Document:

CONFIDENTIAL TREATMENT	EXHIBIT 10.2

 

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LICENSE
AGREEMENT

 

This agreement (“License Agreement”) is entered
into by and between Leica Biosystems Newcastle Ltd. (“LBS”) and Arno Therapeutics Inc.
(“ARNO”), and is effective as of 23rd December 2013 (“Effective Date”).

 

Whereas, LBS and
ARNO (each a “Party” and together “the Parties”) have entered into a Research Project Agreement
(“Evaluation Agreement”) effective August 29, 2013, for the purpose of exploring a possible commercial arrangement
(“Arrangement”) for the development by LBS of a companion diagnostic to be used together with ARNO’s therapeutic
agent onapristone, also in development, and

 

Whereas, the Parties
are actively negotiating the terms of a Master Development and Commercialization Agreement (“Master Agreement”)
governing the Arrangement as well as one or more Project Agreements specifying project-specific activities (each a “Project
Agreement”), pursuant to which such collaborative development would be carried out, and

 

Whereas, each
of the Parties possesses, and is willing to grant to the other on a limited basis and in connection with the above, certain intellectual
property (“IP”) rights necessary to carry out the purposes of the Arrangement, and carry out their respective
obligations under the Master Agreement and any Project Agreement, and

 

Whereas, the Parties
wish by such grants of IP rights to enable as well their respective commercialization of diagnostic and/or therapeutic products,
both during and subsequent to the period of their collaboration under any of the above,

 

Now, Therefore,
the Parties agree as follows:

 

		1	Definitions

 

The terms in this License Agreement with initial letters capitalized,
whether used in the singular or the plural, shall have the meaning set forth below or, if not listed below, the meaning designated
in places throughout this Agreement.

 

		1.1	"Affiliate" means any person that (directly or indirectly) through one or more intermediaries, controls, is
controlled by, or is under common control with the Party specified. For the purposes of this definition, "control" means
the possession, direct or indirect, of the power to cause the direction of the management and policies of a person, whether through
ownership of fifty percent (50%) or more of the voting securities of such person, by contract or otherwise.

  

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		1.2	“Anti-PR Patent Application” means the PCT patent application published under international publication
number WO 2013/052652 A1 on April 11, 2013.

 

		1.3	“Anti-PR Patent” means any letters patent, utility model or similar granted in any country of the world
as a consequence of the filing of (a) the Anti-PR Patent Application, (b) a patent application from which the Anti-PR Patent Application
claims priority, or (c) a patent application which claims priority from any of the above, wherever filed and in any part of the
world.

 

		1.4	“Confidential Information” means all confidential, proprietary information and materials received by or
made available to either Party from or by or on behalf of the other Party pursuant to or in connection with this License Agreement,
including any such information that is communicated by one Party to the other Party in oral, written, graphic, electronic or other
form. The terms of this License Agreement are deemed to be the Confidential Information of both Parties.

 

		1.5	“CDx Claim” means a claim of an Anti-PR Patent granted in the United States that (a) is identical to, or
has substantially the same scope as, an independent claim of the Anti-PR Patent Application, insofar as it claims the diagnostic
use of assays targeting the progesterone receptor, or (b) would be infringed by any product useful for, or the use of any product
in, a Diagnostic Use (as defined below in Section 2.1), which claim has not become the subject of a post-grant review at the conclusion
of the statutory period permitted for such review or, if subject to a post-grant review, has been upheld at the conclusion of such
review with the retention of at least one valid claim meeting the above requirement.

 

		1.6	“First Commercial Sale” shall mean the date of the first arm’s length transaction, transfer or disposition
for value to a Third Party.

 

		1.7	“Improvement(s)” means any enhancement, invention or discovery which constitutes an improvement to the subject
matter of an intellectual property right.

 

		1.8	“Licensed Product” means any product in the field of Diagnostic Use that (a) is developed using intellectual
property rights in an Anti-PR Patent or Anti-PR Patent Application, or (b) would, but for a license, infringe a valid and subsisting
claim of an Anti-PR Patent.

 

		1.9	“Net Sales” shall mean the gross invoiced sales price, less the following amounts incurred or paid by sublicensee
of LBS Licensee or its Affiliates with respect to sales of the Licensed Products:

 

(a)        cash discounts or rebates
actually allowed and taken;

 

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(b)        credits or allowances actually
given or made for rejection of, or return of previously sold Licensed Products;

 

(c)        any charges for insurance,
freight, and other transportation costs directly related to the delivery of the Licensed Products to the extent included in the
gross invoiced sales price; and

 

(d)        any tax, tariff, duty or
governmental charge levied on the sales, transfer, transportation or delivery of the Licensed Products borne by the seller thereof,
other than franchise or income tax of any kind whatsoever.

 

“Net Sales” shall not
include sales or transfers between an LBS sublicensee and its Affiliates, unless the product is consumed by the Affiliate.

 

		2	IP Rights and License

 

		2.1	ARNO hereby grants to LBS and its Affiliates an exclusive, world-wide license under the Anti-PR Patent Application and any
Anti-PR Patent, with the right to grant sub-licenses as set forth herein, to make, have made, import, use, sell and offer for sale
diagnostic products comprising slide-based immunohistochemistry assays targeting the progesterone receptor and intended for use
in the detection or characterization of the same on cell or tissue specimens derived from biopsies, fine needle aspirates or resections,
but expressly excluding assays targeting the progesterone receptor and intended for use in the detection or characterization of
the same on specimens derived from blood or blood components (“Diagnostic Use”), (“Licensed Field”)
with a right to sublicense subject to the provisions of this Section 2.1 and of Section 3.2. In no event shall LBS grant a sublicense
to a third-party developer of a Parallel Drug (as defined below in Section 4.1) without ARNO’s prior written consent. Except
as expressly provided in this Agreement, no other licences either express or implied are created hereby, and ARNO retains ownership
and all other rights in the Anti-PR Patent Application, any Anti-PR Patent and any Improvement therein, regardless of whether the
Improvement occurs during the Term of this Agreement.

 

		2.2	ARNO hereby grants to LBS the primary right to enforce any of the Anti-PR Patent(s) against unauthorized Diagnostic Use by
third parties. If LBS elects not to pursue enforcement, ARNO shall have secondary enforcement rights. In each instance, the Parties
shall assist each other in such enforcement, as reasonably requested and at the expense of the enforcing Party. Recovery of damages
from a third party shall go to the enforcing Party after both Parties’ enforcement expenses, including reasonable attorneys’
fees, have been repaid.

 

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		2.3	The license granted herein shall be for the life of any Anti-PR Patent Applications and Anti-PR Patents, that is, until the
last of (a) the termination or abandonment of all Anti-PR Patent Applications; and (b) the expiration of the last-to-expire of
all Anti-PR Patents claiming a Diagnostic Use or a product useful for such Diagnostic Use. ARNO shall be responsible for all patent
costs, including those for the filing, prosecution, issuance and/or maintenance of the Anti-PR Patent Applications and Anti-PR
Patents. ARNO may request, and LBS may grant such request at its sole discretion, the participation of LBS in strategic planning
and related activities pursuant to the establishment of the Anti-PR Patents.

 

		2.4	LBS will exercise commercially reasonable efforts and diligence in developing and commercializing Licensed Products in the
field of Diagnostic Use, such reasonable efforts and diligence to be in accordance with the efforts and resources LBS would use
for a product owned by it or to which it has rights, which is of similar market potential as the applicable Licensed Product. In
the event that LBS fails to use due diligence as required hereunder, then ARNO may, in its sole discretion (a) terminate the licenses
granted under Section 2 of this Agreement for breach under Section 7.2 below (including the notice and cure provisions therein);
or (b) convert the licenses granted under Section 2 of this Agreement from exclusive licenses to non-exclusive licenses, which
termination or conversion, as the case may be, shall be effective upon expiration of the cure period specified in Section 7.2 below
provided that such failure remains uncured upon such expiration.

 

		3	Payments

 

		3.1	LBS shall pay to ARNO a milestone payment of US$ [***] within thirty (30) days of the first grant of an Anti-PR Patent in the
United States containing a CDx Claim.

 

		3.2	For any sub-license granted hereunder or application for an investigational device exemption for a Licensed Product (IDE) for
a third party (“IDE Application”) , LBS shall pay to ARNO a fee of [***] U.S. Dollars (US$ [***]) per sub-licensee
or IDE Application, payable within thirty (30) days of entry into such sub-license or IDE Application. Affiliates of any such sub-licensee
shall receive rights along with the sub-licensee without the need for additional payment hereunder.

 

For any sub-license granted hereunder,
LBS shall pay or require the payment to ARNO of a royalty of [***]% of Net Sales’ Proceeds of any Licensed Product sold by
or on behalf of the sub-licensee or any of its Affiliates. LBS shall make any royalty payments owed to ARNO hereunder in arrears,
within sixty (60) days from the end of each calendar quarter in which such payment accrues.

 

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		3.3	Any milestone or royalty payments not paid within the time period set forth in this Section 3 shall bear interest at a rate
of [***] percent ([***]%) per month from the due date until paid in full, provided that in no event shall said annual rate exceed
the maximum interest rate permitted by law in regard to such payments. All payments hereunder shall be made in the United States
in United States dollars. Conversion of foreign currency to United States dollars shall be made at the conversion rate existing
in the United States (as reported in The Wall Street Journal) on the last business day of the quarter immediately
preceding the applicable calendar quarter. If The Wall Street Journal ceases to be published, then the rate of exchange
to be used shall be that reported in such other business publication of national circulation in the United States as the Parties
reasonably agree. All payments hereunder shall be made free and clear of any taxes, duties, levies, fees or charges, except
for withholding taxes (to the extent applicable). LBS shall make any applicable withholding payments due on behalf of ARNO and
shall provide ARNO upon request with such written documentation regarding any such payment as available to LBS relating to an application
by ARNO for a foreign tax credit for such payment with the United States Internal Revenue Service.

 

		3.4	Sublicensees of LBS shall keep for at least three (3) years from the end of the calendar year to which they pertain complete
and accurate records of sales by them or their Affiliates, as the case may be, of each Licensed Product, in sufficient detail to
allow the accuracy of the payments hereunder to be confirmed. At the request of ARNO, which shall not be made more frequently than
once per calendar year during the Term, upon at least thirty (30) days’ prior written notice from ARNO, and at the expense
of ARNO, sublicensees of LBS shall permit an independent certified public accountant reasonably selected by ARNO and reasonably
acceptable to LBS to inspect (during regular business hours) the relevant records required to be maintained by sublicensees of
LBS under this Section 3.4. LBS shall include in any agreement with its sublicensees terms requiring such party to retain
records as required in this Section 3.4 and to permit ARNO to inspect such records as required by this Section.

