Document:

EXHIBIT
      10.10

     

    
      Portions
        herein identified by [***] have been omitted
        pursuant to a request for confidential treatment and have been filed separately
        with the 

      Commission
        pursuant to Rule 406 of the Securities Act
        of 1933, as amended.

       

    

    LICENSE
      AGREEMENT

    

    

    

    between

    

    

    Cougar
      Biotechnology Inc.

    10940
      Wilshire Blvd., Suite 600

    Los
      Angeles, CA 90024

    USA

    

    (Referred
      to as Cougar)

    

    

    and

    

    

    LEO
      Pharma A/S

    Industriparken
      55

    2750
      Ballerup

    Denmark

    

    (Referred
      to as LEO)

    

    

    (LEO
      and
      Cougar are hereinafter collectively referred to as the Parties and individually
      as a Party)

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

    

      
        	
                1.
                  DEFINITIONS

              	
                3

              
	 	 
	
                2.
                  GRANT OF LICENSE

              	
                5

              
	 	 
	
                3.
                  OBLIGATIONS OF COUGAR

              	
                5

              
	 	 
	
                4.
                  ROYALTIES AND OTHER CONSIDERATION

              	
                6

              
	 	 
	
                5.
                  OWNERSHIP AND PROSECUTION OF PATENT RIGHTS

              	
                8

              
	 	 
	
                6.
                  INFRINGEMENT OF THE PATENT RIGHTS BY A THIRD PARTY

              	
                8

              
	 	 
	
                7.
                  INFRINGEMENT OF A THIRD PARTY’S RIGHT BY THE PATENT RIGHTS OR A
                  PRODUCT

              	
                9

              
	 	 
	
                8.
                  WARRANTIES

              	
                10

              
	 	 
	
                9.
                  INDEMNIFICATION

              	
                10

              
	 	 
	
                11.
                  CONFIDENTIALITY

              	
                12

              
	 	 
	
                12.
                  SUBLICENSING AND ASSIGNMENT

              	
                13

              
	 	 
	
                13.
                  TERM AND TERMINATION

              	
                13

              
	 	 
	
                14.
                  RIGHTS AND OBLIGATIONS AFTER TERMINATION OF THE AGREEMENT

              	
                14

              
	 	 
	
                15.
                  GOVERNING LAW AND VENUE

              	
                14

              
	 	 
	
                16.
                  FORCE MAJEURE

              	
                15

              
	 	 
	
                17.
                  MISCELLANEOUS

              	
                15

              
	 	 
	
                18.
                  PAYMENTS, NOTICES AND OTHER COMMUNICATIONS

              	
                16

              

      

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    This
      Agreement (hereinafter referred to as this "Agreement"), effective as of this
      _________, 2005 (the ”Effective Date”), is entered into by and between LEO
      Pharma A/S, a corporation having its principal office at Industriparken 55,
      2750
      Ballerup, Denmark (hereinafter referred to as “LEO”), and Cougar Biotechnology
      Inc., a corporation duly organized and existing under the laws of the State
      of
      California with head quarters at 10940 Wilshire Blvd., Suite 600, Los Angeles,
      CA 90024, USA (”Cougar”).

    

    WHEREAS

    LEO
      Pharma A/S is the sole owner of Patent Rights, Know-how and Regulatory
      Information relating to Seocalcitol

    

    WHEREAS

    Cougar
      wishes to license such Patent Rights, Know-how and Regulatory Information from
      LEO

    

    NOW
      THEREFORE

    The
      Parties have agreed as follows:

     

    1.
      DEFINITIONS

     

    “Affiliate”
      shall mean with respect to either Party, any entity that directly or indirectly
      controls, is controlled by, or is under common control with such
      Party.

    

    “Commercially
      Reasonable and Diligent Efforts” shall mean such diligent and conscientious
      endeavors as, consistent with standards of good faith and reasonableness under
      the attendant circumstances, are appropriate to attempt to accomplish the stated
      result and which include a thorough, vigorous and diligent program for
      exploitation of the Patent Rights as timely and efficiently as possible. Such
      program shall include the clinical development, including research and
      development, manufacturing, laboratory and clinical testing as well as marketing
      using such efforts and resources as are commonly used in the pharmaceutical
      industry for an ethical drug of similar commercial potential at a similar stage
      in its lifecycle, taking into consideration its safety and efficacy, its cost
      to
      develop, the competitiveness of alternative products, its proprietary position,
      the likelihood of regulatory approval, its profitability and all other relevant
      factors.

    

    “Epi-Seocalcitol”
      shall mean the active substance known under the chemical name
      1(S),3(R)-dihydroxy-20(S)-(5’-ethyl-5’-hydroxy-hepta-1’(E), 3’(E) -
      dien-1’-yl)-9,10-secopregna-5(Z),7(E),10(19)-triene, which is an analogue of
      vitamin D.

    

    “Field
      of
      Use” shall mean all uses.

    

    “Know-how”
      shall mean all information regarding Seocalcitol and other compounds and uses
      covered by Patent Rights (except information contained in the Patent Rights
      and
      Regulatory Information) such as but not limited to reports, protocols,
      publications, trade secrets, manufacturing information, data, compounds,
      processes, formulae, formulations, materials, devices, systems, biological
      samples, tissues, intermediates, notes, records, confidential information,
      whether in written or verbal form (other than as disclosed in the Patent Rights
      or Regulatory Information) which LEO has the right to disclose to
      Cougar.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    “Net
      Sales” shall mean the total gross receipts for sales of Product(s) to the market
      by or on behalf of Cougar or any of its sublicensees, whether invoiced or not,
      less only the sum of the following: (a) usual trade discounts to customers;(b)
      sales, tariff duties and/or use taxes directly imposed and with reference to
      particular sales; (c) outbound transportation prepaid or allowed and
      transportation insurance; (d) amounts allowed or credited on returns; (e) bad
      debt deductions actually written off during the accounting period; (f) sales
      commissions; and (g) packaging and freight charges.

    

    “New
      Drug
      Application” shall mean a New Drug Application as defined in 21 C.F.R. § 314.50
      et. seq. and filed with the Food and Drug Administration in compliance with
      applicable laws and regulations to obtain approval to market a pharmaceutical
      product in the United States.

    

    “Patent
      Rights” shall mean all patents and patent applications that include Seocalcitol
      or its manufacture or use owned or controlled by LEO prior to or during the
      term
      of this Agreement and include:

    

    
      	
            	i)	
              those
                patents and patent applications listed in the enclosed Appendix A;
                and

            

    

    
      	
            	ii)	
              any
                other United States or foreign patent applications or patents that
                claim
                priority to any of the patents or applications listed in Appendix
                A and
                Appendix B, together with any and all patents issuing thereon, including
                continuations, continuations-in-part, divisionals, reexaminations,
                extensions, and reissue applications and any United States or foreign
                patents granted upon such applications, all of which shall be deemed
                added
                to Appendix A and Appendix B. 

            

    

     

    “Product”
      shall mean any pharmaceutical product based on the Patent Rights, the Know-how
      or the Regulatory Information, including Seocalcitol, whether alone or in
      combination with other active or inactive ingredients, and any salts or
      derivatives of such Product and shall include combination products.

    

    “Regulatory
      Information” shall include all data, information, submissions and rights related
      to preparing for and seeking regulatory approval for a Product in the Territory,
      including but not limited to Orphan Drug Designations, pre-clinical or clinical
      protocols and data resulting from or relating to pre-clinical or clinical trials
      and all Investigational New Drug Applications ("INDs"), New Drug Applications
      ("NDAs") and and their non-US counterparts existing prior to or during the
      term
      as specified in Appendix C..

    

    “Seocalcitol”
      shall mean the active substance known under the chemical name
      1(S),3(R)-dihydroxy-20(R)-(5’-ethyl-5’-hydroxy-hepta-1’(E), 3’(E) -
      dien-1’-yl)-9,10-secopregna-5(Z),7(E),10(19)-triene, which is an analogue of
      vitamin D.

    

    “Territory”
      shall mean the world.

    

    “Third
      Party” means any party other than LEO, Cougar and their respective
      Affiliates.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    2.
      GRANT
      OF LICENSE

     

    2.1.1
      Exclusivity. 

    Subject
      to all of the terms and conditions of this Agreement, and as of the Effective
      Date, LEO hereby grants to Cougar an exclusive license to and under the Patent
      Rights listed in Appendix A, Regulatory Information and Know-how to a) make,
      have made, use, lease, sell, and/or import the Product in the Field, in the
      Territory; and b) to sublicense to third parties the rights granted under
      subsection (a) of this Section 2.1.1. 

    

    2.1.2
      Exclusivity to Epi-Seocalcitol.

    Subject
      to all of the terms and conditions of this Agreement, and as of the Effective
      Date, LEO hereby grants to Cougar an exclusive license to the rights pertaining
      to Epi-Seocalcitol under the Patent Rights listed in Appendix B, Regulatory
      Information and Know-how to a) make, have made, use, lease, sell, and/or import
      the Product in the Field, in the Territory; and b) to sublicense to third
      parties the rights granted under subsection (a) of this Section 2.1.2.

