Document:

License Agreement

 Exhibit 10.3 
  

  
 License Agreement 
  

  
 Caritas St. Elizabeth’s Medical Center of Boston, 
 Inc., 
 A Massachusetts Not For Profit Corporation 
  
 and 
  
 Corautus Genetics Inc., 
 A Delaware Corporation 
  
 August 10, 2005 
  

 TABLE OF CONTENTS 
  
 LICENSE AGREEMENT 
  

					
	Recitals	  	1
			
	I.	 	Definitions	  	1
			
	II.	 	Grant of License	  	6
			
	III.	 	License Fee and Milestone Payments	  	7
			
	IV.	 	Royalty Payments	  	8
			
	V.	 	Patent Matters	  	9
			
	VI.	 	Corautus /CSEMC Rights	  	10
			
	VII.	 	Commercialization and Development	  	11
			
	VIII.	 	Infringement of Patents	  	12
			
	IX.	 	Term and Termination	  	13
			
	X.	 	Confidentiality	  	16
			
	XI.	 	Representations and Warranties	  	17
			
	XII.	 	Use of Name; Public Announcements	  	20
			
	XIII.	 	General Provisions	  	20
			
	XIV.	 	Catholic Identity	  	23

 LICENSE AGREEMENT 
  
 This Agreement, made and effective as of August 10, 2005 (the “Effective Date”), is entered into by and
between Corautus Genetics, Inc., a corporation organized and existing under the laws of Delaware, with its principal offices at 75 Fifth Street, NW, Suite 313, Atlanta, Georgia 30308 (“CORAUTUS”) and Caritas St. Elizabeth’s Medical
Center of Boston, Inc., a Massachusetts non-profit corporation having its principal place of business at 736 Cambridge Street, Boston, Massachusetts (“CSEMC”). 
  
 RECITALS 
  
 WHEREAS, CSEMC has developed and owns certain patent applications and patents relating to angiogenic growth factors for treatment of peripheral neuropathy
and is conducting a research study on such treatment; 
  
 WHEREAS,
CORAUTUS has intellectual property rights to the vascular endothelial growth factor-2 gene, referred to as “VEGF-2”, and has produced proprietary naked plasmid DNA encoding for VEGF-2, including plasmid DNA sometimes referred to as
“phVEGF-2” or “pVGI.1(VEGF2)”; 
  
 WHEREAS,
CORAUTUS has substantial knowledge and expertise in research, development, manufacture and marketing of medical products; and 
  
 WHEREAS, CSEMC and CORAUTUS wish to collaborate to develop and commercialize the technology embodied in the CSEMC Patents; 
  
 NOW THEREFORE, in consideration of the mutual covenants and premises
contained herein, the parties hereby agree as follows: 
  
 I. DEFINITIONS

  
 Whenever used in this Agreement, the following
capitalized terms shall have the following meanings: 
  
 “Act” means the United States Food, Drug and Cosmetic Act, as may be amended from time to time, to the extent applicable. 
  
 “Additional Clinical Trials” shall mean Phase II, Phase III or any other human clinical trial testing the safety and efficacy of the
Biological Materials for the treatment of a peripheral neuropathy. 
  
 “Affiliate” shall mean a Person that, directly or indirectly, through one or more intermediates, controls, is controlled by, or is under common control with the Person specified. For the purposes of this definition, control
shall mean the direct or indirect ownership of (i) in the case of corporate entities, securities authorized to cast more than fifty percent (50%) of the votes in any election for directors, or (ii) in the case of non-corporate
entities, more than fifty percent (50%) ownership interest with the power to direct the management and policies of such 

 
non-corporate entity. Notwithstanding the foregoing, the term “Affiliate” shall not include subsidiaries in which a Party or its Affiliates owns a
majority of the ordinary voting power to elect a majority of the board of directors, but is restricted from electing such majority by contract or otherwise, until such time as such restrictions are no longer in effect. 
  
 “Approval” shall mean approval by the FDA or the
corresponding European authority permitting marketing by CORAUTUS of a Licensed Product. 
  
 “Approval Date” shall mean the date of approval by the FDA or the corresponding European authority permitting marketing by CORAUTUS of the Initial Product. 
  
 “Biological Materials” shall mean the vascular endothelial
growth factor-2 gene referred to as “VEGF-2” and proprietary naked plasmid DNA encoding for VEGF-2, including the plasmid DNA sometimes referred to as “phVEGF-2” or “pVGI.1(VEGF2)”, together with any Progeny,
Derivatives and Modifications therefrom. 
  
 “Combination
Product” shall mean a Licensed Product that includes one or more compounds in addition to Biological Materials or a licensed process that uses one or more additional methods that may or may not be the subject of an CSEMC Patent. 

 
 “Commercially Reasonable Efforts” shall mean efforts and
resources commonly used by CORAUTUS for a product owned by it or to which it has rights at a similar stage in its development or product life and of similar market potential taking into account efficacy, safety, the anticipated regulatory authority
approved labeling, the competitiveness of alternative products in the marketplace, the patent and other proprietary position of the product, the likelihood of regulatory approval, the profitability of the product including the royalties payable to
licensors of patent rights, alternative products (of either a Third Party or CORAUTUS) and other relevant factors. Commercially Reasonable Efforts shall be determined on a market-by-market basis for a particular product, and it is anticipated that
the level of effort will change over time, reflecting changes in the status of the Licensed Product and the market involved. 
  
 “Corautus Confidential Information” shall mean all Corautus Product Data and any other data or information that is of value to CORAUTUS
and is not generally known to competitors of CORAUTUS. To the extent consistent with the foregoing, Confidential Information includes information or data that (i) concerns the operations, facilities, manufacturing, clinical trials, pre-clinical
studies, regulatory affairs and compliance, protocols, bench work, assay development, methodology, pricing, plans, affairs and businesses of CORAUTUS and the financial affairs of CORAUTUS, (ii) constitutes trade secrets, or (iii) is marked
confidential, restricted, proprietary or with a similar designation. Confidential Information also includes any information of the type described in this paragraph that CORAUTUS obtains from another Person that CORAUTUS or such other Person treats
as proprietary or designates as confidential information, whether or not owned or developed by CORAUTUS or such other Person. Notwithstanding the foregoing, such term shall not include any materials or information of the types specified above to the
extent that such materials or information: (i) are or become generally utilized by other Persons engaged in the same business or activities in which CORAUTUS utilized, developed or otherwise acquired such information or publicly known;
(ii) are known to CSEMC prior to receipt thereof and without any restrictions on disclosure in favor of CORAUTUS; or (iii) are furnished to other Persons by CORAUTUS with no restriction on disclosure. 
  

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 “Corautus Invention” shall mean Inventions relating solely to the Biological Materials,
including but not limited to manufacturing, use or techniques thereof, conceived and/or reduced to practice solely by Corautus or jointly by CSEMC and Corautus under any under the Additional Clinical Trials in which CSEMC participates. 

 
 “Corautus Phase II Clinical Trial” shall mean an
Additional Clinical Trial sponsored by Corautus that is recognized by the FDA or the corresponding European authority as a Phase II trial in the Field of Use. 
  
 “Corautus Pivotal Clinical Trial” shall mean a clinical trial sponsored by Corautus, that is recognized by
the FDA or the corresponding European authority as a Phase III or equivalent clinical trial, designed and powered to provide substantive evidence of safety and efficacy to support an application for Approval of the Initial Product. 

 
 “Corautus Product Data” shall mean the data generated
under any Additional Clinical Trials sponsored by CORAUTUS, the documentation filed by CORAUTUS with the relevant health or regulatory authorities and any government-issued approvals, including New Drug Applications obtained by CORAUTUS. 

 
 “CSEMC Confidential Information” shall mean all CSEMC
Documentation and any other data or information that is of value to CSEMC and is not generally known to competitors of CSEMC. To the extent consistent with the foregoing, Confidential Information includes information or data that (i) concerns
the operations, facilities, manufacturing, clinical trials, pre-clinical studies, regulatory affairs and compliance, protocols, bench work, assay development, methodology, pricing, plans, affairs and businesses of CSEMC and the financial affairs of
CSEMC, (ii) constitutes trade secrets, or (iii) is marked confidential, restricted, proprietary or with a similar designation. Confidential Information also includes any information of the type described in this paragraph that CSEMC
obtains from another Person that CSEMC or such other Person treats as proprietary or designates as confidential information, whether or not owned or developed by CSEMC or such other Person. Notwithstanding the foregoing, such term shall not include
any materials or information of the types specified above to the extent that such materials or information: (i) are or become generally utilized by other Persons engaged in the same business or activities in which CSEMC utilized, developed or
otherwise acquired such information or publicly known; (ii) are known to CORAUTUS prior to receipt thereof and without any restrictions on disclosure in favor of CSEMC; or (iii) are furnished to other Persons by CSEMC with no restriction
on disclosure. 
  
 “CSEMC Documentation” shall
mean the documents and information transferred by CSEMC to CORAUTUS for purposes of the Additional Clinical Trials. 
  
 “CSEMC Invention” shall mean Inventions relating solely to the use of vascular endothelial growth factors for the treatment of a
peripheral neuropathy conceived and/or reduced to practice solely by CSEMC or jointly by CSEMC and CORAUTUS under any Additional Clinical Trial in which CSEMC participates. 
  

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 “CSEMC Patent(s)” shall mean those United States or foreign patents and/or applications
listed on Appendix A hereto as amended and modified from time to time by CSEMC which such Appendix A is hereby incorporated herein by reference, the inventions disclosed therein, and any divisions, reissues, continuations, continuations-in-part or
extensions relating or corresponding thereto, and disclosed in foreign patent application corresponding thereto. 
  
 “CSEMC Research Study Data” shall mean the data generated under the CSEMC Research Study. 
  
 “CSEMC Research Study” shall mean the Phase I clinical
trial under IND 11572 entitled “pVGI.1 (VEGF-2) Gene Transfer for Diabetic Neuropathy.” The Research Study is being conducted at the facility of CSEMC and through a subinvestigator at the New England Medical Center, Boston, Massachusetts.

  
 “Derivative” means a substance which
constitutes an unmodified functional sub-unit or product expressed by the Biological Materials, including, but not limited to, genes and regulatory sequences and proteins expressed by DNA or RNA. 
  
 “Field of Use” shall mean the use of Biological Materials
for treating a peripheral neuropathy, including, without limitation, diabetic neuropathy. 
  
 “First Licensed Product” shall mean the first Licensed Product which is sold commercially after Approval. 
  
 “Initial Product” shall mean a product for the treatment of peripheral diabetic neuropathy that incorporates Biological Materials.

  
 “Intellectual Property” shall mean all
intellectual property rights, including (i) United States and other national patents and patent applications, divisions, continuations, continuations-in-part, reissues, renewals, reexaminations, requests for continued examination, supplemental
registrations or extensions thereof, (ii) trademarks, whether registered or unregistered and applications for registration thereof, (iii) copyrights, whether registered or unregistered and applications for registration thereof, and
(iv) trade secrets, know-how, technology, proprietary information and data, including formulae, procedures, plans, methods, processes, specifications, models, protocols, techniques and experimentation, and design, testing and manufacturing
data, and products, compositions, and procedures. 
  
 “Inventions” shall mean findings, discoveries, inventions, additions, modifications, formulations, variations, enhancements, refinements or derivative works. 
  
 “Joint Invention” shall mean any Invention, except a Corautus Invention or a CSEMC Invention, whether
patentable or not, first conceived and/or reduced to practice under an Additional Clinical Trial which could be described in a patent application, if one were to be filed, naming one or more employees and/or agents of CSEMC and one or more employees
and/or agents of CORAUTUS as joint inventors as determined by U.S. patent laws. 
  

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 “Licensed Product” shall mean any product or method in the Field of Use covered by one
or more Valid Claims. 
  
 “Material Transfer
Agreement” shall mean the agreement between CORAUTUS and CSEMC effective as of August 1, 2004, and executed on even date herewith, a copy of which is attached as Appendix B hereto. 
  
