Document:

EX-10.1

 Exhibit 10.1 

BENITEC BIOPHARMA LIMITED 

SHARE SUBSCRIPTION AGREEMENT 

THIS SHARE SUBSCRIPTION AGREEMENT (the “Agreement”)
is made and entered into as of October 24, 2016 by and among BENITEC BIOPHARMA LIMITED, an Australian corporation (“Company”), and Nant Capital, LLC, a
Delaware limited liability company (the “Purchaser”). 
 RECITALS 

WHEREAS, the Company desires to issue an aggregate of up to 58,611,638 ordinary shares (the
“Shares”) to the Purchaser on and subject to the terms set forth herein (the “Placement”); and 

WHEREAS, the Purchaser desires to subscribe for, and accept, the Shares on the terms and conditions set
forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises,
representations, warranties, and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

	1.	AGREEMENT TO ISSUE AND SUBSCRIBE. 

  

	 	1.1	Authorization of the Shares. The Company has authorized the offer of the Shares for issuance, subject to the terms set forth herein, to the Purchaser. 

 

	 	1.2	Issue and Subscription. At the Applicable Closing (as defined below) and subject to the terms and conditions hereof, the Company agrees to issue and allot to the Purchaser, and the Purchaser agrees to subscribe
for, and accept from the Company, the number of Shares in two tranches as set out in Exhibit A at a purchase price per Share as set out or determined in accordance with the notes in Exhibit A (“Tranche 1” and
“Tranche 2” respectively, and each a “Tranche”). The aggregate purchase price for each Tranche will be equal to the number of Shares which the Purchaser has agreed to subscribe for under this
Agreement as part of that Tranche multiplied by the purchase price per Share determined in accordance with Exhibit A (“Purchase Price”). The parties acknowledge and agree that the Purchaser shall not be entitled to, and
any reference to the Shares shall not include, any dividend or other distribution declared or paid on the ordinary shares in the share capital of the Company prior to the Tranche 1 Closing in respect of the Shares to be issued in accordance with
this Agreement as part of Tranche 1 (“Tranche 1 Shares”), or prior to the Tranche 2 Closing in respect of the Shares to be issued in accordance with this Agreement as part of Tranche 2 (“Tranche 2
Shares”). 

  

	 	1.3	Options for implementation of Tranche 2. The parties agree and acknowledge that Tranche 2 may be implemented as either: 

  

	 	(a)	a separate and individual issue of the Tranche 2 Shares to the Purchaser without any other issue of shares in the Company to any other Person (“Individual Placement”); or

  
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	 	(b)	the issue of the Tranche 2 Shares to the Purchaser at the same time as, and as part of a single transaction involving, a broader placement of shares in the Company to a number of institutional and sophisticated
investors (“Broader Placement”), 

 and that both the Individual Placement and Broader Placement are
subject to Section 2.7. 
  

	 	1.4	Broader Placement if Collaboration Agreement signed. If: 

  

	 	(a)	the collaboration agreement referred to in Section 6.5 (“Collaboration Agreement”) has been executed by the Purchaser and the Company; and 

 

	 	(b)	the Company determines that it will conduct a Broader Placement prior to February 20, 2017, 

then: 
  

	 	(c)	the Company must notify the Purchaser in writing no later than five Business Days prior to the Broader Placement that it will be conducting the Broader Placement and may require the Purchaser, or the Purchaser
may elect, to participate in the Broader Placement (“Broader Placement Notice”); 

  

	 	(d)	if the Company requires the Purchaser to participate in the Broader Placement, then the Purchaser must participate on the terms of Section 1.4(f) to 1.4(h); and 

 

	 	(e)	if the Company does not require the Purchaser to participate in the Broader Placement, then the Purchaser may elect to participate in the Broader Placement by giving notice in writing to the Company no later than
one Business Day prior to the Broader Placement exercising its option under Section 1.4(c) to participate (“Broader Placement Option Exercise Notice”), and if the Purchaser provides the Company with the Broader Placement
Option Exercise Notice, then the Company must permit the Purchaser to, and the Purchaser must, participate in the Broader Placement on the terms of Section 1.4(f) to 1.4(h) (and if the Purchaser does not provide the Company with the Broader
Placement Option Exercise Notice in accordance with this Section 1.4(e) or otherwise notifies the Company that it does not wish to participate in the Broader Placement, then the Purchaser will not participate in the Broader Placement and the Company
is not obliged to issue any shares to the Purchaser under the Broader Placement), 

 and the parties agree that if Section
1.4(d) applies or if the Purchaser has given the Broader Placement Option Exercise Notice in accordance with Section 1.4(e), then: 
  

	 	(f)	if the Purchase Price for the maximum number of Tranche 2 Shares set out in Exhibit A is equal to, or less than, the total budgeted cost agreed by the parties and set out in the Collaboration Agreement in respect
of the funding of the clinical and preclinical studies set out in the Collaboration Agreement (“Scientific Collaboration Cost”), the Purchaser must subscribe for the maximum number of Tranche 2 Shares set out in Exhibit A;

  

	 	(g)	 if the Purchase Price for the maximum number of Tranche 2 Shares set out in Exhibit A is greater than the
Scientific Collaboration Cost, the Purchaser must subscribe for such lesser number of Tranche 2 Shares as will result in the Purchase Price for the Tranche 2 Shares being as close to, without exceeding, the Scientific

  
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Collaboration Cost (unless the Purchaser provides notice in writing to the Company that it wishes to subscribe for a greater number of Tranche 2 Shares (and specifies that number, up to the
maximum number of Tranche 2 Shares set out in Exhibit A) and in which case the Purchaser will subscribe for that greater number of Tranche 2 Shares); and 

  

	 	(h)	unless the parties otherwise agree in writing, the Company will not conduct the Individual Placement and the Purchaser will have no obligation to subscribe for any other shares in the Company in addition to the
number of shares in respect of which it has subscribed for as part of the Broader Placement. 

  

	 	1.5	Individual Placement if Collaboration Agreement signed. If: 

  

	 	(a)	the Collaboration Agreement has been executed by the Purchaser and the Company; and 

  

	 	(b)	the Company has not conducted the Broader Placement prior to February 20, 2017 or has conducted the Broader Placement prior to February 20, 2017 but the Purchaser did not provide the Company with the Broader
Placement Option Exercise Notice in accordance with Section 1.4(e) or otherwise notified the Company that it did not wish to participate in the Broader Placement, 

then the parties agree that: 
  

	 	(c)	the Company may by written notice to the Purchaser issued at any time after 9:00 am on February 20, 2017 (Sydney time) and before 5:00 pm on February 27, 2017 (Sydney time) notify the Purchaser that it requires
the Purchaser to participate in the Individual Placement and include in that notice the purchase price per Share determined in accordance with the notes set out in Exhibit A (“Individual Placement Requirement Notice”);

  

	 	(d)	if the Purchase Price for the maximum number of Tranche 2 Shares set out in Exhibit A is equal to, or less than, the Scientific Collaboration Cost, the Purchaser must subscribe for the maximum number of Tranche 2
Shares set out in Exhibit A; 

  

	 	(e)	if the Purchase Price for the maximum number of Tranche 2 Shares set out in Exhibit A is greater than the Scientific Collaboration Cost, the Purchaser must subscribe for such lesser number of Tranche 2 Shares as
will result in the Purchase Price for the Tranche 2 Shares being as close to, without exceeding, the Scientific Collaboration Cost (unless the Purchaser provides notice in writing to the Company that it wishes to subscribe for a greater number of
Tranche 2 Shares (and specifies that number, up to the maximum number of Tranche 2 Shares set out in Exhibit A) and in which case the Purchaser will subscribe for that greater number of Tranche 2 Shares); and 

 

	 	(f)	unless the parties otherwise agree in writing, the Purchaser will have no obligation to subscribe for any other shares in the Company in addition to the number of shares in respect of which it has subscribed for
as part of the Individual Placement. 

  
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	 	1.6	If Collaboration Agreement not signed. If the Collaboration Agreement has not been executed by the Purchaser and the Company by February 20, 2017, the Company: 

 

	 	(a)	if it elects to conduct the Individual Placement, may invite the Purchaser to participate in the Individual Placement; or 

  

	 	(b)	if it elects to conduct the Broader Placement, must notify the Purchaser in writing no later than five Business Days prior to the Broader Placement that it will be conducting the Broader Placement and must
provide the Purchaser the option to elect to participate in the Broader Placement, 

 by written notice to the Purchaser issued
at any time after 9:00 am on February 20, 2017 (Sydney time) and before 5:00 pm on February 27, 2017 (Sydney time) and which must include the purchase price per Share determined in accordance with the notes set out in Exhibit A
(“Placement Election Offer Notice”), and the parties agree that if the Placement Election Offer Notice is provided to the Purchaser, then: 
  

	 	(c)	the Purchaser may, but is not required to, participate in the Broader Placement or Individual Placement (as applicable); 

  

	 	(d)	if the Purchaser agrees to participate in the Broader Placement or Individual Placement (as applicable), the Purchaser may, in its sole discretion, determine whether to subscribe for some, or all, of the Tranche
2 Shares up to the maximum number set out in Exhibit A; and 

  

	 	(e)	if the Purchaser agrees to participate in the Broader Placement or Individual Placement (as applicable), the Purchaser must within 4 Business Days of the date on which it receives the Placement Election Offer
Notice (excluding the date (Sydney, Australia time) on which the notice is received), provide the Company with written notice confirming its election to participate in the Broader Placement or Individual Placement (as applicable) and specifying the
number of Tranche 2 Shares for which it will subscribe (“Placement Election Acceptance Notice”). 

  

	2.	CLOSING, DELIVERY AND PAYMENT. 

The Company and the Purchaser agree as follows: 
  

	 	2.1	Publication. Subject to Section 7.18, the Company shall announce the Placement to the Australian Securities Exchange (the “ASX”) as soon as practicable following receipt of an
executed and completed copy of this Agreement. 

  

	 	2.2	Tranche 1 Closing. The closing of the issue and subscription of the Tranche 1 Shares (the “Tranche 1 Closing”) shall take place on October 24, 2016, at 10.00 am Sydney time, at F6A / 1-15
Barr Street, Balmain, New South Wales, 2041, Australia, or at such other time or place as the Company and the Purchaser may mutually agree (such date is hereinafter referred to as the “Tranche 1 Closing Date”).

  

	 	2.3	Tranche 1 Delivery. The Purchaser shall deposit the amount of the Purchase Price payable for the Tranche 1 Shares (as set out in Exhibit A) into the Company’s account at Westpac Banking
Corporation, the details of which are set out in Exhibit B, on the Tranche 1 Closing Date in immediately available cleared funds. At the Tranche 1 Closing, subject to the terms and conditions hereof, the Company will: 

  
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	 	(a)	issue the Tranche 1 Shares to the Purchaser and register, or procure the registration of, the Purchaser as the holder of the Tranche 1 Shares; 

 

	 	(b)	deliver or procure the delivery by its share registrar to the Purchaser (with a copy sent by electronic email communication to the Purchaser), of holding statements evidencing the number of Tranche 1 Shares (and
security reference number or holder identification number, as applicable) subscribed for and accepted at the Tranche 1 Closing by the Purchaser; and 

  

	 	(c)	comply with the requirements of Section 3.10(e). 

 Any questions relating to settlement
should be directed to Mr Greg West (the Company’s Chief Executive Officer) by telephone at +61 2 9555 6986 or by email at gwest@benitec.com. 
  

	 	2.4	Tranche 2 Closing. Subject to Section 1.4, Section 1.5, Section 1.6 and Section 2.7, the closing of the issue and subscription of the Tranche 2 Shares (the “Tranche 2 Closing”):

  

	 	(a)	by way of the Individual Placement under Section 1.5, shall take place on the day that is five Business Days after the date on which the Company provides the Individual Placement Requirement Notice to the
Purchaser (excluding the date (Sydney, Australia time) on which the notice is received by the Purchaser), or at such other date as the Company and the Purchaser may mutually agree; 

 

	 	(b)	by way of the Individual Placement under Section 1.6, – the date which is five Business Days after the date on which the Purchaser provides the Placement Election Acceptance Notice to the Company (excluding
the date (Sydney, Australia time) on which the notice is received by the Company), or at such other date as the Company and the Purchaser may mutually agree; 

  

	 	(c)	by way of the Broader Placement under either Section 1.4 or Section 1.6, shall take place on the date agreed by the parties in respect of the Broader Placement (being the same date on which the proceeds of the
Broader Placement are to be received from, and the shares in the Company are to be issued to, the other third party investors), 

in each case, such date is hereinafter referred to as the “Tranche 2 Closing Date”; and 

 

	 	(d)	shall take place at F6A / 1-15 Barr Street, Balmain, New South Wales, 2041, Australia, or at such other place as the Company and the Purchaser may mutually agree. 

