Document:

EX-10.1

 Exhibit 10.1 

November 6, 2018 
 Melinta Therapeutics, Inc. 

300 George Street 
 Suite 301 

New Haven, CT 06511 
 Re:    Financing
Commitment 
 Ladies and Gentlemen: 

1.    Commitment. This letter confirms the commitment of Vatera Healthcare Partners LLC (the
“Investor”) to purchase (or cause an assignee permitted by the terms of Section 3 hereof to purchase), at any time and from time to time prior to December 31, 2018 (the “Outside
Date”), shares of common stock of Melinta Therapeutics, Inc. (the “Company”), in each case in accordance with and subject to the terms and conditions set forth in Exhibit A (such shares, the “Subject Equity
Securities”), for an aggregate purchase price not to exceed Seventy Five Million Dollars ($75,000,000) (such commitment, the “Commitment”), to be used by the Company for general corporate purposes. Notwithstanding anything
herein to the contrary, the aggregate liability of the Investor under this letter shall at no time exceed the aggregate amount of the Commitment. For the avoidance of doubt, the obligation of the Investor (or its successors and permitted assigns) to
fund the Commitment is subject in all respects to the conditions set forth under the heading “Funding Conditions” in Exhibit A. 

2.    Termination. The Investor’s obligation to fund the Commitment shall terminate automatically and
immediately upon the earliest to occur of (i) the funding by the Investor or its Assignees of the Commitment in full, (ii) the Outside Date, (iii) the date that the Company has received, following the date hereof, gross proceeds in an
aggregate amount equal to or greater than $75,000,000 from one or more equity and/or debt financing(s) from sources other than the Investor and its Assignees, and (iv) the date that a third party acquires all of the capital stock of the Company
through merger, purchase or otherwise. Upon such termination pursuant to this Section 2, the Investor shall not have any further obligation or liability hereunder with respect to the Commitment, provided,
however that notwithstanding such termination, Sections 4, 5, 6, 7 and 11 shall survive such termination. 

3.    Assignment. The Investor may not assign or delegate (whether by operation of law, merger, consolidation or
otherwise) its rights, interests or obligations hereunder to any other person or entity without the prior written consent of the Company. Notwithstanding the foregoing but subject to applicable securities laws, the Investor may assign all or a
portion of its obligation to fund the Commitment to one or more affiliated investment funds or other co-investors (which co-investors may include, for the avoidance of
doubt, third party investors that are not affiliated with the Investor or its affiliates) (any such assignee, an “Assignee”) without obtaining the prior written consent of the Company, but no such assignment shall relieve the
Investor of its obligations hereunder. Any attempted assignment not in accordance with the foregoing shall be null and void and of no force or effect. 

 4.    No Third Party Beneficiaries. Except to the extent set
forth in Section 5, this letter shall be binding solely on, and inure solely to the benefit of, the parties hereto and their respective successors and permitted assigns, and nothing set forth in this letter, express or
implied, shall be construed to confer upon or give to any person or entity, other than the parties hereto and their respective successors and permitted assigns, any benefits, rights or remedies under or by reason of, or any rights to enforce, the
Commitment or any provisions of this letter. 
 5.    Limited Recourse; Enforcement. 

(a)    Notwithstanding anything that may be expressed or implied in this letter or any document or instrument delivered in
connection herewith, the Company, by its acceptance of the benefits of the Commitment provided herein, covenants, agrees and acknowledges (i) that no person or entity other than the Investor (and its respective successors and permitted assigns)
shall have any obligation hereunder or in connection with the transactions contemplated hereby, (ii) in no event shall the Company seek, and the Company shall cause each of its affiliates not to seek, any damages or any other recovery,
judgment, or remedies of any kind, including special, exemplary, consequential, indirect or punitive damages, or damages arising from loss of profits, business opportunities or goodwill, diminution in value or any other losses or damages, whether at
law, in equity, in contract, in tort or otherwise, against the Investor or any Specified Person (as defined below), in each case, other than seeking specific performance of the Company’s right to cause the Investor to fund the Commitment in
accordance with, and solely to the extent permitted under, the terms and conditions hereof (the “Non-Prohibited Claims”), and (iii) that, notwithstanding that the Investor may be, or any
of its successors and permitted assigns may be, a limited liability company, the Company shall have no right of recovery against, and no recourse shall be had against, and no personal liability shall attach to, any of the former, current or future
direct or indirect equity holders, controlling persons, stockholders, directors, officers, employees, agents, general or limited partners, managers, members, affiliates, attorneys or other representatives of the Investor or any of the
Investor’s successors or assigns or any former, current or future director, officer, employee, direct or indirect equity holder, equity or other financing source, portfolio company, management company, controlling person, agent, general or
limited partner, manager, member, stockholder, affiliate, attorney or other representative or successor or assign of any of the foregoing (together with any person or entity to whom any of the foregoing has assigned its obligations hereunder in
accordance with the terms hereof, a “Specified Person” and together, the “Specified Persons”), hereunder or under any documents or instruments delivered in connection herewith or in respect of any oral
representations made or alleged to have been made in connection herewith or therewith, whether by or through attempted piercing of the corporate (or limited liability company or limited partnership) veil, by or through a proceeding (whether at law,
in equity, in contract, in tort or otherwise) by or on behalf of the Company against any Specified Person, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any applicable law, or otherwise, except, for the
avoidance of doubt, for its rights to recover from the Investor and its successors and permitted assigns (but not any other person or entity) under and to the extent provided in this letter and any other claims that are Non-Prohibited Claims; it being agreed and acknowledged that, except with respect to the Non-Prohibited Claims, no personal liability whatsoever shall attach to, be imposed on
or otherwise be incurred by any Specified Person for any obligations of the Investor or any of its successors or permitted assigns under this letter or any documents or instruments delivered in connection herewith, in respect of any transaction
contemplated hereby or in respect of any 

  
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representations made or alleged to have been made in connection herewith or therewith or for any claim (whether at law, in equity, in contract, in tort or otherwise) based on, in respect of, or
by reason of such obligations or their creation. 
 (b)    Subject to Section 5(c), this
letter may only be enforced by the Company, and none of the Company’s creditors and no other person or entity that is not a party to this letter shall have any right to enforce this letter or to cause the Company to enforce this letter. The
Investor agrees that irreparable damage would occur in the event that any of the provisions of this letter were not performed in accordance with their specific terms or were otherwise breached or threatened to be breached and that the Company shall
not be required to provide proof of actual damages or otherwise post or secure any bond in connection with or as a condition to obtaining specific performance as described in this Section 5(b). 

(c)    The Specified Persons are express third-party beneficiaries of this Section 5. 

6.    Confidentiality. This letter may not be used, circulated, quoted or otherwise referred to in any document
(other than any SEC filing required to be made under applicable law, rule or regulation), except with the written consent of the Investor; provided, further, that any party hereto may disclose the existence of this letter to the extent
required by any governmental or regulatory authority or as required by applicable law, rule or regulation, so long as the disclosing party (a) promptly notifies the Investor in reasonable detail of the circumstances giving rise to such required
disclosure, (b) uses its reasonable best efforts to seek to limit such disclosure and maintain the confidentiality of this letter and the terms and conditions hereof and (c) uses its reasonable best efforts to give the Investor an
opportunity to comment on such disclosure and to incorporate such comments therein. 
 7.    Governing Law; Consent
to Jurisdiction. 
 (a)    This letter (and any claim or controversy arising out of or relating to this letter)
shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of
Delaware. 
 (b)    Each party hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of any Delaware state court, or federal court of the United States of America, in each case sitting in the City of Wilmington, County of New Castle, State of Delaware, and any appellate court from any thereof, in any action,
suit or proceeding arising out of or relating to this letter or the transactions contemplated hereby or for recognition or enforcement of any judgment relating thereto, and each party hereby irrevocably and unconditionally: (i) agrees not to
commence any such action, suit or proceeding except in such courts; (ii) agrees that any claim in respect of any such action, suit or proceeding may be heard and determined in such Delaware state court or, to the extent permitted by applicable
Law, in such federal court; (iii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action, suit or proceeding in any such Delaware state or
federal court; and (iv) waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such 

  
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action, suit or proceeding in any such Delaware state or federal court. Each party agrees that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by applicable law. 
 8.    Entire
Agreement; Amendments and Waivers. This letter, together with any definitive documentation that the Investor and the Company negotiate and enter into in connection with any funding or draw-down of the Commitment, constitute the entire agreement
between the parties hereto with respect to the subject matter hereof and supersede all prior written or oral and all contemporaneous oral agreements and understandings between any of the parties hereto with respect to the subject matter hereof and
thereof. This letter may not be amended, and no provision hereof waived or modified, except by an instrument signed by each of the parties hereto. 

9.    Interpretation. The titles and captions in this letter are for reference purposes only, and shall not in any
way define, limit, extend or describe the scope of this letter or otherwise affect the meaning or interpretation of this letter. The words “including” or any variation thereof means “including, without limitation,” and shall not
be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it. 