    

    2.2
      Research. 

    Notwithstanding
      the license being exclusive, LEO is not prevented from use of the Patent Rights
      and the Know-how in connection with its own internal research and development
      activities irrespective of field or area.

    

    2.3
      No
      warranty. 

    LEO
      does
      not warrant that the Patent Rights, to the extent such rights have not been
      issued at the time of this Agreement entering into force, will be
      issued.

     

    3.
      OBLIGATIONS OF COUGAR

     

    3.1
      Product

    Cougar
      covenants to LEO that it will use Commercially Reasonable and Diligent Efforts
      to develop, market, promote and sell a Product. Cougar shall notify LEO of
      any
      launch of a Product.

    

    In
      the
      event of Cougar deciding not to exploit the Patent Rights, Know-how or
      Regulatory Information further for at least one Product, Cougar shall without
      undue delay inform LEO of its decision and Cougar shall hereafter be entitled
      to
      terminate this Agreement. In addition, in the event that Cougar is finally
      judicially determined to be in breach of the above covenant, then LEO shall
      thereafter be entitled to terminate this Agreement.

    

    3.2
      Development Plan and Progress Report

    Cougar
      shall within six month from the execution of this Agreement provide LEO with
      a
      full development plan. The development plan shall inter
      alia
      include
      tentative dates for the milestones mentioned in Section 4.1 (b) to 4.1 (f).
      Also
      this plan is to be updated yearly by Cougar and forwarded to LEO.

    

    Cougar
      shall provide LEO with a yearly progress report on the status of the commercial
      development of the Patent Rights and the Know-how. This yearly progress report
      shall be due every year on the anniversary of the commencement of this
      Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    3.3
      Trademarks etc.

    Cougar
      shall not in any way use directly or indirectly the name, logo or other marks
      of
      LEO or any adaptation of them in any marketing, advertising, promotional or
      sales literature without the prior written consent of LEO.

    

    Cougar
      is, however, entitled to use the name Seocalcitol in connection with the Patent
      Rights and a Product.

    

    4.
      ROYALTIES AND OTHER CONSIDERATION

     

    4.1
      Consideration for the license

    In
      consideration of the rights granted under this Agreement Cougar shall pay to
      LEO
      the following:

    

    
      	 	
              (a)

            	
              [***] upon
                commencement of this Agreement;

            

    

    

    
      	 	
              (b)

            	
              [***] upon
                completion of a Cougar sponsored (or sublicensee sponsored) Phase
                II Proof
                of Concept trial with a Product that achieves its primary endpoint
                as
                defined in the study protocol;

            

    

    

    
      	 	
              (c)

            	
              [***] upon
                the dosing of the first patient with a Product in a Cougar sponsored
                (or
                sublicensee sponsored) pivotal Phase III clinical trial;
                

            

    

    

    
      	 	
              (d)

            	
              [***] upon
                submission of the first Cougar sponsored (or sublicensee sponsored)
                New
                Drug Application by the Food and Drug Administration with a Product;
                

            

    

    

    
      	 	
              (e)

            	
              [***] upon
                the final approval by the Food and Drug Administration of the first
                Cougar
                sponsored (or sublicensee sponsored) New Drug Application for a Product;
                and

            

    

    

    
      	 	
              (f)

            	
              [***] upon
                the first final approval by the applicable regulatory agency in the
                European Union of the first Cougar sponsored (or sublicensee sponsored)
                application for a Product.

            

    

    

    Payment
      shall be made within 15 (fifteen) working days from the date mentioned in the
      relevant section by bank transfer to such bank account as designated by LEO
      in
      writing.

    

    4.2
      Royalty

    4.2.1  Cougar
      shall pay to LEO a royalty equal to [***] of Net Sales by Cougar of Product
      during the term of the license. In the event that Cougar sublicenses the
      license, Cougar shall pay to LEO an amount equal to [***]% of the royalties
      received by Cougar from sales of Products by any sublicense, of Product in
      such
      country where said sale occurred, however no less than [***] % of Net Sales
      by such sublicense. It is understood that the primary consideration for the
      royalty payment is the transfer of Regulatory Information to Cougar, and that
      the payment of the portion of the royalty which represents the consideration
      for
      transfer of the Patent Rights is being apportioned over the term of the license
      for the convenience of the parties.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    4.2.2 The
      royalty shall be payable upon each 31 March, 30 June, 20 September and 31
      December.

    

    4.2.3  Each
      payment shall be accompanied by a statement containing item description,
      quantity sold, sales value and currency. 

    

    4.2.4 Cougar
      shall keep complete and accurate books and records in respect of all payments
      made in accordance with this Agreement, and LEO shall be entitled to inspect
      such books and records upon reasonable notice and during normal business
      hours.

    

    4.2.5 The
      sale
      of a Product, whether by Cougar or its sublicensees, shall be counted only
      once
      in calculating Net Sales for royalty payments, and will be counted upon the
      first delivery or invoice. No multiple royalties shall be payable because any
      Products, their manufacture, use, lease or sale are or shall be covered by
      more
      than one patent application, patent or certificate of registration licensed
      under this Agreement. 

    

    4.2.6  In
      the
      event that a Product is sold in the form of a combination product containing
      one
      or more products or technologies which are themselves not a Product, the Net
      Sales for such combination product shall be calculated by multiplying the sales
      price of such combination product by the fraction A/(A+B) where A is the invoice
      price of the Product or fair market value of the Product and B is the total
      invoice price of the other products or technologies or the fair market value
      of
      the other products or technologies. In the case of a combination product which
      includes one or more Products, the Net Sales for such combination product upon
      which the royalty due to LEO is based shall not be less than the normal
      aggregate Net Sales for such Product. 

    

    4.2.7 (i)
      With
      respect to Products used to treat tumors or cancer, to the extent that Cougar
      or
      its sublicensee is required by order or judgment of any court in any
      jurisdiction, or if Cougar determines in its reasonable discretion that it
      is
      necessary, to obtain a license from a third party in order to practice the
      Patent Rights, the Know-how or the Regulatory Information, then [***]
      percent [***] of the royalties payable under such license in such
      jurisdiction may be deducted from royalties otherwise payable to LEO. (ii)
      With
      respect to Products used to treat diseases other than tumors or cancer, to
      the
      extent that Cougar or its sublicensee is required by order or judgment of any
      court in any jurisdiction, or if Cougar and LEO together agree that it is
      necessary to obtain a license from a third party in order to practice the Patent
      Rights, the Know-how or the Regulatory Information, then [***]
      percent [***] of the royalties payable under such license in such
      jurisdiction may be deducted from royalties otherwise payable to
      LEO.

    

    4.2.8 Should
      a
      compulsory license required by law be granted to a Third Party in any country
      of
      the Territory under Patent Rights licensed hereunder to Cougar, then the Royalty
      Rate payable under Section 4.2.1 shall be adjusted to match any lower rate
      granted to the Third Party for such country. 

    

    4.3
      Method of payment

    Any
      payment made in accordance with this Agreement shall be made by bank transfer
      to
      such bank account as designated by LEO in writing.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    4.4
      Taxes

    All
      payments made in accordance with this Agreement are exclusive of value added
      tax, and when making a payment Cougar shall also pay any value added tax
      payable. 

    

    All
      taxes
      to be paid by Cougar as a consequence of this Agreement are of no relevance
      to
      LEO.

    

    5.
      OWNERSHIP AND PROSECUTION OF PATENT RIGHTS

     

    5.1
      Ownership

    LEO
      shall
      remain the full owner of the Patent Rights and has full control over the Patent
      Rights. However, upon request from Cougar, LEO shall be obliged to perform
      the
      necessary actions in order to maintain the Patent Rights and to file or
      prosecute patent applications relating to the Patent Rights. LEO will take
      into
      account the comments and requests of Cougar with respect thereto, and both
      parties agree to provide reasonable cooperation to each other to facilitate
      the
      application and prosecution of Patent Rights. 

    

    LEO
      agrees to keep Cougar reasonably well informed with respect to the status and
      progress of any such applications, prosecutions and maintenance activities
      and
      to consult in good faith with Cougar and take into account Cougar’s comments and
      requests with respect thereto. 

    

    Prior
      to
      any abandonment of any patents or patent applications in the Patent Rights,
      LEO
      shall give Cougar at least sixty (60) days notice and a reasonable opportunity
      to take over prosecution of such Patent Rights. In such event, Cougar shall
      have
      the right, but not the obligation, to commence or continue such prosecution
      and
      to maintain any such Patent Rights under its own control and at its expense
      and
      LEO shall then have no further rights in such application or patent. The Parties
      agree to cooperate in such activities including execution of any assignments
      or
      other documents necessary to enable Cougar to obtain and retain sole ownership
      and control of such Patent Rights. LEO agrees to be named as a party on any
      document or legal action desired or necessary to prosecute or enforce Patent
      Rights.

    

    5.2
      Costs

    All
      costs
      in relation to the maintenance of the Patent Rights shall be borne by
      Cougar.

    

    6.
      INFRINGEMENT OF THE PATENT RIGHTS BY A THIRD PARTY

     

    6.1
      Information and consultation

    Cougar
      and LEO shall promptly provide written notice, to the other Party, of any
      alleged infringement by a Third Party of the Patent Rights and provide such
      other Party with any available evidence of such infringement. LEO and Cougar
      shall consult one another in a timely manner concerning any appropriate response
      to the infringement.

