Document:

Exhibit 10.16

 

[*] = Certain confidential information contained
in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant
to Rule 406 of the Securities Act of 1933, as amended.

 

 

 

 

 

AND

 

 

 

Oncobiologics, Inc.

 

 

 

Commercial License Agreement

 

 

 

April 11, 2013

 

     

     

    

 

CONFIDENTIAL

 

This Commercial License Agreement (this “Agreement”)
is made effective on April 11, 2013 (the “Effective Date”)

 

by and between

 

Selexis SA, a company
incorporated under the laws of Switzerland, with its registered office at 18 chemin des Aulx, 1228 Plan-les-Ouates, Geneva,
Switzerland (“SELEXIS”)

 

and

 

Oncobiologics, Inc., a company
incorporated under the laws of the United States, with its registered office at 7 Clarke Drive, Cranbury, New Jersey
08512 (“COMPANY”) (SELEXIS and COMPANY, collectively the “PARTIES” and, individually, a
“PARTY”).

 

Preamble

 

		A.	Whereas,
COMPANY is a biopharmaceutical company engaged in the research, development, manufacturing and sale of biopharmaceutical products;

 

		B.	Whereas,
SELEXIS is a biotechnology company engaged in the development and sale of recombinant cell lines based on the SELEXIS Technology;

 

		C.	Whereas,
SELEXIS is the owner of certain Confidential Information, the SELEXIS Know-How and the SELEXIS Patent Rights;

 

		D.	Whereas,
pursuant to a Research License Agreement between the PARTIES dated October 3, 2011 (the “Research License Agreement”)
COMPANY has developed certain recombinant cell line(s) and/or COMPANY Material using the SELEXIS Technology, SELEXIS Know-How
and SELEXIS Patent Rights, and COMPANY has evaluated such cell Line(s); and

 

		E.	Whereas,
SELEXIS is willing to grant COMPANY, and COMPANY is willing to receive from SELEXIS, a commercial license to the SELEXIS Know-How
and the SELEXIS Patent Rights with respect to the SELEXIS Technology, on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, the PARTIES agree as follows:

 

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CONFIDENTIAL

 

 

		1.	Definitions

 

In addition to the terms defined above, the following
terms, whether used in the singular or plural, shall have the following meanings as used in this Agreement, unless otherwise specifically
indicated:

 

		1.1.	“Affiliate” shall mean any
Person that, as of the Effective Date, directly or indirectly, controls, is controlled by, or is under common control with the
relevant Person. For the purposes of this definition only, “control” shall mean the possession, directly
or indirectly, of the power to cause the direction of the management and policies of a Person, whether through ownership of voting
securities of such Person, by contract or otherwise. A Person shall only be considered an Affiliate for so long as such control
exists.

 

		1.2.	“BLA” shall mean a Biologic
License Application for the Final Product filed with the FDA or any comparable filing made with a Regulatory Authority in another
country.

 

		1.3.	“Calendar Quarter” shall mean,
for each Calendar Year, each of the three month periods ending March 31, June 30, September 30 and December 31, respectively.

 

		1.4.	“Calendar Year” shall mean
the period commencing on January 1 and ending twelve (12) consecutive calendar months later on December 31.

 

		1.5.	“Cell Line” shall mean a mammalian
cell line that is developed using the SELEXIS Technology. Cell Line shall include, without limitation, any Company-Specific Cell
Line(s) developed by COMPANY under the Research License Agreement which have employed SELEXIS Technology, SELEXIS Know-How and/or
SELEXIS Patent Rights.

 

		1.6.	“Clinical Trials” shall mean
human studies designed to measure the safety and/or efficacy of the Product. Clinical Studies include Phase I Clinical Trials,
Phase II Clinical Trials, and Phase Ill Clinical Trials.

 

		1.7.	“Collaboration Partner” shall
mean a Third Party with which COMPANY collaborates on the development and/or commercialization of a Licensed Product or to which
COMPANY has granted a license for the development and/or commercialization of a Licensed Product, provided that [*] or [*] or
[*] for [*].

 

		1.8.	“Combination Product Adjustment”
shall mean the adjustment of: Net Sales for any combination product done by multiplying actual Net Sales of such combination product
by the fraction A/(A + B) where A is the weighted (by sales volume) average invoice price of the Product, if sold separately,
and B is the weighted (by sales volume) average invoice price of any other active ingredient, device or component in the combination,
if sold separately. If, on a country-by-country basis, the other active ingredient, device or component in the combination is
not sold separately, Net Sales shall be calculated by multiplying actual Net Sales of the combination product in such country
by the fraction A/C where A is the invoice price of the Product, if sold separately, in such country and C is the invoice price
of the combination product in such country.

 

		1.9.	“Commercial License” shall
have the meaning set out in Article 2.1.

 

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CONFIDENTIAL

 

1.10.      “Commercial
License Option” shall mean the option granted to Company in the Research License Agreement to obtain a non-exclusive
commercial license.

 

1.11.      “Company
Protein” shall mean the recombinant protein listed in Exhibit 2.

 

1.12.      “Company-Specific
Cell Line” shall mean a Cell Line that has been modified by Company under the Research License Agreement to specifically
express the Company Protein.

 

1.13.      “COMPANY
Technology” shall mean any Technology owned or controlled by COMPANY, including, without limitation, any such Technology
related to Licensed or Final Product, but excluding any SELEXIS Technology related thereto.

 

1.14.      “Confidential
Information” shall mean any technical and business information pertaining to materials and production techniques,
products, processes and services, including without limitation physical working models and samples of the products, research, development,
patentable and unpatentable inventions, manufacturing, purchasing and product development plans, forecasts, strategies and information,
engineering, marketing, merchandising, selling, customer lists, customer prospects, software codes, algorithms, names and expertise
of employees and consultants, blueprints, technical information, trade secrets or know-how or other related proprietary business
information and data, in any case whether such information is provided in tangible or intangible form, written, oral, graphic,
pictorial or recorded form or stored on computer discs, hard drives, magnetic tape or digital or any other electronic medium. Confidential
Information disclosed in any tangible format will be labelled “Confidential” or words to similar effect, and all non-tangible
disclosures will be declared to be “Confidential” or words to similar effect at the time of disclosure. Confidential
Information shall include any and all material and data created by the receiving party based on, containing or otherwise reflecting
Confidential Information. Confidential Information shall also include any such information or documents which may be disclosed
hereunder which the disclosing party received in confidence from a Third Party.

 

1.15.      “Contract
Manufacturing Organization” shall mean an entity of which at least fifty percent (50%) of the business is directed
toward the provision of biologic manufacturing services or products for non-affiliate third parties.

 

1.16.      “Contractor”
shall mean a Third Party contractor who: (i) develops the production process for Licensed Products by or on behalf of COMPANY,
or (ii) manufactures and supplies Licensed Products by using such production process by or on behalf of COMPANY.

 

1.17.      “Default”
shall have the meaning set out in Article 9.2.

 

1.18.      “Defaulting
Party” shall have the meaning set out in Article 9.2.

 

1.19.      “FDA”
shall mean the United States Food and Drug Administration, or any successor agency.

 

1.20.      “Final
Product” shall mean any pharmaceutical preparation in final form containing any Licensed Product(s) for sale by prescription,
over-the-counter or any other method, in any dosage form, formulation,

 

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CONFIDENTIAL

 

presentation, line extension
or package configurations, including without limitation such Licensed Product in development where the context so requires in this
Agreement.

 

1.21.      “First
Commercial Sale” shall mean, with respect to any Final Product in any country, the first sale of such Final Product
for use or consumption by the general public in such country after Regulatory Approval as well as Pricing and Reimbursement Approval
for such Final Product has been obtained in such country. For the avoidance of doubt, sales prior to receipt of all Regulatory
Approvals and Pricing and Reimbursement Approvals necessary to commence regular commercial sales, such as so-called “treatment
IND sales”, “named patient sales” and “compassionate use sales”, shall not be construed as a First
Commercial Sale.

 

1.22.      “Force
Majeure” shall mean conditions beyond the control of a PARTY, including without limitation, an act of God, war, civil
commotion, terrorist act, labor strike or lock-out, epidemic, failure or default of public utilities or common carriers, destruction
of facilities or materials by fire, earthquake, storm or the like catastrophe, and failure of plant or machinery (provided that
such failure could not have been prevented by the exercise of skill, diligence and prudence that would be reasonably and ordinarily
expected from a skilled and experienced person engaged in the same type of undertaking under the same or similar circumstances).

 

1.23.      “IND”
shall mean an Investigational New Drug Application for the Final Product filed with the FDA or any comparable filing made with
a Regulatory Authority in another country.

 

1.24.      “Insolvent
Party” shall have the meaning set out in Article 9.3.

 

1.25.      “Invention”
shall mean any invention, idea, innovation, enhancement, improvement or feature, whether or not patentable or registrable, together
with any intellectual property rights relating thereto (including without limitation, the Patent Rights and rights to confidentiality
and proprietary information).

 

1.26.      “Know-How”
shall mean information in whatever form, tangible or intangible and on whatever medium, including without limitation, information
and materials relating to Inventions and other know-how, trade secrets, data (including without limitation, all data from pre-clinical
and clinical studies and other studies intended for regulatory submission), results, formulae, DNA and amino acid sequence information
and related developments.

 

1.27.      “Licensed
Field of Use” shall mean the development, manufacture and sale of Final Products for any field of use.

 

1.28.      “Licensed
Product” shall mean Company Protein made or derived from any Selexis Materials, including, without limitation, the
Company-Specific Cell Lines.

 

1.29.      “Losses”
shall mean all and any liability, damage, loss or expense.

 

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CONFIDENTIAL

 

1.30.      “Net
Sales” shall mean the amount collected by COMPANY, its Affiliates, its Sublicensees and/or any Collaboration Partner
with whom the Parties enter into a tri-party agreement pursuant to Section 2.3, on account of sales of Final Product to Third Parties
in the Territory, less the following deductions:

 

		(i)	sales and excise taxes and duties paid or allowed by
the selling PARTY and any other governmental charges imposed upon the production, importation, use or sale of the Final Products;

 

		(ii)	customary trade, quantity and cash discounts allowed
on Final Products;

 

		(iii)	compulsory government rebates;

 

		(iv)	allowances or credits to customers on account of rejection
or return of Final Product or on account of retroactive price reductions affecting the Final Product;

 

		(v)	freight and insurance costs, if they are included in
the selling price for the Final Product invoiced to Third Parties, provided always that such deduction shall not be greater than
the balance between the selling price actually invoiced to the Third Party and the standard selling price which would have been
charged to such Third Party for such Final Product exclusive of freight and insurance in the respective country or in a comparable
country; and

 

		(vi)	in the event that a Final Product is sold in any country
in the form of a combination product containing one or more other therapeutically active ingredients, the Net Sales for any such
Final Product shall be computed using the Combination Product Adjustment for such country.

 

1.31.      “Non-Defaulting
Party” shall have the meaning set out in Article 9.2.

 

1.32.      “Notice
of Default” shall have the meaning set out in Article 9.2.

 

1.33.      “Patent
Rights” shall mean any and all of the following: (i) patent applications (including without limitation provisional
patent applications) and patents (including without limitation the inventor’s certificates); (ii) any substitution, extension
(including without limitation patent term extensions and supplementary protection certificates), registration, confirmation, reissue,
continuation, divisional, continuation-in-part, re-examination, renewal, patent of addition or the like thereof or thereto; (iii)
any foreign counterparts of any of the foregoing; and (iv) any utility model applications and utility models (whether or not corresponding
to any of the foregoing).

 

1.34.      “Person”
shall mean an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an estate, an unincorporated
organization, or any other entity, or a government or any department or agency thereof, whether acting in an individual, fiduciary
or other capacity.

 

1.35.      “Phase
I Clinical Trial” shall mean a Clinical Trial conducted in humans which is principally intended to obtain data on
the safety, tolerability, pharmacokinetic or pharmacodynamic properties of a product. Phase I shall be deemed to have commenced
when the first patient in the study has been treated. Phase I shall be deemed to have completed when the last patient has completed
his or her treatment being investigated

 

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CONFIDENTIAL

 

by that Clinical Trial
as described in its protocol, the database is locked, and data from all patients, according to protocol, has been analyzed for
the primary endpoint.