10.    Counterparts. This letter may be executed in one or more counterparts for the convenience of the parties
hereto, each of which shall be deemed an original and all of which together will constitute one and the same instrument, and this letter shall become effective when one or more counterparts have been signed by each of the parties hereto and
delivered to the other parties hereto. Delivery of an executed counterpart of a signature page to this letter by facsimile or electronic transmission shall be effective as delivery of a mutually executed counterpart to this letter. 

11.    WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
LETTER IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11. 
 12.    Severability. If any
term or other provision of this letter is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this letter shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner 

  
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materially adverse to any party hereto; provided, however, that this letter may not be enforced without giving effect to the provisions in Sections 1, 2, 3,
4 and 5 of this letter (including by giving effect to any maximum dollar amounts set forth therein). Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall
negotiate in good faith to modify this letter so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby
are fulfilled to the extent possible. 
 13.    Representations and Warranties. The Investor hereby represents
and warrants to the Company that: 
 (a)    it has all limited liability company power and authority required to
execute, deliver and perform this letter; 
 (b)    the execution, delivery and performance of this letter have been
duly and validly authorized and approved by all necessary action and do not contravene any provision of the Investor’s operating agreement or similar organizational documents or any law binding on the Investor; 

(c)    all consents, approvals, authorizations, permits of, filings with and notifications to, any governmental or
regulatory authority necessary for the due execution, delivery and performance of this letter by the Investor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing
with, any governmental or regulatory authority is required in connection with the execution, delivery or performance of this letter; 

(d)    this letter constitutes a legal, valid and binding obligation of the Investor enforceable against the Investor in
accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of
equity; 
 (e)    the Commitment is less than the maximum amount that the Investor is permitted to invest in any one
portfolio investment pursuant to the terms of its organizational or governing documents; and 
 (f)    the Investor has
uncalled capital commitments or otherwise has available funds (including lines of credit) in excess of the Commitment hereunder and all of its other unfunded contractually binding equity commitments that are currently outstanding and, all such
commitments and funds necessary for it to fulfill all of its obligations under this letter will be available to it for so long as this letter shall remain in effect. 

14.    Registration Rights. The Investor and any Assignee shall be entitled to registration rights in respect of
the Subject Equity Securities acquired by the Investor and such Assignee, as applicable, pursuant to this letter, on the same terms and pursuant to and in accordance with any Registration Rights Agreement, to which the Company, such Assignee and/or
the Investor is a party (as amended, each a “Registration Rights Agreement” and together, the “Registration Rights Agreements”). The Company hereby acknowledges and agrees that the Registration Rights Agreement to
which the Investor or any Assignee is a party shall apply with 

  
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respect to the Subject Equity Securities held by the Investor or such Assignee, as applicable, and such Subject Equity Securities shall constitute Registrable Securities (as defined in the
applicable Registration Rights Agreement) under the applicable Registration Rights Agreement, mutatis mutandis. 

  
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	Very truly yours,
	
	INVESTOR:
	
	VATERA HEALTHCARE PARTNERS LLC
		
	By:	 	Vatera Holdings LLC, as manager
		
	By:	 	 /s/ Kevin Ferro

	 	 	Name: Kevin Ferro
	 	 	Title: CEO

  
 Signature Page to
Vatera Commitment Letter 

 Accepted and acknowledged: 

The Company: 
 MELINTA THERAPEUTICS, INC. 

 

			
	By:	 	 /s/ John H. Johnson

	        Name: John H. Johnson
	        Title: Interim Chief Executive Officer

  
 Signature Page to
Vatera Commitment Letter 

 Exhibit A 

Commitment 
  

			
	Commitment:	 	Up to $75 million
		
	Securities:	 	Common stock of the Company
		
	Purchase Price Per Share:	 	The lower of: (i) the closing price immediately preceding the signing of this letter; or (ii) the VWAP of the common stock for the 30 trading days immediately preceding the closing date under the definitive purchase
agreement (the “Funding Price”)
		
	Funding Request:	 	The board of directors of the Company (excluding any directors affiliated with the Investor) will have the authority to request funding of the Commitment in an amount not less than $50 million, prior to the termination of
the Commitment, upon at least ten (10) business days’ prior notice to the Investor (the “Funding Request”). The closing of the Commitment shall occur no later than the Outside Date, subject to the satisfaction of the
conditions to closing set forth below under “Funding Conditions”. All payments will be made in U.S. dollars by wire transfer of immediately available funds.
		
	Other Investors:	 	In the event the Company identifies other investors who will participate in the funding alongside the Investor and its Assignees, the Investor (together with its Assignees) shall be entitled to reduce its funded amount on a dollar-for-dollar basis by the aggregate amount funded by such other investors
		
	Funding Conditions:	 	 -Absence of a “Material Adverse Effect” since the date of this letter (to be defined as a material adverse effect on the
Company’s business, assets or condition (financial or otherwise)) and no “Event of Default” under the Company’s senior loan facility
  

-Absence of injunctions, etc.
  

-Common stock remains listed on Nasdaq
  

-Stockholder approval (i) to increase the Company’s authorized share capital and (ii) to approve the issuance under applicable Nasdaq rules

 
 -Negotiation and execution of definitive purchase agreement described below under
“Definitive Agreement”

			
	Clear Market	 	The Company will be subject to customary “clear market” restrictions limiting the Company’s ability to conduct other offerings for a period of 90 days following the closing under the definitive purchase
agreement
		
	Definitive Agreement:	 	Following delivery of the Funding Request, the Company and the Investor will negotiate a definitive purchase agreement that provides for rights, obligations, representations, warranties, covenants, indemnities, other conditions
and agreements (including on a go forward operating plan) that reflect the terms of the Commitment Letter and such other terms that are mutually acceptable to the Investor and the Company. The Company will reimburse the reasonable and documented
expenses of one legal counsel to the Investors and its Assignees.Exhibit 10.1

 

THIS EXHIBIT HAS BEEN REDACTED AND IS
THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION.

 

Execution Version

 

 

 

SECOND AMENDED AND RESTATED

JOINT VENTURE AGREEMENT

 

 

 

     

    THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

SECOND AMENDED AND RESTATED JOINT VENTURE
AGREEMENT

 

This SECOND AMENDED
AND RESTATED JOINT VENTURE AGREEMENT (the “Agreement”) is made this 17th day of July, 2018, by and among :

 

Cadila Pharmaceuticals Limited,
a company incorporated under the laws of India having its office at ‘Cadila Corporate Campus’, Sarkhej-Dholka Road,
Bhat, Ahmedabad - 382210, Gujarat, India herein represented by Dr. Rajiv I. Modi in his capacity as Chairman & Managing Director
(hereinafter referred to as “Cadila”) which expression shall unless repugnant to the context or meaning thereof
mean and include its scuccessors and permitted assigns and;

 

Novavax, Inc., a company incorporated
and existing under the laws of the State of Delaware, United States of America (USA), having its principal office at 20 Firstfield
Road, Gaithersburg, MD 20878, USA herein represented by Stanley C. Erck, in his capacity as President and Chief Executive Officer
(hereinafter referred to as “Novavax”) which expression shall unless repugnant to the context or meaning thereof
mean and include its scuccessors and permitted assigns and;

 

CPL Biologicals Private Limited,
a company incorporated under the laws of India having an address at Survey No. 1389, Trasad Road, Dholka- 382 225, Dist. Ahmedabad,
Gujarat, India herein represented by Dr. Rajiv I. Modi in his capacity as Chairman (hereinafter referred to as “CPLB”)
which expression shall unless repugnant to the context or meaning thereof mean and include its scuccessors and permitted assigns.

 

RECITALS

 

WHEREAS, Cadila
is engaged in research, development, manufacture and commercialization of various pharmaceutical preparations in various countries,
including India;

 

WHEREAS, Novavax
is engaged in research, development and manufacture of vaccine products based on its recombinant platform technologies;

 

WHEREAS, Novavax
and Cadila entered into a joint venture agreement, dated as of March 31, 2009 (“Original JV Agreement”), and
an amended and restated joint venture agreement, dated as of June 29, 2009 and as amended by an addendum, dated as of March 16,
2015 (the “Addendum,” and with amended and restated joint venture agreement, the “First Restated JV
Agreement”), relating to their respective investments in, and the governance and operation of, CPLB as a joint venture
between Novavax and Cadila;

 

WHEREAS, under
the Original JV Agreement and First Restated JV Agreement, CPLB was formed to develop, manufacture, and commercialize certain vaccine
and biologic products licensed from the Parties for human vaccine, therapeutic and/or diagnostic (for certain products only) uses
in India either directly or through partners and/or contractors and by establishing US and India cGMP compliant manufacturing facilities
in India.