For the purposes of this Agreement, “Business Day” means a day other than a Saturday, Sunday or public holiday in
Sydney, Australia (or in the place specified, if another place is specified). 
  

	 	2.5	Tranche 2 Delivery. Subject to Section 1.4, Section 1.5, Section 1.6 and Section 2.7, the Purchaser shall deposit the Purchase Price payable for the Tranche 2 Shares (as determined in accordance with the
notes set out in Exhibit A) into the Company’s account at Westpac Banking Corporation, the details of which are set out in Exhibit B, on the Tranche 2 Closing Date in immediately available cleared funds. At the Tranche 2 Closing,
subject to the terms and conditions hereof, the Company will: 

  
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	 	(a)	issue the Tranche 2 Shares to the Purchaser and register, or procure the registration of, the Purchaser as the holder of the Tranche 2 Shares; 

 

	 	(b)	deliver or procure the delivery by its share registrar to the Purchaser (with a copy sent by electronic email communication to the Purchaser), of holding statements evidencing the number of Tranche 2 Shares (and
security reference number or holder identification number, as applicable) subscribed for and accepted at the Tranche 2 Closing by the Purchaser; and 

  

	 	(c)	comply with the requirements of Section 3.10(e). 

 Any questions relating to settlement
should be directed to Mr Greg West (the Company’s Chief Executive Officer) by telephone at +61 2 9555 6986 or by email at gwest@benitec.com. 
  

	 	2.6	General Meeting. 

  

	 	(a)	Upon the execution of this Agreement, the Company must promptly cause a proposed notice of a general meeting of its shareholders which includes the proposal to pass or approve the Approval Resolution(s), an
accompanying explanatory statement and proxy form to be prepared (and the Company must provide the Purchaser with any drafts of those documents, and take into account all reasonable comments of, the Purchaser in relation to the content of those
documents) and to be submitted to ASX pursuant to the listing rules of ASX (“ASX Listing Rules”) and to the Australian Securities and Investments Commission (“ASIC”) in accordance with ASIC Regulatory
Guide 74. The Company must inform the Purchaser of any material matters raised by ASX or ASIC on the documents and promptly provide the Purchaser with any new information which is to be included in, or which is required to supplement, those
documents. 

  

	 	(b)	The Company must ensure that the notice of meeting and accompanying explanatory statement and proxy form have been prepared in accordance with all applicable laws, policy, the ASX Listing Rules and ASIC
Regulatory Guide 74. Each party must ensure that the information it provides for the purpose of the explanatory statement complies with such requirements, and are not misleading or deceptive (whether by omission or otherwise). 

 

	 	(c)	On or prior to the execution of this Agreement, the Company must appoint an independent expert to prepare a report to be provided to the directors of the Company and its shareholders to opine as to whether the
issue of the Tranche 2 Shares to the Purchaser is fair and reasonable to the Company’s shareholders (other than the Purchaser) (“Independent Expert’s Report”). 

 

	 	(d)	 Promptly, but in any case no later than three Business Days, following ASX and ASIC each giving the
Company written approval for, or a written statement that it has no objection to, the Company sending the notice of the general meeting, accompanying explanatory statement (including the Independent Expert’s Report) and proxy form (with or
without amendments to the form of those documents as had been initially submitted to ASX and ASIC, and with dates and other details completed as applicable to the general meeting), the Company must send the notice of the general meeting of its
shareholders, along with the accompanying 

  
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explanatory statement (including the Independent Expert’s Report) and proxy form (collectively, the “Notice of Meeting”) and convene the meeting (“General
Meeting”) in accordance with the Notice of Meeting, the ASX Listing Rules, the Corporations Act and the Company’s constitution. 

  

	 	(e)	The Notice of Meeting will specify a date for the meeting no earlier than the earliest date the meeting may be lawfully convened, and not more than five weeks after an announcement is made to ASX by the Company
confirming dispatch of the Notice of Meeting to its shareholders. 

  

	 	(f)	For the purposes of this Agreement, the “Approval Resolution(s)” is or are a resolution which is, or such resolutions as are, necessary or desirable to authorise and approve the issue of
the maximum number of the Tranche 2 Shares (as set out in Exhibit A) to the Purchaser in accordance with and for the purposes of the ASX Listing Rules, section 611, item 7 of the Corporations Act and the Company’s constitution.

  

	 	(g)	The Company will procure that the directors of the Company (other than Dr. Jerel Banks, once appointed as a director of the Company) will unanimously recommend that the Company’s shareholders vote in favour
of the Approval Resolutions to be proposed at the General Meeting. 

  

	 	2.7	Failure to pass or approve resolution(s). If the Company’s shareholders do not pass or approve the Approval Resolution(s) proposed in the Notice of Meeting at the General Meeting: (i) the Purchaser will
not be required to deposit the Purchase Price payable for the Tranche 2 Shares and Company will not be required to issue the Tranche 2 Shares (whether by way of the Individual Placement or Broader Placement) to the Purchaser, (ii) Tranche 2 Closing
will not occur (whether by way of the Individual Placement or Broader Placement), and (iii) neither party will have any further obligation under this Agreement in respect of Tranche 2 or the Tranche 2 Shares (whether by way of the Individual
Placement or Broader Placement). 

  

	3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

The Company represents and warrants to the Purchaser that each warranty in this Section 3 is true and accurate and not misleading as of the
date of this Agreement and as of the Tranche 1 Closing and (subject to the Company having received the approval of its shareholders to issue the Tranche 2 Shares) as of the Tranche 2 Closing. 

 

	 	3.1	Organization. The Company is a corporation duly organized and validly incorporated and existing under the laws of Australia. The Company has all requisite corporate power and authority to execute and deliver this
Agreement and, other than for doing the acts and obtaining the consents, permits or waivers required by the terms of this Agreement (including but not only obtaining the approval of its shareholders to issue the Tranche 2 Shares), to issue the
Shares and to carry out the provisions of this Agreement. Neither the Company nor any of its subsidiaries is in violation nor default of any of the provisions of its respective constitution, certificate or articles of incorporation, bylaws or other
organizational or charter documents. 

  
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	 	3.2	Qualification. Each of the Company and its subsidiaries is duly qualified to conduct its business in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified could not have or reasonably be expected to result in: (i) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise)
of the Company and its subsidiaries, taken as a whole, or (ii) a material adverse effect on the Company’s ability to perform on a timely basis its obligations under this Agreement effecting the transactions contemplated herein (each of (i) and
(ii) being a “Material Adverse Effect”) and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. Each of
the Company and its subsidiaries has the power to own its assets and carry on its business as it is now being conducted. 

  

	 	3.3	Subsidiaries. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each of its subsidiaries free and clear of any Liens, and all of the issued and outstanding
shares of capital stock of each of its subsidiaries are validly issued and are fully paid and free of preemptive and similar rights to subscribe for or purchase securities. No other Person has any right to own or be transferred or issued any
securities in any of the Company’s subsidiaries. 

  

	 	3.4	Capitalization. 

  

	 	(a)	The issued capital of the Company immediately prior to the date of this Agreement comprises 146,529,096 fully paid ordinary shares, all of which are issued and outstanding. 

 

	 	(b)	When issued in accordance with the provisions of this Agreement (including the Company having received the approval of its shareholders to issue the Tranche 2 Shares), the Shares will be validly issued and be
fully paid, will rank equally in all respects with existing issued fully paid ordinary shares in the Company (including payment of any distributions following allotment) and the Shares will be free of any security interest (within the meaning given
to that term in section 12 of the Personal Property Securities Act 2009 (Cth)) or other mortgage, charge, lien, pledge, trust, easement, hypothecation or other encumbrance of any kind (or any agreement to create any of them or allow them to
exist) (“Liens”), other than Liens created by or imposed upon the Purchaser; provided, however, that the Shares may be subject to restrictions on transfer under U.S. federal and/or state securities laws. The issue of the
Shares is not and will not be subject to any preemptive rights that have not been properly waived or complied with prior to the Tranche 1 Closing or Tranche 2 Closing (as applicable). 

 

	 	(c)	The Tranche 1 Shares will, upon issue, comprise 16.67% (rounded to 2 decimal places) of the expanded issued capital base of the Company. 

 

	 	(d)	If no Tranche 2 Shares are issued to the Purchaser, but the Broader Placement is conducted and a total of 60,000,000 ordinary shares are issued by the Company under the Broader Placement to other third party
investors, the aggregate of the Tranche 1 Shares will, upon issue of the shares under the Broader Placement, comprise 12.43% (rounded to 2 decimal places) of the expanded issued capital base of the Company. 

 

	 	(e)	 If the Tranche 2 Shares are issued by way of the Individual Placement (and there is no Broader Placement)
and the Purchaser agrees to subscribe for the maximum 

  
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number of Tranche 2 Shares set out in Exhibit A, the aggregate of the Tranche 1 Shares and the Tranche 2 Shares will, upon issue, comprise 28.57% (rounded to 2 decimal places) of the expanded
issued capital base of the Company. 

  

	 	(f)	If the Tranche 2 Shares are issued by way of the Broader Placement (and a total of 60,000,000 ordinary shares are issued by the Company under the Broader Placement), there is no Individual Placement and the
Purchaser agrees to subscribe for the maximum number of Tranche 2 Shares set out in Exhibit A, the aggregate of the Tranche 1 Shares and the Tranche 2 Shares will, upon issue, comprise 24.85% (rounded to 2 decimal places) of the expanded issued
capital base of the Company. 

  

	 	3.5	Authorization; Binding Obligations. All corporate action on the part of the Company (including the obtaining of all consents) necessary for the authorization of this Agreement, the performance of all
obligations of Company at the Applicable Closing and the authorization, sale, issuance and delivery of the Shares has been duly taken, other than doing the acts and obtaining the consents, permits or waivers required by the terms of this Agreement
to be done or obtained subsequent to the execution of this Agreement (including obtaining the approval of its shareholders to issue the Tranche 2 Shares). This Agreement, when executed and delivered, will be a valid and binding obligation of
Company enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights; and (b) as
limited by general principles of equity that restrict the availability of equitable remedies. 

  

	 	3.6	Compliance with Laws. The Company is not, and none of its subsidiaries is, in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any
instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, which violation of which would have a Material Adverse Effect. 

 

	 	3.7	Compliance with other Instruments. The Company is not in violation or default of any term of its constitution or of any provision of any mortgage, indenture, contract, deed or agreement to which it is a
party or is subject or by which it is bound or of any instrument, judgment, decree, order or writ, other than such violation or default that would not have a Material Adverse Effect. The execution, delivery and performance of this Agreement, and the
consummation of the transactions contemplated hereby (including each Applicable Closing) will not result in any such material violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either a
material default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any Lien upon any assets of the Company or any of its subsidiaries or the suspension, revocation, impairment,
forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company or any of its subsidiaries, their business or operations or any of their respective assets or properties. 

 

	 	3.8	Compliance with Listing Rules of ASX and NASDAQ and the Corporations Act. Except as set forth in Schedule 3.8, the Company is in compliance with the ASX Listing Rules (including ASX Listing Rule 3.1) and the
listing rules of The NASDAQ Capital Market (“NASDAQ”). The issue of the Tranche 1 Shares to the Purchaser does not and will not contravene the Corporations Act, ASX Listing Rules or the listing rules of NASDAQ, and
no approval of the shareholders of the Company is required for the Company to issue the Tranche 1 Shares to the Purchaser. Subject to the Company having received the approval of its shareholders to issue the Tranche 2 Shares, the issue of the
Tranche 2 Shares to the Purchaser does not and will not contravene the Corporations Act, ASX Listing Rules or the listing rules of NASDAQ. 

  
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	 	3.9	Filings. The Company is not required make any filings with any Australian or U.S. federal, state, local or other governmental authority in relation to the issue of the Shares other than: 

 

	 	(a)	the lodgment of an “Appendix 3B” with ASX and the filing of a “Form 484 – Change of Company Details” with ASIC, and the lodgment of the Cleansing Statement referred to in Section 3.10(e)
with ASX after each issue of the Shares. The failure to file a Form 484 – Change of Company Details with ASIC does not prevent or otherwise affect the issue of the Shares to the Purchaser or the ability of the Purchaser to transfer the Shares;

  

	 	(b)	in respect of the Tranche 2 Shares, and in addition to the above, giving the proposed Notice of Meeting to ASX and ASIC for review, lodging a copy of the Notice of Meeting with ASX as an announcement when the
Notice of Meeting is sent to the Company’s shareholders, and lodging an announcement of the results of the General Meeting with ASX; and 

  

	 	(c)	the filing of the above ASX announcements with the U.S. Securities and Exchange Commission (“SEC”) on Form 6-K. 

 

	 	3.10	Offering restrictions under securities laws. 

  

	 	(a)	None of the Company or any of its affiliates (nor any Person acting on behalf of any of them) has offered or sold, or will offer or sell, any Shares in the United States by means of any form of general
solicitation or general advertising in the United States within the meaning of Rule 502(c) under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or in any manner involving a public offering of the Shares in
the United States within the meaning of Section 4(a)(2) of the Securities Act. 

