Document:

Exhibit
10.8

AGREEMENT

THIS AGREEMENT, entered into as of February 27, 2007,
by and between New Plan Excel Realty Trust, Inc., a Maryland corporation (the “Company”)
and Dean Bernstein (the “Executive”),

W I T N E S S E T H:

WHEREAS, the
Company and the Executive have previously entered into that certain Employment
Agreement dated September 25, 1998, as amended (the “Employment Agreement”);

WHEREAS, the
Company and the Executive now desire to make certain amendments to the
Employment Agreement to be effective in the event of consummation of the Offer
described in the Agreement and Plan of Merger, dated as of February 27, 2007,
by and among the Company, Excel Realty Partners, L.P., Super IntermediateCo
LLC, Super MergerSub, Inc., and Super DownREIT MergerSub LLC;

NOW, THEREFORE, it
is agreed as follows:

1.             Section 6(d) of the Employment
Agreement is hereby amended by adding the following new paragraph (5) to the
definition of Change in Control of the Company:

“(5)         notwithstanding paragraphs (1) through
(4) above, the Effective Time of the Merger (as such terms are defined in the
Agreement and Plan of Merger, dated as of February 27, 2007, by and among the
Company, Excel Realty Partners, L.P., Super IntermediateCo LLC, Super
MergerSub, Inc., and Super DownREIT MergerSub LLC (the “Merger Agreement”)),
and in no case shall a Change in Control be treated as occurring as of the
closing date of the Offer (as defined in the Merger Agreement) or at any time
prior to the Effective Time of the Merger.

Notwithstanding anything
to the contrary below or otherwise in this Agreement, (i) a cure period shall
not be required to give effect to the Executive’s Good Reason resignation on
account of a transaction described in paragraph (5) of the definition of Change
in Control (above), (ii) the Executive shall not be deemed to have waived his
right to terminate his employment for Good Reason by not providing notice of an
intent to terminate employment as of the closing date of the Offer or at any
time prior to the Effective Time of the Merger, and (iii) the Executive may
terminate his employment for Good Reason by providing written notice thereof on
the Effective Time of the Merger or within the thirty (30) day period
immediately following the Effective Time of the Merger.”

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2.             The Employment Agreement is hereby
amended by adding the following new Section to the end of the Employment
Agreement:

“Anything in this
Agreement to the contrary notwithstanding, if (A) on the date of termination of
Executive’s employment with the Company or a subsidiary, any of the Company’s
stock is publicly traded on an established securities market or otherwise
(within the meaning of Section 409A(a)(2)(B)(i) of the Code) and (B) as a
result of such termination, the Executive would receive any payment that, absent
the application of this Section, would be subject to interest and additional
tax imposed pursuant to Section 409A(a) of the Code as a result of the
application of Section 409A(2)(B)(i) of the Code, then no such payment shall be
payable prior to the date that is the earliest of (1) 6 months after the
Executive’s termination date, (2) the Executive’s death or (3) such other date
as will cause such payment not to be subject to such interest and additional
tax.”

3.             Except as expressly provided above,
the Employment Agreement will remain in effect in accordance with its original
terms, and this amendment shall under no circumstances be considered consent by
the Executive to the Good Reason event set forth herein.

4.             This amendment to the Employment
Agreement shall be null and void in the event the Merger contemplated by the
Merger Agreement does not occur.

[The
remainder of this page is intentionally left blank.]

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IN WITNESS WHEREOF, the Company has caused this
Agreement to be executed on its behalf by its officer duly authorized to act on
behalf of the Company, and the Executive has personally executed this
Agreement.

	
  

  	
   

  	
  NEW PLAN EXCEL REALTY TRUST, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ Steven F.
  Siegel

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Steven F. Siegel

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Company’s Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  420 Lexington
  Avenue

  
	
   

  	
   

  	
  New York, NY
  10170

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ Dean Bernstein

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive’s Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 3Exhibit 10.1

REDACTED COPY—CONFIDENTIAL TREATMENT REQUESTED

Redacted portions have been marked with brackets containing asterisks
([***]).  The redacted portions are subject to a request for confidential
treatment and have been filed separately with the Securities and Exchange
Commission.

COLLABORATION
AND LICENSE AGREEMENT

THIS Collaboration and
License Agreement (“Agreement”) is
made effective as of February 9, 2007 (the “Effective
Date”) by and among SELECT Vaccines Limited, ABN 25 062 063 692, a
company incorporated under the laws of Victoria, Australia having its principal
place of business at Suite 15, 545 St Kilda Road, Melbourne, Victoria 3004,
Australia (“SVL”), and Hepgenics
Pty Ltd, ABN 44 104 360 714, a wholly owned subsidiary of SELECT VACCINES, a
company incorporated under the laws of Victoria, Australia having its principal
place of business at Suite 15, 545 St Kilda Road, Melbourne, Victoria 3004,
Australia (together with SELECT VACCINES, “SELECT”),
and AVANT Immunotherapeutics, Inc., a Delaware corporation having a principal
place of business located at 119 Fourth Avenue, Needham, Massachusetts
02494-2725 USA (“AVANT”).  SELECT and AVANT are each hereafter referred
to individually as a “Party” and together as “Parties”.

A. SELECT and AVANT desire to collaborate in the
discovery and development of vaccines against certain disease targets, whereby
SELECT will use its virus-like particle technologies to generate and
characterize such vaccines and AVANT will use its expertise with respect to vaccines.

B. AVANT wishes to obtain from SELECT a license to the
Licensed Subject Matter (hereinafter defined) and resulting discoveries on the
terms set forth herein.

C. SELECT and AVANT desire to initiate the performance
of the above-described activities by SELECT and AVANT and therefore agree to
undertake the foregoing, all under the terms and conditions set forth in this
Agreement.

NOW, THEREFORE, in consideration of the mutual
covenants and premises contained below, the parties agree as follows:

1 - DEFINITIONS

As used in this Agreement, the following terms have
the meanings indicated:

1.1   “Affiliate” means any business controlled by a Party, any
business entity that controls a Party, or any business entity that is
controlled by a business entity that is controlled by a Party. For the purposes
of this Section 1.1, “control” means (i) the direct or indirect ownership of
fifty percent (50%) or more of the voting stock or other voting interests or
interest in the profits of the Party, or (ii) the ability to otherwise control
or direct the decisions of board of directors or equivalent governing body
thereof.

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1.2      “Antigen” means at least one protein (including any glyco- or
lipo-protein), carbohydrate, compound or other composition, and any fragment,
peptide or epitope thereof, or combinations thereof that is capable of
eliciting an immune response in humans.

1.3      “AVANT Collaboration Invention” means a
Collaboration Invention created or conceived solely by AVANT Employees.

1.4      “Business Day” means a day other than a
Saturday or Sunday on which banking institutions both in Melbourne, Australia
and Boston, Massachusetts are open for business.

1.5      “Candidate Antigen” means an Antigen that the JRC reasonably
believes shows, or is likely to show, scientific and commercial promise for the
development of a Vaccine Product.

1.6      “Collaboration Invention” shall mean any discovery,
invention, Know-How, Patent or trade secret, including an Improvement in the
Licensed Subject Matter, first conceived or made in the performance of the
Research Program.

1.7      “Collaboration Patent” means a Patent that discloses or
claims a Collaboration Invention.

1.8       “Combination Product” means a Licensed
Product that includes at least one additional active ingredient other than a
VLP.  Drug delivery vehicles, adjuvants,
and excipients shall not be deemed to be “active ingredients”, except in the
case where such delivery vehicle, adjuvant, or excipient is recognized as an
active ingredient in accordance with 21 C.F.R. 210.3(b)(7).

1.9      “Control” means possession of the ability to grant a license
or sublicense as provided for herein without violating the terms of any
agreement or other arrangements with any Third Party.

1.10    “Dollars” or “$” means U.S.
dollars.

