securities registration. 
 6.8 Until the first Qualified
Investment is completed, the Licensee will not allow, or cause, a controlling interest in the Licensee to pass to any person or persons other than those having a controlling interest at the Start Date, whether by reason of purchase of shares or
otherwise without the prior written consent of UBC, not to be unreasonably withheld. 
 6.9 The Licensee further agrees that until the first Qualified
Investment is completed: 
  

	 	(a)	 the terms of any investment in the Licensee which requires or which might require the issue of shares or
securities of the Licensee, including any debt financing or an issue of convertible debt, shall be approved, in advance, in writing, by UBC, which approval will not be unreasonably withheld; 

 

	 	(b)	 any issue of shares or securities of the Licensee shall be approved, in advance, in writing, by UBC; and

  

	 	(c)	 after the third anniversary of the Start Date, the Licensee may request that the requirement for the approvals
set out in Article 6.10(a) and (b) be waived if the Licensee is of the view that a Qualified Investment will not be required for the operations of the Licensee. 

6.10 The Licensee will prior to execution of this Agreement: 
  

	 	(a)	 adopt a corporate governance structure that is reasonably acceptable to UBC, and approved by UBC in writing;
and 

  

	 	(b)	 obtain UBC’s approval in writing of the articles of incorporation of the Licensee. 

 

	7.0	 PATENTS 

7.1 During the term of the Research Chair Agreement and any extension or renewal thereof, UBC will manage the filing, maintenance and prosecution of the
Patents. The Licensee may identify any process, use or products arising out of the Technology and any UBC Improvements and/or Joint Improvements that may be patentable, and UBC at the reasonable request of the Licensee may take steps to apply for a
Patent in the name of UBC [***]. 
 7.2 On the filing of a Patent application under Article 7.1, the Licensee will become, solely within the fields of use
as licensed under Article 3, the licensee of the Patent on the terms and conditions set out in this Agreement. 
 7.3 Licensee shall pay all costs of
applying for, registering and maintaining the Patents. While UBC manages the filing, maintenance, and prosecution of the Patents, and subject to Article 7.5, the Licensee will: 

 

	 	(a)	 6 months from Start Date begin paying to UBC a patent management fee equal to [***] of all out of pocket fees,
costs and expenses incurred in connection with the Patents; and 

  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 13 

	 	(b)	 within 30 days of the date of any UBC invoice pay UBC for all out of pocket fees, costs and expenses incurred
in connection with the Patents (both before and after the Start Date). 

 7.4 Neither the above patent management fee nor the Patent costs
will be refunded to the Licensee (in whole or in part) under any circumstances. 
 7.5 The Licensee will pay UBC [***] the balance of all costs incurred up
to the date of execution of this Agreement, regarding any patents or patent applications relating to the Technology and any Improvements licensed under this Agreement in installments as follows; 

[***] 
 7.6 The Licensee will not contest the
validity or scope of: 
  

	 	(a)	 any Patents licensed under this Agreement; 

 

	 	(b)	 any patents developed by the Investigator and/or any UBC researchers working under the direction of the
Investigator, and licensed by UBC to a third party; or 

  

	 	(c)	 any patents licensed by UBC to [***]. 

7.7 To the extent that such marking is required by applicable law, the Licensee will ensure proper patent marking for all uses of the Technology and any
Improvements licensed under this Agreement and will clearly mark the appropriate Patent numbers on any Products made or Services provided using the Technology and any Improvements. 

7.8 If any Improvement is determined to be a Licensee Improvement, the Licensee will manage the filing, maintenance and prosecution of patents related to the
Licensee Improvements. On the expiry of the Research Chair Agreement, and on the written request of the Licensee, UBC will transfer to the Licensee responsibility for preparing, filing, prosecuting and maintaining the Core Patents (“Patent
Management”) in UBC’s name. UBC will own the Core Patents, the Licensee will be responsible for Patent Management, and will ensure that the Patents broadly claim for UBC’s benefit all inventions disclosed by the Technology and any
UBC and Joint Improvements. The Licensee will provide to UBC all material information and documents received, prepared or filed in connection with the Patents, and will notify and obtain UBC’s approval before taking any substantive actions
related to the Patent Management. The Licensee will not: 
  

	 	(a)	 limit the scope of, or abandon any claim within, or otherwise allow to lapse, any Patent; or

  

	 	(b)	 fail to maintain any Patent; 

in any country, without UBC’s prior written approval. If the Licensee intends to abandon, allow to lapse, or not continue the Patent Management of, a
Patent in any country, then the Licensee will not less than 30 days before any required action relating to such Patent notify UBC and UBC will then have the right, at its option, to assume the Patent Management of such Patent, in which case such
Patent will be excluded from the Patents licensed under this Agreement. 
  

	8.0	 DISCLAIMER OF WARRANTY 

8.1 UBC makes no representations, conditions or warranties, either express or implied, regarding the Technology, any Improvements, Products or Services.
Without limitation, UBC specifically disclaims any implied warranty, condition or representation that the Technology, any Improvements, Products or Services: 
  

	 	(a)	 correspond with a particular description; 

 

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 14 

	 	(b)	 are of merchantable quality; 

 

	 	(c)	 are fit for a particular purpose; or 

 

	 	(d)	 are durable for a reasonable period of time. 

UBC is not liable for any loss, whether direct, consequential, incidental or special, which the Licensee or other third parties suffer arising from any
defect, error or fault of the Technology, any Improvements, Products or Services, or their failure to perform, even if UBC is aware of the possibility of the defect, error, fault or failure. The Licensee acknowledges that it has been advised by UBC
to undertake its own due diligence regarding the Technology, any Improvements, Products or Services. 
 8.2 Nothing in this Agreement: 

 

	 	(a)	 constitutes a warranty or representation by UBC as to title to the Technology or any Improvements or that
anything made, used, sold or otherwise disposed of under the license granted in this Agreement will not infringe the patents, copyrights, trade-marks, industrial designs or other intellectual property rights of any third parties, or any patents,
copyrights, trade-marks, industrial design or other intellectual property rights owned, in whole or in part, by UBC, or licensed by UBC to any third parties; 

  

	 	(b)	 constitutes an express or implied warranty or representation by UBC that the Licensee has, or will have the
freedom to operate or practice the Technology or any Improvements, or the freedom to make, have made, use, sell or otherwise dispose of Products or provide Services; or 

 

	 	(c)	 imposes an obligation on UBC to bring, prosecute or defend actions or suits against third parties for
infringement of patents, copyrights, trade-marks, industrial designs or other intellectual property or contractual rights. 

 8.3
Notwithstanding Article 8.2, if there is an alleged infringement of the Technology or any UBC Improvements or Joint Improvements or any right with respect to the Technology or any UBC Improvements or Joint Improvements, the Licensee may, on
receiving the prior written consent of UBC which is not to be unreasonably withheld or delayed, prosecute litigation designed to enjoin, address, or abate the infringers of the Technology or any UBC Improvements or Joint Improvements. Provided that
it has first granted its prior written consent, which shall not be unreasonably withheld or delayed, UBC agrees to reasonably co-operate to the extent of signing all necessary documents and to vest in the
Licensee the right to start the litigation, provided that all the direct and indirect costs and expenses of bringing and conducting the litigation or settlement are paid by the Licensee and all recovered damages and payments collected be deemed
Sublicensing Fees for the purpose of calculating royalties owed to UBC under this Agreement, provided that the Licensee may deduct legal fees incurred by the Licensee expended solely for the purpose of prosecuting such infringement from such
recovered damages and payments. 
 8.4 If any complaint alleging infringement of any patent or other proprietary rights is made against the Licensee or a
sublicensee of the Licensee regarding the use of the Technology or any UBC Improvements or Joint Improvements or the development, manufacture, use or sale of the Products or provision of Services, the following procedure will be adopted: 

 

	 	(a)	 the Licensee will promptly notify UBC on receipt of the complaint and will keep UBC fully informed of the
actions and positions taken by the complainant and taken or proposed to be taken by the Licensee on behalf of itself or a sublicensee; 

  

	 	(b)	 except as provided in Article 8.4(d), all costs and expenses incurred by the Licensee or any sublicensee of the
Licensee in investigating, resisting, litigating and settling the complaint, including the payment of any award of damages and/or costs to any third party, will be paid by the Licensee or any sublicensee of the Licensee, as the case may be;

  
 15 

	 	(c)	 no decision or action concerning or governing any final disposition of the complaint will be taken without full
consultation with, and approval by, UBC which approval shall not be unreasonably withheld or delayed; 

  

	 	(d)	 UBC may elect to participate as a party in any litigation involving the complaint to the extent that the court
may permit, but any additional expenses generated by such participation will be paid by UBC (subject to the possibility of recovery of some or all of the additional expenses from the complainant); and 

 

	 	(e)	 the Licensee will pay all royalties payable under Article 5.1 of this Agreement to UBC in trust from the date
UBC receives notice of the complaint and until a resolution of the complaint has been finalized. If the complainant is successful, then the royalties paid to UBC in trust under this Articles 8.4(e) will be returned to the Licensee, provided that the
amount being returned to the Licensee is no more than the amount paid by the Licensee to the complainant in the settlement or other disposition of the complaint. If the complainant does not succeed, then UBC retains all royalties paid to it under
this Article 8.4(e). 

  

	9.0	 INDEMNITY & LIMITATION OF LIABILITY 

9.1 The Licensee indemnifies, holds harmless and defends UBC, its Board of Governors, officers, employees, faculty, students, invitees and agents against any
and all claims (including all associated legal fees and disbursements actually incurred) arising out of the exercise of any rights under this Agreement, including without limitation against any damages or losses, consequential or otherwise, arising
in any manner at all from or out of the use of the Technology, any Improvements, Products or Services licensed under this Agreement by the Licensee or sublicensees, or their respective customers or end-users.

 9.2 UBC’s total liability, whether under the express or implied terms of this Agreement, in tort (including negligence) or at common law, for any
loss or damage suffered by the Licensee, whether direct, indirect or special, or any other similar damage that may arise or does arise from any breaches of this Agreement by UBC, its Board of Governors, officers, employees, faculty, students or
agents, is limited to [***]. 
 9.3 [***]. 
 9.4
Notwithstanding the termination or expiration of this Agreement, the rights and obligations in Article 9 will survive and continue to bind the Licensee and its successors and permitted assigns. 

 

	10.0	 PUBLICATION & CONFIDENTIALITY 

10.1 Each party will keep and use the other party’s Confidential Information in confidence and will not, without the other party’s prior written
consent, disclose the other party’s Confidential Information to any person or entity, except to the party’s directors, officers, employees, faculty, students, investors, potential investors, and professional advisors who require the
Confidential Information to assist such party in performing its obligations under this Agreement. The Licensee will maintain an appropriate internal program limiting the distribution of UBC’s Confidential Information to only those officers,
employees, investors, potential investors, and professional advisors who require such Confidential Information in performing the Licensee’s obligations under this Agreement and who have signed appropriate
non-disclosure agreements. 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

  
 16 

 10.2 Any party required by judicial or administrative process to disclose the other party’s
Confidential Information, will promptly notify the other party and allow it reasonable time to oppose the process before disclosing the Confidential Information. 

10.3 UBC is not restricted from presenting at symposia, national or regional professional meetings, or from publishing in journals or other publications,
accounts of its research relating to the Technology and any UBC Improvements and Joint Improvements, provided that with respect to the Confidential Information only, the Licensee is provided with copies of the proposed disclosure at least 60 days
before the presentation or publication date and does not, within 30 days after delivery of the proposed disclosure, give notice to UBC indicating that it objects to the proposed disclosure. Any objection to a proposed disclosure will specify the
portions of the proposed disclosure considered objectionable (the “Objectionable Material”). On receiving notice from the Licensee that any proposed disclosure contains Objectionable Material, UBC and the Licensee agree to work
together to revise the proposed disclosure to remove or alter the Objectionable Material in a manner acceptable to both the Licensee and UBC, in which case the Licensee will withdraw its objection. UBC is not restricted from publishing or presenting
the proposed disclosure as long as the Objectionable Material has been removed. Any Objectionable Material will not be disclosed for 6 months from the date UBC delivered the proposed disclosure to the Licensee. After 6 months from the date UBC
delivered the proposed disclosure to the Licensee, UBC is free to present and/or publish the proposed disclosure whether or not it contains Objectionable Material. For greater clarity, UBC will not publish confidential business information of the
Licensee without prior written approval from the Licensee. 
 10.4 The Licensee requires of UBC, and to the extent permitted by law UBC agrees, that this
Agreement, and each part of it, is confidential and will not be disclosed to third parties, as the Licensee claims that the disclosure would or could reveal commercial, scientific or technical information and would significantly harm the
Licensee’s competitive position and/or interfere with the Licensee’s negotiations with prospective sublicensees. Notwithstanding anything contained in Article 10, the Licensee acknowledges and agrees that UBC may identify the title of this
Agreement, the parties to this Agreement and the names of the inventors of the Technology and any Improvements, and that UBC may also disclose to the inventors the amount of all payments made to UBC by the Licensee under this Agreement, the manner
or method by which such payments were calculated and all Payment Reports delivered to UBC by the Licensee in connection with such payments. 
 10.5
Notwithstanding the termination or expiration of this Agreement, the rights and obligations in Article 10 survive and continue to bind the parties, their successors and permitted assigns. 