    

    6.2.
      Prosecution and/or defence.

    LEO
      is
      entitled, at its sole discretion, to respond to an alleged infringement of
      the
      Patent Rights. However, during the term of this Agreement, LEO shall upon
      request from Cougar be obliged to prosecute and/or defend any infringement
      of
      the Patent Rights, and, using counsel acceptable to both Cougar and LEO. Cougar
      shall have the right to participate in all aspects of the action. All costs
      in
      relation to prosecution and/or defence of the Patent Rights initiated upon
      the
      request of Cougar shall be borne by Cougar, and any recovery of damages shall
      be
      retained entirely by Cougar.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    6.3
      Cooperation

    In
      any
      suit to enforce and/or defend the Patent Rights pursuant to this Agreement,
      Cougar and LEO shall cooperate in all respects and, to the extent possible,
      have
      its employees testify when requested and make available relevant records,
      papers, information, samples, specimens, and the like.

    

    7.
      INFRINGEMENT OF A THIRD PARTY’S RIGHT BY THE PATENT RIGHTS OR A
      PRODUCT

     

    7.1
      Information and consultation

    Cougar
      and LEO shall promptly provide written notice, to the other Party, of any
      alleged infringement of a Third Party by the Patent Rights or a Product and
      provide such other Party with any available evidence of such infringement.
      LEO
      and Cougar shall consult one another in a timely manner concerning any
      appropriate response to the infringement.

    

    7.2
      Modification of Products

    Cougar
      may, in its sole discretion, modify the Product to avoid such infringement.
      

    

    7.3
      Defence by Cougar.

    In
      the
      event that a claim or suit is asserted or brought against Cougar alleging that
      the manufacture or sale of any Product by Cougar, an Affiliate of Cougar, or
      any
      sublicensee, or the use of such Product by any customer of any of the foregoing,
      infringes proprietary rights of a third party, Cougar shall give written notice
      thereof to LEO. Any such claim or suit shall be handled by Cougar at the
      discretion of Cougar, and all costs in relation to the claim or suit shall
      be
      borne by Cougar. LEO shall to a reasonable extent and at the expense of Cougar
      assist Cougar in the defence of such claim or suit. 

    

    7.4
      Defence by LEO

    In
      the
      event that a claim or suit is asserted or brought against LEO alleging that
      the
      Patent Rights interfere with proprietary rights of a third party, LEO shall
      give
      written notice thereof to Cougar. Any such claim or suit shall be handled by
      LEO
      at the discretion of LEO. Cougar shall to a reasonable extent assist LEO in
      the
      defence of such claim or suit, and Cougar shall have the right to participate
      in
      all aspects of the action. All costs in relation to such claim or suit shall
      be
      borne by Cougar regardless of whether Cougar chooses to participate in the
      defence or not. Notwithstanding the aforementioned LEO shall bear all costs
      related to such claims or suits bought against LEO related to LEO exploitation
      or use of the Patent Rights prior to the Effective Date or claims or suits
      bought against LEO related to LEO research activities performed after the
      Effective Date pursuant to Article 2.2 above.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    8.
      WARRANTIES

     

    8.1
      To the
      best of its knowledge, LEO warrants that LEO is the owner of the Patent Rights
      and that Patent Rights do not infringe or violate any patent right(s) or other
      proprietary right(s) of any third party.

    

    8.2
      To the
      best of its knowledge, LEO has all right, title, and interest in and to the
      Patent Rights and Know-how, including the exclusive, absolute, irrevocable
      right, title and interest thereto, free and clear of all liens, charges,
      encumbrances or other restrictions or limitations of any kind
      whatsoever.

     

    8.3
      There
      are no licenses, options, disputes, royalty obligations or proceedings relating
      to, affecting, or limiting the rights of LEO or the rights of the Cougar under
      this Agreement, or which may lead to a claim of infringement or invalidity
      regarding, any part or all of the Patent Rights or Know How or their use.

    

    8.3.1
      To the
      best knowledge of LEO, there are no restrictions, liens or claims relating
      to,
      affecting, or limiting the rights of LEO or the rights of the Cougar under
      this
      Agreement, or which may lead to a claim of infringement or invalidity regarding,
      any part or all of the Patent Rights or Know How or their use. 

    

    8.4
      To the
      best knowledge of LEO, there is no claim, pending or threatened, of
      infringement, interference or invalidity regarding any part or all of the Patent
      Rights or Know-how or their use. 

    

    8.5
      Exhibit
      A sets forth all the Patent Rights,.

    

    8.6
      To the
      best knowledge of LEO, there are no inventors of Patent Rights other than those
      listed as inventors on the patent filings.

    

    8.7
      To the
      best of its knowledge, LEO has provided Cougar with copies of all documents
      reflecting support or funding for all or part of the research leading to Patent
      Rights and Know-how, and has listed all funding agencies on Exhibit B.

    

    8.8
      To the
      best of its knowledge, LEO has advised Cougar of all material adverse affects
      or
      significant risks associated with the use of Seocalcitol. 

    

    9.
      INDEMNIFICATION 

     

    9.1
      Indemnification by Cougar: 

    Cougar
      agrees to indemnify, defend and hold LEO, including its Affiliates, respective
      employees and agents, harmless against all costs, claims, suits, expenses
      (including reasonable legal fees) and damages to the extent such
      claims:

    

    
      	 	
              (a)

            	
              arise
                or result from Cougar‘s activities under this Agreement, including but not
                limited to infringement of third party’s rights; or
                

            

    

    

    
      	 	
              (b)

            	
              are
                due to negligence or wilful misconduct by Cougar; or
                

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              arise
                out of the possession, manufacture, use, sale, administration etc.
                of a
                Product by Cougar.

            

    

     

    9.2
      Cougar
shall
      procure and maintain commercial general liability insurance, including without
      limitation, product liability insurance, in amounts customary in the relevant
      industry in which Cougar commercially exploits Product. Such insurance coverage
      shall extend to indemnities of Cougar and LEO shall be named as an insured.
      Insurance coverage shall be obtained through insurance carriers reasonably
      acceptable to LEO. Product liability insurance shall be maintained prior to
      the
      first commercial sale of Product and shall be continued for a commercially
      reasonable amount of time after the expiration of this Agreement.

    

    9.3
      Indemnification by LEO: 

    LEO
      agrees to indemnify, defend and hold Cougar, including its Affiliates,
      respective employees and agents, harmless against all costs, claims, suits,
      expenses (including reasonable legal fees) and damages to the extent such
      claims:

    

    (a) arise
      from the breach of any representation or warranty of LEO hereunder;
      or

    

    (b) are
      due
      to negligence or wilful misconduct by LEO.

    

    10.
      REGULATORY INFORMATION

    

    10.1
      Information following the Effective Date

    To
      the
      extent legally possible, LEO shall within three (3) months following the
      Effective Date provide Cougar with and give Cougar access to the documents
      mentioned in Appendix C, which are related to the following: (i) copies of
      all
      regulatory submissions, (ii) copies of all reports pertaining to clinical trials
      (excluding the following 3 unfinished reports: EBC 9609, EBC 9702 (an interim
      report will be provided for this study) and EBC 9802,), (iii) CIOMS reports
      from
      all clinical trials conducted by LEO, (iv) copies of all preclinical reports,
      (v) access to physicians, CROs and health care administrators involved in trials
      as able to do so involved in trials, (vi) all drug manufacture files along
      with
      the right to use the manufacturing process, (vii) and all other Regulatory
      Information that Cougar may reasonably request from LEO pertaining to
      Seocalcitol as specified in Appendix C. In addition, LEO shall cross reference
      or assign all regulatory filings covering Seocalcitol as specified in Appendix
      C
      at Cougar’s request. Notwithstanding the aforementioned Cougar may at any time
      during the term of this Agreement request access to all the data kept by LEO
      as
      mentioned above in this Clause 10.1

    

    10.2
      Subsequent information 

    Within
      eighteen (18) months following the Effective Date LEO shall deliver the
      remaining documents mentioned in Appendix C, which are related to the following:
      (i) copies of all patient records, (ii) copies of trial master file material,
      (iii) copies of CT scans, (iv) copies of electronic (raw) data of trials, incl.
      adverse event reports and statistical files, (v) final reports of the EBC 9609,
      EBC 9702 and EBC 9802 trials as mentioned above in Clause 10.1. Cougar
      acknowledges and accepts that the amount of documentation prevents LEO from
      undertaking any legal obligation to supply the entire or the majority part
      of
      the documentation at an earlier date than 18 months from the Effective Date.
      However, as a sign of its good faith LEO will within the above-mentioned 18
      months period, to the extent practically possible, upon request from Cougar
      and
      subject to 6 months prior notice in respect of each such request from Cougar
      use
      it reasonable endeavours to execute and deliver to Cougar specified documents
      as
      Cougar may request from LEO. Furthermore, LEO shall, at any time, reasonably
      cooperate with Cougar and provide Cougar with such assistance as reasonably
      may
      be requested by Cougar, including with respect to the transfer of clinical
      data
      and filings with the FDA. Should Cougar inform LEO that any specific
      documentation is needed for regulatory purposes (US or international), LEO
      will
      allow a representative of Cougar to have access to such documentation at
      LEO.