  

	 	(b)	None of the Company or any of its affiliates (nor any Person acting on behalf of any of them) has solicited any offer to buy, offered to sell or sold, and they will not solicit any offer to buy, offer to sell or
sell in the United States any security which could be integrated with the sale of the Shares in a manner that would require the issue, offer and sale of the Shares to be registered under the Securities Act. 

 

	 	(c)	Assuming the accuracy of those representations and warranties of the Purchaser contained in Section 4 hereof, the offer, issue, and sale of the Shares will be exempt from the registration requirements of the
Securities Act. 

  

	 	(d)	The offer, issue and quotation on ASX of the Shares pursuant to this Agreement do not, and will not, contravene or result in violation of any applicable statute, regulation, or any order, restriction or rule of
any regulatory authority (including ASIC and ASX) in Australia or any state of Australia (“Australian Law”). 

  

	 	(e)	 The Company must lodge with the ASX a Cleansing Statement (as defined below) (in respect of the Shares)
and an Appendix 3B on the same day as or within one Business Day from the Tranche 1 Closing (in respect of the Tranche 1 Shares), on the same day as or within one Business Day from the Tranche 2 Closing (in respect of the Tranche 2 Shares), and in
any event (in each case, as applicable) within the time period provided under section 708A(6) of the Corporations Act, in a form, and 

  
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containing the information that is sufficient to permit subsequent re-sale on ASX of all of the Shares issued to Purchaser. Upon the lodging of an Appendix 3B as provided for in this Section
3.10(e) and the Cleansing Statement, the Shares will be freely tradable on the ASX. For the purposes of this Agreement: 

  

	 	(i)	“Cleansing Statement” means a statement meeting the requirements of section 708A(6) of the Corporations Act; and 

 

	 	(ii)	“Corporations Act” means Australian Corporations Act 2001 (Cth.). 

  

	 	3.11	 Material Changes; Undisclosed Events, Liabilities or Developments, not insolvent. Since June 30, 2016 (the
“Balance Sheet Date”) of the latest audited financial statements (the “Financial Statements”) included within those reports publicly filed by the Company in accordance with the applicable Australian or
U.S. securities laws (the “Public Reports”), except as specifically disclosed in a subsequent announcement to ASX or filing with the SEC by the Company filed prior to the date of this Agreement, (i) there has been no event,
occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise, including liabilities required to be reflected in the
Financial Statements pursuant to Australian Accounting Standards or disclosed in filings made with the ASX and the SEC) other than trade payables and accrued expenses incurred in the ordinary course of business consistent, in nature and quantum,
with past practice, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed, bought back, reduced,
cancelled or made any agreements to purchase, redeem, buy back, reduce or cancel any shares of its capital stock, (v) the Company has not issued (or agreed to issue) any securities to any other Person, except, in the case of any officer, director or
affiliate of the Company or one of its subsidiaries, pursuant to existing stock option plans and (vi) the Company has not varied or cancelled any rights or restrictions attached to any shares or securities in its capital (or agreed to do
so). The Company does not have pending before ASIC any request for confidential treatment of information (but may do so in respect of submitting the proposed Notice of Meeting to ASX in accordance with the ASX Listing Rules). Except for
the issuance of the Shares contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or any of its subsidiaries
or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at or about the time this representation is made or deemed made
that has not been publicly disclosed to ASX at least 1 trading day prior to the date that this representation is made. The Company and none of its subsidiaries (i) is insolvent under administration or insolvent (each as defined in the Corporations
Act), (ii) is in liquidation, in provisional liquidation, under administration or wound up or has had a Controller (as defined in the Corporations Act) appointed to its property, (iii) is subject to any arrangement, assignment, moratorium or
composition, protected from creditors under any statute or dissolved (in each case, other than to carry out a reconstruction or amalgamation while solvent on terms approved by the other parties to this Agreement), (iv) has had an application or
order made (and in the case of an application, it is not stayed, withdrawn or dismissed within 30 days), resolution passed, proposal put forward, or any other action taken, in each case in connection with that Person, which is preparatory to or
could result in any of (i), (ii) or (iii) above, (v) is taken (under section 459F(1) of the Corporations Act) to have failed to comply with a 

  
 11 

	 	
statutory demand, (vi) is the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act (or it makes a statement from which another party to this agreement
reasonably deduces it is so subject), (vii) is otherwise unable to pay its debts when they fall due, or (viii) has had something having a substantially similar effect to (i) to (vii) happen in connection with that Person under the law of any
jurisdiction. 

  

	 	3.12	Litigation. There is no action, suit, inquiry, claim, prosecution, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any of
its subsidiaries or any of their respective properties before or by any court, arbitrator, tribunal, other judicial body, governmental or administrative agency, commission or department or regulatory authority (federal, state, county, local or
foreign), but expressly excluding matters involving review or assessment in the ordinary course of applications to regulatory bodies for approvals or registrations (including reviews by patent offices and biomedical or similar government
authorities) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the Shares or the issuance of the Shares or (ii) could, if there were an
unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries, nor any director or officer thereof, is or has been the subject of any Action involving a claim of
violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by ASIC or ASX involving the
Company or any director or officer of the Company. There are no stop orders or other suspension orders issued by ASIC, ASX or any third party impacting the trading of the Company’s securities. 

 

	 	3.13	Regulatory Permits. The Company and its subsidiaries possess all certificates, authorizations and permits (or similar authorities) issued by the appropriate federal, state, local or foreign regulatory authorities
necessary to conduct their respective businesses as described in the Public Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”). Each Material Permit is valid and subsisting, has been complied with in all respects by the Company and/or applicable subsidiary and neither the Company nor any of its subsidiaries has received any notice, and is not
aware, of proceedings relating to the revocation, non-renewal or modification of any Material Permit. 

  

	 	3.14	 Intellectual Property. The Company and its subsidiaries have ownership of, or have legally enforceable
rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights (collectively, the
“Intellectual Property Rights”) necessary or required for use in connection with their respective businesses as described in the Public Reports None of, and neither the Company nor any of its subsidiaries has received a
notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned (excluding patent applications which are abandoned or terminate as part of
the normal patent progression process and any patents reaching the end of the full applicable patent term) within two years from the date of this Agreement. Neither the Company nor any of its subsidiaries has received a written notice of a claim, or
otherwise has any knowledge, that the Intellectual Property Rights violate or infringe upon the rights of any Person. To the knowledge of the 

  
 12 

	 	
Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its subsidiaries
have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties and Intellectual Property Rights. 

For the purpose of this Agreement, a “Person” means an individual, corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
  

	 	3.15	Registration Rights. No Person has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company. 

 

	 	3.16	Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided the Purchaser or their agents or counsel with any information that constitutes or could reasonably be
expected to constitute material, nonpublic information. The Company understands and confirms that the Purchaser will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the
Purchaser regarding the Company and its subsidiaries, their business and the transactions contemplated hereby, including the Schedules to this Agreement, furnished by or on behalf of the Company is true and correct in all material aspects and does
not contain any untrue or misleading statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Each
announcement made by the Company on ASX and filing made with the SEC during the 12 months preceding the date of this Agreement did not at the time of release contain any untrue or misleading statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. To the best of the Company’s knowledge and belief, other than the capital
raising contemplated by this Agreement, no event or circumstance has occurred or information exists with respect to the Company or its subsidiaries, business, properties, prospects, operations or financial conditions, which, under the applicable
laws, rules or regulations of ASX or the SEC, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed. 

 

	4.	REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS OF THE PURCHASER. 

 

	 	4.1	Requisite Power and Authority. The Purchaser hereby represents and warrants to the Company as follows as of the date of this Agreement and as of the Tranche 1 Closing and (subject to the Company
having received the approval of its shareholders to issue the Tranche 2 Shares) as of the Tranche 2 Closing that: 

  

	 	(a)	the Purchaser has all necessary power and authority to execute and deliver this Agreement and to carry out its provisions; 

  

	 	(b)	all action on Purchaser’s part required for the lawful execution and delivery of this Agreement has been taken; and 

  

	 	(c)	 upon execution and delivery by the Purchaser, this Agreement will be a valid and binding obligation of the
Purchaser, enforceable in accordance with its terms, except 

  
 13 

	 	
(a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights and (b) as limited
by general principles of equity that restrict the availability of equitable remedies. 

  

	 	4.2	US securities law matters. 

  

	 	(a)	The Purchaser understands that the Shares have not been registered under the Securities Act. The Purchaser also understands that the Shares are being offered and sold pursuant to an exemption from registration
contained in the Securities Act based in part upon the Purchaser’s representations contained in this Agreement. The Purchaser further acknowledges and understands that the Shares may not be resold or transferred except in a transaction
registered under the Securities Act (which Purchaser acknowledges the Company has no obligation to do) or in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. After quotation of each Tranche of Shares
on ASX, the Purchaser understands it may sell the Shares in that Tranche in standard (regular way) brokered transactions on the ASX if neither the Purchaser nor any Person acting on its behalf knows, or has reason to know, that the sale has been
prearranged with, or that the purchaser is, a Person in the United States. 

  

	 	(b)	Purchaser bears economic risk. The Purchaser has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company so that it is capable of
evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests (subject to its reliance on the representations and warranties given by the Company in Section 3). The Purchaser must be able to
bear the economic risk of this investment and understands that Company has no present intention of registering the Shares in the United States pursuant to the Securities Act. 

 

	 	(c)	Acquisition for own account. The Purchaser hereby represents and warrants to the Company as of the date of this Agreement and as of the Tranche 1 Closing and (subject to the Company having received the approval
of its shareholders to issue the Tranche 2 Shares) as of the Tranche 2 Closing that the Purchaser is acquiring the Shares for its own account, and not with a view towards their distribution. 

 

	 	(d)	No solicitation. The Purchaser hereby represents and warrants to the Company as of the date of this Agreement and as of the Tranche 1 Closing and (subject to the Company having received the approval of its
shareholders to issue the Tranche 2 Shares) as of the Tranche 2 Closing that the Purchaser is not aware of any general solicitation or publication of any advertisement, as such terms are defined in Regulation D under the Securities Act, in
connection with the transactions contemplated in this Agreement. 

  

	 	(e)	Rule 144. The Purchaser acknowledges and agrees that the Shares are “restricted securities” (as defined in Rule 144 under the Securities Act) and may not be deposited in any unrestricted American
Depositary Receipt facility as long as such Shares remain “restricted securities”. 

  

	 	(f)	 Limitations on resale of the Shares. The Purchaser will not offer, sell, pledge, transfer or otherwise
dispose of the Shares (or solicit offers to buy, purchase or otherwise acquire or take a pledge of) except (i) in an offshore transaction (as defined in Rule 902(h) under the Securities Act) complying with Regulation S

  
 14 

	 	
under the Securities Act, (ii) in the United States to a “qualified institutional buyer” (“QIB”) as defined in and in reliance on Rule 144A under the US Securities Act, or
(iii) pursuant to Rule 144 under the Securities Act, if available, in each case in compliance with all applicable laws. 

  

	 	(g)	The Purchaser acknowledges and agrees that it is solely responsible for obtaining such legal, including tax, advice as it considers necessary and appropriate in connection with the execution, delivery and
performance of this Agreement, the subscription by it of the Shares and any subsequent sale of the Shares. The Purchaser has made its own assessment as to whether the Company is or may become a “passive foreign investment company” (as
defined in Section 1297 of the U.S. Internal Revenue Code). 

  

	 	4.3	Australian securities law matters. 

  

	 	(a)	The Purchaser acknowledges that it may be named or identified in the Notice of Meeting or other publicly disclosed material where required to comply with the ASX Listing Rules or the Corporations Act, and
consents to being named or identified. 

  

	 	(b)	The Purchaser hereby confirms and acknowledges that it is aware (and that its affiliates, officers, directors, employees, agents or representatives, collectively the “Representatives”, who
are appraised of this matter have been or will be advised by it) of Australian securities laws, that the confidential information disclosed to the Purchaser by the Company and the transaction contemplated by this Agreement may constitute insider
information within the meaning of the Corporations Act and in particular that knowledge of the confidential information disclosed to the Purchaser by the Company may trigger the prohibition of insider dealing pursuant to Division 3 of Part 7.10 of
the Corporations Act, and further that Australian law prohibits the sale or other dealings (or purported sale or other dealings) with shares, options and other securities unless the person selling or dealing with the shares, options and other
securities holds those shares, options and other securities or has an immediately enforceable unconditional right to call for delivery of those shares, options or other securities to satisfy the sale or other dealing. The Purchaser agrees that it
and its Representatives will fully comply with the duties and obligations imposed on it and its Representatives respectively, by securities laws applicable to the Company and securities issued by the Company or any of its affiliates. The Purchaser
and its Representatives will, prior to the quotation of the Shares on the ASX, refrain from any transactions regarding or related to shares of the Company. 