 

	11.0	 PRODUCTION & MARKETING 

11.1 The Licensee will not use the UBC Trade-marks or make reference to UBC or its name in any advertising or publicity, without the prior written consent of
UBC. Without limitation, the Licensee will not issue a press release regarding this Agreement or the Technology or any UBC Improvements or Joint Improvements without first obtaining UBC’s written approval. If the Licensee is required by law to
act in breach of this Article, the Licensee will provide UBC with sufficient prior notice to permit UBC to bring an application or other proceeding to contest the requirement. 

11.2 The Licensee will obtain the infrastructure, expertise and resources to: 
  

	 	(a)	 develop and commercialize the Technology and any UBC Improvements and Joint Improvements;

  

	 	(b)	 track and monitor on an ongoing basis performance under the terms of each sublicense entered into by the
Licensee; 

  

	 	(c)	 handle the Technology and any UBC Improvements and Joint Improvements with care and without danger to the
Licensee, its employees, agents, or the public. 

  
 17 

 11.3 The Licensee will, throughout the Term: 

 

	 	(a)	 Allocate to the development and commercialization of the Technology and any UBC Improvements and Joint
Improvements a commercially reasonable degree of diligence, expertise, infrastructure, and resources, and 

  

	 	(b)	 use commercially reasonable efforts to promote, market and sell the Products and Services and exploit the
Technology and any UBC Improvements and Joint Improvements and to meet or cause to be met the market demand for the Products and Services and the potential use of the Technology and any UBC Improvements and Joint Improvements. 

 

	12.0	 ACCOUNTING RECORDS & REPORTS 

12.1 The Licensee will maintain at its principal place of business, or another place as may be most convenient, separate accounts and records of all Revenues,
sublicenses and Sublicensing Revenues and all business done in connection with the Technology, any Improvements, Products and Services. The accounts and records will be in sufficient detail to enable proper returns to be made under this Agreement
and the Licensee will cause its sublicensees to keep similar accounts and records. 
 12.2 The Licensee will complete and deliver to UBC: 

 

	 	(a)	 within 30 days of each and every Royalty Due Date, a completed Payment Report in the form attached as Schedule
“B”, (or an amended form as required by UBC from time to time) together with the royalty payable under this Agreement. A separate Payment Report will be prepared and delivered for each sublicense, including an accounting statement setting
out in detail how the amount of Sublicensing Revenue was determined and identifying each sublicensee and the location of the business of each sublicensee. The first Payment Report will be submitted within 30 days of the first Royalty Due Date after
the receipt of the first Revenue or Sublicensing Revenue, and thereafter a Payment Report will be delivered every 3 months regardless of whether any Revenue or Sublicensing Revenue was received in the preceding period; and 

 

	 	(b)	 on or before December 31 of each year during the Term, starting on December 31, 2014 an Annual Report
in the form attached as Schedule “C” (or an amended form as required by UBC from time to time). 

 12.3 The calculation of
royalties will be carried out in accordance with generally accepted Canadian accounting principles, including the International Financial Reporting Standards (IFRS) applied on a consistent basis. 

12.4 The Licensee will retain the accounts and records referred to in Article 12.1 for at least 6 years from when they were made and will permit a nationally
recognized accounting firm, who is under confidentiality, to inspect, at UBC’s expense, the accounts and records during the Licensee’s normal business hours. The Licensee will provide to the representative all reasonable evidence necessary
to verify the accounts and records and will allow copies to be made of the accounts, records and agreements. If an inspection of the Licensee’s records by UBC shows an under-reporting or underpayment by the Licensee of any amount to UBC, by
more than 5% for any 12 month period, then the Licensee will reimburse UBC for the cost of the inspection as well as pay to UBC any amount found due (including any interest) within 30 days of notice by UBC to the Licensee. 

12.5 UBC will use reasonable efforts to ensure that all information provided to UBC or its representatives under this Article remains confidential and is
treated as confidential by UBC. 

  
 18 

	13.0	 INSURANCE 

13.1 During the Term (and for a period which is the longer of either 3 years after the end of the Term, or 3 years after the last Product or Service is sold)
the Licensee will procure and maintain insurance (including public liability and commercial general liability insurance), as would be acquired by a reasonable and prudent businessperson carrying on a similar line of business. 

13.2 Notwithstanding Article 13.1, one month before the First Use of the Technology or any Improvement, the Licensee will give notice to UBC of the terms and
amount of the product liability, public liability, and commercial general liability insurance and such other types of insurance which it has placed. This insurance will: 
  

	 	(a)	 be placed with a reputable and financially secure insurance carrier; 

 

	 	(b)	 include UBC, its Board of Governors, faculty, officers, employees, students and agents as additional insureds;

  

	 	(c)	 provide coverage regarding all activities under this Agreement; 

 

	 	(d)	 include a waiver of subrogation against UBC, and a severability of interest and cross-liability clauses; and

  

	 	(e)	 provide that the policy cannot be cancelled or materially altered except on at least 30 days’ prior notice
to UBC. 

 13.3 UBC may from time to time require reasonable amendments to the terms or the amount of coverage contained in the
Licensee’s insurance policy. The Licensee will provide to UBC for its approval certificates of insurance evidencing the coverage 7 days before the First Use of the Technology. The Licensee will not: 

 

	 	(a)	 allow the First Use of the Technology or any Improvement to occur; or 

 

	 	(b)	 sell any Product, provide any Service or allow any third party to use the Technology or any Improvement,

 at any time unless an insurance certificate is provided to and approved by UBC, and the insurance outlined in Article 13.2 is in effect

 13.4 The Licensee will also require each sublicensee to procure and maintain: 
  

	 	(a)	 public liability and commercial general liability insurance and such other types of insurance as would be
acquired by a reasonable and prudent businessperson carrying on a similar line of business; and 

  

	 	(b)	 in any event, one month before the First Use of the Technology or any Improvement by the sublicensee, product
liability, public liability and commercial general liability insurance in reasonable amounts, with a reputable and financially secure insurance carrier. 

The Licensee will ensure that, to the extent that such insurance can be reasonably obtained, all sublicensees’ policies of insurance include UBC, its
Board of Governors, faculty, officers, employees, students and agents as additional insureds. 

  
 19 

	14.0	 ASSIGNMENT 

14.1 Subject to Article 14.2, the Licensee will not assign, transfer, mortgage, pledge, financially encumber, grant a security interest, permit a lien to be
created, charge or otherwise dispose of any or all of the rights granted to it under this Agreement without the prior written consent of UBC not to be unreasonably withheld or delayed. 

14.2 UBC will have the right to assign its rights, duties and obligations under this Agreement to a company of which it is the sole shareholder, or a society
which it has incorporated or which has purposes which are consistent with the objectives of UBC. If UBC makes such an assignment, the Licensee will release and discharge UBC from all obligations or covenants, provided that the company or society, as
the case may be, signs a written agreement which provides that the company or society assumes all obligations or covenants from UBC and that the Licensee retains all rights granted to the Licensee under this Agreement. 

 

	15.0	 GOVERNING LAW 

15.1 This Agreement is governed by, and will be construed in accordance with, the laws of British Columbia and the laws of Canada in force in that province,
without regard to its conflict of law rules. All parties agree that by executing this Agreement they have attorned to the jurisdiction of the Supreme Court of British Columbia. The parties agree that the British Columbia Supreme Court has exclusive
jurisdiction over this Agreement. 
  

	16.0	 NOTICES 

16.1 All reports and notices or other documents that a party is required or may want to deliver to any other party will be delivered: 

 

	 	(a)	 in writing; and 

  

	 	(b)	 either by personal delivery or by registered or certified mail at the address for the receiving party set out
in Article 16.2 or as varied by any notice. 

 Any notice personally delivered is deemed to have been received at the time of delivery.
Any notice mailed in accordance with this Article 16.1 is deemed to have been received at the end of the fifth day after it is posted. 
 16.2 The address
for delivery of notices and instructions for making payments to UBC are set out in the attached Schedule “D”. The address for delivery of notices to the Licensee is set out below: 

AbCellera Biologics Inc. 
 2125
East Mall, Room 350 
 Vancouver, BC V6T-1Z4 

Telephone: (604-827-2128) 

 

	17.0	 TERM 

17.1 The term (the “Term”) of this Agreement starts on the Start Date and ends on: 

 

	 	(a)	 the day that is exactly 20 years later; or 

 

	 	(b)	 the expiry of the last Patent licensed under this Agreement, whichever is last to occur, unless terminated
earlier under Article 18. Upon expiration of the Term of this Agreement the Licensee will have a non-exclusive fully paid license to the Technology. 

  
 20 

	18.0	 TERMINATION OF AGREEMENT 

18.1 This Agreement may be terminated on notice to the Licensee if any proceeding under the Bankruptcy and Insolvency Act of Canada, or any other
statute of similar purpose, is started by the Licensee, or is started against the Licensee and is not dismissed within 60 days after service of process on the Licensee. 

18.2 UBC may, at its option, immediately terminate this Agreement by giving notice to the Licensee if one or more of the following occurs: 

 

	 	(a)	 the Licensee becomes insolvent, as evidenced, for example (without limitation) by the appointment of a
receiver, a receiver manager, the issuance of financial statements which according to GAAP would render the Licensee insolvent, the vacation of the Licensee’s chief place of business or the Licensee ceasing or threatening to cease carrying on
business; 

  

	 	(b)	 any execution or other process of any court becomes enforceable against the Licensee, or if any similar process
is levied, on the rights under this Agreement or on any money due to UBC and is not released or satisfied by the Licensee within 30 days from the process becoming enforceable or being levied; 

 

	 	(c)	 if the Licensee or any of its directors or officers have materially breached or otherwise failed to comply with
any applicable securities laws, regulations or requirements, and the director or officer is not removed from the board within 30 days of receipt of notice from UBC to remove said director. 

 

	 	(d)	 any resolution is passed or order made or other steps taken for the winding up, liquidation or other
termination of the existence of the Licensee; 

  

	 	(e)	 the Technology or any Improvements become subject to any security interest, lien, charge or encumbrance in
favour of any third party claiming through the Licensee which is not released within 30 days of receipt of notice from UBC; 

  

	 	(f)	 if the Licensee breaches any of Articles 4.1, 4.2, 4.3, 11.1 or 13; 

 

	 	(g)	 if any sublicensee of the Licensee is in material breach of its sublicense with the Licensee, and which breach
is damaging to UBC, and the Licensee does not cause the sublicensee to cure the breach, which may include termination of the sublicense agreement, within 30 days of receipt of notice from UBC; or 

 

	 	(h)	 if the Licensee, or any Affiliated Company is in material breach of any other agreement between the Licensee or
such Affiliated Company and UBC and the breach has not been cured within 30 days of receipt of written notice from UBC, which shall include notice that failure to cure such breach will result in termination of the License Agreement.

 18.3 Other than as set out in Articles 18,1 and 18.2, either party may terminate this Agreement for any breach which is not remedied
after providing the following notice to the party in breach: 
  

	 	(a)	 30 days notice in the case of any breach which can reasonably be remedied within 30 days of the delivery of
such notice; or 

  

	 	(b)	 if the breach is capable of being cured but cannot be remedied within 30 days and the breach is not remedied
within such further period as may be reasonably necessary, or within 90 days after receipt of notice, whichever is sooner. 