 “Modification” shall mean any material substantially based
on, containing or incorporating a substantial element of the Biological Material, or any materials which are not new or not obviously distinct from the Biological Material. 
  
 “Net Sales” shall mean *** 
  
 “Party” or “Parties” shall mean individually and collectively, respectively, CORAUTUS and CSEMC. 
  
 “Person” shall mean any individual, firm, corporation,
partnership, limited liability company, trust, unincorporated organization or other entity or a government agency or political subdivision thereto, and shall include any successor (by merger or otherwise) of such Person. 
  
 “Progeny” shall mean any unmodified descendant from the
Biological Material, including cell from cell, or organism from organism. 
  
 “Third Party(ies)” shall mean any Person other than CSEMC, CORAUTUS and their respective Affiliates. 
  
 “Valid Claim” shall mean any claim of an issued and unexpired patent within CSEMC Patent(s) which covers a Licensed Product and which
shall not have been withdrawn, lapsed, cancelled, challenged or disclaimed, nor held invalid by a court of competent jurisdiction in an unappealed or unappealable decision. 
  

	***	Confidential Treatment Requested 

  

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 II. GRANT OF LICENSE 
  
 2.1 License Grant: CSEMC hereby grants to CORAUTUS the exclusive worldwide right and license, with the right to sublicense on the terms and
conditions set forth in Section 2.2, in the Field of Use under the CSEMC Patent(s) to make, have made, market, have marketed, use, import, offer for sale, sell and have sold Licensed Product (the “License”). The License granted
hereunder shall be subject to any rights of the U.S. Government, its agencies or authorities under Public Law 96-517 and Public Law 98-620 which may be applicable. Notwithstanding the License granted herein, CSEMC shall have the right, subject to
CORAUTUS’ consent, not to be unreasonably withheld, to make and have made Licensed Product(s) for itself and distribution to non-profit organizations for research purposes only, but not for any commercial or other purpose. Nothing in the
foregoing sentence shall constitute a grant by Corautus or confer upon CSEMC any rights to make or use the Biological Materials. 
  
 2.1.1 CORAUTUS and CSEMC agree that if the “exclusive” nature of the License granted under this Section 2.1 is deemed to be unreasonable by
a court of competent jurisdiction or the European Commission (each referred to herein as “Court”), CORAUTUS and CSEMC agree to a change in the nature of the license granted in the applicable country or countries within the jurisdiction of
such Court to “co-exclusive,” “non-exclusive” or such other characterization as such Court shall deem reasonable under the circumstances; provided, however, that such change shall have no impact on the exclusive nature of the
License elsewhere in the world or on the other terms and provisions of this Agreement. Notwithstanding the foregoing, if a Court were to deem the “exclusive” nature of the License as unreasonable, with respect to the country or countries
within the jurisdiction of such Court, CORAUTUS, with respect to such countries only, shall not be obligated to any development or commercialization obligations hereunder, and the royalty rate to be paid by CORAUTUS with respect to Net Sales of
Licensed Products in such countries shall be reduced by *** (***). 
  
 2.2 Sublicense Rights: CORAUTUS shall be entitled to grant sublicenses in the Field of Use under the License on terms and conditions in compliance and consistent with the terms and conditions of this Agreement (except that the
royalty therein may be higher than that stated in Section 4.1 hereof). CORAUTUS shall provide CSEMC thirty (30) days prior written notice of any intent to sublicense any portion of the license granted under this Agreement, such notice to
identify the sublicensee and the scope of the sublicense. CSEMC may refuse to grant CORAUTUS permission to sublicense any portion of the license granted under this Agreement to any entity which it deems in its sole discretion creates a likelihood of
public embarrassment or scandal for the Roman Catholic Church by informing CORAUTUS of such refusal in writing within said thirty (30) day period. Each sublicense granted by CORAUTUS hereunder shall be subject and subordinate to the terms and
conditions of this Agreement and shall contain terms and conditions similar to those in this Agreement including, but not limited to, the following provisions: 
  

	 	(a)	The sublicense shall expire automatically on the termination of the License; 

  

	 	(b)	The sublicense shall not be assignable, in whole or in part; 

  

	***	Confidential Treatment Requested 

  

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	 	(c)	The sublicensee shall not grant further sublicenses without the prior written consent of CSEMC and CORAUTUS; 

  

	 	(d)	During the term of the sublicense the sublicensee shall be bound in writing by a confidentiality obligation similar to that imposed on CORAUTUS in Article X, and the sublicensee
shall bind its employees with a similar undertaking of confidentiality; 

  

	 	(e)	Any sublicense granted by CORAUTUS pursuant to this Agreement shall be subject to any rights of the U.S. Government, its agencies or authorities under Public Law 96-517 and Public
Law 98-620 which may be applicable; 

  

	 	(f)	Each and every sublicense granted by CORAUTUS must contain a Catholic Identity provision substantially the same as set forth in Section 14.1 requiring any sublicensee to
conform its use of the sublicense to the teachings of the Roman Catholic Church as provided for herein; 

  

	 	(g)	CORAUTUS shall provide CSEMC with a complete copy of each fully executed sublicense agreement promptly after its execution; 

  

	 	(h)	Failure of CORAUTUS to adhere to the requirements set forth herein that is not cured within 30 days after written notice from CSEMC to CORAUTUS of such failure, shall enable CSEMC
to revoke and declare the License to be null and void and terminate this License Agreement; and 

  

	 	(i)	Failure of any sublicensee to adhere to the requirements set forth herein shall require CORAUTUS to revoke and declare said sublicense to be null and void. 

 
 2.3 Option. CSEMC hereby grants Corautus the right and option to
acquire an exclusive, worldwide, royalty bearing license with right to sublicense under the CSEMC Inventions in the Field of Use for the life of any patent to be issued with respect to the CSEMC Inventions. ***. This option may be exercised as to a
CSEMC Invention at any time during the one year period commencing on the date CSEMC gives written notice to CORAUTUS that CSEMC has filed a patent application covering such CSEMC Invention. 
  
 III. LICENSE FEE AND MILESTONE PAYMENTS 
  
 3.1 Milestone Payments. Each of the following amounts will be payable
by CORAUTUS to CSEMC within thirty (30) business days following confirmation by CORAUTUS that the specified event has occurred: 
  

	 	3.1.1	***. 

  

	 	3.1.2	***. 

  

	 	3.1.3	***. 

  

	***	CONFIDENTIAL TREATMENT REQUESTED 

  

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	 	3.1.4	***. 

  

	 	3.1.5	***. 

  
 IV. ROYALTY PAYMENTS 
  
 4.1 Royalty
Amount: In further consideration for the grant of the License, CORAUTUS shall pay to CSEMC a royalty, on a country-by-country basis, at the rate of *** (***) of Net Sales of Licensed Products. 
  
 4.2 Quarterly Payments: Royalties and sublicensing income under
Sections 4.1 and 4.8 herein shall be payable on a quarterly basis, within ninety (90) days after the end of each calendar quarter. Royalties shall be based upon the Net Sales during each calendar quarter, commencing with the calendar quarter in
which the first commercial sale of a Licensed Product is made. Royalties shall be calculated in accordance with generally accepted accounting principles and shall be paid without any reduction or deduction or set-off of any nature or kind
whatsoever, except as may be prescribed by law. 
  
 4.3
Reports: CORAUTUS shall furnish to CSEMC at the same time as each payment is made pursuant to Section 4.2, a written report on a country-by-country basis, of the (i) sublicensing income and (ii) Net Sales, the number of units
of each type of Licensed Product included in Net Sales, and the calculation of the royalty due and payable, for the calendar quarter upon which the royalty payment is based. 
  
 4.4 Records: CORAUTUS shall keep, or cause to be kept, full, complete and proper records and accounts of sales of
Licensed Products in sufficient detail to enable the royalties payable hereunder to be determined. CSEMC shall jointly have the right at its own expense to appoint an independent certified public accounting firm, reasonably acceptable to CORAUTUS,
to audit, during normal business hours and upon reasonable prior written notice, the records which are necessary to verify the royalties payable pursuant to this Agreement; provided, however, that if the audit discloses that CSEMC was underpaid
royalties by at least *** (***) for any calendar quarter, then CORAUTUS shall reimburse to CSEMC any reasonable costs of such audit, together with an amount equal to the additional royalties to which CSEMC is entitled as disclosed by the audit.
CSEMC may exercise its right of audit no more frequently than once in any calendar year. The accounting firm shall disclose to CSEMC only information relating solely to the accuracy of the royalty payments and reports. CORAUTUS shall preserve and
maintain all such records required for audit for a period of three (3) years after the calendar quarter to which the record applies. CORAUTUS shall make such records and books available to the foregoing accounting firm at a suitable location
within the United States. 
  
 4.5 Corautus Obligation to
Pay: CORAUTUS, at its own expense, shall be responsible for reporting and paying to CSEMC all royalties due under Section 4.1 hereof on account of sales of Licensed Products by its Affiliates, sublicensees and distributors. 
  
 4.6 Term of Royalty: The royalty obligations to CSEMC as to each
Licensed Product shall terminate on a country-by-country basis on the expiration date of the last to expire of issued CSEMC Patents in such country which have not been disclaimed or held invalid by a 
  

	***	CONFIDENTIAL TREATMENT REQUESTED 

  

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court of competent jurisdiction from which no appeal can be taken or, after mutual consultation and agreement, an appeal is not taken, and which includes at
least one Valid Claim covering the Licensed Product. 
  
 4.7
Late Payments. Unless otherwise provided in the Agreement, CORAUTUS shall pay interest to CSEMC on the aggregate amount of any payments by CORAUTUS that are not paid on or before the date such payments are due under the Agreement at a rate
per annum equal to the lesser of the prime rate of interest as reported by The Wall Street Journal, Eastern U.S. Edition, from time to time, plus two percent (2%), or the highest rate permitted by applicable law, calculated on the number of
days such payment is delinquent. 
  
 4.8 Additional
Sublicensing Payments. Excluding research funding received by CORAUTUS for the Licensed Products and further excluding income received by CORAUTUS that is computed or determined by reference to the sales or sales price of the Licensed Product
(e.g., royalties paid by a sublicensee to CORAUTUS) CORAUTUS shall pay CSEMC *** of all other income (e.g., license fees) received by CORAUTUS from a sublicensee as a result of a sublicense agreement granting a sublicense to the Licensed Product.
For avoidance of doubt, nothing in the foregoing sentence is intended to reduce the royalty to be paid to CSEMC under Section 4.1 and 4.5 hereof. If the CSEMC technology is sublicensed in a bundle with other technologies, the amount due to
CSEMC shall be pro rated based on the percent contribution of the CSEMC technology to the bundle, as mutually agreed by the parties. 
  
 V. PATENT MATTERS 
  
 5.1 Patent Prosecution Filing Obligation and Maintenance: 
  

5.1.1 During the term of this Agreement, CSEMC shall be responsible for prosecuting and maintaining the CSEMC Patent(s). CORAUTUS shall reimburse CSEMC
*** of patent expenses incurred after the Effective Date of this license; provided, however; (a) CSEMC will consult with Corautus periodically about patent expenses and receive input from Corautus before committing to expenses that are not
routine patent prosecution expenses. Such non-routine patent expenses shall include, e.g., expenses involving litigation or interference; (b) Corautus will be billed for any patent expenses attributable to any calendar quarter by the close of
the following calendar quarter, and any reimbursement for any expenses not timely billed will be deemed waived by CSEMC. CSEMC shall not abandon any CSEMC Patents without giving CORAUTUS prior written notice thereof. 
  
 5.1.2 CORAUTUS and CSEMC agree to reasonably cooperate in the preparation,
filing, prosecution and maintenance of any patent application and patent in CSEMC Patent(s). CORAUTUS shall bear its own costs in connection with its cooperation with CSEMC under this Section 5.1.2. 
  
