Document:

Blueprint

 

 

  Exhibit
10.23

 

 

 

 

House Lease Contract

 

 

 

Shanghai
Guilin Industry Co., Ltd.

 

 

              

1

 

 

House Lease
Contract

 

 

SN:
GK-023

 

Leasor: Shanghai Guilin Industry Co.,
Ltd.

(hereinafter
referred to as "Party A")

 

Legal
Address: Room 402,
4th Floor, No.
291 of Guiping Road, Xuhui District,
Shanghai.

 

Legal
Representative: Yu Mingfang

Duty: Chairman of
the BoardTel.: 64708353

 

Leasee:                    

Cellular
Biomedicine (Shanghai) Co., Ltd.

(Hereinafter
referred to as "Party B")

 

Legal
Address: 6th Floor, Building No. 1, No. 333 of Guiping Road, Xuhui
District, Shanghai

 

Legal
Representative: Liu Bizuo 

Duty:
CEO  

Tel:
54069990

 

In
accordance with the Contract Law
of the People's Republic of China, Regulations of Shanghai Municipality on House
Leasing and other relevant laws and regulations, Party A and
Party B conclude the Contract with regard to the matters about
Party B's leasing of the House (hereinafter referred to as
"Property for Lease") that Party A can rent out legally in the
principles of good faith and mutual benefits and
interests.

 

I.        

Location,
Area, Facilities and Purpose of the Property for Lease

 

(I) 

Location:
6th Floor, Building
No. 1, No.
333 of Guiping Road, Xuhui District,
Shanghai.

 

(II) 

Area: contract area
of 1190
m2.

 

(III) 

Facilities:
relevant auxiliary facilities (see details in Hand-over
List).

 

(IV)

Purpose: purpose of
property leased by Party B for business and R&D(Planning
documents approved by the government shall
prevail).

 

II.        

Lease
Term, Hand-over Date and Renewal of Lease

 

(I) 

The lease term in
the Contract is two
years from December 1,
2018 to November
30, 2020. Party B enjoys the priority for leasing under the
same conditions after the Contract expires and the price shall be
otherwise agreed upon.

 

(II) 

Party A and Party B
hand over the property and sign the Hand-over Confirmation Letter
in accordance with status quo of the Property for Lease. The
hand-over time isMMDDYY. If Party B has not
signed the Hand-over Confirmation Letter at that time, both Parties
will be deemed to confirm the hand-over in accordance with status
quo of the Property for Lease. (excluding the circumstance under
which the delivery of Property for Lease is delayed due to Party
A).

 

 

2

 

 

(III) 

Party B shall
return the Property for Lease on time when the Contract expires or
terminates in accordance with laws. If Party B renews the lease
when the Contract expires, Party B shall apply for renewal of lease
in writing 90 days
in advance before the Contract expires. If the area of the Property
for lease is more than 3000 m2, Party B shall apply
for renewal of lease in writing 180 days in advance before the
Contract expires (Party B enjoys the priority for leasing under the
same conditions).

 

Party A
shall answer Party B in writing about whether it agrees the renewal
of lease or not within 30 days after receipt of the written
application from Party B. If Party A agrees that Party B renews the
lease, both Parties shall resign the Lease Contract upon agreement
through negotiation within 30 days. If both Parties cannot reach an
agreement and resign the contract for renewal of the lease within
30 days, Party A has the right to withdraw the Property for Lease
when the lease term expires.

 

III.              

Rent,
Deposit, Property Management Fee and Payment Mode

 

(I)        

Rent,
Deposit

 

1. 

Payment Principles
of Rent and Deposit: paid before use; "three months' deposit and
one month's rent".

 

(1) 

The settlement
period of the rent between both Parties is three natural months;
Party B shall pay the rent of the first period within 10 working
days after the Contract comes into force and pay the rent for the
very period within 3 working days after receipt of the valid
invoice for the rent of Party A thereafter.

 

(2) 

Party B shall pay
the lease deposit of RMB 123066 at the same time while
paying the rent for the first period of three months (the lease
deposit of Party B transferred in from the Contract of last period
shall be deemed as performance guarantee). When the lease
relationship terminates, Party A shall return the deposit
(including the deposit balance when the overdue rent, expenses for
water, electricity, etc. of Party B are deducted) it received to
Party B with no interests within 10 working days after Party B
returns the Property for Lease to Party A, completes the hand-over
work and settles all the expenses for water, electricity,
communication, cancellation or change its domicile and take the
Property for Lease as its domicile (if any) and deals with all the
matters.

 

(3) 

During the lease
period, Party B shall not use the lease deposit to set off the rent
for the Property for Lease and property management
fees.

 

(4) 

Party A shall issue
a receipt after receiving the deposit paid by Party B. If the rent
increases during the Lease Term, the deposit shall increase too at
the same time and Party B shall complement the deposit amount
calculated in accordance with the increased rent within a month
since the day when the rent increases.

 

2. 

Rent Standards and
Payment Mode

 

(1) 

The rent is
calculated in accordance with the contract area, which is RMB
4.6/m2 per day. The rent is
RMB 166500 for each
month, RMB 499500
for each quarter and 1998000 for each year (in
words: RMB ONE MILLION
NINE HUNDRED AND NINTY EIGHT THOUSAND).

 

(2) 

Payment Mode of the
Rent: the rent for the very period (totally three months) shall be
paid off by Party B before 10th of the first month of each period,
the rent for the second and later periods shall be paid also in
such a way until the Contract Term expires. The rent is settled
through bank transfer or by cheque. If the payment of Party B
delays, Party B shall pay overdue fines and the overdue fine is
0.5‰ of the total amount of overdue rent each
day.

 

 

3

 

 

(II)              

Property
Management Fees and Payment Mode

 

1. 

The payment and
receipt of the Property Management Fees and other expenses shall be
agreed upon by the property management companies designated by
Party A and Party B in the Property Management
Agreement.

 

2. 

Problems that occur
during the performance of the Property Management Agreement by the
property management companies shall be subject to the coordination,
regulation and mediation of Party A.

 

IV.              

Rights
and Obligations of Both Parties

 

(I)        

Rights
and Obligations of Party A

 

1. 

Party A guarantees
that it has the right to lease the Property for Lease and ensures
that Party B can use the Property for Lease safely during the Lease
Term and that it will not interfere with the normal operating
activities of Party B.

 

2. 

Party A shall
provide assistance and relevant materials (subject to Party A's
possession) to Party B when Party B go through the procedures by
itself for the application of all kinds of licenses required fort
the operation.

 

3. 

If Party A changes
the obligee of the Property for Lease due to sale, transfer and
other reasons during the lease term, it shall guarantee that the
right of Party B to use the Property for Lease survives and assist
Party B to complete relevant procedures.