 

1.36.      “Phase
II Clinical Trial” shall mean a Clinical Trial conducted in humans in which the primary objective is a preliminary
determination of therapeutic efficiency and/or to find an optimal dose range in patients with the disease target being studied.
Phase II shall be deemed to have commenced when the first patient in the study has been treated. Phase II shall be deemed to have
completed when the last patient has completed his or her treatment being investigated by that Clinical Trial as described in its
protocol, the database is locked, and data from all patients, according to protocol, has been analyzed for the primary endpoint.

 

1.37.      “Phase
Ill Clinical Trial” shall mean a Clinical Trial conducted in humans in which the primary objective is a determination
of therapeutic efficiency in patients with the disease target being studied. Phase Ill shall be deemed to have commenced when the
first patient in the study has been treated. Phase Ill shall be deemed to have completed when the last patient has completed his
or her treatment being investigated by that Clinical Trial as described in its protocol, the database is locked, and data from
all patients, according to protocol, has been analyzed for the primary endpoint.

 

1.38.      “Price
and Reimbursement Approval” shall mean any approvals, licenses, registrations or authorizations of any supranational,
national, regional, state or local Regulatory Authority or other regulatory agency, department, bureau or governmental entity,
necessary to determine or set the pricing of a Product, and/or its reimbursement level by the relevant health authorities, providers
or other funding institutions, at supranational, national, regional, state or local level.

 

1.39.      “Regulatory
Approval” shall mean any approvals, licenses, registrations or authorizations of any supranational, national, regional,
state or local Regulatory Authority or other regulatory agency, department, bureau or governmental entity, necessary for the manufacture,
marketing or sale of a Product or conduct of Clinical Trials in a regulatory jurisdiction, excluding Price and Reimbursement Approval.

 

1.40.      “Regulatory
Authority” shall mean (i) the FDA or (ii) any and all governmental or supranational agencies, ministries, authorities
or other bodies with similar regulatory authority with respect to approval or registration of pharmaceutical or biologic products
in any other jurisdiction anywhere in the world.

 

1.41.      “Royalty
Term” shall mean with respect to each Final Product sold in a particular country, the period beginning on the date
of the First Commercial Sale in such country and terminating on the expiration of the last-to-expire or lapse of any Valid Claims
in such country covering [*].

 

1.42.      “SELEXIS
Know-How” shall mean SELEXIS’ Confidential Information and Know-How owned, controlled by SELEXIS, or to which
SELEXIS has received a license which includes a right to grant sublicenses consistent with the Commercial License relating to,
without limitation, the construction and development of recombinant cell lines for the manufacture of biopharmaceutical products
and existing as of the Effective Date or obtained thereafter during the Term.

 

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CONFIDENTIAL

 

1.43.      “SELEXIS
Materials” shall mean the materials provided by SELEXIS to COMPANY under this Agreement and all modifications and
improvements thereof made by SELEXIS during the Term.

 

1.44.      “SELEXIS
Patent Rights” shall mean Patent Rights which: (i) are owned or controlled by SELEXIS, or to which SELEXIS has received
a license which includes a right to grant sublicenses consistent with the Commercial License (ii) are necessary or useful for the
use of SELEXIS Materials or the construction, development and use of Cell Lines and (iii) are existing as of the Effective Date
or obtained thereafter during the Term. Without limiting the generality this Article, the SELEXIS Patent Rights as of the Effective
Date are listed in Exhibit 1 hereto.

 

1.45.      “SELEXIS
Technology” shall mean the SELEXIS Patent Rights, the SELEXIS Know-How and the SELEXIS Materials.

 

1.46.      “Tax
Authority” shall mean the relevant governing tax authority as defined in Article 4.2.

 

1.47.      “Taxes”
shall mean all excises, taxes and duties with the exception of VAT.

 

1.48.      “Technology”
shall mean all inventions (whether or not patentable or patented) and intellectual property rights therein, including without limitation,
patents, patent applications, know-how, trade secrets, copyrights, trademarks, designs, concepts, registered and unregistered design
rights, data, work product, results, reports, improvements, business and research plans, analytic methods and results, experimental
methods and results, manufacturing processes, developments, technologies, technical information, composites of genes and gene constructs,
cell lines, manuals, standard operating procedures, instructions and specifications.

 

1.49.      “Term”
shall have the meaning set out in Article 9.1.

 

1.50.      “Territory’’
shall mean the entire world.

 

1.51.      “Third
Party” shall mean a Person other than SELEXIS, COMPANY or an Affiliate of SELEXIS or COMPANY.

 

1.52.      “Transferee”
shall have the meaning set out in Article 2.3.

 

1.53.      “Valid
Claim” shall mean any issued or granted claim of the SELEXIS Patent Rights that has not been revoked or held unenforceable
or invalid by a decision of a court or other governmental agency of competent jurisdiction, that is unappealable or remains unappealed
at the end of the time allowed for appeal, or that has not been disclaimed, denied or admitted to be invalid or unenforceable through
reissue, re-examination, disclaimer or otherwise.

 

1.54.      “VAT”
shall mean value added tax and any other similar turnover, sales or purchase, tax or duty levied by any other jurisdiction whether
central, regional or local.

 

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CONFIDENTIAL

 

		2.	Commercial Licenses

 

		2.1.	Commercial Licenses.
Subject to payment by COMPANY of the amounts provided for below and COMPANY’s compliance with the other terms and conditions
of this Agreement, SELEXIS hereby grants to COMPANY a non-exclusive license under the SELEXIS Patent Rights and SELEXIS Know-How,
in the Territory, with the limited right to sublicense in accordance with Article 2.2, to use (and have used only by permitted
Sublicensees in accordance with Sections 2.2 and 2.3) Company-Specific Cell Lines and SELEXIS Materials for the manufacture of
Licensed and/or Final Products in the Licensed Field of Use and to make, have made, use, offer for sale, sell, import and otherwise
exploit Licensed and/or Final Products, including, without limitation, the use of Licensed and Final Products in Clinical Trials
(the “Commercial License”).

 

		2.2.	Sublicenses.

 

		2.2.1.	COMPANY may solely, without prior written consent from
SELEXIS, grant sublicenses under the Commercial License to (i) a Contractor or a Collaboration Partner for and only with respect
to [*] or [*], or (ii) a Collaboration Partner for and only with respect to [*] or [*]. In the event that [*] any sublicense of
any rights granted under the Commercial License to a Collaboration Partner or a Contractor [*], [*] thereof and the parties [*]
sublicenses under this Section 2.2.1 [*].

 

		2.2.2.	Any sublicenses other than those expressly permitted
without consent pursuant to Section 2.2.1, including, without limitation, with respect to [*], shall require the prior written
consent of SELEXIS, which consent will not be unreasonably withheld, conditioned or delayed.

 

		2.2.3.	If COMPANY grants any sublicenses permitted or consented
to hereunder, it shall notify SELEXIS within thirty (30) days of any such sublicense grant and report the name and address of
any such sublicensee (each, a “Sublicensee”) together with written certification by an officer of COMPANY that
the Sublicensee has agreed in writing to adhere to the relevant provisions of this Agreement. Notwithstanding the above, COMPANY
is and remains fully liable and responsible for any breach of this Agreement committed or any Losses caused by any Sublicensee,
or any other Third Party or Affiliate to whom the Company-Specific Cell Lines, SELEXIS Materials and the SELEXIS Know How or parts
thereof are made available under any such sublicense.

 

		2.3.	Tri-Party Agreements. In the event that SELEXIS
is unable, due to restrictions on its rights to permit COMPANY to grant any sublicense of any rights granted under the Commercial
License to a Collaboration Partner or a Contractor, to consent to any sublicense pursuant to Section 2.2.1, then the parties agree
to use diligent efforts to negotiate a tri-party agreement among SELEXIS, COMPANY and such Collaboration Partner or Contractor
(each a “Tri-Party Agreement”), pursuant to which: (a) SELEXIS will grant a non-transferable, non-sublicenseable,
royalty-free, non-exclusive license to such Collaboration Partner or Contractor, under the SELEXIS Know-How and the SELEXIS Patent
Rights, to use the Company-Specific Cell Lines: (i) solely for uses that are reasonably related to the development, manufacture,
use, commercialization and/or sale of the Licensed or Final Products in the relevant territory; and (ii) in accordance with Applicable
Laws; (b) such license shall be subject to obligations and restrictions

 

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CONFIDENTIAL

 

comparable to those set
forth in this Agreement, provided that such Tri-Party Agreement will not include any payment obligations comparable to those set
forth in Article 3 or otherwise; and (c) COMPANY will remain responsible for all financial obligations to SELEXIS under this Agreement
for the entire Territory, including the territory granted to such Collaboration Partner or Contractor and including, without limitation,
payment with respect to any Net Sales therein.

 

		2.4.	Transfer of SELEXIS Materials. COMPANY shall not
transfer the Cell Lines, SELEXIS Materials or SELEXIS Know-How to any Third Party, except that during and for the Term only, COMPANY
may transfer SELEXIS Know-How to Contractors or Collaboration Partners (the “Transferees”) solely for their
use in connection with their development of the production process and/or manufacturing of Licensed Products with, or on behalf
of, COMPANY, pursuant either to a sublicense as permitted or consented to under Section 2.2 or a Tri-Party Agreement. If COMPANY
makes any such transfer, it shall notify SELEXIS within thirty (30) days of any such transfer and report the name and address
of any Transferee together with confirmation that the Transferee has agreed in writing to adhere to the confidentiality obligations
and use restrictions set out in this Agreement.

 

		3.	Consideration

 

		3.1.	Payments.

 

3.1.1.    Commercial
License Execution Payment. As partial consideration for the rights and licenses granted by SELEXIS to COMPANY under this Agreement,
COMPANY shall pay SELEXIS a one-time fee of CHF 65,000.00 (Sixty-Five Thousand Swiss Francs), due within ten (10) business days
of execution of this Agreement.

 

3.1.2.    Commercial
License Milestone Payments. As partial consideration for the rights and licenses granted by SELEXIS to COMPANY under this Agreement,
COMPANY shall make the following milestone payments to SELEXIS with respect to the first occurrence of each such milestone event
for each Licensed Product:

 

(i)    [*]
CHF 65,000.00 (Sixty-Five Thousand Swiss Francs); and

 

(ii)   [*]
CHF 300,000 (Three Hundred Thousand Swiss Francs).

 

3.1.3.     Commercial
License Royalty Payments: In addition to the milestone payments under Article 3.1.2, during the Royalty Term, COMPANY shall
pay SELEXIS on a Product-by-Product and country-by-country basis a royalty of [*] of Net Sales of all Final Products sold worldwide.
Where royalties are due for the sale of Final Products directly by COMPANY, such royalties shall be paid for each Calendar Quarter
within [*] of the end of that Calendar Quarter. Where royalties are due for the sales of Final Product by a Sublicensee, payment
shall be made within [*] of the end of that Calendar Quarter. For the avoidance of doubt, no royalty payments shall be due for
a Final Product in a specific country after the Royalty Term has expired for such Final Product in such country. Where royalties

 

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CONFIDENTIAL

 

are no longer due in
accordance with the foregoing, the Commercial License granted to COMPANY under this Agreement shall become perpetual, irrevocable,
fully paid up and royalty free with respect to such Final Product in such country.

 

3.1.4.       Royalty
Buyout. At any time during the Term, COMPANY shall have the right to terminate its obligation to pay a royalty pursuant to
Section 3.1.3 of this Agreement with respect to all Final Product containing a specific Licensed Product by paying to SELEXIS
the sum of CHF 1,750,000 (One Million One Hundred Seventy-Five Thousand Swiss Francs) (a “Royalty Termination Fee”).
In order to exercise this right, COMPANY shall notify SELEXIS in accordance with Section 11.10 of this Agreement that it is paying
the Royalty Termination Fee for all Final Product containing the specified Licensed Product in such notice. Provided that the
Royalty Termination Fee is paid to SELEXIS within five (5) business days of such notice in accordance with Section 3.2 of this
Agreement, the notice shall be effective as of the first day of the Calendar Quarter in which the notice was delivered, thereby
terminating the royalty obligation for all Final Product containing the specified Licensed Product for that Calendar Quarter and
thereafter. Payment of a Royalty Termination Fee shall apply only to all Final Product containing a single Licensed Product [*].
For avoidance of doubt, upon COMPANY paying a Royalty Termination Fee under this Agreement, no royalties shall thereafter be due
to SELEXIS under this Agreement.