  
 21 

 18.4 If this Agreement is terminated under Article 18.1 to 18.3, the Licensee will make all outstanding
royalty payments to UBC under Articles 5 and 6, and UBC may proceed to enforce payment of all outstanding royalties or other monies owed to UBC and to exercise any or all of the rights and remedies available under this Agreement or otherwise
available by law or in equity, successively or concurrently, at the option of UBC. Within 5 days of the Effective Termination Date, the Licensee will have no further right of any nature at all in the Technology or any UBC Improvements or Joint
Improvements, provided that the Licensee shall be entitled to continue to use the Technology and any UBC Improvements and any Joint Improvements for the purposes of completing the manufacture of all Products and the execution of all Services that
are in process on the Effective Termination Date, until 6 months after the Effective Termination Date as reasonably necessary to satisfy its contractual obligations to third parties. 

18.5 The Licensee (and subject to Article 4.4, all sublicensees) will cease to use the Technology or any UBC Improvements or Joint Improvement in any manner
at all or to manufacture or sell the Products or provide any Service within 5 days from the Effective Termination Date, provided that the Licensee shall be entitled to continue to use the Technology and any UBC Improvements and any Joint
Improvements for the purposes of completing the manufacture of all Products and the execution of all Services that are in process on the Effective Termination Date, until 6 months after the Effective Termination Date as reasonably necessary to
satisfy its contractual obligations to third parties. The Licensee will then deliver to UBC an accounting within 7 months from the Effective Termination Date. The accounting will specify, in or on such terms as UBC may in its sole discretion
require, the inventory or stock of Products manufactured and remaining unsold on the Effective Termination Date. Without limitation, if this Agreement is terminated under Article 18.1, no Products will be sold or Service provided without the prior
written notice to UBC. The Licensee will continue to make royalty payments to UBC in the same manner specified in Articles 5 and 6 on all Products that are sold or Services that are provided in accordance with this Article 18.5, notwithstanding
anything contained in, or any exercise of rights by UBC, under Article 18.4. 
 18.6 Notwithstanding the termination or expiration of this Agreement,
Article 12 remains in full force and effect until 6 years after: 
  

	 	(a)	 all payments of royalty required to be made by the Licensee to UBC under this Agreement have been made by the
Licensee to UBC; and 

  

	 	(b)	 any other claim or claims of any nature or kind at all of UBC against the Licensee has been settled.

  

	19.0	 MISCELLANEOUS COVENANTS OF LICENSEE 

19.1 The Licensee represents and warrants to UBC that the Licensee is a corporation duly organized, existing and in good standing under the laws of British
Columbia and has the power, authority and capacity to enter into this Agreement and to carry out the transactions contemplated by this Agreement, all of which have been duly and validly authorized by all requisite corporate proceedings. 

19.2 The Licensee will comply with all laws, regulations and ordinances, whether Federal, State, Provincial, County, Municipal or otherwise, with respect to
the Technology, Improvements, Products or Services and this Agreement. 
 19.3 The Licensee acknowledges and agrees that UBC will own the results of any
testing, evaluation, or analysis of the Technology and any UBC Improvements or Joint Improvements conducted by, or for, the Licensee or any sublicensee during the Term, including any data, test results, specifications, papers or other materials
prepared in connection with such testing, evaluation, or analysis of the Technology, and that such data will be returned to UBC on any expiry or termination of this Agreement. For clarity this data will not include information on Cellular
Components. 
 19.4 The Licensee will pay all reasonable legal expenses and costs incurred by UBC in negotiating and drafting this Agreement. 

  
 22 

 19.5 The Licensee will pay all reasonable legal expenses and costs in excess of CDN. $1,000, incurred by UBC
regarding any amendments of this agreement, or consents and approvals required from UBC. 
 19.6 The Licensee will pay all taxes and any related interest or
penalty designated in any manner at all and imposed as a result of the existence or operation of this Agreement, including without limitation tax which the Licensee is required to withhold or deduct from payments to UBC. The Licensee will provide to
UBC evidence as may be required by Canadian authorities to establish that the tax has been paid. The royalties specified in this Agreement are exclusive of taxes. If UBC is required to collect a tax to be paid by the Licensee or any of its
sublicensees, the Licensee will pay the tax to UBC on demand. 
 19.7 The obligation of the Licensee to make all payments under this Agreement is absolute
and unconditional and is not, except as expressly set out in this Agreement, affected by any circumstance, including without limitation any set-off, compensation, counterclaim, recoupment, defence or other
right which the Licensee may have against UBC, or anyone else for any reason at all, except for a breach of any of the representations or warranties by UBC in 19.9. 

19.8 The Licensee will pay interest on all amounts due and owing to UBC under this Agreement but not paid by the Licensee on the due date, at the rate of
12.68% per annum, calculated annually not in advance. The interest accrues on the balance of unpaid amounts from time to time outstanding, from the date on which portions of the amounts become due and owing until payment in full. 

19.9 UBC represents and warrants to the Licensee that UBC has the power, authority and capacity to enter into this Agreement and to carry out the transactions
contemplated by this agreement, all of which have been duly and validly authorized by all requisite proceedings. 
  

	20.0	 MANAGEMENT OF CONFLICTS OF INTEREST 

20.1 The Licensee acknowledges that it is aware of UBC’s Conflict of Interest Policy #97, Patent and Licensing Policy #88 and Research Policy #87
(www.universitycounsel.ubc.ca/policies/policies.html), and that UBC may amend these policies or introduce new policies from time to time. 
 20.2 Subject to
Article 20.3 the Licensee and UBC agree, that: 
  

	 	(a)	 the facilities and research programs of the Licensee will be conducted independently of all UBC facilities,
faculty, students or staff, and in particular, independently of and from the Investigator(s) and the laboratory facilities made available to the Investigator(s) by reason of the Investigator(s)’ employment at UBC; 

 

	 	(b)	 no students, post-doctoral fellows or other UBC staff will participate or be involved in the Licensee’s
research, projects or utilize its facilities; and 

  

	 	(c)	 any disclosures of inventions made by the Investigator(s) to the Licensee will be immediately forwarded by the
Licensee to UBC. 

 20.3 The Licensee and UBC may, from time to time, enter into written agreements to permit activities which would
otherwise be prohibited by Article 20.2. For further clarity, the Licensee may, through a rental agreement with UBC, obtain access to the laboratory facilities used by the Investigator, which will include appropriate compensation to UBC in exchange
for the use of this space, or may engage with UBC employees to advance Licensee research through a contract research agreement. 
  

	21.0	 GENERAL 

21.1 Nothing contained in this Agreement is to be deemed or construed to create between the parties a partnership or joint venture. No party has the authority
to act on behalf of any other party, or to commit any other party in any manner at all or cause any other party’s name to be used in any way not specifically authorized by this Agreement. 

  
 23 

 21.2 Subject to the limitations in this Agreement, this Agreement operates for the benefit of and is binding
on the parties and their respective successors and permitted assigns. 
 21.3 No condoning, excusing or overlooking by any party of any default, breach or non-observance by any other party at any time or times regarding any terms of this Agreement operates as a waiver of that party’s rights under this Agreement. A waiver of any term or right under, this Agreement
will be in writing signed by the party entitled to the benefit of that term or right, and is effective only to the extent set out in the written waiver. 

21.4 No exercise of a specific right or remedy by any party precludes it from or prejudices it in exercising another right or pursuing another remedy or
maintaining an action to which it may otherwise be entitled either at law or in equity. 
 21.5 All terms which require performance by the parties after the
expiry or termination of this Agreement, will remain in force despite this Agreement’s expiry or termination for any reason. 
 21.6 Part or all of any
Article that is indefinite, invalid, illegal or otherwise voidable or unenforceable may be severed and the balance of this Agreement will continue in full force and effect. 

21.7 The Licensee acknowledges that the law firm of Richards Buell Sutton LLP has acted solely for UBC in connection with this Agreement and that all other
parties have been advised to seek independent legal advice. 
 21.8 This Agreement sets out the entire understanding between the parties and no changes are
binding unless signed in writing by the parties to this Agreement. 
 21.9 Time is of the essence of this Agreement. 

21.10 Unless the contrary intention appears, the singular includes the plural and vice versa and words importing a gender include other genders. 

SIGNED BY THE PARTIES AS AN AGREEMENT on the 16th day of December, 2013 but
effective as of the Start Date. 
 SIGNED FOR AND ON BEHALF of 

THE UNIVERSITY OF BRITISH COLUMBIA 

	
	by its authorized signatories:
	
	 /s/ J.P. Heale

	Authorized Signatory
	
	
	J.P. Heale, PhD, MBA
	Associate Director
	University-Industry Liaison Office
	  

	Authorized Signatory

  
 24 

 SIGNED FOR AND ON BEHALF of 

	
	ABCELLERA BIOLOGICS INC.
	by its authorized signatories:
	
	 /s/ Carl L. Hansen

	Authorized Signatory
	
	 Carl L. Hansen, CEO and President

	Please print Name and Title of Signatory
	
	  

	Authorized Signatory
	
	  

	Please print Name and Title of Signatory

  
 25 

 SCHEDULE “A” 

The “Core Patents” 

[***] 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

 SCHEDULE “A-1” 

The “FOU Patents” 
 [***]

  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

 SCHEDULE “B” 

Payment Report for the Period dd/mm/yy to dd/mm/yy 

[***] 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

 SCHEDULE “C” 

UBC License Agreement Annual Report 

[***] 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

 SCHEDULE “D” 

ADDRESS FOR NOTICES & PAYMENT INSTRUCTIONS 

[***] 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

 VIA COURIER 

Carl Hansen 
 President and CEO 

AbCellera Biologics Inc. 
 PO Box 10424 Pacific Centre, 1300-777 Dunsmuir Street 
 Vancouver, BC V7Y1K2 

Dear Carl, 
  

	Re:	 10-034 - License Agreement between The University of British
Columbia (“UBC”) and AbCellera Biologics Inc. (“Abcellera”) dated the 16th December 2013 (the “Agreement”) Amendment No. 1 

UBC and Abcellera have executed the Agreement and hereby agree to amend the Agreement as follows: 

Schedule “A”, listing Core Patents, is removed and replaced with Schedule A provided below. 

Schedule A-1, listing FOU Patents, is removed and replaced with Schedule A-1
provided below. 
 Article 3.1 will be removed and replaced with: 
  

	 	(a)	 a worldwide, exclusive license to use and sublicense the Core Technology and related UBC Improvements and/or
Joint Improvements to manufacture, have made, distribute and sell the Products and provide Services made from or based on the Core Technology and related UBC Improvements and/or Joint Improvements; 

 

	 	(b)	 a worldwide, exclusive license to use and sublicense the FOU Technology and related UBC Improvements and/or
Joint Improvements solely within the Antibody Field of Use (but not the Excluded Fields of Use), and to manufacture, have made, distribute and sell Products and provide Services made from or based on the FOU Technology and related UBC Improvements
and/or Joint Improvements solely within the Antibody Field of Use (but not the Excluded Fields of Use); and 

 Article 3.2 (a) will be
removed and replaced with 
  

	 	(a)	 Licensee will have no right to practice the FOU Technology and related UBC Improvements and/or Joint
Improvements made and/or acquired after the Start Date in the Excluded Fields of Use; and 

 All other terms and conditions of the
Agreement will remain in full force and effect and will continue for the duration of the Agreement. The Agreement and this Amendment No. 1 will be read together and constitute one agreement. 