 

		4	Exclusivity

 

		4.1	During the period of clinical development of onapristone by or on behalf of ARNO or any of its Affiliates under an Arrangement
with LBS and for so long as clinical development has not been terminated, and further for a period of three (3) years following
First Commercial Sale by or on behalf of ARNO or any of its Affiliates of a registered therapeutic product containing onapristone,
and, in any case, at least until January 1, 2017 (“Exclusivity Period”), LBS shall not commercially practice
the above-licensed rights except as expressly permitted in writing by ARNO under a Master Agreement, Project Agreement or otherwise.
During the Exclusivity Period, LBS shall not (a) register, commercialize or market any Licensed Product as a companion diagnostic
to any third party therapeutic agent or product having the same or substantially similar mechanism of action as onapristone (a
“Parallel Drug”), (b) support the registration, or commercialization of any product of a third party as a companion
diagnostic to any competing drug or Parallel Drug, or (c) support the registration, or commercialization of any competing drug
or Parallel Drug. The above obligations shall be in effect in all territories and shall be assignable to any acquirer of, or successor
at interest to, ARNO. The foregoing notwithstanding, on or after January 1st 2017 the Exclusivity Period shall be deemed
as lapsed during any period in which there is not an issued Anti-PR Patent containing a CDx Claim. LBS shall notify Arno in writing
that it is supporting development of any competing drug by a third party within thirty (30) days of entering an agreement with
such third party, shall notify such third party of the Anti-PR Patent Applications, and confirm to Arno in writing that it has
notified any such third party of the existence of the Anti-PR Patent Applications or Anti-PR Patent, as the case may be. The obligations
of LBS under this Section 4.1 shall terminate if this Agreement or the Master Agreement is terminated due to an unremedied breach
by ARNO.

 

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		4.2	ARNO shall have, at its sole discretion and at any time during the Exclusivity Period, a paid-up option to extend LBS’s
obligations under the previous Section 4.1 through the earlier of (a) January 1, 2030, or (b) the date of expiration of the last-to-expire
patent rights under any Anti-PR Patent containing a CDx Claim (“Extension Option”), any such extensions to be
taken in increments as described herein. At each such instance, ARNO shall exercise the Extension Option by (i) providing written
notice to LBS within the Exclusivity Period of its intent to exercise such Extension Option; and (ii) paying to LBS an extension
fees according to the following schedule:

  

	Extension Option Period	 	Extension Fee	 
	Years 1, 2 and 3 following initial Exclusivity Period	 	$	[***]	 
	Years 4 and 5 following initial Exclusivity Period	 	$	[***]	 
	Years 6, 7 and 8 following initial Exclusivity Period	 	$	[***]	 
	Years 9, 10 and 11 following initial Exclusivity Period	 	$	[***]	 
	Remainder of period prior to the date of expiration of the last-to-expire patent rights under any APR Patent containing a CDx Claim	 	$	[***]	 

  

ARNO shall pay to LBS any such extension
fee within 30 days of LBS’s receipt of a notice that ARNO has exercised the Extension Option. This Extension Option, and
any extensions of the Exclusivity Period, shall be in effect in all territories and assignable to any acquirer of, or successor
at interest to, ARNO.

  

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		5	Confidentiality

 

5.1           Nondisclosure and Restriction
on Use. As of the Effective Date, and for a period of seven (7) years thereafter, each Party (the "Receiving Party")
will maintain all Confidential Information of the other Party (the "Providing Party") as confidential and will
not disclose any such Confidential Information to any third party or use any Confidential Information for any purpose other than
the purpose of this Agreement, except (a) as expressly authorized by this License Agreement, or (b) to its Affiliate(s), employees,
agents, consultants, sub-contractors and other representatives, who have a need to know such Confidential Information for purposes
of this License Agreement and who are bound by written obligations no less restrictive than those set forth herein to keep such
information confidential and restricting the use of such information (collectively, “Permitted Recipients”).
The Receiving Party may use such Confidential Information of the other Party only to the extent required to fulfill its obligations
or exercise its rights under this Agreement. Each Party will use at least the same standard of care as it uses to protect proprietary
or confidential information of its own to ensure that its Permitted Recipients do not disclose or make any unauthorized use of
such Confidential Information.

 

5.2           Exceptions. The obligations
of the Receiving Party under this License Agreement shall apply to all Confidential Information of the Providing Party it receives
or that is generated hereunder, except for information that:

 

(a)        was already in the possession of Receiving
Party or its Affiliates prior to its receipt under or in connection with this License Agreement, provided such information
or data was not obtained directly or indirectly from the Providing Party under an obligation of confidentiality;

 

(b)        is or becomes part of the public domain
by reason of acts not attributable to the Receiving Party or its Affiliate(s), employees, agents, consultants or other representatives
who have received such Confidential Information;

 

(c)        is or becomes available to Receiving Party
or Affiliates from a source other than the Providing Party which source, to the best of Receiving Party’s knowledge, has
rightfully obtained such information and data, and has no obligation of non-disclosure or confidentiality to the Providing Party
with respect thereto; or

 

(d)        has been independently developed by the
Receiving Party or its Affiliates, their employees, without use, aid or application of the Confidential Information of the Providing
Party and without breach of this Agreement or use of any Confidential Information of the Providing Party.

 

5.3        Authorized Disclosure. Confidential
Information may also be disclosed by the Receiving Party to the extent such disclosure is required to comply with applicable laws
and/or a court order, provided that the Receiving Party gives prior notice to the Providing Party regarding such disclosure
and cooperates in efforts of the Providing Party to obtain confidential treatment of such disclosure to the maximum extent permitted
by applicable laws.

 

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5.4        Terms
of this License Agreement. The Parties acknowledge that the terms and contents of this Agreement (including the Attachments
hereto) shall be treated as Confidential Information of both Parties, provided, however, that either Party may make
disclosure of the existence of this Agreement and certain key provisions (total value, drug, product and term) to
any investors, prospective investors, acquirers, potential acquirers, lenders and other potential financing sources who are obligated
to keep such information confidential. Disclosure of the Agreement to an LBS Competitor (as defined in the Master Agreement) or
competitor of ARNO shall require approval of LBS or ARNO, respectively, which shall not be unreasonably withheld, and if approval
is reasonably withheld, the party seeking disclosure may disclose that an agreement exists, plus a general description of the agreement
that does not contain any economic terms.

 

5.5        Use
of Name. No right, express or implied, is granted to either Party by this Agreement to use in any manner any trademark, logo
or tradename of the other Party without the prior written consent of the owning Party, except as expressly provided herein. Neither
Party will make, place or disseminate any advertising, public relations, promotional material or any material of any kind using
the Name of the other Party and/or any subsidiary or Affiliate of the other Party or using their trademark, logo or trade Name,
without the prior written approval of the other Party.

 

5.6        Prior NDA. This License
Agreement supersedes any applicable prior Confidentiality and Non-Disclosure Agreement (“NDA”) and information disclosed
by any Party prior to the Effective Date that would be Confidential Information (as defined in the prior NDA) under the terms and
conditions of the Prior NDA shall be deemed Confidential Information.

 

6.         Representations, Warranties and Covenants

 

6.1        Representations, Warranties
and Covenants of LBS. LBS represents and warrants to and covenants with ARNO that:

 

(a)        as of the Effective Date,
LBS is a company duly organized, validly existing and in corporate good standing under the laws of England and Wales;

 

(b)        LBS has the corporate
and legal right, authority and power to enter into this Agreement, and to extend the rights granted to ARNO in this License Agreement;

 

(c)        LBS has taken all necessary
action to authorize the execution, delivery and performance of this License Agreement;

  

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(d)         upon the execution and
delivery of this License Agreement, this License Agreement shall constitute a valid and binding obligation of LBS, enforceable
in accordance with its terms;

 

(e)         the performance of LBS’s
obligations under this License Agreement will not conflict with its charter documents or result in a breach of any agreements,
contracts or other arrangements to which it is a party;

 

(f)         LBS will not during the
Term enter into any agreements, contracts or other arrangements with others that would be in conflict with or in derogation of
ARNO’s rights and licenses under this License Agreement or LBS’s obligations under this License Agreement;

 

(g)         LBS has enforceable written
agreements with all of its employees (and any of its Permitted Recipients) who receive ARNO Confidential Information and/or perform
activities under this License Agreement assigning to LBS ownership of all Intellectual Property Rights created in the course of
their employment and/or engagement;

 

(h)         LBS at all times shall
hold any and all IP rights sufficient to perform its duties and obligations hereunder and, as of the Effective Date, free from
any liens, encumbrances, and/or other rights of Third Parties, and in particular that (x) LBS has not received written notice
from any Third Party alleging that the use by LBS of any IP contemplated to be used under this Agreement infringes the issued and
non-expired patent of any Third Party, and (y) to the best knowledge of LBS without any duty of investigation, the use of
such IP hereunder neither infringes, misappropriates nor otherwise violates a valid issued patent, trade secret or other intellectual
property or contractual right of any Third Party;

 

(i)         as of the Effective Date
there is no legal proceeding pending or, to the best knowledge of LBS, threatened that is reasonably likely to have a material
adverse effect on LBS's ability to perform its obligations under this License Agreement; and

 

(j)         none of LBS, its officers,
directors and employees who are materially involved in the performance of this Agreement shall be a person or party identified
as a prohibited, denied or debarred party on a list maintained by the United States or a similar list of an applicable regulatory
authority, or otherwise precluded from performing under this License Agreement.

