Document:

EX-10.11

 Exhibit 10.11 

RANI-InCube Labs IP Agreement 
 RANI-InCube Labs

 Intellectual Property Agreement 

This agreement dated June 14, 2012, is hereby made by and between InCube Labs LLC (“InCube”) and Rani Therapeutics, LLC.
(“RANI”), both having an address at 2051 Ringwood Ave, San Jose CA 95131 
 1. Definitions 

As used herein, 
 (i)
“Field” means “ORAL DELIVERY OF BIOTHERAPEUTIC AGENTS SUCH AS PEPTIDES, PROTEINS & ANTIBODIES” but excludes “SWALLOWABLE DEVICES THAT DO NOT DELIVER SUCH DRUGS”. 

(ii) a “Licensed Product” means a product, the manufacture, sale or use of which would but for the license granted herein, infringe
a claim of a Multi-Field Patent in the country for which such product is sold. 
 (iii) a “Patent Right” means patent
applications and any and all divisionals, continuations, continuations-in-part, reexaminations, extensions, substitutions, reissues, renewals, additions and foreign
counterparts thereto, including all United States and foreign patents issuing therefrom,” 
 (iv) an “Intellectual Property
Right” means any and all intellectual property rights in addition to a Patent Right including trade secrets, trademarks and copyrights 

2. Intellectual Property Rights 

A. Assignment. Any inventions, discoveries, improvements, works of authorship or ideas solely in the Field herein made or conceived by
InCube during the Term of the Agreement that arise out of the services performed hereunder during the Term of the Agreement (collectively, “InCube Inventions”) shall be the property of RANI. InCube hereby irrevocably assigns to RANI all of
InCube’s right, title and interest in such InCube Inventions that are solely in the Field, including all intellectual property rights embodied therein. InCube agrees to execute and/or deliver all domestic or foreign papers, applications for
patents or copyright registrations, including assignments, powers of attorney, declarations and affidavits or other documents which may be necessary for RANI to secure and enforce patents or copyright registrations covering Incube Inventions in the
Field. If RANI seeks to obtain patent protection or copyright registration for any Incube Inventions in the Field, InCube will assist RANI in filing and prosecuting such United States and foreign patent or copyright registration applications
claiming or embodying any Incube Inventions in the Field; provided, however, that InCube shall be promptly and fully reimbursed for all reasonable and actual costs and expenses related to responding to any request under this paragraph. 

  
 1 

 RANI-InCube Labs IP Agreement 
  

 To the extent that a patent, patent application or other Intellectual Property Right
resulting from an InCube Invention has applicability outside the Field (herein a Multi-Field Intellectual Property Right “”), the parties agree that InCube will own such Multi-Field Intellectual Property Rights and
will have the responsibility for prosecuting and maintaining any patent application, patent or other Intellectual Property Right associated with the Multi-Field Intellectual Property Right (such patents and patent applications being referred to
herein as Multi-field Patents), when and if issued. InCube hereby grants RANI an exclusive, perpetual, irrevocable, transferable, sublicenseable, worldwide right and license in the Field to develop, make, have made, use, sell, offer for sale,
import, export and otherwise commercialize Licensed Products (herein a Multi-Field Patent License). For each patent or patent application under the Multi-Field Patent License, RANI agrees to pay all
pro-rata costs with any other licensee, for the prosecution and maintenance of the Multi-Field InCube Patent. 

The Multi-Field Patents and Patent applications will be licensed to RANI under the Exclusive License Agreement, which is attached hereto as
Exhibit I 
 Notwithstanding the foregoing, RANI agrees and acknowledges that InCube is subject to preexisting obligations with respect to
the development, assignment and confidentiality of intellectual property that is developed, in whole or in part, by Mir Imran or by InCube, or with the use of funds contributed by InCube. Rani agrees that its rights to any such information as
provided for hereunder are in all cases subject to and limited by InCube’s preexisting rights, and that in the event of any conflict between such preexisting rights and the rights of the Company set forth hereunder, the preexisting rights shall
prevail. 
 B. Pre-Existing Intellectual Property. InCube agrees that if, in the course of
performing the services provided for under Section 1.A above (the “Services”), InCube incorporates into any Invention developed under this Agreement any pre-existing invention,
improvement, development, concept, discovery or other proprietary information owned by InCube or in which InCube has an interest, (i) InCube will inform RANI, in writing before incorporating such invention, improvement, development, concept,
discovery or other proprietary information into any Invention, and (ii) to the extent that InCube has rights thereto, RANI will be offered a nonexclusive, worldwide license in the Field, to make, have made, modify, use and sell such item
as part of or in connection with such Invention. In such a License, RANI agrees to pay all pro-rata costs for the prosecution and maintenance of the Pre-existing InCube
Patent. 
 C. Further Assurances. InCube agrees to assist and to cause each InCube Employee to assist, RANI, or its designee, at
RANI’s expense, in every proper way to secure RANI’s rights in assigned or licensed Inventions and any copyrights, patents or other intellectual property rights in any and all countries, including the disclosure to RANI of all pertinent
information and data with respect to all assigned or licensed Inventions, the execution of all applications, specifications, oaths, assignments and all other instruments that RANI may deem necessary to secure RANI’s intellectual property rights
under this agreement. InCube also agrees that InCube’s obligation to execute or cause to be executed any documents relating to assign licensed intellectual property, shall continue after the termination of this Agreement. 