  

	 	(c)	Subject to the accuracy of the warranty given by the Company in Section 3.4(c) in respect of the Tranche 1 Shares and subject to the Company having received the approval of its shareholders to issue the Tranche 2
Shares, the Purchaser and its Associates (as that term is defined and used in the Corporations Act) will not by the subscription of Shares pursuant to this Agreement acquire a relevant interest (as that term is defined and used in the Corporations
Act) in issued voting shares of the Company which increases the voting power in the Company of the Purchaser or someone else: (a) from twenty percent (20%) or below (which includes zero percent (0%)) to more than twenty percent (20%); or (b) from a
starting point which is above twenty percent (20%) and below ninety percent (90%), unless (in each case) the increase is permitted by and is in accordance with an express exception in Chapter 6 of the Corporations Act. 

  
 15 

	 	(d)	The Purchaser will provide such information as the Company may reasonably require for the preparation of the Notice of Meeting (and within three Business Days of being given a written request by the Company or
its advisors specifying the information required and the reason it is required). 

  

	 	4.4	Subject to the terms and conditions of this Agreement, the Purchaser understands that its subscription for the Shares pursuant to this Agreement is binding and irrevocable, and the Purchaser will subscribe for,
and provide the relevant application monies for, the number of Shares specified in this Agreement when called upon to do so. 

  

	 	4.5	The Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company, including publicly available information concerning the Company
available on its website and that of ASX, to reach an informed and knowledgeable decision to acquire the Shares. The Purchaser has had an opportunity to discuss the Company’s business, management and financial affairs with its directors,
officers and management. The Purchaser has also had the opportunity to ask questions of and receive answers from, the Company’s management regarding the terms and conditions of this investment. The Purchaser not been provided with, nor has it
requested, an offering memorandum or similar document in connection with its decision to enter into this Agreement and purchase the Shares. 

  

	5.	CONDITIONS TO CLOSING. 

  

	 	5.1	Conditions to Purchaser’s Obligations at the Closing. The Purchaser’s obligations to subscribe for, and accept the subscription of, the Tranche 1 Shares at the Tranche 1 Closing and
the Tranche 2 Shares at the Tranche 2 Closing (respectively) are subject to the satisfaction (or waiver by the Purchaser, except for the condition in Section 5.1(d) which cannot be waived), at or prior to the Tranche 1 Closing Date and the Tranche 2
Closing Date (respectively), of the following conditions (and in this Agreement “the Applicable Closing” is the Tranche 1 Closing or the Tranche 2 Closing respectively, and “the Applicable Closing
Date” is the Tranche 1 Closing Date or the Tranche 2 Closing Date respectively): 

  

	 	(a)	Representations and warranties true; performance of obligations. The representations and warranties made by Company in Section 3 being true and correct as of the date hereof and on the Applicable Closing
Date, and the Company having performed all obligations and conditions required to be performed or observed by the Company under the terms of this Agreement on or prior to the Applicable Closing. 

 

	 	(b)	Legal investment. On the Applicable Closing Date, (in the case of the Tranche 2 Shares subject to the Company receiving the approval of its shareholders to issue the Tranche 2 Shares) the issuance of the Shares
shall be legally permitted by all laws and regulations to which the Purchaser and the Company are subject. 

  

	 	(c)	Legal opinion. On the Applicable Closing Date, the Company shall have delivered, or caused to be delivered, to the Purchaser the legal opinion of Baker & McKenzie, the Company’s Australian counsel,
relating to the applicable Tranche substantially in the form of Exhibit C attached hereto. 

  

	 	(d)	Consents, permits, and waivers. The Company shall have obtained, in respect of the Tranche 2 Shares, the approval of its shareholders at the General Meeting to the Approval Resolutions. 

  
 16 

	 	(e)	No Material Adverse Effect confirmation. On the Applicable Closing Date, the Company having confirmed to the Purchaser, by delivery of a written notice signed by an officer of the Company, that there has not
been, with respect to the Company or any of its subsidiaries, any event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

 

	 	5.2	Conditions to Obligations of the Company. The Company’s obligation to issue the Shares at the Applicable Closing is subject to the satisfaction (or waiver by the Company, except for the condition in
Section 5.2(c) which cannot be waived), on or prior to the Applicable Closing, of the following conditions: 

  

	 	(a)	Representations and warranties true. The representations and warranties in Section 4 made by the Purchaser being true and correct on the Applicable Closing Date, with the same force and effect as if they had
been made on and as of said date. 

  

	 	(b)	Performance of obligations. The Purchaser having performed all obligations and conditions required to be performed or observed by the Purchaser under the terms of this Agreement on or before the Applicable
Closing. 

  

	 	(c)	Consents, permits, and waivers. In respect of the Tranche 2 Closing, the Company having obtained the approval of its shareholders at the General Meeting to the Approval Resolutions.

  

	 	5.3	Obligations to satisfy. Each party must use all reasonable endeavours to ensure that the conditions in Section 5.1 and Section 5.2 are satisfied on, or before, each Applicable Closing Date, including by
procuring performance by a third party. The parties must keep each other informed of any circumstances which may result in any condition not being satisfied in accordance with its terms. 

 

	 	5.4	Failure to satisfy conditions. Subject to Section 5.5, if any of the conditions in Section 5.1 or Section 5.2 are not satisfied or waived by the Applicable Closing Date then, if the parties have complied
with their obligations under Section 5.3, either party may terminate this Agreement at any time by notice in writing to the other party before all the conditions are satisfied or waived. 

 

	 	5.5	Limited termination right circumstance. If the condition in Section 5.1(c) is not satisfied on the Applicable Closing Date, then only the Purchaser may terminate this Agreement for failure to satisfy that
condition and the Company must continue to use all reasonable endeavours to satisfy that condition as soon as possible prior to the Purchaser terminating this Agreement. 

 

	6.	COVENANTS. 

  

	 	6.1	Conduct of Business Prior to Closing. From the date hereof until the Applicable Closing, except as otherwise provided in this Agreement or consented to in writing by Purchaser (which consent shall not be
unreasonably withheld or delayed), the Company shall, (x) conduct the business of the Company and its subsidiaries in the ordinary course of business consistent with past practice; and (y) use reasonable best efforts to maintain and preserve intact
the current organization, business and franchise of the Company and to preserve the rights, franchises, goodwill and relationships of its employees, customers, lenders, suppliers, regulators and others having business relationships with the Company
and/or its subsidiaries. Without limiting the foregoing, from the date hereof until the Closing Date, Company shall: 

  
 17 

	 	(a)	preserve and maintain all of its Material Permits; 

  

	 	(b)	pay its debts, taxes and other obligations when due; 

  

	 	(c)	maintain the properties and assets owned, operated or used by the Company in the same condition as they were on the date of this Agreement, subject to reasonable wear and tear; 

 

	 	(d)	continue in full force and effect without modification all insurance policies, except as required by applicable law; 

  

	 	(e)	defend and protect its properties and assets from infringement or usurpation; 

  

	 	(f)	perform all of its obligations under all contracts, agreements or other understanding relating to or affecting its properties, assets or business; 

 

	 	(g)	maintain its books and records in accordance with past practice; 

  

	 	(h)	comply in all material respects with all applicable laws and regulations; and 

  

	 	(i)	not take or permit any action that would cause any of the changes, events or conditions described in Section 6.2 to occur. 

  

	 	6.2	Absence of Certain Changes, Events or Conditions. Since the Balance Sheet Date, there has not been, with respect to the Company or any of its subsidiaries, any: 

 

	 	(a)	event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

 

	 	(b)	amendment of the constitution or other organizational documents of the Company or a subsidiary; 

  

	 	(c)	split, combination or reclassification of any shares of its capital stock; 

  

	 	(d)	issuance, sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain (including upon conversion, exchange or exercise) any of its capital stock;

  

	 	(e)	declaration or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition of its capital stock; 

 

	 	(f)	material change in any method of accounting or accounting practice of the Company, except as required by Australian Accounting Standards or as disclosed in the notes to the Financial Statements;

  

	 	(g)	material change in the Company’s cash management practices and its policies; 

  

	 	(h)	entry into any contract, agreement or understanding that would materially affect the Company’s business, property, assets, or results of operations (a “Material Contract”); 

  
 18 

	 	(i)	incurrence, assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and liabilities incurred in the ordinary course of business consistent with past practice;

  

	 	(j)	transfer, assignment, sale or other disposition of any of the assets shown or reflected in the Financial Statements or cancellation of any debts or entitlements; 

 

	 	(k)	transfer, assignment or grant of any license or sublicense of any material rights under or with respect to any Intellectual Property Rights; or 

 

	 	(l)	adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any provisions of federal or state bankruptcy law or consent to the filing of
any bankruptcy petition against it under any similar law. 

  

	 	6.3	Use of Proceeds. The Company shall use the net proceeds received from the Purchaser for the issuance of the Shares for progressing the Company’s research and development efforts and working capital purposes.

  

	 	6.4	Appointment of Director nominated by the Purchaser. As soon as practicable following the Tranche 1 Closing, the Company shall procure that the current directors of the Company appoint Dr. Jerel Banks, a
representative of the Purchaser, to the Company’s Board of Directors and the Company must then seek his election to the Company’s Board of Directors at the Company’s next annual general meeting of shareholders. For so long as the
Purchaser holds at least a 10% shareholding in the Company, if Dr. Jerel Banks (or such other nominee of the Purchaser as is appointed to the board of directors of the Company) is removed, retires or ceases to hold office as a director for any
reason (including as a result of that person ceasing to be a director due to a failure to be elected or re-elected at an annual general meeting of the Company), the Purchaser may nominate another nominee in that person’s place and the Company
will procure that neither the board of directors of the Company nor the Company appoints a successor who is not a nominee of the Purchaser. For so long as the Purchaser holds at least a 10% shareholding in the Company, the Company will, and will use
its reasonable endeavours to procure that the Company’s board of directors will, support the re-election of the then current or proposed nominee of the Purchaser on the board of directors at the next annual general meeting following his or her
appointment. Any nominee of the Purchaser who is appointed as a director to the board of directors of the Company will be taken to have been appointed to represent the interests of the Purchaser and section 203D(1) of the Corporations Act applies.

  

	 	6.5	Collaboration Agreement. Each of the Company and the Purchaser agree that it will use its reasonable best efforts to agree, execute and deliver a collaboration agreement between the parties by December 30, 2016
that is consistent with the terms outlined in Schedule 6.5. 

  

	7.	MISCELLANEOUS. 

  

	 	7.1	 Governing Law. This Agreement shall be governed by and construed under the laws of the state of New
South Wales, Australia in all respects as such laws are applied to agreements among Australian residents entered into and performed entirely within Australia, without giving effect to conflict of law principles thereof. The parties agree that any
action brought by either party under or in relation to this Agreement, including 

  
 19 

	 	
without limitation to interpret or enforce any provision of this Agreement, shall exclusively be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any
state or federal court located in New South Wales. 

  

	 	7.2	Survival. The representations, warranties, covenants and agreements made herein shall survive the closing of the transactions contemplated hereby. 

 

	 	7.3	Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon the parties hereto and their respective successors, assigns,
heirs, executors and administrators and shall inure to the benefit of and be enforceable by each Person who shall be a holder of the Shares from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of
the transfer of any Shares specifying the full name and address of the transferee, Company may deem and treat the Person listed as the holder of such Shares in its records as the absolute owner and holder of such Shares for all purposes.

  

	 	7.4	Entire Agreement. This Agreement, the Exhibits hereto and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties with regard to the
subjects hereof. 

  

	 	7.5	Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 

 

	 	7.6	Amendment. This Agreement may be amended or modified only upon the written consent of Company and the Purchaser. 

 

	 	7.7	Termination. Subject to Section 5.4 and Section 5.5, this Agreement may only be terminated by mutual written consent of all parties; provided, however, that if the conditions in Section 5 are satisfied on or
prior to the Applicable Closing and: 

  

	 	(a)	the Purchaser fails to deposit the Purchase Price with the Company pursuant to Section 2.3 in respect of the Tranche 1 Shares on or before 5.00 pm Sydney time on the Tranche 1 Closing Date (and the Purchaser does
not remedy that failure within 2 Business Days of notice to do so by the Company); and pursuant to Section 2.5 (though subject to Section 1.4, Section 1.5, Section 1.6 and Section 2.7) in respect of the Tranche 2 Shares on or before 5.00 pm Sydney
time on the Tranche 2 Closing Date (and the Purchaser does not remedy that failure within 2 Business Days of notice to do so by the Company), the Company may terminate this Agreement on written notice to the Purchaser; and 

 

	 	(b)	the Company fails to comply with its obligations in Section 2.3(a) (and the Company does not remedy that failure within 2 Business Days of notice to do so by the Purchaser); or fails to comply with its
obligations in Section 2.5(a) (though subject to Section 1.4, Section 1.5, Section 1.6 and Section 2.7) in respect of the Tranche 2 Shares (and the Company does not remedy that failure within 2 Business Days of notice to do so by the Purchaser), the
Purchaser may terminate this Agreement on written notice to the Company and the Company must, in either case, immediately refund the Purchase Price for the Tranche 1 Shares or the Tranche 2 Shares, as applicable, in full to the Purchaser.