    The
      provision of such information (as paper copies) shall be at the expense of
      Cougar, who shall cover all external costs related hereto up to a maximum amount
      of [***]. Notwithstanding the aforementioned Cougar may at any time during
      the term of this Agreement request access to all the data kept by LEO as
      mentioned above in this Clause 10.2.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    10.3
      Transfer of materials

    During
      the term of this Agreement, LEO shall provide Cougar with remaining drug
      substance and manufacturing intermediates according to a separate Material
      Transfer Agreement. 

    

    11.
      CONFIDENTIALITY

     

    11.1
      Confidential Information

    “Confidential
      Information” means any proprietary or confidential information relating to the
      Patent Rights, Regulatory Information and the Know-how including but not limited
      to patent prosecution documents relating to Patent Rights, commercial
      information, techniques, data or other information, whether in verbal or written
      form disclosed by one Party to the other. Cougar and LEO agree that they will
      not use the Confidential Information for any purpose unrelated to this
      Agreement, and will hold it in confidence during the term of this Agreement
      and
      for a period of five (5) years after the termination or expiration date of
      this
      Agreement. The Parties shall exercise with respect to the Confidential
      Information the same degree of care as the Parties exercise with respect to
      its
      own confidential or proprietary information of a similar nature, and shall
      not
      disclose it or permit its disclosure to any third party (except to those of
      its
      employees, consultants, or agents who are bound by the same obligation of
      confidentiality pursuant to this Agreement). However, such undertaking of
      confidentiality by the Party shall not apply to any information or data
      which:

    

    11.1.1 Party
      receives at any time from a third-party lawfully in possession of same and
      having the right to disclose same.

    

    11.1.2 Is,
      as of
      the date of this Agreement, in the public domain, or subsequently enters the
      public domain through no fault of Party.

    

    11.1.3 Is
      independently developed by Party as demonstrated by written evidence without
      reference to information disclosed by the other Party.

    

    11.1.4 Is
      disclosed pursuant to the prior written approval of the original disclosing
      Party.

    

    11.1.5 Is
      required to be disclosed pursuant to law or legal process (including, without
      limitation, to a governmental authority) provided, in the case of disclosure
      pursuant to legal process, reasonable notice of the impending disclosure is
      provided to a Party and the Party has agreed to such disclosure in writing
      or
      has exhausted its right to contest such disclosure.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    11.2
      Ownership of information

    Any
      and
      all information supplied by LEO under the Agreement shall be and remain the
      sole
      and exclusive property of LEO unless otherwise disposed of under this Agreement
      and Cougar
      shall
      upon the request of LEO return the same and all copies thereof to LEO except
      one
      copy to be retained for legal purposes.

    

    12.
      SUBLICENSING AND ASSIGNMENT

     

    12.1
      Sublicensing

    12.1.1
      Cougar
      shall be entitled to sublicense the license granted in this Agreement in its
      reasonable discretion. Cougar assumes, however, full responsibility in respect
      of any breach of this Agreement by a sublicense, and all activities of any
      sub-licensee will be considered activities of Cougar. Cougar undertakes to
      keep
      LEO informed of all sub-licensees.

    

    12.1.2
      Upon
      termination of this Agreement other than by expiration in accordance with
      Section 13.2 or by termination caused by any act or omissions attributable
      to Cougar in accordance with Section 13.3 or 13.4 LEO agrees that any and all
      sublicenses survive such termination, unless the sublicense in the opinion
      of
      LEO represents a commercial or legal conflict to LEO. Upon termination LEO
      shall
      enter into separate agreements with relevant sub-licensees on terms and
      conditions equal to the previous agreements between the sub-licensee and Cougar
      and agreements between Cougar and sub-licensees existing at the time of
      termination of this Agreement shall be terminated with immediate effect.
      However, LEO shall not be required to take on any additional obligations or
      restrictions in its agreement with sub-licensee not already imposed on LEO
      by
      this Agreement. Notwithstanding the foregoing, if Cougar believes that LEO
      has
      terminated this Agreement for the primary purpose of doing business directly
      with the sublicensee, the termination may be disputed under the provisions
      of
      Section 15.

    

    12.2
      Assignment

    This
      Agreement and the rights and duties appertaining hereto may not be assigned
      by
      either party without first obtaining the written consent of the other which
      consent shall not be unreasonably withheld. Notwithstanding the foregoing,
      Cougar may assign this Agreement without the consent of LEO (i) to a purchaser,
      merging or consolidating corporation, or acquiror of substantially all of the
      Cougar's assets or business and/or pursuant to any reorganization qualifying
      under Section 368 of the Internal Revenue Code of 1986 as amended, as may be
      in
      effect at such time, or (ii) to an Affiliate of Cougar. In either such case,
      Cougar shall notify Licensor in writing within thirty (30) days of such
      assignment. 

    

    13.
      TERM
      AND TERMINATION

     

    13.1
      Commencement

    This
      Agreement will come into force on the Effective Date.

    

    13.2
      Expiration

    The
      term
      of this Agreement shall expire upon the later to occur of 

    

    (a)
      twenty (20) years from commencement

    

    (b)
      the
      expiration of the last patent contained in the Patent Rights

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    13.3
      Termination due to Breach:
      

    Material
      failure or breach by either Party to comply with any of the obligations and
      conditions of this Agreement unless such failure is caused by applicable laws
      or
      regulations, shall entitle the other Party to give to the Party in default
      notice requiring it to remedy such failure or breach. If such failure or breach
      is not remedied within ninety (90) days after receipt of such notice (or in
      the
      case of a failure or breach not capable of being remedied within such ninety
      (90) days period, the Party in default has failed within such period to commence
      and diligently continue actions to cure such failure or breach), the notifying
      Party shall be entitled to terminate this Agreement by giving notice to take
      effect immediately. Notwithstanding the above, if the Party whose rights are
      being terminated disputes such termination, the Agreement shall remaining effect
      until the dispute is resolved, including through any necessary legal processes.
      

    

    13.4
      Termination due to Bankruptcy:
      

    In
      the
      event of Cougar assigning or making any composition or sequestration of assets
      for the benefit of creditors, becoming insolvent, going into liquidation,
      becoming bankrupt, being placed in receivership or provisional administration,
      or dissolving, LEO may at its option terminate this Agreement forthwith by
      notice in writing.

    

    13.5
      Termination due to ceasing of exploitation

    LEO
      shall
      be entitled to terminate this Agreement in the event that (a) Cougar informs
      LEO
      in writing of its intent not to proceed with the commercial development of
      at
      least one Product or (b) Cougar is finally judicially determined to not be
      using
      Commercially Reasonable and Diligent Efforts to develop, market, promote and
      sell a Product.

    

    13.6
      Non-compensation

    No
      compensation shall be paid by LEO to Cougar as a consequence of justifiable
      termination on the part of LEO in accordance with articles
      13.3-13-5.

    

    14.
      RIGHTS AND OBLIGATIONS AFTER TERMINATION OF THE AGREEMENT

     

    Upon
      expiration of this Agreement according to Section 13.2, Cougar shall be granted
      a royalty-free, perpetual and worldwide license to the Patent Rights, the
      Know-how and the Regulatory Information. Termination or expiration of this
      Agreement shall not release either Party from any obligation arising prior
      to
      such termination.

    

    15.
      GOVERNING LAW AND VENUE

     

    Any
      dispute arising out of or in connection with this Agreement, including any
      question regarding their existence, validity or termination, shall be finally
      solved under the Rules of Arbitration of the International Chamber of Commerce,
      which Rules are deemed to be incorporated by reference into this clause. The
      number of arbitrators shall be three. The seat, or legal place, of arbitration
      shall be Berlin, Germany. The language to be used in the arbitration shall
      be
      English. The governing law of this Agreement shall be the substantive law of
      Germany.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    16.
      FORCE
      MAJEURE

     

    Neither
      Party shall be liable for the non-performance of its obligations set forth
      in
      this Agreement and no Party shall be deemed in breach of its obligations if
      such
      non-performance is due to force majeure, i.e. natural disaster, strikes, civil
      war or other circumstances beyond the reasonable control of such Party, provided
      such force majeure cannot be overcome by exercising due diligence and provided
      that the Party failing to perform its obligations notifies the other Party
      as
      soon as possible of the occurrence. However, if the force majeure persists
      for a
      period of more than four (4) months, the non-failing Party shall be entitled
      to
      terminate this Agreement with two (2) months’ prior written notice.

    

    17.
      MISCELLANEOUS

     

    17.1
      Notices:
      

    Any
      notice required or provided for by the terms of this Agreement shall be in
      English and in writing and shall be sent by registered airmail or by facsimile
      properly addressed in accordance with the above addresses or to such other
      addresses as the parties may at a later date advise. Such notice can also be
      sent electronically but must then be followed by a notice by registered airmail.
      The effective date of a notice shall be the date of sending such notice.