1.11    “Employee” means (i) an employee or agent of a Party or
Affiliate, and (ii) with respect to SELECT, an employee of the Burnet Institute
as long as a service agreement exists between SELECT and the Burnet Institute
that contains standard confidentiality and intellectual property assignment obligations
requiring the Burnet Institute to cause that employee to agree to observe and
comply with the confidentiality and intellectual property assignment
obligations within that agreement.

1.12    “Excluded Antigen” means an Antigen associated with [***].

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1.13    “FDA”  means the
United States Food and Drug Administration or its equivalent governmental,
regulatory or health authorities in any jurisdiction.

1.14    “First Commercial Sale” means the first
commercial sale of a Licensed Product by AVANT or any of its Sublicensees under
this Agreement.

1.15    “First Licensed Product” means a Licensed Product containing
a Target Antigen related to influenza virus, as specified in Appendix B.

1.16    “FTE” means an Employee scientist working full-time on the
Research Program, or, an equivalent amount of work on the Research Program
performed by more than one such Employee scientists.  For purposes of this Section 1.15, “full-time”
means not less than one thousand eight hundred and forty (1,840) hours per
year.

1.17    “Generic Equivalent” means a Vaccine Product sold by a Third
Party without the consent or approval of AVANT and SELECT that addresses the
same Target Disease as a particular Licensed Product and (i) the manufacture,
use, or sale of such Vaccine Product would be covered or claimed by one or more
claims within the SELECT Patents or Collaboration Patents but for the fact
that: (a) all such claim(s) are contained within patent applications, filed in
good faith, that have not yet issued, but have been pending for less than seven
(7) years and have not been withdrawn, cancelled or abandoned, or (b) all such
claims are within patents that have expired or been revoked or determined to be
invalid or unenforceable; or (ii) is sold in a country in which no SELECT
Patents or Collaboration Patents covering the manufacture, use or sale of such
Licensed Product have been filed.

1.18    “Improvement” means all improvements, enhancements, additions
and adaptations to the Licensed Subject Matter conceived or created by either
Party or any of their respective Affiliates that are sufficiently different to
be separately patentable.

1.19    “IND” means an investigational new drug application filed
with the FDA as more fully defined in 21 C.F.R. § 312.3 or its
equivalent in any jurisdiction.

1.20    “Joint Collaboration Invention” means a
Collaboration Invention created or conceived jointly by AVANT and SELECT.

1.21    “Know-How” means all information and data, technical
information, trade secrets, specifications, instructions, processes, formulae,
expertise and information relating to Licensed Products including, without
limitation: (i) biological, chemical, pharmacological, biochemical,
toxicological, pharmaceutical, physical and analytical, safety, quality
control, manufacturing, 

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preclinical and clinical data, instructions, processes, formulae,
expertise and information including Technology Rights that are relevant to the
manufacture, use or sale or and /or which may be useful in studying, testing,
developing, producing, formulating or using the Licensed Products; and
(ii) copies of any IND or NDA or other health registration documents and
amendments or supplements thereto filed with the FDA or other governmental,
Regulatory Authority or health authority in the Licensed Territory and all
correspondence to  and from such agency
relevant to the Licensed Products which is known to and/or possessed and /or
acquired by a Party or its Affiliates.

1.22    “Licensed Field” means the development and commercialization
of Vaccine Products for human therapeutic and prophylactic use.

1.23    “Licensed Product” means a Vaccine Product that (i) is
covered by or made using Licensed Subject Matter and (ii) contains a Target
Antigen related to a Target Disease.

1.24    “Licensed Subject Matter” means the (i) SELECT Know-How,
(ii) SELECT Patents, and (iii) SELECT’s interest in any Joint
Collaboration Inventions.

1.25    “Licensed Territory” means worldwide.

1.26    “NDA” means a New Drug Application and all supplements filed
pursuant to the requirements of the FDA, including all documents, data and
other information which are necessary for, or included in, FDA approval to
market a Licensed Product as more fully defined in 21 C.F.R. § 314.50
et. seq, or its equivalent in any jurisdiction..

1.27    “Net Sales” means, with respect to any
Licensed Product, the gross revenues received from the sale of Licensed
Products by AVANT and its Affiliates for bona
fide sales of such Licensed Product to a Third Party (other than
Sublicensees and AVANT’s Affiliates but including distributors for resale),
less discounts (including cash, quantity and patient program discounts),
retroactive price reductions, charge-back payments and rebates granted to
managed health care organizations or to federal, state and local governments,
their agencies, and purchasers and reimbursers or to trade customers; credits
or allowances actually granted upon claims, damaged goods or rejections of such
Licensed Product, freight out, postage, shipping and insurance charges for
delivery of such Licensed Product; and sales and/or use taxes actually paid,
including value-added taxes, or other governmental charges otherwise imposed
upon the billed amount, as adjusted for rebates and refunds, to the extent not
paid by the Third Party, import and/or export duties actually paid, outbound
transportation prepaid or allowed, and amounts allowed or credited due to
returns, including such Licensed Product returned in connection with recalls or
withdrawals (not to exceed the original 

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billing or invoice amount).  Net
Sales shall not include any payments among AVANT, its Affiliates and
Sublicensees.

1.28    “Patent” means any patent or patent application, whether
domestic or foreign, and all divisions, provisional applications,
continuations, continuations-in-part, reissues, reexaminations or extensions of
any of the foregoing, and any letters patent that issue on any of the
foregoing.

1.29    “Phase II” means that portion of the FDA submission and
approval process which provides for the initial trials of a Licensed Product on
a limited number of patients for the purposes of determining dose and
evaluating safety and immunogenicity in the proposed therapeutic indication as
more fully defined as 21 C.F.R. §213.21(b).

1.30    “Product Royalty Term” means with respect to each Licensed
Product in a country, the
longer of (i) ten (10) years after the First Commercial Sale of such Licensed
Product in the relevant country,
or (ii) the life of Patents that claim the manufacture, use or sale of such
Licensed Product in the relevant country.

1.31    “Regulatory Approval” means, with respect
to a country, any and all approvals, licenses, registrations or authorizations
of any Regulatory Authority necessary to commercially distribute, sell or
market a product in such country, including, where applicable and as required,
(i) pricing or reimbursement approval in such country, (ii) pre- and
post-approval marketing authorizations (including any prerequisite
manufacturing approval or authorization related thereto), (iii) labeling
approval, and (iv) technical, medical and scientific licenses.

1.32    “Regulatory Authority” means any
supra-national, federal, national, regional, state, provincial or local
governmental regulatory agencies, departments, bureaus, commissions, councils
or other government entities regulating or otherwise exercising authority with
respect to the development, manufacture or commercialization of biological drug
products, including the FDA, EMEA and Koseisho.

1.33     “Second Licensed Product” means a second Licensed Product
(i.e., a Licensed Product that contains a different Target Antigen that is
related to a different Target Disease than the Target Antigen and Target
Disease relating to the First Licensed Product) chosen by AVANT pursuant to
Section 3.5a of this Agreement and to be specified in Appendix B hereto.

1.34    “SELECT Collaboration Invention” means a
Collaboration Invention created or conceived solely by SELECT Employees.

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1.35    “SELECT Know-How” means Know-How that is
Controlled by SELECT as of the Effective Date or during the term of this
Agreement.

1.36    “SELECT Patents” means all Patents that are
Controlled by SELECT as of the Effective Date or during the term of this
Agreement, which claim technology that is reasonably necessary or useful for
the testing, developing, producing, formulating, using or exploiting of the
Licensed Product in the Licensed Field, including those Patents that claim
VLPs, Vaccine Products or the development or commercialization thereof.

1.37    “Sublicensee” means any Third Party (other than an Affiliate)
licensed by AVANT or its Affiliates to make, sell, import, export, advertise,
promote and otherwise commercialize any Licensed Product.