  
 20 

	 	7.8	Delays or Omissions and waiver. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement
shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is
further agreed that any waiver, permit, consent or approval of any kind or character on any party’s part of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or conditions of the
Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative.

  

	 	7.9	Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed
electronic mail, telex or facsimile if sent during normal business hours of the recipient, if not, then on the next Business Day, or (c) three (3) days after deposit with an internationally recognized overnight courier, specifying express
delivery, with written verification of receipt. All communications shall be sent to the applicable party at the address as set forth on the signature page hereof or at such other addresses as Company or Purchaser may designate by ten days advance
written notice to the other parties hereto. 

  

	 	7.10	Expenses. Each party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of the Agreement. 

 

	 	7.11	Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable
fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

  

	 	7.12	Titles and Subtitles. The titles of the sections and subsections of the Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

 

	 	7.13	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement is binding
on the parties on the exchange of counterparts. A copy of a counterpart sent by facsimile machine or other electronic means must be treated as an original counterpart, is sufficient evidence of the execution of the original and may be produced in
evidence for all purposes in place of the original. 

  

	 	7.14	Broker’s Fees. Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting on behalf of or under the authority of such party
hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto further agrees to indemnify each other party for any
claims, losses or expenses incurred by such other party as a result of the representation in this paragraph being untrue. 

  
 21 

	 	7.15	Further Assurance. The parties agree to take such further action(s) and execute such further documentation as may reasonably be necessary to carry out and consummate this Agreement and the subject matter hereof.

  

	 	7.16	Currency. Except where otherwise expressly provided, all amounts set forth in this Agreement are stated in, and will be paid in, Australian dollars (“A$”). 

 

	 	7.17	Confidentiality. A party may only use confidential information of another party for the purposes of this Agreement, and must keep the existence and the terms of this Agreement and any confidential information of
another party confidential except where, (i) the information is public knowledge (but not because of a breach of this Agreement) or the party has independently created the information, (ii) disclosure is required by law or a regulatory body
(including a relevant stock exchange), or (iii) disclosure is made to a person who must know for the purposes of this Agreement on the basis that the person keeps the information confidential. 

 

	 	7.18	Announcements. A public announcement in connection with this Agreement or any transaction contemplated by it must be agreed by the parties before it is made, except if required by law or a regulatory body
(including a relevant stock exchange), in which case the party required to make an announcement must, to the extent practicable, first consult with and take into account the reasonable requirements of each other party. 

  
 22 

 IN WITNESS WHEREOF, the parties
hereto have executed this SHARE SUBSCRIPTION AGREEMENT as of the date set forth in the first paragraph hereof. 

BENITEC BIOPHARMA LIMITED with the authority 

of its Directors by its duly authorized 

representative: 
 Signature: /s/ GREG WEST 

	Name:	Greg West 

	Title:	Chief Executive Officer 

  

	Address:	F6A / 1-15 Barr Street 

	    	Balmain, NSW 2041 

	    	Australia 

 NANT CAPITAL, LLC: 

By: 
 Signature: /s/ CHARLES KIM 

	Name:	Charles Kim 

	Title:	General Counsel 

  

	Address:	Nant Capital, LLC 

	    	Attention: General Counsel 

	    	9922 Jefferson Boulevard 

	    	Culver City, California 90232 

	    	United States of America 

  
 23 

 EXHIBIT A 

 

									
	 	  	Number of Shares	 	  	 A$ per Share
	  	 Purchase Price

	 Tranche 1:
	  	 	29,305,819	 	  	A$1	  	A$1
	 Tranche 2:
	  	 	Up to 29,305,819	 	  	2	  	2

 Notes for the determination of the purchase price per Share and aggregate Purchase Price: 

 

	1	The price per share for Tranche 1 will be the volume weighted average market price (as defined in the ASX Listing Rules) (“VWAP”) calculated
over the 7 trading days (as defined in the ASX Listing Rules) immediately prior to the date of this Agreement. The parties may consider whether the Purchaser may pay the equivalent aggregate purchase price in US$ using an exchange rate to be agreed.
The aggregate Purchase Price for Tranche 1 will be equal to the number of Shares which the Purchaser has agreed to subscribe for under this Agreement as part of Tranche 1 multiplied by the purchase price per Share determined in accordance with this
note 1. 

	2	The purchase price per Share for Tranche 2 where it is conducted by way of the Individual Placement will be the VWAP of the Company’s ordinary shares on ASX
calculated over the 7 trading days (as defined in the ASX Listing Rules) immediately prior to the date that the Company delivers, as applicable, the (a) Individual Placement Requirement Notice to the Purchaser under Section 1.5(c), or (b) Placement
Election Offer Notice to the Purchaser under Section 1.6. The purchase price per Share for Tranche 2 where it is conducted by way of the Broader Placement will be the same price as for other investors, being a minimum of 80% of the market price
of the Company’s shares at the time of issue (calculated on a 5 trading day (as defined in the ASX Listing Rules) VWAP basis on ASX). The aggregate Purchase Price for Tranche 2 will be equal to the number of Shares which the Purchaser has
agreed to subscribe for under this Agreement as part of Tranche 2 multiplied by the purchase price per Share determined in accordance with this note 2. 

  
 24 

 Schedule 3.8 

With the resignation of Iain Ross as a Director and member of the Company’s Audit and Risk Committee effective September 30, 2016, the Company is not
currently in compliance with a NASDAQ rule that requires a company to maintain an audit committee of at least three independent members. The Company has notified NASDAQ of this deficiency and expect to cure it within 180 days from September 30,
2016, as permitted under NASDAQ Rule 5605(c)(4)(B), by appointing a new independent director to our Audit and Risk Committee. 

  
 25 

 Schedule 6.5 

Framework for Collaboration Agreement 

Scientific collaboration between Benitec and NantVentures will be focused on treatments directed against squamous cell carcinoma associated with head and neck
cancer (SCCHN). The collaborations will involve (A) a sublicense to an antisense oligonucleotide (ASO) directed at the epidermal growth factor receptor (EGFR) and (B) a ddRNAi program against the same target that represents a second generation
therapeutic for the treatment of SCCHN. 
  

	A.	Sublicense the ASO asset to Benitec for the purpose of initiating and completing a follow-on phase II/III clinical trial. 

This trial may encompass a Phase II/III study in which the EGFR ASO would be coupled with Erbitux for treating patients. Consistent with
earlier trials of the same ASO, the route of administration of the ASO component is a direct intratumoral injection for ASO. Erbitux administration is systemic. Benitec would be the sponsor on record. 

Sub-license terms will need to be settled between the parties and Benitec will perform scientific diligence on the program. In particular,
Benitec needs to understand what the level of preparation is for getting the trial up and running. A scientific development plan and budget will be prepared as soon as possible with a targeted completion date of December 30, 2016. 

 

	B.	The ddRNAi program - a second generation therapeutic for the treatment of SCCHN 

This program will start with an anti-EGFR ddRNAi follow-on therapeutic program to take advantage of an RNAi mechanism of action for durable
knockdown of the EGFR target. 
 All of the non-clinical work will be completed by Benitec. Benitec has modeled entry into the clinic for a
Phase I/IIa study at the end of CY 4Q 2018, assuming a CY 1Q 2017 start date. Benitec will work with NantWorks scientists, clinicians and consultants to develop a regulatory strategy and clinical plan. Benitec would be the sponsor on record. 

A key component to the scientific plan involves the exploration of the most appropriate delivery formulation for efficient
transfection/transduction of SCC lesion. Benitec will explore the extent to which the novel delivery technology will result in increased efficacy and therefore a substantially higher chance of gaining broad, long-term IP coverage. 

Benitec will provide a budget and a detailed scientific development plan as soon as possible with a targeted completion date of December 30,
2016. 

  
 26EX-10.2

 Exhibit 10.2 

**** INDICATES CONFIDENTIAL MATERIAL OMITTED PURSUANT TO A 

REQUEST FOR CONFIDENTIAL TREATMENT AND FILED WITH THE 

SECURITIES AND EXCHANGE COMMISSION SEPARATELY WITH A REQUEST 

FOR CONFIDENTIAL TREATMENT. 

EXECUTION COPY 

EXCLUSIVE SUBLICENSE AGREEMENT 

This Exclusive Sublicense Agreement (this “Agreement”) is made and entered into as of the 23rd day of December, 2016
(“Effective Date”), by and between Benitec Biopharma Limited, a company organized under the laws of Australia with its principal business at 99 Mount Street, North Sydney NSW 2060, Australia (“Benitec”), and NantWorks, LLC, a
Delaware limited liability company with its principal business at 9920 Jefferson Boulevard, Culver City, California 90232 (“NantWorks”). 

WHEREAS, NantWorks obtained exclusive rights to certain Patent Rights (described in Exhibit A), Data Rights (described in Exhibit B) and Know-How (described in Exhibit C) (each as defined below) pertaining to a therapeutic vector for the treatment of cancers with epidermal growth factor receptor (EGFR) over-expression developed by Dr. Jennifer
Grandis and others of the University (the “Program”) pursuant to that certain Exclusive License Agreement entered into as of October 18, 2016 (the “University Effective Date”) between the University of Pittsburgh – Of
the Commonwealth System of Higher Education, a non-profit corporation organized and existing under the laws of the Commonwealth of Pennsylvania, with an office at 1st Floor Gardner Steel Conference Center, 130
Thackeray Avenue, Pittsburgh, Pennsylvania 15260 (“University”), and NantWorks (the “University License”) and NantWorks has the right thereunder to grant sublicenses under such Patent Rights, Data Rights and Know-How as set forth therein; 
 WHEREAS, University desires to have the Patent Rights, Data Rights and Know-How utilized in the public interest including as contemplated by this Agreement; 
 WHEREAS, Benitec
has represented to NantWorks, to induce NantWorks to enter into this Agreement, that Benitec is experienced in the development, production, manufacture, marketing and sale of products and/or the use of similar products to the Licensed Technology and
that Benitec shall commit itself to a thorough, vigorous and diligent program of exploiting the Patent Rights, Data Rights and Know-How so that public utilization results therefrom; and 

WHEREAS, Benitec desires to obtain a sublicense under the Patent Rights, Data Rights and Know-How upon
the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained
herein, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE 1 – DEFINITIONS 

For purposes of this Agreement, the following words and phrases shall have the following meanings: 

  
 Confidential material
omitted and filed separately with the Commission. 

	1.1	“Affiliate” with respect to a Party shall mean any entity that is at least fifty percent (50%) owned or controlled by such Party. 

 

	1.2	“Commitment Agreement” means a definitive agreement entered into between Benitec and NantWorks and/or affiliate(s) thereof relating to funding commitments to Benitec and scientific collaboration by or among
the parties thereto. 

  

	1.3	“Commitment Deadline Date” means January 27, 2017. 

  

	1.4	“Data Rights” shall mean the University owned or controlled pre-clinical and clinical data and information generated pursuant to studies or otherwise relating to the
Licensed Technology or the Program, including without limitation the pre-clinical, Phase I clinical and Phase II clinical data referenced under or incorporated into the Investigational New Drug Application
[No. 010980] filed with the United States Food and Drug Administration, as further described in Exhibit B to this Agreement. 

  

	1.5	“Dollars” and “$” shall refer to the currency of the United States of America. 

  

	1.6	“Field” shall mean all fields. 

  

	1.7	“Know-How” shall mean University owned or controlled technical information, experimental results, data, know-how, processes,
procedures, compositions, devices, methods, formulas, protocols, techniques, designs, drawings, or other information relating to the Licensed Technology or the Program (a) existing as of the Effective Date, including as described in Exhibit C
to this Agreement or (b) any information made available by University after the Effective Date to support a regulatory filing or submission relating to the Patent Rights, as set forth in 2.2, below. 

 

	1.8	“Intellectual Property Rights” shall mean Patent Rights and Data Rights. 

  

	1.9	“Licensed Technology” shall mean any product or part thereof or service which is: 

  

	 	(a)	Covered in whole or in part by an issued, unexpired or pending claim contained in the Patent Rights in the country in which any such product or part thereof is made, used or sold or in which any such service is used or
sold; 

  

	 	(b)	Manufactured by using a process or is employed to practice a process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Patent Rights in the country in which any such
process that is included in Licensed Technology is used or in which such product or part thereof or service is used or sold; or 

  

	 	(c)	Discovered, developed or manufactured directly through the use of the Data Rights, and would not have been discovered or developed but for the Data Rights, or that requires the use of the Data Rights. 