 5.1.3 CORAUTUS recognizes that CSEMC may license other parties under CSEMC
Patents outside the Field of Use. 
  

	***	CONFIDENTIAL TREATMENT REQUESTED 

  

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 5.2 Mutual Assistance: CSEMC and CORAUTUS shall assist, and shall use reasonable efforts to cause
their respective employees, patent attorneys, and in CORAUTUS’ case, consultants, to assist each other, in assembling inventorship information and data for the filing and prosecution of CSEMC Patents. In the event of a dispute as to status as
an inventor, inventorship shall be determined in accordance with the patent laws of the United States or the patent laws of the country of application for patent by mutual agreement of counsel for CSEMC and counsel for CORAUTUS. 
  
 5.3 Patent Prosecution: CSEMC shall keep CORAUTUS reasonably informed
with regard to the status of the CSEMC Patents and provide to CORAUTUS upon request therefor copies of patent applications for CSEMC Patents and related prosecution. CORAUTUS patent attorneys shall have the right to consult with CSEMC patent
attorneys at reasonable times on matters relating to the prosecution of CSEMC Patents, including the scope of claim coverage and international filings. CSEMC shall consider all reasonable requests made by the other with regard to the patent
application and maintenance processes. If either of the parties to this Agreement becomes aware of any infringement or potential infringement of the CSEMC Patents, that party will give notice thereof to the other party and provide available
information to the other party. 
  
 VI. CORAUTUS/CSEMC RIGHTS 

 
 6.1 Ownership and Inventions: 
  
 6.1.1 Pre-Existing Corautus Rights. Both Parties acknowledge and
agree that CORAUTUS retains ownership of all right, title and interest in and to the Biological Materials, Corautus Inventions, Corautus Confidential Information, all Intellectual Property of Corautus and Corautus Product Data subject only to
Section 6.2.2 below 
  
 6.1.2 Pre-Existing CSEMC
Rights. Both Parties acknowledge and agree that CSEMC retains ownership of all right, title and interest in and to CSEMC Confidential Information, CSEMC Patents, CSEMC Invention, CSEMC Research Study, CSEMC Research Study Data and all
Intellectual Property of CSEMC. 
  
 6.1.3 Joint Inventions by
Both Parties. If a Joint Invention is conceived, discovered or reduced to practice by the Parties in the course of the Additional Clinical Trials, the Parties agree to reasonably assist each other in obtaining patent protection for any such
Joint Invention. Notwithstanding the foregoing, the parties shall negotiate in good faith an agreement covering the terms and conditions under which any such Joint Invention shall be protected and exploited, including but not limited to, which party
shall control protection and exploitation of such Joint Invention, the sharing of expenses relating to any patent applications that may be filed covering such Joint Invention and any profits and royalties in respect of such Joint Invention.

  
 6.1.4 New Inventions by A Party. Each Party shall
retain all right, title and interest in any and all Intellectual Property in and to Inventions, other than Corautus Inventions or CSEMC Inventions, conceived, discovered or reduced to practice solely by that Party during the Additional Clinical
Trials. 
  

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 6.1.5 Ownership of Corautus Inventions. CORAUTUS shall own all right, title and interest in and to
all Corautus Inventions, and CSEMC agrees to execute any documents necessary to confirm such ownership when reasonably requested to do so. 
  
 6.1.6 Ownership of CSEMC Inventions. CSEMC shall own all right, title and interest in and to all CSEMC Inventions, and CORAUTUS agrees to execute
any documents necessary to confirm such ownership when requested to do so. 
  
 6.2 Ownership: 
  
 6.2.1
All right, title and interest in and to any Corautus Product Data shall vest solely in CORAUTUS. 
  
 6.2.2 Notwithstanding Section 6.2.1 and in the event of termination in accordance with 9.3 below, all Corautus Product Data shall be transferred to
and shall become the sole property of CSEMC and shall be CSEMC’s Confidential Information. 
  
 6.2.3 All right, title and interest in and to all CSEMC Research Study Data is vested solely in CSEMC. 
  
 VII. COMMERCIALIZATION AND DEVELOPMENT 
  
 7.1 Government Approval: CORAUTUS shall be solely responsible for
obtaining, Approval at CORAUTUS’ expense. CORAUTUS shall have sole responsibility for any warning labels, packaging, instructions as to use, and quality control as to any Licensed Product. 
  
 7.2 Commercial Development Obligation; Reports: 
  
 7.2.1 CORAUTUS shall use Commercially Reasonable Efforts to develop and
commercialize at least one Licensed Product. It is the intent of the parties that the first Licensed Product developed and commercialized will be the Initial Product. In the event that CORAUTUS determines that it will not pursue commercialization of
the Initial Product, CORAUTUS shall promptly inform CSEMC of its decision in writing. In the event that CSEMC believes that CORAUTUS is not engaged in Commercially Reasonable Efforts, CSEMC shall promptly notify CORAUTUS in writing and provide the
basis for such belief. The parties will then enter good faith negotiations to discuss what additional steps CORAUTUS should take to meet the requirement of Commercially Reasonable Efforts. 
  
 7.2.2 CORAUTUS shall keep CSEMC reasonably informed as to CORAUTUS’
progress in undertaking Commercially Reasonable Efforts including its efforts, if any, to sublicense the CSEMC Patents, and shall provide periodic reports, not less than once a year, to CSEMC. Such reports may be made by verbal presentations to
CSEMC. Upon CSEMC’s reasonable request therefor any such periodic presentation shall be memorialized in written form by CORAUTUS. 
  

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 7.3 Patent Marking: To the extent relevant under applicable law, CORAUTUS shall mark all Licensed
Products or their container in accordance with the patent marking laws of the country in which Licensed Products are manufactured, used or sold. 
  
 7.4 CSEMC Research Study. CSEMC agrees to complete the CSEMC Research Study within approximately 24 months of the Effective Date in accordance with
the protocol therefor. In the event that unexpected technical or regulatory difficulties makes completion of the CSEMC Research Study not achievable within this time period, CORAUTUS and CSEMC will renegotiate a replacement date in good faith. For
the avoidance of doubt, if CSEMC is unable to meet this date, CORAUTUS will not be entitled to terminate the Agreement unless it can be demonstrated that CSEMC has not used good faith and reasonable efforts towards completion of the CSEMC Research
Study. CSEMC shall provide CORAUTUS, promptly upon CORAUTUS’ request, with a full and complete copy of the CSEMC Research Study Data. In support of the Additional Clinical Trials sponsored by CORAUTUS and for the purpose of seeking Approval,
CSEMC shall permit CORAUTUS to use, access and reference the CSEMC Research Study Data, and CSEMC will promptly advise the FDA in writing of such rights of reference and access when requested by CORAUTUS. To these ends, CSEMC will also, at Corautus
expense upon CORAUTUS’ reasonable request make available its personnel involved in the CSEMC Research Study, to the extent such personnel are under the control of CSEMC, to answer questions about the CSEMC Research Study. The timing, duration
and place of such availability, shall be mutually agreed by the parties in advance. 
  
 7.5 CSEMC Participation In Additional Clinical Trials. For a period of five years from the Effective Date, the Parties agree that they will cooperate in good faith to provide CSEMC with the opportunity to be a
primary clinical site in any Additional Clinical Trial, subject to applicable law and reasonable qualifications. Corautus shall permit CSEMC to state in its marketing and similar materials that CSEMC is Corautus’ premier clinical site in the
Additional Clinical Trials if CSEMC is actively participating in such Additional Clinical Trial as an investigator. Notwithstanding the foregoing, because the details, timing and conditions of any Additional Clinical Trial cannot be predicted,
Corautus shall not be obligated to CSEMC as a clinical site for, and CSEMC shall not be obligated to participate as a clinical site in any Additional Clinical Trial. 
  
 7.6 Use of Corautus Product Data: CSEMC will not sponsor or participate in Additional Clinical Trials other than
those sponsored by CORAUTUS for so long as this Agreement is in effect. If this Agreement is terminated under Section 9.3, CORAUTUS shall permit CSEMC to access and reference Corautus Product Data in support of further CSEMC sponsored
Additional Clinical Trials. 
  
 VIII. INFRINGEMENT OF PATENTS 

 
 8.1 Notification: If CORAUTUS, CSEMC or their respective
Affiliates or sublicensees is sued by a Third Party for infringement of a Third Party’s patent because of the manufacture, use, sale, offer to sell or importation of Licensed Product, the party which has been sued shall promptly notify the
other party in writing of the institution of such suit. 
  

 -12 - 

 8.2 Control: The party being sued shall have the right, in its sole discretion, to control the
defense of such suit at its own expense, in which event the other party shall have the right to be represented by advisory counsel of its own selection, at its own expense, and shall cooperate fully in the defense of such suit and shall promptly
respond to all reasonable requests from the party being sued with respect to evidence and assistance within its control; provided, however, the party being sued may waive the right to control the defense of such suit at its own expense, and in such
case, the other party would have the same rights under this Article 8 as the party being sued otherwise would have had under this Article 8. 
  
 8.3 Settlement: The party controlling the suit may not settle the suit or otherwise consent to an adverse judgment in such suit that diminishes the
rights or interests of the non-controlling party without the express written consent of the non-controlling party, which shall not be unreasonably withheld. Any judgments, settlements or damages payable with respect to legal proceedings covered by
this Article 8 shall be paid by the party which controls the litigation. 
  
 8.4 Monetary Recovery: Monetary recoveries from litigation pursuant to Section VIII shall be apportioned as follows: The party controlling the litigation has the right to first reimburse itself for all
out-of-pocket costs and expenses of every kind and character, including reasonable attorneys’ fees, involved in the litigation or settlement of such suit from any sums recovered in such suit or in settlement. If, after such reimbursement, any
funds shall remain from said recovery, the party controlling the litigation shall promptly pay to the non-controlling party an amount which is collectively equal to twenty percent (20%) of such remainder and the party controlling the litigation
shall be entitled to receive and retain the balance of the remainder of such recovery. 
  
 IX. TERM AND TERMINATION 
  
 9.1 Term;
Survival: Except as provided below, the term of the License shall be determined by the term of CORAUTUS’ royalty obligations as set forth in Article IV. Obligations of the parties set forth in Sections 4.4, 6.1, and 8.4, and Articles X, XI,
XII, and XIII shall survive and remain in full force and effect after the expiration, cancellation or termination of this Agreement for any reason. 
  
 9.2 Termination for Cause: At any time prior to expiration pursuant to Section 9.1, either CORAUTUS, on the one hand, or CSEMC, on the other
hand, may terminate this Agreement for cause upon written notice to the other in the event that there has been a material breach by the other of any of the terms of this Agreement and the other has failed to cure such breach within sixty
(60) days after receipt of written notice thereof; provided, however, termination on account of a breach by Corautus of Section 7.2.1 shall be exclusively under Section 9.3 hereof. Such termination rights shall be in addition to and
not in substitution for any other remedies that may be available to the party serving such notice against the party in default. Termination pursuant to this Section 9.2 shall not relieve the party in default from liability and damages to the
other party for breach. Waiver by either party of a single default or a succession of defaults shall not deprive such party of any right to terminate this Agreement arising by reason of any subsequent default. Notwithstanding the foregoing, if the
material breach is CORAUTUS’ failure to pay monies to CSEMC as provided herein (other than the 

  

 -13 - 

 
payment of immaterial amounts), and such material breach is not cured in accordance with the provisions of this Section 9.2, then CSEMC shall have the
right to terminate this Agreement, upon thirty (30) days written notice to CORAUTUS, unless CORAUTUS makes such payments plus interest within said thirty (30) day notice period; provided, however, that CORAUTUS’ failure to pay any
monies which are subject to a good faith dispute between the parties shall not be deemed to be a breach of this Agreement so long as within sixty (60) days of the notice contemplated by this Section 9.2 CORAUTUS deposits into a U.S. escrow
account with a Third Party (or has previously made such deposit) monies equal to the amount in dispute, such monies to remain in escrow until the final resolution of such dispute as provided for in this Agreement. 
  