    

    17.2
      Waiver

    The
      waiver by either Party of any breach by the other Party of any of the provisions
      of this Agreement shall not be deemed to be a waiver of any subsequent or
      continuing breach of this Agreement. 

    

    17.3
      Entire Agreement

    The
      Agreement constitutes the entire understanding between the Parties with respect
      to the subject matter addressed herein and supersedes all prior agreements,
      written or oral, between the Parties relating to the subject matter of the
      Agreement.

    

    17.4
      Amendments

    The
      Agreement may not be modified, changed or discharged, fully or in part, except
      by an agreement in writing signed by the Parties.

    

    17.5
      Severability

    In
      the
      event that any of the provisions of the Agreement are held by the court of
      the
      competent jurisdiction to be invalid, void or otherwise unenforceable, the
      remaining parts of the Agreement shall remain in force and the provision in
      question shall be construed as to conform to applicable law.

    

    If
      an
      exclusive license is incompatible with applicable antitrust and/or competitive
      law, the Parties agree that this Agreement shall be transformed into a simple
      license, and that the remainder of the Agreement shall remain unamended. The
      Parties agree to negotiate in good faith the size of the royalty in case the
      license is transformed into a simple license. 

    

    17.6
      Changes in Mandatory Law:

    The
      Parties are obliged to accept changes in the Agreement made in order to comply
      with changes in mandatory law affecting this Agreement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    18.
      PAYMENTS,
      NOTICES AND OTHER COMMUNICATIONS

     

    Any
      payment, notice or other communication required or permitted to be given
      pursuant to this Agreement shall be in writing and sent by certified first
      class
      mail, postage prepaid, by hand delivery or by facsimile if confirmed in writing,
      in each case effective upon receipt, at the addresses below or as otherwise
      designated by written notice given to the other party:

     

    In
      the
      case of LEO:

    

    Industriparken
      55

    2750
      Ballerup

    Denmark

    Attention:
      Executive Vice President R & D Poul Rasmussen

    Tel.:
      +45
      4492 3800

    Fax:
      +45
      7226 3320

    

    In
      the
      case of Cougar:

     

    Cougar
      Biotechnology Inc.

    10940
      Wilshire Blvd., Suite 600

    Los
      Angeles, CA 90024

    USA
      

    Attn:
      CEO/President Alan Auerbach

    Tel:
      +1
      310-443-4209

    Fax:
      +1
      310 443 4210

    

    

    Agreed
      and accepted:

    

      
        	
                COUGAR
                  Biotechnology Inc

              	
                LEO
                  Pharma A/S

              
	 	 
	
                Date: 
                  June 27, 2005

              	
                Date: 
                  June 20, 2005

              
	 	 
	 	 
	
                /s/
                  Alan Auerbach

              	
                /s/
                  Paul Rasmussen

              
	
                Name 
                  Alan Auerbach

              	
                Paul
                  Rasmussen

              
	
                Title  
                  Chief Executive

                          
                  Officer and President

              	
                Executive
                  Vice President R & D

              

      

    

    

    

       

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Appendix
      A

    

    List
      of
      Patents and Patent Applications

    

    

    Seocalcitol
      compound

    

    Country Patent/Application
      No. Filing
      date Expiry
      date Status

     

    
      
        	
                Country

              	
                Patent/Application
                  No.

              	
                Filing
                  date

              	
                Expiry
                  date

              	
                Status

              
	
                Australia

              	
                630227

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Austria1

              	
                E112556

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Belgium1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Canada

              	
                2,057,048

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Denmark1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Finland

              	
                93724

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                France1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Germany1

              	
                69013155.0

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Ireland

              	
                64889

              	
                26.06.90

              	
                26.06.10

              	
                granted

              
	
                Italy1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Japan

              	
                2807087

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Rep.
                  Korea

              	
                195547

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Luxembourg1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Netherlands1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                New
                  Zealand

              	
                234326

              	
                02.07.90

              	
                02.07.10

              	
                granted

              
	
                Philippines

              	
                27301

              	
                10.07.90

              	
                04.05.10

              	
                granted

              
	
                South
                  Africa

              	
                90/5094

              	
                29.06.90

              	
                29.06.10

              	
                granted

              
	
                Spain1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Sweden1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                Switzerland1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                UK1

              	
                482
                  100

              	
                04.07.90

              	
                04.07.10

              	
                granted

              
	
                USA

              	
                5,190,935

              	
                04.07.90

              	
                04.07.10

              	
                granted

              

      

       

    

    
      	1.	
              Validated
                European patent

            

    

    

    Composition
      comprising solubilized seocalcitol

     

    
      
        	
                Country

              	
                Patent/Application
                  No. 

              	
                Filing
                  date

              	
                Expiry
                  date

              	
                Status

              
	
                Australia

              	
                768785

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Austria1

              	
                E245968

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Belgium1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Canada

              	
                2,369,587

              	
                05.04.2000

              	
                05.04.20

              	
                pending

              
	
                China

              	
                00807011.3

              	
                05.04.2000

              	
                05.04.20

              	
                pending

              
	
                Cyprus1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Czech
                  Rep.

              	
                PV
                  2001-3665

              	
                05.04.2000

              	 	
                abandoned

              
	
                Denmark1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Finland1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                France1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Germany1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Greece1

              	
                20030403954

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Hong
                  Kong

              	
                03101869.3

              	
                14.03.2003

              	
                05.04.20

              	
                pending

              
	
                Hungary

              	
                P0203903

              	
                05.04.2000

              	
                05.04.20

              	
                pending

              
	
                Ireland1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Italy1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Japan

              	
                2000-610445

              	
                05.04.2000

              	
                05.04.20

              	
                pending

              
	
                Rep.
                  Korea

              	
                1020017013042

              	
                05.04.2000

              	
                05.04.20

              	
                pending

              
	
                Luxembourg1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Netherlands1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                New
                  Zealand

              	
                514604

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Poland

              	
                P-356968

              	
                05.04.2000

              	
                05.04.20

              	
                pending

              
	
                Portugal1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Romania1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Russia

              	
                2001130462

              	
                05.04.2000

              	 	
                abandoned

              
	
                Spain1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Sweden1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                Switzerland1

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                UK1 

              	
                1
                  171 100

              	
                05.04.2000

              	
                05.04.20

              	
                granted

              
	
                USA

              	
                09/958,648

              	
                05.04.2000

              	 	
                abandoned

              

      

       

    

    
      	1.	
              Validated
                European patent

            

    

    

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    Appendix
      B

    

    List
      of
      Patents and Patent Applications

    

    

    Epi-seocalcitol
      compound

     

    
      
        	
                Country

              	
                Patent/Application
                  No.

              	
                Filing
                  date

              	
                Expiry
                  date

              	
                Status

              
	
                Australia

              	
                722659

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Austria1

              	
                E216361

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Belgium1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Canada

              	
                2,266,479

              	
                27.10.97

              	
                27.10.17

              	
                pending

              
	
                China

              	
                97198407.7

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Czech
                  Rep.

              	
                290933

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Denmark1

              	
                937038

              	
                27.10.97

              	
                27.1017

              	
                granted

              
	
                Finland1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                France

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Germany1

              	
                69712086

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Greece1

              	
                20020402022

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Hong
                  Kong

              	
                1022298

              	
                29.02.00

              	
                27.10.17

              	
                granted

              
	
                Hungary

              	
                P9904333

              	
                27.10.97

              	
                27.10.17

              	
                pending

              
	
                Ireland1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Italy1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Japan

              	
                519931/1998

              	
                27.10.97

              	
                27.10.17

              	
                pending

              
	
                Rep.
                  Korea

              	
                1019997002315

              	
                27.10.97

              	
                27.10.17

              	
                pending

              
	
                Luxembourg1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Netherlands1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                New
                  Zealand

              	
                334328

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Poland

              	
                P.333068

              	
                27.10.97

              	
                27.10.17

              	
                pending

              
	
                Portugal1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Romania

              	
                99-00325

              	
                27.10.97

              	
                27.10.17

              	
                pending

              
	
                Russia

              	
                2183622

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Spain1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Sweden1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                Switzerland

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                UK1

              	
                937038

              	
                27.10.97

              	
                27.10.17

              	
                granted

              
	
                USA

              	
                6,310,226

              	
                27.10.97

              	
                27.10.17

              	
                granted

              

      

       

    

    
      	1.	
              Validated
                European patent

            

    

    

    The
      exclusive license granted to Cougar are limited to the rights pertaining to
      epi-seocalcitol under the above Patent Rights and Patent applications. All
      other
      rights under the above Patents and patent application shall remain the exclusive
      property of LEO.

     

    
      
        
        

      

      
        18THIS
      WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS

    EXERCISE
      ARE SUBJECT TO THE RESTRICTIONS ON

                 TRANSFER
      SET FORTH IN SECTION 5 OF THIS WARRANT        

     

    
      	
              Warrant
                No. [   ]

            	
              Number
                of Shares:
                [           ]

              (subject
                to adjustment)

            
	
              Date
                of Issuance: May 3, 2006

               

              Original
                Issue Date (as defined in subsection 2(a)):

              May
                3, 2006

            	 

    

     

    ZIOPHARM
      Oncology, Inc.