This Amendment to the Agreement may be signed in counterparts either through original copies or by facsimile or electronically each of which will be deemed an
original and all of which will constitute the same instrument. 
 Sincerely, 
  

	
	 /s/ Lynsey Huxham

	Lynsey Huxham
	Technology Transfer Manager

 SIGNATURE PAGE FOLLOWS 

	
	SIGNED FOR AND ON BEHALF of
	THE UNIVERSITY OF BRITISH COLUMBIA
	by its authorized signatories:
	
	 /s/ Mario A. Kasapi

	Authorized Signatory
	
	 Mario A. Kasapi, Associate Director University – Industry Office

	Name and Title
	
	SIGNED FOR AND ON BEHALF of
	ABCELLERA BIOLOGICS INC. CORPORATION
	by its authorized signatory:
	
	 /s/ Carl L. Hansen

	Authorized Signatory
	
	 Carl L. Hansen, CEO and President

	Name and Title of Signatory

 SCHEDULE “A” 

The “Core Patents” 

[***] 
  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 
  

 SCHEDULE “A-l” 

The “FOU Patents” 
 [***]

  

 [***] Certain information in this document has been omitted from this exhibit because it
is both (i) not material and (ii) would be competitively harmful if publicly disclosed.EX-10.7

 Exhibit 10.7 
  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 STRATEGIC INNOVATION FUND 

AbCellera COVID-19 Project 

This Agreement made 
  

			
	Between:	 	
		
		 	HER MAJESTY THE QUEEN IN RIGHT OF CANADA
		 	(“Her Majesty”)
		
		 	as represented by the Minister of Industry
		
		 	(the “Minister”)
		
	And:	 	
		
		 	AbCellera Biologics Inc., a corporation duly incorporated under the laws of British Columbia, having its head office located at 2215 Yukon Street, Vancouver, British Columbia V5Y 0A1
		
		 	(the “Recipient”)

 RECITALS 

WHEREAS 
  

	 	I-	 The Strategic Innovation Fund (“SIF”) is designed to encourage research and
development, and accelerate the technology transfer and commercialization of innovative products, services, and processes; facilitate the growth and expansion of firms; secure economically significant mandates within or to Canada; and, advance
industrial research and technology demonstration activities through collaboration; 

  

	 	II-	 Neither the entering into this Agreement nor the provision by the Minister of the Contribution is
contingent upon export performance on the part of the Recipient; 

  

	 	III-	 the Project involves: 

 

	 	•	 	 activities related to the creation or deployment of medical countermeasures (MCM’s), or any activity related
to the response to COVID-19; 

  

	 	•	 	 activities related to Canada’s long-term emergency preparedness; and 

 

	 	•	 	 obtaining an R&D and/or production mandate which was previously held outside of Canada or is being
established for the first time in relation to Canada’s emergency preparedness. 

  

	 	IV-	 The Minister has agreed to make a partially repayable contribution to the Recipient in support of the
Recipient’s Eligible Supported Costs (as defined herein) of the Project with total Project costs of [***]; 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 NOW, THEREFORE in accordance with the mutual covenants and agreements herein, Her Majesty and the
Recipient agree as follows: 
  

	1.	 Purpose of the Agreement 

The purpose of this Agreement is to set out respective obligations and the terms and conditions under which the Minister will provide funding
in support of the Project (as defined herein). 
  

	2.	 Interpretation 

 

	2.1	 Definitions. 

In this Agreement, a capitalized term has the meaning given to it in this section, unless otherwise specified: 

“Acquisition or Divestiture” means an acquisition of a business, the sale of a business or a merger or amalgamation. 

“Activity” means a significant task that must take place in order to complete the Project. It has duration, during which time
the work of that task is performed, and may have resources and costs associated with that task as set out in Form C1- ESTIMATED PROJECT COSTS BREAKDOWN of Schedule 1 - Statement of Work. 

“Agreement” means this contribution agreement including all the schedules attached hereto, as such may be amended, restated or
supplemented, from time to time. 
 “Affiliated Person” means an affiliated person as defined in the Income Tax Act,
as amended. 
 “Background Intellectual Property” means Intellectual Property that is not Project Intellectual Property and
that is required for the carrying out of the Project or the exploitation of the Project Intellectual Property. 
 “Background
Intellectual Property Rights” means the Intellectual Property Rights in Background Intellectual Property. 
 “Benefits
Commitments” means those activities described in Subsection 6.3 of this Agreement that will generate benefits to Canada. 

“Benefits Phase” means the period from the Project Completion Date to and including the last day of the Term. 

“Change in Control” of the Recipient means: 
  

	 	(a)	 if the Recipient is a public company, the acquisition by an individual or company (or two or more of them
acting in concert) that results in its or their direct or indirect beneficial ownership of 20% or more of outstanding shares of voting stock of the Recipient; or 

 

	 	(b)	 if the Recipient is a private company, the acquisition by an individual or company (or two or more of them
acting in concert) that results in its or their direct or indirect beneficial ownership of 50% or more of the voting stock in the Recipient; or 

  

	 	(c)	 if the Recipient enters into a binding obligation to sell, sells or otherwise disposes of all or substantially
all of its assets. 

 “Claim Period” means the following quarters of a calendar year: January 1 to
March 31, April 1 to June 30, July 1 to September 30 and October 1 to December 31. 

“Collaboration” means the Recipient’s association with one or more Collaboration Partners for the purpose of research and
development. 

 “Collaboration Partner” means, other than the Recipient and sub-contractors, any small and medium-sized Canadian based enterprise, any Canadian research institute, any licensed or accredited academic, post-secondary institution in
Canada that is/are involved in the Collaboration. 
 “Contribution” means the funding, in Canadian dollars, made available
by the Minister under this Agreement. 
 “CO-OP Term” means a four (4) month
full-time position. 
 “Dispose” means, as regards a Project Asset, the transferring outside Canada, by the Recipient,
selling, leasing or otherwise disposing including, in the case of a prototype or pilot plant, the transfer to commercial production, but in any event, shall not include abandoning the Project Asset for legitimate business reasons, such as the
disposal of obsolete or disused equipment or materials. 
 “Eligibility Date” means [***]. 

“Eligible Costs” means the costs associated with work performed in Canada, or outside of Canada to the extent explicitly
permitted in this Agreement that are incurred and paid by the Recipient in respect of the Project, and in accordance with Schedule 3 - Cost Principles, excluding: 
  

	 	(a)	 any costs that are specifically identified in Schedule 1 - Statement of Work as not being supported; and

  

	 	(b)	 any costs prohibited or deemed ineligible elsewhere in this Agreement. 

“Event of Default” means the events of default listed in Subsection 14.1 of this Agreement. 

“Execution Date” means the date of the last signature to this Agreement such that the Agreement is signed and dated by all
Parties. 
 “Fair Market Value” means the price that would be agreed to in an open and unrestricted market between
knowledgeable and willing parties dealing at arm’s length, who are fully informed and not under any compulsion to transact. 

“Force Majeure” means any cause which is unavoidable or beyond the reasonable control of the Recipient, including war, riot,
insurrection, strikes, or any act of God or other similar circumstance and which could not have been reasonably circumvented by the Recipient without incurring unreasonable cost. 

“FTE” or “Full Time Equivalent” means each employee or, where applicable, intern, who works for the Recipient
on a full-time basis (i.e. they are responsible to work at least 2,000 hours for the Recipient when calculated on an annual basis) and, in the case of hourly paid employees or interns who are responsible to work for the Recipient less than on a
full-time basis, each equivalent to such a full-time worker, where the number of such equivalents is calculated by dividing (a) by (b) where (a) = the aggregate of all hours worked by such individuals for the Recipient including hours taken by
them as paid vacation, sick leave, and for other similar reasons, calculated on an annual basis, and (b) = 2,000 hours. 
 “Good
Manufacturing Practice Antibody Production Facility” means the facility referred to in Section 2.2 Statement of Work for Phase 2 in Schedule 1 - Statement of Work. 

“Government Fiscal Year” means the period from April 1 of one year to March 31 of the following year. 

“Highly Skilled” means an employee that requires specialized training in order to operate, manage or participate in the
Project. This may include scientists, engineers, managers and specialized trades. 
 “Intellectual Property” means all
inventions, whether or not patented or patentable, all commercial and technical information, whether or not constituting trade secrets, and all copyrightable works, industrial designs, integrated circuit topographies, and distinguishing marks or
guises, whether or not registered or registrable. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 “Intellectual Property Rights” means all rights recognized by law in or to
Intellectual Property, including but not limited to Intellectual Property rights protected through legislation. These shall include patents, copyrights, industrial design rights, integrated circuit topography rights, rights in trademarks and trade
names, all rights in applications and registrations for any of the foregoing, and all rights in trade secrets and confidential information. 

“Interest Rate” means the Bank Rate, as defined in the Interest and Administrative Charges Regulations, in effect on
the due date, plus 300 basis points, compounded monthly. The Interest Rate for a given month can be found at: http://www.tpsgc-pwgsc.gc.ca/recgen/txt/taux-rates-eng.html 

“Master Schedule” means a summary-level Project schedule that identifies the major Activities and work breakdown structure
components and Milestones as reflected in Schedule 1 - Statement of Work. 
 “Material Change” is a significant
change in the scope, objectives, outcomes or benefits of the Project including without limitation, the following: 
  

	 	(a)	 The Project is not completed or not expected to be completed by the Project Completion Date;

  

	 	(b)	 The Recipient does not proceed with undertaking Phase 2 of the Project as outlined in Schedule 1 - Statement of
Work; 

  

	 	(c)	 the estimated Total Eligible Costs set out in Form C2 - ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 -
Statement of Work are expected to be reduced or are expected to be exceeded by [***] percent ([***]%) or more; 

  

	 	(d)	 a change in the locations where the Project is to be performed as identified in Form D - PROJECT LOCATION AND
COSTS of Schedule 1 - Statement of Work. 

 “Maximum Amount to be Repaid” means [***] times the
actual amount of the Contribution disbursed for Phase 2 by the Minister to the Recipient under this Agreement. 

“Milestone” means a significant point or event in the Project as set forth in Form B of Schedule 1 - Statement of Work.

 “Party” means the Minister, or the Recipient or any Guarantor, and “Parties” means all of them. 

“Phase 1” means Phase 1 of the Project as defined in Section 2.1 Statement of Work for Phase 1 of the Project in
Schedule 1 - Statement of Work. 
 “Phase 2” means Phase 2 of the Project as defined in Section 2.2 Statement
of Work for Phase 2 of the Project in Schedule 1 - Statement of Work. 
 “Project” means the project as described
in Schedule 1 - Statement of Work. 
 “Project Asset” means an asset which, in whole or in part, has been acquired,
created, developed, advanced and/or contributed to by the Contribution. 
 “Project Completion Date” means [***]. 

“Project Intellectual Property” means all Intellectual Property conceived, produced, developed or reduced to practice in
carrying out the Project by the Recipient and/or any Affiliated Persons of the Recipient, or any of their employees, agents, contractors or assigns. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 “Project Intellectual Property Rights” means the Intellectual Property
Rights in the Project Intellectual Property. 
 “Public Office Holder” means a public office holder as defined in the
Lobbying Act, as amended. 
 “Resulting Products” means all products, services or processes produced using the
Project Intellectual Property or that incorporate any of the Project Intellectual Property. 
 “Recipient Fiscal Year” means
the period for which the Recipient’s accounts in respect of its business or property are prepared for purposes of assessment under the Income Tax Act, as amended. 

“Repayment Period” means the repayment period set out in Section 2 of Schedule 5 - Repayments to the Minister.

 “Schedule” means a schedule to this Agreement, including any amendments or supplements. 

“Similar Goods” means goods or services that closely resemble the goods or services being transferred, in respect of their
component materials, form, function and characteristics, and are capable of performing an equivalent function as, and of being commercially interchangeable with, the goods being transferred. 

“Technology Readiness Level” or “TRL” means technology readiness according to the Technology Readiness Level
scale described below. 
  

			
	Technology Readiness Level	  	Description
	TRL 1—Basic principles observed and reported	  	Lowest level of technology readiness. Scientific research begins to be translated into applied research and development (R&D). Examples might include paper studies of a technology’s basic properties.
		
	TRL 2—Technology concept and/or application formulated	  	Invention begins. Once basic principles are observed, practical applications can be invented. Applications are speculative, and there may be no proof or detailed analysis to support the assumptions.
		
	TRL 3—Analytical and experimental critical function and/or characteristic proof of concept	  	Active R&D is initiated. This includes analytical studies and laboratory studies to physically validate the analytical predictions of separate elements of the technology.
		
	TRL 4—Product and/or process validation in laboratory environment	  	Basic technological products and/or processes are tested to establish that they will work.
		
	TRL 5—Product and/or process validation in relevant environment	  	Reliability of product and/or process innovation increases significantly. The basic products and/or processes are integrated so they can be tested in a simulated environment.
		
	TRL 6—Product and/or process prototype demonstration in a relevant environment	  	Prototypes are tested in a relevant environment. Represents a major step up in a technology’s demonstrated readiness. Examples include testing a prototype in a simulated operational
environment.