 

4. 

Party A enjoys the
right to charge the expenses for rent, water, electricity and
communication, etc. as agreed. If Party B fails to pay relevant
expenses in full amount on schedule, Party A is entitled to collect
overdue fines of 0.5‰ of the overdue amount each
day

 

5. 

Party A shall enjoy
or perform other rights and obligations as agreed in the Contract
or stipulated by laws and regulations.

 

(II)              

Rights
and Obligations of Party B

 

1. 

Party B guarantees
to use the Property for Lease, operate legally and pay all kinds of
operating and management fees incurred after leasing the Property
for Lease in accordance with laws as agreed or pursuant to relevant
policies and regulations.

 

2. 

Party B shall not
sublease or transfer the Property for Lease (unless the prior
written consent of Party A is obtained), change the use subject
agreed by both Parties and use any asset in the Property for Lease
for mortgage or guarantee. Party B ensures that the decoration and
ornamental properties in the Property for Lease are free from any
right of the third party.

 

3. 

Party B's
transformation or decoration within the scope of the Property for
Lease shall comply with laws, regulations and policies and be
subject to the regulation of relevant government departments. The
decoration plan of Party B shall be subject to the prior written
consent of Party A.

 

 

4

 

 

4. 

Party B shall bear
the obligations for the daily maintenance and guard of the Property
for Lease and ensure that the environment in the Property for Lease
complies with the requirements for environmental protection, public
security and fire protection, etc. Party A shall be responsible for
the repair of natural damage of the structure and outer wall and
roof of the Property for Lease under the Contract and Party B shall
be liable for the repair of other parts and any part transformed or
decorated by Party B of the Property for Lease.

 

5. 

Party A shall enjoy
or perform other rights and obligations as agreed in the Contract
or stipulated by laws and regulations.

 

V.        

Return
of Property for Lease

 

(I) 

Party B is liable
to restore the Property for Lease into its original state
(excluding reasonable wear and tear) in accordance with the
standards for the hand-over of Property for Lease listed in the
Hand-over Confirmation Letter agreed in the Contract when the
Contract is terminated or expires. Only after Party A inspects and
accepts the Property for Lease after it is returned by Party B can
Party B go through the procedures for canceling of the lease.
Otherwise, Party A has the right to restore the Property for Lease
into its original state and deduct relevant expenses from the lease
deposit; if the lease deposit is not enough to set off relevant
expenses, Party A has the right to recourse for such
expenses.

 

(II) 

If Party B hopes
not to restore the Property for Lease into its original state and
return the Property for Lease with the added or transformed
decoration and auxiliary facilities reserved, Party B shall apply
in writing to Party A 30 days in advance before the Contract
expires. If Party A agrees that Party B needs not to restore the
Property for Lease into its original state, the ornaments and
decoration formed by Party B's investment shall belong to Party A
for free. Party B agrees that the movable properties of Party B
which cannot be moved out within 10 days after the Contract between
both Parties expires or is terminated legally shall be owned by
Party A for free, excluding the properties on which Party A
exercises the right of lien. And Party B shall provide complete
drawings, fire protection acceptance certificate, quality guarantee
certificate, operation instruction with regard to all the left
decoration and auxiliary facilities.

 

(III) 

If Party B has not
paid off relevant expenses when the Property for Lease is returned
upon release or termination of the Contract and any economic loss
is incurred to Party A due to Party B, Party A is entitled to
deduct relevant expenses from the lease deposit with the left
amount being returned to Party B with no interests. If the lease
deposit is not enough to set off relevant expenses, Party A has the
right to recourse for such expenses.

 

(IV) 

When the Contract
is released or terminated and if Party B has ever taken the
Property for Lease as the registration address, Party B shall
complete the procedures for the change of registration address
before the Contract is released or terminated. If Party B has not
completed the procedures for change within 15 working days after
the Contract is released or terminated, the lease deposit will not
be returned, unless both Parties reach an agreement through
negotiation and Party A agrees that Party B keeps the registration
address.

 

 

5

 

 

(V) 

Party B shall
return the Property for Lease within 5 working days from the day
when the Contract expires or is terminated in advance for any
reason and if Party B fails to return the Property for Lease on
schedule without the consent of Party B, Party B shall pay the use
fee of 2 times rent to Party A during the period when it occupies
the Property for Lease for each overdue day, unless Party A agrees
that Party B renew the lease and sign the renewal contract. If
Party B cancels the Contract in advance, the deposit will not be
returned.

 

(VI) 

Party B agrees that
if Party B fails to perform the obligations to restore the Property
for Lease into its original state and return the Property for Lease
with more than 5 working days overdue, Party A has the right to
enter into the Property for Lease by itself through written
notification to Party B 5 working days in advance; at the same
time, Party B is deemed as giving up by itself the ownership or use
right of the decoration, facilities, equipment and other items
which are dismantled or removed within the Property for Lease,
including the equipment and items which are deemed to belong to
Party B (whether belong to Party B or the third party); Party A is
entitled to dispose on its own and any legal right involving the
third party shall be compensated by Party B. The expenses of Party
A to restore the Property for Lease into its original state on
behalf of Party B shall be undertaken by Party B. The Property for
Lease shall be deemed as returned to Party A when Party A enters
into the Property for Lease.

 

VI.              

Special
Agreement Between Both Parties

 

(I) 

Both Parties agree
that Party B shall register this Property for Lease as the address
of its Company within 90 days after the Contract comes into force.
The taxes of the Company registering this Property for Lease as its
address shall be collected within the scope of Huajing County,
Xuhui District and meeting the annual tax contribution requirements
per unit of the lease area (specific information can be seen in the
Attachments). If the taxes have not met the annual tax contribution
requirements of the place where it is registered, Party A has the
right to collect at least another 10% rent on the basis of the rent
of last year. If Party B meets the tax requirements, Party A can
coordinate and apply to the government for preferential financial
supports for Party B.

 

(II) 

Both Parties agree
that the lease invoice under the Contract shall be issued by Party
A and the payment shall be made into the bank account issued by
Party A.

 

(III) 

Party B shall
purchase insurance for properties in the Property for Lease and
other necessary insurances within the Valid Term of the Contract.
Losses or risk responsibilities incurred during the use of Property
for Lease without buying insurance shall be undertaken by the using
party.

 

(IV) 

Party A provides
the electricity with a upper limit of 120 KVA
needed by Party B. Party B shall undertake relevant electricity
expenses with regard to the electricity consumption amount and in
accordance with the electricity price calculated by the property
management company of the building. Party B shall propose an
application to increase electricity needs and it can use such
increased electricity only with the approval of Party A. Party B
shall undertake all the expenses to increase the
capacitance.