 

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    THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

  

WHEREAS, concurrent
with the First Restated JV Agreement, (i) Novavax and CPLB entered into that certain (a) Amended and Restated Seasonal/Other Vaccine
License Agreement, (b) Amended and Restated Option to Obtain License Agreement (which license agreements shall collectively be
referred to as the “Novavax Original Licenses”), (c) Amended and Restated Supply Agreement and (d) Amended and
Restated Technical Services Agreement and (ii) Cadila and CPLB entered into that certain (a) Amended and Restated Cadila Product
License (the “Cadila Original License”), (b) Amended and Restated Supply Agreement and Amended and Restated
Technical Services Agreement. These agreements may hereinafter be referred to as the “Original Ancillary Agreements”;

 

WHEREAS, although
the Parties intended that CPLB independently manage its assets (financial or otherwise) and own all regulatory approvals and licenses
to such products, due to operating, manufacturing and regulatory circumstances, as of the effective date of this Agreement Cadila
owns certain assets, regulatory approvals/licenses, and is a party to certain agreements with third parties, that are necessary
for the manufacturing and marketing of Cadila Products (as defined below), which are listed in Schedule I to this Agreement (the
“Schedule I Assets”);

 

WHEREAS, although
Novavax was to have transferred its virus-like particle technology with respect to seasonal influenza flu and [* * *] other products
named in the Novavax Original Licenses, as of the effective date of this Agreement CPLB is only developing, manufacturing and/or
commercializing vaccine products for [* * *];

 

WHEREAS, although
Cadila agreed to finance subordinated debt notes of an aggregate of Rupees 300,000,000 (or 30 Crore) to CPLB, such ongoing financing
was restructured as 1% Reddemable Preference Shares by the Addedum in view of the change of provisions of Laws;

 

WHEREAS, the
Parties desire to restate the First Restated JV Agreement and the Original Ancillary Agreements to, amongst other things:

 

		(i)	expressly permit CPLB to develop Cadila Transferred Products (as defined in Section 1.1);

 

		(ii)	expressly permit Cadila to continue to own, manufacture and sell Cadila Royalty Products (as defined
in Section 1.1);

 

		(iii)	expressly permit CPLB to develop Novavax Products (as defined in Section 1.1) including nanoparticle
vaccine production, antigen specific seed development, protein expression and cloning system technology;

 

		(iv)	agree to a license by CPLB from Novavax of four (4) new vaccine candidate seeds;

 

		(v)	grant rights under Novavax’ technology and intellectual property to permit CPLB to develop
and commercialize [* * *] products;

 

		(vi)	clarify Novavax’ rights of first negotiation with respect to any products CPLB develops and/or
commercializes using Novavax’ technology, and

 

		(vii)	clarify CPLB’ rights of first negotiation with respect to certain products developed and/or
commercialized by Novavax.

 

NOW, THEREFORE,
in consideration of the mutual covenants set forth herein and other good and valuable considerations, the receipt of which is hereby
acknowledged, the Parties hereto mutually agree to amend and restate the First Restated JV Agreement in its entirety as follows:

 

    	 	 	Page 2 of 35

    THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

Article
1.

 

DEFINITIONS/INTERPRETATIONS

 

		1.1.	Definitions. For the purposes of this Agreement, the definitions of certain capitalized
terms as set forth in Exhibit A and used herein shall apply.

 

		1.2.	Headings. The headings in this Agreement are for ease of reference only and shall not in
any way affect its construction or interpretation.

 

		1.3.	Interpretation. Unless expressly stated to the contrary in this Agreement words denoting
the singular include the plural and vice versa, words denoting any one gender include all genders and vice versa; the words and
phrases “other” and “including” shall not limit the generality of any preceding words or
be construed as being limited to the same class as the preceding words where a wider construction is possible; and references to
persons include individuals, bodies corporate, unincorporated associations and partnerships.

 

Article
2.

 

NAME AND TERRITORY 

 

		2.1.	Name. The name of CPLB shall remain “CPL Biologicals Private Limited” until
such time as the Board determines a different name.

 

		2.2.	Territory. Subject to any geographic limitations described in this Agreement and the Restated
Licenses, CPLB will carry on its business in the Territory. Territory may only be changed by mutual, written agreement amongst
the Parties.

 

Article
3.

 

BUSINESS OF CPLB

 

		3.1.	Description and Operation of Business. The business of CPLB shall include researching, developing,
manufacturing, marketing and selling of Products in the Territory (the “Business”). The Business shall be conducted
in accordance with the Business Plan prepared under the guidance of the President and Chief Executive Officer and approved by the
Board of Directors of CPLB pursuant to Article 7 hereof, as amended by the Board of Directors from time to time. CPLB shall use
commercially reasonable efforts to obtain and maintain at its own expense all permits, approvals and licenses necessary for the
operation of CPLB, including, without limitation, regulatory approvals and registration for licensing of Products in the Territory.
Cadila and Novavax, pursuant and subject to the Restated Licenses, shall provide reasonable assistance to CPLB in obtaining any
such regulatory approvals and registrations granted by government authorities.

 

		3.2.	Manufacturing. CPLB shall use its commercially reasonable efforts to establish and maintain
a manufacturing facility in India that complies with current good manufacturing standards in US, EMEA, India and any other territory
in which CPLB intends to develop and commercialize any Product within the time-frame set in the Business Plan. The manufacturing
facility shall be consistent with the applicable equipment, processes and procedures used by Novavax and Cadila in their manufacturing
facilities, based in part on technology licensed to CPLB under the Restated Licenses.

 

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    THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    

 

Schedule
I Assets. With respect to any Schedule I Assets, Cadila shall use its commercially reasonable efforts to transfer and/or assign
any interest it owns or holds in the Schedule I Assets to CPLB as soon as reasonably practicable, but in no event shall such transfer
conclude any later than 60 days after getting necessary regulatory approval for such transfer from the relevant regulatory authorities.
In doing so, Cadila shall transfer regulatory approvals and licenses it owns with respect to any Cadila Transferred Products to
CPLB.

 

CPLB shall
re-imburse to Cadila, any expenses incurred by Cadila for development of Cadila Transferred Products from the date of First Restated
JV Agreement till the date of such transfer. Similarly, CPLB shall re-imburse to Cadila for any expenses incurred by Cadila for
development of Novavax Products from the date of First Restated JV Agreement. All such expenses shall be mutually agreed by Cadila
and Novavax in advance of reimbursement.

 

Cadila has
also acquired and / or owns and may further acquire several assets including machinery, equipment, etc. for CPLB’s business
pertaining to the Cadila Transferred Products. Cadila shall transfer such assets at their respective cost. All such costs shall
be mutually agreed by Cadila and Novavax in advance of payment.

 

		3.3.	Arrangement for Cadila Royalty Products. It is agreed that the Cadila Royalty products shall
not be transferred to CPLB. Instead, CPL shall compensate CPLB by paying a royalty of [* * *] of Net sales of such products. For
this prupose Net sales would mean sales excluding GST, and any other taxes, net-of any discounts and returns. CPL shall make the
payment for such royalty based on its quarterly accounts within two months from the end of the respective quarter. The royalty
payment shall be adjusted based on the audited financial statements of CPL.

 

		3.4.	Novavax and Cadila Licenses. Novavax shall execute and deliver the Novavax Restated License
on the Effective Date and Cadila shall execute and deliver the Cadila Restated License as early as possible.

 

		3.5.	Novavax Product Rights Outside the Novavax Product Territory. It is the intent of Novavax
and CPLB to collaborate and share related costs appropriately, on certain Novavax Products for Global Development and Commercializastion
in the Territory. Subject to the Novavax Restated License Agreement, Novavax shall own and retain any and all right, title and
interests in, to and under Intellectual Property Rights to Commercialize Novavax Products outside the Novavax Product Territory,
and CPLB agrees to license any CPLB technology related thereto to Novavax for such purpose. Notwithstanding the previous sentence,
to the extent that CPLB desires to seek to Commercialize a Novavax Product outside the Novavax Product Territory, CPLB may provide
to Novavax a written proposal that shall include all data associated with such Novavax Product. Thereafter, Novavax shall, in good
faith, consider such CPLB proposal, and Novavax and CPLB shall use commercially reasonable efforts to negotiate a written agreement
in a timely manner, which in no event shall extend beyond one hundred and eighty (180) days from the date CPLB provided notice
of such proposal. For clarity, this Section 3.5 shall not obligate either Party to enter into a definitve written agreement.

 

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		3.6.	Rights of First Negotiation. CPLB and Novavax hereby grant rights of first negotiation (each
a “ROFN”) to each other for certain Products as follows:

 

		3.6.1.	CPLB hereby grant to Novavax a ROFN with respect to the out-license of any Intellectual Property
Rights related to a CPLB ROFN Product to develop and/or commercialize such Product in the Novavax Product Territory or any portion
thereof, as applicable, as mutually agreed by CPLB and Novavax.

 

		3.6.2.	Novavax hereby grants to CPLB a ROFN with respect to the out-license of any Intellectual Property
Rights related to a Novavax ROFN Product to develop and/or commercialize such Product in the Novavax Product Territory or any portion
thereof, as applicable, as mutually agreed by CPLB and Novavax.

 

		3.6.3.	Prior to entering into any agreement with a third party granting a license or other right to develop
or commercialize of any ROFN Product, the ROFN Grantor shall deliver all available data up to and potentially including the related
Phase 2 Data Package to the ROFN Holder. The ROFN Holder shall have thirty (30) days from the receipt of such package to provide
the ROFN Holder written notice that it desires to negotiate the terms and conditions of a licensing transaction with respect to
the ROFN Product. Upon receipt of the first such notice hereunder by either ROFN Holder, the ROFN Parties shall have one hundred
and eighty (180) days to negotiate exclusively, reasonably and in good faith the terms and conditions of such a transaction, and
the negotiation period for any subsequent exercise an ROFN hereunder shall be one hundred and twenty (120) days.