			
	TRL 7—Product and/or process prototype demonstration in an operational environment	  	Prototype near or at planned operational system and requires demonstration of an actual prototype in an operational environment (e.g. in a vehicle).
		
	TRL 8—Actual product and/or process completed and qualified through test and demonstration	  	Innovation has been proven to work in its final form and under expected conditions. In almost all cases, this TRL represents the end of true system development.
		
	TRL 9—Actual product and/or process proven successful	  	Actual application of the product and/or process innovation in its final form or function.

 “Term” means the duration of this Agreement as set out in Subsection 3.2 of this Agreement.

 “Work Phase” means the period of time from the Eligibility Date to and including the Project Completion Date. 

“Years to Repay” means [***] years. 
  

	2.2	 Singular/Plural. Wherever from the context it appears appropriate, each term stated in either the
singular or plural shall include the singular and the plural. 

  

	2.3	 Entire Agreement. Unless amended in writing by the Parties, this Agreement comprises the entire
agreement between the Parties in relation to the Project. No prior document, negotiation, provision, undertaking or agreement in relation to the subject matter of this Agreement has legal effect. No representation or warranty, whether express,
implied or otherwise, has been made by the Minister to the Recipient, except as expressly set out in this Agreement. 

  

	2.4	 Inconsistency. In case of inconsistency or conflict between a provision contained in the part of the
Agreement preceding the signatures and a provision contained in any of the Schedules to this Agreement, the provision contained in the part of the Agreement preceding the signatures will prevail. 

 

	2.5	 Schedules. This Agreement contains the following Schedules as described below, which form an integral
part of this Agreement: 

 Schedule 1 - Statement of Work 

Schedule 2 - Communications Obligations 

Schedule 3 - Cost Principles 

Schedule 4 - Reporting Requirements 

Schedule 5 - Repayments to the Minister 

Schedule 6 - Resolution Process 

Schedule 7 - Special Purpose Equipment 
  

	3.	 Duration of Agreement 

 

	3.1	 Execution. This Agreement must be signed by the Recipient and received by the Minister within thirty
(30) days of its signature by the Minister, failing which it will be null and void. 

  

	3.2	 Duration of Agreement. This Agreement will commence on the Execution Date and will expire, subject to
Subsection 3.3, on the date of the last repayment to the Minister, which will be [***], and [***], unless terminated earlier in accordance with the terms of this Agreement. 

 

	3.3	 Survival Period. Notwithstanding the provisions of Subsection 3.2 above, the rights and obligations
described in the following Sections or Subsections will survive for a period of three (3) years beyond the Term or early termination of the Agreement: 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 Section 7 - Government Funding 

Subsection 8.5 - Overpayment by Minister 

Section 9 - Reporting, Monitoring, Audit and Evaluation 

Subsection 10.2(d) - Disposal of Assets 

Subsection 13.1 – Indemnification 

Subsection 13.2 - Limitation of Liability 

Section 14 - Default and Remedies 

Subsection 17.2 – Interest 

Subsection 17.3 - Set-off Rights of Minister 

Subsection 17.8 - Applicable Law 
  

	4.	 The Contribution 

 

	4.1	 Contribution. Subject to the terms and conditions of this Agreement, the Minister agrees to make a non-repayable Contribution to the Recipient in respect of Phase 1 of the Project in an amount not exceeding the lesser of (a) and (b) as follows: 

 

	 	(a)	 [***] percent ([***]%) of the Eligible Supported Costs; and 

 

	 	(b)	 [***]. 

  

	4.1.1	 Contribution. Subject to the terms and conditions of this Agreement, the Minister agrees to make a [***]
repayable Contribution to the Recipient in respect of Phase 2 in an amount not exceeding the lesser of (a) and (b) as follows: 

  

	 	(a)	 [***] percent ([***]%) of the Eligible Supported Costs; and 

 

	 	(b)	 [***]. 

  

	4.2	 Funding Period. The Minister will not contribute to any Eligible Supported Costs incurred by the
Recipient prior to the Eligibility Date or after the Project Completion Date. In no event will Eligible Supported Costs incurred prior to the Execution Date exceed [***] percent ([***]%) of the “estimated Total Eligible Supported Costs”
set out in Form C2 - ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 - Statement of Work. 

  

	4.3	 Fiscal Year. The payment of the Contribution per Government Fiscal Year is estimated at amounts
specified in Form C2 - ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 - Statement of Work. The Minister will have no obligation to pay any amounts in any Government Fiscal Year other than those specified in Form C2 -
ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 - Statement of Work. If, for a given Government Fiscal Year, the Recipient claims an amount less than the estimated Contribution for that Government Fiscal Year specified in Form C2
- ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 - Statement of Work, the Minister may consider any request to reprofile the excess funds to future Government Fiscal Years before the Project Completion Date.

  

	4.4	 Overruns. Subject to Subsection 6.3.4, the Recipient shall be responsible for all costs of the Project,
including cost overruns, if any. 

  

	4.5	 Holdbacks. Notwithstanding any other provisions of this Agreement, the Minister may, at the
Minister’s sole discretion, withhold up to ten percent (10%) of the Contribution until: 

  

	 	(a)	 the Project is completed to the satisfaction of the Minister; 

 

	 	(b)	 the final report described in Subsection 8.3(c) has been submitted to the satisfaction of the Minister;

  

	 	(c)	 the Minister has approved the final claim described in Subsection 8.3. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	5.	 Recipient’s Obligations 

 

	5.1	 Project Completion Date. The Recipient agrees to carry out the Project in a diligent and professional
manner using qualified personnel, and complete same on or before the Project Completion Date. 

  

	5.2	 Project Location. Except as otherwise permitted in Subsection 6.5 below, the Recipient agrees to carry
out the Project exclusively in Canada located in Vancouver, British Columbia. 

  

	5.3	 Benefits Commitments. The Recipient agrees to conduct Benefits Commitments exclusively in Canada.

  

	5.4	 Repayment. The Recipient agrees to make all repayments due to the Minister as set out in Schedule 5 -
Repayments to the Minister. 

  

	5.5	 Compliance. The Recipient agrees to satisfy and comply with all other terms, conditions and obligations
contained in this Agreement. 

  

	6.	 Special Conditions 

 

	6.1	 Pre-Disbursement 

The Recipient covenants and agrees to the following: 
  

	6.1.1	 First Claim. Upon submission of the first claim, the Recipient shall provide evidence to the Minister,
to the Minister’s satisfaction, that it has available funds to carry out the Project and continue operating for the remainder of the Government Fiscal Year in which the claim is received by the Minister, or for a period of six months from the
day the claim is received by the Minister, whichever is greater. No disbursement of the Contribution shall be made prior to the Recipient providing such satisfactory evidence. If the Recipient fails to satisfy such condition within one hundred and
twenty (120) days of the receipt of the first claim, the Minister may, at his discretion, terminate the Agreement upon written notice. 

Subsequently, at the beginning of each new Government Fiscal Year, the Recipient shall provide evidence to the Minister, to the Minister’s
satisfaction, that it has available funds to carry out the Project and continue operating for that Government Fiscal Year. No disbursement of the Contribution shall be made prior to the Recipient providing such satisfactory evidence. If the
Recipient fails to satisfy such condition within one hundred and twenty (120) days of the beginning of each Government Fiscal Year, the Minister may, at his discretion, terminate the Agreement upon written notice. 

 

	6.1.2	 Feasibility Study. Prior to the first disbursement of the Contribution under this Agreement associated
with Phase 2, and within a period of [***] months [***] of the Execution Date of the Contribution Agreement, the Recipient shall submit, to the satisfaction of the Minister, a feasibility study for the Good Manufacturing Practice Antibody Production
Facility that will: 

  

	 	i	 [***]; and 

  

	 	ii	 [***]. 

  

	6.2	 Future Financing and Acquisition 

 

	6.2.1	 Future Financing. Subject to the Change in Control provisions and any other applicable
federal/provincial laws or regulations, nothing in the Agreement will prevent the Recipient from raising future financing through debt or equity markets as required to advance and grow the Recipient’s business. Specifically, nothing in the
Agreement shall prevent the Recipient from pursuing an Initial Public Offering on a major exchange, subject to Subsection 10.2(c), should the Recipient and its Board determine that it is appropriate to do so. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	6.2.2	 Minister’s Consent to Change in Control on Acquisition. In the event that the Minister does not
provide his/her consent to a Change in Control as required within this Agreement, the Minister may require the Recipient to repay to the Minister all or part of the Contribution disbursed by the Minister, together with interest from the day of
demand at the Interest Rate, due within [***] days, as of the date of the written notice of the Minister informing the Recipient of the decision, at which time the Parties will be released from their obligations under this Agreement (except for
those obligations that survive beyond the term of the Agreement, excluding Subsection 10.2(d) - Disposal of Assets). 

  

	6.3	 Benefits Commitments. 

The Recipient covenants and agrees to the following: 
  

	6.3.1	 Strengthen Canada’s response to COVID-19

  

	 	(a)	 [***] to ensure that any MCMs (e.g. antibody therapies, treatments, diagnostic test kits and the reagents
required to use those kits, etc.) developed directly as a result of the Project will be accessible and available for the Canadian population, [***]. 

  

	 	(b)	 [***] to establish clinical trial site(s) in Canada for its antibody discoveries related to COVID-19 [***]. 

  

	6.3.2	 Creation and Retention of Intellectual Property (IP) in Canada 

 

	 	(a)	 to maintain ownership of Project Intellectual Property to which the Minister has directly contributed, or
improvements to products, processes and equipment arising from the Project. 

  

	 	(b)	 to develop an internal IP strategy, to the extent it does not already exist, setting out terms that support the
creation and retention of IP in Canada, including educational awareness training for employees The IP strategy will be submitted within [***] of the Execution Date of the Agreement. The Recipient agrees to report annually on any changes related to
IP training during the Term. 

  

	 	(c)	 to assign, transfer or license the Project Intellectual Property, to which the Minister has directly
contributed, [***] to ensure a domestically-sourced supply of MCM in response to COVID-19, [***] under terms to be negotiated between the Parties in good faith. [***] 

 

	6.3.3	 Maintain Footprint in Canada 

to maintain ownership and ongoing operations of its Good Manufacturing Practice Antibody Production Facility in Canada for the Term. 

 

	6.3.4	 Cost Overruns 

In the event the Recipient does not [***] as per Section 4.1.1 of this Agreement, should the Recipient incur cost overruns in Phase 2.

  

	6.4	 Facility Closure Mandatory Repayment 

In the event of a closure of the Good Manufacturing Practice Antibody Production Facility during the Term, [***]. 

 

	6.5	 Work Outside Canada 

In consideration of the Minister providing the Contribution, the Recipient shall incur a minimum of [***] of the Project Eligible Costs in
Canada, and may incur up to [***] of Eligible Costs for work outside of Canada. Any cost over the threshold of [***] will be considered ineligible and will not be subject to claim. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	6.6	 Annual Benefits Reporting 

In addition to the Reporting Requirements outlined in Subsection 11.6 and in in Schedule 4 - Reporting Requirements, the Recipient
covenants and agrees to the following: 
  

	 	(a)	 On an annual basis and for the Term, the Recipient shall provide information identifying the Project’s
achievements relative to planned outcomes and benefits, including, but not limited to: 

  

	 	i.	 Number of therapeutic antibodies discovered, developed, manufactured, and/or distributed;

  

	 	ii.	 Number of antibodies licensed for diagnostic testing; 

 

	 	iii.	 Number of jobs created or maintained with average and range of salary levels; 

 

	 	iv.	 Market share secured or captured; 

 

	 	v.	 Composition of workforce, including diversity and gender representation; 

 

	 	vi.	 Dollars spent on Canadian R&D and/or capital expenditures; 

 

	 	vii.	 Productivity improvement levels; 

 

	 	viii.	 Number and details of post-secondary institution collaborations; 

 

	 	ix.	 Number and activities of co-op engagements; and 

 

	 	x.	 Training activities of the workforce. 

 

	 	(b)	 On an annual basis and for the Term, the Recipient shall provide information on the Project derived benefits
including, but not limited to: 

  

	 	i.	 Number of therapeutic antibodies discovered, developed, manufactured, and/or distributed;

  

	 	ii.	 Impact to the growth of the Canadian supply chain; 

 

	 	iii.	 New intellectual property generated; 

 

	 	iv.	 R&D and Product Development levels as a function of revenue; 

 

	 	v.	 Details of increased collaborations, including associated costs and activities; 

 

	 	vi.	 Efforts to reduce environmental footprint and/or increase environmental sustainability of the company; and

  

	 	vii.	 Productivity improvement levels. 