 

 

6

 

 

(V) 

Party A shall
install independent meters to measure water and electricity for
Party B; if the water and electricity interfaces are connected to
the floor of the Property for Lease, Party A does not undertake
relevant responsibilities if measures to stop the use of water and
electricity are taken in case of peak of use of water and
electricity or without prior notification by relevant departments
and Party B is influenced by such measures.

 

(VI) 

All the parking
spaces of Party A shall all be managed with fees charged. (See
details in Property Management Agreement).

 

(VII) 

If Party B needs to
set up a advertisement board on the building of the Property for
Lease, it shall obtain the written consent of Party A and submit to
Party A for filing after completing relevant approval procedures in
accordance with relevant stipulations of the
government.

 

(VIII) 

Both Parties must
sign the Agreement for Fire Protection, Safe Manufacturing and
Operation Responsibilities while performing the Contract, the
specific rights and obligations of such agreement shall be
concluded independently.

 

VII.              

Conditions
for Release of the Contract

 

(I) 

Both Parties agree
that any of the following circumstances shall be deemed as a force
majeure within the lease term. At that time, the Contract shall
terminate naturally and both Parties undertake no responsibilities
to each other, but Party A shall provide relevant documents and
notify Party B in a timely manner:

 

1. 

The use right of
the land within the occupation scope of the Property for Lease is
taken back by the government.

 

2. 

The Property for
Lease is expropriated in accordance with laws for social public
interests.

 

3. 

The Property for
Lease needs to be included in the demolition permit scope due to
city construction.

 

4. 

Both Parties agree
the serious natural disasters such as earthquake, fire disaster,
typhoon and government actions occur during the Contract Term which
cause that both Parties cannot realize the contract purpose shall
be deemed as force majures.

 

(II) 

Both Parties agree
that a Party can terminate the Contract unilaterally through
notification to the other Party and is entitled to call the
breaching party into account for breach of the Contract in
accordance with laws in case of any of the following
circumstances:

 

 

7

 

 

1. 

Party A fails to
deliver the Property for Lease on time and still has not delivered
within 10 working days after being reminded by Party
B.

 

2. 

The Property for
Lease does not comply with the agreements in the Contract when
Party A delivers the Property for Lease, which causes Party B
cannot use the Property for Lease lawfully, or the Property for
Lease delivered by Party A threatens the safety of the Party B
during Party B's use of the Property for Lease.

 

3. 

Party B changes the
use purpose of the Property for Lease arbitrarily.

 

4. 

The main body
structure of the Property for Lease is damaged due to Party
B.

 

5. 

Party B subleases
or transfers the rights of the Property for Lease
arbitrarily.

 

6. 

Party B fails to
pay the rent with more than 30 days overdue
accumulated.

 

7. 

Party B fails to
perform the obligations stipulated in Clause (I), Article VI in the
Contract.

 

VIII. Default Liabilities

 

(I) 

The failure of any
Party to the Contract to perform the obligations in accordance with
this Contract shall be deemed as the breach of the Contract. The
breaching party shall assume civil liabilities in accordance with
the Contract, laws and regulations and pay the liquidated damage of
2 times of a month's rent to the other party. If the liquidated
damage of the breaching party cannot set off the losses of the
non-breaching party, the balance between the actual loss and the
liquidated damage shall be compensated by the breaching
party.

 

(II) 

If Party A fails to
deliver the Property for Lease on schedule through no fault of
Party B (agreed by both Parties, excluding that Party A delays the
delivery of the Property for Lease), the Contract shall terminate
naturally; Party B is entitled to hold Party A responsible for
breach of the Contract and the amount of the liquidated damage
shall be the same as the deposit which shall be paid by Party
B.

 

(III) 

If Party B fails to
pay the deposit on schedule in accordance with Article 3 of the
Contract through no fault of Party A (agreed by both Parties,
excluding that Party A delays the delivery of the Property for
Lease), the Contract shall terminate naturally; Party A is entitled
to hold Party B responsible for breach of the Contract and the
amount of the liquidated damage shall be the same as the deposit
which shall be paid by Party B.

 

(IV) 

Party B confirms
that if Party B delays the payment of rent and property management
fee, etc. during the lease term and still fails to make such
payment within 10 working days after receiving written notification
from Party A, Party A has the right to stop all the services with
regard to the Property for Lease. All the consequences incurred
therefrom shall be undertaken by Party B and Party A undertakes no
liability.

 

IX.              

Dispute
Resolution

 

(I) 

The content
unspecified in this Contract or the disputes between both Parties
shall be settled friendly.

 

 

8

 

 

(II) 

If both Parties
have no common opinion or program within 15 days after one Party
proposes a written opinion or solution, any Party can settle in
accordance with laws.

 

X.        

Supplementary
Provisions

 

(I) 

The change of the
Contract shall be agreed by both Parties through negotiation. For
matters unspecified or uncovered in the Contract which are
necessary to specify, supplementary agreement shall be concluded
independently. The supplementary agreement, correspondences, faxes,
etc. between both Parties and agreed by them in writing are all the
valid components of the Contract.

 

(II) 

The address or main
business place and telephone number in the Contract between both
Parties are all valid mailing address. In case of any change to the
address or main business place and telephone number, the changing
Party shall notify the other Party within a week from the day of
such change; failure to give notification shall not influence the
legal force of the content in the letters or faxes of the other
Party.

 

(III) 

Taxes incurred by
the Contract shall be undertaken by both Parties by law
respectively. If the Contract needs to be filed for registration,
both Parties shall file to relevant authorities for registration of
the Contract. Whether both Parties file for registration of the
Contract shall not influence the legal force of the
Contract.

 

(IV) 

The representatives
of both Parties have no objection to the contract area in the
Contract.

 

(V) 

The Contract comes
into force since the day when it is signed and sealed by both
Parties and the Witnessing Party.

 

(VI) 

The Contract is
made in quintuplicate, with two held by both Parties respectively
and one by the Witnessing Party.

 

(The
text of the Contract is 10 pages totally. The following one is the
page for signature with no text.)

  

 

9

 

 

Party
A: Shanghai Guilin Industry Co., Ltd. (Seal)

 

Authorized
Representative:

 

Legal
Representative:

 

 

Party
B: Cellular Biomedicine (Shanghai) Co., Ltd. (Seal)

 

Authorized
Representative:

 

Legal
Representative:

 

 

The
Witnessing Party: Shanghai Huajing Enterprise Consultation Service
Center (Seal)

 

Contract
Signing Date: August 30, 2018

 

 

Attachments:

 

1.        

A copy of the
business license (including tax registration certificate and
special license, etc.) and the ID card of the legal representative
of Party B respectively;

 

2.        