 9.3 Termination for Failure to Use Commercially Reasonable Efforts: In
the event Corautus has in CSEMC’s reasonable judgment failed to exercise Commercially Reasonable Efforts and the negotiations set forth in Section 7.2.1 have failed to result in the commencement of Commercially Reasonable Efforts, then
CSEMC may at its election seek a determination by the third party arbitration panel under the provisions of Section 13.11 that Commercially Reasonable Efforts have not been undertaken. If such arbitration panel finds that Corautus has breached
its obligation to exercise Commercially Reasonable Efforts, Corautus shall again have an opportunity for a period of 12 months to exercise Commercially Reasonable Efforts. If CSEMC in its reasonable judgment believes that CORAUTUS has still not
exercised Commercially Reasonable Efforts by the end of such 12 month period, then CSEMC shall have the right to terminate this Agreement. Corautus has no obligation to commence Commercially Reasonable Efforts until CSEMC has completed the CSEMC
Research Study and provided Corautus with a copy of the CSEMC Research Study Data and rights of access and reference as provided in Section 7.4. CORAUTUS shall use Commercially Reasonable Efforts to meet or accomplish the following: 

 
 (a) ***. 
  
 (b) ***. 
  
 In the event that unexpected technical or regulatory difficulties makes these dates not achievable or in the event such dates are no longer reasonably achievable at the
conclusion of the arbitration process set forth in this paragraph, CORAUTUS and CSEMC will renegotiate replacement dates in good faith. For the avoidance of doubt, if CORAUTUS is unable to meet the above milestones before the listed indicative
dates, as so extended under the prior sentence, CSEMC will not be entitled to terminate the Agreement unless it can be demonstrated that CORAUTUS has not used good faith and Commercially Reasonable Efforts to the development of a Licensed Product.

  
 9.4 Termination Upon Insolvency: This Agreement may be
terminated by a party upon written notice to the other in the event that (i) the other party shall make an assignment for the benefit of its creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of
custodian, receiver or any trustee for it or a substantial part of its assets, or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect; or (ii) if there shall have been filed against the other party any such bona fide petition or 
  

	***	CONFIDENTIAL TREATMENT REQUESTED 

  

 -14 - 

 
application, or any such proceeding shall have been commenced against it, in which an order for relief is entered or which remains unstayed or undismissed
for a period of 90 days or more; or (iii) if the other party by any act or omission shall indicate its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment of a
custodian, receiver or trustee for it or any substantial part of its assets, or shall suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of 90 days or more. Termination shall be effective upon the date
specified in such notice. All Licenses granted under or pursuant to any section of this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”),
licenses to “intellectual property” as defined under Section 101 of the Bankruptcy Code. The parties agree that CORAUTUS, as a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and
elections under the Bankruptcy Code. 
  
 9.5 Effect of
Expiration or Termination of Agreement: Termination of this Agreement shall not relieve the parties of any obligation which accrued prior to such termination. 
  
 9.6 Rights of Licensee Upon Regularly Scheduled Termination: Upon the termination of the License as regards each
Licensed Product at its regularly scheduled expiration date, CORAUTUS shall not have any further rights or obligations with respect to the License for the Licensed Product except those obligations that survive termination and other than that
CORAUTUS shall make any and all final reports and payments for the final quarter period. After any such regularly scheduled expiration, CORAUTUS shall be entitled to continue, on a non-exclusive basis, making, having made, marketing, having
marketed, using, importing, offering for sale, selling and having sold the Licensed Product which was the subject of the expired License and which is not the subject of a current license, without the accrual of any future royalties pursuant to
Section 4.1 hereof. 
  
 9.7 Rights Prior to Regularly
Scheduled Termination of Agreement: Upon any termination of this Agreement prior to the regularly scheduled expiration date, the License granted hereunder shall terminate. Upon such termination CORAUTUS shall have no further right to use any of
the CSEMC Patents. Upon any such termination and subject to Section 6.1(b), CORAUTUS and CSEMC shall promptly return to the other all materials, samples, documents, information, and any other matter provided by the other which embody or
disclose Confidential Information (as defined below) of the other; provided however, that each shall not be obligated to provide the other with proprietary information which can be shown to be independently developed, including regulatory data.

  
 9.8 Work-in-Progress: Upon any termination of the
License as regards any particular Licensed Product except in the case of termination by CSEMC for breach or in settlement of a litigation or administrative proceeding under the terms of which the making, using or selling Licensed Products is
prohibited, CORAUTUS shall be entitled, during the next twelve (12) months, to finish any work-in-progress and to sell any inventory of the Licensed Product covered by the terminated License which remains on hand as of the date of the
termination, so long as CORAUTUS pays to CSEMC the royalties applicable to said subsequent sales in accordance with the terms and conditions set forth in this Agreement. 
  

 -15 - 

 X. CONFIDENTIALITY 
  
 10.1 Protection of Corautus Confidential Information: 
  
 10.1.1 Confidentiality of Corautus Confidential Information. Subject to the provisions of Section 6.2.2 hereto, during the Term of this
Agreement and for a period of seven (7) years after the termination of this Agreement, whether at the instance of any Party, CSEMC shall not, except as expressly authorized hereunder or directed by CORAUTUS, use, copy, or disclose, or permit
any unauthorized Person access to, any Corautus Confidential Information; provided, however, CSEMC may disclose Corautus Confidential Information to such of its employees and to subinvestigators at the New England Medical Center who have a need to
know in connection with the performance of the Additional Clinical Trials described herein and have executed nondisclosure agreements obligating such Persons to keep the Corautus Confidential Information confidential in accordance herewith, or are
otherwise bound by similar confidentiality obligations. Failure to mark any of the Corautus Confidential Information as confidential shall not affect its status as Corautus Confidential Information under this Agreement. 
  
 10.1.2 Disclosure Required by Legal Process. Any disclosure by CSEMC
of Corautus Confidential Information required by legal process or requirement of a governmental regulatory authority shall only be made to the extent required by legal process or such governmental authority and after providing CORAUTUS with prompt
notice thereof in order to permit CORAUTUS to seek an appropriate protective order or exemption. 
  
 10.1.3 Return of Corautus Confidential Information. Upon the termination of this Agreement for any reason, whether at the instance of any Party,
CSEMC shall return to CORAUTUS, upon demand, all Corautus Confidential Information in its possession or, upon demand, destroy such Corautus Confidential Information and provide a duly authorized and executed certificate to CORAUTUS of such
destruction. 
  
 10.2 Protection of CSEMC Confidential
Information: 
  
 10.2.1 Confidentiality of CSEMC
Confidential Information. Subject to the provisions of Section 7.4 herein, during the Term of this Agreement and for a period of seven (7) years after the termination of this Agreement, whether at the instance of any Party, CORAUTUS
shall not, except as expressly authorized hereunder or directed by CSEMC, use, copy, or disclose, or permit any unauthorized Person access to, any CSEMC Confidential Information; provided, however, CORAUTUS may disclose CSEMC Confidential
Information to such of its employees and investigators who have a need to know in connection with the performance of the Corautus Trials and have executed nondisclosure agreements obligating such Persons to keep the CSEMC Confidential Information
confidential in accordance herewith, or are otherwise bound by similar confidentiality obligations. Failure to mark any of the CSEMC Confidential Information as confidential shall not affect its status as CSEMC Confidential Information under this
Agreement. 
  

 -16 - 

 10.2.2 Disclosure Required by Legal Process. Any disclosure by CORAUTUS of CSEMC Confidential
Information required by legal process or requirement of a governmental regulatory authority shall only be made to the extent required by legal process or such governmental authority and after providing CSEMC with prompt notice thereof in order to
permit CSEMC to seek an appropriate protective order or exemption. 
  
 10.2.3 Return of CSEMC Confidential Information. Upon the termination of this Agreement for any reason, whether at the instance of any Party, CORAUTUS shall return to CSEMC upon demand, CSEMC Documentation and other CSEMC
Confidential Information in its possession or, upon demand, destroy such CSEMC Documentation and Confidential Information and provide a duly authorized and executed certificate to CSEMC of such destruction. 
  
 10.3 Publications and Publicity: 
  
 10.3.1 CSEMC Publications. In the event CSEMC or any of its
investigators, desires to publish any previously unpublished data or patient summaries concerning the CSEMC Research Study or the CSEMC Research Study Data, whether by means of publication in scientific journals or at seminars or conferences or
otherwise, the CSEMC or such investigator shall provide CORAUTUS with at least sixty (60) days written notice prior to the proposed date of submission of such data or information for publication, which notice shall be accompanied by the
proposed publication (e.g., abstract, manuscript, or grant application). CSEMC will consider in good faith any comments that CORAUTUS may have regarding any proposed publication. 
  
 10.3.2 Corautus Publications. In the event CORAUTUS desires to publish any previously unpublished data or patient
summaries concerning the CSEMC Research Study or the CSEMC Research Study Data whether by means of publication in scientific journals or at seminars or conferences or otherwise, CORAUTUS shall provide CSEMC with at least sixty (60) days written
notice prior to the proposed date of submission of such data or information for publication, which notice shall be accompanied by the proposed publication (e.g., abstract, manuscript, or grant application). CORAUTUS will consider in good
faith any comments that CSEMC may have regarding any proposed publication. 
  
 10.4 Publicity and Marks: Neither Party may use any name, trade name, logo, trademark or service mark of the other party in any form or publicity in connection with the CSEMC Research Study, Additional Clinical
Trials or this Agreement without the prior written consent of the other party other than in public filings that are required under securities laws or as necessary or appropriate to obtain from any governmental agency any necessary approval or
license. 
  
 XI. REPRESENTATIONS AND WARRANTIES 
  
 11.1 CORAUTUS: CORAUTUS hereby represents and warrants to CSEMC as
follows: 
  
 (a) CORAUTUS is a corporation duly organized,
validly existing and in good standing under the laws of Delaware. CORAUTUS has been granted all requisite power and authority to carry on its business and to own and operate its properties and assets; 
  

 -17 - 

 (b) There is no pending or threatened litigation involving CORAUTUS which would have any effect on this
Agreement or on the ability of CORAUTUS to perform its obligations hereunder; and 
  
 (c) There is no material indenture, contract, or agreement to which CORAUTUS is a party or by which CORAUTUS is bound which prohibits or would prohibit the execution and delivery by CORAUTUS of this Agreement or the
performance or observance by CORAUTUS of any term or condition of this Agreement. 
  
 (d) (i) Beginning at the time that any Licensed Product is being commercially distributed or sold (other than for the purpose of obtaining regulatory approvals) by CORAUTUS or sublicensee, Affiliate or agent of
CORAUTUS, CORAUTUS shall, at its sole cost and expense, procure and maintain comprehensive general liability insurance in amounts not less than $*** per incident and $*** annual aggregate and naming CSEMC as an additional insured provided such
insurance is reasonably available on commercially reasonable terms. During clinical trials of any such Licensed Product, CORAUTUS shall, at its sole cost and expense, procure and maintain comprehensive general liability insurance in the amount set
forth in the previous sentence, naming CSEMC as an additional insured provided such insurance is reasonably available on a commercially reasonable terms. Such comprehensive general liability insurance shall provide (x) product liability
coverage and (y) broad form contractual liability coverage for CORAUTUS’ obligations under this Agreement. Notwithstanding the foregoing, CORAUTUS shall have the right to self-insure. 
  
 (ii) CORAUTUS shall provide CSEMC with written evidence of such insurance
upon request of CSEMC. CORAUTUS shall provide CSEMC with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance providing comparable coverage within such fifteen (15) day
period without notice or any additional waiting periods. 
  
 (iii) CORAUTUS shall maintain such comprehensive general liability insurance beyond the expiration or termination of this Agreement during the designated shelf life of the Licensed Products plus the applicable statute of limitations period
for products liability in the subject period, but in no event more than five (5) years after the License is terminated. 
  