 

	6.7	 Additional Reporting Requirements 

In addition to the Reporting Requirements outlined in Schedule 4 - Reporting Requirements, and Subsection 6.6 (a) and (b), the Recipient
will be required to notify the Minister immediately upon its [***]. 
  

	6.8	 Amendment 

The Recipient shall provide written notice to the Minister of any changes which may have an impact on Schedule 1 - Statement of Work or
on the Benefits Commitments in accordance with 6.3 of this Agreement. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 
The Recipient shall provide to the satisfaction of the Minister sufficient written reasons to justify modifications to the Agreement. At the Minister’s sole discretion, the Minister may
request a formal amendment to be executed by the Parties. The Parties agree to negotiate in good faith such amendments as per Schedule 6 - Resolution Process. Failure to agree will result in the Minister declaring an Event of Default in
accordance with 14.1 of this Agreement. 
  

	7.	 Government Funding 

 

	7.1	 The Recipient represents that the list below states all funding from federal, provincial, territorial or
municipal governments in Canada (“Government Funding”), requested or received by the Recipient or that the Recipient currently expects to request or receive to cover any of the Eligible Supported Costs. The list below excludes provincial
and federal investment tax credits. 

  

					
	 Federal
	  	 	[***]	 
	 Provincial
	  	 	[***]	 
	 Territorial
	  	 	[***]	 
	 Municipal
	  	 	[***]	 
		  	  
	  
	 
	 Total
	  	 	$ 175,631,000	 

  

	7.2	 The Recipient shall inform the Minister of any change to the amount of Government Funding identified in
Subsection 7.1. The Recipient shall also inform the Minister of any provincial and federal investment tax credits, received or expected to be received by the Recipient for the Eligible Supported Costs. Such notice must be made promptly in writing,
and in any case not later than thirty (30) days following any change. In the event of additional Government Funding, the Minister will have the right to either reduce the Contribution to the extent of any additional funding received by the
Recipient or require the Recipient to repay the Contribution hereunder equal to the amount of any such additional funding received by the Recipient in accordance with Subsection 8.5. 

 

	7.3	 In no instance will the total Government Funding (including SIF funding, provincial and federal investment tax
credits) towards Eligible Supported Costs of the Project be allowed to exceed [***] of total Eligible Supported Costs. 

  

	8.	 Claims and Payments 

 

	8.1	 Separate Records. The Recipient shall maintain accounting records that account for the Contribution paid
to the Recipient and the related Project costs, separate and distinct from any other sources of funding. 

  

	8.2	 Claims Procedures. The Minister will reimburse claims for Eligible Costs submitted for a Claim Period,
provided there is no Event of Default and the claims are: 

  

	 	(a)	 submitted for each Claim Period, except for the first claim which will start on the Eligibility Date;

  

	 	(b)	 submitted within forty-five (45) days of the end of each Claim Period; 

 

	 	(c)	 accompanied with details of all costs being claimed according to Schedule 3 - Cost Principles, which
have been incurred by the Recipient and which will be substantiated by such documents as may be required by the Minister and presented in accordance with the Activities and the Milestones contained in Schedule 1 - Statement of Work;

  

	 	(d)	 certified, in a form satisfactory to the Minister, by the chief financial officer of the Recipient or such
other person considered satisfactory to the Minister; 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	 	(e)	 adjusted, if necessary, by including a deduction for expenses included in a previous claim which were not
eligible expenses according to Eligible Costs definition in this Agreement or which were not paid by the Recipient; 

  

	 	(f)	 accompanied by a report containing: 

 

	 	(i)	 the Recipient’s revised projections of the Project cash flows for the current Government Fiscal Year;

  

	 	(ii)	 an identification of any planned or completed transfer to commercial production, transfer outside of Canada,
sale, lease or other disposal of equipment or SPE, as defined in Schedule 7 - Special Purpose Equipment, funded in whole or in part by the Contribution; 

 

	 	(iii)	 an itemized list of foreign sub-contracting costs, if any;

  

	 	(iv)	 the foreign exchange rates used in the claim; 

 

	 	(v)	 progress report as specified in Subsection 1.2 of Schedule 4 - Reporting Requirements;

  

	 	(vi)	 such other information as the Minister may request from time to time; and 

 

	 	(vii)	 an update to the list of current holdings of Special Purpose Equipment as per Schedule 7 - Special Purpose
Equipment, if any modifications have been made since the last claim; 

  

	 	(g)	 accompanied by a statement from the Recipient repeating and confirming the representations set out in
Section 10 of this Agreement as required by Subsection 10.3, and a certification that there are no Events of Defaults (and no state of facts exist which, with the giving of notice or the passing of time, or both, would constitute an Event of
Default); 

  

	 	(h)	 substantially (± 20 percent (20%)) consistent with the cost estimates of Schedule 1 - Statement
of Work; and 

  

	 	(i)	 accompanied by the Recipient’s travel policy (first claim only). 

 

	8.3	 Final Claim Procedures. The Recipient shall submit, within forty-five (45) days after the Project
Completion Date, the final claim along with: 

  

	 	(a)	 an itemized statement certified by the Recipient’s chief financial officer, or such other person
considered satisfactory to the Minister, attesting to the total Eligible Costs for the Project incurred and paid; 

  

	 	(b)	 a statement of the total government funding (federal, provincial and municipal funding as well as tax credits)
received or requested to cover the Eligible Costs of the Project; and 

  

	 	(c)	 a final progress report on the Project, as more fully described in Subsection 1.3 of Schedule 4 - Reporting
Requirements. 

  

	8.4	 Payment Procedures. 

 

	 	(a)	 The Minister shall review and approve the documentation submitted by the Recipient following the receipt of the
Recipient’s claim and in the event of any deficiency in the documentation, the Minister will notify the Recipient and the Recipient shall immediately take action to address and rectify the deficiency. 

	 	(b)	 Subject to the maximum Contribution amounts set forth in Subsection 4.1 and all other conditions contained in
this Agreement, the Minister shall pay to the Recipient a percentage of the Eligible Supported Costs set forth in the Recipient’s claim based on the sharing ratios identified in Paragraph 4.1 (a) and 4.1.1 (a), in accordance with the
Minister’s customary practices. 

  

	 	(c)	 The Minister may request at any time that the Recipient provide satisfactory evidence to demonstrate that all
Eligible Costs claimed have been paid. 

  

	8.5	 Overpayment by Minister. Where the Minister determines that the amount of the Contribution disbursed
exceeds the amount to which the Recipient is entitled, the Recipient shall repay to the Minister, promptly and no later than thirty (30) days from notice from the Minister, the amount of the overpayment together with interest at the Interest
Rate from the date of the notice to the day of payment to the Minister in full. Any such amount is a debt due to Her Majesty and is recoverable as such. 

  

	9.	 Reporting, Monitoring, Audit and Evaluation 

 

	9.1	 Reports. The Recipient agrees to provide the Minister with the reports as described in Schedule 4 -
Reporting Requirements, to the Minister’s satisfaction. 

  

	9.2	 Additional Information. Upon request of the Minister and at no cost to the Minister, the Recipient shall
promptly elaborate upon any report submitted or provide such additional information as may be requested. 

  

	9.3	 Minister’s Right to Audit Accounts and Records. The Recipient shall, at its own expense, maintain
and preserve in Canada and make available for audit and examination by the Minister or the Minister’s representatives all books, accounts and records relating to this Agreement or the Project held by the Recipient, its Affiliated Persons,
agents and contractors and of the information necessary to ensure compliance with the terms and conditions of this Agreement, including repayment to the Minister. The Minister will have the right to conduct such audits at the Minister’s expense
as may be considered necessary. 

 Unless otherwise agreed to in writing by the Minister, the Recipient and its Affiliated
Persons, agents and contractors shall maintain and preserve all books, accounts, invoices, receipts and records and all other documentation related to this Agreement until the end of the Recipient Fiscal Year that ends seven (7) years after the
fiscal year of the date on which they were created. 
  

	9.4	 Auditor General Rights. The Recipient recognizes, acknowledges and accepts that the Auditor General of
Canada may, at the Auditor General’s cost, after consultation with the Recipient, conduct an inquiry under the authority of subsection 7.1 (1) of the Auditor General Act in relation to any funding agreement (as defined in subsection 42
(4) of the Financial Administration Act) with respect to the use of the Contribution received. 

 For the purposes
of any such inquiry undertaken by the Auditor General, the Recipient shall provide, upon request and in a timely manner, to the Auditor General or anyone acting on behalf of the Auditor General, 

 

	 	(a)	 all records held by the Recipient, its Affiliated Persons, agents or contractors relating to this Agreement and
the use of the Contribution provided under this Agreement; and 

  

	 	(b)	 such further information and explanations as the Auditor General, or anyone acting on behalf of the Auditor
General, may request relating to this Agreement or the use of the Contribution. 

  

	9.5	 Access to Records. The Recipient shall, at all times, ensure that its agents, employees, assigns,
contractors, and Affiliated Persons are obligated to provide to the Minister or the Auditor General or their authorized representatives records and other information that are in possession of those agents, employees, assigns, contractors, and
Affiliated Persons and that relate to this Agreement or to the use of the Contribution. 

	9.6	 Access to Premises. The Recipient and its Affiliated Persons shall provide the representatives of the
Minister reasonable access to premises to inspect and assess the progress of the Project or any element thereof and supply promptly on request such data as the Minister may reasonably require for statistical or Project evaluation purposes.

  

	9.7	 Evaluation. The Recipient shall, at its own expense, participate in the preparation of case studies
reporting on the outcomes of the Project, to be completed by the Minister or the Minister’s agents, in order to assist in the Minister’s preparation of an overall evaluation of the value and effectiveness of SIF. 

 

	10.	 Representations, Warranties and Covenants 

 

	10.1	 Representations. The Recipient represents and warrants that: 

 

	 	(a)	 it is duly incorporated under Canadian law and validly existing and in good standing and has the power and
authority to carry on its business, to hold property and to enter into this Agreement and undertakes to take all necessary action to maintain itself in good standing, to preserve its legal capacity and to remain incorporated in a Canadian
jurisdiction; 

  

	 	(b)	 signatories to the Agreement have been duly authorized to execute and deliver this Agreement;

  

	 	(c)	 the execution, delivery and performance of this Agreement have been duly and validly authorized and that when
executed and delivered, the Agreement will constitute a legal, valid and binding obligation enforceable in accordance with its terms; 

  

	 	(d)	 it is under no obligation or prohibition, nor is it subject to or threatened by any actions, suits or
proceedings that could or would prevent compliance with the Agreement. The Recipient shall inform the Minister forthwith of any such occurrence; 

  

	 	(e)	 the execution and delivery of this Agreement and the performance by the Recipient of its obligations hereunder
will not, with or without the giving of notice or the passage of time or both: 

  

	 	(i)	 violate the provisions of the Recipient’s by-laws, any other
corporate governance document subscribed to by the Recipient or any resolution of the Recipient; 

  

	 	(ii)	 violate any judgment, decree, order or award of any court, government agency, regulatory authority or
arbitrator; or 

  

	 	(iii)	 conflict with or result in the breach or termination of any material term or provision of, or constitute a
default under, or cause any acceleration under, any license, permit, concession, franchise, indenture, mortgage, lease, equipment lease, contract, permit, deed of trust or any other instrument or agreement by which it is bound;

  

	 	(f)	 it has obtained or will obtain all necessary licences and permits in relation to the Project, which satisfy the
requirements of all regulating bodies of appropriate jurisdiction; 

  

	 	(g)	 it owns or holds sufficient rights in any Intellectual Property required to carry out the Project; and,

  

	 	(h)	 the description of the Project in Schedule 1 - Statement of Work is complete and accurate.

  

	10.2	 Covenants. The Recipient covenants and agrees that: 

 

	 	(a)	 it is solely responsible for providing or obtaining the funding, in addition to the Contribution, required to
carry out the Project and the fulfilment of the Recipient’s other obligations under this Agreement; 

	 	(b)	 no Material Change within the control of the Recipient will be made without the prior written consent of the
Minister. In the event that the Minister does not consent to such a Material Change, the Minister may exercise the remedies set out in Subsection 14.3; 

  

	 	(c)	 no Change in Control will be made without the prior written consent of the Minister. 