  
 Confidential material
omitted and filed separately with the Commission. 

	1.10	“Net Sales” shall mean Benitec’s and any sub-sublicensee’s invoice price for products or services included in Licensed Technology and produced hereunder less the sum of the following:

  

	 	(a)	Actual cost of freight charges or freight absorption, separately stated in such invoice; 

  

	 	(b)	Actual trade, quantity or cash discounts allowed, if any; and 

  

	 	(c)	Sales taxes, tariff duties and/or use taxes separately stated on each invoice. 

 In the event
that a product covered by a Licensed Technology is sold in combination with any other product(s) or service(s) (a “Combination Product”), the Net Sales with respect to such Combination Product shall be determined by ****. 

 

	1.11	“Non-Commercial Education and Research Purposes” shall mean use of Intellectual Property Rights and Know-How (including
distribution of biological materials covered by the Patent Rights) in the Field for academic research or other not-for-profit scholarly purposes which are undertaken at
a nonprofit or governmental institution that does not use the Intellectual Property Rights or Know-How in the production or manufacture of products for sale or the performance of services for a fee.

  

	1.12	“Patent Rights” shall mean all patents or patent applications licensed to NantWorks under the University License. A true and complete list of all Patent Rights existing on the Effective Date is set forth in
Exhibit A. 

  

	1.13	“Term” shall mean the Initial Term and each Successive Term (each as defined in Section 10.1). 

  

	1.14	“Territory” shall mean worldwide. 

 ARTICLE 2 – GRANT 

 

	2.1	Subject to the terms and conditions of this Agreement, NantWorks hereby grants to Benitec the right and exclusive sublicense in the Territory to make, have made, use and sell the Licensed Technology in the Field and to
practice under the Intellectual Property Rights in the Field for the Term set forth in Article 10 below. 

  

	2.2	Subject to the terms and conditions of this Agreement, NantWorks hereby grants to Benitec the right and non-exclusive sublicense in the Territory to practice under the Know-How in the Field for the Term set forth in Article 10 below. Additionally, if at any time following the Effective Date, NantWorks obtains from the University under the University License any additional data or
information directly relating to Licensed Technology, such additional data or information shall be included in the Know-How and made available to Benitec hereunder. 

  
 Confidential material
omitted and filed separately with the Commission. 

	2.3	The sublicense granted hereby is subject to the rights of the University under the University License and of the United States government, if any, as set forth in 35 U.S.C. §200, et seq. Pursuant to this law, the
United States government may have acquired a nonexclusive, nontransferable, paid up license to practice or have practiced for or on behalf of the United States the inventions described in the Patent Rights throughout the world. Pursuant to 35 U.S.C.
§200, et seq. Licensed Technology produced for sale in the United States shall be substantially manufactured in the United States (unless a waiver under 35 U.S.C. §204 is granted by the appropriate United States government
agencies). 

  

	2.4	Benitec shall have the right to enter into sublicensing arrangements, through multiple tiers, for the rights, privileges and licenses granted hereunder subject to the following: 

 

	 	(a)	all sub-sublicensees are prescreened and do not appear as a restricted parties under US Export Control Laws and regulations, as they are amended and updated from time to time. Benitec shall document the screening
clearances in writing and will provide NantWorks with the screening documentation upon request; 

  

	 	(b)	All sublicenses are subject to and consistent with the terms and conditions of this Agreement and the University License any sublicense granted by Benitec shall provide that the obligations to NantWorks under Articles
2, 7, 8, 9, 10 and 13 of this Agreement shall be binding upon each sub-sublicensee as if they were Benitec; 

  

	 	(c)	Benitec shall use Commercially Reasonable Best Efforts to include an audit right by University and NantWorks of any sub-sublicensee of the same scope as provided in Section 5.2 with respect to Benitec, and in the
event that Benitec is unsuccessful in including such an audit right, Benitec shall negotiate an audit right for itself and the right to share the result of such audit with the University and NantWorks on a confidential basis, and, at the reasonable
request of the University or NantWorks; 

  

	 	(d)	No sub-sublicensee or sublicense agreement shall relieve Benitec of any of its obligations hereunder, and Benitec shall be responsible for the acts of its sub-sublicensees and for the compliance by its sub-sublicensees
with their obligations under the sublicense agreements, including the obligations set forth above; and 

  

	 	(e)	Benitec furnishes to NantWorks a true and complete copy of each executed sublicense and each amendment thereto, within fifteen (15) days after such sublicense or amendment has been executed; provided, however, such
sublicense or amendment may be redacted with respect to scientific and technical information. 

  

	2.5	Benitec acknowledges and agrees that NantWorks will forward to University a copy of this Agreement and each amendment thereto (and of any executed sublicense and each amendment thereto) promptly upon execution thereof,
but in no event later than thirty (30) days thereafter. 

  

	2.6	The sublicense granted hereunder shall not be construed to confer any rights upon Benitec by implication, estoppel or otherwise as to any intellectual property not specifically set forth in Exhibit A hereof.

  
 Confidential material
omitted and filed separately with the Commission. 

	2.7	NantWorks shall not terminate or modify the University License in a manner adverse to Benitec without Benitec’s prior written consent (such consent not to be unreasonably withheld). NantWorks represents and
warrants to Benitec that, as of the Effective Date, (a) the University License is in full force and effect and (b) NantWorks has disclosed to Benitec a complete and accurate copy of the University License. 

 

	2.8	The Parties agree that certain terms of the University License may place an undue burden on the ability of Benitec to optimally develop and commercialize the Licensed Technology as contemplated by this Agreement.
Accordingly, the Parties agree to collaborate in good faith to approach the University to seek to re-negotiate certain provisions thereof, including without limitation Section 3.2, 4.1(c) and 4.3, to be
more favorable to NantWorks and amend the University License accordingly. Following any such amendment, the Parties agree to amend this Agreement to pass on any such improved terms to Benitec ****. 

ARTICLE 3 – DUE DILIGENCE 
  

	3.1	Benitec shall use its Commercially Reasonable Best Efforts to bring the Licensed Technology to market as soon as practicable, consistent with sound and reasonable business practice and judgment, and to continue active,
diligent marketing efforts for the Licensed Technology throughout the Term of this Agreement. “Commercially Reasonable Best Efforts” shall mean best efforts consistent with the commercially reasonable and usual practice followed by a
similarly situated biopharmaceutical company in pursuing the commercialization and marketing of similar products to Licensed Technology, taking into account safety and efficacy, regulatory requirements and structure, and other relevant market
factors. 

  

	3.2	In addition, Benitec shall adhere to each of the following milestones: 

  

	 	(a)	Dosing of the first patient in a Phase II clinical Trial conducted by Benitec or a sub-sublicensee using Licensed Technology within eighteen (18) months of the University Effective Date; 

 

	 	(b)	Dosing of the first patient in a Phase III clinical Trial using Licensed Technology within twelve (12) months of the milestone set forth in Section 3.2(a) above; and 

 

	 	(c)	Submission of application for regulatory approval of Licensed Technology within thirty (30) months of the milestone set forth in Section 3.2(b) above. 

 

	 	(d)	first commercial sale of Licensed Technology by within eighteen (18) months of the milestone set forth in Section 3.2(c) above. 

 

	3.3	Benitec shall notify NantWorks in writing of the achievement of each milestone within fifteen (15) days upon the achievement of the respective milestone. 

  
 Confidential material
omitted and filed separately with the Commission. 

	3.4	If Benitec fails to meet any of these milestone dates (or if Benitec notifies NantWorks that it reasonably and in good faith believes that it will likely fail to meet any of these milestone dates), NantWorks and Benitec
shall confer to decide whether to request an extension to one or more milestone dates in the University License, whether pursuant to the procedure in Section 3.4 of the University License or pursuant to an ad hoc request to the University. If
the Parties agree to request an extension, NantWorks shall use commercially reasonable efforts to obtain such extension from the University. If NantWorks extends any milestone(s) under the terms of the University License, then the milestone(s) under
this Agreement will be updated accordingly, it being understood that any penalty payment to be paid to the University in connection therewith pursuant to the University License shall be paid by Benitec (and in the event of any ad hoc request to
modify a milestone date, any additional fees required by the University will be Benitec’s responsibility, provided that Benitec is made aware of such fees and given an opportunity to accept or reject them prior to the modification to the
milestone date becoming effective).    For the avoidance of doubt, this section shall not relieve Benitec of any milestone payment required under Section 4.1(d). 

 

	3.5	Except as specifically set forth in Section 3.4 above, Benitec’s failure to perform in accordance with Section 3.1 or to fulfill on a timely basis any one of the milestones set forth in Section 3.2
hereof shall be grounds for NantWorks to terminate this Agreement. 

 ARTICLE 4 – LICENSE CONSIDERATION 

 

	4.1	In consideration of the rights, privileges and license granted by University hereunder, Benitec shall pay royalties and other monetary consideration as follows: 

 

	 	(a)	Initial license fee, nonrefundable and noncreditable against royalties, of Sixty Thousand Dollars ($60,000) due immediately and payable within ten (10) business days from the Effective Date of this Agreement;

  

	 	(b)	Annual maintenance fees, non-refundable, non-creditable, and not to be prorated against any other payment or royalties due, in the
following amounts until the first Net Sales occur: 

 (i) Thirty Thousand Dollars ($30,000) on the first anniversary of the
University Effective Date; 
 (ii) Forty Thousand Dollars ($40,000) on the second anniversary of the University Effective Date; and 

(iii) Fifty Thousand Dollars ($50,000) per year on the third anniversary of the University Effective Date and annually thereafter until the
first commercial sale of Licensed Technology. 
  

	 	(c)	Royalties in an amount as follows: 

  
 Confidential material
omitted and filed separately with the Commission. 

 (i) **** of Net Sales due each calendar quarter so long as there is a valid claim in the Patent
Rights; and 
 (ii) **** of Net Sales after the last to expire issued patent. 

 

	 	(d)	Milestone payments, which shall be non-refundable and non-creditable against royalties, as follows: 

(i) ****; 
 (ii) ****; 

(iii) ****; and 
 (iv) ****.

  

	 	(e)	Beginning with the first Net Sales, a minimum annual royalty in the amount of **** per calendar year, but only to the extent such minimum royalty is greater than the aggregate annual royalty computed in accordance with
Section 4.1(c) above. 

  

	4.2	All payments pursuant to this Agreement shall be made by check or by wire transfer in United States Dollars without deduction or exchange, collection or other charges and directed to the address, or in the case of wire
transfer, to the bank set forth in Article 11. Annual maintenance fees pursuant to Section 4.1(b) hereof shall be paid on the anniversary of the University Effective Date specified therein. Royalty payments pursuant to Section 4.1(c) hereof shall be
paid within thirty (30) days after each March 31, June 30, September 30 and December 31. Milestone payments pursuant to Section 4.1(d) shall be paid within thirty (30) days of milestone event date. Minimum annual royalties
pursuant to Section 4.1(e) shall be paid by January 30 following the calendar year in which they are due.     

  

	4.3	Taxes imposed by any foreign governmental agency on any payment to be made to NantWorks by Benitec shall be paid by Benitec without deduction from any payment due to NantWorks hereunder. For the avoidance of doubt,
Benitec shall be permitted to deduct any withholding taxes that may be required by Australian law (or the laws of any applicable Australian state or territory), including under any tax treaty to which Australia is a party, but any payment to be made
to NantWorks hereunder shall be grossed-up for any amount so deducted. 

  

	4.4	The balance of any payments pursuant to this Agreement, including those specified in Section 6.2, which are overdue shall bear interest, compounded monthly, calculated from the due date until payment is received at
the rate of ****. Payment of such interest by Benitec shall not negate or waive the right of NantWorks to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment, including, but not limited
to, termination of this Agreement as set forth in Article 10. Benitec shall reimburse NantWorks for any costs and expenses incurred in connection with collecting any overdue balance of payments with respect to Benitec’ s payment and
reimbursement obligations under this Agreement, including the costs of engaging counsel or a collection agency for such purpose. 

  
 Confidential material
omitted and filed separately with the Commission. 

	4.5	Unless prohibited by applicable law, if requested by the University, Benitec shall sell products and/or services resulting from Licensed Technology to University for
Non-Commercial Education and Research Purposes at such price(s) and on such terms and conditions as such products and/or processes are made available to Benitec’s most favored customer. 