A copy of the
drawing attached to the graph of the location and area of the
Property for Lease;

 

3.        

The hand-over List
of the Property for Lease and facilities and equipment between both
Parties;

 

4.        

A copy of the tax
payment record of recent years of Party B (excluding newly
established companies);

 

5.        

A copy of the
Property Management Agreement;

 

6.        

A copy of the
Agreement for Fire Protection, Safe Manufacturing and Operation
Responsibilities

 

7.        

A copy of the
annual tax contribution schedule per square meter;

 

8.        

Others:                                                         

 

10Blueprint

  Exhibit
10.35

 

LICENSE AGREEMENT

 

This
License Agreement (this “Agreement”) dated as of
February 14, 2019 (the “Effective Date”), by and
between Augusta University Research Institute, Inc., having an
office at 1120 15th Street, Augusta, Georgia 30912
(“AURI”) and Cellular Biomedicine Group HK
Ltd., a Hong Kong corporation, and its Affiliates, as defined
herein, with its principal place of business at Unit 402, 4th
Floor, Fairmont House, No. 8 Cotton Tree Drive, Admiralty, Hong
Kong ("CBMG"). AURI and CBMG are sometimes referred to herein
individually as a “Party” and collectively as the
“Parties”.

 

1 BACKGROUND

 

WHEREAS, AURI is
the assignee of invention " Human Alpha Fetoprotein-Specific T
Cell Receptors and Uses Thereof" invented in the laboratory of
Augusta University faculty, Dr. Yukai He, and described in in US
patent application #15/969,211 and PCT patent application
#PCT/US2018/030637; and

 

WHEREAS, CBMG
desires to obtain, and AURI is willing to grant, an exclusive
license in the Field (as defined below) under AURI’s rights
in the Licensed Patent Rights (as defined below) to develop and
commercialize according to the terms and conditions of this
Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the
mutual covenants herein contained, the Parties hereby agree as
follows:

 

2 DEFINITIONS

 

For
purposes of this Agreement, the terms defined in this Section shall
have the respective meanings set forth below:

 

 2.1
“Affiliate” shall mean, with respect to any Person, any
other Person which directly or indirectly controls, is controlled
by, or is under common control with, such Person. A Person shall be
regarded as in control of another Person if it directly or
indirectly possesses the power to direct or cause the direction of
the management and policies of the other Person by any means
whatsoever.

 

2.2
“Commercially Reasonable Efforts” means, with respect
to the efforts to be expended to research, develop, and
commercialize the Licensed Product in the Field in at least one
country in a Major Market, such efforts materially consistent with
the efforts and resources normally used by a prudent company in the
biopharmaceutical industry of a size comparable to CBMG, with
respect to a biopharmaceutical product for which the same
regulatory approval is held as the Licensed Product, which
biopharmaceutical product is owned or licensed in the same manner
as the Licensed Product, which biopharmaceutical product is at a
similar stage in its product life and of similar market and profit
potential as the Licensed Product, taking into account intellectual
property protection, efficacy, safety, approved labeling, the
competitiveness of the market, the proprietary position of the
biopharmaceutical product, the regulatory requirements involved,
pricing / reimbursement for the biopharmaceutical product, the
profitability of the biopharmaceutical product, and other relevant
factors, all as measured by the facts and circumstances in
existence at the time such efforts are due.

 

2.3
“Field” shall mean all commercial research,
development, fields, applications, and uses.

 

2.4
“First Commercial Sale” shall mean, with respect to any
Licensed Product, the earliest date of sale of a Licensed Product
by CBMG, its Affiliates or any of its Sublicensees. Any first sale
of a Licensed Product shall only qualify as a First Commercial Sale
if the Licensed Product has been approved for commercialization in
the applicable jurisdiction. The transfer of Licensed Products by
CBMG, its Affiliates or its Sublicensees strictly for internal
purposes, testing, expanded access programs or compassionate use
does not constitute a First Commercial Sale.

 

 

1

 

 

2.5
“Licensed Patent Rights” shall mean (a) US patent
application #15/969,211 and PCT patent application
#PCT/US2018/030637, all patent applications generated thereon, and
all foreign counterparts thereto; (b) all patents that have
issued or in the future shall issue therefrom, including utility,
model and design patents and certificates of invention; and
(c) all divisionals, continuations, continuations-in-part,
reissues, renewals, reexaminations, extensions or additions to any
such patent applications and patents.

 

2.6
“Licensed Product” shall mean a product in the Field,
which, if made, used, offered for sale, sold or imported in any
country, would infringe a Valid Patent Claim in such country, but
for the license granted by this Agreement.

 

2.7
“Major Market” shall mean the United States of America,
the European Union, the Middle East, the United Kingdom, Canada,
Australia, Japan, South Korea, China, Taiwan, and
India.

 

2.8
“Net Sales” shall mean the gross amount billed by CBMG
and its Affiliates and Sublicensees for the sale of Licensed
Products to a third party, less the following:

 

(a)
customary trade, quantity, prompt payment or cash rebates or other
discounts, incentives or adjustments to the extent actually allowed
and taken;

 

(b)
amounts repaid or credited by reason of rejection, claim, refund,
allowance, damaged goods, retroactive price reduction, trade, or
return;

 

(c) to
the extent separately stated on purchase orders, invoices, or other
documents of sale, any taxes or other governmental charges levied
on the production, sale, transportation, delivery, or use of a
Licensed Product which is paid by or on behalf of CBMG;
and

 

(d)
outbound transportation, postage, shipping, packing, storage, and
delivery costs, and costs of insurance in transit;

 

(e)
non-affiliated brokers’ or agents’ commissions actually
allowed;

 

(f)
rebates and chargebacks provided to managed health care
organizations, international organizations or federal, state, local
or other governments, including, in the United States, Medicare and
Medicaid; and

 

(g)
actual uncollectable accounts receivables determined in accordance
with GAAP, consistently applied.

 

No
deductions shall be made for commissions paid to individuals who
are regularly employed by CBMG and on its payroll, or for cost of
collections. Net Sales shall occur on the date of billing for a
Licensed Product. If a Licensed Product is distributed at a
discounted price that is substantially lower than the customary
price charged by CBMG, or distributed for non-cash consideration
(whether or not at a discount), Net Sales shall be calculated based
on the non-discounted (other than discounts allowed pursuant to
clause (a) above) amount of the Licensed Product charged to an
independent third party during the same Reporting Period in the
same country or, in the absence of such sales, on the fair market
value of the Licensed Product.

 

 

2

 

 

If
CBMG, any Affiliate, or any Sublicensee sells any Licensed Products
with any other goods or services, Net Sales will be calculated
based on the fair market value of the Licensed
Product.