1.38    “Sublicense Fees” means all compensation received by AVANT
from a Sublicensee that relate specifically to the grant of a sublicense by
AVANT of the rights licensed hereunder by SELECT to AVANT, including
(i) up-front cash payments made to AVANT in consideration of the
sublicense; (ii) the fair market value of all non-cash consideration received
by AVANT from a Sublicensee, including, without limitation, equity in other
companies, the value of which is to be calculated as the average closing price
for a share of stock from the class of stock involved for 5 consecutive days
preceding the execution of the sublicense agreement; (iii) any premium over
fair market value paid by a Sublicensee for an equity investment in AVANT;
(iv) milestone payments paid by a Sublicensee; and (v) royalty
payments on sales of Licensed Products received by AVANT from any
Sublicensee.  Sublicensee Fees shall not
include any of the following: (a) sponsored research payments;
(b) payments for past research expenditures relating to development of
Licensed Products; (c) payments made for an equity investment in AVANT by
a Sublicensee to the extent that such payments do not exceed the fair market
value of such equity; (d) payments made in consideration of the
manufacture or supply of Licensed Products by AVANT to the extent that such
payments do not exceed the costs of such manufacture and supply; and (e) loans
made to AVANT.

1.39    “Target Antigen” means an Antigen specified in Appendix B.

1.40    “Target Disease” means a disease specified in Appendix B.

1.41    “Technology Rights” means a Party’s rights in technical
information, processes, procedures, compositions, devices, methods, formulas,
protocols, techniques, software, designs, drawings or data created before the
Effective Date relating to a Party’s technology that are not covered by Patents
but that are necessary for practicing any invention covered by Patents.

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1.42    “Third Licensed Product” means a third Licensed Product
(i.e., a Licensed Product that contains a different Target Antigen that is
related to a different Target Disease than the Target Antigens and Target
Diseases relating to the First Licensed Product and the Second Licensed Product)
chosen by AVANT pursuant to Section 3.5b of this Agreement and to be
specified in Appendix B hereto.

1.43    “Third Party” means any entity other than SELECT or AVANT,
excepting Affiliates of either.

1.44    “VLP” means a virus-like particle.

1.45    “Vaccine Product” means a vaccine (i) containing a VLP, or
(ii) made using a VLP.

1.46    Terms
defined elsewhere in this Agreement.  The following terms are defined in
the applicable Sections of this Agreement:

	
   

  	
  a.

  	
  “Agreement”

  	
  Preamble

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  “Confidential Information”

  	
  Section 10.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  “Disclosing Party”

  	
  Section 10.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  d.

  	
  “Effective Date”

  	
  Preamble

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  e.

  	
  “First Milestone”

  	
  Section 4.2

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  f.

  	
  “Indemnifying Party”

  	
  Section 8.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  g.

  	
  “Indemnitees”

  	
  Section 8.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  h.

  	
  “JRC”

  	
  Section 2.2a

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  “Notice Period”

  	
  Section 7.2

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  j.

  	
  “Party” or “Parties”

  	
  Preamble

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  k.

  	
  “Receiving Party”

  	
  Section 10.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  l.

  	
  “Research Program”

  	
  Section 2.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  m.

  	
  “Research Plan”

  	
  Section 2.1

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  n.

  	
  “Research Term”

  	
  Section 2.3a

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  o.

  	
  “Shares”

  	
  Section 4.1a

  

 

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  p.

  	
  “Third Party Claim”

  	
  Section 11.4

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  q.

  	
  “Third Party Licenses”

  	
  Section 3.4

  

 

2 - RESEARCH
COLLABORATION

2.1      SELECT and AVANT agree to
jointly research and develop Candidate Antigens and Licensed Products under a
research program (the “Research
Program”) in accordance with the initial research plan set forth in
Appendix A (the “Research Plan”). Each Party shall
use diligent efforts to perform its respective responsibilities under and for
the Research Plan, and shall cooperate with and provide reasonable support to
the other Party in such other Party’s performance of its responsibilities
thereunder.

2.2      Joint Research
Committee.

a.     Promptly
after the Effective Date, SELECT and AVANT shall establish a joint research
committee (“JRC”) to (i)
oversee the Research Program, (ii) establish, plan and coordinate the
activities under the Research Plan, and (iii) facilitate the exchange of
information regarding the Research Program. 
The JRC will set specific research goals of the Research Program,
evaluate the results of the Research Program, discuss information relating to
the Research Program and will ensure that there is appropriate scientific
direction for the Research Program.

b.     Within
thirty (30) days following the Effective Date, the JRC will evaluate the
Research Plan and modify it if necessary. 
The JRC shall thereafter periodically modify the Research Plan as it
deems necessary.

c.     The
JRC shall be comprised of two (2) representatives from each Party.  The chairperson of the JRC shall be
designated by AVANT.

d.     If
the JRC fails to reach unanimous agreement on any matter before it for
consideration, representatives of AVANT shall have sole authority to decide the
matter.

e.     Meetings
of the JRC shall be held at such times as agreed to by the Parties (but no less
than once each calendar quarter). Such meetings may be in-person, via
videoconference, or via teleconference, provided that at least one
meeting per calendar year shall be held in person. The location of in-person
JRC meetings will alternate between Needham, Massachusetts, and Melbourne,
Australia, or in such other manner or location as the Parties mutually
agree.  SELECT and AVANT shall each bear
all expenses of their respective JRC representatives related to their
participation on the JRC and attendance at JRC meetings. SELECT will 

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provide AVANT with a proposed agenda for each JRC meeting at least five
(5) Business Days prior to the scheduled meeting date. AVANT shall record all
decisions made, and otherwise take minutes as appropriate.  JRC meeting minutes will be sent to each
member of the JRC for review within five (5) Business Days after a meeting;
such minutes shall be deemed approved by both of the Parties unless a Party
objects to the accuracy of such minutes by providing written notice to the
other Party within ten (10) Business Days of receipt of such minutes by such
Party’s primary JRC contact.  A Party
may, with the prior consent of the other Party (such consent not to be
unreasonably withheld or delayed), invite a reasonable number of Employees,
consultants or scientific advisors to attend a meeting of the JRC, provided,
however, that such attendees shall participate only as observers and advisors
and shall not have a decision-making role. 
Those invitees must be bound by appropriate confidentiality obligations.

2.3      Collaboration Term.

a.     The
Research Program begins on the Effective Date and shall expire two (2)
years after the Effective Date, unless extended as provided below, or unless
this Agreement is earlier terminated by either Party pursuant to the provisions
of Section 7 (the “Research
Term”). In no event, however, will the Research Term extend beyond
three years after the date of the First Milestone.  Upon the end of the Research Term, SELECT
will not have any obligation to perform any activities with respect to the
development or optimization of Candidate Targets or Licensed Products.

b.     The
Research Program and the Research Term may be extended at the option of AVANT
for two additional one (1) year periods by providing written notice to SELECT
within thirty (30) days of the then-current expiration date of the Research
Term and, thereafter, by mutual agreement of the Parties.

2.4      SELECT Research
Efforts.  During the Research Term,
SELECT shall support the research and other activities to be undertaken by
SELECT under the Research Plan and as part of the Research Program with an
annual resource commitment to provide [***] FTEs.  SELECT may not subcontract or outsource any
work or any activities under the Research Plan, except that SELECT may fulfill
its commitment to provide FTEs to the Research Program by having work performed
by Third Party individual contractors or consultants upon AVANT’s prior written
approval (each, a “Third Party FTE”).  As a condition to obtaining AVANT’S approval
with respect to a Third Party FTE, that individual must: (i) have appropriate
experience and qualifications, (ii) be under SELECT’s direct supervision and
control, (iii) be obligated to observe the limitations and 

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restrictions respecting SELECT’s Confidential Information and Know-How
with the same degree and care as required under this Agreement, (iv) be
obligated to assign to SELECT of all the right, title and interest in and to
any intellectual property (and intellectual property rights) created or
discovered by such Third Party FTE. 
SELECT is responsible for compliance by such Third Party FTEs with the
terms and conditions of this Agreement. 
In no event, shall SELECT be obligated to incur costs in performing
activities under the Research Program in excess of the amounts provided under
Section 2.5.

2.5      Research Program
Funding.

a.     AVANT
agrees to fund the Research Program at the following rates:

(1)   During
the first year of the Research Program, such funding shall be [***], which
shall be paid in cash to SELECT in advance in equal installments on a quarterly
basis.