ARTICLE 5 – REPORTS AND AUDIT 
  

	5.1	Within twenty-five (25) days after each March 31, June 30, September 30 and December 31 of each year during the term of this Agreement beginning in the year of the first commercial sale of
Licensed Technology, Benitec shall deliver to NantWorks true, accurate and detailed reports of the following information in a form as illustrated in Exhibit B: 

  

	 	(a)	Number of Licensed Technology products manufactured and sold by Benitec and all sub-sublicensees; 

  

	 	(b)	Total billings for all such products; 

  

	 	(c)	Accounting for all Licensed Technology services used or sold by Benitec and all sub-sublicensees; 

  

	 	(d)	Deductions set forth in Section 1.5, each stated separately, and the basis for any Combination Product calculations as set forth in Section 1.5, including the applicable products or services used as a basis
for the Combination Product calculations; 

  

	 	(e)	Total royalties due; and 

  

	 	(f)	Name and addresses of sub-sublicensees 

  

	5.2	Benitec shall keep full, true and accurate books of account, in accordance with generally accepted accounting principles, containing all information that may be necessary for the purpose of showing the amounts payable
to NantWorks hereunder. Such books of account shall be kept at Benitec’s principal place of business. Such books of account shall be open at all reasonable times for three (3) years following the end of the calendar year to which they
pertain, and for three (3) years after the expiration or termination of this Agreement, for inspection by NantWorks, the University or their representatives for the purpose of verifying Benitec’s royalty statement or compliance in other
respects with this Agreement. The fees and expenses of such representatives shall be borne by the inspecting party; however, if an error of more than **** of the total payments due or owing for any year is discovered, then Benitec shall bear such
fees and expenses. 

  

	5.3	No later than thirty (30) days after December 31 of each calendar year during the term of this Agreement, Benitec shall provide to NantWorks a written annual progress report, as illustrated in Exhibit C,
describing Benitec’ s progress on research and development, regulatory approvals, manufacturing, sub-sublicensing, marketing and sales during the preceding twelve-month period ending December 31.

  
 Confidential material
omitted and filed separately with the Commission. 

	5.4	Notwithstanding the above, NantWorks shall have the right, on an annual basis during the term of this Agreement and for three (3) years after the expiration or termination of this Agreement, to inspect technical
and other information from Benitec sufficient to evidence whether and to what extent Benitec is: (a) practicing the Patent Rights and/or other University property sublicensed hereunder; and (b) meeting its diligence obligations under
Article 3, above. 

  

	5.5	Benitec shall report to NantWorks the date of the first commercial sale of a Licensed Technology within thirty (30) days of occurrence in each country. 

ARTICLE 6 – PATENT PROSECUTION 
  

	6.1	The prosecution, filing and maintenance of the Patent Rights shall be handled as set forth in the University License. Benitec shall have the opportunity to advise and cooperate with NantWorks in the prosecution, filing
and maintenance of such patents, and NantWorks shall communicate Benitec’s comments thereon to University in good faith. As between NantWorks and Benitec, Benitec shall have the sole right to select the countries outside the United States in
which Patent Rights are filed, and NantWorks shall communicate such selection to University in a timely manner. 

  

	6.2	All fees and costs, including attorneys’ fees, relating to the filing, prosecution, maintenance, and post grant proceedings relating to the Patent Rights shall be the responsibility of Benitec, whether incurred
prior to or after the Effective Date. Such fees and costs reimbursed to the University by NantWorks prior to the Effective Date in the amount of **** (“Pre-agreement Expenses”) are due on the
Effective Date and shall be paid by Benitec to NantWorks within ten (10) business days of the Effective Date. Fees and costs incurred after the Effective Date shall be paid by Benitec within fifteen (15) days after receipt of
University’s invoice therefor. Additionally, Benitec shall reimburse NantWorks for any other University out-of-pocket filing, prosecution, and maintenance costs
(including all attorneys’ fees and costs) relating to the Patent Rights for which NantWorks is responsible under the University License. Payments pursuant to this Section 6.2 are not creditable against royalties or any other payment due to
University under this Agreement. 

 ARTICLE 7 – INFRINGEMENT ACTIONS 

 

	7.1	Benitec shall inform University and NantWorks promptly in writing of any alleged infringement of the Patent Rights by a third party and of any available evidence thereof. 

 

	7.2	 During the term of this Agreement, Benitec shall have the right, but shall not be obligated, to prosecute at its
own expense all infringements of the Patent Rights in the Field and in the Territory if Benitec has notified University and NantWorks in writing of its intent to prosecute; 

  
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provided, however, that such right to bring such an infringement action shall remain in effect only for so long as the license granted herein remains exclusive. In furtherance of such right,
NantWorks hereby agrees that Benitec may include it, and NantWorks shall seek to cause University, in accordance with the University Agreement, to be included, as a party plaintiff in any such suit, without expense to either of NantWorks and
University. The total cost of any such infringement action commenced or defended solely by Benitec shall be borne by Benitec and NantWorks shall receive a percentage of any recovery or damages for past infringement derived therefrom which is equal
to the percentage royalty due NantWorks under Article 4. Benitec shall indemnify NantWorks and University against any order for costs that may be made against NantWorks and University in such proceedings. 

 

	7.3	If within six (6) months after having been notified of any alleged infringement, Benitec shall have been unsuccessful in persuading the alleged infringer to desist and shall not have brought and shall not be
diligently prosecuting an infringement action, or if Benitec shall notify NantWorks at any time prior thereto of its intention not to bring suit against any alleged infringer, then, and in those events only, NantWorks and University shall have the
right, but shall not be obligated, to prosecute at their own expense any infringement of the Patent Rights in accordance with the University License, and NantWorks or the University may, for such purposes, use the name of Benitec as party plaintiff.
University or NantWorks, as applicable, shall bear all costs and expenses of any such suit. In any settlement or other conclusion, by litigation or otherwise, any recovery or damages for past infringement derived therefrom shall be allocated in
accordance with the University License. 

  

	7.4	In the event that a declaratory judgment action alleging invalidity or infringement of any of the Patent Rights shall be brought against University or NantWorks, Benitec, at its option, shall have the right, within
thirty (30) days after commencement of such action, to intervene and take over the sole defense of the action at its own expense. 

  

	7.5	In any infringement suit either party hereto or the University may institute to enforce the Patent Rights pursuant to this Agreement, the other part(ies) shall, at the request and expense of the party initiating such
suit, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, information, samples, specimens, and other evidence upon request. 

ARTICLE 8 – INDEMNIFICATION/INSURANCE/LIMITATION OF LIABILITY 

 

	8.1	 Benitec shall at all times during the term of this Agreement and thereafter indemnify, defend and hold the
University and NantWorks, and each of their trustees, officers, faculty members, employees and affiliates (“Indemnified Parties”) harmless against all claims and expenses, including legal expenses and reasonable attorneys’ fees,
arising out of the death of or injury to any person or persons or out of any damage to property or the environment, and against any other claim, proceeding, demand, expense and liability of any kind whatsoever resulting from: (i) the
production, manufacture, sale, use, lease, consumption or advertisement of the Licensed 

  
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Technology, (ii) the practice by Benitec or any sub-sublicensee of the Intellectual Property Rights and Know-How; or (iii) arising from or
relating to this Agreement. Benitec shall provide this defense and indemnity whether or not any Indemnified Party, either jointly or severally, is named as a party defendant and whether or not any Indemnified Party is alleged to be negligent or
otherwise responsible for any injuries to person or property; provided, however, that such indemnification obligation shall not apply in the case of fraud, gross negligence or willful misconduct by any Indemnified Party. The obligation of Benitec to
defend and indemnify as set forth herein shall survive termination of this Agreement and shall not be limited by any other limitation of liability elsewhere in this Agreement. 

 

	8.2	Benitec shall obtain and carry in full force and effect liability insurance which shall protect Benitec, NantWorks and University in regard to events covered by Section 8.1 above, as provided below:

  

					
	 	  	 COVERAGE
	  	 LIMITS

	(a)	  	Commercial General Liability,	  	$1,000,000 Combined Single
		  	Including, but not limited to,	  	Limits for Bodily Injury
		  	Products, Contractual, Fire, Legal	  	and Property Damage
		  	And Personal Injury	  	
			
	(b)	  	Products Liability	  	$5,000,000

 The University and NantWorks are to be named as an additional insured with respect to insurance policies
identified in Sections 8.2(a) and 8.2(b) above. Certificates of insurance evidencing the coverage required above shall be provided to NantWorks no later than thirty (30) days after execution of this Agreement and on or before July 1 of
each subsequent year during the Term of this Agreement. Such certificates shall provide that the insurer will give Benitec not less than thirty (30) days advance written notice of any material changes in or cancellation of coverage; and Benitec
hereby covenants to promptly communicate such notice to NantWorks upon receipt. 
  

	8.3	 NANTWORKS HEREBY REPRESENTS AND WARRANTS THAT IT HAS THE RIGHT TO GRANT THE RIGHTS, PRIVILEGES AND LICENSES
GRANTED PURSUANT TO THIS AGREEMENT SUBJECT TO THE TERMS OF THE UNIVERSITY LICENSE. EXCEPT FOR THE FOREGOING LIMITED WARRANTY, NANTWORKS, AND ITS AGENTS AND/OR EMPLOYEES, MAKE NO REPRESENTATION AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR
IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION OR WARRANTY THAT THE
PRACTICE BY BENITEC OF THE RIGHTS GRANTED HEREUNDER SHALL NOT INFRINGE THE PATENT RIGHTS OR INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY. NANTWORKS ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF NANTWORKS, ITS AGENTS AND/OR
EMPLOYEES FOR DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND 

  
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EXPERTS’ FEES, AND COURT COSTS (EVEN IF NANTWORKS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING THE
MANUFACTURE, USE OR SALE OF THE PRODUCT(S) AND SERVICE(S) LICENSED UNDER THIS AGREEMENT. BENITEC ASSUMES ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT THAT IS MANUFACTURED, USED OR SOLD BY BENITEC (INCLUDING SUB-SUBLICENSEE SALES) WHICH IS LICENSED TECHNOLOGY HEREUNDER. 

 ARTICLE 9 –
ASSIGNMENT 
 This Agreement is not assignable by either Party without the prior written consent of the other Party and any attempt to
do so shall be null and void; provided, however, that either Party may assign this Agreement to (a) its Affiliate or (b) to any successor in interest to all or substantially all of its assets or business relating to this Agreement, whether
by merger, acquisition, reorganization, sale of assets, sale of stock, or otherwise. 
 ARTICLE 10 – TERM AND TERMINATION 

 

	10.1	Benitec shall be responsible for payment of the consideration set forth in Article 4 hereof until the later of the expiration of the last claim of the Patent Rights or ten (10) years after the date of the first
commercial sale of Licensed Technology (the “Initial Term”). The Term shall be automatically extended, without any action on the part of either party, on a year by year basis; provided that Benitec or any sub-sublicensee had Net Sales the
preceding year, (each, a “Successive Term”) unless terminated pursuant to Section 10.2 or 10.3 below; provided, however, that Benitec’s payment obligations during each Successive Term shall be limited to payment of **** of the
royalties payable pursuant to Section 4.1(c). 

  

	10.2	NantWorks shall have the right to terminate this Agreement (x) at any time during the sixty (60) day period commencing on the day after the Commitment Deadline Date if the Commitment Agreement has not been
executed and delivered on or prior to the Commitment Deadline Date and (y) otherwise, upon written notice, if: 

  

	 	(a)	Benitec fails to make any payment due hereunder within thirty (30) days of notice from NantWorks that a payment was not received when due; 

 

	 	(b)	Benitec defaults in the performance of any of the obligations due and owing hereunder that are not covered by Section 10.2(a) (i.e., non-financial obligations) (subject to
Section 3.5) and such default has not been cured within sixty (60) days after receiving written notice thereof from NantWorks; 

  
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	 	(c)	Benitec ceases to carry out its business, becomes bankrupt or insolvent, applies for or consents to the appointment of a trustee, receiver or liquidator of its assets or seeks relief under any law for the aid of
debtors; or 

  

	 	(d)	the University License is terminated in accordance with its terms (it being understood that NantWorks may not terminate the University License pursuant to Section 10.3 thereof without prior written consent from
Benitec and in the event of any such termination of the University License, NantWorks shall use commercially reasonable efforts to facilitate a negotiation between University and Benitec for Benitec to obtain a direct license from the University).

  

	10.3	Benitec may terminate this Agreement (x) at any time during the sixty (60) day period commencing on the day after the Commitment Deadline Date if the Commitment Agreement has not been executed and delivered on
or prior to the Commitment Deadline Date and (y) upon nine (9) months prior written notice to NantWorks and upon payment of all amounts accrued or due hereunder through the effective date of termination, including patent cost reimbursement
pursuant to Section 6.2 hereof. 

  

	10.4	Upon termination of this Agreement, neither party shall be released from any obligation that accrued prior to the effective date of such termination. Benitec and any sub-sublicensee may, however, after the effective
date of such termination, sell all Licensed Technology which Benitec produced prior to the effective date of such termination, provided that Benitec shall pay to NantWorks the royalties thereon as required by Article 4 hereof and submit the reports
required by Article 5 hereof. 

 ARTICLE 11 – NOTICES 

 

	11.1	Any notice or communication pursuant to this Agreement shall be sufficiently made or given if sent by certified or registered mail, postage prepaid, or by overnight courier, with proof of delivery by receipt, addressed
to the address below or as either party shall designate by written notice to the other party, or if in accordance with Section 11.3. 