 

		3.2.	Mechanism of Payment. The payments due to SELEXIS
under this Agreement shall be made either by check or by wire transfer or electronic fund transfer to the credit and account of
SELEXIS, as follows:

 

Bank Name:    [*]

 

Account:         [*]

 

		To:	Selexis S.A.

18, chemin des Aulx

1228 Plan-les-Ouates

Geneva, Switzerland

 

		3.3.	Payment Terms. Except with respect to royalties
due pursuant to Article 3.1.3, COMPANY shall make payments due to SELEXIS under this Agreement at the latest [*] business days
after receipt of invoice. All fees and payments, including without limitation under Article 3.1.3, do not include any applicable
VAT or Taxes.

 

		3.4.	Records. COMPANY and its Affiliates and Sublicensees
shall keep true accounts of Net Sales of Licensed Products and COMPANY shall deliver to SELEXIS at the same time as the payments
due under Article 3.1.3, a written account, including quantities of Net Sales of each such Licensed Product, broken down
on a country-by-country basis with respect to those payments. SELEXIS is entitled to have such accounts audited by an independent
expert of its choice. Such independent expert shall be bound by confidentiality terms at least as restrictive as the terms of
Article 8 and shall be authorized to disclose to SELEXIS only the results of its audit. COMPANY shall provide access to all information
reasonably

 

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CONFIDENTIAL

 

requested by such expert.
The cost of any audit shall be borne by SELEXIS unless the audit shows that COMPANY underpaid SELEXIS by more than [*] of the amounts
due, in which case, the cost of the audit shall be borne by COMPANY.

 

		3.5.	Single Royalty and Milestone. For Final Products
covered by more than one SELEXIS Patent Rights, COMPANY will make one payment to SELEXIS for royalties on any unit of Final Product
sold by COMPANY or Sublicensees, irrespective of how many SELEXIS Patent Rights may cover such Final Product. Each milestone described
in Article 3 shall be payable only once in relation to each Licensed Product, irrespective of the number of Final Products which
incorporate that Licensed Product and undergo the events triggering the payment. All fees and payments, including without limitation
under Article 3.1, do not include any applicable VAT or Taxes.

 

		4.	Taxes

 

		4.1.	General. All Taxes levied on account of any payment
made by COMPANY to SELEXIS pursuant to this Agreement (other than Taxes on income, gains or profits levied against SELEXIS by
any competent Swiss tax authority) will be the responsibility of, and shall be paid by, COMPANY pursuant to Article 4.2.

 

		4.2.	Character of Payments. The PARTIES agree that,
for purposes of determining the applicability of any Taxes, the payments to be made under this Agreement constitute payments for
tangible property and the license of intellectual property. However, in the event that the governing tax authority (the “Tax
Authority”) qualifies such payment differently, any additional taxes that may be applied (including without limitation,
any interest and penalties that may be unpaid) shall [*].

 

		4.3.	Withholding by COMPANY.

 

		(i)	All payments by COMPANY hereunder shall be made in full
without any deduction or withholding whatsoever, and free and clear of and without any deduction or withholding for or on account
of any Taxes, except to the extent that any such deduction or withholding is required by any law in effect at the time of payment.
Subject to paragraph (ii) of this Article, if any Taxes or amounts with respect to Taxes must be deducted or withheld, or any
other deductions or withholdings must be made, from any amounts payable or paid by COMPANY, [*] and [*] deduction or withholding.

 

		(ii)	[*] pursuant to paragraph (i) of this Article with respect
to any deduction or withholding [*] if [*] or [*].

 

		5.	Intellectual Property

 

		5.1.	Ownership. Each PARTY shall retain all right,
title and interest in and to its Inventions and Know-How which exist on the Effective Date or which are thereafter developed independently
of the performance of this Agreement.

 

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CONFIDENTIAL

 

		5.2.	COMPANY and SELEXIS Inventions. Any Invention
developed hereunder by or for either Party, solely or jointly with the other PARTY or any Affiliate or agent thereof, shall belong
exclusively (i) to COMPANY, to the extent it relates specifically to any COMPANY Technology, including, without limitation, any
improvement or modification thereto (“COMPANY Invention”); or (ii) to SELEXIS, to the extent it relates specifically
to any SELEXIS Technology, including, without limitation, any improvements or modifications thereto (“SELEXIS Invention”).
Any SELEXIS Inventions shall be included within the scope of the SELEXIS Technology licensed to COMPANY under this Agreement as
provided for within Article 5.5. Notwithstanding the foregoing, such ownership shall not be construed to transfer to either PARTY
ownership of or any license or other rights in or to any of the other PARTY’s underlying Technology which may be included
or embodied therein, or useful or necessary to use in connection with exploiting such Invention.

 

		5.3.	Other Inventions. Except as set forth in Article
5.2, any other Invention developed hereunder solely by COMPANY shall be COMPANY’s sole property and any other Invention
developed hereunder solely by SELEXIS shall be SELEXIS’ sole property. The PARTIES do not anticipate that there will be
any jointly developed Inventions hereunder, but if there are any other such jointly developed Inventions which do not relate to
either the SELEXIS Technology or the COMPANY Technology, such Inventions shall be owned jointly by COMPANY and SELEXIS (“Joint
Inventions”). In the event any such Joint Inventions arise, the PARTIES will use commercially reasonable efforts to
cooperate to protect and/or exploit such Joint Inventions, including, without limitation, sharing those costs incurred
through protection of such Joint Inventions and sharing in revenues generated by the use or sublicense of such Joint Inventions.

 

		5.4.	Notification. Each PARTY shall promptly notify
the other PARTY of any Invention arising in connection with this Agreement, provided, however, that COMPANY has
no obligation to notify SELEXIS with respect to any COMPANY Inventions developed solely by or on behalf of COMPANY.

 

		5.5.	Improvements. In the event SELEXIS possesses,
acquires, creates or is licensed (with the right to grant a sublicense consistent with the terms of the Commercial License) any
improvements to the SELEXIS Technology which are necessary or useful for COMPANY to use in connection with the development of
Cell Lines as licensed hereunder, such improvements shall automatically be included in the SELEXIS Patent Rights and/or the SELEXIS
Know-How and thereby disclosed and licensed at no extra cost to COMPANY in accordance with this Agreement; provided, however,
that any rights granted by the foregoing will be subject to COMPANY’s compliance with any bona fide obligations owed to
Third Parties (with respect to which, SELEXIS has notified COMPANY of such obligations), including, without limitation, [*].

 

		5.6.	Third Party Patent Rights. SELEXIS covenants that if SELEXIS becomes aware that
                                                                                 COMPANY’s use of the SELEXIS Technology in accordance with the terms hereunder would or would likely infringe any Third
                                                                                 Party proprietary rights, SELEXIS shall use its reasonable commercial efforts to resolve such potential infringement at
                                                                                 SELEXIS’ cost to ensure COMPANY’s freedom to continue to exercise the licenses granted under this Agreement,
                                                                                 including without limitation, by using its reasonable commercial efforts to obtain a

 

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CONFIDENTIAL

 

license from such Third
Party owner of proprietary rights which entitles SELEXIS to continue to grant the rights to COMPANY as provided for herein. Should
such efforts not be successful, SELEXIS shall inform COMPANY in writing and thereafter, subject to such notification, either PARTY
may terminate this Agreement with immediate effect, save that SELEXIS shall not have such right if COMPANY agrees to waive any
liability SELEXIS would otherwise have to COMPANY hereunder with respect to the infringement of such Third Party proprietary rights.
The obligations set forth in this Article pertain solely to Third Party rights specifically and solely related to the SELEXIS Technology
or SELEXIS Materials licensed hereunder, and do not apply to any other technology or materials used by COMPANY at its discretion
in connection with its exercise of the license rights granted hereunder, and specifically exclude any such Third Party rights which
relate to the Licensed Product(s) produced by any Cell Lines hereunder.

 

		5.7.	Enforcement of SELEXIS Patent Rights. If, during
the Term, either PARTY becomes aware of any infringement or potential infringement of the SELEXIS Technology, it shall promptly
notify the other PARTY in writing and the PARTIES shall immediately consult with each other to decide the best way to respond
to such infringement or misuse, provided that SELEXIS shall remain free to take any action it deems fit and in its sole discretion.

 

		5.8.	COMPANY Publications. COMPANY shall have the unrestricted
right to publish or otherwise disclose the results and data obtained by the practice of the SELEXIS Technology in accordance with
the terms hereof, provided, however, that such publication or disclosure does not include any Confidential Information
of SELEXIS. The name of SELEXIS shall be given proper recognition in such publication(s) as scientifically appropriate.

 

		5.9.	Further Assurance. Each PARTY agrees to execute
and effect all necessary steps at the cost of the other PARTY (if not specifically agreed to otherwise) and as the other PARTY
may reasonably require to give the other PARTY the full benefit of the provisions of this Article 5.

 

		6.	Representations, Warranties, and Covenants

 

		6.1.	General. Except for the representations, warranties
and covenants set forth in this Article 6, the PARTIES do not make any other representations, nor give any other warranties, express
or implied, nor undertake to any other covenants. The PARTIES expressly exclude any and all other representations, warranties
and covenants.

 

		6.2.	Representations and Warranties by the PARTIES.
Each PARTY hereby represents and warrants to the other PARTY that:

 

6.2.1.       Corporate
Power. It is duly organized and validly existing under the laws of the state (or country or other jurisdiction, as the case
may be) of its incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions
hereof.

 

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CONFIDENTIAL

 

6.2.2.       Due
Authorization. It is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the
persons executing this Agreement on its behalf have been duly authorized to do so by all requisite corporate actions.

 

6.2.3.       Binding
Agreement. This Agreement is a legal and valid obligation binding upon it and is enforceable in accordance with its terms,
except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other
laws relating to or affecting creditors’ rights generally and by general equitable principles and public policy.

 

6.2.4.       No
Conflicts. The execution, delivery and performance of this Agreement by itself does not conflict with any agreement, instrument
or understanding, oral or written, to which it is a PARTY or by which it may be bound.

 

6.2.5.       Intellectual
Property Rights. Each PARTY represents that it has valid and sufficient arrangements and agreements with its directors, officers
and employees (which term shall include agents, consultants and subcontractors) such that ownership of intellectual property rights
in and to any Inventions made by its directors, officers and employees vests in such PARTY.

 

		6.3.	Additional Representations and Warranties by SELEXIS.
SELEXIS hereby represents and warrants that, to the best of its knowledge, as of the Effective Date:

 

6.3.1.       There
is no pending litigation asserting that the use of the SELEXIS Technology or the SELEXIS Know-How constitutes an infringement or
misappropriation of any intellectual property rights of a Third Party;

 

6.3.2.       SELEXIS
has the right in and to the SELEXIS Technology, SELEXIS. Know-How and the SELEXIS Patents to grant COMPANY the rights which are
granted to COMPANY under this Agreement; and

 

6.3.3.       SELEXIS
has the rights necessary to grant a non-transferable, non-sublicenseable royalty-free, non-exclusive license to a Collaboration
Partner or Contractor, under the SELEXIS Know-How and the SELEXIS Patent Rights, to use the Company-Specific Cell Lines solely
for uses that are reasonably related to the development, manufacture, use, commercialization and/or sale of the Licensed or Final
Products in part of the Territory, as contemplated by Section 2.3.

 

		6.4.	Additional
                                         Warranties by COMPANY. COMPANY hereby represents and warrants to SELEXIS that:

 

6.4.1.       There
are no Third Party intellectual property rights or any other rights that may be asserted against SELEXIS claiming that SELEXIS
was or is directly infringing or is helping or assisting COMPANY in infringing such Third Party’s rights in connection with
COMPANY’s exercise of the Commercial License granted by SELEXIS hereunder (except to the extent that any such Third Party
rights relate solely and specifically to the SELEXIS Technology and/or SELEXIS Materials), including, without limitation, the development,
manufacture and commercialization of Licensed Products and/or Final Products as permitted hereunder; and

 

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CONFIDENTIAL

 

6.4.2.       As
of the Effective Date, to the best of its knowledge, there is no litigation pending against COMPANY in connection with the use
or ownership of the Company Protein and/or Licensed Product, including, without limitation, the infringement or misappropriation
of any intellectual property rights of a Third Party relating to the Company Protein and/or Licensed Product, and COMPANY has not
received any written claim that the use thereof infringes on any intellectual property rights of a Third Party or a request or
demand from any Third Party for the licensing of any intellectual property rights to such Third Party in connection with the use
of the Company Protein and/or Licensed Product.