 11.2 Corautus Indemnification of CSEMC. CORAUTUS hereby indemnifies and agrees to defend and hold harmless CSEMC, its members, trustees, officers,
agents, members of its Medical Staff, the CSEMC Affiliates, and any of their successors, assigns, employees, and customers (the “CSEMC Indemnitees”) from and against all claims or proceedings arising out of or as a result of any gross
negligence or intentional wrongful act or omission of CORAUTUS, or any of its employees or agents, in the exercise of the rights and license granted by CSEMC to CORAUTUS hereunder. Subject to the following Section 11.3, this indemnification
shall include, but not be limited to, reimbursement of all costs, including reasonable attorneys’ fees, incurred in the defense of the claim or proceeding and any judgment or settlement. 
  

	***	CONFIDENTIAL TREATMENT REQUESTED 

  

 -18 - 

 11.3 Indemnification Procedure. (a) A CSEMC Indemnitee shall give prompt written notice to
Corautus of any claim or proceeding as to which the CSEMC Indemnitee may request indemnification hereunder; provided, however, that the failure to provide or a delay in providing such notice shall not release Corautus from any of its
obligations under this Agreement, except to the extent that Corautus is actually prejudiced by such failure or delay, and shall not relieve Corautus from any other obligation or liability that it may have to the CSEMC Indemnitee otherwise than under
this Agreement. 
  
 (b) Corautus shall have the right to assume,
through counsel of its own choosing, which counsel shall be reasonably satisfactory to the CSEMC Indemnitee, the defense or settlement of any claim or proceeding the subject of indemnification hereunder at its own expense, so long as Corautus first
acknowledges in writing its obligation to indemnify the CSEMC Indemnitee hereunder against any and all losses that may result from such claim or proceeding. If Corautus elects to assume the defense of any such claim or proceeding, the CSEMC
Indemnitee may participate in such defense, but in such case at the expense of the CSEMC Indemnitee. Notwithstanding the foregoing, the CSEMC Indemnitee shall have the right to employ separate counsel at Corautus’ expense and to control its own
defense of any such claim or proceeding if a conflict or potential conflict exists between Corautus and the CSEMC Indemnitee that would make such separate representation advisable under applicable standards of professional conduct. 
  
 (c) If Corautus elects to assume the defense of any claim or proceeding, no
settlement in respect of any Third-Party claim may be effected by Corautus without the CSEMC’s Indemnitee’s prior written consent, which consent shall not be unreasonably withheld or delayed. If Corautus fails to undertake any such
defense, the CSEMC Indemnitee shall have the right to undertake the defense or settlement thereof at Corautus’ expense. Notwithstanding anything herein to the contrary, regardless of whether Corautus has assumed the defense of any claim or
proceeding pursuant to this Section 11, the CSEMC Indemnitee shall not settle any claim or proceeding with the prior written consent of Corautus, which consent shall not be unreasonably withheld or delayed; provided, however, that
the Parties agree that it shall be reasonable for Corautus to withhold its consent if any such settlement involves any admission of liability or wrongdoing by the CSEMC Indemnitee or Corautus. 
  
 11.4 CSEMC: CSEMC hereby represents, warrants and covenants to
CORAUTUS that: 
  
 (a) CSEMC is duly organized, validly existing
and in good standing under the laws of The Commonwealth of Massachusetts. CSEMC has been granted all requisite power and authority to carry on its business and to own and operate its properties and assets; 
  
 (b) As of the Effective Date, CSEMC has not been notified of any competing
claims with respect to the ownership of the CSEMC Patents and acknowledges that under CSEMC’s policy, faculty members, staff and employees are obligated to assign the whole of their rights in any intellectual property conceived using more than
insignificant resources at CSEMC to CSEMC; 
  

 -19 - 

 (c) As of the Effective Date, CSEMC has not been notified that the inception, development and reduction
to practice of the CSEMC Patents has constituted or involved the misappropriation of trade secrets or other rights of any Third Party; 
  
 11.5 Disclaimer of Warranties: Except as provided in Section 11.4, nothing in this Agreement shall be construed as a warranty or
representation by CSEMC that anything made, used, sold or otherwise disposed of under the License granted in this Agreement is or will be free from infringement of patents, copyrights, trade-marks, industrial design or other intellectual property
rights. EXCEPT AS PROVIDED IN SECTION 11.4, CSEMC MAKES NO EXPRESS OR IMPLIED WARRANTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AS TO ANY ELEMENT OF THE CSEMC PATENT OR ANY LICENSED
PRODUCT. 
  
 XII. USE OF NAME; PUBLIC ANNOUNCEMENTS 
  
 12.1 Use of Name: No party may use the name of the other party in any
advertising or other promotional material without the prior written consent of the other party. 
  
 12.2 Public Announcements: Any news release or other public announcement relating to this Agreement, including any of its terms, or to the
performance hereunder, must be approved by the parties, which approval shall not be unreasonably withheld. Once the text or substance of an announcement has been so approved, it may be repeated without further approval. Any disclosure which is
required by law may be made without the prior consent of the other party, although the other party shall be given prompt notice of any such legally required disclosure and an opportunity to comment on the proposed disclosure reasonably in advance to
the extent feasible. Further, the disclosing party shall make diligent efforts to limit the nature and scope of any disclosure to the extent reasonably possible and to otherwise prevent the disclosure of the non-disclosing parties’ Confidential
Information. Unless otherwise required by law, in no event shall a party be required to consent to the disclosure of any of the financial terms of this Agreement. 
  
 XIII. GENERAL PROVISIONS 
  
 13.1 Compliance with Law: In carrying out this Agreement, the parties shall comply with all local, state and federal laws, rules and regulations.

  
 13.2 Severability: If any one or more of the provisions
of this Agreement is held to be invalid or unenforceable in a proceeding from which no appeal can be or is taken, the provisions shall be considered severed from this Agreement and shall not serve to invalidate the remaining provisions thereof, so
long as the essential benefits of this Agreement will still be realized. The parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its economic effect is most consistent with the invalid
or unenforceable provision. Notwithstanding any provision to the contrary, if a court of competent jurisdiction in a proceeding involving this Agreement determines that Section 14.1 of this 

  

 -20 - 

 
Agreement, the Catholic Identity provision, is invalid, illegal or unenforceable, then this Agreement shall immediately terminate upon CSEMC providing
written notice to CORAUTUS citing such determination. 
  
 13.3
Choice of Law: This Agreement shall be governed and interpreted in all respects under the laws of the Commonwealth of Massachusetts, without regard to its choice of laws rules. Subject to the provisions of Section 13.11 hereof which
requires that certain issues arising under this Agreement be arbitrated, each party hereby irrevocably and unconditionally consents to the exclusive jurisdiction of any Massachusetts or Federal court sitting in the City of Boston and any appellate
court from any thereof, in any action, suit or proceeding, including a proceeding in which interim relief is sought, arising out of, or relating to, the Agreement, and each party hereby irrevocably and unconditionally agrees that all claims in
respect to such action, suit or proceeding will be heard and determined in such Massachusetts court or, to the extent permitted by law, in such Federal court. Each party irrevocably waives, to the fullest extent it may do so, any defense of an
inconvenient forum to the maintenance of such action, suit or proceeding in any court and any right of jurisdiction on account of the place or domicile of either party. 
  
 13.4 Notices: All notices required or permitted to be given under this Agreement shall be given in writing and shall
be sent by (i) hand delivery, (ii) registered mail, return receipt requested, (iii) overnight delivery service, or (iv) facsimile transmission, and shall be sent or delivered as follows: 
  
 CSEMC: 
  
 President 
 Caritas St. Elizabeth’s Medical Center of Boston, Inc. 
 736 Cambridge Street 
 Boston, MA 02135-2997 
 Facsimile No.:
617-789-2124 
  
 With a copy to: 
  
 Wilson D. Rogers, Jr., Esq. 
 The Rogers Law Firm 
 100 Cambridge Street

 20th
Floor, Suite 2000 
 Boston, MA 02114 
 Facsimile No.: 617-723-1180 
  
 CORAUTUS: 
  
 Richard E. Otto 
 Chief Executive Officer 
 Corautus Genetics,
Inc. 
 75 Fifth Street, NW 
 Suite 313 
 Atlanta, GA 30308 
 Facsimile No.: (404) 526-6218 
  

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 With a copy to: 
  

Robert E. Tritt, Esq. 
 McKenna
Long & Aldridge LLP 
 303 Peachtree Street, NE 
 Suite 5300 
 Atlanta, GA 30308 
 Facsimile No.: (404) 527-4198 
  
 or such other addresses or facsimile numbers as a party may hereafter specify by written notice to the other. Such notices and communications shall be deemed to have been
delivered upon receipt. 
  
 13.5 Entire Agreement: This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes, with the exception of the Material Transfer Agreement, any and all prior agreements or understandings, whether oral or written,
between CORAUTUS and CSEMC with respect to the subject matter hereof. No variation, modification or waiver of any of the terms or conditions hereof shall be deemed valid unless made in writing and signed by the parties hereto. 
  
 13.6 No Waiver: No waiver by a party of any nonperformance or
violation by the other party of any of the covenants, obligations or agreements of such other party hereunder shall be deemed to be a waiver of any subsequent violation or non-performance of the same or any other covenant, agreement or obligation,
nor shall forbearance by a party be deemed to be a waiver by such party of its rights or remedies with respect to such violation or nonperformance. 
  
 13.7 Headings: The descriptive headings contained in this Agreement are included for convenience and reference only and shall not be held to
expand, modify or aid in the interpretation, construction or meaning of this Agreement. 
  
 13.8 Relationship of the Parties: It is not the intent of the parties to create a partnership or joint venture or to assume partnership responsibility or liability. The obligations of the parties shall be
limited to those set out herein and such obligations shall be several and not joint. No party shall be authorized to bind or obligate the other except as expressly provided herein. 
  
 13.9 Assignment of Rights and Duties: Either party hereto may assign this Agreement without the other party’s
consent to an Affiliate or to the successor or assignee of all or substantially all of such party’s business or assets related to the subject matter of this Agreement. This Agreement shall not otherwise be assignable by either party without the
prior written consent of the other party, which consent shall not be unreasonably withheld. This Agreement shall be binding upon and inure to the benefit of the parties’ permitted successors and assigns. 
  

 -22 - 

 13.10 Counterparts: This Agreement may be executed in counterparts, each of which shall be deemed
to be an original, but all of which together shall constitute one and the same instrument. 
  
 13.11 Dispute Resolution. 
  
 (a) In the event of any controversy, dispute or claim arising out of or relating to any provision of this Agreement or the breach thereof, the parties shall use good faith efforts to settle such controversy, dispute or claim amicably
between themselves. 
  
 (b) Should the parties fail to reach
mutually acceptable settlement of any controversy, dispute or claim which may arise out of or in connection with this Agreement, or the breach, termination or validity thereof (other than with respect to patent validity or patent infringement) shall
be settled by final and binding arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) as herein provided. 
  
 (i) The Arbitration Panel shall consist of three arbitrators. Each party shall nominate in the request for
arbitration and the answer thereto one arbitrator and the two arbitrators so named will then jointly appoint the third arbitrator as chairman of the Arbitration Tribunal. If one party fails to nominate its arbitrator of, if the parties’
arbitrators cannot agree on the person to be named as chairman within sixty (60) days, the necessary appointments shall be made under the rules of the AAA. 
  
 (ii) The place of arbitration shall be in Washington, D.C. and the arbitration proceedings shall be held in
English. The procedural law of the State of Massachusetts shall apply where the AAA Rules are silent. 
  
 (iii) The award of the Arbitration Tribunal shall be final and judgment upon such an award may be entered in any competent court or
application may be made to any competent court for judicial acceptance of such an award and order of enforcement. Notwithstanding the foregoing, nothing contained herein shall prevent either party from seeking interim relief from any Massachusetts
or Federal Court setting in the City of Boston pending the establishment of or a decision by a panel of arbitrators. 
  