 

2.9
“Person” shall mean an individual, corporation,
partnership, limited liability company, trust, business trust,
association, joint stock company, joint venture, pool, syndicate,
sole proprietorship, unincorporated organization, governmental
authority or any other form of entity not specifically listed
herein.

 

2.10
“Royalty Term” shall mean, with respect to each
Licensed Product in each country, the term for which a Valid Patent
Claim in such country remains in effect and would, if in an issued
patent, be infringed by the manufacture, use, offer for sale, sale
or import of such Licensed Product in such country but for the
license granted by this Agreement.

 

2.11
“Third Party” shall mean any Person other than AURI,
CBMG and their respective Affiliates.

 

2.12
“Valid Patent Claim” shall mean either (a) a claim
of an issued and unexpired patent included within the Licensed
Patent Rights, which has not been canceled, abandoned, held
permanently revoked, unenforceable or invalid by a decision of a
court or other governmental agency of competent jurisdiction,
unappealable or unappealed within the time allowed for appeal, and
which has not been admitted to be invalid or unenforceable through
reissue or disclaimer or otherwise or (b) a claim of a pending
patent application included within the Licensed Patent Rights,
which claim was filed in good faith and has not been abandoned or
finally disallowed without the possibility of appeal or refiling of
such application, and which claim has not been pending for more
than eight (8) years from the earliest claimed priority
date.

 

3 REPRESENTATIONS AND WARRANTIES

 

AURI
hereby represents and warrants to CBMG as follows:

 

3.1
AURI (a) is a 501 (c) (3) not-for-profit duly organized,
validly existing and in good standing under the laws of the State
of Georgia; (b) has the corporate power and authority and the
legal right to own and operate its property and assets, to lease
the property and assets it operates under lease, and to carry on
its business as it is now being conducted and (c) is in
compliance with all requirements of applicable law, except to the
extent that any noncompliance would not have a material adverse
effect on the properties, business, financial or other condition of
it and would not materially adversely affect its ability to perform
its obligations under this Agreement.

 

3.2
AURI (a) has the corporate power and authority and the legal
right to enter into this Agreement and to perform its obligations
hereunder and (b) has taken all necessary corporate action on
its part to authorize the execution and delivery of this Agreement
and the performance of its obligations hereunder. This Agreement
has been duly executed and delivered on behalf of AURI, and
constitutes a legal, valid, binding obligation, enforceable against
AURI in accordance with its terms.

 

 

3

 

 

3.3 All
necessary consents, approvals and authorizations of all
governmental authorities and other Persons required to be obtained
by AURI in connection with this Agreement have been
obtained.

 

3.4
AURI is the legal and beneficial owner of all right, title and
interest in and to the Licensed Patent Rights, having good title
thereto, free and clear of any and all mortgages, liens, security
interest and charges, and no Person has or shall have any claim of
ownership with respect to the Licensed Patent Rights. Except as
otherwise set forth in this Agreement, AURI has not sold, assigned,
conveyed, mortgaged, encumbered, transferred or granted any license
or other right under the Licensed Patent Rights to any Person to
develop, make, have made, use and sell Licensed Products for use in
the Field.

 

3.5 To
the best of AURI’s knowledge, neither the use of the Licensed
Patent Rights nor the granting of this license to practice under
the Licensed Patent Rights violates, infringes or otherwise
conflicts or interferes with any patent or any other intellectual
property or proprietary right of any Third Party. To the best of
AURI’s knowledge, no Third Party is currently infringing upon
the Licensed Patent Rights.

 

CBMG
hereby represents and warrants to AURI as follows:

 

3.6
CBMG (a) has the corporate power and authority and the legal
right to enter into this Agreement and to perform its obligations
hereunder and (b) has taken all necessary corporate action on
its part to authorize the execution and delivery of this Agreement
and the performance of its obligations hereunder. This Agreement
has been duly executed and delivered on behalf of CBMG, and
constitutes a legal, valid, binding obligation, enforceable against
CBMG in accordance with its terms.

 

3.7
CBMG (a) is a corporation duly organized, validly existing and
in good standing under the laws of Hong Kong; (b) has the
corporate power and authority and the legal right to own and
operate its property and assets, to lease the property and assets
it operates under lease, and to carry on its business as it is now
being conducted and (c) is in compliance with all requirements
of applicable law, except to the extent that any noncompliance
would not have a material adverse effect on the properties,
business, financial or other condition of it and would not
materially adversely affect its ability to perform its obligations
under this Agreement.

 

3.9 All
necessary consents, approvals and authorizations of all
governmental authorities and other Persons required to be obtained
by CBMG in connection with this Agreement have been
obtained.

 

 

4

 

4 LICENSE GRANT

 

4.1
AURI hereby grants to CBMG and its Affiliates an exclusive
worldwide license (with the right to grant sublicenses) under the
Licensed Patent Rights to make, have made, use, research, develop,
have used, sell, have sold, offer for sale and import Licensed
Products in the Field.

 

4.2
CBMG shall deliver to AURI a copy of each sublicense, with
appropriate redactions as determined solely by CBMG, under this
Agreement promptly after execution of the same. Each sublicense
shall be subject to the terms and conditions of this Agreement.
Sublicense agreements shall automatically terminate upon
termination of this license. Any Third Party to which CBMG or its
Affiliates granted a sublicense under the Licensed Patent Rights
(each, a “Sublicensee”) not then in default shall have
the right to seek a license from AURI. AURI agrees to negotiate
such licenses in good faith under reasonable terms and
conditions.

 

4.3 It
is expressly agreed that, notwithstanding any provisions herein,
AURI and Augusta University retains the right on behalf of itself
and all other non-profit research institutions to practice under
the Licensed Patent Rights for non-commercial research, teaching,
and educational purposes. Should AURI or Augusta University grant
any Licensed Patent Rights to a Third Party for non-commercial
research, teaching, and educational purposes, AURI shall promptly
notify CBMG. Furthermore, AURI and Augusta University shall be free
to publish data from Licensed Patent Rights, as they see fit,
provided such data does not include CBMG Confidential Information
(defined in Section 9.1). AURI and Augusta University shall
disclose any publication materials related to the Licensed Patent
Rights to CBMG prior to publication so that CBMG will have at least
thirty (30) days prior to publication to review and provide
comments and/or to request edits regarding intellectual property.
Further, upon CBMG’s reasonable request, AURI and Augusta
University will delay publication for no more than 45 additional
days to permit patent filing on such intellectual property. CBMG
acknowledges that the U.S. federal government retains a
royalty-free, non-exclusive, non-transferable license to practice
any government-funded invention claimed in any Licensed Patent
Rights as set forth in 35 U.S.C. §§ 201-211, and the
regulations promulgated thereunder, as amended, or any successor
statutes or regulations.