 

6.4.3.       COMPANY
will not knowingly misappropriate or infringe the intellectual property or other rights of any Third Party in connection with its
exercise of its licensed rights hereunder, including, without limitation, use of any SELEXIS Technology, Cell Line, or development,
manufacture or sale of Licensed and/or Final Product hereunder, and understands and agrees that SELEXIS will have no liability
whatsoever for any such misappropriation or infringement to the extent they do not relate solely and specifically to the use of
the SELEXIS Technology and/or SELEXIS Materials hereunder.

 

		6.5.	Disclaimer of
Warranties by SELEXIS. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND WITHOUT LIMITING THE GENERALITY OF ARTICLE 6.1,
SELEXIS DOES NOT MAKE NOR GIVE ANY REPRESENTATION OR WARRANTY TO COMPANY OF ANY NATURE, EXPRESS OR IMPLIED, THAT THE SELEXIS TECHNOLOGY
WILL BE USEFUL FOR, OR ACHIEVE ANY PARTICULAR RESULTS AS A RESULT OF ANY USE THEREOF BY SELEXIS OR BY COMPANY PURSUANT TO ANY
LICENSE GRANTED TO COMPANY UNDER THIS AGREEMENT. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, SELEXIS SPECIFICALLY DISCLAIMS
ANY WARRANTY OF NONINFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

		7.	Liability and Indemnification

 

		7.1.	Indemnification
by SELEXIS. During the Term and thereafter, SELEXIS hereby agrees to save, defend and hold COMPANY, its Affiliates, and their
respective officers, directors, employees, consultants and agents harmless from and against any and all Losses resulting directly
from (i) any Third Party claim alleging that Customer’s use of the SELEXIS Technology and/or the SELEXIS Materials in strict
accordance with the terms of this Agreement infringes or misappropriates such Third Party’s intellectual property or other
property right (except to the extent such claim relates to the use of the SELEXIS Technology and/or SELEXIS Materials in combination
with any technologies or materials not supplied by SELEXIS or any modifications made by anyone other than SELEXIS to the SELEXIS
Technology or SELEXIS Materials); or (ii) any material breach of SELEXIS’ representations, warranties and covenants set
forth in Article 6; except in each case to the extent that such Losses were caused by willful misconduct or gross negligence of
COMPANY or any of its Affiliates, Collaborators or Sublicensees. In the event COMPANY seeks indemnification under this Article
7.1, COMPANY shall notify SELEXIS of

 

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CONFIDENTIAL

 

any
claim as soon as reasonably practicable after it receives notice of the claim. COMPANY shall then allow SELEXIS to conduct and
control the defense against the claim (including without limitation to settle the claim solely for monetary consideration), shall
(at SELEXIS’ expense) execute and deliver such documents and other papers and take such further actions as may be reasonably
required to defend against the claim (including without limitation to settle the claim solely for monetary consideration) and shall
(at SELEXIS’ expense) cooperate as requested by SELEXIS in the defense of the claim, provided always that SELEXIS may not
settle any such claim or otherwise consent to an adverse judgment or order in any relevant action or other proceeding which includes
any admission as to liability or fault without the prior express written consent of COMPANY, which consent will not be unreasonably
withheld.

 

		7.2.	Indemnification
by COMPANY. During the Term and thereafter, COMPANY hereby agrees to save, defend and hold SELEXIS and its officers, directors,
employees, consultants and agents harmless from and against any and all Losses resulting directly from (i) Third Party claims
in connection with personal injury or damages to property caused by the Company Protein, Licensed Products and/or Final Products,
including, without limitation, any product liability claims however stated; (ii) Third Party claims relating to any use of the
Cell Lines, SELEXIS Technology and/or SELEXIS Materials outside the scope of the license granted herein or otherwise not in strict
compliance with the terms hereof, or any use of the Cell Lines, SELEXIS Technology and/or SELEXIS Materials in conjunction with
technology or materials not provided by SELEXIS, or any modifications to the SELEXIS Technology and/or SELEXIS Materials (except
in each of the foregoing cases, to the extent SELEXIS is obligated to indemnify COMPANY pursuant to Article 8.1 above); or (iii)
any material breach of COMPANY’s representations, warranties and covenants set forth in Article 6; in each case, except
to the extent that such Losses result from the willful misconduct or gross negligence of SELEXIS or its Affiliates. In the event
SELEXIS seeks indemnification under this Article, SELEXIS shall notify COMPANY of any claim as soon as reasonably practicable
after it receives notice of the claim. SELEXIS shall then allow COMPANY to assume direction and control of the defense of the
claim (including without limitation the right to settle the claim solely for monetary consideration), and shall (at COMPANY’s
expense) execute and deliver such documents and other papers and take such further actions as may be reasonably required to defend
against the claim (including without limitation to settle the claim solely for monetary consideration). SELEXIS shall (at COMPANY’s
expense) cooperate as requested by COMPANY in the defense of the claim, provided always that COMPANY may not settle any such claim
or otherwise consent to an adverse judgment or order in any relevant action or other proceeding which includes any admission as
to liability or fault without the prior express written consent of SELEXIS, which consent will not be unreasonably withheld.

 

		7.3.	No Incidental
                                         or Consequential Damages. In no event shall either PARTY be responsible for any incidental
                                         or consequential damages, including without limitation, lost profits or opportunities;
                                         provided that the foregoing shall in no event limit a PARTY’s indemnification obligation
                                         under Article 7.1 or Article 7.2 hereinabove.

 

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CONFIDENTIAL

 

		7.4.	Limitation of Liability. Except with respect to
its indemnification obligations under Article 7.1, [*] cumulative liability under this Agreement, whether in contract, in tort,
or otherwise, shall in no event exceed [*]. With respect to its indemnification obligations under Article 7.1, [*] cumulative
liability shall in no event exceed [*].

 

		8.	Confidentiality

 

		8.1.	Non-disclosure.
                                         During the Term of this Agreement and for [*] thereafter, each PARTY shall keep Confidential
                                         Information of the other PARTY confidential and shall not (i) use the other PARTY’s
                                         Confidential Information for any purpose not expressly permitted under this Agreement,
                                         nor (ii) disclose the other PARTY’s Confidential Information to any Person other
                                         than those of its agents, employees, and consultants (collectively, “Representatives”)
                                         who need to know such Confidential Information for a use or purpose expressly permitted
                                         under this Agreement. Any such Representative who receives Confidential Information pursuant
                                         to this Article 8.1 shall be bound by written obligations of confidentiality and non-use
                                         with respect to the Confidential Information that are no less stringent than the obligations
                                         set forth in this Agreement.

 

		8.2.	Exceptions. The confidentiality obligations set
forth in Article 8.1 shall not apply to Confidential Information that (i) is, or becomes, public information other than as the
result of the violation of this Agreement or other act or omission by the receiving PARTY or its Representatives; (ii) was lawfully
known to the receiving PARTY or its Representatives without restriction on use or disclosure at the time of disclosure hereunder;
(iii) is hereafter lawfully received by the receiving PARTY or its Representatives from a Third Party authorized to make such
disclosure and without restriction on use or disclosure; or (iv) is approved for release by prior written consent from the disclosing
Party.

 

		8.3.	Authorized Disclosures. Notwithstanding any provision
of this Agreement to the contrary:

 

8.3.1.       COMPANY
may disclose this Agreement to any potential Contractor or Collaboration Partner in connection with its discussions relating to
a possible arrangement with such Contractor or Collaboration Partner, provided, however, that such potential Contractor
or Collaboration Partner is subject to confidentiality obligations with reasonable scope and duration and no less stringent than
the obligations set forth in this Agreement; and (ii) such Contractor or Collaboration Partner is contractually restricted from
using this Agreement for any purpose other than as reasonably necessary to carry out the discussions with COMPANY.

 

8.3.2.       Each
PARTY may disclose Confidential Information of the other PARTY to the extent such disclosure is required by law, provided,
however, that the receiving PARTY gives the disclosing PARTY reasonable prior written notice to enable the disclosing PARTY
to take appropriate measures to protect its Confidential Information and fully cooperates, subject to commercially reasonable efforts,
with the disclosing PARTY to prevent or limit, to the greatest extent possible, the disclosure of Confidential Information.

 

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CONFIDENTIAL

 

		8.4.	Use of Name. No right, express or implied, is
granted to either PARTY by this Agreement to use in any manner any trademark or trade name of the other PARTY, including the names
“Oncobiologics” and “SELEXIS” without the prior written consent of the PARTY entitled to use such trademark
or trade name.

 

		9.	Term and Termination

 

		9.1.	Term. This Agreement is effective as of the Effective
Date. Unless earlier terminated pursuant to Articles 9.2, 9.3 or 9.4, this Agreement shall remain in full force and effect until
expiration of the last-to-expire of the SELEXIS Patent Rights (the “Term”).

 

		9.2.	Termination for Default. In addition to any other
remedies which may be available at law or equity, in the event of any material breach of this Agreement (the “Default”)
by a PARTY (the “Defaulting Party”), the PARTY not in default (the “Non-Defaulting Party”)
shall have the right to give the Defaulting Party a written notice thereof (the “Notice of Default”), whereby
such notice must state the nature of the Default in reasonable details and request that the Defaulting Party cure such Default
within [*]. If such Default is not cured within [*] after receipt of a Notice of Default by the Defaulting Party or if such Default
cannot be cured, the Non-Defaulting Party may, at its sole discretion, terminate this Agreement by written notice effective upon
receipt

 

		9.3.	Termination for Bankruptcy. In the event that
a PARTY shall become insolvent or make any arrangement with its creditors or has a receiver or administrator appointed to the
whole or any part of its assets, or if an order shall be made or a resolution passed for its winding up unless such order or resolution
is part of a scheme for its amalgamation or reconstruction (the “Insolvent Party”), the other PARTY shall have
the right, at its sole discretion, to serve immediate notice of termination of this Agreement, effective upon receipt.

 

		9.4.	Termination by COMPANY. COMPANY may terminate
this Agreement for convenience at any time by giving [*] written notice to SELEXIS.

 

		9.5.	Consequences of Expiration or Termination.

 

9.5.1.       Termination
of Licenses. In the event of a termination of this Agreement by COMPANY pursuant to Article 9.2. 9.3 or 9.4 or by SELEXIS pursuant
to Article 9.2 or 9.3, all and any rights and licenses granted under this Agreement shall terminate upon termination of this Agreement,
except for the licenses which have become perpetual pursuant to Article 3.1.3.

 

9.5.2.       SELEXIS
Technology and Confidential Information. Upon termination of this Agreement under Article 9.2 or Article 9.3 where COMPANY
is the Insolvent Party, or Article 9.4, COMPANY shall dispose of all tangible embodiments of the SELEXIS Technology and SELEXIS
Confidential Information, including without limitation the SELEXIS Materials and Cell Lines, and render inaccessible or useless
all electronic embodiments, of SELEXIS Confidential Information provided to COMPANY by SELEXIS hereunder, except that (a) COMPANY
may retain one copy of the SELEXIS

 

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CONFIDENTIAL

 

Confidential Information
delivered hereunder in its secured legal files only for ensuring compliance with the terms of this Agreement and (b) such obligation
shall not apply with respect to SELEXIS Technology and SELEXIS Confidential Information necessary or useful with respect to the
practice of any licenses that have become perpetual pursuant to Article 3.1.3.

 

9.5.3.       COMPANY
Confidential Information. Upon any expiration or termination of this Agreement, SELEXIS shall dispose of all tangible embodiments,
and render inaccessible or useless all electronic embodiments, of COMPANY Confidential Information provided to SELEXIS by COMPANY
hereunder, except that SELEXIS may retain one copy of the COMPANY’s Confidential Information delivered hereunder in its secured
legal files only for ensuring compliance with the terms of this Agreement.