 

	 	(i)	 In the case where the Recipient is a private company, the Recipient shall notify the Minister, in writing, no
later than thirty (30) days prior to the date from which the Recipient expects to have a Change in Control, and the Minister will confirm no later than thirty (30) days after receiving notification from the Recipient if it consents to the
Change in Control. Subject to subsection 17.13, consent will not be unreasonably withheld. 

  

	 	(ii)	 In the case where the Recipient is a public company, the Recipient shall notify the Minister, in writing, of
any Change in Control no later than thirty (30) days following any Change in Control. 

  

	 	(iii)	 Prior to providing consent, the Minister may, as a result of notification of the Change in Control, require
additional due diligence to determine the impacts of the Change in Control, such as the following, but not be limited to: the legal status of the Recipient pursuant to the Strategic Innovation Fund’s program terms and conditions; the impact on
the recipient’s finances and the Project to ensure that the Recipient is able to complete the Project; and, any other considerations that may emerge. The purpose of the due diligence is to ensure that the Minister can fully evaluate any
additional considerations that were not identified at the time of authorizing the funding. In the event that the Minister does not consent to such a Change in Control, the Minister may exercise the remedies set out in Subsection 14.3;

  

	 	(d)	 it shall retain possession and control of all Project Assets, including SPE as per Schedule 7 - Special
Purpose Equipment, the cost of which has been contributed to by the Minister under the Agreement, and the Recipient shall not Dispose of the same without the prior written consent of the Minister, other than in the ordinary course of business
where the aggregate book value of such Project Assets for each occurrence is no greater than [***]; 

  

	 	(e)	 it shall, in advance and in writing, and subject to Paragraphs 10.2 (c) and (d) of this Agreement, notify
the Minister in the event of any Acquisition or Divestiture. In the case where the Recipient is a public company, the Recipient shall notify the Minister in writing of any Acquisition or Divestiture contemporaneously with any press release, or
filing of a public regulatory notice in respect of such Acquisition or Divestiture; 

  

	 	(f)	 that it shall not make any dividend payments or other shareholder distributions that would prevent it from
implementing the Project or satisfying any other of the Recipient’s obligations under this Agreement, including, without limitation, the making of repayments to the Minister hereunder; 

 

	 	(g)	 it shall comply with the federal visibility requirements set out in Schedule 2 - Communications
Obligations; and 

  

	 	(h)	 it shall comply with all laws and regulations applicable to it. 

 

	10.3	 Renewal of Representations. It is a condition precedent to any disbursement under this Agreement that
the representations, warranties and covenants contained in this Agreement are true at the time of payment and that the Recipient is not in default of compliance with any terms of this Agreement. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	11.	 Intellectual Property 

 

	11.1	 Background Intellectual Property. The Recipient must own the Background Intellectual Property or hold
sufficient Background Intellectual Property Rights to permit the Project to be carried out and the Project Intellectual Property to be exploited by the Recipient. 

 

	11.2	 Project Intellectual Property. Ownership of the Project Intellectual Property to which the Minister has
directly contributed, and the ownership of Project Intellectual Property Rights therefore, shall vest in the Recipient and shall remain in Canada for the Term unless otherwise agreed to by the Minister. 

 

	11.3	 License of Project Intellectual Property. The Recipient agrees not to grant any exclusive right or
exclusive license to, any of the Project Intellectual Property without the prior written consent of the Minister, except in respect of an end-user licensee in conjunction with the sale of Resulting Products
and except [***]. 

  

	11.4	 Protection of Project Intellectual Property. The Recipient shall take appropriate steps to protect and
enforce the Project Intellectual Property. The Recipient shall provide information to the Minister in that regard, upon request. 

  

	11.5	 Crown Ownership of Intellectual Property. The Crown will not have an ownership interest in the Project
Intellectual Property nor will the Crown acquire new rights in Background Intellectual Property by virtue solely of having provided the Contribution. Rights attributed to the Crown in any other way including under the Public Servants Inventions
Act are not in any way affected by this Agreement. 

  

	11.6	 Reporting on Licensing Activities. The Recipient will report [***], to the satisfaction of the Minister,
a list of licensing arrangements with respect to the Project Intellectual Property executed since the previous report except for the first report which will cover the period from the Execution Date to the end of the first [***].

  

	12.	 Environmental and Other Requirements 

 

	12.1	 The Recipient represents that the Project is not a “designated project” and is not being carried out
on “federal lands” as such terms are defined in the Canadian Environmental Assessment Act, 2012 (“CEAA”). 

  

	12.2	 The Recipient shall, in respect of the Project, comply with all federal, provincial, territorial, municipal and
other applicable laws, including but not limited to, statutes, regulations, by-laws, rules, orders, ordinances and decrees governing the Recipient or the Project, or both, relating to environmental protection
and the successful implementation of and adherence to any mitigation measures, monitoring or follow-up program that may be prescribed by the Minister or other federal, provincial, territorial, municipal
tribunals or bodies, and certifies to the Minister that it has done so to date. 

  

	12.3	 The Recipient will provide the Minister with reasonable access to any Project site for the purpose of ensuring
that the terms and conditions of any environmental approval are met, and that any mitigation, monitoring or follow-up measure required has been carried out. 

 

	12.4	 If as a result of changes to the Project or otherwise, an assessment is required in accordance with CEAA for
the Project, the Minister and the Recipient agree that the Minister’s obligations under this Agreement will be suspended from the moment that the Minister informs the Recipient, until (i) a decision statement has been issued to the
Recipient or, if applicable, the Minister has decided that the Project is not likely to cause significant adverse environmental effects or the Governor in Council has decided that the significant adverse environmental effects are justified in the
circumstances, and (ii) if required, an amendment to this Agreement has been signed, setting out any conditions included in the decision statement. 

  

	12.5	 Aboriginal consultation. The Recipient acknowledges that the Minister’s obligation to pay the
Contribution is conditional upon Her Majesty satisfying any obligation that Her Majesty may have to consult with or to accommodate any Aboriginal groups, which may be affected by the terms of this Agreement. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	12.6	 Official Languages. The Recipient agrees that any public acknowledgement of the Minister’s public
support for the Project will be expressed in both official languages. 

  

	13.	 Indemnification and Limitation of Liability 

 

	13.1	 Indemnification. Except for any claims arising from the gross negligence of, or willful misconduct by,
the Minister’s employees, officers, agents or servants, the Recipient agrees, at all times, to indemnify and save harmless, the Minister and any of his officers, servants, employees or agents from all and against all claims and demands,
actions, suits or other proceedings (and all losses, costs and damages relating thereto) by whomsoever made, brought or prosecuted (all of the foregoing collectively, the “Claims”), where such Claims are asserted or arise from the Minister
being a Party to this Agreement and exercising his rights and performing his obligations under this Agreement, to the extent such Claims result from: 

  

	 	(a)	 the Project, its operation, conduct or any other aspect thereof; 

 

	 	(b)	 the performance or non-performance of this Agreement, or the breach or
failure to comply with any term, condition, representation or warranty of this Agreement by the Recipient, its Affiliated Persons, its officers, employees and agents, or by a third party or its officers, employees, or agents; 

 

	 	(c)	 the design, construction, operation, maintenance and repair of any part of the Project; or,

  

	 	(d)	 any omission or other wilful or negligent act or delay of the Recipient, its Affiliated Person or a third party
and their respective employees, officers, or agents. 

  

	13.2	 Limitation of Liability. Notwithstanding anything to the contrary contained herein, the Minister shall
not be liable for any direct, indirect, special or consequential damages of the Recipient nor for the loss of revenues or profits arising from, based upon, occasioned by or attributable to the execution of this Agreement, regardless of whether such
a liability arises in tort (including negligence), contract, fundamental breach or breach of a fundamental term, misrepresentation, breach of warranty, breach of fiduciary duty, indemnification or otherwise. 

 

	13.3	 Her Majesty, her agents, employees and servants will not be held liable in the event the Recipient enters into
a loan, a capital or operating lease or other long-term obligation in relation to the Project for which the Contribution is provided. 

  

	14.	 Default and Remedies 

 

	14.1	 Event of Default. The Minister may declare that an Event of Default has occurred if:

  

	 	(a)	 the Recipient has failed or neglected to pay Her Majesty any amount due in accordance with this Agreement;

  

	 	(b)	 the Project is not completed in accordance with Schedule 1 - Statement of Work to the Minister’s
satisfaction by the Project Completion Date or the Project is abandoned by the Recipient in whole or in part; 

  

	 	(c)	 the Recipient has not, in the opinion of the Minister, met or satisfied a term, covenant or condition of this
Agreement; 

  

	 	(d)	 the Recipient becomes bankrupt or insolvent, goes into receivership, or takes the benefit of any statute, from
time to time in force, relating to bankrupt or insolvent debtors; 

	 	(e)	 an order is made or the Recipient has passed a resolution for the winding up or dissolution of the Recipient,
or the Recipient is dissolved or wound up; 

  

	 	(f)	 the Recipient has, in the opinion of the Minister, ceased to carry on business or has sold all or substantially
all of its assets or enters into a letter of intent or binding obligation to sell all or substantially all of its assets; 

  

	 	(g)	 the Recipient has not met or satisfied a term or condition under any other contribution agreement or agreement
of any kind with Her Majesty; 

  

	 	(h)	 the Recipient fails to fulfill any of the contractual obligations set out in this Agreement;

  

	 	(i)	 a representation, covenant, warranty or statement contained herein or in any document, report or certificate
delivered to the Minister hereunder or in connection therewith is false or misleading at the time it was made; and 

  

	 	(j)	 the Recipient fails to comply with the obligations regarding audit and evaluation, as set out in
Section 9. 

  

	14.2	 Notice and Rectification Period. Except in the case of an Event of Default under paragraphs (d), (e) and
(f) of Subsection 14.1 above, the Minister will not declare that an Event of Default has occurred unless the Parties have attempted to resolve the issue in accordance with Schedule 6 - Resolution Process. If the Parties are unable to
resolve this issue, the Minister may give written notice to the Recipient of the occurrence which, in the Minister’s opinion, constitutes an Event of Default and the Recipient fails, within thirty (30) days of receipt of the notice, either
to correct the condition or event or demonstrate, to the satisfaction of the Minister that it has taken such steps as are necessary to correct the condition, failing which the Minister may declare that an Event of Default has occurred.

  

	14.3	 Remedies on Default. If, after following the process in Schedule 6 - Resolution Process, the
Minister declares that an Event of Default has occurred, the Minister may immediately exercise one or more of the following remedies, in addition to any remedy available at law: 

 

	 	(a)	 suspend or terminate any obligation by the Minister to contribute or continue to contribute to the Eligible
Costs including any obligation to pay any amount owing prior to the date of such suspension; 

  

	 	(b)	 require the Recipient to repay to the Minister [***] (i) [***] or (ii) [***] of the [***] repayable
Contribution paid by the Minister [***] up to the date of the Event of Default, together with interest from the day of demand at the Interest Rate; 

  

	 	(c)	 require the Recipient to pay the Minister the total of all amounts required to be repaid pursuant to this
Agreement or the Maximum Amount to be Repaid, whichever shall be the greater, less any amount already repaid to the Minister together with interest from the day of demand at the Interest Rate; 

 

	 	(d)	 terminate the Agreement; and 

 

	 	(e)	 post a notice on a Government of Canada website disclosing that the Recipient has committed an Event of Default
under the provisions of this Agreement and describing generally the remedies, if any, that the Minister has accordingly exercised. 