     

    Common
      Stock Purchase Warrant

     

    (Void
      after May 3, 2011)

     

    ZIOPHARM
      Oncology, Inc., a Delaware corporation (the “Company”), for
      value received, hereby certifies that
[                ],
      or its registered assigns (the “Registered Holder”), is
      entitled, subject to the terms and conditions set forth below, to purchase
      from
      the Company, at any time or from time to time on or after May 3,
      2006 and on or before 5:00 p.m. (Eastern time) on May 3,
      2011 (the “Exercise Period”),
[           ]
      shares of Common Stock, $0.001 par value per share, of the Company
      (“Common Stock”), at a purchase price of $5.56 per share. The
      shares purchasable upon exercise of this Warrant, and the purchase price per
      share, each as adjusted from time to time pursuant to the provisions of this
      Warrant, are hereinafter referred to as the “Warrant Shares”
and the “Purchase Price,” respectively. This Warrant is one of
      a series of Warrants issued by the Company in connection with a private
      placement of Common Stock and Warrants of like tenor, except as to the number
      of
      shares of Common Stock subject thereto (collectively, the “Company
      Warrants”). 

     

    1.  Exercise.

     

    (a)  Exercise
      for Cash.
      The
      Registered Holder may, at its option, elect to exercise this Warrant, in whole
      or in part and at any time or from time to time during the Exercise Period,
      by
      surrendering this Warrant, with the purchase form appended hereto as
Exhibit I
      duly
      executed by or on behalf of the Registered Holder, at the principal office
      of
      the Company, or at such other office or agency as the Company may designate,
      accompanied by payment in full, in lawful money of the United States, of the
      Purchase Price payable in respect of the number of Warrant Shares purchased
      upon
      such exercise. A facsimile signature of the Registered Holder on the purchase
      form shall be sufficient for purposes of exercising this Warrant, provided
      that
      the Company receives the Registered Holder’s original signature within three (3)
      business days thereafter.

     

    (b)  Cashless
      Exercise.
      At any
      time during the Exercise Period when the resale of the Warrant Shares by the
      Registered Holder is not registered pursuant to an effective registration
      statement filed with the Securities and Exchange Commission under the Securities
      Act of 1933, as amended (the “Securities Act”), the Registered Holder may, at
      its option, elect to exercise this Warrant, in whole or in part, on a cashless
      basis, by surrendering this Warrant, with the purchase form appended hereto
      as
Exhibit
      I
      duly
      executed by or on behalf of the Registered Holder, at the principal office
      of
      the Company, or at such other office or agency as the Company may designate,
      by
      canceling a portion of this Warrant in payment of the Purchase Price payable
      in
      respect of the number of Warrant Shares purchased upon such exercise. In the
      event of an exercise pursuant to this subsection 1(b), the number of Warrant
      Shares issued to the Registered Holder shall be determined according to the
      following formula: 

    

    X
      =
Y(A-B)

    A

     

       
      Where: X =  the
      number of Warrant Shares that shall be issued to the Registered Holder;

     

    
      	
            	Y
              =	
              the
                number of Warrant Shares for which this Warrant is being exercised
                (which
                shall include both the number of Warrant Shares issued to the Registered
                Holder and the number of Warrant Shares subject to the portion of
                the
                Warrant being cancelled in payment of the Purchase Price);
                

            

    

     

    A
      = the
      Fair
      Market Value (as defined below) of one share of Common Stock; and

     

    B
      = the
      Purchase Price then in effect.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    (c)  Exercise
      Date.
      Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which this Warrant shall have been
      surrendered to the Company as provided in subsection 1(a) above (the
“Exercise
      Date”).
      At
      such time, the person or persons in whose name or names any certificates for
      Warrant Shares shall be issuable upon such exercise as provided in subsection
      1(c) below shall be deemed to have become the holder or holders of record of
      the
      Warrant Shares represented by such certificates.

     

    (d)  Issuance
      of Certificates.
      As soon
      as practicable after the exercise of this Warrant in whole or in part, and
      in
      any event within 3 trading days thereafter (such third trading day as the
“Warrant Share Delivery Date”), the Company, at its expense, will cause to be
      issued in the name of, and delivered to, the Registered Holder, or as the
      Registered Holder (upon payment by the Registered Holder of any applicable
      transfer taxes) may direct:

     

    (i)  a
      certificate or certificates for the number of full Warrant Shares to which
      the
      Registered Holder shall be entitled upon such exercise plus, in lieu of any
      fractional share to which the Registered Holder would otherwise be entitled,
      cash in an amount determined pursuant to Section 3 hereof; and

     

    (ii)  in
      case
      such exercise is in part only, a new warrant or warrants (dated the date hereof)
      of like tenor, calling in the aggregate on the face or faces thereof for the
      number of Warrant Shares equal (without giving effect to any adjustment therein)
      to the number of such shares called for on the face of this Warrant minus the
      number of Warrant Shares, including fractional shares, for which this Warrant
      was so exercised.

     

    2.  Adjustments.

     

    (a)  Adjustment
      for Stock Splits and Combinations.
      In the
      event the Company, at any time or from time to time after the date on which
      this
      Warrant was first issued (or, if this Warrant was issued upon partial exercise
      of, or in replacement of, another warrant of like tenor, then the date on which
      such original warrant was first issued) (the “Original
      Issue Date”),
      shall
      effect a subdivision of the outstanding Common Stock, the Purchase Price then
      in
      effect immediately before that subdivision shall be proportionately decreased.
      If the Company shall at any time or from time to time after the Original Issue
      Date combine the outstanding shares of Common Stock, the Purchase Price then
      in
      effect immediately before the combination shall be proportionately increased.
      Any adjustment under this paragraph shall become effective at the close of
      business on the date the subdivision or combination becomes
      effective.

     

    (b)  Adjustment
      for Certain Dividends and Distributions.
      In the
      event the Company, at any time, or from time to time after the Original Issue
      Date, shall make or issue, or fix a record date for the determination of holders
      of Common Stock entitled to receive, a dividend or other distribution payable
      in
      additional shares of Common Stock, then and in each such event the Purchase
      Price then in effect immediately before such event shall be decreased as of
      the
      time of such issuance or, in the event such a record date shall have been fixed,
      as of the close of business on such record date, by multiplying the Purchase
      Price then in effect by a fraction:

     

    (i)  the
      numerator of which shall be the total number of shares of Common Stock issued
      and outstanding immediately prior to the time of such issuance or the close
      of
      business on such record date; and

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (ii)  the
      denominator of which shall be the total number of shares of Common Stock issued
      and outstanding immediately prior to the time of such issuance or the close
      of
      business on such record date plus the number of shares of Common Stock issuable
      in payment of such dividend or distribution; provided,
      however,
      that if
      such record date shall have been fixed and such dividend is not fully paid
      or if
      such distribution is not fully made on the date fixed therefor, the Purchase
      Price shall be recomputed accordingly as of the close of business on such record
      date and thereafter the Purchase Price shall be adjusted pursuant to this
      paragraph as of the time of actual payment of such dividends or
      distributions.

     

    (c)  Adjustment
      for Reorganization.
      In case
      of any capital reorganization or reclassification, or any consolidation or
      merger to which the Company is a party other than a merger or consolidation
      in
      which the Company is the continuing corporation, or in case of any sale or
      conveyance to another entity of the property of the Company as an entirety
      or
      substantially as a entirety, or in the case of any statutory exchange of
      securities with another corporation (including any exchange effected in
      connection with a merger of another corporation or other entity into the
      Company), the Registered Holder shall have the right thereafter to receive
      on
      the exercise of this Warrant the kind and amount of securities, cash or other
      property which the Registered Holder would have owned or have been entitled
      to
      receive immediately after such reorganization, reclassification, consolidation,
      merger, statutory exchange, sale or conveyance had this Warrant been exercised
      immediately prior to the effective date of such reorganization,
      reclassification, consolidation, merger, statutory exchange, sale or conveyance
      and in any such case, if necessary, appropriate adjustment shall be made in
      the
      application of the provisions set forth in this Section 2 with respect to the
      rights and interests thereafter of the Registered Holder of this Warrant to
      the
      end that the provisions set forth in this Section 2 shall thereafter
      correspondingly be made applicable, as nearly as may reasonably be, in relation
      to any shares of stock or other securities or property thereafter deliverable
      on
      the exercise of this Warrant. The above provisions of this Section 2(c) shall
      similarly apply to successive reorganizations, reclassifications,
      consolidations, mergers, statutory exchanges, sales or conveyances. The Company
      shall require the issuer of any shares of stock or other securities or property
      thereafter deliverable on the exercise of this Warrant to be responsible for
      all
      of the agreements and obligations of the Company hereunder. 

     

    (d)  Certificate
      as to Adjustments.
      Upon
      the occurrence of each adjustment or readjustment of the Purchase Price pursuant
      to this Section 2, the Company at its expense shall, as promptly as reasonably
      practicable but in any event not later than 10 days thereafter, compute such
      adjustment or readjustment in accordance with the terms hereof and furnish
      to
      the Registered Holder a certificate setting forth such adjustment or
      readjustment (including the kind and amount of securities, cash or other
      property for which this Warrant shall be exercisable and the Purchase Price)
      and
      showing in detail the facts upon which such adjustment or readjustment is based.
      The Company shall, as promptly as reasonably practicable after the written
      request at any time of the Registered Holder (but in any event not later than
      10
      days thereafter), furnish or cause to be furnished to the Registered Holder
      a
      certificate setting forth (i) the Purchase Price then in effect and
      (ii) the number of shares of Common Stock and the amount, if any, of other
      securities, cash or property which then would be received upon the exercise
      of
      this Warrant. 