In the case of Benitec: 
 Benitec
Biopharma Limited 
 Suite 1201 

99 Mount Street 
 North Sydney

 NSW 2060 
 Australia 

Attention: Chief Executive Officer 

  
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 In the case of NantWorks: 

NantWorks, LLC 
 9920 Jefferson
Blvd. 
 Culver City, CA 90232 

United States 
 Attention:
General Counsel 
  

	11.2	Any payments to NantWorks hereunder by wire transfer shall be directed as set forth on Exhibit F. 

  

	 	Benitec shall be responsible for all applicable fees and costs relating to any wire transfer, to include translation fees, without any deduction of such fees from amounts due to NantWorks pursuant to this Agreement.

  

	11.3	All invoices to Benitec generated by NantWorks under this Agreement will be sent electronically, via e-mail, in PDF format, unless instructed otherwise by Benitec in writing.

 ARTICLE 12 – AMENDMENT, MODIFICATION 

This Agreement may not be amended or modified except by the execution of a written instrument signed by authorized representatives of each of
the parties hereto.     
 ARTICLE 13 – MISCELLANEOUS 

 

	13.1	This Agreement shall be construed and interpreted in accordance with the laws of the California applicable to agreements made and to be performed wholly within that State without regard to conflicts of laws provisions.
The exclusive forum shall be the state and federal courts located in the County of Los Angeles in the State of California. Each party hereto agrees to submit to the jurisdiction of said courts and agrees that venue shall lie exclusively with such
courts. EACH PARTY HERETO, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT. In an effort to informally and amicably resolve any claim, controversy or dispute arising out of or relating to this Agreement or the breach thereof, and regardless whether such claim sounds in contract, tort, or otherwise (a
“Dispute”), any party intending to initiate a claim shall notify all affected parties in writing of a Dispute hereunder that requires resolution. Such notice shall set forth the nature of the Dispute, the amount, if any,
involved and the remedy sought. Each affected party shall designate a representative who shall be empowered to investigate, discuss and seek to settle or otherwise resolve the Dispute. The representatives shall in good faith seek to
resolve the Dispute for at least sixty (60) days prior to initiating a formal claim in the courts. 

  
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	13.2	The parties acknowledge that this Agreement sets forth the entire understanding and intentions of the parties hereto as to the subject matter hereof and supersedes all previous representations, negotiations, or
understandings between the parties and/or its employees or agents, whether written or oral, regarding the subject matter of this Agreement. 

  

	13.3	The parties acknowledge that they consulted, or had the opportunity to investigate and/or consult, with their legal counsel and/or other advisors with respect to the Intellectual Property Rights, Know-How, Licensed Technology, and the terms of this Agreement. 

  

	13.4	The parties agree that this Agreement constitutes an arm’s length business transaction and does not create a fiduciary relationship. 

 

	13.5	Nothing contained in this Agreement shall be construed as conferring upon either party any right to use in advertising, publicity or other promotional activities any name, trade name, trademark, or other designation of
the other party, including any contraction, abbreviation, or simulation of any of the foregoing. Without the express written approval of the other party, neither party shall use any designation of the other party in any promotional activity
associated with this Agreement or the Licensed Technology. Neither party shall issue any press release or make any public statement in regard to this Agreement (a) without the prior written approval of the other party or (b) as may be
required by applicable law; provided, however, that if a party deems it required by law to effect such a press release or other public statement, it shall nonetheless give as much advance notice as is reasonably practical to the other party,
including a draft of the text of such release or announcement, and shall review in good faith comments of the other party and reflect those comments in the draft to the extent consistent with applicable disclosure obligations and otherwise
appropriate in the good faith, reasonable judgment of the disclosing party. With respect to any filing of this Agreement as an exhibit to a securities exchange filing by Benitec, or summary of the terms of this Agreement in such a filing, Benitec
shall consult in advance with NantWorks about what aspects of the Agreement should be redacted and subject to a request for confidential treatment. 

  

	13.6	Benitec agrees that with respect to the performance of this Agreement or the practice of the rights granted by NantWorks hereunder, it shall comply with any and all applicable United States export control laws and
regulations, as well as any and all embargoes and/or other restrictions imposed by the Treasury Department’s Office of Foreign Asset Controls. 

  

	13.7	 If Benitec challenges the validity or enforceability of the University’s Patent Rights, University’s
ownership of the Patent Rights or NantWorks’ rights thereto under the University License anywhere in the world, Benitec shall continue to pay to NantWorks all royalties and other financial obligations required under this Agreement, to include
patent costs and fees. If any such challenge is unsuccessful by Benitec, Benitec’s financial obligations under Article 4.1 shall automatically increase to cover any increases in the royalty rates and any
non-royalty sublicense 

  
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income rate under the University License as a result of such unsuccessful challenge pursuant to Section 13.7 of the University License, and Benitec shall reimburse the University for all
fees and costs associated with defending such action, including but not limited to attorneys’ fees and expert fees and shall reimburse NantWorks to the extent NantWorks covers any such fees and costs under Section 13.7 of the University
License. The effective date of such increase in royalty rates shall be the effective date of the corresponding increases in the University License.    Within thirty (30) days prior to filing any such challenge,
Benitec shall provide the University and NantWorks with written notice of its intent to make such challenge detailing its allegation(s) along with specific and detailed facts supporting those allegations of invalidity or unenforceability of
University’s Patent Rights or the University’s or NantWorks’ rights thereto. 

  

	13.8	If one or more of the provisions of this Agreement shall be held invalid, illegal or unenforceable, the remaining provisions shall not in any way be affected or impaired thereby. In the event any provision is held
illegal or unenforceable, the parties shall use reasonable efforts to substitute a valid, legal and enforceable provision which, insofar as is practical, implements purposes of the provision held invalid, illegal or unenforceable. 

 

	13.9	Failure at any time to require performance of any of the provisions herein shall not waive or diminish a party’s right thereafter to demand compliance therewith or with any other provision. Waiver of any default
shall not waive any other default. A party shall not be deemed to have waived any rights hereunder unless such waiver is in writing and signed by a duly authorized officer of the party making such waiver. 

 

	13.10	Benitec acknowledges that University is free to publish the results of the research activities of its faculty, staff and students, even though such publication may involve the Intellectual Property Rights, Know-How or Licensed Technology. In the event University submits any proposed publication or presentation regarding the subject matter specifically described in the Intellectual Property Rights or the Know-How for prior review by NantWorks in accordance with the University License, NantWorks shall promptly share such proposed publication or presentation with Benitec and Benitec may, within fifteen (15) days
after receipt of such proposed publication, request that such proposed publication be delayed not more than sixty (60) days in order to allow for protection of intellectual property rights. 

 

	13.11	Benitec shall mark all Licensed Technology with applicable U.S. and foreign patent numbers in accordance with the applicable laws of the countries in which Licensed Technology is used or sold. 

 

	13.12	Third-Party Beneficiary. The parties hereto hereby agree that the University shall be deemed a third-party beneficiary of this Agreement with respect to rights of the University set forth herein. 

  
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 IN WITNESS WHEREOF, the parties represent and warrant that each has the authority to bind the
party to this Agreement and have set their hands and seals as of the date set forth on the first page hereof. 
  

			
	BENITEC BIOPHARMA LIMITED 
		
	By	 	 /s/ Greg West

		 	Name: Greg West
		 	Title:   Chief Executive Officer
	  
 NANTWORKS, LLC

 

	By	 	 /s/ Christian Zapf

		 	Name:   Christian Zapf
		 	Title:     VP and Counsel,
		 	              Corporate Development

  
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 EXHIBIT A 

PATENT RIGHTS 
  

													
	 Univ.
Case
No.
	  	 Application No.
	  	 Application
Filing Date
	  	 Patent
No.
	  	 Patent
Issuance
Date
	  	 Title
	  	 Country

	0261	  	60/140,136	  	06/18/1999	  	N/A	  	N/A	  	INHIBITION OF HUMAN SQUAMOUS CELL CARCINOMA GROWTH IN VIVO BY EPIDERMAL GROWTH FACTOR RECEPTOR ANTISENSE RNA TRANSCRIBED FROM THE U6 PROMOTER	  	United States
							
	0261	  	10/288828	  		  		  		  		  	
							
	0261	  	09/595,863	  	06/16/2000	  	N/A	  	N/A	  	Inhibition of Human Squamous Cell Carcinoma Growth in Vivo by Epidermal Growth Factor Receptor Antisense RNA Transcribed from a POL III Promoter	  	United States
							
	0261	  	PCT/US2001/019309	  		  	6/14/01	  		  		  	

  
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	0261	  	AU6848301	  		  		  		  	Inhibition of human squamous cell carcinoma in vivo by egfr antisense rna	  	
							
	0261	  	10/387,252	  	03/12/2003	  	7,662,793	  	02/16/2010	  	Inhibition of Human Squamous Cell Carcinoma Growth in Vivo by Epidermal Growth Factor Receptor Antisense RNA Transcribed from a POL III Promoter	  	United States

  
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 EXHIBIT B 

DATA RIGHTS 
 All pre-clinical and clinical data and information generated pursuant to studies or otherwise relating to the Program, including without limitation the pre-clinical, Phase I
clinical and Phase II clinical data references under or incorporated into the Investigational New Drug Application [No. 010980] filed with the United States Food and Drug Administration. 

All pre-clinical and clinical data and information generated pursuant to studies or otherwise relating to the Program,
including without limitation the pre-clinical, Phase I clinical and Phase II clinical data references under or incorporated into Pitt Ref No. 04047 entitled “IND documents for Antisense EGFR
DNA.” 
 Experimental protocols, data, and any supporting materials relating to IND Application No. 010980, the Licensed Technology and the
Intellectual Property Rights. 

  
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 EXHIBIT C 

KNOW-HOW 

Information relating to the manuscript titled “Intratumoral Epidermal Growth Factor Receptor Antisense DNA Therapy in Head and Neck Cancer: First Human
Application and Potential Antitumor Mechanisms,” published by S. Lai et al on March 10, 2009 in the Journal of Clinical Oncology, Volume 27, Number 8. 

Information relating to the draft manuscript with University reference number 00261 and titled “Phase I Study of Intratumoral EGFR-Antisense DNA,
Cetuximab, and Intensity-Modulated Radiation Therapy in Head and Neck Cancer with Mechanistic Correlatives,” by J. Bauman et al. 

  
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 EXHIBIT D 

SAMPLE ROYALTY REPORT 
 Licensee name:

 Reporting period: 
 Date of report: 

Royalty Reporting Form 
  

											
	 Product
	  	No. units sold
(including
sublicense)	  	Invoiced price
per unit	  	Gross sales	  	Allowable
deductions	  	Net sales
	Product name	  		  		  		  		  	
	Product name	  		  		  		  		  	
	Product name	  		  		  		  		  	
	Product name	  		  		  		  		  	
	Total	  		  		  		  		  	

  

					
	 Total net sales
	  	$	            	 
	 Royalty rate
	  			
	 Royalty due
	  	$	            	 

 Total royalty due: $_________________ 

Name and addresses of sublicensees: 
 Report prepared by: 

Title: 
 Date: 

  
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 EXHIBIT E 

SAMPLE PROGRESS REPORT 
 Benitec name:

 Report date: 
 Technology title: 

Progress Report 
  

	A.	Date development plan initiated and time period covered by this report 

  

	B.	Development report 

  

	 	1.	Activities, e.g., research and development, regulatory approvals, manufacturing, sublicensing, marketing and sales, etc., completed since last report including the object and parameters of the development, when
initiated, when completed and the results 

  

	 	2.	Activities currently under investigations, i.e., ongoing activities including object and parameters of such activities, when initiated, and projected date of completion 

 

	C.	Future development activities 

  

	 	1.	Activities to be undertaken before next report including, but not limited to, the type and object of any studies conducted and their projected starting and completion dates 

 

	 	2.	Estimated total development time remaining before a product will be commercialized 

  

	D.	Changes to initial development plan 

  

	 	1.	Reasons for change 

  

	 	2.	Variables that may cause additional changes 

  

	E.	Items to be provided if applicable: 

  

	 	1.	Information relating to product that has become publicly available, e.g., published articles, competing products, patents, etc. 

  

	 	2.	Development work being performed by third parties other than Licensee to include name of third party, reasons for use of third party, planned future use of third parties including reasons why and type of work

  

	 	3.	Update of competitive information trends in industry, government compliance, and market plan 

  
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 EXHIBIT F 

NANTWORKS WIRE INSTRUCTIONS 
 Receiving
Bank Name: **** 
 Bank Address: **** 
 ABA routing number
(wire): **** 
 ABA routing number (ACH): **** 
 Swift Code
(International): **** 
 Beneficiary: **** 
 Beneficiary
Address: **** 
 Account Number: **** 

  
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omitted and filed separately with the Commission.

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