 

6.2        Representations, Warranties
and Covenants of ARNO. ARNO represents and warrants to and covenants with LBS that:

 

(a)        as of the Effective Date,
ARNO is a corporation duly organized, validly existing and in corporate good standing under the laws of the Delaware;

 

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(b)         ARNO has the corporate
and legal right, authority and power to enter into this Agreement, and to extend the rights and licenses granted to LBS in this
License Agreement;

 

(c)         ARNO has taken all necessary
action to authorize the execution, delivery and performance of this License Agreement;

 

(d)         upon the execution and
delivery of this License Agreement, this License Agreement constitutes a valid and binding obligation of ARNO, enforceable in accordance
with its terms;

 

(e)         the performance of ARNO’s
obligations under this License Agreement will not conflict with its charter documents or result in a breach of any agreements,
contracts or other arrangements to which it is a party; and no third party has, or has an option to have, any rights in the Project
Data that would limit, encumber or conflict with ARNO’ obligations under this License Agreement or the rights granted to
LBS under this License Agreement;

 

(f)         ARNO will not during
the Term enter into any agreements, contracts or other arrangements with others that would be in conflict with or in derogation
of LBS’s rights and licenses under this License Agreement or ARNO’s obligations under this License Agreement;

 

(g)        ARNO has enforceable
written agreements with all of its employees who receive LBS Confidential Information and/or perform activities under this License
Agreement assigning to ARNO ownership of all Intellectual Property Rights created in the course of their employment;

 

(h)        ARNO
at all times shall hold any and all IP rights sufficient to grant the licenses and other rights granted to LBS hereunder and,
as of the Effective Date, free from any liens, encumbrances, and/or other rights of Third Parties, and in particular that (x) ARNO
has not received written notice from any Third Party alleging that the use by ARNO of any IP contemplated to be used under this
Agreement infringes the issued and non-expired patent of any Third Party, and (y) to the best knowledge of ARNO without any
duty of investigation, the use of such IP hereunder neither infringes, misappropriates nor otherwise violates a valid issued patent,
trade secret or other intellectual property or contractual right of any Third Party;

 

(i)         as
of the Effective Date, there is no legal proceeding pending or, to the current actual knowledge of ARNO without any duty of investigation,
threatened that is reasonably likely to have a material adverse effect on ARNO’s ability to perform its obligations under
this License Agreement; and 

 

(j)         none
of ARNO, its officers, directors and employees who are materially involved in the performance of this Agreement shall be a person
or party identified as a prohibited, denied or debarred party on a list maintained by the United States or a similar list of an
applicable regulatory authority, or otherwise precluded from performing under this License Agreement.

 

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6.3        Disclaimer. EXCEPT AS OTHERWISE
EXPRESSLY PROVIDED IN THIS LICENSE AGREEMENT, NEITHER PARTY MAKES ANY WARRANTIES WITH RESPECT TO ANY PRODUCT, PATENT RIGHTS, GOODS,
SERVICES, MATERIALS, KNOW-HOW OR ANY OTHER SUBJECT MATTER OF THIS AGREEMENT, AND EACH PARTY HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING.

 

6.4        Limited Liability. Except
with respect to the willful misconduct OR GROSS NEGLIGENCE by a Party, neither Party will be liable with respect to any matter
arising under this LICENSE Agreement under any contract, negligence, strict liability or other legal or equitable theory for (i)
any punitive, exEmplAry, incidental, indirect or consequential damages, including but not limited to, loss of business or good
will, loss of revenue or lost profits.

 

7.         Term and Termination

 

7.1         Term.
The term of this License Agreement (“Term”)
commences as of the Effective Date and shall continue until the Agreement is terminated in accordance with this Article 7. 

 

7.2         Termination
for Default. Either Party (the “Non-Defaulting Party”) may, without prejudice to any other remedies available
to it at law or in equity, terminate this License Agreement, in whole or in part, in the event (i) the other Party (the “Defaulting
Party”) will have materially breached in the performance of any of its material obligations hereunder or (ii) in
the event that any warranty or representation made by either Party under Article 6 will have turned out to be untrue in any material
respect (“Event of Default”), and such default shall have continued for thirty (30) calendar days after written
notice thereof was provided to the Defaulting Party by the Non-Defaulting Party. Any such termination shall become effective automatically
at the end of such thirty (30) calendar day period unless the Defaulting Party has cured any such breach or default prior to the
expiration of such thirty (30) calendar day period. The right of either Party to terminate this License Agreement as provided
in this Section 7.2 shall not be affected in any way by such Party's waiver or failure to take action with respect to any previous
default.  

 

7.3         Termination
for Bankruptcy. This License Agreement may be terminated by either Party immediately by notice in writing in
the event that the other Party files a petition under any bankruptcy or insolvency act or has any such petition filed against
it which is not discharged within sixty (60) days of the filing thereof, makes an assignment for the benefit of its creditors,
is unable to pay its debts, or if a trustee, receiver, administrative receiver or similar officer is appointed in respect of all
or any part of the business or assets of the other party or if a petition is presented or a meeting is convened for the purpose
of considering a resolution or other steps are taken for the winding up of the other Party.

 

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7.4         Termination
for Third-Party Arrangement. In the event that ARNO commences, with a third party, an Arrangement for the development and/or
commercialization of a companion diagnostic to be used together with onapristone for a Diagnostic Use and in the Licensed Field,
it shall promptly inform LBS of the same and LBS shall have the right to terminate this License Agreement. Termination may be
exercised with immediate effect by notice given to Arno within one (1) week of being so informed. The obligations of ARNO under
this Section 7.4 shall terminate if this Agreement or the Master Agreement is terminated due to an unremedied breach by LBS.

 

7.5         Effect
of Expiration or Termination.

 

7.5.1     Termination
of this License Agreement for whatever reason shall not affect the liabilities of the Parties hereunder in respect of matters
outstanding at the time of such termination.

 

7.5.2     Each Party, at its discretion, will
return to the other Party or destroy (with written confirmation thereof to the other Party) all of the other Party’s Confidential
Information, and will not retain any copies thereof, except one copy of the information for the purpose of determining its ongoing
obligations hereunder and except if explicitly mentioned otherwise in this article.

 

7.5.3     Upon termination of this License Agreement
pursuant to Section 7.3 (bankruptcy) or Section 7.4 (third-party Arrangement), any license granted herein to the Parties shall
cease upon the moment of termination, provided, however, that in the event LBS has a right of termination thereunder which
it does not exercise, the license granted herein to LBS shall automatically and with immediate effect become irrevocable. Upon
termination pursuant to Section 7.2 (default), any license granted herein to the defaulting Party shall cease upon the moment of
termination.

 

7.5.4     Additionally, upon termination of this
License Agreement pursuant to Section 7.4 (third-party Arrangement), (a) any license or sub-license fees paid hereunder by LBS
to Arno shall be refunded and (b) LBS shall be released from any obligations of exclusivity under Section 4.1 above.

 

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7.5.4     Survival. Articles 1, 5, 7, 8,
and 9 shall survive termination or expiration of this Agreement.

 

		8.	Indemnity

 

8.1

 

(a)        LBS agrees to indemnify, defend and hold
harmless ARNO, its Affiliates, and their respective officers, directors and employees from and against all claims, demands, liabilities,
suits, damages, costs and expenses of every kind and description, including penalties and reasonable attorney’s fees, (collectively
“ARNO Claims”) to the extent arising out of or proximately resulting from any willful misconduct or negligent
act or omission of LBS or its officers, directors, employees or contractors, or from any breach by LBS of any obligation, representations
or warranties under this License Agreement; provided that such indemnity shall not apply to the extent that a ARNO Claim
arises out of or results from the willful misconduct or negligent act or omission of ARNO or its officers, directors or employees,
or from any breach by ARNO of any obligation, representation or warranty under this License Agreement.

 

(b)        ARNO agrees to indemnify, defend and hold
harmless LBS, its contractors, and LBS’s Affiliates, and their respective officers, directors and employees from and against
all claims, demands, liabilities, suits, damages, costs and expenses of every kind and description, including penalties and reasonable
attorney’s fees, (collectively “LBS Claims”) to the extent arising out of or proximately resulting from
any willful misconduct or negligent act or omission of ARNO or its officers, directors or employees, or from any breach by ARNO
of any obligation, representations or warranties under this License Agreement; provided that such indemnity shall not apply
to the extent that a LBS Claim arises out of or results from the willful misconduct or negligent act or omission of LBS or its
officers, directors or employees, or from any breach by LBS of any obligation, representations or warranties under this License
Agreement.

 

8.2       The indemnified Party (“the “Indemnified
Party”) shall (i) provide the other Party (the “Indemnifying Party”) written notice of any Claim for which
it is seeking indemnification hereunder promptly after the Indemnified Party has knowledge of such Claim; (ii) permit the Indemnifying
Party to assume full responsibility to investigate, prepare for and defend against any such Claim; (iii) assist the Indemnifying
Party, at the Indemnifying Party’s reasonable expense, in the investigation of, preparation for, and defense of any such
Claim; and (iv) not compromise or settle such Claim without the Indemnifying Party’s written consent, which consent shall
not be unreasonably withheld, conditioned or delayed. “Claim” means any ARNO Claims or LBS Claims, as the case
may be.

 

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8.3        For clarity, the Parties’ obligations under
Section 8.1 and 8.2 are subject to Section 6.4.

 

8.4         Insurance.

 

(a)        Each
Party will maintain in full force and effect during the Term valid and collectible insurance policies providing liability insurance
coverage to protect against potential liabilities and risk arising out of activities to be performed under this License
Agreement.

 

(b)        During
the Term and so long as each Party is commercially selling Licensed Product or Drug as applicable, such Party will maintain comprehensive
public or commercial general liability insurance from a recognized, creditworthy insurance company, on an occurrence basis, with
endorsements for general and product liability, and with coverage limits of not less than $[***]
per occurrence. The minimum level of insurance set forth herein shall not be construed to create a limit on either Party’s
liability hereunder. Upon a Party's written request, the other Party will furnish to the requesting Party a certificate of insurance
evidencing such insurance coverage.

 

		9.	Miscellaneous

 

9.1        Assignment.
Neither Party has the right to assign its rights or obligations under this License Agreement
without the prior written consent of the other Party; provided however, that (i) either Party may assign this License
Agreement and all of its rights and obligations hereunder, without such consent, to an entity that acquires all or majority of
the shares or assets of such Party (or the business or assets to which this License Agreement
pertains) whether by merger, consolidation, reorganization, acquisition, sale, license or otherwise or to any successor
entity resulting from any merger or consolidation of such Party with or into such entity,
and (ii) each Party may assign this License Agreement and all of
its rights and obligations hereunder, without such consent, to an Affiliate if the assigning Party remains liable and responsible
for the performance and observance of all of the Affiliate’s duties and obligations hereunder. This License Agreement
shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties to the extent necessary to
carry out the intent of this License Agreement. Any assignment
not in accordance with this Section 9.1 is void. Disclosure of confidential information including the existence of and general
terms of this License Agreement may be disclosed to potential permitted
assignees provided that such parties are bound by confidential terms at least as stringent as though between the Parties.

 

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9.2        Compliance.
Each Party shall comply with all applicable laws, rules and regulations in connection with this License Agreement.
Each Party shall comply, upon reasonable notice from the other Party, with all governmental requests directed to either Party regarding
the subject matter of this License Agreement and provide all information
and assistance necessary to comply with such governmental requests. 

 

9.3        Counterparts.
This License Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signature of more than one Party, but all such counterparts taken together
shall constitute one and the same instrument, and may be executed and delivered through the use of facsimiles or email of pdf copies
of the executed License Agreement provided that such electronic
forms include all pages of the License Agreement including the
executed signature pages.