 

5 ROYALTIES, LICENSE FEES

 

5.1 In
consideration for the license granted hereunder, within thirty (30)
days of execution of this Agreement, CBMG shall pay to AURI a
one-time, non-refundable, non-creditable license fee in an amount
equal to [***].

 

5.2 In
consideration for the license granted hereunder, until the end of
the Royalty Term or earlier termination thereof, CBMG shall pay to
AURI running royalties on Net Sales of Licensed Products by CBMG,
its Affiliates and Sublicensees as follows:

 

a.
[***] beginning on the Effective Date;

 

b.
Royalties shall be due and payable on a quarterly basis and shall
be submitted by CBMG along with the report as specified in Section
6.1 below.

 

5.3 If
CBMG is required to take a license under any Third Party patents to
use the Licensed Patent Rights, then [***].

 

5.4 For
any non-royalty consideration that is comprised of either monetary
instruments or quantifiable in-kind remuneration received by CBMG
by sublicense agreement from Sublicensees, [***].

 

 

5

 

 

6 ROYALTY REPORTS AND ACCOUNTING

 

6.1
During the term of this Agreement following the First Commercial
Sale of a Licensed Product, CBMG shall furnish to AURI a quarterly
written report showing in reasonably specific detail, on a country
by country basis, (a) the Net Sales of each Licensed Product
sold by CBMG, its Affiliates and its Sublicensees during the
reporting period; (b) the royalties payable in United States
dollars, if any, which shall have accrued hereunder based upon Net
Sales of each Licensed Product; (c) the withholding taxes, if
any, required by law to be deducted in respect of such sales;
(d) the date of the First Commercial Sales of each Licensed
Product in each country during the reporting period; and
(e) the exchange rates used in determining the amount of
United States dollars.

 

With
respect to sales of Licensed Products invoiced in United States
dollars, Net Sales and royalties payable shall be expressed in
United States dollars. With respect to sales of Licensed Products
invoiced in a currency other than United States dollars, Net Sales
and royalties payable shall be expressed in the domestic currency
of the Person making the sale together with the United States
dollar equivalent of the royalty payable, calculated using the
average closing buying rate for such currency quoted in the
continental terms method of quoting exchange rates (local currency
per US$1) by the Wall Street Journal on the last business day of
each month in the calendar quarter prior to the date of
payment.

 

CBMG
may withhold taxes on the amounts otherwise payable to AURI
under this agreement as required by applicable
law. The Parties agree to cooperate in good faith to reduce or
eliminate the amount of any such withholding taxes under the
provisions of applicable law, including the provisions of any
applicable income tax treaty.  As may be
required under applicable law in order to reduce or eliminate
the amount of any withholding tax, AURI shall be entitled to timely
provide to CBMG a duly and properly executed certificate of
exemption from withholding tax or certificate of reduced
withholding tax, or such other forms as may be required under
applicable law to reduce or eliminate the amount of withholding
tax, and CBMG shall withhold taxes in accordance with such
duly and properly executed certificate or forms. CBMG shall remit
any withheld taxes to the relevant authorities on behalf
of AURI and upon request of AURI, CBMG shall provide to AURI
appropriate evidence of the payment to the relevant authorities of
the amounts withheld and remitted to the relevant authorities on
behalf of AURI.

 

Reports
shall be due on the sixtieth (60th) day following the close of each
reporting period. CBMG shall keep complete and accurate records in
sufficient detail to properly reflect Net Sales and to enable the
royalties payable hereunder to be determined.

 

6.2
Upon the written request of AURI and not more than once in each
calendar year, CBMG shall permit an independent certified public
accounting firm of nationally recognized standing, selected by AURI
and reasonably acceptable to CBMG, at AURI’s expense, to have
access during normal business hours to such of the records of CBMG
as may be reasonably necessary to verify the accuracy of the
royalty reports hereunder for any year ending not more than
thirty-six (36) months prior to the date of such request. The
accounting firm shall disclose to AURI only whether the records are
correct or not and the details concerning any specific
discrepancies. No other information shall be shared.

 

If such
accounting firm concludes that additional royalties were owed
during such period, CBMG shall pay the additional royalties within
thirty (30) days of the date AURI delivers to CBMG such accounting
firm’s written report documenting the royalty underpayment.
The fees charged by such accounting firm shall be paid by AURI;
provided, however, if the audit discloses that the royalties
payable by CBMG for the audited period are more than [***] of the
royalties actually paid for such period, and the difference between
royalties payable and royalties paid is greater than [***], then
CBMG shall pay the reasonable fees and expenses charged by such
accounting firm.

 

6.3
CBMG shall include in each sublicense granted by it pursuant to
this Agreement a provision requiring the Sublicensee to make
reports to CBMG, to keep and maintain records of sales made
pursuant to such sublicense and to grant AURI’s independent
accountant access to such records to the same extent required of
CBMG under this Agreement.

 

6.4
AURI shall treat all financial information subject to review under
this Section 6 or under any sublicense agreement as
Confidential Information pursuant to Section 9 below, and shall
cause its accounting firm to retain all such financial information
in confidence.

 

 

6

 

 

7 PAYMENTS

 

7.1
Royalties shown to have accrued in the quarter covered by each
royalty report provided for under Section 6 of this Agreement
shall be due and payable on the date such royalty report is due.
Payment of royalties in whole or in part may be made in advance of
such due date.

 

7.2 All
payments by CBMG to AURI under this Agreement shall be paid in
United States dollars, and all such payments shall be made by bank
wire transfer in immediately available funds to such account as
AURI shall designate before such payment is due. CBMG shall be
responsible for any foreign transaction fees.

 

 

 

7.3 If
at any time legal restrictions prevent the prompt remittance of
part or all royalties with respect to any country where the
Licensed Product is sold, payment shall be made through such lawful
means or methods as AURI reasonably shall determine.

 

8 RESEARCH AND DEVELOPMENT OBLIGATIONS

 

8.1
CBMG (a) shall use its Commercially Reasonable Efforts to
develop and conduct such research, development and validation
studies as necessary or desirable to obtain all regulatory
approvals to manufacture and market such Licensed Products in the
Field in at least one country in a Major Market, and (b) upon
receipt of such approvals, to use Commercially Reasonable Efforts
to market, each such Licensed Product in the Field in such country.
CBMG, at its sole expense, shall fund the costs of all research,
development, preclinical and clinical trials, regulatory approval
and commercialization of the Licensed Products.

 

8.2
CBMG shall maintain records, in sufficient detail and in good
scientific manner appropriate for patent purposes, which shall
reflect all work done and results achieved in the performance of
its research and development regarding the Licensed Patent Rights
and the Licensed Products (including all data in the form required
under all applicable laws and regulations).