 

		3.6.4.	If the ROFN Parties are unable to execute a definitive agreement by the end of the applicable period
of negotiation (or if the ROFN Holder gives written notice that it does not desire to exercise its negotiation rights hereunder
or fails to give notice in a timely manner), then the ROFN Grantor shall be free to enter into a license agreement with a third
party with respect to such ROFN Product; provided, however, that any such transaction shall not, when taken as a whole, be materially
more favorable to the third party than the terms last offered to the ROFN Holder. If the ROFN Grantor has not provided the Phase
2 Data Package to the ROFN Holder and subsequently acquires additional data related to a clinical trial or other material information
(including a Phase 2 Data Package) prior to entering into a definitive transaction with such third party, the ROFN Holder shall
have thirty (30) days from the receipt of such additional data to provide the ROFN Holder written notice that it desires to negotiate
the terms and conditions of a licensing transaction with respect to the ROFN Product.

 

		3.7.	No Restrictions Businesses of Initial Shareholders. Subject to the limitations or restrictions
of any Restated License and/or definitive agreement arising from a ROFN, the Initial Shareholders are not otherwise restricted
in their ability to develop and commercialize biotechnology, vaccine and pharmaceutical products in the Territory alone or under
partnership, joint venture or licensing arrangements with other persons and entities.

 

		3.8.	Environmental and Health and Safety (EHS) Matters. CPLB shall at all times comply with EHS
and/or any such equivalent Laws in existence in respect of EHS matters and keep all the required EHS permits in full force and
effect.

 

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Article
4.

 

SHARES AND
FINANCING/CAPITAL INCREASE

 

		4.1.	Authorised Shares. Pursuant to the Memorandum and Articles of Association, the authorised
share capital of CPLB is Rupees [* * *]; the [* * *] Shares are divided into (i) [* * *] Common Shares and (ii) [* * *] 1% Redeemable
Preference Shares.

 

Any stamp duty
payable upon such issue and allotment of any Share shall be borne by CPLB.

 

		4.2.	Issued Shares. As of the Effective Date, the issued Shares of CPLB are (i) [* * *] Common
Shares and (ii) [* * *], 1% Redeemable Preference Shares. The issued share capital has been subscribed as set forth on Schedule
4.2, as amended from time to time in accordance with the terms hereof.

 

		4.3.	Capital Contributions. The Initial Shareholders have made or will make the capital contributions
to CPLB described below.

 

		4.3.1.	Cadila has contributed:

 

		(i)	the Cadila Original License;

 

		(ii)	the Restated Cadila License to replace the Cadila Original License;

 

		(iii)	cash Rupees One Hundred Million (Rs.100,000,000 or Rs.10 Crore); and

 

		(iv)	financing of up to cash Rupees Three Hundred Million (Rs.300,000,000 or Rs.30 crore) towards
the subscription of up to [* * *].

 

		4.3.2.	Novavax has contributed:

 

		(i)	the Novavax Original Licenses; and

 

		(ii)	the Restated Novavax License to replace the Novavax Original License.

 

		4.4.	Third Party Investment. The Initial Shareholders shall provide reasonable assistance to
CPLB in its efforts to attract third party investment into and funding of CPLB, including but not limited to, providing timely
responses to due diligence and otherwise responding to other reasonable requests by a potential third party investor. Notwithstanding
the previous sentence, CPLB shall not issue any new Shares to or accept any investment from any third party, without the prior
written consent of both Initial Shareholders, such consent not to be unreasonably withheld. Any such third party receiving Shares
shall agree in writing that it and its heirs, successors and assigns, shall be subject to and bound by the provisions of this Agreement,
and CPLB shall place the legend set forth in Section 5.6 on all share certificates in respect of the Shares.

 

		4.5.	Pre-emptive Right of Initial Shareholders. Except with respect to Exempt Issuances (as defined
in Section 4.5.5), each Initial Shareholder shall have the right to purchase or participate in any issuance of any new Shares or
Additional Securities that CPLB may from time to time propose to issue or sell to maintain such Initial Shareholder’s Investment
Ratio.

 

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		4.5.1.	CPLB shall give written notice of any proposed issuance or sale of Additional Securities to the
Initial Shareholders (an “Issuance Notice”). The Issuance Notice shall, if applicable, be accompanied by a written
offer from the Initial Shareholder seeking to purchase Additional Securities, and shall set forth the material terms and conditions
of the proposed issuance or sale, including, without limitation, (i) the number and description of the Additional Securities proposed
to be issued to the Initial Shareholder(s); (ii) the proposed issuance date; and (iii) the proposed purchase price.

 

		4.5.2.	CPLB shall provide written notice to Initial Shareholders if the terms set forth in the Issuance
Notice are updated or changed in any material respect as the details listed in Section 4.5.1 (i), (ii) and (iii) are known.

 

		4.5.3.	For a period of fifteen (15) business days following the initial receipt of an Issuance Notice,
each Initial Shareholder shall have the right to elect irrevocably to purchase or receive that number of Additional Securities
to maintain the Investment Ratio on the terms set forth in the Issuance Notice by delivering a written notice to CPLB setting forth
the number of such Additional Securities it intends to purchase or receive. If both Initial Shareholders submit a timely notice
of participation, each Initial Shareholder may only purchase that number of Additional Securities sufficient to maintain the Investment
Ratio. If CPLB provides a material update or change, the period for exercise shall be extended five (5) additional business days.
The closing of any purchase by or issuance to an Initial Shareholder shall be consummated concurrently with the consummation of
the issuance or sale described in the Issuance Notice; provided, however that, the closing of any purchase by or issuance an Initial
Shareholder may be extended beyond the closing of the transaction described in the Issuance Notice to the extent necessary to obtain
required government approvals and other required third party approvals or consents (and CPLB shall use its reasonable best efforts
to obtain such approvals and consents). An Initial Shareholder may purchase Additional Securities under this Section 4.5 indirectly
through a member of such Shareholder’s Group that is a wholly owned subsidiary.

 

		4.5.4.	“Exempt Issuances” means issuances in which Additional Securities are issued
by CPLB:

 

		(i)	as consideration for a merger, consolidation or purchase of assets; and

 

		(ii)	in connection with any strategic partnership or joint venture (the primary purpose of which is
not to raise equity capital).

 

		4.6.	Spending Authorizations. Subject to the express terms and conditions of this Agreement,
the Chief Executive Officer and/or other senior officials of CPLB, may be authorized by the Board to make decisions on any expenses,
purchases or commitments on behalf of CPLB and will have the freedom to sign cheques up to the limit that may be approved by the
Board as per the Standard Operating Procedures (SOPs) of CPLB in the said context. However, if any transactions or commitments
are above the aforesaid limit, specific approval of the Board will be required. The Board may also decide sub-limits of financial
authorities for such other key officials of CPLB who may be authorized to operate bank accounts of CPLB.

 

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		4.7.	Banking. A separate bank account in the name of CPLB will be maintained in one or more banks
and the Board shall authorize the President and Chief Executive Officer or any Director or other official of CPLB to operate the
same with prescribed limits.

 

Article
5.

 

TRANSFER OF SHARES

 

		5.1.	Restrictions on Share Transfers. Cadila shall not Transfer any 1% Redeemable Preference
Share or interest therein unless expressly permitted under this Agreement. No Shareholder shall Transfer any Common Share or interest
in any Common Share unless (i) it is expressly permitted under this Agreement or (ii) the Shareholder(s) holding a majority of
the Common Shares held by all non-transferring Shareholders give its or their prior written consent; provided, however, a Shareholder
may Transfer Common Shares or interest in any Common Share to a person in its Group without compliance with the provisions of this
Section 5.1.

 

		5.2.	Right of First Refusal. If any Shareholder wishes to Transfer (“Selling Shareholder”)
some or all of its Common Shares (the “Offered Shares”) pursuant to a bona fide written offer (the “Third
Party Offer”) from an unaffiliated third party (the “Proposed Transferee”), it shall first offer such
Common Shares to the other Shareholder(s) (each an “Offeree”) on a pro-rata basis (the “Pro-Rata Shares”,
as further defined below) by notice in writing (“Transfer Notice”) at a price per Common Share and on terms
and conditions not less favourable to the Offeree(s) than that set forth in the Third Party Offer (the “Right of First
Refusal”).

 

		5.2.1.	On or before expiry of thirty (30) days from the date of receipt of the Transfer Notice (“Option
Period”), each Offeree shall notify the Selling Shareholder, CPLB and the other Offerees in writing of its intentions
to accept or reject the purchase of its Pro-Rata Shares (“Acceptance Notice”). Allocation of Pro-Rata Shares
for each Offeree shall be based on the number of Common Shares owned by such Offeree on a fully diluted basis in relation to the
total number of Common Shares held by all Offerees on a fully diluted basis (the “Allocation Formula”). A buying
Offeree shall be entitled to an additional period of ninety (90) days or such other extended period from the date of the Acceptance
Notice (“Completion Period”) to obtain the approval of the relevant government authority(ies) and to complete
the purchase of its Pro-Rata Shares from the Selling Shareholder.