 

9.4        Entire
Agreement. This License Agreement (including all Attachments
attached hereto) sets forth all of the covenants, promises, agreements, warranties, representations, conditions and understandings
between the Parties hereto; constitutes and contains the complete, final, and exclusive understanding and agreement of the Parties
with respect to the subject matter herein; and cancels, supersedes and terminates all prior agreements and understanding between
the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties, representations,
conditions or understandings, whether oral or written, between the Parties other than as set forth herein. No subsequent alteration,
amendment, change or addition to this License Agreement will bind
the Parties hereto unless reduced to writing and signed by the respective authorized officers of the Parties. 

 

9.5        Force
Majeure. Either Party shall be excused from delays in performing or from its failure to perform hereunder to the extent
that such delays or failures result from causes beyond the reasonable control of such Party; provided that, in order to
be excused from delay or failure to perform, such Party must act diligently to remedy the cause of such delay or failure. 
If as a result of the conditions referred to in the preceding sentence, a Party is unable to fully perform its obligations for
a period of ninety (90) calendar days, the other Party shall have the right to terminate this License Agreement upon written notice
to the Party unable to perform. 

 

9.6        Further
Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as
may be necessary or appropriate in order to carry out the purposes and intent of the License Agreement.

 

9.7        Governing
Law. This License Agreement shall be governed by, and construed
and enforced in accordance with, the laws of Delaware, United States (excluding its body of law controlling conflicts of law).

 

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9.8        Independent
Contractors. It is expressly agreed that the relationship between LBS and ARNO created by this License Agreement
shall be one of independent contractors, and neither Party shall have the power or authority to bind or obligate the other Party
except as expressly set forth in this License Agreement.

 

9.9        Notices.
Any notices and other communications provided for in this Agreement to be made by either of the Parties to the other Party shall
be in writing and shall be deemed given if delivered personally or sent by facsimile or email (and promptly confirmed by
personal delivery, registered or certified mail or overnight courier as provided herein), sent by nationally-recognized overnight
courier or sent by registered or certified mail, postage prepaid, return
receipt requested, at the following addresses (or at such other address for a Party as shall be specified by like notice).

 

If to LBS:

Leica Biosystems Newcastle Ltd.

Balliol Business Park West

Benton Lane

Newcastle upon Tyne NE12 8EW

United Kingdom

Attention: President and CEO

 

If to ARNO:

Arno Therapeutics, Inc.

200 Route 31 North

Suite 104

Flemington, NJ 08822

Attention: President and CEO

 

9.10       Severability.
If any term, covenant or condition of this License Agreement or
the application thereof to any Party or circumstance shall, to any extent, be held to be invalid or unenforceable, then the remainder
of this License Agreement, or the application of such term, covenant
or condition to the Parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected
thereby and each term, covenant or condition of this License Agreement
shall be valid and be enforced to the fullest extent permitted by applicable laws; and the Parties hereto covenant and agree to
renegotiate any such term, covenant or application thereof in good faith in order to provide a reasonably acceptable alternative
to the term, covenant or condition of this License Agreement or
the application thereof that is invalid or unenforceable, it being the intent of the Parties that the basic purposes of this License
Agreement are to be effectuated.

 

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9.12      Arbitration.

 

Except as expressly otherwise provided in
this Agreement, any dispute arising out of or relating to the Agreement shall be finally settled by arbitration under the then
current commercial arbitration rules of the American Arbitration Association in accordance with the following terms:

 

(a)         The place of arbitration
of any dispute shall be New York, New York.  Such arbitration shall be conducted by three arbitrators, one appointed by each
Party and the third selected by those arbitrators appointed by the Parties.  Each arbitrator shall be a person with relevant
experience in the pharmaceutical and medical diagnostics industries. 

 

(b)         Any award rendered by the
arbitrators shall be binding upon the Parties. Judgment upon any award rendered may be entered in any court having jurisdiction,
or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 
Each Party shall pay its own expenses of arbitration, and the expenses of the arbitrators shall be equally shared among the Parties
unless the arbitrators assess as part of their award all or any part of the arbitration expenses of a Party or Parties (including
reasonable attorneys’ fees) against the other Party or Parties, as the case may be.

 

(c)         This Section shall not
prohibit a Party from seeking injunctive relief from a court of competent jurisdiction in the event of a breach or prospective
breach of this Agreement by any other Party which would cause irreparable harm to the first Party.

 

(d)          Whenever a dispute
arising out of or relating to the interpretation of any provisions of this Agreement or the failure of any Party to perform
or comply with any obligations or conditions applicable to such Party pursuant to this Agreement arises and such dispute is
expressly designated as one to be resolved through the Accelerated Arbitration Provisions, then such dispute shall be finally
settled by arbitration under the then current expedited procedures applicable to the then current commercial arbitration
rules of the American Arbitration Association in accordance with the terms set forth in this Section.

 

9.13       Change
of Control. In the event that subsequent to the Effective Date there is a Change of Control of either Party, then, within
thirty (30) days of the other Party’s written request, the Party and/or the acquiring party will provide a written assurance
to the other Party, signed by duly authorized officers of such Party and/or acquiring party, as applicable, affirming that the
Party and/or the acquiring Affiliate or Third Party, as applicable, will continue to make commercially reasonable efforts in carrying
out its obligations under this Agreement. In the event that a Party and/or the acquiring party does not comply with the provisions
of this Section9.13 or the acquiring party is an LBS Competitor (as defined in the Master Agreement) or a direct competitor of
ARNO, the other Party may terminate the Agreement and/or any ongoing Project Agreement upon thirty (30) days prior written notice.

 

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9.14       Interpretation
of Agreement.

 

(a)         Each
of the Parties acknowledges and agrees that this License Agreement
has been reviewed by and negotiated by and between them, that in such negotiations each of them has been represented by counsel
and that the final agreement contained herein, including the language whereby it has been expressed, represents the joint efforts
of the Parties hereto and their counsel. Accordingly, in interpreting this License Agreement
or any provision hereof, no presumption shall apply against any Party hereto as being responsible for the wording or drafting
of this License Agreement or any such provision, and ambiguities,
if any, in this License Agreement shall not be construed against
any Party, irrespective of which Party may be deemed to have authored the ambiguous provision.

 

(b)         The definitions of the terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word "any" shall mean "any and
all" unless otherwise clearly indicated by context.

 

(c)         The
headings of Articles and Sections of this License Agreement are
for ease of reference only and shall not affect the meaning or interpretation of this License Agreement
in any way.

 

[Signatures begin on following page.]

 

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In
Witness Whereof, intending to be legally bound, the Parties hereto by their duly authorized representatives have executed
this License Agreement effective as of the date shown above.

 

	LEICA Biosystems Newcastle Ltd.
	 	 
	By:	/s/ David Budd
	Name: 	David Budd
	Title: 	Company Director 
	Date: 	30 Dec 2013
	 	 
	By:	/s/ Kees Van Ophem
	Name:  	Kees Van Ophem
	Title: 	General Counsel & VP
	Date: 	23.12.`13
	 	 
	ARNO therapeutics, inc.
	 	 
	By:	/s/ Glenn Mattes
	Name:	Glenn Mattes
	Title:	CEO
	Date:	1/6/2014

 

    	Page 19 of 19EXHIBIT 10.3

CONFIDENTIAL TREATMENT

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EXCHANGE COMMISSION.

 

 

EXCLUSIVE
PATENT LICENSE AGREEMENT

 

THIS EXCLUSIVE PATENT
LICENSE AGREEMENT (this “Agreement”) is made by and between Regents of the University of Minnesota, a constitutional
corporation under the laws of the state of Minnesota, having a place of business at 200 Oak Street, SE, Suite 280, Minneapolis,
Minnesota 55445 (the “University”), and the Licensee identified below. The University and the Licensee agree that:

 

The Terms and Conditions
of Exclusive Patent License attached hereto as Exhibit A (the “Terms and Conditions”) are incorporated herein by reference
in their entirety. In the event of a conflict between provisions of this Agreement and the Terms and Conditions, the provisions
in this Agreement shall govern. Capitalized terms used in this Agreement without definition shall have the meanings given to them
in the Terms and Conditions. The section numbers used in the parentheses below correspond to the section numbers in the Terms and
Conditions.

 

1.           Licensee:
Arno Therapeutics, Inc., a corporation under the laws of the state of Delaware, having a place of business at 200 Route 31
North, Suite 104, Flemington, NJ 08822.

 

2.           Field(s) of Use:
All products and processes contemplated by the Licensed Patent Application.

 

3.           Territory:
Any country or territory where issued and unexpired Licensed Patents and/or Licensed Patent Applications exist.

 

4.           Effective
Date: Date of the last signature of the Agreement.

 

5.           Licensed
Technology:

 

5.1           Licensed
Patents(s): None as of the Effective Date

 

    	1

    	 

    

 

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5.2           Licensed
Patent Applications:

 

	Application No.	 	Country	 	Filing Date	 	Title
	61/639,407	 	US	 	27 April 2012	 	Breast Cancer Prognosis
	13/843,482	 	US	 	15 March 2013	 	Breast Cancer Prognosis
	PCT/US2013/032677	 	PCT	 	15 March 2013	 	Breast Cancer Prognosis

 

6.           Patent-Related
Expenses: The Licensee shall reimburse the University for Patent-Related Expenses incurred before and during the Term as provided
in section 6.3 of the attached Terms and Conditions. The amount of Patent-Related Expenses incurred before the Term shall not exceed
$[***].

 

7.           Sublicense
Rights: Yes

 

8.           Federal
Government Rights: Yes

 

9.           Performance
Milestones : The Licensee shall achieve the following milestones:

 

[***] 

 

10.         Commercialization
Reports: Within 30 days of 31 December of each year, Licensee shall deliver written commercialization reports to the University
as provided in section 5.4 of the Terms and Conditions.

 

11.         Payments:
All amounts are non-refundable, and payable as defined below or as specified in the University’s invoice.

 

11.1         Upfront
Payment: [***] dollars ($[***]), payable within five (5) business days after the Effective Date.

 

11.2         Annual
Maintenance Fee: [***] dollars ($[***]), payable on each anniversary of the Effective Date.

 

11.3         Document
Fee: NONE.

 

11.4         Running
Royalties and Annual Minimums.

 

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11.4.1 Subject
to subsection 11.4.2, the Licensee shall pay the University a royalty of [***] percent ([***]%) of the Net Sales Amount on sales
of Licensed Product by Licensee and its Sublicenses, determined and payable as provided in section 6.4 of the Terms and Conditions.
Licensee’s obligation to pay royalties on sales of Licensed Products shall terminate on a Licensed Product-by-Licensed Product
and country-by-country basis upon the first date when there is no longer a valid claim under a Licensed Patent and/or Licensed
Patent Application covering such Licensed Product in the country in which such Licensed Product is either made or sold.