(2)   During
the second year of the Research Program, such funding shall be [***], which
shall be paid in cash to SELECT in advance in equal installments on a quarterly
basis.

(3)   If
AVANT elects to extend the Research Program and Research Term in accordance
with Section 2.3b, the amount of funding shall be mutually decided by the
Parties, taking into account the current FTE rates and shall be paid in cash to
SELECT in advance in equal installments on a quarterly basis.

b.     In
addition to AVANT’s Research Program funding set forth in Section 2.5a, SELECT
shall support the research and other activities to be undertaken by the FTEs
under the Research Plan and as part of the Research Program with a first-year
resource commitment of [***].

2.6      Limited Use of
Research Program Funding.  AVANT’s
Research Program funding set forth in Section 2.5a shall be used by SELECT only
in connection with the research and other activities to be undertaken by the
FTEs under the Research Plan and as part of the Research Program.

2.7      Records.

a.     SELECT
will maintain complete and accurate records which are relevant to (i) work
performed by FTEs, and (ii) its expenditure of Research Program funding
under this Agreement.  Such records shall
be available for inspection during reasonable business hours for a period of
two (2) years from creation of individual records for examination at 

 10
 

AVANT’s expense and not more often than once each year by AVANT for the
sole purpose of verifying SELECT’s compliance with Section 2.6.

b.     The
Parties shall prepare and maintain records of the activities performed
hereunder in sufficient detail and generally in a manner sufficient for purposes
of establishing intellectual property rights in any inventions conceived of or
reduced to practice in connection with the Research Program.

2.8      Within thirty (30) days
after the end of each calendar quarter in which activities are performed under the
Research Plan, SELECT shall provide to the JRC a written progress report, which
report shall (i) describe the activities SELECT has performed or caused to be
performed under the Research Plan during such calendar quarter, (ii) evaluate
the work performed in relation to the goals of the Research Plan, and (iii)
provide such other information as may be required by the Research Plan or
reasonably requested by the JRC with respect to SELECT’s activities under the
Research Plan.

3 - LICENSES

3.1   Licenses for Research Program

a.     SELECT grants AVANT a nonexclusive,
royalty-free, fully paid-up worldwide license, with no right to grant
sublicenses (except as set forth in Section 3.3c, under the Licensed Subject
Matter solely to carry out AVANT’s obligations under the Research Plan during
the Research Term.

b.     AVANT
grants SELECT a nonexclusive, royalty-free, fully paid-up worldwide license,
with no right to grant sublicenses, under the AVANT Collaboration Inventions
and AVANT’s interest in the Joint Collaboration Inventions solely for SELECT to
carry out its obligations under the Research Plan during the Research Term.

3.2      Licenses for
Collaboration Patents

a.     SELECT
grants to AVANT a nonexclusive, fully paid-up worldwide license, with the right
to sublicense, under any Collaboration Patents that are owned solely by SELECT.

3.3      License to AVANT for
Licensed Products

a.     SELECT
hereby grants to AVANT a royalty-bearing, exclusive (even with respect to
SELECT) license under the Licensed Subject Matter to develop, make, have made,
use, offer to sell, sell, have sold and import Licensed Products within the
Licensed Territory for use within the 

 11
 

Licensed Field. This license is subject to (i) the continued
effectiveness of this Agreement and (ii) the rights retained by SELECT to
perform its obligations under the Research Program.  As of the Effective Date, the First Licensed
Product is the only Licensed Product.

b.     AVANT
may extend the license granted in this Agreement to any of its Affiliates if
that Affiliate consents to be bound by this Agreement to the same extent as
AVANT, and SELECT approves such Affiliate. 
Any approval granted by SELECT under this Section 3.3b must be in
writing and must be granted before the extension.

c.     AVANT
may grant sublicenses (through multiple tiers) consistent with the scope of the
rights and licenses granted to AVANT pursuant to Sections 3.1a or
3.3.  AVANT will be responsible for the
operations of its Sublicensees relevant to this Agreement as if carried out by
AVANT. AVANT must deliver to SELECT a true and correct copy of each sublicense
granted by AVANT, and any modification or termination of the foregoing, within
30 Business Days after executing, modifying or terminating a sublicense. When
this Agreement is terminated, all existing sublicenses shall survive; provided
that such Sublicensees promptly agree in writing to be bound by the terms of
this Agreement.

3.4   Third Party Licenses.  SELECT represents and warrants to AVANT that
the licenses granted under this Agreement do not include any sublicenses
related to the Licensed Products that have been licensed by SELECT from a Third
Party and that SELECT is not party to any license or similar agreement which
SELECT reasonably believes would relate to the Licensed Products.

3.5   Option to AVANT for
Additional Vaccine Products.

a.     Second
Licensed Product

(1)   AVANT
will have the right to add a Second Licensed Product by choosing a second
Antigen and related disease, other than an Excluded Antigen.

(2)   AVANT
must select the second Antigen for the Second Licensed Product, if at all, no
later than two (2) years after the date of the First Milestone.

(3)   If
selected, the Second Licensed Product, along with the second Target Antigen and
related Target Disease, will be added to Appendix B.

b.     Third
Licensed Product

 12
 

(1)   AVANT
will have the right to add a Third Licensed Product by choosing a third Antigen
and related disease, other than an Excluded Antigen.

(2)   AVANT
must select the third Antigen for the Third Licensed Product, if at all, no
later than three (3) years after the date of the First Milestone.

(3)   If
selected, the Third Licensed Product, along with the third Target Antigen and
related Target Disease, will be added to Appendix B.

4 -
PAYMENTS AND REPORTS

In consideration of rights granted by SELECT to AVANT
under this Agreement, AVANT will pay SELECT as follows:

4.1   Upfront License Fees.  AVANT will pay SELECT the specified amounts
as follows:

a.     A
nonrefundable license fee of Seven Hundred Thirty-Five Thousand Dollars
($735,000) to be paid by the purchase of Twenty-Nine Million Five Hundred
Eighteen Thousand Seventy-Two ordinary fully paid shares in the capital of
SELECT (ASX Code: SLT) which are freely-tradable, duly-authorized and issued,
and which are free from any and all liens and encumbrances (the “Shares”) with
said purchase being made no later than fifteen (15) days after SELECT delivers
written notice of the availability of the Shares for purchase by AVANT (the “Notice”),
provided that SELECT shall provide the Notice to AVANT no later than ninety
(90) days after the Effective Date;

b.     A
nonrefundable license fee of [***], due and payable no later than fifteen (15)
days after electing the Second Licensed Product pursuant to Section 3.5a;
and

c.     A
nonrefundable license fee of [***], due and payable no later than fifteen (15)
days after electing the Third Licensed Product pursuant to Section 3.5b.

With respect
to the purchase and sale of the Shares as described in Section 4.1(a), if such
transaction cannot be closed within one hundred (100) days following the
Effective Date because the Shares are not available for sale by SELECT on the
terms set forth in Section 4.1(a) (for example, the Shares are not
freely-tradable by AVANT upon issuance), within such period, then either Party
shall be permitted to void the obligation to enter into such purchase and sale
of Shares and this Agreement shall otherwise continue in full force and effect.

 13

4.2   First Milestone.  AVANT will pay SELECT [***] no later than
thirty (30) days after obtaining [***] (the “First Milestone”).  

4.3   Additional Milestone Payments.  For each Licensed Product, AVANT will pay
SELECT the specified amounts no later than 30 days after the following
specified, relevant milestones are reached. For clarity, only one set of milestone payments is payable
under this Agreement with respect to each Licensed Product, no matter how many
times each of the milestone events is achieved:

a.     [***].

b.     [***].

c.     [***].

d.     United States.

(1)   [***];  and

(2)   [***].

e.     European Union.

(1)   [***]; and

(2)   [***].

f.      Japan.

(1)   [***]; and

(2)   [***].