 

9.5.4.       Accrued
Obligations. Expiration or termination of this Agreement shall not relieve the PARTIES of any obligation or liability accruing
prior to such expiration or termination.

 

		10.	Miscellaneous

 

		10.1.	Assignment. Neither this Agreement nor any interest
hereunder shall be assignable by either PARTY without the prior written consent of the other PARTY; provided, however,
that either PARTY may assign this Agreement and all of its rights and obligations hereunder, without such prior written consent,
to an entity” which acquires all or substantially all of the business or assets of such PARTY (or the business or assets
to which this Agreement pertains) whether by merger, consolidation, reorganization, acquisition, sale or otherwise; and COMPANY
may assign this Agreement and all of its rights and obligations hereunder, without such consent, to an Affiliate if COMPANY remains
liable and responsible for the performance and observance of all of the Affiliate’s duties and obligations hereunder, and
provided that such Affiliate is not a Contract Manufacturing Organization. This Agreement shall be binding upon the successors
and permitted assigns of the PARTIES and the name of a PARTY appearing herein shall be deemed to include the names of such PARTY’s
successors and permitted assigns to the extent necessary to carry out the intent of this Agreement. Any assignment not in accordance
with this Article 10.1 shall be null and void.

 

		10.2.	Compliance with Governmental Obligations. Each
PARTY shall comply, upon reasonable notice from the other PARTY, with all governmental requests directed to either PARTY relating
to this Agreement and provide all information and assistance necessary to comply with the governmental requests.

 

		10.3.	Counterparts. This Agreement may be executed in
any number of counterparts, each of which need not contain the signature of more than one PARTY but all such counterparts taken
together shall constitute one and the same agreement, and may be executed through the use of electronic .PDF’s or facsimiles.

 

		10.4.	Dispute Resolution. The PARTIES agree that in
the event of a dispute between them arising from, concerning or in any way relating to this Agreement, the PARTIES shall undertake
good faith efforts to resolve any such dispute, with the matter being referred at the request of either PARTY to the General

 

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CONFIDENTIAL

 

Counsel (or chief legal
officer) of each PARTY and, if remaining unresolved after [*], then to the Chief Executive Officers of each PARTY (or their designees).
If after [*] of the matter first being referred to the General Counsel, the PARTIES are unable to resolve such dispute, either
PARTY may, pursuant to Article 10.16, seek any remedy available at law.

 

		10.5.	Entire Agreement.
This Agreement sets forth all of the covenants, promises, agreements, representations, warranties, conditions and understandings
between the PARTIES with respect to the subject matter hereof, and constitutes and contains the complete, final, and exclusive
understanding and agreement of the PARTIES with respect to the subject matter hereof, and cancels, supersedes and terminates all
prior agreements and/or understanding between the PARTIES with respect to the subject matter hereof. There are no covenants, promises,
agreements, representations, warranties, conditions or understandings, whether oral or written, between the PARTIES other than
as set forth herein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the PARTIES
hereto unless reduced to writing and signed by the respective authorized officers
of the PARTIES. For the avoidance of doubt, and to the extent of any inconsistency between this Agreement and the Research License
Agreement, the terms of this Agreement shall govern and prevail.

 

		10.6.	Force Majeure. Neither PARTY shall be liable to
the other for loss, damages, default or delay due to Force Majeure, provided that the PARTY affected by a case of Force Majeure
gives prompt notice of such case to the other PARTY. The PARTY giving such notice shall thereupon be excused from its obligations
hereunder as it is thereby disabled from performing for so long as it is so disabled, provided, however, that such
affected PARTY commences and continues to take reasonable and diligent actions to cure such cause; and provided further that if
any Force Majeure delays or prevents the performance of the obligations of either PARTY for a continuous period in excess of [*]
days, the PARTY not affected shall then be entitled to terminate this Agreement, which termination shall be effective upon [*]
written notice to the affected PARTY. Such a termination shall be irrevocable, except otherwise provided by the PARTIES and upon
termination, the provisions of Article 9.5 shall apply.

 

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

 

		10.8.	Independent Contractors. The relationship between
SELEXIS and COMPANY created by this Agreement is one of independent contractors and neither PARTY shall have the power or authority
to bind or obligate the other PARTY except as expressly set forth in this Agreement.

 

		10.9.	Interpretation of Agreement. Articles and other
descriptive headings used in this Agreement are for reference purposes only and shall not constitute a part hereof or affect the
meaning or interpretation of this Agreement. Whenever the context so requires, the use of the singular shall be deemed to include
the plural and vice versa.

 

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		10.10.	License Obligations. Nothing in this Agreement
imposes any obligation upon a PARTY to enter into any other license or agreement with the other PARTY.

 

		10.11.	Notices. All notices and other communications
required by this Agreement shall be in writing in the English language and shall be deemed transmitted if delivered personally
or by electronic or facsimile transmission (receipt verified), mailed by registered or certified mail (return receipt requested),
postage prepaid, or sent by express courier service, to the PARTIES at the following addresses (or at such other addresses that
a PARTY specifies by like notice, provided, however, that notices of a change of address shall be effective only
upon written receipt thereof):

 

If to COMPANY, addressed to:

Oncobiologics, Inc.

7 Clarke Drive

Cranbury, NJ 08512

		Attention:	Stephen J. McAndrew, Ph.D.

VP, Business Development

With a copy to:                CEO, Pankaj Mohan,
Ph.D., MBA

Facsimile:                       (609) 619-3980

 

If to SELEXIS, addressed
to:

Selexis S.A.

18 Chemin des Aulx

1228 Plan-les-Ouates

Geneva, Switzerland

 

Attention:                         Sophie Vock

 

With a copy to:                CEO, Igor Fisch, Ph.D.

 

Facsimile:                        +41 22 308-9361

 

		10.12.	Binding Effect. This Agreement shall be binding
upon and inure solely to the benefit of COMPANY and SELEXIS (and their permitted successors and assigns) and nothing in this Agreement
(express or implied) is intended to or shall confer upon any Third Party any rights, benefits or remedies of any nature whatsoever
under or by reason of this Agreement.

 

		10.13.	Severability. If any term, covenant or condition
of this Agreement or the application thereof to any PARTY or circumstance shall, to any extent, be held to be invalid or unenforceable,
then the remainder of this Agreement, or the application of such term, covenant or condition to PARTIES or circumstances other
than those as to which it is held invalid or unenforceable, shall therefore not be affected and each

 

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	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

     

    

 

CONFIDENTIAL

 

term, covenant or
condition of this Agreement shall be valid and be enforced to the fullest extent permitted by applicable law.

 

		10.14.	Waiver. The failure on the part of a PARTY to
exercise or enforce any rights conferred upon it hereunder shall not be deemed to be a waiver of any such rights nor operate to
bar the exercise or enforcement thereof at any time or times hereafter.

 

		10.15.	Survival. Articles 1, 3.1.3, 3.4, 4, 5, 6, 7,
8, 9.5 and 10 shall survive any termination or expiration of this Agreement in accordance with their terms.

 

		10.16.	Governing Law and Jurisdiction. This Agreement
shall be governed by and construed in accordance with the substantive laws of [*], without regard to principles of conflict of
laws. Any dispute arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts
of [*].

 

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	[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

     

    

 

CONFIDENTIAL

 

IN WITNESS WHEREOF, the PARTIES, having read the
terms of this Agreement and intending to be legally bound, do hereby execute this Agreement:

 

	SELEXIS SA	 	ONCOBIOLOGICS, INC.
	 	 	 	 	 
	Signature:	   /s/ Girod Pierre-Alain	 	Signature:	    /s/ Pankaj Mohan
	 	 	 
	Place, Date:  April 16, 2013	 	Place, Date: 7 Clarke Drive, Cranbury, NJ 08512
	 	 	                   April 11, 2013
	 	 	 
	Name:  GIROD Pierre-Alain	 	Name:  Pankaj Mohan, Ph.D., MBA
	 	 	 
	Title: Chief Scientific Officer	 	Title:  Chief Executive Officer
	 	 	 	 	 
	Signature:	   /s/ Regine Brokamp	 	Signature:	   /s/ Stephen J. McAndrew
	 	 	 
	Place, Date:  PLO, April 15th, 2013	 	Place, Date: 7 Clarke Drive, Cranbury, NJ 08512
	 	 	                   April 11, 2013
	Name:  Regine Brokamp	 	Name:  Stephen J. McAndrew, Ph.D.
	 	 	 
	Title:   COO	 	Title:  Vice President, Business Development

 

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CONFIDENTIAL

 

EXHIBIT 1

 

[*]

 

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CONFIDENTIAL

 

EXHIBIT 2

 

LICENSED PRODUCTS

 

1.    ONS-1050,
Herceptin Biosimilar

 

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CONFIDENTIAL

 

AMENDMENT
NO. 1

TO

COMMERCIAL LICENSE AGREEMENT

 

This Amendment No. 1 to the Commercial License Agreement
(the “Amendment”), effective as of May 21, 2014 (the “Amendment Effective Date”), is by and between Selexis
SA (“Selexis”) and Oncobiologics, Inc. (“Company”).

 

WHEREAS, Company and Selexis entered into and executed
the Commercial License Agreement dated April 11, 2013 (the “Agreement”) relating to Company’s Licensed and/or
Final Product referred to as ONS-1050; and

 

WHEREAS, the parties desire to modify the Agreement
to revise Company’s sublicense rights.

 

NOW, THEREFORE, in consideration of the mutual obligations
and covenants set out herein and for good consideration, the parties agree as follows:

 

1.        Section 2.2.1
of the Agreement is deleted in its entirety and replaced with the following:

 

2.2.1           COMPANY
may, without prior written consent from SELEXIS, grant sublicenses under the Commercial License to a Contractor or to a Collaboration
Partner and only with respect to (i) [*], or (ii) [*]. A Collaboration Partner may further grant a sub-sublicense, only with prior
written consent from SELEXIS where such consent is not to be unreasonably withheld, conditioned or delayed, under the Commercial
License to a Contractor only with respect to [*].

 

2.        Section 2.2.2
of the Agreement is deleted in its entirety and replaced with the following:

 

2.2.2           Any
sublicenses other than those expressly permitted without consent pursuant to Section 2.2.1 shall require the prior written consent
of SELEXIS, which consent will not be unreasonably withheld, conditoned or delayed.

 

3.        Section 2.3
is deleted in its entirety.

 

4.        Section 2.4
is renumbered as Section 2.3, and the last clause of the first sentence (beginning with “...pursuant either to...”)
is deleted and replaced with “pursuant to a sublicense as permitted or consented to under Section 2.2.”

 

5.        In Section
1.30, the reference to the tri-party agreement is removed, so that the sentence begins: “...shall mean the amount collected
by COMPANY, its Affiliates and its Sublicensees, on account of sales of Final Product to Third Parties in the Territory, less the
following deductions:”

 

6.        All capitalized
terms used in the Agreement will have the same meaning where used in this Amendment. In the event of a conflict or inconsistency
between this Amendment and the

 

     

     

    

 

CONFIDENTIAL

 

Agreement, the applicable terms and conditions of this Amendment shall prevail.
All terms and conditions of the Agreement that are not amended herein shall remain unchanged and in full force and effect.

 

7.        This Amendment
may be executed in one or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute
one and the same document. In addition, this document may be executed by facsimile, and the parties agree that facsimile copies
of signatures shall have the same effect as original signatures.

 

In Witness
Whereof, the Parties have executed this Amendment by their proper officers as of the Effective Date.

 

	SELEXIS SA	 	ONCOBIOLOGICS, INC.
	 	 	 
	By:	  /s/ Regine Brokamp	 	By:	 
	Name:	      Regine Brokamp	 	Name:	   Stephen J. McAndrew, Ph.D.
	Title:	      COO	 	Title:	   Vice
President, Business Development
	Date:	      May 23rd, 2014	 	Date:	   May
21, 2014
	 	 	 	 
	 	      /s/ Igor Fisch	 	 
	 	      Igor Fisch	 	 
	 	      CEO	 	 
	 	      May 23rd, 2014Exhibit 10.1

 

EQUITY PURCHASE AGREEMENT

 

THIS EQUITY PURCHASE AGREEMENT entered into
as of the 24th day of July, 2015 (this "AGREEMENT"), by and between KODIAK CAPITAL GROUP, LLC, a Delaware
limited liability company ("INVESTOR"), and MUSIC OF YOUR LIFE INC., a Florida corporation (the "COMPANY").