 

11.4.2 The
annual minimum amount of Royalties owed by the Licensee under subsection 11.4.1 shall be [***] dollars ($[***]). This annual minimum
amount shall only be due once a Licensed Product is approved by the FDA and marketed.

 

11.5         Sublicense
Fees. Within thirty (30) days after the last day of each calendar quarter, during the term of this Agreement and the Post-Termination
Period, the Licensee shall pay to the University [***] percent ([***]%) of all Sublicense Revenues as earned by the Licensee during
such quarter.

 

11.6         Other
Payments: When commercial sales of a Licensed Product reach cumulative sales greater than [***] dollars ($[***]), Licensee shall
pay the University a one-time payment of [***] ($[***]) dollars, in addition to any royalties due.

 

11.7         Equity:
NONE.

 

11.8         Transfer
Payment: [***] dollars ($[***]), payable as provided in section 12.5 of the Terms and Conditions, if at the time of the transfer
or change of control Licensee has an ongoing or completed clinical study intended for the registration of onapristone in patients
with breast cancer, that includes or is aided by a companion diagnostic based on the progesterone receptor gene signature technology.

 

11.9         Administrative
Handling Fee: [***] dollars ($[***]), payable as provided in subsection 8.1.1 of the Terms and Conditions.

 

11.10       Interest
Rate: [***] percent ([***]%) per annum.

 

11.11       Other:
NONE.

 

12.         Licensee’s
Address for Notice (§12.13). Notices will be sent to the Licensee at:

 

Arno Therapeutics Inc.

Attn: Dr. Alex Zukiwski, Chief Medical
Officer

200 Route 31 North

Suite 104

Flemington, NJ 08822

 

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Email: az@arnothera.com

 

13.         Licensee’s
Contact Person for Patent Prosecution Consultation (§4.2.1). The University will, as set forth in this Agreement,
communicate with the contact person named below with respect to patent prosecution and maintenance: (Upon ten (10) days prior written
notice to the University, the Licensee may change the person designated below.)

 

Arno Therapeutics Inc.

Attn: Dr. Alex Zukiwski, Chief Medical
Officer

200 Route 31 North

Suite 104

Flemington, NJ 08822

Email: az@arnothera.com

 

IN WITNESS WHEREOF,
the parties hereto have caused their duly authorized representatives to execute this Agreement.

 

	Regents of the University of Minnesota	 	Arno Therapeutics, Inc.
	 	 	 	 	 
	By:	/s/ Richard Huebsch	 	By:	/s/ Glenn R. Mattes
	 	Richard Huebsch	 	 	Glenn. R. Mattes
	 	Associate Director	 	 	Chief Executive Officer
	 	Office for Technology Commercialization	 	 	 
	 	 	 	 	 
	Date: 	February 21, 2014	 	Date:	February 26, 2014

 

 

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EXHIBIT
A

Terms
and Conditions

Exclusive
Patent License Agreement

 

These terms and conditions
to the Exclusive Patent License Agreement (“Terms and Conditions”) govern the grant of license by Regents of the University
of Minnesota (“University”) to the Licensee identified in the Exclusive Patent License Agreement (the “EPLA”).
These Terms and Conditions are incorporated by reference into the EPLA. All section references in these Terms and Conditions refer
to provisions in these Terms and Conditions unless explicitly stated otherwise.

 

1.           Definitions.
For purposes of interpreting this Agreement, the following terms have the following meanings:

 

1.1           “Affiliate”
means an entity that controls the Licensee or the Sublicensee, as the case may be, is controlled by the Licensee or Sublicensee,
or along with the Licensee or Sublicensee, is under the common control of a Third Party. An entity shall be deemed to have control
of the controlled entity if it owns, directly or indirectly, fifty percent (50%) or more of the outstanding voting securities of
the controlled entity.

 

1.2           “Commercial
Sale” means a bona fide sale, use, lease, transfer or other disposition for value of a Licensed Product by the Licensee or
a Sublicensee to a Third Party that is not an Affiliate of the Licensee.

 

1.3           “EMA”
means the European Medicines Agency.

 

1.4           “FDA”
means the United States Food and Drug Administration.

 

1.5           “Field
of Use” means the field(s) of use described in section 2 of the EPLA.

 

1.6           “Inventor(s)”
shall mean the persons named as inventors in the Licensed Patents or Licensed Patent Applications.

 

1.7           “Licensed
Patent” means the patent(s) described in section 5.1 of the EPLA, together with any issued and unexpired patent(s) issued
during the Term that arose out of a Licensed Patent Application. “Licensed Patent” also means any reissues or reexaminations
of a Licensed Patent that contain one or more claims directed to Licensed Technology.

 

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1.8           “Licensed
Patent Application” means the pending patent application(s) described in section 5.2 of the EPLA. “Licensed Patent
Application” also means any related applications including, continuations, continuations-in-part, and divisionals of a Licensed
Patent Application.

 

1.9           “Licensed
Product” means any product or good in the Field of Use that is made by, made for, sold, transferred, or otherwise disposed
of by the Licensee or its Sublicensees during the Term and the Post-termination Period and that, but for the granting of the rights
set forth in this Agreement, would (i) infringe (including under the doctrine of equivalents) one or more issued and valid claims
in a Licensed Patent; or (ii) is covered by one or more claims in a Licensed Patent Application, or any product or good that is
made using a process or method that, but for the granting of rights set forth in this Agreement, would (i) infringe (including
under the doctrine of equivalents) one or more issued and valid claims in a Licensed Patent; or (ii) is covered by one or more
claims in a Licensed Patent Application. For purposes of this Agreement, claims in a Licensed Patent Application are to be treated
as if they were allowed as proposed until such time as such claim is disallowed, withdrawn or otherwise no longer the subject of
a Licensed Patent Application. “Licensed Product” also means any service provided by or for the Licensee or its sublicensees,
but for the granting of the rights set forth in this Agreement, would (i) infringe (including under the doctrine of equivalents)
one or more claims in a Licensed Patent; or (ii) is covered by one or more claims in a Licensed Patent Application.

 

1.10         “Licensed
Technology” means, collectively, the inventions claimed in each Licensed Patent and each Licensed Patent Application.

 

1.11         “Licensee”
means the entity identified in section 1 of the EPLA.

 

1.12         “Net
Sales Amount” means the gross amount invoiced for a Commercial Sale of a Licensed Product minus (i) all trade, quantity,
and cash discounts actually allowed, (ii) all credits and allowances actually granted due to rejections, returns, billing errors,
and retroactive price reductions, (iii) applicable tariffs and duties, (iv) applicable excise, sale and use taxes, and (v) transportation
and transportation insurance, packaging (for shipping purposes only) and freight charges. Notwithstanding any provision of this
Agreement to the contrary, if the Licensee or a Sublicensee sells, leases, transfers or otherwise disposes of a Licensed Product
to an Affiliate, the “Net Sales Amount” for such transaction shall equal (a) the amount the Licensee or the Sublicensee,
as the case may be, generally charges non-Affiliate third parties a similar transaction for the Licensed Product or (b) if the
Licensee or the Sublicensee does not offer to sell the Licensed Product to the public, the amount charged by the Licensee or the
Sublicensee for a product of similar kind, quality, and quantity. In the event that a Licensed Product is sold in combination with
another product, Net Sales Amount, for purposes of calculating royalty payments on the combination product, shall be calculated
by multiplying the Net Sales Amount on sale of that combination product by the fraction A/B, where A is the gross selling price
of the Licensed Product sold separately and B is the gross selling price of the combination product; provided, however,
that in no event shall the Net Sales Amount attributed to the Licensed Product in such combination product be less than the Net
Sales Amount of such Licensed Product sold separately. In the event that no such separate sales are made by Licensee (or a Sublicensee),
Net Sales Amount for royalty determination shall be calculated by multiplying Net Sales Amount of the combination by the fraction
C/(C+D) where C is the fully allocated cost of the Licensed Product and D is the fully allocated cost of other components, such
standard costs being determined using Licensee’s (or Sublicensee’s, as applicable,) standard accounting procedures.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

1.13         “Patent-Related
Expenses” means costs and expenses (including out-of-pocket attorneys’ fees, patent agent fees and governmental filing
fees) that the University incurred in prosecuting and maintaining the Licensed Technology during the period preceding the Effective
Date.

 

1.14         “Performance
Milestone” means an act or event specified in section 5.1 and described in section 9 of the EPLA.

 

1.15         “Post-termination
Period” means the one hundred eighty (180) day period commencing on the date of termination or expiration of the Term.

 

1.16         “Sublicensee”
means a Third Party not Affiliated with Licensee to which the Licensee grants, a sublicense of the rights granted to it hereunder.

 

1.17         “Sublicense
Revenues” means all revenue, in whatever form but excluding Sublicense Royalties, earned by the Licensee in consideration
of its granting a Third Party a sublicense to any of its rights under this Agreement, including, without limitation, receipt of
annual milestone attainment, sublicense issuance, maintenance or up-front payments, or technology access fee; and issuance of securities
or real, personal or intangible property.

 

1.18         “Sublicense
Royalties” means a royalty paid to the Licensee that is earned on Commercial Sales of Licensed Products by Sublicensees and
that is determined as percentage of the Net Sales Amount of such Commercial Sale or as a per unit amount by the Sublicensee.

 

1.19         “Termination
Fee” means the sum of [***] dollars ($[***]).

 

1.20         “Territory”
means the geographical area described in section 3 of the EPLA.

 

1.21         “Third
Party” means any party other than the University or Licensee.

 

1.22         “Transfer
Payment” means the payment to be made by the Licensee to the University specified in section 12.5 and described in section
11 of the EPLA.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

2.           Term.
The term of this Agreement commences on the Effective Date as defined in section 4 of the EPLA and, unless terminated earlier
as provided in section 8, expires on the date on which both no Licensed Patent is active in the Territory and no Licensed Patent
Application is pending in the Territory (the “Term”).

 

3.           Grant
of License.

 

3.1           Licensee’s
Rights.

 

3.1.1           Subject
to the terms and conditions of this Agreement, the University hereby grants to the Licensee, and the Licensee hereby accepts, an
exclusive license to practice under the Licensed Patents and Licensed Patent Applications, to make (including to have made on its
behalf), use, offer to sell or sell (including to have sold on its behalf), offer to lease or lease (including to have leased on
its behalf), import, or otherwise offer to dispose or dispose of Licensed Products in the Territory. No provision of this Agreement
is to be construed to grant the Licensee, by implication, estoppel or otherwise, any rights (other than the rights expressly granted
it in this Agreement) to the Licensed Technology, a Licensed Patent or Licensed Patent Application, or to any other University-owned
technology, patent applications, or patents.