  
 2 

 RANI-InCube Labs IP Agreement 
  

 3. Expenses billing 

InCube patent attorney’s time on patents that are in the RANI’s Field and Multi-Field Patent, will be billed on an
hourly basis. In addition, any costs relating to the maintenance, prosecution or licensing (this may include PTO fees, outside attorneys, PTO travel) will be billed as incurred. 

Other IP costs billed may include costs incurred for filing of trademarks, internet domain names etc. 

4. Term & Termination 

This Agreement shall commence upon June 14, 2012 and terminate upon the sale or merger or liquidation of RANI. 

Following the termination of this agreement, InCube shall continue to provide support to perfect the Assigned Patents or Licensed Patents.

  

			
	 Rani Therapeutics, LLC
  

/s/ Mir
Imran                                        
                                         
   
  
 Signature

 
 Name & Title

 
 Mir
Imran                                       
             
  

Chairman & Managing
Member                
  

Date: June 14,
2012                                    
	 	 InCube Labs, LLC

 
 /s/ Mir
Imran                                        
                                         
   
  
 Signature

 
 Name & Title

 
 Mir
Imran                                        
            
  

Chairman &                
                                

 
 Date: June 14,
2012                                    

  
 3EX-10.12

 Exhibit 10.12 

RANI THERAPEUTICS, LLC 

InCube Labs, LLC 
 2051 Ringwood Ave 

San Jose, CA 95131 
 Attention: Mir Imran 

 

	 	RE:	 Acknowledgement and Amendment to the: (i) Intellectual Property Agreement, dated June 14, 2012
(“IPA”), (ii) Service Agreement, dated January 1, 2013 (“Services Agreement”), and (iii) Exclusive License Agreement, dated June 14, 2012 (“License Agreement”) – each as between Rani Therapeutics,
LLC (“RANI”) and InCube Labs, LLC (“InCube”) (collectively, the “Agreements”). 

 Dear Mir: 

This letter sets forth the mutual understanding between the parties with respect to the Agreements. 

The IPA: 
 The parties
hereby agree to amend the IPA as follows, effective June 14, 2012: 
  

	 	•	 	 Section 2.A. Section 2.A of the IPA is hereby deleted in its entirety and replaced
with the following: 

 “Any inventions, discoveries, improvements, works of authorship of ideas that (1) are made
or conceived by InCube in the course of performing services for RANI during the term of this Agreement, including pursuant to that certain Service Agreement between InCube and RANI dated January 1, 2013, (collectively, “InCube
Inventions”) and (2) relate primarily to, or have application primarily within, the Field (the “In-Field InCube Inventions”), shall be the property of RANI. InCube shall assign, and
hereby irrevocably assigns, to RANI all of InCube’s right, title and interest in the In-Field InCube Inventions, including all Patent Rights and Intellectual Property Rights therein. InCube shall promptly
disclose to RANI all InCube Inventions. InCube agrees to execute and/or deliver all domestic or foreign papers, applications for patents or copyright registrations, including assignments, powers of attorney, declarations and affidavits or other
documents which may be necessary for RANI to secure and enforce patents or copyright registrations covering In-Field InCube Inventions. If RANI seeks to obtain patent protection or copyright registration for
any In-Field InCube Invention, InCube will assist RANI in filing and prosecuting such United States and foreign patent application or copyright registration claiming or embodying any In-Field InCube Invention; provided, however, that InCube shall be promptly and fully reimbursed for all reasonable and actual costs and expenses related to any request under this paragraph. 