4.4   Earned Royalties.  During the Product Royalty Term and subject
to Sections 4.6 and 4.7 below, AVANT will pay to SELECT a running royalty on a country-by-country and Licensed
Product-by-Licensed Product basis equal to the following percentages of
annual Net Sales for each Licensed Product sold by AVANT and its Affiliates,
which royalties will be payable every six months pursuant to Section 4.9 below:

a.     Royalty Schedule

(1)   [***],

(2)   [***],

(3)   [***], and

 14
 

(4)   [***].

b.     Determination and Calculation of Net Sales

Net Sales
shall be determined in accordance with generally accepted accounting
principles, consistently applied.  Net
Sales for any Combination Product shall be calculated on a country-by-country
basis by multiplying actual Net Sales of such Combination Product by the
fraction A/B, where A is the weighted average price paid for the Licensed
Product contained in such Combination Product if such License Product is sold
separately in finished form in such country, and B is the weighted average
invoice price paid for such Combination Product in such country.  If such Licensed Product is not sold separately
in finished form in such country, the parties shall determine Net Sales for
such Licensed Product by mutual agreement based on the relative contribution of
such Licensed Product and each such other active ingredients in such
Combination Product in accordance with the above formula, and shall take into
account in good faith any applicable allocations and calculations that may have
been made for the same period in other countries.

c.     Notwithstanding the foregoing, upon
expiration of the Product Royalty Term for a Licensed Product, AVANT’s license
with respect to that particular Licensed Product will automatically become a
fully paid, perpetual, irrevocable, royalty-free, exclusive license.

4.5   Sublicense Fees.

a.     For amounts received pursuant to sublicenses
granted by AVANT before the first human study performed under an IND, an
amount equal [***] of all Sublicense Fees from such sublicenses.

b.     For amounts received pursuant to
sublicenses granted by AVANT after the first human study performed under
an IND, an amount equal to [***] of all Sublicense Fees from such sublicenses.

4.6   Generic
Competition.  Royalty payments due
for a Licensed Product under Sections 4.4 and 4.5 shall be reduced on a
product-by-product and country-by-country basis by [***] following the first
bona fide arms-length commercial sale of a Generic Equivalent, with all such
reductions calculated on calendar quarterly basis.

4.7   Additional Third Party Licenses.  Royalties due SELECT under Section 4.4 of
this Agreement shall be reduced by [***] of the amount of royalties, if any,
paid to a Third Party by AVANT for a license that AVANT determines in good
faith, after consultation with SELECT, is necessary to 

 15
 

research,
develop, manufacture or commercialize a Licensed Product; provided that the
royalties due to SELECT are not below [***] of the royalty otherwise payable
for such Licensed Product. 

4.8   Records.  During the Term of this Agreement and for
three (3) years after the Agreement expires or is terminated, AVANT agrees to
keep complete and accurate records of its, its Affiliates and its Sublicensees’
sales and Net Sales of Licensed Products under the license granted in this
Agreement, as well as all Sublicense Fees received by AVANT, in sufficient
detail to enable the royalties payable under this Agreement to be determined.
AVANT will provide to SELECT on a semi-annual basis written reports that detail
activity relevant to the license granted under this Agreement as described in
Section 4.9.  AVANT will permit an independent certified accountant selected
by SELECT and which is
reasonably acceptable to AVANT to periodically examine all books,
ledgers, and records during regular business hours for the purpose of and to
the extent necessary to verify any report required under this Agreement. In no event shall such inspections be
conducted hereunder more frequently than once every six (6) months.  Such accountant must have executed and
delivered to AVANT a confidentiality agreement as reasonably requested by
AVANT, which shall include provisions limiting such accountant’s disclosure to
SELECT to only the results and basis for such results of such inspection. If
the amounts due to SELECT are determined to have been underpaid by more than
five percent (5%) or $50,000, whichever is less, AVANT will pay the cost of the
examination and accrued interest at a rate equal to the lesser of (a) the
prime rate, as published in the Wall Street Journal, Eastern United
States Edition, plus one and one-half percent (1.5%), on the last Business Day
preceding the date of payment, or (b) the highest rate permitted by
applicable law, calculated on the number of days such payment is delinquent.

4.9   Reports.  Within six (6) months after the Effective
Date, and for every subsequent 6 month period, AVANT represents and warrants
that it will deliver to SELECT a true and accurate written report, even if no
payments are due SELECT, giving the following information:

a.     The quantities of Licensed Product that
have been produced;

b.     The total Net Sales for each Licensed
Product;

c.     All Sublicense Fees received by AVANT;

d.     The calculation of royalties thereon;

e.     The total royalties computed and due
SELECT; and

f.      The occurrence of any milestones under
Section 4.3.

 16
 

Simultaneously
with the delivery of each report, AVANT must pay to SELECT all monies, if any,
due for the period of each report.

4.10 On or before each anniversary of the Effective
Date, irrespective of having a First Commercial Sale or offer for sale, AVANT
must deliver to SELECT a written progress report as to AVANT’s, its Affiliates
and any Sublicensee’s efforts and accomplishments during the preceding year in
diligently commercializing Licensed Products in the Licensed Territory and
AVANT’s, its Affiliates and, if applicable, Sublicensee’s commercialization
plans for the upcoming year.

4.11 All amounts payable by AVANT shall be paid by
wire transfer to an account specified by SELECT without deductions for taxes,
assessments, fees, or charges of any kind. 
The payment of royalties to SELECT shall be made using a rate of
exchange of the currency of the country from which the royalties are payable as
published in the Wall Street Journal on the last day of the month for
which such payment was due.

5 - PRODUCT
DEVELOPMENT AND COMMERCIALIZATION

5.1   Subject to Section 5.2, all business
decisions, including, (i) the research and development of Licensed
Products, except for the specific manner in which SELECT conducts its
obligations under the Research Program; (ii) the manufacture of a Licensed
Products either by itself or through Third Parties; and (iii) the design,
sale, price, promotion and all other commercialization activities regarding
Licensed Products, shall be within the sole discretion of AVANT.

5.2   Diligence Obligations. In developing,
commercializing and marketing Licensed Products, AVANT shall expend reasonable,
diligent, good faith efforts to accomplish such objective as AVANT would use
with respect to a product owned or controlled by AVANT, or to which AVANT has
similar rights, which product is of similar market potential and is at a
similar stage in its development or life as is such Licensed Product, taking
into account issues of safety, efficacy, product profile, the competitiveness
of the marketplace, the proprietary position of the Licensed Product, the regulatory
structure involved, profitability of the Licensed Product and other relevant
commercial factors.

5.3   Technology Transfer.  SELECT shall disclose to AVANT in writing any
and all Licensed Subject Matter developed or prepared or otherwise Controlled
by SELECT or any of its Affiliates, promptly after the development or
preparation or acquisition thereof, in each case as reasonably necessary or
useful for AVANT to exercise the license granted to it pursuant to Sections
3.1.a and 3.2.a.  SELECT shall provide
reasonable assistance to AVANT to effect the timely and orderly transfer of
SELECT’s Know-How to AVANT for AVANT’s 

 17
 

use under the
Research Program and for use in AVANT’s research, development, manufacturing
activities and commercialization of Licensed Products.

6 -
DISCLAIMER OF WARRANTY

6.1   EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH
IN SECTION 9, NEITHER SELECT NOR AVANT MAKES ANY WARRANTIES, EXPRESS OR
IMPLIED AND EXPRESSLY DISCLAIM
ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

7 - TERM
AND TERMINATION

7.1   Term.  This Agreement shall
commence as of the Effective Date and, unless sooner terminated as provided
herein, shall continue in effect on a Licensed Product-by-Licensed Product
basis, and country-by-country basis until the date on which SELECT is no longer
entitled to receive a royalty on such Licensed Product in such country. Upon
there being no more such payments hereunder for any such Licensed Products in
such country, the license grants contained in Section 3.1a and 3.2 shall
become fully paid up with respect to such Licensed Products in such country.