     

    (e)  Definition
      of Fair Market Value.
      The
      Fair Market Value per share of Common Stock shall be determined as
      follows:

     

    (i) If
      the
      Common Stock is listed on a national securities exchange, the Nasdaq National
      Market, the Nasdaq Capital Market, the Over-the-Counter Bulletin Board, or
      another nationally recognized trading system as of the Exercise Date, the Fair
      Market Value per share of Common Stock shall be deemed to be the volume weighted
      average price of the high and low reported sale prices per share of Common
      Stock
      thereon on the five (5) trading days immediately preceding the Exercise Date
      (provided that if no such price is reported on such day, the Fair Market Value
      per share of Common Stock shall be determined pursuant to clause (ii)
      below).

    

    (ii) If
      the
      Common Stock is not listed on a national securities exchange, the Nasdaq
      National Market, the Nasdaq Capital Market or another nationally recognized
      trading system as of the Exercise Date, the Fair Market Value per share of
      Common Stock shall be deemed to be the amount most recently determined by the
      Board of Directors of the Company (the “Board”)
      to
      represent the fair market value per share of the Common Stock (including without
      limitation a determination for purposes of granting Common Stock options or
      issuing Common Stock under any plan, agreement or arrangement with employees
      of
      the Company); and, upon request of the Registered Holder, the Board (or a
      representative thereof) shall, as promptly as reasonably practicable but in
      any
      event not later than 10 days after such request, notify the Registered Holder
      of
      the Fair Market Value per share of Common Stock and furnish the Registered
      Holder with reasonable documentation of the Board’s determination of such Fair
      Market Value. Notwithstanding the foregoing, if the Board has not made such
      a
      determination within the three-month period prior to the Exercise Date, then
      (A)
      the Board shall make, and shall provide or cause to be provided to the
      Registered Holder notice of, a determination of the Fair Market Value per share
      of the Common Stock within 15 days of a request by the Registered Holder that
      it
      do so, and (B) the exercise of this Warrant pursuant to Section 1 shall be
      delayed until such determination is made and notice thereof is provided to
      the
      Registered Holder.

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    3.  Fractional
      Shares.
      The
      Company shall not be required upon the exercise of this Warrant to issue any
      fractional shares, but shall pay the value thereof to the Registered Holder
      in
      cash on the basis of the Fair Market Value per share of Common Stock, as
      determined pursuant to subsection 2(e) above. 

     

    4.  Redemption
      by Company.
      The
      Company shall have the option to redeem this Warrant, upon not less than 30
      days’ prior written notice, at a redemption price of $.001 per Warrant Share at
      any time after the average of the high and low reported sale prices per share
      of
      Common Stock, over 20 consecutive trading days during which the average sales
      volume equals or exceeds 50,000 shares of Common Stock per day, equals or
      exceeds 200% of the Purchase Price (as adjusted for any stock split, reverse
      stock split, stock dividend or other reclassification or combination of the
      Common Stock occurring after the Original Issue Date); provided,
      however,
      that the
      Company shall only be entitled to redeem this Warrant if the Warrant Shares
      are
      registered for resale pursuant to an effective registration statement which
      has
      not been suspended and for which no stop order is in effect, and pursuant to
      which the Registered Holder is permitted to sell such Warrant Shares at all
      times during the 30 day notice period. During such 30 day notice period, the
      Registered Holder shall be entitled to exercise all or any portion of this
      Warrant in accordance with the terms of Section 1 of this Warrant. The Company
      shall deliver to the Registered Holder within five business days of the
      expiration of the 30 day notice period the redemption price for any Warrants
      outstanding at the expiration of such notice period.

     

    5.  Transfers,
      etc.

     

    (a)  Notwithstanding
      anything to the contrary contained herein, this Warrant and the Warrant Shares
      shall not be sold or transferred unless either (i) they first shall have
      been registered under the Securities Act of 1933, as amended (the “Act”),
      or
      (ii) such sale or transfer shall be exempt from the registration
      requirements of the Act and the Company shall have been furnished with an
      opinion of legal counsel, reasonably satisfactory to the Company, to the effect
      that such sale or transfer is exempt from the registration requirements of
      the
      Act. Notwithstanding the foregoing, no registration or opinion of counsel shall
      be required for (i) a transfer by a Registered Holder which is an entity to
      a wholly owned subsidiary of such entity, a transfer by a Registered Holder
      which is a partnership to a partner of such partnership or a retired partner
      of
      such partnership or to the estate of any such partner or retired partner, or
      a
      transfer by a Registered Holder which is a limited liability company to a member
      of such limited liability company or a retired member or to the estate of any
      such member or retired member; provided
      that the
      transferee in each case shall be subject to the terms of this Section 5, or
      (ii) a transfer made in accordance with Rule 144 under the
      Act.

     

    (b)  Each
      certificate representing Warrant Shares shall bear a legend substantially in
      the
      following form:

     

    “The
      securities represented hereby have not been registered under the Securities
      Act
      of 1933, as amended, or any state securities laws and neither the securities
      nor
      any interest therein may not be offered, sold, transferred, pledged or otherwise
      disposed of except pursuant to an effective registration under such act or
      an
      exemption from registration, which, in the opinion of counsel reasonably
      satisfactory to counsel for this corporation, is available.”

    

    Certificates
      evidencing the Warrant Shares shall not be required to contain such legend
      (i)
      following any sale of such Warrant Shares pursuant to Rule 144, or (ii) if
      such
      Warrant Shares are eligible for sale under Rule 144(k) or have been sold
      pursuant to the Registration Statement (as defined in the subscription agreement
      (“the Subscription
      Agreement”)
      pursuant to which this Warrant has been acquired) and in compliance with the
      obligations set forth in Section 5.7 of the Subscription Agreement, or (iii)
      such legend is not required under applicable requirements of the Act (including
      judicial interpretations and pronouncements issued by the Staff of the
      Securities and Exchange Commission), in each such case of (iii) to the extent
      reasonably determined by the Company’s legal counsel. Notwithstanding the
      foregoing, following the effective date of the Registration Statement, the
      legend set forth above shall, at the request of the Subscriber, be removed
      from
      the certificates evidencing such Warrant Shares prior to the resale thereof
      and
      the Company will rescind any stop transfer orders with respect to such shares
      given to the Company’s transfer agent, provided that the holder of such Warrant
      Shares represents and covenants to the Company in writing (in a form reasonably
      acceptable to the Company and its counsel) that (1) such holder will sell such
      Warrant Shares only pursuant to and in the manner contemplated by the
      Registration Statement, including the Plan of Distribution section contained
      therein, and otherwise in compliance with the Act, including the prospectus
      delivery requirements of such act, (2) the holder will indemnify the Company
      for
      any damages or losses resulting to the Company for the holder’s breach of its
      representation and covenant described in the foregoing clause (1), and (3)
      such
      other agreements or covenants as the Company or its counsel may reasonably
      request. Subject to the foregoing, at such time and to the extent a legend
      is no
      longer required for the Warrant Shares, the Company will use its best efforts
      to
      no later than three (3) trading days following the delivery to the Company
      or
      the Company’s transfer agent by the holder of such Warrant Shares of a legended
      certificate representing such Warrant Shares (together with such accompanying
      documentation or representations as reasonably required by counsel to the
      Company), to cause the transfer agent of the Company to credit the account
      of
      the holder’s prime broker with the Depositary Trust Company System, or at the
      request of such holders, to deliver or cause to be delivered a certificate
      representing such Warrant Shares that is free from the foregoing
      legend.

    

    
      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    

     

    (c)  The
      Company will maintain a register containing the name and address of the
      Registered Holder of this Warrant. The Registered Holder may change its address
      as shown on the warrant register by written notice to the Company requesting
      such change.

     

    (d)  Subject
      to the provisions of Section 5 hereof, this Warrant and all rights hereunder
      are
      transferable, in whole or in part, upon surrender of this Warrant with a
      properly executed assignment (in the form of Exhibit II
      hereto)
      at the principal office of the Company (or, if another office or agency has
      been
      designated by the Company for such purpose, then at such other office or
      agency).

     

    6.  No
      Impairment.
      The
      Company will not, by amendment of its charter or through any reorganization,
      transfer of assets, consolidation, merger, dissolution, issue or sale of
      securities or any other voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms of this Warrant, but will at all times in
      good faith assist in the carrying out of all such terms and in the taking of
      all
      such action as may be necessary or appropriate in order to protect the rights
      of
      the Registered Holder against impairment.