 To the extent that an InCube Invention, or any Patent Right or other Intellectual Property
Right therein, does not relate primarily to, or have application primarily within, the Field but is otherwise useful in the Field (herein a “Multi-Field Intellectual Property Right” and the Patent Rights within the Multi-Field
Intellectual Property Rights, the “Multi-Field Patents”), the parties agree that InCube will retain ownership of such Multi-Field Intellectual Property Right and will have the responsibility for prosecuting and maintaining
the Multi-Field Patents and any other Intellectual Property Right in the Multi-Field Intellectual Property Rights. InCube hereby grants RANI an exclusive, perpetual, irrevocable, transferrable, sublicenseable, worldwide right and license under the
Multi-Field Intellectual Property Rights to make, have made, use, sell, offer for sale, import, export and otherwise commercialize products and services (the “Multi-Field License”). For each patent or patent application included
under the Multi-Field License, RANI agrees to pay its pro-rata share (based on the number of licensees InCube has under such patent or patent application) for the prosecution and maintenance of such
Multi-Field Patents; provided that, if RANI declines to exercise the Multi-Field License with respect to any Multi-Field Patent, it shall not be required to pay for the prosecution/maintenance of such patent. 

The Multi-Field Patents are hereby included within the Licensor’s Patent Rights that are licensed to RANI under the Exclusive License
Agreement, which is attached hereto as Exhibit I. Exhibit A to the Exclusive License Agreement shall be updated by the parties from time to time to reflect the Multi-Field Patents. 

The In-Field InCube Inventions shall be RANI’s Confidential Information, and the Multi-Field
Intellectual Property Rights shall be InCube’s Confidential Information, in each case subject to Article 13 of the Exclusive License Agreement. 

For clarity, any and all assignments made and licenses granted to RANI prior to any expiration or termination of this Agreement shall survive
such expiration or termination.” 
 The Services Agreement: 

The parties hereby agree to amend the Services Agreement as follows, effective January 1, 2013: 

 

	 	•	 	 Section 5.2. Section 5.2 of the Services Agreement is hereby deleted in its
entirety and replaced with the following: 

 “Any and all inventions (whether or not patentable), works of authorship,
designations, designs, know-how, and ideas made or conceived or reduced to practice, in whole or in part, by (or on behalf of) InCube in its 

 
performance of the Services (“Inventions”), and all intellectual property rights therein, shall be subject to that certain Intellectual Property Agreement between the parties, dated
June 14, 2012 (“IPA”), including the assignments and licenses set forth therein, and shall be deemed InCube Inventions under the IPA. InCube will promptly disclose all Inventions to Rani.” 

 

	 	•	 	 Section 10.1. The first sentence of Section 10.1 shall be deleted and replaced
with the following: 

 “This Agreement shall be valid for a twenty-four (24) month period from the Effective Date
(the “Term”), and upon expiration thereof, both Parties may renew this Agreement pursuant to the terms and conditions defined herein, or as they shall otherwise agree in writing.” 

 

	 	•	 	 Section 10.2. The first sentence of Section 10.2 shall be deleted and replaced
with the following: 

 “RANI may terminate this Agreement upon ninety (90) days prior written notice for any or
no reason.” 
 The License Agreement: 

The parties hereby agree to amend the License Agreement as follows, effective June 14, 2012: 

 

	 	•	 	 Section 9.5. The last sentence of Section 9.5 of the License Agreement is hereby
deleted in its entirety. 

  

	 	•	 	 Section 9.6. Section 9.6 of the License Agreement is hereby deleted in its
entirety and replaced with the following: 

 “In the event that Licensor does not file for patent protection on the
Invention in a foreign country within thirty (30) days of a request made by Licensee with respect to such country pursuant to Section 9.5 above, then Licensee shall have the right to file for patent protection on the Invention in such
country in InCube’s name. In the event that Licensee files a patent application pursuant to this Section 9.6, it shall provide Licensor with notice of such filing and the associated costs of prosecuting and maintaining such patent
application. InCube shall collect pro rata shares of such costs from any other licensees it may have under such patent application and pass such amounts through to Licensee.” 

 

	 	•	 	 Section 21.7. Section 21.7 of the License Agreement is hereby deleted in its
entirety. 

 Except as modified by this letter, all terms and conditions of the Agreements will remain
unchanged. If the terms of the Agreements conflict with those of this letter, this letter shall control. If you agree with the terms of this letter, please countersign and return to me the attached copy of this letter. This letter will be effective
as of the date written above upon my receipt of your fully executed copy. 
 I look forward our continued business relationship. 

 

			
	
	 Very truly yours,

	
	 Rani Therapeutics, LLC

		
	 By:
	 	 /s/ Mir Imran

		
	 Name:
	 	 Mir Imran

	
	 Its: President & CEO

	
	 Dated: June 13, 2013

 ACKNOWLEDGED AND AGREED: 

InCube Labs, LLC 
 By:    /s/ Mir
Imran 
 Name: Mir Imran 
 Its: Chairman 

Dated: June 13, 2013 

  
 (Letter Agreement re
Intellectual Property)

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