 

		5.2.2.	If any Offeree does not exercise its option to purchase all of its Pro-Rata Shares, each participating
Offeree shall then have the option to purchase its pro rata portion of such Shares that will not be purchased (based on the Allocation
Formula as applied only to the Shares held by participating Offerees). Such option shall be exercisable by notice in writing to
CPLB, the Selling Shareholder and the other Offerees within five (5) days after the receipt of the applicable Acceptance Notice
or the expiration of the Option Period, whichever is earlier.

 

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		5.2.3.	In the event the Offerees do not purchase all of the Offered Shares within the Completion Period,
the Selling Shareholder may Transfer any remaining Offered Shares to the Proposed Transferee, provided that the price of the remaining
Offered Shares and other terms and conditions are not more favourable to the Proposed Transferee than those set forth in the applicable
Transfer Notice; and provided further, the Proposed Transferee agrees in writing that it and its heirs, successors and assigns,
shall be subject to and bound by the provisions of this Agreement. If the Selling Shareholder fails to dispose of all Offered Shares
within one hundred twenty (120) days after the Completion Period (or one hundred twenty (120) days after the date on which all
applicable options described in this Section 5.2 have expired), the Selling Shareholder shall not offer to Transfer such Offered
Shares except pursuant to this Section 5.2.

 

		5.3.	Transfers to Group. Notwithstanding Section 5.1 and 5.2, a Shareholder may Transfer all
of its Common Shares to a person in its Group with the prior written consent of the Shareholder(s) holding a majority of the remaining
Common Shares, which consent shall not be unreasonably withheld, provided that, at the time of the Transfer and in relation to
the Common Shares being transferred:

 

		5.3.1.	such transferee agrees in writing that it and its heirs, successors and assigns, shall be subject
to and bound by the provisions of this Agreement; and

 

		5.3.2.	the transferring Shareholder guarantees and indemnifies the other Parties in respect of all the
obligations and any liability of such transferee under this Agreement.

 

		5.3.3.	If such transferee at any time ceases to be a part of the Group of the transferring Shareholder,
that transferee shall Transfer all its Common Shares back to the transferring Shareholder.

 

		5.4.	Tag-Along Right. If any Offered Shares are available for sale to the Proposed Transferee
upon compliance with Section 5.2 above, the Offerees shall have the right to offer and sell a proportionate number of Common Shares
on a fully diluted basis to the Proposed Transferee at the same price and on the same terms and conditions contained in the Transfer
Notice (the “Tag-Along Right”) in accordance with the following procedure:

 

		5.4.1.	The Selling Shareholder shall, prior to sale and after compliance with the provisions of Section
5.2, give notice (the “Tag-Along Notice”) to the other Shareholders of their Tag-Along Right.

 

		5.4.2.	Each Offeree shall have Sixty (60) business days after receipt of such notice to determine if it
desires to offer Common Shares to the Proposed Transferee.

 

		5.4.3.	The Selling Shareholder shall cause the Proposed Transferee to offer in writing to each Offeree
that has elected to participate in the sale of the Offered Shares (a “Tag-Along Offeror”) to purchase at the
offer price indicated in the Transfer Notice, all or any part of that number of the Tag-Along Offeror’s Shares equal to the
product obtained by multiplying (i) the aggregate number of Offered Shares available upon compliance with Section 5.2 above by
(ii) a fraction, the numerator of which is the number of Common Shares owned by such Offeree on a fully diluted basis immediately
before the time of the sale and the denominator of which is the sum of (x) the number of the Common Shares then owned by all of
the Tag-Along Offerors on a fully diluted basis and (y) the number of Common Shares owned by the Selling Shareholder on a fully
diluted basis. The Shares to be transferred by the Selling Shareholder shall be correspondingly reduced by the aggregate sum of
each such product for each Tag-Along Offeror.

 

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		5.4.4.	Any such Tag-Along Offeror shall effect its participation in the sale by promptly delivering to
the Selling Shareholder for transfer to the Proposed Transferee one or more share certificates, properly endorsed for transfer,
which represent the type and number of Shares that such participant elects to sell. Such share certificate(s) shall be transferred
to the Proposed Transferee in consummation of the sale of the Offered pursuant to the terms and conditions specified in the Transfer
Notice, and the Selling Shareholder shall concurrently remit to any such Tag-Along Offeror that portion of the sale proceeds to
which the Participating Selling Shareholder is entitled under this Section 5.4.

 

		5.4.5.	In order to be entitled to exercise its Tag-Along Right pursuant to Section 5.4, a Tag-Along Offeror
must agree to make to the Proposed Transferee, to the extent applicable, the same representations, warranties, indemnities, covenants
and assurances (“Representations and Covenants”) as the Selling Shareholder agrees to make in connection with
the Transfer and agree to the same conditions to the Transfer as the Selling Shareholder; provided, however, that (a) the Tag-Along
Offeror shall not be required to make any non-competition, non-solicitation or similar restrictive covenants that would exceed
the scope of the covenants set forth in Article 16, and (b) a Tag-Along Offeror, who is also an Initial Shareholder, shall not
be required to make any Representations and Covenants with respect to the rights it licensed to the other Initial Shareholder Selling
Shareholder under the Restated Licenses that would exceed the scope of the corresponding Representations and Covenants in the Restated
Licenses. All such Representations and Covenants shall be made by the Selling Shareholder and a Tag-Along Offeror severally and
not jointly. Except with respect to individual Representations and Covenants of the Tag-Along Offeror relating to (i) the unencumbered
title to its Shares and (ii) the power, authority and legal right to transfer its Shares, the aggregate liability of the Tag-Along
Offeror shall not exceed the Tag-Along Offeror’s pro rata share of any such liability to be determined in accordance with
the Tag-Along Offeror’s portion of the total number of Shares included in such transfer; provided that, in any event, the
aggregate liability of the Tag-Along Offeror in connection with any such sale shall not exceed the proceeds the Tag-Along Offeror
received in connection with the transfer.

 

		5.4.6.	If, for any reason whatsoever, the Proposed Transferee is unable to acquire the Tag Along Shares
at a price stated in the Transfer Notice (in accordance with this Article 5 ), the Proposed Transferee shall not acquire any of
the Offered Shares, and if any such Transfer is not consummated before all of the ending of all of the expiration dates set forth
in Sections 5.2 and 5.4, then such Transfer shall not be made without first repeating and re-extending to the Offeree the rights
set out in this Article 5.

 

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		5.5.	Stock Legend. CPLB shall place a legend on all share certificates in respect of the Common
Shares, stating as follows:

 

“THIS CERTIFICATE AND THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT IN ALL RESPECTS TO THE RESTRICTIONS CONTAINED IN THE SECOND AMENDED AND RESTATED
JOINT VENTURE AGREEMENT DATED NOVEMBER 30, 2017 BY AND AMONG CADILA PHARMACEUTICALS LIMITED, NOVAVAX, INC. AND CPL BIOLOGICALS
PRIVATE LIMITED AND SHALL BE VALID DURING THE SUBSISTENCE OF THE SAID AGREEMENT.”

 

		5.6.	Dematerialization. If any of the Common Shares are to be dematerialized, then prior to any
such dematerialization, the Shareholders shall enter into appropriate undertakings and documents with the Depository and the Depository
Participant to the effect that all such Common Shares (to be dematerialized) are subject in all respects to the restrictions contained
in this Agreement and shall be valid during the subsistence of this Agreement.

 

		5.7.	Surviving Obligations of Selling Shareholder. Upon the sale of all Common Shares held by
a Shareholder, in accordance with the provisions of this Article 5, the rights and obligations of such Selling Shareholder under
this Agreement shall terminate; provided, however, that the Selling Shareholder shall remain liable for the following obligations
and liabilities: (i) any liabilities and obligations of the Selling Shareholder accrued as of the date of such sale; (ii) any obligations
of the Selling Shareholder under Article 14; (iii) any obligations of the Selling Shareholder under Article 16 for a period of
one (1) year after the date of such sale; and (iv) liability for breach of any representations and warranties of the Selling Shareholder
under this Agreement; and provided, further, that such termination shall not affect the Restated Licenses or other agreements,
except to the extent expressly stated otherwise therein.

 

Article
6.

 

GENERAL MEETINGS AND RESOLUTIONS

 

General meetings of the Shareholders shall
be held in Ahmedabad, India and shall be convened by the Chairman of the Board or a majority of the Directors or as set out in
the Articles of Association of CPLB. The Chairman of the Board shall notify the Shareholders of the meeting at least twenty-one
days (21) days in advance by facsimile and letter to their address on the records of CPLB.

 

Article
7.

 

BOARD OF DIRECTORS

 

		7.1.	Number, Nomination and Removal. The Board of Directors of CPLB (the “Board”)
consists of seven (7) members (“Directors”).

 

		7.1.1.	Cadila has nominated three (3) of the Directors, including the Chairman of the Board (the “Cadila
Directors”), and Novavax has nominated two (2) Directors (the “Novavax Directors”). In the event a
Director is unable to attend a duly called meeting of the Board, the applicable Party shall have the right to appoint an alternate
director to attend such meeting by providing prior written notice to the other Parties.