  

	14.4	 The Recipient acknowledges the policy objectives served by the Minister’s agreement to make the
Contribution, that the Contribution comes from the public monies, and that the amount of damages sustained by Her Majesty in an Event of Default is difficult to ascertain and therefore, that it is fair and reasonable that the Minister be entitled to
exercise any or all of the remedies provided for in this Agreement and to do so in the manner provided for in this Agreement, if an Event of Default occurs. 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

	15.	 Miscellaneous 

 

	15.1	 Compliance with Lobbying Act. The Recipient warrants and represents:

  

	 	(a)	 that it has filed all Lobbying Act returns required to be filed in respect of persons employed by the
Recipient who communicate and/or arrange meetings with Public Office Holders as part of their employment duties, and that it will continue to do so; 

  

	 	(b)	 that it has not contracted with any person to communicate and/or arrange meetings with Public Office Holders
for remuneration that is or would be contingent in any way upon the success of such person arranging meetings with Public Office Holders, or upon the approval of the Recipient’s application for SIF funding, or upon the amount of SIF funding
paid or payable to the Recipient under this Agreement; 

  

	 	(c)	 that it will not contract with any person to communicate and/or arrange meetings with Public Office Holders for
remuneration that is or would be contingent upon the success of such person arranging meetings with Public Office Holders, or upon the amount of SIF funding paid or payable to the Recipient under this Agreement; 

 

	 	(d)	 all persons who are or have been contracted by the Recipient to communicate and/or arrange meetings with Public
Office Holders in respect of this Agreement are in full compliance with the registration and other requirements of the Lobbying Act; and 

  

	 	(e)	 it shall at all times ensure that any persons contracted to communicate and/or arrange meetings with Public
Office Holders in respect of the Agreement are in full compliance with the requirements of the Lobbying Act. 

  

	15.2	 Members of Parliament. The Recipient represents and warrants that no member of the House of Commons will
be admitted to any share or part of this Agreement or to any benefit to arise therefrom. No person who is a member of the Senate will, directly or indirectly, be a party to or be concerned in this Agreement. 

 

	15.3	 Compliance with Post-Employment Provisions. The Recipient confirms that no current or former public
servant or public office holder to whom the Values and Ethics Code for the Public Service, the Values and Ethics Code for the Public Sector, the Policy on Conflict of Interest and Post-Employment or the Conflict of Interest
Act apply, will derive a direct benefit from this Agreement unless the provision or receipt of such benefits is in compliance with such legislation and codes. 

 

	15.4	 The Recipient acknowledges that the representations and warranties in this section are fundamental terms of
this Agreement. In the event of breach of these, the Minister may exercise the remedies set out in Subsection 14.3. 

  

	16.	 Confidentiality 

 

	16.1	 Consent Required. Subject to Schedule 2 - Communications Obligations, the Access to
Information Act, the Privacy Act and the Library and Archives Act of Canada, each Party shall keep confidential and shall not without the consent of the other Party disclose the contents of the Agreement and the documents
pertaining thereto, whether provided before or after the Agreement was entered into, or of the transactions contemplated herein. 

	16.2	 International Dispute. Notwithstanding Subsection 16.1 of this Agreement, the Recipient waives any
confidentiality rights to the extent such rights would impede Her Majesty from fulfilling her notification obligations to a world trade panel for the purposes of the conduct of a dispute, in which Her Majesty is a party or a third party intervener.
The Minister is authorized to disclose the contents of this Agreement and any documents pertaining thereto, whether predating or subsequent to this Agreement, or of the transactions contemplated herein, where in the opinion of the Minister, such
disclosure is necessary to the defence of Her Majesty’s interests in the course of a trade remedy investigation conducted by a foreign investigative authority, and is protected from public dissemination by the foreign investigative authority.
The Minister shall notify the Recipient of such disclosure. 

  

	16.3	 Financing, Licensing and Subcontracting. Notwithstanding Subsection 16.1 of this Agreement, the Minister
hereby consents to the Recipient disclosing this Agreement, and any portion or summary thereof, for any of the following purposes: 

  

	 	(a)	 securing additional financing; 

 

	 	(b)	 licensing for commercial exploitation; or 

 

	 	(c)	 confirming to agents, contractors and subcontractors of the Recipient that all agents, contractors and
subcontractors must agree to provide the Minister and the Auditor-General with access to their records and premises, provided that any person to whom this Agreement or any portion or summary thereof is disclosed shall execute a non-disclosure agreement prior to such disclosure. 

  

	16.4	 Repayments. Notwithstanding Subsection 16.1 of this Agreement, the Minister may disclose any information
relating to the amount of each repayment made by the Recipient whether due or paid. 

  

	17.	 General 

 

	17.1	 Debt due to Canada. Any amount owed to Her Majesty under this Agreement shall constitute a debt due to
Her Majesty and shall be recoverable as such. Unless otherwise specified herein, the Recipient agrees to make payment of any such debt forthwith on demand. 

  

	17.2	 Interest. Debts due to Her Majesty will accrue interest in accordance with the Interest and
Administrative Charges Regulations, in effect on the due date, compounded monthly on overdue balances payable, from the date on which the payment is due, until payment in full is received by Her Majesty. Any such amount is a debt due to Her
Majesty and is recoverable as such. 

  

	17.3	 Set-off Rights of Minister. Without limiting the scope of the set-off rights provided for under the Financial Administration Act, it is understood that the Minister may set off against the Contribution any amounts owed by the Recipient to the Minister under legislation
or contribution agreements and the Recipient shall declare to the Minister all amounts outstanding in that regard when making a claim under this Agreement. 

  

	17.4	 No Assignment of Agreement. No Party shall assign the Agreement or any part thereof without the prior
written consent of the Minister. Any attempt by a Party to assign this Agreement or any part thereof, without the express written consent of the Minister, is void. 

 

	17.5	 Annual Appropriation. Any payment by the Minister under this Agreement is subject to there being an
appropriation for the Government Fiscal Year in which the payment is to be made; and to cancellation or reduction in the event that departmental funding levels are changed by Parliament. If the Minister is prevented from disbursing the full amount
of the Contribution due to a lack or reduction of appropriation or departmental funding levels, the Minister and the Recipient agree to review the effects of such a shortfall in the Contribution on the implementation of this Agreement.

  

	17.6	 Successors and Assigns. This Agreement is binding upon the Recipient, its successors and permitted
assigns. 

	17.7	 Event of Force Majeure. The Recipient will not be in default by reason only of any failure in the
performance of the Project in accordance with Schedule 1 - Statement of Work if such failure arises without the fault or negligence of the Recipient and is caused by any event of Force Majeure. 

 

	17.8	 Applicable Law. This Agreement will be interpreted in accordance with the laws of the province of
British Columbia and federal laws of Canada applicable therein. The word “law” used herein has the same meaning as in the Interpretation Act, as amended. 

 

	17.9	 Dispute Resolution. If a dispute arises concerning the application or interpretation of this Agreement,
the Parties will attempt to resolve the matter through good faith negotiation, and may, if necessary and the Parties consent in writing, resolve the matter through mediation or arbitration by a mutually acceptable mediator or by arbitration in
accordance with the Commercial Arbitration Code set out in the schedule to the Commercial Arbitration Act (Canada), as amended, and all regulations made pursuant to that Act. 

 

	17.10	 No Amendment. No amendment to this Agreement shall be effective unless it is made in writing and signed
by the Parties hereto. 

  

	17.11	 Contribution Agreement Only. This Agreement is a contribution agreement only, not a contract for
services or a contract of service or employment, and nothing in this Agreement, the Parties relationship or actions is intended to create, or be construed as creating, a partnership, employment or agency relationship between them. The Recipient is
not in any way authorized to make a promise, agreement or contract and to incur any liability on behalf of Her Majesty or to represent itself as an agent, employee or partner of Her Majesty, including in any agreement with a third party, nor shall
the Recipient make a promise, agreement or contract and incur any liability on behalf of Her Majesty, and the Recipient shall be solely responsible for any and all payments and deductions required by the applicable laws. 

 

	17.12	 No Waiver. The rights and remedies of the Minister under this Agreement shall be cumulative and not
exclusive of any right or remedy that he or she would otherwise have. The fact that the Minister refrains from exercising a remedy he or she is entitled to exercise under this Agreement will not constitute a waiver of such right and any partial
exercise of a right will not prevent the Minister in any way from later exercising any other right or remedy under this Agreement or other applicable law. 

  

	17.13	 Consent of the Minister. Whenever this Agreement provides for the Minister to render a decision or for
the Recipient to obtain the consent or agreement of the Minister, such decision shall be reasonable on the facts and circumstance and such consent or agreement will not be unreasonably withheld but the Minister may make the issuance of such consent
or agreement subject to reasonable conditions. 

  

	17.14	 No conflict of interest. The Recipient and its Affiliated Persons, consultants and any of their
respective advisors, partners, directors, officers, shareholders, employees, agents and volunteers shall not engage in any activity where such activity creates a real, apparent or potential conflict of interest in the sole opinion of the Minister,
with the carrying out of the Project. For greater certainty, and without limiting the generality of the foregoing, a conflict of interest includes a situation where anyone associated with the Recipient owns or has an interest in an organization that
is carrying out work related to the Project. 

  

	17.15	 Disclose potential conflict of interest. The Recipient shall disclose to the Minister without delay any
actual or potential situation that may be reasonably interpreted as either a conflict of interest or a potential conflict of interest. 

  

	17.16	 Severability. Any provision of this Agreement which is prohibited by law or otherwise deemed ineffective
will be ineffective only to the extent of such prohibition or ineffectiveness and will be severable without invalidating or otherwise affecting the remaining provisions of the Agreement. 

	17.17	 Signature in Counterparts. This Agreement may be signed in counterparts and such counterparts may be
delivered by acceptable electronic transmission, including portable document format (PDF), each of which when executed and delivered is deemed to be an original, and when taken together, will constitute one and the same Agreement.

  

	17.18	 Currency. Unless otherwise indicated, all dollar amounts referred to in this Agreement are to the
currency of Canada. 

  

	17.19	 Tax. The Recipient acknowledges that financial funding from government programs may have tax
implications for its organization and that advice should be obtained from a qualified tax professional. 

  

	18.	 Contact Information & Notices 

 

	18.1	 Form and Timing of Notice. Any notice or other communication under this Agreement shall be made in
writing. The Minister or the Recipient may send any written notice by any pre-paid method, including regular or registered mail, courier or email. Notice will be considered as received upon delivery by the
courier, upon the Party confirming receipt of the email or one (1) day after the email is sent, whichever the sooner or five (5) calendar days after being mailed. 

 

	18.2	 Any notices to the Minister in fulfillment of obligations such as claims, reporting, and any other documents
stipulated under this Agreement, will be addressed to: 

 Strategic Innovation Fund 

Attn: Senior Director 
 8th
Floor 
 235 Queen Street 

Ottawa, Ontario K1A 0H5 
 Fax
No: (613) 954-5649 
 Email address: to be provided by SIF upon request from the Recipient. 

Notwithstanding the foregoing, claims forms will not be sent by email unless otherwise agreed to in writing by the Minister. 

 

	18.3	 Any notices to the Recipient will be addressed to: 

AbCellera Biologics Inc. 
 Attn:
Andrew Booth, Chief Financial Officer (CFO) 
 Address: 2215 Yukon St., 

     Vancouver, B.C. 

     V5Y 0A1 

Tel. No.: 604-559-9005 

Email address: to be provided by the Recipient to SIF. 
  

	18.4	 Change of Contact Information. Each of the Parties may change the address, which they have stipulated in
this Agreement by notifying in writing the other Party of the new address, and such change shall be deemed to take effect fifteen (15) calendar days after receipt of such notice. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF the Parties hereto have executed this Agreement through duly authorized
representatives. 
 HER MAJESTY THE QUEEN IN RIGHT OF CANADA  

as represented by the Minister of Industry 
  

									
	Per:	  	 /s/ Colette Kaminsky
	  		  	 2020.40.10
	  	
		  	Strategic Innovation Fund	  		  	Date	  	
		  	Colette Kaminsky, Director General	  		  		  	
				
	AbCellera Biologics Inc.	  		  		  	
					
	Per:	  	 /s/ Andrew Booth
	  		  	 11 April 2020
	  	
		  	Andrew Booth, Chief Financial Officer (CFO)	  		  	Date	  	
					
		  	I have the authority to bind the Corporation.	  		  		  	

 SCHEDULE 1 - STATEMENT OF WORK (SOW) 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SCHEDULE 2 - COMMUNICATIONS OBLIGATIONS 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SCHEDULE 3 - COST PRINCIPLES 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SCHEDULE 4 - REPORTING REQUIREMENTS 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SCHEDULE 5 - REPAYMENTS TO THE MINISTER (CONDITIONAL) 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SCHEDULE 6 - RESOLUTION PROCESS 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SCHEDULE 7 - SPECIAL PURPOSE EQUIPMENT 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

 SPECIAL PURPOSE EQUIPMENT FORM 

[***] 

  

	
	[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

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