 

WHEREAS, the parties desire
that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to Investor, from time to
time as provided herein, and Investor shall purchase up to One Million Dollars ($1,000,000) of the Company’s Common Stock
(as defined below); and

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

ARTICLE I

CERTAIN DEFINITIONS

 

Section 1.1DEFINED
TERMS as used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to
be equally applicable to both the singular and plural forms of the terms defined)

 

"AGREEMENT" shall
have the meaning specified in the preamble hereof.

 

"BY-LAWS" shall
have the meaning specified in Section 4.7.

 

"CLAIM NOTICE"
shall have the meaning specified in Section 9.3(a).

 

“CLEARING DATE”
shall be the date in which the Put Shares have been deposited into the Investor’s brokerage account.

 

"CLOSING" shall
mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

 

"CLOSING CERTIFICATE"
shall mean the closing certificate of the Company in the form of Exhibit B hereto.

 

"CLOSING PRICE"
shall mean the closing bid price for the Company’s common stock on the Principal Market on a Trading Day as reported by Bloomberg
Finance L.P.

 

"COMMITMENT PERIOD"
shall mean the period commencing on the Execution Date, and ending on the date on which Investor shall have purchased Put Shares
pursuant to this Agreement for an aggregate Purchase Price of the Maximum Commitment Amount or July 24, 2016.

 

“COMMITMENT SHARES”
shall have the meaning specified in Section 2.1(b).

 

"COMMON STOCK"
shall mean the Company's common stock, $0.001 par value per share, and any shares of any other class of common stock whether now
or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and assets (upon
liquidation of the Company).

  

"COMPANY" shall
have the meaning specified in the preamble to this Agreement.

 

"DAMAGES" shall
mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys' fees and disbursements
and costs and expenses of expert witnesses and investigation).

  

"DISPUTE PERIOD"
shall have the meaning specified in Section 9.3(a).

 

    	1 

    	 

    

 

"DTC" shall have
the meaning specified in Section 2.3.

 

"DWAC" shall have
the meaning specified in Section 2.3.

 

"EXCHANGE ACT"
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“EXCHANGE CAP”
shall have the meaning set forth in Section 7.1(c).

 

"EXECUTION DATE"
shall mean the date that of the Agreement.

 

"FAST" shall have
the meaning specified in Section 2.3.

 

"FINRA" shall
mean the Financial Industry Regulatory Authority, Inc.

 

"INVESTMENT AMOUNT"
shall mean the Put Shares referenced in the Put Notice multiplied by the Purchase Price.

 

"INDEMNIFIED PARTY"
shall have the meaning specified in Section 9.3(a).

 

"INDEMNIFYING PARTY"
shall have the meaning specified in Section 9.3(a).

 

"INDEMNITY NOTICE"
shall have the meaning specified in Section 9.3(b).

 

"INVESTOR" shall
have the meaning specified in the preamble to this Agreement.

 

"LEGEND" shall
have the meaning specified in Section 8.1.

 

"MARKET PRICE"
shall mean the lowest closing bid price on the Principal Market for any Trading Day during the Valuation Period, as reported by
Bloomberg Finance L.P.

 

"MATERIAL ADVERSE EFFECT"
shall mean any effect on the business, operations, properties, or financial condition of the Company that is material and adverse
to the Company and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the
ability of the Company to enter into and perform its obligations under any of this Agreement.

 

"MAXIMUM COMMITMENT
AMOUNT" shall mean One Million Dollars ($1,000,000).

 

"PERSON" shall
mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

  

"PRINCIPAL MARKET"
shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), or principal quotation systems (i.e. OTCQX, OTCQB, the
OTC Bulletin Board), or other principal exchange or recognized quotation system which is at the time the principal trading platform
or market for the Common Stock.

 

"PURCHASE PRICE"
shall mean 70% of the Market Price on such date on which the Purchase Price is calculated in accordance with the terms and conditions
of this Agreement.

 

"PUT" shall mean
the right of the Company to require the Investor to purchase shares of Common Stock, subject to the terms and conditions of this
Agreement.

 

"PUT DATE" shall
mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section 2.2(b).

 

    	2 

    	 

    

 

 

"PUT NOTICE" shall
mean a written notice, substantially in the form of Exhibit A hereto, to Investor setting forth the Put Shares with respect to
which the Company intends to require Investor to purchase pursuant to the terms of this Agreement.

 

"PUT SHARES" shall
mean all shares of Common Stock issued, or that the Company shall be entitled to issue, per any applicable Put Notice in accordance
with the terms and conditions of this Agreement.

 

"REGISTERED SECURITIES"
shall mean the (a) Put Shares, and (b) any securities issued or issuable with respect to any of the foregoing by way of exchange,
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization
or otherwise. As to any particular Registered Securities, once issued such securities shall cease to be Registrable Securities
when (i) a Registration Statement has been declared effective by the SEC and such Registrable Securities have been disposed of
pursuant to a Registration Statement, (ii) such Registrable Securities have been sold under circumstances under which all of the
applicable conditions of Rule 144 are met, (iii) such time as such Registrable Securities have been otherwise transferred to holders
who may trade such shares without restriction under the Securities Act or (iv) in the opinion of counsel to the Company, which
counsel shall be reasonably acceptable to Investor, such Registrable Securities may be sold without registration under the Securities
Act or the need for an exemption from any such registration requirements and without any time, volume or manner limitations pursuant
to Rule 144(b)(i) (or any similar provision then in effect) under the Securities Act.

 

"REGISTRATION STATEMENT"
shall mean the Company’s effective registration statement on file with the SEC, and any follow up registration statement
or amendment thereto.         

 

"REGULATION D"
shall mean Regulation D promulgated under the Securities Act.

 

"RULE 144" shall
mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

 

"SEC" shall mean
the United States Securities and Exchange Commission.

 

"SECURITIES ACT"
shall have the meaning specified in the recitals of this Agreement.

 

"SEC DOCUMENTS"
shall mean, as of a particular date, all reports and other documents filed by the Company pursuant to Section 13(a) or 15(d) of
the Exchange Act since the end of the Company's then most recently completed and reported fiscal year as of the time in question
(provided that if the date in question is within ninety days of the beginning of the Company's fiscal year, the term shall include
all documents filed since the beginning of the preceding fiscal year).

 

“SHORT SALES”
shall mean all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act.

   

"SUBSCRIPTION DATE"
shall mean the date on which this Agreement is executed and delivered by the Company and Investor.

 

"THIRD PARTY CLAIM"
shall have the meaning specified in Section 9.3(a).

 

“TRADING DAY” shall mean a day on
which the Principal Market shall be open for business.

 

“TRANSACTION DOCUMENTS”
shall mean this Agreement and the Registration Rights Agreement.

    	3 

    	 

    

 

 

"TRANSFER AGENT"
shall mean the transfer agent for the Common Stock (and to any substitute or replacement transfer agent for the Common Stock upon
the Company's appointment of any such substitute or replacement transfer agent).

 

"UNDERWRITER"
shall mean any underwriter participating in any disposition of the Registered Securities on behalf of Investor pursuant to the
Registration Statement.

 

"VALUATION PERIOD"
shall mean the period of five (5) Trading Days immediately following the Clearing Date associated with the applicable Put Notice
during which the Purchase Price of the Common Stock is valued. Investor shall notify the Company in writing of the occurrence of
the Clearing Date associated with a Put Notice. The Valuation Period shall begin the first Trading Day following such written notice
from Investor.

 

 

ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

 

Section 2.1           INVESTMENTS.

 

		(a)	PUTS. Upon the terms and conditions set forth herein (including,
without limitation, the provisions of Article VII), on any Put Date the Company may exercise a Put by the delivery of a Put Notice.

 

Section 2.2           MECHANICS.

 

(a)          PUT
NOTICE. At any time and from time to time during the Commitment Period, the Company may deliver a Put Notice to Investor, subject
to the conditions set forth in Section 7.2. On the Put Date the Company shall deliver to Investor’s brokerage account the
Put Shares referenced in the Put Notice.

 

(b)
         DATE OF DELIVERY OF PUT NOTICE. A Put
Notice shall be deemed delivered on (i) the Trading Day it is received by email by Investor if such notice is received on or prior
to 12:00 noon New York time, or (ii) the immediately succeeding Trading Day if it is received by email after 12:00 noon New York
time on a Trading Day or at any time on a day which is not a Trading Day.

 

Section 2.3           CLOSINGS.
At the end of the Valuation Period the Purchase Price shall be established; if the value of the Put Shares initially delivered
to Investor is greater than the Maximum Commitment Amount then immediately after the Valuation Period the Investor shall deliver
to Company the Put Shares surplus associated with such Put. The Closing of a Put shall occur upon the first Trading Day following
the completion of the Valuation Period, whereby Investor shall deliver the Investment Amount, by wire transfer of immediately available
funds to an account designated by the Company. In addition, on or prior to such Closing Date, each of the Company and Investor
shall deliver to each other all documents, instruments and writings required to be delivered or reasonably requested by either
of them pursuant to this Agreement in order to implement and effect the transactions contemplated herein.

  

    	4 

    	 

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

Investor represents and
warrants to the Company that:

 

Section 3.1           INTENT.
Investor is entering into this Agreement for its own account and Investor has no present arrangement (whether or not legally binding)
at any time to sell the Registered Securities to or through any person or entity; provided, however, that Investor reserves the
right to dispose of the Registered Securities at any time in accordance with federal and state securities laws applicable to such
disposition.

 

Section 3.2           NO
LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such
counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal,
tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws
of any jurisdiction.

 

Section 3.3           SOPHISTICATED
INVESTOR. Investor is a sophisticated investor (as described in Rule 506(b)(2)(ii) of Regulation D) and an accredited investor
(as defined in Rule 501 of Regulation D), and Investor has such experience in business and financial matters that it is capable
of evaluating the merits and risks of an investment in the Registered Securities. Investor acknowledges that an investment in the
Registered Securities is speculative and involves a high degree of risk.

 

Section 3.4           AUTHORITY.
(a) Investor has the requisite power and authority to enter into and perform its obligations under this Agreement and the transactions
contemplated hereby in accordance with its terms; (b) the execution and delivery of this Agreement and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action and no further consent or authorization
of Investor or its partners is required; and (c) this Agreement has been duly authorized and validly executed and delivered by
Investor and constitutes a valid and binding obligation of Investor enforceable against it in accordance with its terms, subject
to applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights
and remedies or by other equitable principles of general application.

  

Section 3.5           NOT
AN AFFILIATE. Investor is not an officer, director or "affiliate" (as that term is defined in Rule 405 of the Securities
Act) of the Company.

 

Section 3.6          ORGANIZATION
AND STANDING. Investor is a limited partnership duly organized, validly existing and in good standing under the laws of the State
of Delaware and has all requisite power and authority to own, lease and operate its properties and to carry on its business as
now being conducted. Investor is duly qualified and in good standing in every jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, other than those in which the failure so to qualify would
not have a material adverse effect on Investor.

 

Section 3.7           ABSENCE
OF CONFLICTS. The execution and delivery of this Agreement and any other document or instrument contemplated hereby, and the consummation
of the transactions contemplated hereby and thereby, and compliance with the requirements hereof and thereof, will not (a) violate
any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Investor, (b) violate any provision of
any indenture, instrument or agreement to which Investor is a party or is subject, or by which Investor or any of its assets is
bound, or conflict with or constitute a material default thereunder, (c) result in the creation or imposition of any lien pursuant
to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by Investor to any
third party, or (d) require the approval of any third-party (that has not been obtained) pursuant to any material contract, instrument,
agreement, relationship or legal obligation to which Investor is subject or to which any of its assets, operations or management
may be subject.

 

    	5 

    	 

    

 

Section 3.8           DISCLOSURE;
ACCESS TO INFORMATION. Investor had an opportunity to review copies of the SEC Documents filed on behalf of the Company and has
had access to all publicly available information with respect to the Company.