7.2   Termination for Breach. 
Either Party may terminate this Agreement in the event the other Party
shall have materially breached or defaulted in the performance of any of its
material obligations hereunder, and such default shall have continued for sixty
(60) days after written notice thereof was provided to the breaching party by
the non-breaching party (the “Notice Period”), provided, however, that the Notice Period
shall be six (6) months in the case of a material breach by AVANT of its
diligence obligations set forth in Section 5.2, subject to the condition that
AVANT shall commence action to cure such breach within thirty (30) days
after receipt of such notice and shall diligently continue such actions
thereafter.  Any termination shall become
effective at the end of such Notice Period unless the breaching party has cured
any such breach or default prior to the expiration of the Notice Period.  The Parties acknowledge and agree that the
failure by AVANT to comply with its diligence obligations set forth in Section
5.2 for a period of more than three (3) months shall constitute a material
breach of this Agreement.  Termination of this Agreement by SELECT under
this Section 7.2 shall be on a country-by-country and Licensed
Product-by-Licensed Product basis (and
not for this Agreement as a whole) if the material breach giving rise to
termination is specific to one or more countries or one or more Licensed
Products (e.g., a royalty dispute
for one Licensed Product in one or more countries).

7.3   Termination by AVANT. 
AVANT may terminate this Agreement on a Licensed Product-by-Licensed
Product or country-by-country basis or in its entirety or as to any particular
SELECT Patent at any time by giving at least sixty 

 18
 

(60) days
written notice of such termination to SELECT. 
From and after the effective date of a termination with respect to a
SELECT Patent, such SELECT Patent in the particular country shall cease to be within the
Licensed Subject Matter for all purposes of this Agreement.

7.4   Termination for Bankruptcy. 
AVANT shall have the right to terminate this Agreement forthwith by
written notice to SELECT if SELECT is declared insolvent or bankrupt by a court
of competent jurisdiction, if a voluntary or involuntary petition in
bankruptcy if filed in any court of competent jurisdiction against SELECT and
such petition is not dismissed within ninety (90) days after filing, or if
SELECT shall make or execute an assignment of substantially all of its assets
for the benefit of creditors.

7.5   Effect of Termination. Upon a termination of this
Agreement under Section 7.2 by SELECT, or under Section 7.3 by AVANT, all
rights and obligations of SELECT and AVANT shall terminate, except as provided
in Section 7.6, provided
that that in the case that such termination shall relate to one or more
countries or one or more Licensed Products rather than this Agreement in its
entirety, the rights and
obligations of SELECT and AVANT shall terminate with respect to such terminated countries and terminated Licensed
Products only.

7.6   Surviving Rights.  Subject to and without limiting anything
contained in Section 7.5, Sections 1,4, 7.5, 7.7, 7.8, 8, 10, 11.5, 12 and
13shall survive the expiration and any termination of this Agreement for any
reason.  Except as provided in Section
7.5 and this Section 7.6, all other provisions of this Agreement shall
terminate upon the expiration or termination of this Agreement.

7.7   Accrued Rights, Surviving Obligations.  Termination, relinquishment or expiration of
the Agreement for any reason shall be without prejudice to any obligations
which shall have accrued prior to such termination, relinquishment or
expiration, including, without limitation, the payment obligations under
Sections 2.5 and 4 hereof and any and all damages arising from any breach
hereunder.  Such termination,
relinquishment or expiration shall not relieve either Party from obligations
that are expressly indicated to survive termination or expiration of the
Agreement.

7.8   Termination Not Sole Remedy.  Termination is not the sole remedy under this
Agreement and, whether or not termination is effected, all other remedies will
remain available except as agreed to otherwise herein.

7.9   Sale of Remaining Licensed Products.  If
this Agreement is terminated for any cause, AVANT may sell all Licensed
Products it has on hand at the date of termination if it pays earned royalties
on those Licensed Products according to the terms of Section 4..

 19
 

8- INDEMNIFICATION
AND INSURANCE

8.1   Each Party (the “Indemnifying Party”) hereby
agrees to defend, hold harmless and indemnify the other Party and its
sublicensees, and their respective officers, directors, Employees, agents
consultants, successors, heirs, legal representatives and assigns (“Indemnitees”) from and against any claims, demands, losses
and expenses (including reasonable attorney fees) arising from Third Party
claims to the extent relating directly to a breach by the Indemnifying Party of any of
its obligations, covenants, representations or warranties set forth in this
Agreement.  In addition, AVANT agrees to
defend, hold harmless and indemnify SELECT, and its officers, directors,
Employees, agents consultants, successors, heirs, legal representatives and
assigns (“Indemnitees”) from and against any
claims, demands, losses and expenses (including reasonable attorney fees) to
the extent arising from Third Party claims relating directly to personal
injuries suffered in connection with the use of a Licensed Product.  Notwithstanding the foregoing, neither Party
shall have any obligation to provide indemnification under this Section 8.1 for
claims, demands, losses or expenses (including reasonable
attorney fees) to the extent arising from the gross negligence, recklessness
or willful misconduct of any Indemnitees.

8.2   In no event will either Party be liable for
any incidental, indirect, special, consequential or punitive damages
(including, without limitation, damages for loss of profits or expected savings
or other economic losses, or for injury to persons or property) arising out of
or in connection with this Agreement or its subject matter, regardless of
whether such Party knows or should know of the possibility of such damages.
Each Party agrees to give the other Party prompt written notice of any claims
made for which the other party might be liable under Section 8.1.  The indemnifying Party shall have the
opportunity to defend, negotiate, and settle such claims; provided, however,
that the indemnified Party shall be entitled to participate in the defense of
such matter and to employ at its expense counsel to assist therein.  The Party seeking indemnification shall
provide the indemnifying Party with such information and assistance as the
indemnifying Party may reasonably request, at the expense of the indemnifying
Party.

8.3   Insurance

a.     Beginning on the Effective Date, each Party
shall, at its sole cost and expense, procure and maintain commercial general
liability insurance in appropriate amounts, as determined by the board of such
Party, and such Party shall have the other Party, its directors, officers,
Employees and agents named as additional insured parties. This commercial
general liability insurance shall provide (i) product liability coverage; (ii)
broad form contractual liability coverage for such Party’s indemnification
under this Agreement; and (iii) coverage for litigation costs. The minimum
amounts of insurance coverage required shall not be 

 20
 

construed to
create a limit of such Party’s liability with respect to its indemnification
under this Agreement.

b.     Each Party shall provide the other Party
with written evidence of such insurance upon such other Party’s request. Each
Party shall provide the other Party with written notice of at least thirty (30)
days in advance before the cancellation, non-renewal or material change in such
insurance.

c.     Each Party shall maintain such commercial
general liability insurance beyond the expiration or termination of this
Agreement during (i) the period that any Licensed Product developed pursuant to
this Agreement is being commercially distributed or sold by AVANT or by a
Sublicensee or agent of AVANT; and (ii) the five (5) year period immediately
after such period.

9- REPRESENTATIONS
AND WARRANTIES

9.1   Each of the Parties hereby represents and
warrants and covenants as follows:

a.     This Agreement is a legal and valid
obligation binding upon such Party and enforceable in accordance with its
terms.  The execution, delivery and
performance of the Agreement by such Party does not conflict with any
agreement, instrument or understanding, oral or written, to which it is a Party
or by which it is bound, nor violate any law or regulation of any court,
governmental body or administrative or other agency having jurisdiction over
it.

b.     Each Party has not, and during the term of
the Agreement will not, grant any right to any Third Party relating to its
respective technology in the Field which would conflict with the rights granted
to the other Party hereunder.

c.     Each party owns or otherwise Controls all
of the rights, title and interest in and to its Patents and Know-How.

9.2    SELECT represents, warrants and covenants
that as of the Effective Date, the SELECT Patents are set forth on Appendix C,
and there are no other Patents owned or Controlled by SELECT or any of its
Affiliates as of the Effective Date concerning the research, development,
manufacture, use or sale of Licensed Product or otherwise relating to the
subject matter of this Agreement.

9.3   Patents and Know-How Warranties.  To the best of its knowledge as of the
Effective Date, each Party represents and warrants that (i) Know-How and any 

 21
 

Patent or
other intellectual property right relating to the Field owned or controlled by
such Party are not currently being infringed by any Third Party, and (ii) that
the practice of such rights does not infringe any property right of any Third
Party.