 XIV. CATHOLIC IDENTITY 
  
 14.1 CORAUTUS, or any sublicensee of CORAUTUS, shall utilize the License granted hereby in a manner that is consistent with the teachings of the Roman
Catholic Church as enunciated by the Holy Father and the Bishops in communion with him, as well as in conformance with the Ethical and Religious Directives for Catholic Health Care Services as in effect from time to time. The parties hereto shall
rely upon and defer to the teaching authority of the Roman Catholic Archbishop of Boston with respect to CORAUTUS’, or any sublicensee’s obligations under this Section 14.1. Notwithstanding any other provisions of this Agreement to
the contrary, CSEMC shall have the right to terminate this Agreement upon thirty (30) days notice to CORAUTUS if CORAUTUS breaches the provisions of this Section 14.1 and said breach is not cured during said thirty (30) day period.
Notwithstanding any other 

  

 -23 - 

 
provisions of this Agreement to the contrary, CORAUTUS shall be required to terminate a sublicense upon CSEMC providing thirty (30) days notice to
CORAUTUS if a sublicensee breaches the provisions of the Catholic Identity requirements in a sublicense and said breach is not cured during said thirty (30) day period. 
  
 [THE REMAINER OF THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK.] 
  

 -24 - 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date and year first above
written. 
  
 CORAUTUS GENETICS, INC. 
  

			
	By:	 	 /s/ Richard E. Otto

	Print Name:	 	 Richard E. Otto

	Title:	 	 Chief Executive Officer & President

	
	 CARITAS ST. ELIZABETH’S MEDICAL CENTER OF BOSTON, INC.

		
	By:	 	 /s/ John D. Burke

	Print Name:	 	 John D. Burke

	Title:	 	 Vice President, Institutional Research

  

 -25 - 

 APPENDIX A 
  
 CSEMC PATENTS 
  
 Title of Invention: ANGIOGENIC GROWTH FACTORS FOR TREATMENT OF PERIPHERAL NEUROPATHY 
  
 Inventor: Jeffrey M. Isner 
  
 Assignee: Caritas St. Elizabeth’s Medical Center of Boston, Inc. 
  

					
	 Country

	 	 Application Serial No.

	    	 Filing Date

	United States	 	09/546,733	    	 04/11/2000
 (Earliest priority date:
 04/15/1999)

			
	Australia	 	 43427/00
 (Based on
PCT/US00/09765)
	    	04/11/2000
			
	Canada	 	 2365434
 (Based on PCT/US00/09765)
	    	04/11/2000
			
	Europe	 	 00923272.9
 [Publication No.: 1169052]

(Based on PCT/US00/09765)
	    	04/11/2000
			
	Hong Kong	 	 02104139.2
 [Publication No.: 1042250]

(Based on PCT/US00/09765)
	    	04/11/2000

 APPENDIX B 
  
 MATERIAL TRANSFER AGREEMENT 
 BETWEEN 
 CORAUTUS GENETICS, INC. 
 AND 
 CARITAS ST. ELIZABETH’S MEDICAL CENTER OF BOSTON, INC.Material Transfer Agreement

 Exhibit 10.4 
  

  
 MATERIAL TRANSFER AGREEMENT 
  
 By and Between

  
 CORAUTUS GENETICS INC., 
 A Delaware Corporation, 
  
 And 
  
 CARITAS ST. ELIZABETH’S MEDICAL CENTER OF BOSTON, INC., 
 A Massachusetts Not For
Profit Corporation 
  
 August 10, 2005 
 effective as of August 1, 2004 
  

 MATERIAL TRANSFER AGREEMENT 
  
 THIS MATERIAL TRANSFER AGREEMENT is entered into, effective as of the 1st day of August 2004, by and between CORAUTUS GENETICS INC., a Delaware Corporation (“Corautus”), and CARITAS ST. ELIZABETH’S MEDICAL CENTER OF
BOSTON, INC., a Massachusetts Not For Profit Corporation (“Recipient”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Corautus licenses intellectual property rights to the vascular endothelial growth factor-2 gene, referred to as VEGF-2, and has produced
proprietary naked plasmid DNA encoding for VEGF-2, including plasmid DNA sometimes referred to as phVEGF-2 or pVGI.1(VEGF2); 
  
 WHEREAS, Recipient desires to use the VEGF-2 gene and/or plasmid DNA material and related documentation for the limited purpose of the Research
Study as hereinafter defined; 
  
 WHEREAS, Corautus has
agreed to transfer to Recipient, and Recipient has agreed to receive from Corautus, certain quantities of Original Biological Materials, as defined below, and related documentation for such limited purposes pursuant to the terms and conditions set
forth in this Agreement; and 
  
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND INTERPRETATION 
  
 1.01 Definitions. For purposes of this Agreement, the following capitalized terms
shall have the following respective means: 
  
 (a)
“Act” means the United States Food, Drug and Cosmetic Act, as may be amended from time to time, to the extent applicable. 
  
 (b) “AE” means, with respect to use of the Biological Material, any adverse event within the meaning of applicable FDA regulations, and
including, without limitation, any unfavorable and unintended sign (including, without limitation, an abnormal laboratory finding), exacerbation of a pre-existing condition, intercurrrent illness, drug interaction, significant worsening of a disease
under investigation or treatment, significant failure of expected pharmacological or biological action, or symptom or disease temporally associated with the use of such Biological Material, which event is associated with the use of the Biological
Material in the Research Study. 

  
 CONFIDENTIAL AND
PROPRIETARY 
 Contains Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 (c) “Agreement” means this Material Transfer Agreement, together with all Exhibits
attached hereto and all amendments hereto executed by all Parties. 
  
 (d) “Biological Materials” means the vascular endothelial growth factor-2 gene referred to as “VEGF-2” and proprietary naked plasmid DNA encoding for VEGF-2, including the plasmid DNA sometimes referred to as
“phVEGF-2” or “pVGI.1(VEGF2),” together with any Progeny, Derivatives and Modifications therefrom. 
  
 (e) “Corautus Confidential Information” shall mean all Documentation and any other data or information that is of value to Corautus and
is not generally known to competitors of Corautus. To the extent consistent with the foregoing, Confidential Information includes information or data that (i) concerns the operations, facilities, manufacturing, clinical trials, pre-clinical
studies, regulatory affairs and compliance, protocols, bench work, assay development, methodology, pricing, plans, affairs and businesses of Corautus and the financial affairs of Corautus, (ii) constitutes trade secrets under applicable law, or
(iii) is marked confidential, restricted, proprietary or with a similar designation. Confidential Information also includes any information of the type described in this paragraph that Corautus obtains from another Person that Corautus or such
other Person treats as proprietary or designates as confidential information, whether or not owned or developed by Corautus or such other Person. Notwithstanding the foregoing, such term shall not include any materials or information of the types
specified above to the extent that such materials or information: (i) are or become generally utilized by other Persons engaged in the same business or activities in which Corautus utilized, developed or otherwise acquired such information or
publicly known; (ii) are known to Recipient prior to receipt thereof and without any restrictions on disclosure in favor of Corautus; or (iii) are furnished to other Persons by Corautus with no restriction on disclosure. 
  
 (f) “Corautus Field of Use” means the use of Biological
Materials for treating a peripheral neuropathy, including, without limitation, diabetic neuropathy. 
  
 (g) “Corautus Trials” means Corautus clinical trials under IND 7961 and 8205. 
  
 (h) “Derivative” means a substance which constitutes an
unmodified functional sub-unit or product expressed by the Biological Materials, including, but not limited to, genes and regulatory sequences and proteins expressed by DNA or RNA. 
  
 (i) “Documentation” means the documents and information transferred by Corautus to Recipient for purposes
of the Research Study described herein. 
  
 (j)
“FDA” means the United States Food and Drug Administration. 
  

 -2- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 (k) “Intellectual Property” means all intellectual property rights, including
(i) United States and other national patents and patent applications, divisions, continuations, continuations-in-part, reissues, renewals, reexaminations, requests for continued examination, supplemental registrations or extensions thereof,
(ii) trademarks, whether registered or unregistered and applications for registration thereof, (iii) copyrights, whether registered or unregistered and applications for registration thereof, and (iv) trade secrets, know-how,
technology, proprietary information and data, including formulae, procedures, plans, methods, processes, specifications, models, protocols, techniques and experimentation, and design, testing and manufacturing data, and products, compositions, and
procedures. 
  
 (l) “Inventions” means findings,
discoveries, inventions, additions, modifications, formulations, variations, enhancements, refinements or derivative works. 
  
 (m) “Joint Invention” means any Invention except a Recipient Invention or a VEGF Invention, whether patentable or not, first conceived
and/or reduced to practice under the Research Study which could be described in a patent application, if one were to be filed, naming one or more employees and/or agents of Recipient and one or more employees and/or agents of Corautus as joint
inventors as determined under U.S. patent laws 
  
 (n)
“Law” means the Act and any other United States or non-United States federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, order, rule of law or requirement, to the
extent applicable. 
  
 (o) “Modification” means
any material substantially based on, containing or incorporating a substantial element of the Biological Material, or any materials which are not new or not obviously distinct from the Biological Material. 
  
 (p) “Original Biological Materials” means the Biological
Materials provided to Recipient under this Agreement, together with any Progeny, Derivatives and Modifications therefrom. 
  
 (q) “Party” or “Parties” means individually and collectively, respectively, Corautus and Recipient. 
  
 (r) “Person” means any natural person, corporation, limited
liability company, partnership, limited partnership, joint venture, association, trust, firm, organization, governmental authority or other entity of any kind or nature. 
  
 (s) “Progeny” means any unmodified descendant from the Biological Material, including cell from cell, or
organism from organism. 
  

 -3- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 (t) “Recipient Confidential Information” shall mean all Documentation and any other data
or information that is of value to Recipient and is not generally known to competitors of Recipient. To the extent consistent with the foregoing, Confidential Information includes information or data that (i) concerns the operations,
facilities, manufacturing, clinical trials, pre-clinical studies, regulatory affairs and compliance, protocols, bench work, assay development, methodology, pricing, plans, affairs and businesses of Recipient and the financial affairs of Recipient,
(ii) constitutes trade secrets under applicable law, or (iii) is marked confidential, restricted, proprietary or with a similar designation. Confidential Information also includes any information of the type described in this paragraph
that Recipient obtains from another Person that Recipient or such other Person treats as proprietary or designates as confidential information, whether or not owned or developed by Recipient or such other Person. Notwithstanding the foregoing, such
term shall not include any materials or information of the types specified above to the extent that such materials or information: (i) are or become generally utilized by other Persons engaged in the same business or activities in which
Recipient utilized, developed or otherwise acquired such information or publicly known; (ii) are known to Recipient prior to receipt thereof and without any restrictions on disclosure in favor of Recipient; or (iii) are furnished to other
Persons by Recipient with no restriction on disclosure. 
  
 (u)
“Recipient Patents” means those United States or foreign patents and/or applications listed on Exhibit B hereto as amended and modified from time to time by Recipient which such Exhibit is hereby incorporated herein by reference,
the inventions disclosed therein, and any divisions, reissues, continuations, continuations in part or extensions relating or corresponding thereto, and disclosed in foreign patent application corresponding thereto. 
  
 (v) “Recipient Invention” means Inventions relating solely
to the use of vascular endothelial growth factors for the treatment of diabetic neuropathy conceived and/or reduced to practice during the Research Study by use of the Original Biological Material, to the extent any patent applications or patents
directed to such Inventions are not a Recipient Patent. 
  
 (w)
“Research Study” means the Phase 1 clinical trial under IND 11572 entitled pVGI.1 (VEGF-2) Gene Transfer for Diabetic Neuropathy funded, in part, by a grant received by Recipient from the National Institutes of Health, and is
pursuant to NIH Protocol No. 0402-632. The Research Study will be conducted at the facility of Recipient and through a subinvestigator at the New England Medical Center, Boston, Massachusetts. 
  
 (x) “VEGF Invention” means Inventions relating solely to the
Original Biological Materials, including but not limited to manufacturing, use or techniques thereof. Specifically excluded from this definition are Recipient Inventions. 
  

 -4- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 1.02 Interpretation and Construction. 
  