 

		7.1.2.	Each Initial Shareholder may nominate a Director, and may seek removal of a Director whom it nominated,
by giving notice to CPLB and the other Party(ies). The appointment or removal of Directors under this subsection 7.1.2 takes effect
on the date on which such Director is appointed or his resignation is accepted at the meeting of the Board of Directors.

 

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		7.1.3.	The Initial Shareholder seeking removal of a Director pursuant to this Section 7.1 shall indemnify
and keep indemnified CPLB against any claim connected with the Director’s removal from office.

 

		7.2.	Meetings. The Board shall meet at least four (4) times in Ahmedabad, India, or at such other
place as the Board may determine. Meeting dates shall be determined by the Board. Thirty (30) days prior written notice of the
time, date, place and agenda of each meeting of the Board (the “Board Meeting Notice”) shall be given by CPLB
to each Director at his/her address as supplied to CPLB. A meeting of the Board may be convened on notice shorter than thirty (30)
days but at least seven (7) days in advance in cases where all Directors so agree in writing. Board Meeting Notices shall be sent
by facsimile or email and confirmed by letter except that in the case of Directors not residing in India, Board Meeting Notices
shall be given by courier or registered letter against receipt.

 

		7.2.1.	The required quorum for any meeting of the Board shall be a minimum of one (1) Cadila Director
and a minimum of one (1) Novavax Director. No business of CPLB shall be conducted at any Board meeting unless a quorum is present
at the beginning of the meeting and at the time when there is to be voting on any business. In case a Board meeting could not be
held due to a lack of quorum, the meeting shall automatically stand adjourned to the thirtieth (30th) day (or an earlier
date as mutually agreed by all Shareholder Parties) following the date of adjournment at the same time and place, or if that day
is a national holiday, till the next succeeding day, which is not a national holiday, at the same time and place.

 

		7.2.2.	A meeting of the Board may also be adjourned to another time or date at the request of the majority
of the Directors present at the meeting. No more than one such adjournment may be made in respect of a meeting.

 

		7.2.3.	The Directors shall be permitted to invite to attend a meeting of the Board any person who is not
a Director, but is required to attend to fully brief the Directors on the operational and financial status of or other matters
of significance to CPLB.

 

		7.2.4.	Minutes of each Board meeting shall be dispatched by CPLB to all Directors within Three (3) weeks
after the meeting.

 

		7.3.	Board Approval. On any matter requiring Board approval, each Director shall have one vote.
In the event that the Board does not reach a unanimous decision with respect to a matter, the matter shall be referred to the Chief
Executive Officers of Cadila and Novavax. The Chief Executive Officers, each acting in their sole discretion, shall seek to resolve
the issue. If the Chief Executive Officers are unable to resolve the issue within five (5) business days after the matter is referred
to them, then a majority of the Board, including the Chairman of the Board, shall determine the matter, except for the matters
specified in Schedule 7.3, which shall require unanimous approval of the Shareholders and the Directors.

 

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		7.4.	Written Consent. Subject to the limitations provided in The Companies Act, the Board shall
be entitled to adopt resolutions without convening a meeting, and such resolutions shall in all respects have the same effect as
resolutions adopted in a convened meeting, provided that all Directors were notified of the proposed resolution(s) in writing and
approved such resolution(s) in writing. Such resolution(s) shall be produced and recorded at the next duly convened meeting of
the Board.

 

Article
8.

 

STEERING COMMITTEE

 

		8.1.	Steering Committee. Within thirty (30) days after the Effective Date, the Initial Shareholders
and CPLB shall form the “Steering Committee” to have oversight and review responsibility for CPLB’s research,
development and commercialization of Products. The Steering Committee shall report to the Board and shall consist of two (2) representatives
of each Initial Shareholder and of CPLB. It is the intent that such representatives will be relevant function heads or senior management
in the respective organizations. A Party may change its representatives from time to time upon written notice to the other Parties.
The operation and authority of the Steering Committee shall be as follows:

 

		8.1.1.	Subject to the Restated Licenses, CPLB shall prepare a plan for the research, Development and/or
Commercialization of each Product based on criteria to be determined by the Steering Committee, which plan(s), and amendments thereto,
are subject to the approval of the Steering Committee. The Steering Committee shall periodically review such plan(s) from a strategic
and operational perspective to monitor CPLB’s progress under such plan(s) and to determine whether the Parties are meeting
their commitments, if any, of both human and financial support for the research, Development and Commercialization of Products.

 

		8.1.2.	The Steering Committee shall meet at least once in each calendar quarter at a time and place to
be determined by the Steering Committee. CPLB shall give thirty days’ prior written notice containing the agenda, time and
place of each meeting to the Initial Shareholders. Non-voting participants may attend meetings of the Steering Committee as mutually
agreed by the Initial Shareholders and CPLB. CPLB will bear all expenses associated with attendance of its employees at any in-person
meetings. Any conference call meeting will be held by means of telephone conference or similar communications equipment through
which all participants can hear each other. CPLB shall prepare minutes of each meeting, which CPLB shall distribute to the Initial
Shareholders for review and approval within thirty (30) days following such meeting.

 

		8.1.3.	Decisions of the Steering Committee shall be made by unanimous vote, with the representatives of
each Initial Shareholder and CPLB having one collective vote. If the Steering Committee is unable to reach a unanimous vote on
any issue, then the issue shall be referred to the Board, whose decision shall control the matter in accordance with the terms
of this Agreement.

 

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Article
9.

 

OFFICERS AND EMPLOYEES

 

		9.1.	Executive Officers. The Board shall appoint the senior management of CPLB, including its
President and Chief Executive Officer, Chief Financial Officer and Company Secretary (the “Executive Officers”).
The President and Chief Executive Officer shall be responsible for the day-to-day business of CPLB. Each Executive Officer shall
perform the functions set forth under The Companies Act and shall represent CPLB in accordance with the management policies as
may be decided and approved by the Board of Directors. The Executive Officers will be based in Ahmedabad, India and shall report
to the Board of Directors. Each Executive Officer’s terms of appointment, remunerations, powers, duties, obligations, restrictions
and authorities will be pursuant to the written agreement between CPLB and such officer.

 

		9.2.	Employees and Benefits. CPLB shall employ its own staff and shall be responsible for the
salaries, wages or bonuses paid to, employee benefits made available to, and business expenses incurred by, its employees and for
the actions or omissions of such employees in their capacity as employees of CPLB. CPLB shall fully indemnify and keep indemnified
the Shareholders against all losses, damages, actions, proceedings, costs, claims, demands, awards, fines, orders, expenses and
liabilities whatsoever (including but not limited to salaries, wages, bonuses and other emoluments, all statutory contributions
and all income tax and national insurance contributions) in relation to the employees arising directly or indirectly out of or
in connection with their employment by CPLB.

 

Article
10.

 

RELATED PARTY TRANSACTIONS

 

		10.1.	No “related party” (as such term is defined The Companies Act), Initial Shareholder
or other Shareholder holding more than ten percent (10%) or subsidiary, associate, holding or other Affiliate of such Shareholder,
or any person acting on behalf of any of the foregoing (each a “Related Party”) may directly or indirectly engage
in any transaction (including without limitation the purchase, sale, lease, license, or exchange of any property, lending of funds,
rendering of any service, establishment of any salary, other compensation or other terms of employment, purchase of any stock or
security, or any business combination) with CPLB (a “Related Party Transaction”); provided, however, notwithstanding
that it may constitute a conflict of interest, a Related Party Transaction may be consummated if (i) the Board has approved the
transaction in accordance with the Article 7; (ii) the Related Party Transaction is not expressly prohibited by this Agreement;
(ii) the Related Party Transaction is on terms that are on an arm’s length basis; and all non-interested Shareholders
have given prior written consent.

 

Article
11.

 

BOOKKEEPING, ACCOUNTING
AND REPORTING

 

		11.1.	Records. The books and records of CPLB shall at all times be accurately, completely and
consistently maintained in English in accordance with Institute of Chartered Accountants of India (ICAI). Each Shareholder or its
duly authorized representative(s) shall have the right, to review and examine the books and records of CPLB for any legitimate
purpose related to the Business or this Agreement at any time during normal business hours in a manner not disruptive to CPLB.
In addition, CPLB shall submit to the Initial Shareholders, on a quarterly basis (within 45 (Forty Five) days after the end of
each Financial Year quarter) or upon request, copies of all of Board and Shareholder meeting minutes, resolutions and other consent
documents.

 

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		11.2.	Quarterly Reports. CPLB shall provide to each Initial Shareholder, on a quarterly basis
(within 45 (forty five) days after the end of each Financial Year quarter) or upon request, reports on the financial status of
CPLB including balance sheet, profit and loss statement and cash flow statements (the “Financial Statements”).
Upon request of Novavax, CPLB will provide the Financial Statements based on Indian Accounting Standards (Ind AS).

 

		11.3.	Auditor(s). Unless otherwise agreed by the Initial Shareholders, CPLB shall have one (1)
or more statutory auditor/s. The statutory auditor shall have the powers and duties specified under Laws. The Initial Shareholders
agree to vote their Common Shares to cause the appointment of auditor or auditors mutually agreed to by such Shareholders.

 

Article
12.