 

Section 3.9           MANNER
OF SALE. At no time was Investor presented with or solicited by or through any leaflet, public promotional meeting, television
advertisement or any other form of general solicitation or advertising.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and
warrants to Investor that, except as disclosed in the SEC Documents:

 

Section 4.1           ORGANIZATION
OF THE COMPANY. The Company is a corporation duly organized and validly existing and in good standing under the laws of the State
of Florida and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now
being conducted. The Company is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, other than those in which
the failure so to qualify would not have a Material Adverse Effect.

 

Section 4.2           AUTHORITY.
(a) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement
and to issue the Put Shares; (b) the execution and delivery of this Agreement by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent
or authorization of the Company or its Board of Directors or stockholders is required; and (c) each of this Agreement and has been
duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar
laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of
general application.

 

Section 4.3CAPITALIZATION.
As of the date hereof, the authorized capital stock of the Company consists of 500,000,000 shares of Common Stock, $0.001 par value
per share, of which 82,950,000 shares were issued and outstanding as of February 28, 2015.

There are no outstanding
securities which are convertible into shares of Common Stock, whether such conversion is currently exercisable or exercisable only
upon some future date or the occurrence of some event in the future.

 

All of the outstanding
shares of Common Stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.

 

Section 4.4           COMMON
STOCK. To the best of its knowledge, the Company is in full compliance with all reporting requirements of the Exchange Act, and
the Company has maintained all requirements for the continued listing or quotation of the Common Stock, and such Common Stock is
currently listed or quoted on the Principal Market which is presently the OTCQB.

 

Section 4.5           SEC
DOCUMENTS. The Company may make available to Investor true and complete copies of the SEC Documents (including, without limitation,
proxy information and solicitation materials). To the Company’s knowledge, the Company has not provided to Investor any information
that, according to applicable law, rule or regulation, should have been disclosed publicly prior to the date hereof by the Company,
but which has not been so disclosed. As of their respective dates, the SEC Documents complied in all material respects with the
requirements of the Exchange Act, and other federal laws, rules and regulations applicable to such SEC Documents, and none of the
SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
The financial statements of the Company included in the SEC Documents comply as to form and substance in all material respects
with applicable accounting requirements and the published

    	6 

    	 

    

 

rules and regulations of the SEC or other applicable
rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted
accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such
financial statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include
footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of
unaudited statements, to normal year-end audit adjustments).

 

Section 4.6           VALID
ISSUANCES. When issued and paid for as herein provided, the Put Shares shall be duly and validly issued, fully paid, and non-assessable.
The sales of the Put Shares pursuant to this Agreement, and the Company's performance of its obligations hereunder, shall not (a)
result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Put Shares, or any of the assets
of the Company, or (b) entitle the holders of outstanding shares of Common Stock to preemptive or other rights to subscribe to
or acquire the Common Stock or other securities of the Company. The Put Shares shall not subject Investor to personal liability,
in excess of the subscription price by reason of the ownership thereof.

 

Section 4.7           NO
CONFLICTS. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby, including without limitation the issuance of the Put Shares, do not and will not (a) result in
a violation of the Company’s Articles of Incorporation or By-Laws or (b) conflict with, or constitute a material default
(or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any material agreement, indenture, instrument or any "lock-up"
or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result in a violation of
any federal, state or local law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations)
applicable to the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults,
terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material
Adverse Effect) nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The business
of the Company is not being conducted in violation of any law, ordinance or regulation of any governmental entity, except for possible
violations that either singly or in the aggregate do not and will not have a Material Adverse Effect. The Company is not required
under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement
or issue and sell the Common Stock in accordance with the terms hereof (other than any SEC, FINRA or state securities filings that
may be required to be made by the Company subsequent to any Closing, any registration statement that may be filed pursuant hereto);
provided that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy
of the relevant representations and agreements of Investor herein.

 

Section 4.8           NO
MATERIAL ADVERSE CHANGE. Since December 31, 2014 no event has occurred that would have a Material Adverse Effect on the Company.

 

Section 4.9           LITIGATION
AND OTHER PROCEEDINGS. Except as disclosed in the Company’s SEC filings, there are no lawsuits or proceedings pending or
to the knowledge of the Company threatened, against the Company, nor has the Company received any written or oral notice of any
such action, suit, proceeding or investigation, which would have a Material Adverse Effect. No judgment, order, writ, injunction
or decree or award has been issued by or, so far as is known by the Company, requested of any court, arbitrator or governmental
agency which would have a Material Adverse Effect.

 

Section 4.10         DILUTION.
The number of shares of Common Stock issuable as Put Shares may increase substantially in certain circumstances, including, but
not necessarily limited to, the circumstance wherein the trading price of the Common Stock declines during the period between the
Execution Date and the end of the Commitment Period. The Company’s executive officers and directors have studied and fully
understand the nature of the transactions contemplated by this Agreement and recognize that they have a potential dilutive effect.
The board of directors of the Company has concluded in its good faith business judgment that such issuance is in the best

    	7 

    	 

    

 

interests of the Company. The Company specifically
acknowledges that its obligation to issue the Put Shares is binding upon the Company and enforceable regardless of the dilution
such issuance may have on the ownership interests of other shareholders of the Company.

 

ARTICLE V

COVENANTS OF INVESTOR

 

Section 5.1           COMPLIANCE
WITH LAW; TRADING IN SECURITIES. Investor's trading activities with respect to shares of the Common Stock will be in compliance
with all applicable state and federal securities laws, rules and regulations and the rules and regulations of FINRA and the Principal
Market on which the Common Stock is listed or quoted.

 

Section 5.2           SHORT
SALES AND CONFIDENTIALITY. Neither Investor nor any affiliate of the Investor acting on its behalf or pursuant to any understanding
with it will execute any Short Sales during the period from the date hereof to the end of the Commitment Period. For the purposes
hereof, and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number of shares of Common Stock
reasonably expected to be purchased under a Put Notice shall not be deemed a Short Sale.

 

Other than to other Persons
party to this Agreement, Investor has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).

  

 

ARTICLE VI

COVENANTS OF THE COMPANY

 

Section 6.1           RESERVATION
OF COMMON STOCK. The Company will, from time to time as needed in advance of a Closing Date, reserve and keep available until the
consummation of such Closing, free of preemptive rights sufficient shares of Common Stock for the purpose of enabling the Company
to satisfy its obligation to issue the Put Shares to be issued in connection therewith. The number of shares so reserved from time
to time, as theretofore increased or reduced as hereinafter provided, may be reduced by the number of shares actually delivered
hereunder.

 

Section 6.2           LISTING
OF COMMON STOCK. If the Company applies to have the Common Stock traded on any other Principal Market, it shall include in such
application the Put Shares, and shall take such other action as is necessary or desirable in the reasonable opinion of Investor
to cause the Common Stock to be listed on such other Principal Market as promptly as possible. The Company shall use its commercially
reasonable efforts to continue the listing and trading of the Common Stock on the Principal Market (including, without limitation,
maintaining sufficient net tangible assets) and will comply in all respects with the Company's reporting, filing and other obligations
under the bylaws or rules of the FINRA and the Principal Market.

 

Section 6.3           CERTAIN
AGREEMENTS. So long as this Agreement remains in effect, the Company covenants and agrees that it will not, without the prior written
consent of the Investor, enter into any other equity line of credit agreement with a third party during the Commitment Period having
terms and conditions substantially comparable to this Agreement. For the avoidance of doubt, nothing contained in the Transaction
Documents shall restrict, or require the Investor's consent for, any agreement providing for the issuance or distribution of (or
the issuance or distribution of) any equity securities pursuant to any agreement or arrangement that is not commonly understood
to be an "equity line of credit."

 

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ARTICLE VII

CONDITIONS TO DELIVERY OF

PUT NOTICES AND CONDITIONS TO CLOSING

 

Section 7.1           CONDITIONS
PRECEDENT TO THE OBLIGATION OF THE COMPANY TO ISSUE AND SELL COMMON STOCK. The obligation hereunder of the Company to issue and
sell the Put Shares to Investor is subject to the satisfaction of each of the conditions set forth below.

 

(a) ACCURACY OF INVESTOR'S
REPRESENTATIONS AND WARRANTIES. The representations and warranties of Investor shall be true and correct in all material respects
as of the date of this Agreement and as of the date of each such Closing as though made at each such time.

 

(b)          PERFORMANCE
BY INVESTOR. Investor shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by Investor at or prior to such Closing.

 

(c)          PRINCIPAL
MARKET REGULATION. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive any Put Shares,
if the issuance of such shares would exceed the aggregate number of shares of Common Stock which the Company may issue without
breaching the Company’s obligations under the rules or regulations of the Principal Market (the “Exchange Cap”).

 

Section 7.2           CONDITIONS
PRECEDENT TO THE RIGHT OF THE COMPANY TO DELIVER A PUT NOTICE AND THE OBLIGATION OF INVESTOR TO PURCHASE PUT SHARES. The right
of the Company to deliver a Put Notice and the obligation of Investor hereunder to acquire and pay for the Put Shares is subject
to the satisfaction of each of the following conditions:

 

(a)          EFFECTIVE
REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective for the sale
by Investor of the Registered Securities subject to such Put Notice, and (i) neither the Company nor Investor shall have received
notice that the SEC has issued or intends to issue a stop order with respect to such Registration Statement or that the SEC otherwise
has suspended or withdrawn the effectiveness of such Registration Statement, either temporarily or permanently, or intends or has
threatened to do so and (ii) no other suspension of the use or withdrawal of the effectiveness of such Registration Statement or
related prospectus shall exist. 

 

(b)          ACCURACY
OF THE COMPANY'S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true and correct in
all material respects (except for representations and warranties specifically made as of a particular date), except for any conditions
which have temporarily caused any representations or warranties herein to be incorrect and which have been corrected with no continuing
impairment to the Company or Investor.

 

(c)          PERFORMANCE
BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Company.

 

(d)          NO
INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely
affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect
of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement.

 

(e)          ADVERSE
CHANGES. Since the date of filing of the Company's most recent SEC Document, no event that had or is reasonably likely to have
a Material Adverse Effect has occurred.

 

    	9 

    	 

    

 

(f)          NO
SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the SEC,
the Principal Market or the FINRA and the Common Stock shall have been approved for listing or quotation on and shall not have
been delisted from the Principal Market.

 

(g)          TEN
PERCENT LIMITATION. On each Closing Date, the number of Put Shares then to be purchased by Investor shall not exceed the number
of such shares that, when aggregated with all other shares of Common Stock then owned by Investor beneficially or deemed beneficially
owned by Investor, would result in Investor owning more than 9.99% of all of such Common Stock as would be outstanding on such
Closing Date, as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. For purposes
of this Section, in the event that the amount of Common Stock outstanding as determined in accordance with Section 16 of the Exchange
Act and the regulations promulgated thereunder is greater on a Closing Date than on the date upon which the Put Notice associated
with such Closing Date is given, the amount of Common Stock outstanding on such Closing Date shall govern for purposes of determining
whether Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement, would own more than 9.99% of
the Common Stock following such Closing Date.

 

(h)          Principal
Market Regulation. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive any Put
Shares, if the issuance of such shares would exceed the Exchange Cap.

 

(i)          NO
KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing such Registration
Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen (15) Trading
Days following the Trading Day on which such Put Notice is deemed delivered).

 

(j)          NO
VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of shares of Common Stock with respect to the applicable Closing, if
any, shall not violate the shareholder approval requirements of the Principal Market.

  

(k)        OTHER.
On the date of delivery of each Put Notice, Investor shall have received a certificate in substantially the form and substance
of Exhibit B hereto, executed by an executive officer of the Company and to the effect that all the conditions to such Closing
shall have been satisfied as at the date of each such certificate.

 

ARTICLE VIII

LEGENDS

 

Section 8.1         NO
STOCK LEGEND OR STOCK TRANSFER RESTRICTIONS. No legend shall be placed on the share certificates representing the Put Shares.

 

Section 8.2         INVESTOR'S
COMPLIANCE. Nothing in this Article VIII shall affect in any way Investor's obligations under any agreement to comply with all
applicable securities laws upon the sale of the Common Stock.