 (a) References. Whenever reference is made in this Agreement to any Article, Section or Exhibit, such reference shall
be deemed to apply to the specified Article or Section of, or the specified Exhibit to, this Agreement. The words “hereof,” “herein,” “hereby,” “hereinafter,” “hereunder” and words of similar import
shall refer to material set forth in this Agreement as a whole and not to any particular subdivision unless expressly so limited. 
  
 (b) Headings. Article, Section and other headings contained in this Agreement are inserted for convenience only and shall not be construed to
define, interpret, describe or limit the scope, extent or intent of this Agreement or any provision hereof. 
  
 (c) Gender and Number. Where the context requires, the use of a pronoun of one gender or the neuter is to be deemed to include a pronoun of the
appropriate gender, singular words are to be deemed to include the plural, and vice versa. 
  
 (d) Including. Words of inclusion shall not be construed as terms of limitation herein, so that references to “included” matters shall be regarded as non-exclusive, non-characterizing illustrations.

  
 ARTICLE II 
  
 SUPPLY OF MATERIALS AND SCOPE OF USE 
  
 2.01 Supply of Original Biological Materials and Documentation. Corautus shall supply
to Recipient the Original Biological Materials and the Documentation in such quantity and from such sources as are identified in Exhibit A attached hereto for the limited purposes stated herein; provided, however, that Corautus in its sole
discretion may substitute Original Biological Materials from other sources. 
  
 2.02 Scope of Use. Recipient may use the Original Biological Materials and Documentation only at its facilities and at the facilities of the New England Medical Center, Boston, Massachusetts for the sole purpose of conducting the
Research Study described herein. Except as expressly permitted hereby, Recipient shall not use any Original Biological Materials or Documentation in human subjects in any manner or for commercial purposes, including the use of such Original
Biological Materials or Documentation to produce or manufacture products for sale. No Original Biological Materials or Documentation may be exported or otherwise transferred outside of the United States. Recipient may use the Original Biological
Materials solely for the purpose of injecting in the limbs of patients as part of the Research Study and may not modify or alter the Original Biological Materials in any way or conduct any research with the Original Biological Materials other than
the Research Study. 
  

 -5- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 2.03 Control and Use of Original Biological Materials. The principal investigator named in the Research Study
shall administer the Original Biological Materials only to patients under his personal supervision or under the supervision of an investigator responsible to him. 
  
 2.04 Compliance with Laws. 
  
 (a) Original Biological Materials. Recipient shall use, handle, store and dispose of the Original Biological
Materials in a safe manner consistent with the Handling Instructions set forth in Exhibit C-1 and in compliance with all Laws, including, without limitation, all requirements and guidelines of the National Institutes of Health and the FDA and all
requirements relating to human and animal subjects and recombinant DNA. Recipient shall also comply with all Laws relating to the delivery of Original Biological Materials provided hereunder. 
  
 (b) Research Study. Recipient shall fully and timely discharge all
obligations under all Laws or requirements of the FDA or National Institutes of Health with respect to the Research Study. 
  
 2.05 Records. 
  
 (a) Study Records. The Recipient and the principal investigator shall, and shall cause all investigators to, prepare and maintain Original
Biological Materials records in accordance with the protocol approved for the Research Study and applicable Law. Properly organized Research Study records must be maintained and assistance provided for routine inspections and audits of such records
by Corautus’ authorized representatives at mutually agreed upon reasonable times, including portions of pertinent records for all patients in the Research Study. Without limiting the generality of the foregoing, Recipient shall maintain a
clinical trial material accountability log to maintain records of the Original Biological Materials. The cost of these inspections shall be borne by Corautus. 
  

(b) Access and Reference. Recipient agrees that Corautus may reference and access the data in the Research Study to the extent requested by
Corautus to support the Corautus Trials under IND 7961 and 8205, and Recipient will advise the FDA in writing of such rights of reference and access when requested by Corautus. Corautus must obtain the prior written consent of Recipient to reference
and access the data in the Research Study to support Corautus Trials other than those under IND 7961 and 8205. 
  
 2.06 Reporting Obligations. 
  
 (a) Adverse Events. Recipient shall (i) adhere to all requirements of applicable Laws which relate to the reporting and investigation of AEs
in the Research 

  

 -6- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 
Study and keep Corautus informed of such matters, (ii) promptly inform Corautus of any material safety or health incidents related to the Original
Biological Materials in the Research Study, and (iii) promptly inform Corautus upon becoming aware of any unusual or unexpected reactions or events, malfunctions, safety or efficacy of or attributable to the Original Biological Materials and/or
any regulatory authority action related thereto. 
  
 (b) Drug
Safety Information. Recipient shall immediately provide Corautus with drug safety requests from all governmental and other regulatory authorities with respect to the Original Biological Materials. Proposed answers by Recipient affecting Original
Biological Materials will be provided to Corautus before submission, and the Parties shall cooperate with respect to such answers. 
  
 (c) Regulatory Actions. Recipient shall advise Corautus of any regulatory action of which it is aware which would affect the Original Biological
Materials. 
  
 (d) Governmental Inspection. Recipient shall
advise Corautus of any governmental communication, inspection or report relating to the Original Biological Materials which it is aware and which might reasonably be expected to affect the Original Biological Materials. Any response to a regulatory
notice relating to the Original Biological Materials or such Law shall be prepared jointly by the Parties. 
  
 2.07 Nature of Original Biological Materials. All Original Biological Materials provided hereunder should be considered experimental in nature, may contain hazardous properties and should be handled by
Recipient with appropriate safety precautions, including, without limitation, as provided in Section 2.03 herein. CORAUTUS HEREBY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE ORIGINAL BIOLOGICAL
MATERIALS AND DOCUMENTATION, INCLUDING, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. Notwithstanding the foregoing, Corautus warrants that all Original Biological Materials meet the Certificate of Analysis
as set forth in Exhibit B or any other similar certificate of analysis provided by Corautus in connection with Original Biological Materials. 
  
 ARTICLE III 
  
 LICENSES AND INTELLECTUAL PROPERTY 
  
 3.01 Limited License. Subject to the terms and conditions of this Agreement, Corautus hereby grants to Recipient a non-exclusive, non-transferable and royalty-free license (without the right to sublicense) to
use the Original Biological Materials and Documentation for the sole purpose of conducting the Research Study described herein. Except as specifically provided in this Section 3.01, no express or implied licenses or 

  

 -7- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 
other rights are provided to Recipient under any Intellectual Property rights of Corautus. Without limiting the foregoing, no express or implied license or
other rights are provided to use the Original Biological Materials and Documentation for any purpose other than as specifically allowed in Section 2.02 herein. 
  
 3.02 Transfers and Sublicenses. Recipient shall retain physical control of the Original Biological Materials and Documentation and
shall not sell, license, distribute or otherwise transfer or provide access to any Original Biological Materials or Documentation, or any portion thereof, to any other Person without the prior written consent of Corautus. The limited license granted
pursuant to Section 3.01 herein may not be sublicensed to any other Person. Notwithstanding the foregoing, portions of the Original Biological Materials may be provided by Recipient to a subinvestigator at the New England Medical Center,
Boston, Massachusetts to use in its Research Study, but Recipient shall nevertheless be responsible to Corautus for all obligations hereunder. 
  
 3.03 Ownership and Inventions. 
  
 (a) Pre-Existing Corautus Rights. Both Parties acknowledge and agree that Corautus retains ownership of all right, title and interest in and to the
Original Biological Materials, Documentation, Corautus Confidential Information and all Intellectual Property of Corautus, subject only to the limited license granted in Section 3.01 herein. 
  
 (b) Pre-Existing Recipient Rights. Both Parties acknowledge and agree
that Recipient retains ownership of all right, title and interest in and to Recipient Confidential Information, Recipient Patents, Recipient Invention, Research Study, and all Intellectual Property of Recipient, subject only to the right of first
refusal granted in Section 3.03(g) herein. 
  
 (c) Joint
Inventions by Both Parties. If Joint Invention is conceived, discovered or reduced to practice by the Parties, the Parties agree to reasonably assist each other in obtaining patent protection for any such Joint Invention. Notwithstanding the
foregoing, the parties shall negotiate in good faith an agreement covering the terms and conditions under which any such Joint Invention shall be protected and exploited, including but not limited to, which party shall control protection and
exploitation of such Joint Invention, the sharing of expenses relating to any patent applications that may be filed covering such Joint Invention and any profits and royalties in respect of such Joint Invention. 
  
 (d) New Inventions by A Party. Each Party shall retain all right,
title and interest in any and all Intellectual Property in and to Inventions, other than VEGF Inventions or Recipient Inventions, conceived, discovered or reduced to practice solely by that Party pursuant to performance under this Agreement.

  

 -8- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 (e) Ownership of VEGF Inventions. Notwithstanding anything herein to the contrary, regardless of
which Party discovered or reduced to practice any VEGF Invention, Corautus shall own all right, title and interest in and to all VEGF Inventions, and Recipient hereby assigns to Corautus all of its right, title and interest in and to such VEGF
Inventions and agrees to execute any documents necessary to record or otherwise perfect such assignment. 
  
 (f) Ownership of Recipient Inventions. Notwithstanding anything herein to the contrary, regardless of which Party discovered or reduced to practice
any Recipient Invention, Recipient shall own all right, title and interest in and to all Recipient Inventions, and Corautus hereby assigns to Recipient all of its right, title and interest in and to such Recipient Inventions and agrees to execute
any documents necessary to record or otherwise perfect such assignment. 
  
 (g) Recipient Inventions: Option. Recipient hereby grants to Corautus the right and option to acquire an exclusive, worldwide royalty bearing license with right to sublicense under Recipient Inventions in the Corautus Field of Use
for the life of any patent to be issued with respect to the Recipient Inventions. There shall be no milestone payments, and the royalty under any such license shall not exceed *** of net sales. This option may be exercised as to a Recipient
Invention at any time during the one year period commencing on the date Recipient gives written notice to Corautus that Recipient has filed a patent application covering such Recipient Invention. 
  
 3.04 Integrity of Original Biological Materials. Except as specifically authorized by
Corautus as part of the Research Study described herein, Recipient shall not analyze, or have analyzed, the composition or formulation of any Original Biological Materials. 
  
 3.05 Protection of Corautus Confidential Information. 
  
 (a) Confidentiality of Corautus Confidential Information. During the
Term of this Agreement and for a period of seven (7) years after the termination of this Agreement, whether at the instance of any Party, Recipient shall not, except as expressly authorized or directed by Corautus, use, copy, or disclose, or
permit any unauthorized Person access to, any Corautus Confidential Information; provided, however, Recipient may disclose Corautus Confidential Information to such of its employees and to subinvestigators at the New England Medical Center who have
a need to know in connection with the performance of the Research Study described herein and have executed nondisclosure agreements obligating such Persons to keep the Corautus Confidential Information confidential in accordance herewith, or are
otherwise bound by similar confidentiality obligations. Failure to mark any of the Corautus Confidential Information as confidential shall not affect its status as Corautus Confidential Information under this Agreement. 

 -9- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 
  

	***	CONFIDENTIAL TREATMENT REQUESTED 

 (b) Disclosure Required by Legal Process. Any disclosure by Recipient of Corautus Confidential
Information required by legal process or requirement of a governmental regulatory authority shall only be made to the extent required by legal process or such governmental authority and after providing Corautus with prompt notice thereof in order to
permit Corautus to seek an appropriate protective order or exemption. 
  
 (c) Return of Corautus Confidential Information. Upon the termination of this Agreement for any reason, whether at the instance of any Party, Recipient shall return to Corautus, upon demand, all Documentation and other Corautus
Confidential Information in its possession or, upon demand, destroy such Corautus Confidential Information and provide a duly authorized and executed certificate to Corautus of such destruction. 
  