     

    7.  Notices
      of Record Date, etc. If
      at any
      time or from time to time after the Original Issue Date:

     

    (a)  the
      Company shall take a record of the holders of its Common Stock (or other stock
      or securities at the time deliverable upon the exercise of this Warrant) for
      the
      purpose of entitling or enabling them to receive any dividend or other
      distribution (other than a dividend or distribution payable solely in shares
      of
      Common Stock or other securities for with adjustment is made under Section
      2
      hereof), or to receive any right to subscribe for or purchase any shares of
      stock of any class or any other securities, or to receive any other right;
      or

     

    (b)  of
      any
      capital reorganization of the Company, any reclassification of the Common Stock
      of the Company, any consolidation or merger of the Company with or into another
      corporation, or any transfer of all or substantially all of the assets of the
      Company; or

     

    (c)  of
      the
      voluntary or involuntary dissolution, liquidation or winding-up of the Company,
      

     

    then,
      and
      in each such case, the Company will send or cause to be sent to the Registered
      Holder a notice specifying, as the case may be, (i) the record date for such
      dividend, distribution or right, and the amount and character of such dividend,
      distribution or right, or (ii) the effective date on which such reorganization,
      reclassification, consolidation, merger, transfer, dissolution, liquidation
      or
      winding-up is to take place, and the time, if any is to be fixed, as of which
      the holders of record of Common Stock (or such other stock or securities at
      the
      time deliverable upon the exercise of this Warrant) shall be entitled to
      exchange their shares of Common Stock (or such other stock or securities) for
      securities or other property deliverable upon such reorganization,
      reclassification, consolidation, merger, transfer, dissolution, liquidation
      or
      winding-up. Such notice shall be sent at least 10 days prior to the record
      date
      or effective date for the event specified in such notice.

    

    
      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

    
      

      8.  Reservation
        of Stock.
        The
        Company will at all times have authorized, reserve and keep available, solely
        for issuance and delivery upon the exercise of this Warrant, such number
        of
        Warrant Shares and other securities, cash and/or property, as from time to
        time
        shall be issuable upon the exercise of this Warrant.

       

      9.  Exchange
        or Replacement of Warrants. 

       

      (a)  Upon
        the
        surrender of this Warrant by the Registered Holder, properly endorsed, to
        the
        Company at the principal office of the Company, the Company will, subject
        to the
        provisions of Section 5 hereof, issue and deliver to or upon the order of
        the
        Registered Holder, at the Company’s expense, a new Warrant or Warrants of like
        tenor, in the name of the Registered Holder or as the Registered Holder (upon
        payment by the Registered Holder of any applicable transfer taxes) may direct,
        calling in the aggregate on the face or faces thereof for the number of shares
        of Common Stock (or other securities, cash and/or property) then issuable
        upon
        exercise of this Warrant.

       

      (b)  Upon
        receipt of evidence reasonably satisfactory to the Company of the loss, theft,
        destruction or mutilation of this Warrant and (in the case of loss, theft
        or
        destruction) upon delivery of an indemnity agreement (with surety if reasonably
        required) in an amount reasonably satisfactory to the Company, or (in the
case
        of mutilation) upon surrender and cancellation of this Warrant, the Company
        will
        issue, in lieu thereof, a new Warrant of like tenor.

       

      10.  Notices. All
        notices and other communications from the Company to the Registered Holder
        in
        connection herewith shall be mailed by certified or registered mail, postage
        prepaid, or sent via a reputable nationwide overnight courier service
        guaranteeing next business day delivery, to the address last furnished to
        the
        Company in writing by the Registered Holder. All notices and other
        communications from the Registered Holder to the Company in connection herewith
        shall be mailed by certified or registered mail, postage prepaid, or sent
        via a
        reputable nationwide overnight courier service guaranteeing next business
        day
        delivery, to the Company at its principal office (currently located at 1180
        Avenue of the Americas, 19th
        floor,
        New York, NY 10036). If the Company should at any time change the location
        of
        its principal office to a place other than as set forth above, it shall give
        prompt written notice to the Registered Holder and thereafter all references
        in
        this Warrant to the location of its principal office at the particular time
        shall be as so specified in such notice. All such notices and communications
        shall be deemed delivered one business day after being sent via a reputable
        international overnight courier service guaranteeing next business day delivery.
        

       

      11.  No
        Rights as Stockholder.
        Until
        the
        exercise of this Warrant, the Registered Holder shall not have or exercise
        any
        rights by virtue hereof as a stockholder of the Company. Notwithstanding
        the
        foregoing, in the event (i) the Company effects a split of the Common Stock
        by means of a stock dividend and the Purchase Price of and the number of
        Warrant
        Shares are adjusted as of the date of the distribution of the dividend (rather
        than as of the record date for such dividend), and (ii) the Registered
        Holder exercises this Warrant between the record date and the distribution
        date
        for such stock dividend, the Registered Holder shall be entitled to receive,
        on
        the distribution date, the stock dividend with respect to the shares of Common
        Stock acquired upon such exercise, notwithstanding the fact that such shares
        were not outstanding as of the close of business on the record date for such
        stock dividend.

       

      12.  Amendment
        or Waiver.
        Any
        term
        of this Warrant may be amended or waived (either generally or in a particular
        instance and either retroactively or prospectively) with the written consent
        of
        the Company and the holders of Company Warrants representing at least two-thirds
        (2/3) of the number of shares of Common Stock then subject to outstanding
        Company Warrants. Notwithstanding the foregoing, (i) this Warrant may be
        amended
        and the observance of any term hereunder may be waived without the written
        consent of the Registered Holder only in a manner which applies to all Company
        Warrants in the same fashion and (ii) the number of Warrant Shares subject
        to
        this Warrant, the Purchase Price of this Warrant, and the provisions of Sections
        1, 7, 8 and 12 hereof, may not be amended, and the right to exercise this
        Warrant may not be waived, without the written consent of the Registered
        Holder
        (it being agreed that an amendment to or waiver under any of the provisions
        of
        Section 2 of this Warrant shall not be considered an amendment of the number
        of
        Warrant Shares or the Purchase Price). The Company shall give prompt written
        notice to the Registered Holder of any amendment hereof or waiver hereunder
        that
        was effected without the Registered Holder’s written consent. No waivers of any
        term, condition or provision of this Warrant, in any one or more instances,
        shall be deemed to be, or construed as, a further or continuing waiver of
        any
        such term, condition or provision.

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

      13.  Section
        Headings.
        The
        section headings in this Warrant are for the convenience of the parties and
        in
        no way alter, modify, amend, limit or restrict the contractual obligations
        of
        the parties.

       

      14.  Governing
        Law.
        This
        Warrant will be governed by and construed in accordance with the internal
        laws
        of the State of New York (without reference to the conflicts of law provisions
        thereof).

       

      15.  Facsimile
        Signatures.
        This
        Warrant may be executed by facsimile signature.

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      EXECUTED
        as of the Date of Issuance indicated above.

       

      
        	 	 	 
	 	ZIOPHARM
                ONCOLOGY, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
                Jonathan Lewis
	 	Title:
                Chief Executive Officer

      

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      PURCHASE
        FORM

       

      To:
        ZIOPHARM Oncology,
        Inc.                                                                           Dated:____________

      
         

        The
          undersigned, pursuant to the provisions set forth in the attached Warrant
          (No. ___), hereby elects to purchase:

         

        ______________
          shares of the Common Stock of ZIOPHARM Oncology, Inc. covered by such Warrant;
          or 

         

        ______________ the
          maximum number of shares of Common Stock covered by such Warrant pursuant
          to the
          cashless exercise procedure set forth in subsection 1(b).

      

       

      The
        undersigned herewith makes payment of the full purchase price for such shares
        at
        the price per share provided for in such Warrant. Such payment takes the
        form of
        (check as applicable):

       

      
        	
              	o	
                $______
                  in lawful money of the United States;
                  and/or

              

      

       

      
        	
              	o	
                the
                  cancellation of such portion of the attached Warrant as is exercisable
                  for
                  a total of _____ Warrant Shares (using a Fair Market Value of $_____
                  per
                  share for purposes of this calculation) ;
                  and/or

              

      

       

      
        	
              	o	
                the
                  cancellation of such number of Warrant Shares as is necessary,
                  in
                  accordance with the formula set forth in subsection 1(b), to exercise
                  this
                  Warrant with respect to the maximum number of Warrant Shares purchasable
                  pursuant to the cashless exercise procedure set forth in subsection
                  1(b).
                  

              

      

       

      Signature:
        ______________________________ 

          

      Address: 
        ______________________________           

       

      ______________________________________

       

      ______________________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        II

       

      ASSIGNMENT
        FORM

       

      FOR
        VALUE
        RECEIVED, ______________________________________ hereby sells, assigns and
        transfers all of the rights of the undersigned under the attached Warrant
        (No.
        ____) with respect to the number of shares of Common Stock of ZIOPHARM Oncology,
        Inc. covered thereby set forth below, unto:

       

      
        	
                Name
                  of Assignee

              	
                Address

              	
                No.
                  of Shares

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 

      

       

      Dated:_____________________                           
        Signature:________________________________

       

      Signature
        Guaranteed:

       

      By:
        _______________________

       

      The
        signature should be guaranteed by an eligible guarantor institution (banks,
        stockbrokers, savings and loan associations and credit unions with membership
        in
        an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
        under the Securities Exchange Act of 1934, as amended.

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