 

8.3
Within ninety (90) days following the end of each calendar year
during the term of this Agreement, CBMG shall prepare and deliver
to AURI a written report which shall describe, in reasonably
sufficient detail, (a) the research performed to date employing the
Licensed Patent Rights, (b) the progress of the development,
and testing of Licensed Products, and (c) the status of obtaining
the necessary approvals to market Licensed Products. In addition,
CBMG shall provide AURI with written notice of all material
regulatory filings and submissions prior to the date of such
submissions, and written notice of all approvals obtained promptly
after obtaining such approvals.

 

9 CONFIDENTIALITY

 

9.1
During the term of this Agreement, and for a period of three (3)
years following the expiration or earlier termination hereof, each
Party shall maintain in confidence all written information and data
provided by one Party to the other hereunder and marked
“Confidential” or, if information disclosed orally,
visually or in some other form, which is summarized in writing, is
confirmed in writing as “Confidential” to the other
Party within thirty (30) days of such disclosure, or, if not marked
“Confidential or summarized in writing as
“Confidential,” any information exchanged between the
Parties under this Agreement that should reasonably be regarded as
“Confidential” (collectively, the “Confidential
Information”), and shall not use, disclose or grant the use
of the Confidential Information except on a need-to-know basis to
those directors, officers, employees, agents, sublicensees and
permitted assignees, to the extent such disclosure is reasonably
necessary in connection with such Party’s activities as
expressly authorized by this Agreement. To the extent that
disclosure is authorized by this Agreement, prior to disclosure,
each Party hereto shall obtain agreement of any such Person to hold
in confidence and not make use of the Confidential Information for
any purpose other than those permitted by this
Agreement.

 

 

7

 

 

9.2 The
confidentiality obligations contained in Section 9.1 of this
Agreement shall not apply to the extent that (a) (i) any
receiving Party (the “Recipient”) is required to
disclose information by law, order or regulation of a governmental
agency or a court of competent jurisdiction, provided that the
Recipient shall provide written notice thereof to the other Party
and sufficient opportunity to object to any such disclosure or to
request confidential treatment thereof at such other Party’s
sole expense, or (ii) to the extent CBMG is required to disclose
information to any governmental agency for purposes of obtaining
approval to test or market a product or to show to a potential
Sublicensee or contractor subject to appropriate confidentiality
agreement; or (b) the Recipient can demonstrate that
(i) the disclosed information was public knowledge at the time
of such disclosure to the Recipient, or thereafter became public
knowledge, other than as a result of actions of the Recipient in
violation hereof; (ii) the disclosed information was
rightfully known by the Recipient (as shown by its written records)
prior to the date of disclosure to the Recipient by the other Party
hereunder; or (iii) the disclosed information was disclosed to
the Recipient on an unrestricted basis from a source unrelated to
any Party to this Agreement and not under a duty of confidentiality
to the other Party.

 

9.3
Each Party hereby acknowledges and agrees that, in the event of any
breach or threatened breach of this Agreement by the Recipient, the
disclosing Party may suffer irreparable injury for which damages at
law may not be an adequate remedy. Accordingly, without prejudice
to any other rights and remedies otherwise available to the
disclosing Party, the disclosing Party shall be entitled to seek
equitable relief, including injunctive relief and specific
performance, for any breach or threatened breach of this Agreement
by the Recipient, its Affiliates, or any of its or their employees,
directors, officers, members, agents, or
representatives.

 

9.4
Neither Party shall make any public announcement, issue any press
release or publish any study (collectively, all such
communications, “Publication”) concerning the
transactions contemplated herein, or make any Publication which
includes the name of the other Party or any of its Affiliates, or
otherwise use the name or names of the other Party or any of their
employees or any adaptation, abbreviation or derivative of any of
them, whether oral or written, related to the terms, conditions or
subject matter of this Agreement, without the prior written
permission of such other Party, except as needed for the United
States Securities and Exchange Commission or the Nasdaq Global
Market or as may be required by law, regulation or judicial order.
Consistent with the foregoing, each party may state that CBMG
licensed from AURI and Augusta University the Licensed Patent
Rights, and describe the type and extent of the
License.

 

10 PATENTS

 

10.1
CBMG shall be responsible for paying past patent costs not to
exceed [***]. During the term of this Agreement, CBMG shall be
responsible for and shall have the right to advise the preparation,
filing, prosecution and maintenance of the Licensed Patent Rights,
and shall be responsible for paying all reasonable out-of-pocket
costs thereof. AURI shall cooperate with CBMG, execute all lawful
papers and instruments and make all rightful oaths and declarations
as may be necessary in the preparation, prosecution and maintenance
of all patents and other filings referred to in this Section
10.1.

 

10.2 If
CBMG decides not to continue prosecution of a patent application to
issuance or maintain any United States or foreign patent
application or patent on technology within the Licensed Patent
Rights, CBMG shall timely notify AURI in writing, and such patent
shall be excluded from the definition of Licensed Patent Rights
upon AURI assuming such costs.

 

 

8

 

 

10.3 If
CBMG or AURI has actual notice of infringement of the Licensed
Patent Rights, the Parties shall confer to determine in good faith
an appropriate course of action to enforce the Licensed Patent
Rights or otherwise abate the infringement thereof, to take (or
refrain from taking) appropriate action to enforce Licensed Patent
Rights, to control any litigation or other enforcement action and
to enter into, or permit, the settlement of any such litigation or
other enforcement action with respect to Licensed Patent Rights.
Such right shall include the right to recover any damages awarded
in consequence of any actual or alleged infringement of the
Licensed Patent Rights, which, after recuperation of all expenses
and costs, shall be treated as Net Sales hereunder. AURI shall join
any litigation or other enforcement action to the extent required
by a court in order for CBMG to exercise the rights granted by this
Section 10.3.

 

If CBMG
does not file suit to enforce the Licensed Patent Rights against at
least one (1) infringing party, AURI shall have the right at its
sole expense to take (or refrain from taking) appropriate action to
enforce the Licensed Patent Rights, to initiate and control any
litigation or other enforcement action and to enter into, or
permit, the settlement of any such litigation or other enforcement
action regarding the Licensed Patent Rights, and shall consider, in
good faith, the interests of CBMG in so doing. CBMG shall reimburse
AURI for any applicable out of pocket expenses and
costs.

 

To
AURI’s actual knowledge, neither the use of the Licensed
Patent Rights nor the granting of this license to practice under
the Licensed Patent Rights violates, infringes or otherwise
conflicts or interferes with any patent or any other intellectual
property or proprietary right of any Third Party.  To
AURI’s actual knowledge,  no Third Party is currently
infringing upon the Licensed Patent Rights in the
Field.