 

3.1.2           The
Licensee shall not sublicense its rights under this Agreement, unless otherwise provided in section 7 of the EPLA. If so provided,
the Licensee may sublicense it rights under this Agreement only as follows: the Licensee shall deliver to the University a true,
correct, and complete copy of the sublicense agreement or other agreement under which the Licensee purports or intends to grant
such sublicense rights within ten (10) days after the execution of such agreement. The Licensee shall not enter into such agreement
if the terms of the agreement are inconsistent in any respect with the terms of this Agreement, including without limitation, sections
5.2 - 5.6, 6.5, 8.3, 9.5, 10.4, and 11.3. Any sublicense made in violation of this subsection is void and constitutes an event
of default under subsection 8.1.1.

 

3.2           The
United States Government’s Rights. If the University indicated in section 8 of the EPLA that the United States federal government
funded the development, in whole or in part, of the Licensed Technology, then (i) the federal government may have certain rights
in and to the Licensed Technology as those rights are described in Chapter 18, Title 35 of the United States Code and accompanying
regulations, including Part 401, Chapter 37 of the Code of Federal Regulations, and (ii) the parties’ rights and obligations
with respect to the Licensed Technology, including the grant of license set forth in subsection 3.1.1, are subject to the applicable
terms of these laws and regulations.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

3.3           The
University’s Rights. The University retains an irrevocable, world-wide, royalty-free, non-exclusive right to use the Licensed
Technology for teaching, research and educational purposes. The University shall have the right to sublicense its rights under
this section to one or more non-profit academic or research institutions. The University shall have the specific right to use the
Licensed Technology in research projects sponsored by for-profit entities. However, notwithstanding anything to the contrary contained
in this Agreement, in no event shall the University grant to any commercial or for-profit entity any right to offer to sell, sell,
make, have made, or use the Licensed Technology. Furthermore, in no event shall the Inventors use the Licensed Technology in research
projects sponsored by for-profit entities for a period of three (3) years from the Effective Date of this Agreement if (i) the
research project relates to the further development or improvement of the Licensed Technology, and (ii) Licensee has agreed to
provide complete funding for the research project. The foregoing sentence applies only so long as such Investors are employees
of the University during such 3-year period. The University shall have the right to sublicense its rights under this section to
one or more non-profit academic or research upon request by such institutions after notifying Licensee of University's intent to
grant such sublicense.

 

4.           Applications
and Patents.

 

4.1           Pre-EPLA
Patent Filings. The Licensee acknowledges that it has reviewed each Licensed Patent and each Licensed Patent Application and that
it will not dispute the inventorship, validity, or enforceability of any of the claims made in a Licensed Patent or a Licensed
Patent Application. The Licensee further represents that as of the Effective Date, it has not and does not manufacture, have manufactured,
offer to sell, sell, offer to lease, lease, or import (a) any product or good that infringes (including under the doctrine
of equivalents) a claim in any Licensed Patent or Licensed Patent Application, or (b) any product or good that is made using a
process or machine that infringes (including under the doctrine of equivalents) a claim in a Licensed Patent or Licensed Patent
Application.

 

4.2           Patent
Application Filings during the Term of this Agreement.

 

4.2.1           The
University and the Licensee shall consult with each other to determine in which countries patent application(s) will be filed and
prosecuted with respect to the Licensed Technology; provided, however, that the University shall file and prosecute
such patent applications in any country so determined by the Licensee. The University shall retain counsel of its choice to file
and prosecute such patent applications. The University shall inform the Licensee of the status of the prosecution of the patent
application, including delivering to the Licensee pertinent notices, written and oral communications with governmental officials,
and documents, and shall consult with the Licensee on the prosecution of the patent application(s). The parties shall cooperate
with each other in the filing and prosecution of all patent applications with respect to the Licensed Technology. In furtherance
of the foregoing, the Licensee shall notify the University, in writing, of the individual whom the Licensee has designated to consult
and cooperate as provided in this subsection and is identified in section 13 of the EPLA. The Contact Person shall respond to the
University’s request for consultation and cooperation on a pending matter within five business days or sooner as may be required
under the circumstances. If the Contact Person fails to respond in such time period, the University, exercising its own judgment
and discretion, may respond to the matter as it deems appropriate. Except as provided in subsection 4.2.2, the Licensee shall reimburse
the University for all Patent-Related Expenses as provided in section 6.3 and in section 6 of the EPLA.

 

    	A-5

    	 

    

 

4.2.2           The
grant of license in section 3.1 shall extend to and include any patent applications and issued patents filed and prosecuted in
accordance with subsection 4.2.1. However, the grant of license in section 3.1 and the definition of Territory in section 1.16
shall not extend to or include any country in which Licensee elects, in writing to the University, not to pay or reimburse the
payment of the cost, in whole or in part, to seek or maintain intellectual property protection.

 

4.2.3           Subject
to subsection 4.2.2, no provision of this Agreement limits, conditions, or otherwise affects the University’s right to prosecute
a patent application with respect to the Licensed Technology in any country. The University retains the sole and exclusive right
to file or otherwise prosecute a patent application with respect to the Licensed Technology; provided, however, that
the University shall file and prosecute a patent application with respect to the Licensed Technology in any country that the Licensee
determines in accordance with subsection 4.2.1. In no event shall the Licensee file a patent application with respect to the Licensed
Technology. The Licensee shall cooperate with the University in the filing and prosecution of all patent applications with respect
to the Licensed Technology.

 

4.3           Rights
in the Licensed Patents and Licensed Patent Applications. No provision of this Agreement grants the Licensee any rights, titles,
or interests (except for the grant of license in subsection 3.1.1) in the Licensed Patents or Licensed Patent Applications, notwithstanding
the Licensee’s payment of all or any portion of the patent prosecution, maintenance, and related costs.

 

5.           Commercialization.

 

5.1           Commercialization
and Performance Milestones. The Licensee shall use its commercially reasonable efforts, consistent with sound and reasonable business
practices and judgment, to commercialize the Licensed Technology and to manufacture and offer to sell and sell Licensed Products
as soon as practicable and to maximize sales thereof. The Licensee shall perform, or shall cause to happen or be performed, as
the case may be, all the performance milestones described in section 9 of the EPLA.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

5.2           Covenants
Regarding the Manufacture of Licensed Products. The Licensee hereby covenants and agrees that the manufacture, use, sale, or transfer
of Licensed Products shall comply with all applicable federal and state laws, including all federal export laws and regulations.
The Licensee hereby further covenants and agrees that, pursuant to and to the extent required by 35 United States Code Section
204, it shall, and it shall cause each Sublicensee, to substantially manufacture in the United States of America all products embodying
or produced through the use of an invention that is subject to the rights of the federal government of the United States of America.

 

5.3           Export
and Regulatory Compliance. The Licensee understands that the Arms Export Control Act (AECA), including its implementing
International Traffic In Arms Regulations (ITAR,) and the Export Administration Act (EAA), including its Export Administration
Regulations (EAR), are some (but not all) of the laws and regulations that comprise the U.S. export laws and regulations. Licensee
further understands that the U.S. export laws and regulations include (but are not limited to): (i) ITAR and EAR product/service/data-specific
requirements; (ii) ITAR and EAR ultimate destination-specific requirements; (iii) ITAR and EAR end user-specific requirements;
(iv) Foreign Corrupt Practices Act; and (v) antiboycott laws and regulations. The Licensee shall comply with all then-current applicable
export laws and regulations of the U.S. Government (and other applicable U.S. laws and regulations) pertaining to the Licensed
Products (including any associated products, items, articles, computer software, media, services, technical data, and other information).
The Licensee certifies that it shall not, directly or indirectly, export (including any deemed export), nor re-export (including
any deemed re-export) the Licensed Products (including any associated products, items, articles, computer software, media, services,
technical data, and other information) in violation of U.S. export laws and regulations or other applicable U.S. laws and regulations.
The Licensee shall include an appropriate provision in its agreements with its authorized Sublicensees to assure that these parties
comply with all then-current applicable U.S. export laws and regulations and other applicable U.S. laws and regulations.

 

5.4           Commercialization
Reports. Throughout the Term and during the Post-termination Period, and within thirty (30) days of the date specified in the schedule
set forth in section 10 of the EPLA, the Licensee shall deliver to the University written reports of the Licensee’s and the
Sublicensees’ efforts and plans to commercialize the Licensed Technology and to manufacture, offer to sell, or sell Licensed
Products.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

5.5           Use
of the University’s Name and Trademarks or the Names of University Faculty, Staff, or Students. No provision of this Agreement
grants the Licensee or Sublicensee any right or license to use the name, logo, or any marks owned by or associated with the University
or the names, or identities of any member of the faculty, staff, or student body of the University. The Licensee shall not use
and shall not permit a Sublicensee to use any such logos, marks, names, or identities without the University’s and, as the
case may be, such member’s prior written approval.

 

5.6           Governmental
Markings.

 

5.6.1           The
Licensee shall mark all Licensed Products, where feasible, with patent notice appropriate under Title 35, United States Code.

 

5.6.2           The
Licensee is responsible for obtaining all necessary governmental approvals for the development, production, distribution, sale,
and use of any Licensed Product, at the Licensee’s expense, including, without limitation, any safety studies. The Licensee
is responsible for including with the Licensed Product any warning labels, packaging and instructions as to the use and the quality
control for any Licensed Product.

 

5.6.3           The
Licensee agrees to register this Agreement with any foreign governmental agency that requires such registration, and the Licensee
shall pay all costs and legal fees in connection with such registration. The Licensee shall comply with all foreign laws affecting
this Agreement or the sale of Licensed Products.

 

6.           Payments,
Reimbursements, Reports, and Records.

 

6.1           Payments.
The Licensee shall pay all amounts due under this Agreement by wire transfer to the University, or any other mutually agreed-upon
method of payment.

 

6.2           Interest.
All amounts due under this Agreement shall bear interest as provided in section 11 of the EPLA on the entire unpaid balance computed
from the due date until the amount is paid.