9.4   Exclusivity/Non-Competition.

a.     SELECT shall not conduct, have conducted or
fund any research, development, regulatory, manufacturing or commercialization
activity directed to the discovery, development or commercialization of a
Vaccine Product containing an Antigen while AVANT has the right to select a
Second Licensed Product or Third License Product, except as is permitted for
(i) a Candidate Antigen as provided by Section 9.4b and (ii) an
Excluded Antigen.

b.     Other than with respect to the First
Licensed Product, AVANT shall have no rights under this Agreement with respect
to a Vaccine Product containing a Candidate Antigen unless AVANT elects to
choose such Candidate Antigen for a Second Licensed Product or Third Licensed
Product as set forth in Section 3.5. Except as otherwise set forth herein,
during the six (6) month period following the Effective Date and other than
with respect to an Excluded Antigen, SELECT shall be precluded from conducting
any research, development, regulatory, manufacturing or commercialization
activity directed to the discovery, development or commercialization of a
Vaccine Product containing an Antigen, either by itself or with a Third Party.
After the six (6) month period following the Effective Date, SELECT may enter
into an agreement with a Third Party (but not an Affiliate) to conduct
research, development, regulatory, manufacturing or commercialization activity directed
to the discovery, development or commercialization of a Vaccine Product
containing an Antigen, provided that while AVANT has the right to select a
Second Licensed Product or Third License Product, SELECT shall notify AVANT in
writing prior to entering into any such agreement with a Third Party, and AVANT
shall have a one hundred twenty (120) day period to select such Antigen as a
Target Antigen for the Second Licensed Product or Third Licensed Product, as
the case may be.

If (i) AVANT
provides notice to SELECT in writing that it does not intend to select such
Antigen as a Second Licensed Product or Third Licensed Product, or (ii) after
the termination of such one hundred twenty (120) day period AVANT has not
selected such Antigen as a Target Antigen for the Second Licensed Product or
Third Licensed Product, then SELECT may enter into an agreement with a Third
Party regarding such Antigen, provided that
if SELECT does not enter into such agreement with a Third Party during the one
hundred twenty (120) day period following the earlier of (i) or (ii) above,
then such Antigen shall again be subject to

 22

AVANT’s right
to select such Antigen for a Licensed Product as set forth above.

c.     During
the period during which AVANT has the right to select a Second Licensed Product
or Third License Product, SELECT may provide the notice to AVANT set forth in
Section 9.4b regarding proposed agreements with Third Parties no more than
three (3) times per year.

9.5      Collaboration with
Third Parties.  During the term of
this Agreement, SELECT and its Affiliates will not directly develop or assist a
Third Party in developing a Vaccine Product that targets a Target Disease of a
Licensed Product where such Vaccine Product would be directly competitive with
the Licensed Product.

10 - CONFIDENTIAL
INFORMATION AND PUBLICATION

10.1    SELECT and AVANT each
agree that each Party (the “Receiving
Party”) shall keep confidential all
information of the other party (the “Disclosing  Party”), including without limitation information regarding
the Research Program, or a Disclosing Party’s business plans, strategies,
technologies, manufacturing, research and development, and products (“Confidential  Information”)
furnished to it by, or otherwise made available by, the Disclosing Party
pursuant to this Agreement; provided that a Receiving Party may disclose the
Confidential Information of a Disclosing Party to its Employees and consultants
who are required to have access to the Confidential Information in connection
with the exercise of the Receiving Party’s rights and performance of
obligations under this Agreement. The Receiving Party agrees that the
Confidential Information of the Disclosing Party will be (i) be used only for
the purposes of this Agreement, and (iii) not be disclosed by the Receiving
Party without the prior written consent of the other party, except to the
extent that the recipient party can establish competent written proof that such
information:

a.     Was
in the public domain at the time of disclosure;

b.     Later
became part of the public domain through no act or omission of the Receiving
Party, its Employees, agents, successors or assigns;

c.     Was
lawfully disclosed to the Receiving Party by a third party having the right to
disclose it;

d.     Was
already known by the Receiving Party at the time of disclosure;

e.     Was
independently developed by the Receiving Party; or

 23
 

f.      Is
required by law or regulation to be disclosed.

10.2    Each party’s obligation of
confidence under this Agreement shall be fulfilled by using at least the same
degree of care with the other party’s confidential information as it uses to
protect its own confidential information, but in no event less than reasonable
care. This obligation shall exist while this Agreement is in force and for a
period of ten (10) years after the Agreement expires or terminates.

10.3     Before either Party makes
any publication or other public disclosure of any technology developed in
connection with the Research Program, the Party proposing such disclosure will
send the other Party a copy of the information to be disclosed, and will allow
the other Party sixty (60) days from receiving it to determine whether the
information to be disclosed contains subject matter for which patent protection
should be sought before disclosure, or otherwise contains Confidential
Information of the reviewing Party.  The
Party proposing disclosure will be free to proceed with the disclosure unless
before the expiration of such 60 day period, the reviewing Party notifies the
Party proposing disclosure that the disclosure contains subject matter for
which patent protection should be sought or confidential information of the
reviewing Party, and the Party proposing publication will then delay public
disclosure of the information of an additional period to be mutually agreed
upon to permit the preparation and filing of a patent application on the
subject matter to be disclosed or for the parties to determine a mutually
acceptable modification to the publication to protect adequately the
Confidential Information of the reviewing Party.  The Party proposing disclosure will
afterwards be free to publish or disclose the information.  The determination of authorship for any paper
will be in accordance with accepted scientific practice.

11 –
OWNERSHIP OF INTELLECTUAL PROPERTY AND 

PATENT RIGHTS

11.1    Collaborative
Inventions.  Collaborative Inventions
shall be either jointly owned or solely owned by the party for whom ownership
can be established under the provisions of U.S. patent law and licensed as
provided herein.

11.2    Disclosure of
Collaborative Inventions.  Each Party
shall promptly disclose in writing to the other Party all Collaboration
Inventions made during the Research Term.

11.3    Patent Filings.

a.     AVANT
Collaborative Inventions.  AVANT
shall have the first right to prepare, file, prosecute, obtain and maintain
Patent 

 24
 

applications and Patents on AVANT Collaboration Inventions with the
expenses for any such preparation, filing, prosecution and maintenance to be
borne by AVANT.

b.     SELECT
Collaborative Inventions.  SELECT shall have the first right to prepare,
file, prosecute, obtain and maintain (i) Select Patents that claim the
manufacture, use, sale or importation of a Licensed Product, and (ii) Patent
applications and Patents disclosing SELECT Collaboration Inventions, with the
expenses for any such preparation, filing, prosecution and maintenance
to be borne by SELECT.

c.     In
the event that either Party elects not to exercise its first right to prepare,
file, prosecute, obtain or maintain Patent applications and Patents as
described in Sections 11.3a or 11.3b, such Party shall so notify the other
Party promptly in writing and in good time to enable such other Party to meet
any deadlines by which an action must be taken to establish or preserve any
such rights in Patent rights.  Following
the receipt of such notice, the other Party shall have the right, but not the
obligation, at its sole expense to prepare, file, prosecute, obtain and
maintain the Patent applications and Patents identified in the notice all for
its own benefit, and such Patent applications and Patents shall be removed from
the operation of this Agreement.

11.4    Enforcement Rights.

a.     Defense
and Settlement of Third Party Claims. 
If a Third Party asserts that a Patent or other right owned by it is
infringed by the manufacture, use or sale of any Licensed Product (a “Third
Party Claim”), AVANT shall have the right to be solely responsible for
defending against any such assertions at its cost and expense. If AVANT elects
to exercise such right, SELECT shall cooperate with AVANT at AVANT’s request
and shall have the right to be represented by counsel selected and paid for by
SELECT.  If AVANT elects not to exercise
such right as to such Third Party Claim, SELECT shall have the right but not
the obligation to manage solely the defense of the Parties against the Third
Party Claim and AVANT shall cooperate with SELECT at SELECT’s request and shall
have the right to be represented by counsel selected and paid for by AVANT. The
Party that manages solely the defense of the Parties against the Third-Party
Claim shall also have the right to settle such Third-Party Claim on terms
deemed appropriate by such Party provided, however, that (A) neither Party
shall settle any Third-Party Claim in a manner that is prejudicial to the
License Products, (B) such Party shall consult with the other Party concerning
the terms of any settlement agreement before entering into such an agreement,
and (C) neither Party shall settle any such Third-Party Claim without the prior
written consent of the other Party.