 

11 TERMINATION

 

11.1
Subject to the provisions of Sections 11.2 and 11.3 of this
Agreement, this Agreement shall expire on the termination of
CBMG’s obligation to pay royalties to AURI under Section 5 of
this Agreement. Upon expiration of the Royalty Term, the license
granted to CBMG in Section 4.1 shall survive such expiration of
this Agreement, and shall be converted to a perpetual, fully paid
up license.

 

11.2
CBMG may terminate this Agreement, in its sole discretion, upon
thirty (30) days prior written notice to AURI.

 

11.3
Except as otherwise provided in Section 13 of this Agreement,
a Party may terminate this Agreement upon or after the breach of
any material provision of this Agreement by the other Party if the
other Party has not cured such breach within forty five (45) days
after notice thereof by the non-breaching Party.

 

11.4
Expiration or termination of this Agreement shall not relieve the
Parties of any obligation accruing prior to such expiration or
termination, and the provisions of Sections 9, 10, 12, 14 and
15 shall survive the expiration or termination of this
Agreement.

 

12 INDEMNIFICATION AND INSURANCE

 

12.1
CBMG shall indemnify and hold AURI, the Board of Regents of the
University System of Georgia on behalf of Augusta University, and
both of their respective employees, officers, board members and
agents (hereinafter “Indemnitees”) harmless from all
losses, liabilities, damages and expenses (including reasonable
attorneys’ fees and costs) incurred by AURI as a result of
any Third Party claim, demand, action or other proceeding arising
directly out of the manufacture, use or sale of any Licensed
Product by CBMG, its Affiliates or Sublicensees, or their
respective distributors, customers or end-users. AURI will be
liable for its own acts and omissions to the extent permitted by
law.

 

 

9

 

 

12.2
CBMG shall maintain liability insurance, or self-insurance,
including product liability insurance with respect to the research,
development, manufacture and sales of Licensed Products by CBMG in
such amount as CBMG customarily maintains with respect to the
research, development, manufacture and sales of its other products
that are at a similar stage of development. CBMG shall maintain
such insurance (or self-insurance) for so long as it continues to
manufacture or sell any Licensed Products, and thereafter for so
long as CBMG customarily maintains insurance (or self-insurance)
for itself covering the research, development, manufacture or sales
of its other products that it no longer manufactures or
sells.

 

13 FORCE MAJEURE

 

Neither
Party shall be held liable or responsible to the other Party nor be
deemed to have defaulted under or breached this Agreement for
failure or delay in fulfilling or performing any term of this
Agreement to the extent, and for so long as, such failure or delay
is caused by or results from causes beyond the reasonable control
of the affected Party including but not limited to fire, floods,
embargoes, war, acts of terror, acts of war (whether war be
declared or not), insurrections, riots, civil commotions, strikes,
lockouts or other labor disturbances, acts of God or acts,
omissions or delays in acting by any governmental authority or
other Party.

 

14 LIMITATION OF LIABILITY

 

EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, IN NO
EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INDIRECT, INCIDENTAL,
SPECIAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOSS OF PROFITS,
REVENUE, DATA OR USE, INCURRED BY EITHER PARTY OR ANY THIRD PARTY,
WHETHER IN AN ACTION IN CONTRACT OR TORT, EVEN IF THE OTHER PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. EACH
PARTY’S LIABILITY FOR DAMAGES HEREUNDER SHALL IN NO EVENT
EXCEED THE AMOUNT OF FEES PAID (OR PAYABLE) BY CBMG UNDER THIS
AGREEMENT.

 

 

10

 

 

15 MISCELLANEOUS

 

15.1
Any consent, notice or report required or permitted to be given or
made under this Agreement by one of the Parties hereto to the other
Party shall be in writing, delivered by any lawful means, and
addressed to such other Party at its address indicated below, or to
such other address as the addressee shall have last furnished in
writing to the addressor and (except as otherwise provided in this
Agreement) shall be effective upon receipt by the
addressee.

 

If to
AURI:

 

Augusta
University Research Institute

1120
15th Street

Augusta, Georgia
30912

Attn:
Executive Director

 

 

If to
CBMG:

 

Cellular
Biomedicine Group HK, Ltd.

Unit
402, 4th Floor, Fairmont House

Admiralty, Hong
Kong

Attn:
General Counsel

 

 

15.2
This Agreement shall be governed by the laws of the State of
Georgia.

 

15.3
Neither Party shall assign its rights or obligations under this
Agreement, in whole or in part, by operation of law or otherwise,
without the prior written consent of the other Party, which consent
shall not be unreasonably withheld; provided, however, that either
Party may assign its rights to the successor to all or
substantially all of its assets or business to which this Agreement
relates without the other Party’s prior written consent. Any
purported assignment in violation of this Section 15.3 shall be
void.

 

15.4 No
change, modification, extension, termination or waiver of this
Agreement, or any of the provisions herein contained, shall be
valid unless made in writing and signed by duly authorized
representatives of the Parties hereto.

 

15.5
This Agreement embodies the entire understanding between the
Parties and supersedes any prior understanding and agreements
between and among them respecting the subject matter hereof. There
are no representations, agreements, arrangements or understandings,
oral or written, between the Parties hereto relating to the subject
matter of this Agreement which are not fully expressed
herein.

 

15.6
Any of the provisions of this Agreement which are determined to be
invalid or unenforceable in any jurisdiction shall be ineffective
to the extent of such invalidity or unenforceability in such
jurisdiction, without rendering invalid or unenforceable the
remaining provisions hereof and without affecting the validity or
enforceability of any of the terms of this Agreement in any other
jurisdiction.

 

15.7
The waiver by either Party hereto of any right hereunder or the
failure to perform or of a breach by the other Party shall not be
deemed a waiver of any other right hereunder or of any other breach
or failure by said other Party whether of a similar nature or
otherwise.

 

15.8
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

15.9
Nothing in this Agreement or in the course of business between AURI
and CBMG shall make or constitute either Party a partner, employee
or agent of the other and the relationship between the Parties is
not a partnership, joint venture or agency. Neither Party shall
have any right or authority to commit or legally bind the other in
any way whatsoever including, without limitation, the making of any
agreement, representation or warranty.

 

[SIGNATURE
PAGE FOLLOWS]

 

 

11

 

 

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the
date first set forth above.

 

AUGUSTA
UNIVERSITY RESEARCH INSTITUTE, INC.

 

 

 

By /s/ Diego
Vazquez                                                                                                            

Diego
Vazquez

Executive
Director

 

 

CELLULAR
BIOMEDICINE GROUP HK LTD.

 

 

 

By /s/ Andrew
Chan                                                                                                            

Andrew
Chan

Director

 

 

 

 

12

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