 

    	10 

    	 

    

 

ARTICLE IX

NOTICES; INDEMNIFICATION

 

Section 9.1          NOTICES.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (a) personally served, (b) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (c) delivered by reputable air courier service with charges prepaid, or (d) transmitted by
hand delivery, telegram, or email as a PDF, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice given in accordance herewith. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (i) upon hand delivery or delivery by email at the address designated below (if delivered on
a business day during normal business hours where such notice is to be received), or the first business day following such delivery
(if delivered other than on a business day during normal business hours where such notice is to be received) or (ii) on the second
business day following the date of mailing by express courier service or on the fifth business day after deposited in the mail,
in each case, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

The addresses for such communications
shall be:

 

If to the Company:

Music of Your Life, Inc.

3225 McLeod Drive

Suite 100

Las Vegas, NV 89121

marc@musicofyourlife.com

 

If to the Investor:

Kodiak Capital Group, LLC

260 Newport Center Drive

Newport Beach, CA 92660

ryan@kodiakfunds.com

 

Either party hereto may from time to time change
its address or email for notices under this Section 9.1 by giving at least ten (10) days' prior written notice of such changed
address to the other party hereto.

 

Section 9.2           INDEMNIFICATION.
Each party (an “Indemnifying Party”) agrees to indemnify and hold harmless the other party along with its officers,
directors, employees, and authorized agents, and each Person or entity, if any, who controls such party within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act (an “Indemnified Party”) from and against any Damages, joint
or several, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting from, arising out of
or relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any covenant or agreement
on the part of Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any post-effective amendment thereof or supplement thereto, or the omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the
light of the circumstances under which the statements therein were made, not misleading, or (iv) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities
Act, the Exchange Act or any state securities law, as such Damages are incurred, except to the extent such Damages result primarily
from Indemnified Party's failure to perform any covenant or agreement contained in this Agreement or Indemnified Party's negligence,
recklessness or bad faith in performing its obligations under this Agreement; provided, however, that the foregoing indemnity agreement
shall not apply to any Damages of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any
untrue statement or alleged untrue statement or omission or alleged omission made by an Indemnifying Party in reliance upon and
in conformity with written

    	11 

    	 

    

 

information furnished to the Indemnifying Party
by the Indemnified Party expressly for use in the Registration Statement, any post-effective amendment thereof or supplement thereto,
or any preliminary prospectus or final prospectus (as amended or supplemented). 

 

Section 9.3           METHOD
OF ASSERTING INDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party (as defined below) under Section 9.2
shall be asserted and resolved as follows:

 

(a)          In
the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted against
or sought to be collected from such Indemnified Party by a person other than a party hereto or an affiliate thereof (a "THIRD
PARTY CLAIM"), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served, if any,
and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party's claim for indemnification that
is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then reasonably
ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a "CLAIM NOTICE") with reasonable
promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable promptness after
the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated to indemnify the
Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party's ability to defend has been
prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified Party as soon as practicable
within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of either a Claim Notice or an Indemnity
Notice (as defined below) (the "DISPUTE PERIOD") whether the Indemnifying Party disputes its liability or the amount
of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying Party desires, at its sole cost and expense,
to defend the Indemnified Party against such Third Party Claim.

 

(i)          If
the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend the
Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party shall have
the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of the Indemnifying
Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently prosecuted by
the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but only with the
consent of the Indemnified Party in the case of any settlement that provides for any relief other than the payment of monetary
damages or that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified in full
pursuant to Section 9.2). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise
or settlement thereof; provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified Party,
at any time prior to the Indemnifying Party's delivery of the notice referred to in the first sentence of this clause (i), file
any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or
appropriate to protect its interests; and provided further, that if requested by the Indemnifying Party, the Indemnified Party
will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting
any Third Party Claim that the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control,
any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this clause (i), and except
as provided in the preceding sentence, the Indemnified Party shall bear its own costs and expenses with respect to such participation.
Notwithstanding the foregoing, the Indemnified Party may takeover the control of the defense or settlement of a Third Party Claim
at any time if it irrevocably waives its right to indemnity under Section 9.2 with respect to such Third Party Claim.

 

(ii)         If
the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires to defend
the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute vigorously
and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within the Dispute
Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party, the
Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in a reasonable
manner and in good faith or will be settled at the discretion of the Indemnified Party(with the consent of the Indemnifying Party,
which consent will not be unreasonably withheld). The Indemnified Party will have full control of such

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defense and proceedings, including any compromise
or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying Party will, at the sole
cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and its counsel in contesting
any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions of this clause (ii),
if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying Party disputes its
liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party Claim and if such
dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying Party will
not be required to bear the costs and expenses of the Indemnified Party's defense pursuant to this clause (ii) or of the Indemnifying
Party's participation therein at the Indemnified Party's request, and the Indemnified Party shall reimburse the Indemnifying Party
in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection with such litigation. The Indemnifying
Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this clause
(ii), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation.

 

(iii)        If
the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability to
the Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified Party within the
Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party with
respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability
of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified
Party on demand. If the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such
claim, the Indemnifying Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute;
provided, however, that if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall
be entitled to institute such legal action as it deems appropriate.

 

(b)          In
the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve a Third
Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying the
nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount, determined
in good faith, of such claim (an "INDEMNITY NOTICE") with reasonable promptness to the Indemnifying Party. The failure
by any Indemnified Party to give the Indemnity Notice shall not impair such party's rights hereunder except to the extent that
the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If the Indemnifying Party notifies the Indemnified
Party that it does not dispute the claim or the amount of the claim described in such Indemnity Notice or fails to notify the Indemnified
Party within the Dispute Period whether the Indemnifying Party disputes the claim or the amount of the claim described in such
Indemnity Notice, the amount of Damages specified in the Indemnity Notice will be conclusively deemed a liability of the Indemnifying
Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified Party on demand. If
the Indemnifying Party has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying
Party and the Indemnified Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that
if the dispute is not resolved within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute
such legal action as it deems appropriate.

 

(c)          The
Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable, for any
reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

 

(d)          The
indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified Party
against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

 

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ARTICLE X

MISCELLANEOUS

 

Section 10.1         GOVERNING
LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the State of California without
regard to the principles of conflicts of law. Each of the Company and Investor hereby submit to the exclusive jurisdiction of the
United States Federal and state courts located in Orange County, California with respect to any dispute arising under this Agreement,
the agreements entered into in connection herewith or the transactions contemplated hereby or thereby.

 

Section 10.2         JURY
TRIAL WAIVER. The Company and the Investor hereby waive a trial by jury in any action, proceeding or counterclaim brought by either
of the parties hereto against the other in respect of any matter arising out of or in connection with the Transaction Documents.

 

Section 10.3         ASSIGNMENT.
This Agreement shall be binding upon and inure to the benefit of the Company and Investor and their respective successors. Neither
this Agreement nor any rights of Investor or the Company hereunder may be assigned by either party to any other person.

 

Section 10.4         THIRD
PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and Investor and their respective successors, and
is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section 10.5         TERMINATION.
The Company may terminate this Agreement at any time by written notice to the Investor. Additionally, this Agreement shall terminate
at the end of Commitment Period or as otherwise provided herein; provided, however, that the provisions of Articles IX, and Sections
10.1 and 10.2 shall survive the termination of this Agreement for a period of twenty four (24) months.

 

Section 10.6         ENTIRE
AGREEMENT, AMENDMENT; NO WAIVER. This Agreement and the instruments referenced herein contain the entire understanding of the Company
and Investor with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. This Agreement
may not be amended.

 

Section 10.7         FEES
AND EXPENSES. The Company agrees to pay its own expenses in connection with the preparation of this Agreement and performance of
its obligations hereunder. The Company shall pay all stamp or other similar taxes and duties levied in connection with issuance
of the Put Shares pursuant hereto.

 

Section 10.8         COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the parties and shall
be deemed to be an original instrument which shall be enforceable against the parties actually executing such counterparts and
all of which together shall constitute one and the same instrument. This Agreement may be delivered to the other parties hereto
by email of a copy of this Agreement bearing the signature of the parties so delivering this Agreement.

 

Section 10.9         SEVERABILITY.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that such severability shall be
ineffective if it materially changes the economic benefit of this Agreement to any party.

 

Section 10.10         FURTHER
ASSURANCES. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order
to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

    	14 

    	 

    

 

Section 10.11         NO
STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

Section 10.12         EQUITABLE
RELIEF. The Company recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations
under this Agreement, any remedy at law may prove to be inadequate relief to Investor. The Company therefore agrees that Investor
shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.

 

Section 10.13         TITLE
AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and are not to be considered
in construing or interpreting this Agreement.

 

Section 10.14         REPORTING
ENTITY FOR THE COMMON STOCK. The reporting entity relied upon for the determination of the Closing Price for the Common Stock on
any given Trading Day for the purposes of this Agreement shall be Bloomberg Finance L.P. or any successor thereto. The written
mutual consent of Investor and the Company shall be required to employ any other reporting entity.

 

Section 10.15         PUBLICITY.
The Company and Investor shall consult with each other in issuing any press releases or otherwise making public statements with
respect to the transactions contemplated hereby and no party shall issue any such press release or otherwise make any such public
statement without the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed,
except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing party shall
provide the other parties with prior notice of such public statement. Notwithstanding the foregoing, the Company shall not publicly
disclose the name of Investor without the prior written consent of such Investor, except to the extent required by law. Investor
acknowledges that this Agreement and all or part of the Transaction Documents may be deemed to be "material contracts"
as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company may therefore be required to file such documents
as exhibits to reports or registration statements filed under the Securities Act or the Exchange Act. Investor further agrees that
the status of such documents and materials as material contracts shall be determined solely by the Company, in consultation with
its counsel.

 

[-Signature page follows-]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	15 

    	 

    

 

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

COMPANY:

 

MUSIC OF YOUR LIFE, INC.

By: 

Name: Marc Angell

Title: Chief Executive Officer

 

INVESTOR:

 

KODIAK CAPITAL GROUP, LLC

 

 

By: 

Name: Ryan C. Hodson

Title: Managing Member

 

 

 

 

 

 

[-Signature page to Equity Purchase Agreement-]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	16 

    	 

    

 

 

 

 

 

 

EXHIBIT A

 

FORM OF PUT NOTICE

 

TO: KODIAK CAPITAL GROUP, LLC

 

We refer to the Equity Purchase Agreement dated , 2015
(the “Agreement”) entered into by MUSIC OF YOUR LIFE, INC. (the “Company”) and you. Capitalized terms defined
in the Agreement shall, unless otherwise defined, have the same meaning when used herein.

 

We hereby:

 

1) Give you notice that we require you to purchase
______________ Put Shares;

 

2) Certify that, as of the date hereof, to
the best of our knowledge, the conditions set forth in Section 7.2 of the Agreement are satisfied.

 

Date: _____________, 2015

 

MUSIC OF YOUR LIFE, INC.

By: ____________________________

Name: Marc Angell

Title: CEO

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	17 

    	 

    

 

 

 

 

 

 

 

 

 

EXHIBIT B

 

FORM OF CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER
OF

MUSIC OF YOUR LIFE, INC.

 

Pursuant to Section 7.2(l)
of that certain Equity Purchase Agreement dated July 20, 2015 (the “Agreement”) by and between the Company and KODIAK
CAPITAL GROUP, LLC (the “Investor”), the undersigned, in his capacity as the Chief Executive Officer of MUSIC OF YOUR
LIFE, INC. (the “Company”), and not in his individual capacity, hereby certifies, as of the date hereof (such date,
the “Condition Satisfaction Date”), the following:

 

1.          The
representations and warranties of the Company are true and correct in all material respects as of the Condition Satisfaction Date
as though made on the Condition Satisfaction Date (except for representations and warranties specifically made as of a particular
date) with respect to all periods, and as to all events and circumstances occurring or existing to and including the Condition
Satisfaction Date, except for any conditions which have temporarily caused any representations or warranties of the Company set
forth in the Agreement to be incorrect and which have been corrected with no continuing impairment to the Company or Investor;
and

 

2.          All
of the Company’s conditions to Closing set forth in Section 7.2 of the Agreement have been satisfied as of the Condition
Satisfaction Date.

 

Capitalized terms used herein
shall have the meanings set forth in the Agreement unless otherwise defined herein.

 

IN WITNESS WHEREOF, the
undersigned has hereunto affixed his hand as of the ___ day of ____________, 2015.

 

By:__________________________

Name:

Title:

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