 25
 

b.     Infringement
by Third Parties Of Licensed Subject Matter. If any Patent licensed hereunder
is infringed by a Third Party in any country in connection with the
manufacture, use and sale of a Licensed Product in such country, the Party to
this Agreement first having knowledge of such infringement shall promptly
notify the other in writing.  The notice
shall set forth the known facts of that infringement in reasonable detail.  AVANT shall have the primary right, but not
the obligation, to institute, prosecute, and control any action or proceeding
with respect to such infringement of the Patent, by counsel of its own choice,
and SELECT shall have the right, at its own expense, to be represented in that
action by counsel of its own choice.  If
AVANT fails to bring an action or proceeding within a period of one hundred
eighty (180) days after a request by SELECT to do so, SELECT shall have the
right to bring and control any such action by counsel of its own choice, and
AVANT shall have the right to be represented in any such action by counsel of
its own choice at its own expense.  If
one Party brings any such action or proceeding, the second Party agrees to be
joined as a party plaintiff and to give the first Party reasonable assistance
and authority to file and prosecute the suit. 
The costs and expenses of the Party bringing suit under this subsection
and any damages or other monetary awards recovered shall be retained by the
Party bringing suit.  A settlement or
consent judgment or other voluntary final disposition of a suit under this
subsection may be entered into without the consent of the Party not bringing
the suit; provided that such settlement, consent judgment or other disposition
does not admit the invalidity or unenforceability of any Patent licensed
hereunder; and provided further, that any rights to continue the infringing
activity in such settlement, consent judgment or other disposition shall be
limited to the Licensed Product or activity that was the subject of the suit.

c.     General.  With respect to infringement of the Patents
licensed hereunder, the Parties shall consult with each other regarding the
institution, prosecution and control of any action or proceeding of any of the
Patents.

11.5    Patent Marking.  AVANT shall permanently and legibly mark all
products and documentation manufactured or sold by it under this Agreement with
a patent notice as may be permitted or required under Title 35, United States
Code.

12– ALTERNATE
DISPUTE RESOLUTION

Any dispute or
controversy arising out of or relating to this Agreement, its construction or
its actual or alleged breach will be decided by mediation. If the mediation
does not result in a resolution of such dispute or controversy, it will be
finally decided by 

 26
 

an appropriate
method of alternate dispute resolution, including without limitation,
arbitration, conducted in Los Angeles, California, in accordance with the
Commercial Dispute Resolution Procedures of the American Arbitration
Association. The arbitration panel will include members knowledgeable in the
evaluation of Vaccine Products. Judgment upon the award rendered may be entered
in the highest court or forum having jurisdiction, state or federal. The
provisions of this Section 12 will not apply to decisions on the validity of
patent claims or to any dispute or controversy as to which any treaty or law
prohibits such arbitration. The decision of the arbitration must be sanctioned
by a court of law having jurisdiction to be binding upon and enforceable by the
parties.

13 - GENERAL

13.1    Assignment.  This Agreement may not be assigned by AVANT,
regardless of whether such assignment is by contract or operation of law,
without the prior written consent of SELECT, which will not be unreasonably
withheld. Notwithstanding the foregoing, either Party may assign or transfer
its rights and obligations under this Agreement without consent of the other
Party to a party that succeeds to all or substantially all of that Party’s
business or assets whether by sale, merger, operation of law or otherwise.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the Parties hereto and their
respective successors and permitted assignees. Any assignment in violation of
this Section 13.1 will be null and void.

13.2    This Agreement constitutes
the entire and only agreement between the parties with respect to the Licensed
Subject Matter and Licensed Products and all other prior negotiations;
representations, agreements, and understandings are superseded. No agreements
altering or supplementing the terms of this Agreement may be made except by a
written document signed by both parties.

 27
 

13.3         Any notice required
by this Agreement must be given by prepaid, first class, certified mail, return
receipt requested and addressed to:

In the case of SELECT,
to:

 

Select Vaccines Limited

Suite 15, 545 St. Kilda
Road

Melbourne 3004 Victoria

Australia

Attention: Martin Soust
PhD, Managing Director

Fax: +613 9529 2622

Phone: +613 9529 8788

With a copy to:

Polsinelli Shalton
Flanigan Suelthaus PC

180 N. Stetson Avenue

Suite 4525

Chicago, IL 60601

Attn:  Teddy Scott, Ph.D., Esq.

Fax: (312) 819-1910

Or in the case of AVANT to:

Avant Immunotherapeutics,
Inc.

119 Fourth Avenue

Needham, MA 02494-2725,
U.S.A.

Attn: Timothy Cooke,
Ph.D., Chief Operating Officer

Fax: (781)
433-0262

with a copy to:

Goodwin | Procter LLP

Exchange Place

Boston, MA 02109

Attn:  Stuart M. Cable, Esq.

Fax: 
1-617-523-1231

Or other addresses as may be given from time to time under the terms of
this notice provision.

13.4    Each Party must comply
with all applicable federal, state and local laws and regulations in connection
with its activities pursuant to this Agreement.

13.5    Each Party agrees to do and perform all
such further acts and things and shall execute and deliver such other
agreements, certificates, instruments and documents necessary or that the other
Party reasonably may 

 28
 

deem advisable to carry out the intent and
accomplish the purposes of this Agreement and to evidence, perfect or otherwise
confirm its rights hereunder.

13.6    Each Party is an independent contractor
under this Agreement.  Nothing contained
herein is intended or is to be construed so as to constitute AVANT and SELECT
as partners, agents or joint venturers. 
Neither Party shall have any express or implied right or authority to
assume or create any obligations on behalf of or in the name of the other Party
or to bind the other Party to any contract, agreement or undertaking with any
Third Party.

13.7    This Agreement will be
construed and enforced in accordance with the laws of the United States of
America and of the State of New York.

13.8    Failure of either Party to
enforce a right under this Agreement will not act as a waiver of that right or
the ability to later assert that right relative to the particular situation
involved.

13.9    Headings are included in
this Agreement for convenience only and shall not be used to construe this
Agreement.

13.10  If any part of this
Agreement is for any reason found to be unenforceable, all other parts
nevertheless remain enforceable.

 29
 

IN WITNESS of the above, the parties have caused their duly authorized
representatives to execute this Agreement as of the date set forth below.

	
  

  	
  SELECT
  VACCINES LIMITED

  	
  AVANT IMMUNOTHERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By :  

  	
  /S/ Martin Soust
  

  	
   

  	
  By : 

  	
  /S/ Una S. Ryan ,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name : 

  	
  Martin Soust 

  	
   

  	
  Name :

  	
  Una S. RyanPh. D.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title : 

  	
  Managing Director 

  	
   

  	
  Title :

  	
  President and CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date : 

  	
  10 February 2007

  	
   

  	
  Date :

  	
  9 February 2007

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HEPGENICS
  PTY LTD

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   By : 
  

  	
  /S/ Martin Soust

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name :

  	
  Martin Soust 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title : 

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date : 

  	
  10 February 2007

  	
   

  	
   

  
													

 

 30
 

APPENDIX
A

[***]

 31
 

APPENDIX
B

Target Disease and
Target Antigen

	
  Licensed Product

  	
   

  	
  Target Disease

  	
   

  	
  Target Antigen

  
	
  First

  	
   

  	
  Influenza

  	
   

  	
  TBD

  
	
  Second (if
  elected)

  	
   

  	
   

  	
   

  	
   

  
	
  Third (if
  elected)

  	
   

  	
   

  	
   

  	
   

  

 

 32
 

APPENDIX
C

SELECT
PATENTS

[***]

 33

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