 

6.3           Reimbursement
of Patent-Related Expenses. The Licensee shall pay invoices for Patent-Related Expenses under this Agreement within thirty (30)
days of its receipt of the University’s invoice. With respect to each invoice, the University shall specify the date on which
the Patent-Related Expense was incurred and the purpose of the expense (including, as applicable, a summary of patent attorney
services giving rise to the expense); provided, however, the University is not required to disclose to the Licensee any information
that is protected by the University’s attorney-client privilege. Patent-Related Expenses incurred as of the Effective Date
are set forth in section 6 of the EPLA. The University reserves the right to require that Licensee provide and maintain a reasonable
advance deposit with the University or some other form of security to ensure payment of Patent-Related Expenses.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

6.4           Royalty
Payments/Sales Reports. Following the first Commercial Sale, within sixty (60) days after the last day of the second and fourth
calendar quarters during the Term and the Post-termination Period, the Licensee shall deliver to the University a written sales
report in the form acceptable to the University, recounting the number and Net Sales Amount (expressed in U. S. dollars) of all
sales, leases, or other dispositions of Licensed Products, whether made by the Licensee or a Sublicensee, during such semi-annual
period. The Licensee shall deliver such written report to the University even if the Licensee is not required hereunder to pay
to the University a payment for sales, leases, or other dispositions of Licensed Products during the semi-annual period. The Licensee
shall deliver along with such sales reports its payment for royalties owed on all Commercial Sales of Licensed Products by the
Licensee and the Sublicensees during such semi-annual period.

 

6.5           Records
Retention and Audit Rights.

 

6.5.1           Throughout
the Term and the Post-termination Period and for five (5) years thereafter, the Licensee, at its expense, shall keep and
maintain and shall cause each Sublicensee and each non-affiliated Third Party that manufactures, sells, leases, or otherwise disposes
of Licensed Products on behalf of the Licensee to keep and maintain complete and accurate records of all sales, leases, and other
dispositions of Licensed Products during the Term and the Post-termination Period and all other records related to this Agreement.

 

6.5.2           In
connection with an audit, the Licensee, upon written request, shall deliver to the University and its representatives true, correct
and complete copies of all documents and materials (including electronic records) reasonably relevant to the Licensee’s and
Sublicensees’ performance of this Agreement, including, without limitation, all sublicenses granted.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

6.5.3           To
determine the Licensee’s compliance with the terms of this Agreement, the University, at its expense (except as set forth
in this subsection), may inspect and audit the Licensee’s records referred to in subsection 6.5.1 at the Licensee’s
address as set forth in this Agreement or such other location(s) as the parties mutually agree during the Licensee’s normal
business hours. The University’s right to conduct inspections and audits pursuant to this Section 6.5.3 shall be limited
to once in each calendar year. The Licensee shall cooperate in the audit, including providing at no cost, commodious space in the
Licensee’s place of business for the auditor. The Licensee shall reimburse the University for all its out-of-pocket expenses
to inspect and audit such records if the University, in accordance with the results of such inspection and audit, determines that
the Licensee has underpaid amounts owed to the University by at least [***] percent ([***]%) in a reporting period. The Licensee
shall cause each Sublicensee and each non-affiliated Third Party that manufactures, sells, leases, or otherwise disposes of Licensed
Products on behalf of the Licensee to grant the University a right to inspect and audit the Sublicensee’s or Third Party’s
records substantially similar to the rights granted the University in this subsection. In connection with, and before the commencement
of, an audit, if the Licensee requests in writing to the University, then prior to conducting such audit, the Licensee, the University
and the auditor must enter into an agreement prohibiting the auditor and the University from disclosing the Licensee’s nonpublic,
proprietary information to any Third Party without the Licensee’s prior written consent; provided, however, that consistent
with generally accepted auditing standards and the auditor’s professional judgment, the auditor may disclose such information
to the University and its agents, counsel, or consultants. The Licensee acknowledges that such an agreement is adequate to protect
its legitimate interests, and the parties agree that there shall be no additional nondisclosure agreement demanded as a condition
to the commencement of an audit and the University’s exercising its rights under this subsection.

 

6.6           Currency
and Checks. All computations and payments made under this Agreement shall be in United States dollars. To determine the dollar
value of transactions conducted in non-United States dollar currencies, the parties shall use the exchange rate for the currency
into dollars as reported in the Wall Street Journal as the New York foreign exchange mid-range rate on the last business
day of the month in which the transaction occurred.

 

7.           Infringement.

 

7.1           If
a party learns of substantial, credible evidence that a Third Party is making, using, or selling a product in the Field of Use
in the Territory that infringes a Licensed Patent, such party shall promptly notify the other party in writing of the possible
infringement and in such notice describe in detail the information suggesting infringement of the Licensed Patent. Prior to commencing
any action to enforce a Licensed Patent, the parties shall enter into good faith negotiations on the desirability of bringing suit,
the parties to the action, the selection of counsel, and such other matters as the parties may agree to discuss. No provision of
this Agreement limits, conditions, or otherwise affects a party’s statutory and common-law rights to commence an action to
enforce a Licensed Patent. In any such action, the parties agree to cooperate fully with each other and will use reasonable efforts
to permit access to relevant personnel, records, papers, information, samples and specimens during regular business hours. Any
amounts recovered (less amounts actually paid for reasonable attorney’s fees and legal expenses) by Licensee in any such
action or settlement that constitute compensation for lost profits or sales will be considered subject to the royalty rate in subsection
11.4.1 of the EPLA. All other amounts recovered (less amounts actually paid for reasonable attorney’s fees and legal expenses)
by Licensee in such action or settlement shall be considered subject to the rate for Sublicense Revenues in section 11.5 of the
EPLA.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

7.2.          If
any suit, action or proceeding is brought or commenced against the Licensee alleging the infringement of a patent or other intellectual
property right owned by a Third Party by reason of the manufacture, use or sale of Licensed Products, the Licensee shall give the
University prompt notice thereof. If the validity of a Licensed Patent is questioned in such suit, action or proceeding, the Licensee
shall have no right to make any settlement or compromise which affects the scope, validity, enforceability or otherwise the Licensed
Patent without the University’s prior written approval.

 

8.           Termination.

 

8.1.          By
the University.

 

8.1.1           If
the Licensee breaches or fails to perform one or more of its obligations under this Agreement, the University may deliver a written
notice of default to the Licensee. Without further action by a party, this Agreement shall terminate if (a) the University has
not been paid the full amount of the Administrative Handling Fee set forth in section 11 of the EPLA, and (b) the default has not
been cured in full within either sixty (60) days after the delivery to the Licensee of the notice of default if the default relates
to a payment or reimbursement obligation under this Agreement, or ninety (90) days after the delivery to the Licensee of the notice
of default if the default relates to any other matter.

 

8.1.2           The
University may terminate this Agreement by delivering to the Licensee a written notice of termination at least ten (10) days before
the date of termination if the Licensee (i) voluntarily files or has filed against it a petition under applicable bankruptcy or
insolvency laws that the Licensee fails to have released within sixty (60) days after filing; (ii) proposes any dissolution, or
if a receiver, trustee, custodian, or similar agent is appointed; or (iii) makes a general assignment for the benefit of creditors.

 

8.1.3           The
University may terminate this Agreement immediately by delivering to the Licensee a written notice of termination if the Licensee
or its agents or representatives commences or maintains an action in any court of competent jurisdiction or a proceeding before
any governmental agency asserting or alleging, in any respect, the invalidity or unenforceability of any of the Licensed Technology.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

8.2           By
the Licensee.

 

8.2.1           If
the University breaches or fails to perform one or more of its duties under this Agreement, the Licensee may deliver to the University
a written notice of default. The Licensee may terminate this Agreement by delivering to the University a written notice of termination
if the default has not cured in full within ninety (90) days of the delivery to the University of the notice of default.

 

8.2.2           Licensee
may, subject to the payment to the University of the Termination Fee, terminate this Agreement at any time upon written notice
of termination given to the University at least ninety (90) days prior to the date of such termination and upon the payment of
all amounts due to the University through the effective date of termination.

 

8.3           Post-termination
Period. The Licensee shall not use, or permit others to use, the Licensed Technology or manufacture or have manufactured Licensed
Products after this Agreement terminates. If the Licensee terminates this Agreement under section 8.2, the Licensee may continue
to offer to sell and sell, offer to lease and lease, and otherwise offer to dispose of or dispose of Licensed Products in the Territory
that were manufactured before such termination. The Commercial Sales of Licensed Products during the Post-termination Period shall
be governed by the terms of this Agreement, including the obligation to pay royalties on such Commercial Sales as provided in this
Agreement. If the University terminates this Agreement under section 8.1, after the date of termination, the Licensee shall not
offer to sell or sell, offer to lease or lease, or otherwise offer to dispose of or dispose of a Licensed Product in the Territory.

 

9.           Indemnification,
and Insurance.

 

9.1           The
Licensee’s Indemnification. Throughout the Term and thereafter, the Licensee shall indemnify, defend, and hold the University
and its regents, employees, and agents harmless from all suits, actions, claims, liabilities, demands, damages, losses, or expenses
(including reasonable attorneys’ and investigative expenses), relating to or arising out of the Licensee’s exercises
or attempt to exercise any of the rights or licenses granted it under this Agreement, including without limitation, the manufacture,
use, lease, sale, or other disposition of a Licensed Product or the Licensee’s breach of any term of this Agreement.

 

9.2           The
University’s Indemnification. Subject to the limitations on liability set forth in section 11, throughout the Term and thereafter,
the University shall indemnify, defend, and hold the Licensee and its directors, employees, and agents harmless from all suits,
actions, claims, liabilities, demands, damages, losses, or expenses (including reasonable attorneys’ and investigative expenses)
relating to or arising out of the University’s breach of any term of this Agreement.

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

9.3           The
Licensee’s Insurance.

 

9.3.1      Throughout
the Term, or during such other period as the parties agree in writing, the Licensee shall maintain, and shall cause each Sublicensee
to maintain, in full force and effect comprehensive general liability (“CGL”) insurance, with single claim limits acceptable
to the University. Such insurance policy shall include coverage for claims that may be asserted by the University against the Licensee
under section 9.1 and for claims by a Third Party against the Licensee or the University arising out of the purchase or use of
a Licensed Product. Such insurance policy must (i) name the University as an additional insured if the University so requests in
writing and (ii) require the insurer to deliver written notice to the University at the address set forth in section 12.13, at
least thirty (30) days before the termination of the policy. Upon receipt of the University’s written request, the Licensee
shall deliver to the University a copy of the certificate of insurance for such policy.

 

9.3.2      The
provisions of subsection 9.3.1 do not apply if the University agrees in writing to accept the Licensee’s or a Sublicensee’s,
as the case may be, self-insurance plan as adequate insurance.

 

9.4           Sublicensees.
The Licensee shall cause each Sublicensee to indemnify the University to the substantially the same extent as the indemnity provided
by Licensee in favor of the University in section 9.1.

 

10.         Warranties.

 

10.1         Authority.
Each party represents and warrants to the other party that it has full corporate power and authority to execute, deliver, and perform
this Agreement, and that no other corporate proceedings by such party are necessary to authorize the party’s execution or
delivery of this Agreement.