 3.06 Protection of Recipient Confidential
Information. 
  
 (a) Confidentiality of Recipient
Confidential Information. Subject to the provisions of Section 2.05(b) hereof, during the Term of this Agreement and for a period of seven (7) years after the termination of this Agreement, whether at the instance of any Party,
Corautus shall not, except as expressly authorized or directed by Recipient, use, copy, or disclose, or permit any unauthorized Person access to, any Recipient Confidential Information; provided, however, Corautus may disclose Recipient Confidential
Information to such of its employees and investigators who have a need to know in connection with the performance of the Corautus Trials and have executed nondisclosure agreements obligating such Persons to keep the Recipient Confidential
Information confidential in accordance herewith, or are otherwise bound by similar confidentiality obligations. Failure to mark any of the Recipient Confidential Information as confidential shall not affect its status as Recipient Confidential
Information under this Agreement. 
  
 (b) Disclosure Required
by Legal Process. Any disclosure by Corautus of Recipient Confidential Information required by legal process or requirement of a governmental regulatory authority shall only be made to the extent required by legal process or such governmental
authority and after providing Recipient with prompt notice thereof in order to permit Recipient to seek an appropriate protective order or exemption. 
  
 (c) Return of Recipient Confidential Information. Subject to the provisions of Section 2.05(b) hereof, upon the termination of this Agreement
for any reason, whether at the instance of any Party, Corautus shall return to Recipient upon demand, all Documentation and other Recipient Confidential Information in its possession or, upon demand, destroy such Recipient Confidential Information
and provide a duly authorized and executed certificate to Recipient of such destruction. 
  

 -10- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 3.07 Publications and Publicity. 
  
 (a) Recipient Publications. In the event Recipient or any of its
investigators, desires to publish any previously unpublished data or patient summaries concerning the Research Study or any results of the Research Study, whether by means of publication in scientific journals or at seminars or conferences or
otherwise, the Recipient or such investigator shall provide Corautus with at least sixty (60) days written notice prior to the proposed date of submission of such data or information for publication, which notice shall be accompanied by the
proposed publication (e.g., abstract, manuscript, or grant application). Recipient will consider in good faith any comments that Corautus may have regarding any proposed publication. 
  
 (b) Corautus Publications. In the event Corautus desires to publish
any previously unpublished data or patient summaries concerning the Research Study or any results of the Research Study and obtained under paragraph 2.05(b) above, whether by means of publication in scientific journals or at seminars or conferences
or otherwise, Corautus shall provide Recipient with at least sixty (60) days written notice prior to the proposed date of submission of such data or information for publication, which notice shall be accompanied by the proposed publication
(e.g., abstract, manuscript, or grant application). Corautus will consider in good faith any comments that Recipient may have regarding any proposed publication. 
  
 (c) Publicity and Marks. Neither Party may use any name, trade name, logo, trademark or service mark of the other
part in any form or publicity in connection with the Research Study or this Agreement without the prior written consent of the other party. 
  
 ARTICLE IV 
  
 TERM AND TERMINATION 
  
 4.01 Term. This Agreement shall be effective as of August 1, 2004, and shall continue in effect until the Research Study is concluded and all obligations of the Parties to the other with respect to the Research Study and the
Agreement are fulfilled. 
  
 4.02 Remedies for Default. If either Party
breaches this Agreement and does not cure such breach within sixty (60) days of receipt of written notice thereof from the other Party, any non-breaching Party may seek any and all remedies available at law or in equity. 
  
 4.03 Disposal of Original Biological Materials. Upon the termination of the Research
Study, Recipient shall immediately discontinue its use of Original Biological Materials and Documentation and destroy or return, at Corautus’s request, all quantities of Original Biological Materials and Documentation in its possession.

  

 -11- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 4.04 Indemnification; Limitation of Damages. Recipient shall indemnify, hold harmless and defend Corautus, its
affiliates and their respective employees, agents, officers and directors (hereinafter collectively, the “Corautus Indemnitees”), from and against any and all claims or suits arising out of the Research Study resulting from any gross
negligence or intentional wrongful act or omission of the Recipient or any of its employees. This indemnification shall include, but not be limited to, reimbursement of all costs, including reasonable attorneys’ fees, incurred in the defense of
the claim or suit and any judgment or settlement. Recipient’s obligation to defend and indemnify the Corautus Indemnitees shall be subject to the requirements that: (a) Corautus Indemnitees shall notify the Recipient promptly of any claim;
provided, however, delay in notice shall be excused if Recipient is not prejudiced by the delay, (b) the Corautus Indemnitee shall cooperate fully in the handling of the claim, (c) the Recipient shall have, at its discretion, sole control
of the defense of such claim, provided Recipient first acknowledges in writing its obligations to indemnify the Corautus Indemnitee and provided further that no settlement of a Third Party claim (other than a monetary settlement) may be effected by
Recipient that has an adverse impact upon Corautus without Corautus’ prior written consent which consent shall not be unreasonably withheld or delayed, and (d) the Recipient shall not be responsible for any costs or expenses associated
with the settlement of any claim, demand or lawsuit made by a Corautus Indemnitee without the prior written consent of the Recipient. Notwithstanding the foregoing, Corautus Indemnitee shall have the right at any time to employ separate counsel at
Corautus’ expense and to control its own defense of any such claim or proceeding, if a conflict or potential conflict existing between the Corautus Indemnitee and the Recipient would make such separate representation advisable under applicable
standards of professional conduct. Further, notwithstanding the foregoing, the Recipient’s liability for claims for indemnification as provided herein shall be satisfied only through, and to the extent of payments or reimbursements resulting
from, Recipient’s insurance coverage. 
  
 Corautus will not be liable to
Recipient for any losses suffered by or against Recipient arising from the Original Biological Materials or this Agreement, except to the extent caused by the gross negligence or willful misconduct of Corautus. 
  
 4.05 Limitation of Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER
PARTY OR ANY INDEMNIFIED PERSON FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES, INCLUDING LOSS OF PROFITS OR REVENUE, REGARDLESS OF ANY KNOWLEDGE OR NOTIFICATION OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING. 
  

 -12- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 ARTICLE V 
  

NOTICES 
  
 5.01 Notices. Except as otherwise provided herein, any notice, request, demand, instruction or other document to be given hereunder by either Party hereto to the
other Party hereto shall be in writing and sent by facsimile or delivered personally or sent by registered or certified mail (including by overnight courier or express mail service), postage or fees prepaid, and addressed as set forth below or such
other address for a Party as shall be specified by like notice. 
  

			
	if to Corautus:	  	 Corautus Genetics Inc.
 75 Fifth Street, NW, Suite
313
 Atlanta, GA 30308
 Fax: (404) 526-6218
 Attention: Chief Executive Officer

		
	if to Recipient:	  	 Caritas St. Elizabeth’s Medical
 Center of
Boston, Inc.
 736 Cambridge Street
 Boston, MA 02135

Fax: 617-562-7142
 Attention: John D. Burke

		
	with a Copy to:	  	 The Rogers Law Firm
 100 Cambridge Street

20th Floor, Suite 2000

Boston, MA 02114
 Facsimile No.: 617-723-1180
 Attn: Wilson d. Rogers, Jr., Esq.

  
 Any notice sent by
facsimile shall be deemed to have been duly given to the Party to whom it is sent upon written confirmation of receipt, provided that a copy of such fax is delivered personally or mailed to the recipient within one business day of the date of the
fax, in the manner herein provided. Any notice which is delivered personally in the manner provided herein shall be deemed to have been duly given to the Party to whom it is directed upon actual receipt by such Party or the office of such Party. Any
notice which is addressed and mailed in the manner herein provided shall be conclusively presumed to have been duly given to the Party to which it is addressed at the close of business, local time of the recipient, on the fourth business day after
the day it is so placed in the mail or, if earlier, the time of actual receipt. 
  

 -13- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 ARTICLE VI 
  
 MISCELLANEOUS 
  
 6.01 Entire Agreement. This Agreement (including its Exhibits, which are incorporated herein) constitutes the entire agreement between the Parties and supersedes
any prior understanding or agreement between them respecting the Research Study. 
  
 6.02 Amendment. No amendment, modification or alteration of the terms or provisions of this Agreement shall be binding unless the same shall be in writing and duly executed by both Parties hereto. 
  
 6.03 No Waiver. No waiver of any provision hereof will be valid or binding on the
Parties hereto, unless such waiver is in writing and signed by or on behalf of the Parties hereto, and no waiver on one occasion shall be deemed to be a waiver of the same or any other provision hereof in the future. 
  
 6.04 Severability. In case any one or more of the provisions contained in this
Agreement should be found by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect against either Party, such invalidity, illegality, or unenforceability shall only apply to such Party in the specific jurisdiction
where such judgment shall be made, and the validity, legality, and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, except that this Agreement shall not be reformed in any way that
will deny to any Party the essential benefits of this Agreement or materially alter its obligations hereunder, unless such Party waives in writing its rights to such benefits or agrees in writing to a modification of its obligations. 
  
 6.05 Parties Bound by Agreement; Successors and Assigns. The terms, conditions and
obligations of this Agreement shall inure to the benefit of and be binding upon the Parties hereto and the respective successors and assigns thereof. Neither Party may assign its rights, duties or obligations hereunder or any part thereof to any
other Person without the prior written consent of the other Party. 
  
 6.06 No
Third-Party Beneficiaries. With the exception of the Parties to this Agreement, there shall exist no right of any Person to claim a beneficial interest in this Agreement or any rights occurring by virtue of this Agreement. 
  
 6.07 Survival. The Parties’ respective obligations hereunder which by their
nature would continue beyond the termination, cancellation or expiration of this Agreement. 
  
 <Signatures on Following Page> 
  

 -14- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 IN WITNESS WHEREOF, the Parties hereto have signed this Agreement on August 10, 2005
to be effective as of August 1, 2004. 
  

			
	CORAUTUS GENETICS INC.,
	a Delaware corporation
		
	By:	 	 /s/ Richard E. Otto

	 	 	Richard E. Otto
	 	 	Chief Executive Officer & President
	
	CARITAS ST. ELIZABETH’S MEDICAL
	CENTER OF BOSTON, INC.
		
	By:	 	 /s/ John D. Burke

	 	 	 John D. Burke

	 	 	 Vice President, Institutional Research

  

 -15- 
  
 CONFIDENTIAL AND PROPRIETARY 
 Contains
Confidential and/or Proprietary Information. 
 May not be disclosed except as provided in this Agreement. 

 Exhibit A 
  

Clinical Materials 
 (As of
July 12, 2005) 
  
 *** 
  

	***	Confidential Treatment Requested 

 EXHIBIT B 
  
 RECIPIENT PATENTS 
  
 Title of Invention: ANGIOGENIC GROWTH FACTORS FOR TREATMENT OF PERIPHERAL NEUROPATHY 
  
 Inventor: Jeffrey M. Isner 
  
 Assignee: Caritas St. Elizabeth’s Medical Center of Boston, Inc. 
  

					
	 Country

	 	 Application
 Serial No.

	 	 Filing Date

	 United States
	 	09/546,733	 	 04/11/2000
 (Earliest priority date:
04/15/1999)

			
	 Australia
	 	 43427/00
 (Based on
PCT/US00/09765)
	 	04/11/2000
			
	 Canada
	 	 2365434
 (Based on PC/US00/09765
	 	04/11/2000
			
	 Europe
	 	 00923272.9
 [Publication No.: 1169052]

(Based on PCT/US00/09765)
	 	04/11/2000
			
	 Hong Kong
	 	 02104139.2
 [Publication No.: 1042250]

(Based on PCT/ US00/09765)
	 	04/11/2000

 EXHIBIT C 
  
 DOCUMENTATION 
  

	 	C-1	    Certificate of Analysis (GH00401-3) 

  

	 	C-2	    Certificate of Analysis (TFP-03016) 

  

	 	C-3	    Handling Instructions for Clinical Trial Material 

 C-1 Certificate of Analysis (GH00401-3) 
  
 [TO BE INSERTED] 

 C-2 Certificate of Analysis (TFP-03016) 
  
 [TO BE INSERTED] 

 C-3 Handling Instructions for Clinical Trial Material 
  
 *** 
  

	***	Confidential Treatment Requested

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