 

DIVIDENDS

 

The dividend on shares
shall only be declared or paid by CPLB for any Financial Year out of the profits of CPLB for that Financial Year, arrived at after
providing for depreciation as required under The Companies Act or out of the undistributed profits of CPLB for previous Financial
Years, arrived at after providing for depreciation as required under The Companies Act. The Board will (i) normally follow prudent
corporate practice of distribution of about [* * *] of the distributable profits for the year after providing for depreciation
as a dividend and (ii) consider the Business Plan and the needs of the Business before recommending any dividends.

 

Article
13.

 

TAXES

 

All income taxes payable under
the Laws required to be paid by a Party arising out of or in connection with this Agreement shall be for the account of that Party.
Any sum required under Laws to be withheld by CPLB for the account of the relevant Party from payments due to that Party hereunder
shall be withheld and promptly paid by such CPLB to the competent tax authorities.

 

Article
14.

 

CONFIDENTIALITY

 

		14.1.	Definition. For purposes of this Agreement and the License Agreements, and subject to the
exclusions set forth below, “Confidential Information” means any information (including, but not limited to,
Know-How) disclosed by any Party under this Agreement, the Restated Licenses, First Restated JV Agreement and the Original Ancillary
Agreements (collectively, the “Collective Agreements”) to the extent (A) marked or identified in writing as
Confidential Information by the disclosing Party (upon or within thirty (30) days of initial disclosure) or is of a type, and is
disclosed under circumstances, for which the recipient would reasonably be expected to know such information is confidential in
nature, and (B) relating to the Business or disclosed for the purpose of entering into the Business, forming CPLB or conducting
the Business. The provisions of the Collective Agreements shall be considered Confidential Information of each Party. Confidential
Information shall in any event exclude any such information which (i) is or becomes publicly available through no fault of the
receiving Party; (ii) is lawfully obtained from third parties who received such information or from a person or entity that was
not bound by an obligation not to disclose such information; or (iii) is or becomes known or developed by the receiving party independently
of (and without use of or reference to) the Confidential Information of the disclosing party.

 

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		14.2.	Protection of Confidential Information. Each Party agrees that it shall at no time, either
during or after the term of this Agreement and the Restated License Agreements, use, publish or disclose to any third party any
Confidential Information of any other Party, except as and to the extent expressly authorized under this Agreement. The receiving
Party agrees to use the same degree of care to protect the confidentiality of the disclosing Party’s Confidential Information
which the receiving Party uses to protect its own confidential or proprietary information of a similar nature, but in no event
shall the receiving Party use less than reasonable care. Disclosures of Confidential Information amongst the Parties shall be restricted
to only such Party(ies) having a need or right to know.

 

		14.3.	Permitted Use and Disclosure. Each Party shall have the right to use any Confidential Information
disclosed to it hereunder for purposes of exercising any rights or licenses granted to under the Collective Agreements and for
purposes of performing any of its obligations thereunder (which, for CPLB, shall include the right of CPLB to use such Confidential
information for the Business). Furthermore, the receiving Party shall have the right to disclose the disclosing Party’s Confidential
Information (i) to applicable patent offices solely for the purpose of filing, prosecuting and maintaining Patents, (ii) to applicable
regulatory authorities for the purpose of filing and pursuing regulatory approvals, (iii) as necessary to the extent to prosecute
or defend litigation, (iv) to employees, directors, consultants, contractors, agents, permitted sublicensees, licensees, professional
advisors and commercial partners who are bound by obligations of confidentiality and non-use at least as protective as those contained
herein and solely for purposes of the Business (or otherwise to exercise rights or licenses or to perform obligations under the
Collective Agreements).

 

		14.4.	Disclosure Required by Laws. This Article 14 shall not restrict or limit the use or disclosure
of Confidential Information to the extent required by Laws, including the rules and regulations of a stock exchange or stock market;
provided, however, that, to the extent practicable, the receiving Party required to make such disclosure shall promptly notify
the applicable disclosing Party prior to making any such disclosure and shall provide reasonable cooperation to the disclosing
Party of such information, at the disclosing Party’s expense, to assist the disclosing Party in seeking a protective order
or other appropriate remedy; and provided, further, that if such protective order or other remedy is not obtained in a timely manner,
the Party required to make such disclosure shall disclose only that portion of the information which it is legally required to
disclose as advised by legal counsel, and shall exercise its reasonable best efforts, in consultation with the disclosing Party
of such information, to obtain assurance that confidential treatment will be accorded such information to the extent permitted
by Laws. In addition, the Parties recognize that Novavax is a publicly traded company and, as such, is subject to requirements
under the U.S. federal securities laws and regulations to make periodic filings with the U.S. Securities and Exchange Commission
which may include information about this Agreement, the Novavax Restated License and CPLB’s activities.

 

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Article
15.

 

TERM, TERMINATION AND EVENTS OF DEFAULT

 

		15.1.	Term. This Agreement will terminate upon the liquidation, dissolution or winding up of CPLB
unless terminated earlier in accordance with this Article 15.

 

		15.2.	Events of Default by Shareholder. A Shareholder shall be deemed to have delivered a Transfer
Notice with respect to all of its Common Shares to the other Shareholder(s), and the other Shareholder(s) shall have the right
to purchase such Common Shares in accordance with the procedures set forth in Section 5.2, upon happening of any of the following
events of default:

 

		15.2.1.	It commits a material breach of any obligation under this Agreement and fails to remedy such breach
within sixty (60) business days of notice to remedy the breach delivered by any other Party, which notice shall set forth in reasonable
detail the nature of such breach;

 

		15.2.2.	A Bankruptcy event has been established with respect to such Shareholder;

 

		15.2.3.	Such Shareholder entering into liquidation or dissolution (or such other similar thing in any other
jurisdiction) (other than a voluntary liquidation for the purpose of a bona fide scheme of solvent amalgamation or reconstruction);
or

 

		15.2.4.	Unless otherwise agreed by all the Shareholders, any Change in Control of any Shareholder. For
the purposes of this paragraph, a “Change in Control” means (a) the sale of all or substantially all of the
assets or business of the Shareholder, or (b) any merger, consolidation, recapitalization, or business combination of the Shareholder,
or (c) the sale of capital stock or other equity securities of the Shareholder, or (d) any other transaction or series of transactions;
provided that for each of (b) through (d), the result of which is that the stockholders of the Shareholder prior to such transaction
do not, immediately following any such transaction(s), directly or indirectly hold voting securities of the surviving or purchasing
entity sufficient to elect a majority of the board of directors of such surviving or purchasing entity.

 

		15.3.	Deemed Transfer Notice. The deemed Transfer Notice has the same effect as a Transfer Notice,
except that:

 

		15.3.1.	The valuation of the shares held by the defaulting Shareholder, and the price to paid by any Shareholder
exercising its right to buy such Common Shares, shall be determined in accordance with Section 15.4;

 

		15.3.2.	The defaulting Shareholder does not have a right of withdrawal following a valuation;

 

and

 

		15.3.3.	On the completion of any sale in accordance with this Article 15, any other Shareholder is not
required to procure the discharge of any security given by the defaulting Shareholder or to procure the release of any debts of
CPLB to it.

 

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		15.4.	Valuation of Common Shares to be Transferred. The valuation of shares to be transferred
under this Article 15 to the other Shareholders shall be determined as follows:

 

		15.4.1.	The transferring Shareholder shall select an investment bank of international reputation and the
other Shareholder(s) shall together select another investment bank of international reputation, and each investment bank shall
determine the fair market value of the Common Shares in accordance with Section 15.5 below and deliver its written valuation to
the Shareholders within thirty (30) days after the date of the deemed delivery of the Transfer Notice under Section 15.2.

 

		15.4.2.	In the event the two investment banks do not agree on a fair market value, the fair market value
shall be the average of the two valuations, except that if the two valuations differ by an amount greater than ten percent (10%),
the two investment banks shall select a third investment bank of international reputation. The third investment bank shall not
have performed services for any Party within the three (3) years preceding its appointment. Such third investment bank shall independently
determine the fair market value of the Common Shares in accordance with Section 15.5 below and without knowledge of the valuation
of the other two investment banks within thirty (30) days of appointment. The fair market value of the Common Shares shall then
be the average of the two valuations that are closest to each other and the other valuation shall be disregarded.

 

		15.4.3.	Each Shareholder shall pay the fees and expenses incurred in connection with the valuation by the
investment bank selected by it. The Shareholder(s) who appointed the investment bank whose valuation was disregarded shall pay
the fees and expenses incurred in connection with the valuation by the third investment bank, unless the valuation of the third
investment bank was disregarded, in which case the transferring Shareholder and the other Shareholder(s) shall each pay its pro
rata portion of all fees and expenses incurred in connection with the valuation by the third investment bank. Such pro rata portion
shall be based on each Shareholders percentage ownership in all of the Common Shares held by all Shareholders.

 

		15.5.	Valuation Methodology. Each investment bank shall base its valuation on the assumption the
(i) the sale is between a willing seller and a willing buyer; (ii) the Common Shares are sold free of all restrictions, liens,
charges and other encumbrances; and (iii) the sale is taking place on the date on which the valuation of the Common Shares is determined.