 

10.2         University
Representations. The University represents and warrants to Licensee that, to the knowledge of either (i) the University’s
Office for Technology Commercialization or (ii) with respect to Section 10.2.3 only, the Inventors, as of the Effective Date:

 

10.2.1    there
are no outstanding agreements, assignments or encumbrances in existence inconsistent with the provisions of this Agreement;

 

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INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

10.2.2    the
University owns or possesses all right, title and interest in and to the Licensed Patents and Licensed Patent Applications, including
all inventions claimed therein;

 

10.2.3    it
has received no written notice of claims, pending or threatened, of infringement, interference or invalidity regarding, any part
or all of the Licensed Technology; and

 

10.2.4    all
of the inventors named in the Licensed Patent Applications who are University employees have assigned, or are under an obligation
to assign, to the University of their right, title and interest in the inventions claimed therein.

 

10.3         Disclaimers.

 

10.3.1    EXCEPT
FOR THE EXPRESS WARRANTY SET FORTH ABOVE IN SECTION 10.1 AND 10.2, THE UNIVERSITY DISCLAIMS AND EXCLUDES ALL WARRANTIES,
EXPRESS AND IMPLIED, CONCERNING THE LICENSED TECHNOLOGY, EACH LICENSED PATENT, EACH LICENSED PATENT APPLICATION, AND EACH LICENSED
PRODUCT, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE.

 

10.3.2    The
University expressly disclaims any warranties concerning and makes no representations:

 

		(i)	that the Licensed Patent Applications will be allowed
or granted or that a patent will issue from any Licensed Patent Application;

		(ii)	concerning the validity, enforceability, interpretation
of claims or scope of any Licensed Patent; or

		(iii)	that the exercise of the rights or licenses granted to
the Licensee under this Agreement will not infringe a Third Party’s patent or violate its intellectual property rights.

 

10.4         Sublicensees
- Warranties. The Licensee shall cause each Sublicensee to give the University warranties and disclaimers and exclusions of warranties
substantially similar to the warranty and disclaimers and exclusions of warranties in favor of the University in section 10.1 and
subsections 10.2.1 and 10.2.2.

 

    	A-14

    	 

    

 

INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

11.         Damages.

 

11.1         Remedy
Limitation. EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, THE UNIVERSITY SHALL NOT BE LIABLE FOR (A) PERSONAL INJURY
OR PROPERTY DAMAGES (EXCEPT TO THE EXTENT OF THE UNIVERSITY’S WILLFUL, WANTON, OR INTENTIONAL ACTS) OR (B) LOST PROFITS,
LOST BUSINESS OPPORTUNITY, INVENTORY LOSS, WORK STOPPAGE, LOST DATA OR ANY OTHER RELIANCE OR EXPECTANCY, DIRECT OR INDIRECT, SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, OF ANY KIND.

 

11.2         Damage
Cap. THE UNIVERSITY’S TOTAL LIABILITY FOR THE BREACH OR NONPERFORMANCE OF THIS AGREEMENT SHALL NOT EXCEED THE AMOUNT OF
PAYMENTS PAID TO THE UNIVERSITY UNDER THIS AGREEMENT. THIS LIMITATION APPLIES TO CONTRACT, TORT, AND ANY OTHER CLAIM OF WHATEVER
NATURE.

 

11.3         Sublicensees
- Damages. The Licensee shall cause each Sublicensee to agree to limitations of remedies and damages substantially similar to the
limitations of remedies and damages set forth in sections 11.1 and 11.2.

 

12.         General
Terms

 

12.1         Access
to University Information.

 

12.1.1    Data
Practices Act. The parties acknowledge that the University is subject to the terms and provisions of the Minnesota Government Data
Practices Act, Minnesota Statutes §13.01 et seq. (the “Act”), and that the Act requires, with certain exceptions,
the University to permit the public to inspect and copy any information that the University collects, creates, receives, maintains,
or disseminates.

 

12.1.2    Confidentiality.
To the extent permitted by law, including as provided in the Act, the University shall hold in confidence and disclose only to
University employees, agents and contractors who need to know the reports described in sections 5.4 and 6.4 and the records inspected
in accordance with section 6.5 of the Terms and Conditions. No provision of this Agreement is to be construed to further prohibit,
limit, or condition the University’s right to use and disclose any information in connection with enforcing this Agreement,
in court or elsewhere.

 

12.2         Amendment
and Waiver. The Agreement may be amended from time to time only by a written instrument signed by the parties. No term or
provision of this Agreement may be waived and no breach excused unless such waiver or consent is in writing and signed by the party
claimed to have waived or consented. No waiver of a breach is to be deemed a waiver of a different or subsequent breach.

 

    	A-15

    	 

    

 

INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

12.3         Applicable
Law and Forum Selection. The internal laws of the state of Minnesota, without giving effect to its conflict of laws principles,
govern the validity, construction, and enforceability of this Agreement. A suit, claim, or other action to enforce the terms of
this Agreement may be brought only in the state or federal courts situated in or having jurisdiction over Hennepin County, Minnesota.
The Licensee hereby submits to the jurisdiction of that court and waives any objections it may have to that court asserting jurisdiction
over the Licensee or its assets and property.

 

12.4         Assignment
and Sublicense. Except as permitted under subsection 3.1.2 and section 12.5 of the Terms and Conditions, the Licensee shall not
assign or sublicense its interest or delegate its duties under this Agreement. Any assignment, sublicense, or delegation attempted
to be made in violation of this section is void. Absent the consent of all the parties, an assignment or delegation will not release
the assigning or delegating party from its obligations. The Agreement inures to the benefit of the Licensee and the University
and their respective permitted Sublicensees and trustees.

 

12.5         Change
of Control. Notwithstanding section 12.4, the Licensee, without the prior approval of the University, may assign all, but
no less than all, its rights and delegate all its duties under this Agreement to another if (i) the Licensee delivers to the University
written notice of the proposed assignment (along with pertinent information about the terms of the assignment and assignee) at
least sixty (60) days before the effective date of the event described in clause (iii) of this paragraph, (ii) to the extent payable
in accordance with Section 11.8 of the EPLA, pay to the University the Transfer Payment prior to the effective date of the event
described in part iii of this paragraph, and (iii) the assignment is made as a part of and in connection with (a) the sale by the
Licensee of all or substantially all of its assets to a single purchaser (or group of affiliated purchasers), (b) the sale, transfer,
or exchange by the shareholders or equity owners of the Licensee of a majority interest in the Licensee to a single purchaser (or
group of affiliated purchasers), or (c) the merger of the Licensee into another corporation or other business entity. Any assignment
attempted to be made or made in violation of this subsection is void.

 

12.6         Collection
Costs and Attorneys’ Fees. If a party fails to perform an obligation or otherwise breaches one or more of the terms of this
Agreement, the other party may recover from the non-performing breaching party all its reasonable costs (including actual attorneys’
and investigative fees) to enforce the terms of this Agreement.

 

12.7         Consent
and Approvals. Except as otherwise expressly provided, in order to be effective, all consents or approvals required under this
Agreement must be in writing.

 

    	A-16

    	 

    

 

INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

12.8        Construction.
The headings preceding and labeling the sections of this Agreement are for the purpose of identification only and are not to be
employed or used for the purpose of construction or interpretation of any portion of the EPLA. As used herein and where necessary,
the singular includes the plural and vice versa, and masculine, feminine, and neuter expressions are interchangeable.

 

12.9        Enforceability.
If a court of competent jurisdiction adjudges a provision of this Agreement to be unenforceable, invalid, or void, such determination
is not to be construed as impairing the enforceability of any of the remaining provisions hereof and such provisions will remain
in full force and effect.

 

12.10      Entire
Agreement. The parties intend this Agreement (including all attachments, exhibits, and amendments hereto) to be the final and binding
expression of their contract and agreement and the complete and exclusive statement of the terms thereof. The Agreement cancels,
supersedes, and revokes all prior negotiations, representations and agreements among the parties, whether oral or written, relating
to the subject matter of this Agreement.

 

12.11      Language
and Currency. Unless otherwise expressly provided in this Agreement and in order to be effective, all notices, reports, and other
documents and instruments that a party elects or is required to deliver to the other party must be in English, and all notices,
reports, and other documents and instruments detailing revenues and earned under this Agreement or expenses chargeable to a party
must be United States dollar denominated.

 

12.12      No
Third-Party Beneficiaries. No provision of this Agreement, express or implied, is intended to confer upon any person other than
the parties to this Agreement any rights, remedies, obligations, or liabilities hereunder. No Sublicensee may enforce or seek damages
under this Agreement.

 

12.13      Notices.
In order to be effective, all notices, requests, and other communications that a party is required or elects to deliver must be
in writing and must be delivered personally, or by facsimile or electronic mail (provided such delivery is confirmed), or by a
recognized overnight courier service or by United States mail, first-class, certified or registered, postage prepaid, return receipt
requested, to the other party at its address set forth below or to such other address as such party may designate by notice given
under this section:

 

	If to the University:	University of Minnesota 
	 	Office for Technology Commercialization
	 	200 Oak Street, SE, Suite 280
	 	Minneapolis, MN 55445
	 	Phone: 612.624.0550 
	 	Fax: 612.624.6554 

 

    	A-17

    	 

    

 

INFORMATION MARKED BY [***] HAS BEEN
OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION.

 

	 	E-mail: otcagree@umn.edu  
	 	 
	For notices sent	University of Minnesota
	under section 8,	Office of the General Counsel
	with a copy to:	Attn: Transactional Law Services
	 	360 McNamara Alumni Center
	 	200 Oak Street S.E.
	 	Minneapolis, MN 55455-2006
	 	Facsimile No.: 612.626.9624
	 	E-mail: contracts@mail.ogc.umn.edu
	 	 
	If to the Licensee:	As indicated in section 12 of the EPLA.

 

12.14      Relationship
of Parties. In entering into, and performing their duties under this Agreement, the parties are acting as independent contractors
and independent employers. No provision of this Agreement creates or is to be construed as creating a partnership, joint venture,
or agency relationship between the parties. No party has the authority to act for or bind the other party in any respect.

 

12.15      Security
Interest. In no event may the Licensee grant, or permit any person to assert or perfect, a security interest in the Licensee’s
rights under this Agreement.

 

12.16      Survival.
Immediately upon the termination or expiration of this Agreement, except for certain rights granted for the Post-termination Period,
all the Licensee’s rights under this Agreement terminate; provided, however, the Licensee’s obligations that have accrued
before the effective date of termination or expiration (e.g., the obligation to report and make payments on sales, leases,
or dispositions of Licensed Products and to reimburse the University for costs) and the obligations specified in section 6.1 survive.
The obligations and rights set forth in sections 6.4 and 8.3 and sections 9, 10, and 11 also survive the termination or expiration
of this Agreement.

 

    	A-18

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