 

		15.6.	Termination by Initial Shareholders. Either Initial Shareholder may terminate this Agreement
if:

 

		15.6.1.	Bankruptcy Event has been established with respect to the other Initial Shareholder or CPLB;

 

		15.6.2.	CPLB entering into liquidation or dissolution (or such other similar thing in any other jurisdiction)
(other than a voluntary liquidation for the purpose of a bona fide scheme of solvent, amalgamate or reconstruction); or

 

		15.6.3.	CPLB commits a material breach of an obligation under this Agreement or the applicable Restated
License that directly and adversely affects such Initial Shareholder and fails to remedy such breach within sixty (60) business
days of notice to remedy the breach delivered by such Initial Shareholder, which notice shall set forth in reasonable detail the
nature of such breach.

 

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Article
16.

 

RESTRICTIONS ON THE PARTIES

 

		16.1.	Non-Interference. Each Party hereby further agrees and undertakes that during the term of
this Agreement it shall not, and shall procure that its Affiliates shall not, whether directly or indirectly, by themselves or
in association with or through any person, in any manner whatsoever do or undertake or attempt to do or undertake any of the following
activities:

 

		16.1.1.	Tender for, canvass, solicit, entice away from CPLB and/or any of its Affiliates, any person who
is or was an employee of CPLB and/or such Affiliate during the twelve (12) month period preceding the termination of this Agreement,
whether or not such employee would commit a breach of contract by reason of such act; or

 

		16.1.2.	Induce, procure or endeavour to induce any person who was an employee of CPLB and/or any of its
Affiliates to leave the service of, or cease to provide service to, CPLB or such Affiliate; or

 

		16.1.3.	Provide or offer positions of employment/consultancy or any managerial, financial participation
to any then current employee of CPLB and/or any of its Affiliates; or

 

		16.1.4.	Otherwise interfere in any manner with the contractual, employment or other relationship of any
employee of CPLB and/or any of its Affiliates on the one hand and CPLB and/or any of its Affiliates on the other hand; or

 

		16.1.5.	Solicit or entice away from dealing with CPLB, any person who is or was at any time a customer
or supplier of CPLB.

 

		16.2.	Enforceability. Each of the covenants in this Article 16 is considered fair and reasonable
by the Parties, but if any such restriction shall be found to be unenforceable but would be valid if any part of it were deleted
or the period or area of application reduced, the restriction shall apply with such modifications as may be necessary to make it
valid and effective.

 

		16.3.	Applicability to Group. Each Party shall, to the extent that it is able to do so, exercise
all voting rights and other powers in relation to persons in its Group to procure that such persons comply with the terms of this
Article 16.

 

		16.4.	Former Employees. Except as expressly set forth herein, the provisions of this Article 16
shall not apply to a Party with respect to any former employee of such Party.

 

Article
17.

 

REPRESENTATIONS AND WARRANTIES

 

		17.1.	Representations by All Parties. Each Party hereby represents and warrants to the other Parties
that, as of the Effective Date:

 

		17.1.1.	It is duly organized, validly existing and in good standing under the Laws of its jurisdiction
of organization and has the corporate power to enter into this Agreement and to perform its obligations hereunder;

 

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		17.1.2.	It has obtained all corporate authorisations and approvals necessary to execute and to deliver
this Agreement and to perform its obligations thereunder and hereunder; and

 

		17.1.3.	The execution, delivery and performance of this Agreement and any other agreement that is contemplated
by this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party
or by which it may be bound, nor violate any Laws of any governmental authority having jurisdiction over it.

 

		17.2.	Representations by CPLB. CPLB hereby represents and warrants that, as of the Effective Date:

 

		17.2.1.	It is duly qualified to do business in the jurisdiction(s) where it operates and has the corporate
power to own its property, conduct the Business and enter into the Restated Licenses (and any other agreements between CPLB and
one or more of the Parties contemplated by this Agreement) and perform the obligations thereunder;

 

		17.2.2.	It has obtained all material licenses, permissions, authorisations and consents required for carrying
on the Business effectively in the places and in the manner in which such Business is carried on prior to the Effective Date. Such
licenses, permissions, authorisations and consents are in full force and effect, are not limited in duration or subject to any
unusual or onerous conditions and have been complied with in all respects. There are no circumstances which indicate that any such
licenses, permissions, authorisations or consents will or are likely to be revoked or not renewed, in whole or in part, in the
ordinary course of events (whether as a result of the Agreement or otherwise);

 

		17.2.3.	It is not, nor will it be, engaged in any activity in which foreign investment by a non-resident
is prohibited;

 

		17.2.4.	Other than CPL Biologicals US, LLC., it does not have any subsidiaries within the meaning of Section
2 (87) of The Companies Act nor own any direct or indirect shareholding interest in any other entity or body corprate;

 

		17.2.5.	Its statutory books, minute books, register of members and other registers, as required under any
Laws, have been properly and accurately maintained in all material respects and contain full and accurate records of all matters
required to be entered under Laws, including all issuances and transfers of its shares or other securities and, as regards minutes
books, all resolutions passed by the Directors and its Shareholders;

 

		17.2.6.	The only Shareholders of CPLB are Cadila and Novavax;

 

		17.2.7.	There are no options, agreements or understandings (exercisable now or in the future and contingent
or otherwise) which entitle or may entitle any person to create or require to be created any encumbrance over any of the Common
Shares once issued by CPLB. Other than as contemplated by this Agreement, there is no agreement, arrangement, scheme or obligation
requiring the creation, allotment, issue, transfer, redemption or repayment of, or the grant to a person of the right (conditional
or not) to require the allotment, issue, transfer, redemption or repayment of, any Common Shares in the share capital of CPLB (including
an option or right of pre-emption); and

 

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		17.2.8.	All of the issued and paid-up Common Shares are, or when issued, sold and delivered in accordance
with the terms of this Agreement will be, duly authorized, validly issued, and free of pre-emptive rights (except as expressly
set forth herein).

 

		17.3.	Indemnification. Each Party will indemnify, defend and hold harmless the other Parties from
and against any and all liability, loss, damage or expense (including without limitation reasonable attorneys’ fees) they
may suffer as the result of any third party claims, demands and actions (collectively, “Losses”) to the extent
such Losses result from the breach of any of the representations or warranties set forth in this Article 17.

 

		17.4.	No Other Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NO PARTY
MAKES (AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS) ANY OTHER REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY,
INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE,
AND ANY WARRANTIES THAT MAY ARISE FROM COURSE OF PERFORMANCE, COURSE OF DEALING, OR USAGE OF TRADE.

 

Article
18.

 

DISPUTE RESOLUTION

 

		18.1.	Arbitration. Any dispute arising amongst the Parties out of or in connection with the implementation
or interpretation of this Agreement shall, if not settled amicably within ninety (90) days from the date that the dispute arose,
be finally settled by three (3) arbitrators. The claiming Party and responding Party shall each appoint one (1) and the two (2)
so appointed shall appoint the third arbitrator in accordance with the Indian Arbitration and Conciliation Act, 1996 as at present
in force. If there are more than one claiming Party and/or responding Party, such parties shall jointly appoint their one (1) allotted
arbitrator. The language of the arbitration proceedings shall be English and its place shall be Singapore. The arbitral award or
determination shall be final and subject to no appeal and shall deal with the question of costs of arbitration and all matters
related thereto.

 

		18.2.	Injunctive Relief. The Parties agree that it would be impossible or inadequate to measure
and calculate their damages from any breach of the Agreement though great and irreparable. Accordingly, each Party agrees that
if the any other Party breaches this Agreement, each non-breaching Party will have available, in addition to any other right or
remedy available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened
breach and specific performance of any provision of this Agreement.

 

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Article
19.

 

MISCELLANEOUS

 

		19.1.	Governing Law. This Agreement shall be governed by and construed in accordance with the
Laws of India.

 

		19.2.	Compliance with Laws. Each Party shall comply with all Laws in the performance of this Agreement
and the Restated Licenses.

 

		19.3.	Force Majeure. No Party shall be in default of this Agreement by reason of its failure or
delay in complying with its obligations under this Agreement if such failure or delay is caused by matters out of its reasonable
control, including but not limited to acts of God, changes in Laws, strikes, lock-outs, fire, riots, or civil war or civil commotion;
provided that such Party gives the other Parties prompt written notice of the failure or delay in performance and the reason therefor
and uses its reasonable efforts to limit the resulting failure or delay in its performance.

 

		19.4.	Limitation of Liability. In no event shall any Party be liable under any theory of liability
(whether in contract, tort, statute or otherwise) for any indirect, special, exemplary, punitive, incidental or consequential damages
of any kind, or for any loss of profits, loss of revenue, loss resulting from interruption of business or loss of use or data,
arising out of or relating to this Agreement or the subject matter hereof, however caused, even if the other Parties has been advised
of or should have known of the possibility of such damages.

 

		19.5.	Notice. Any notice, request, demand, waiver, consent, approval or other communication permitted
or required under this Agreement (“Notice”) will be in writing, will refer specifically to this Agreement and
will be deemed given only if sent by facsimile transmission (with transmission confirmed) or by an internationally recognized delivery
service that maintains records of delivery, addressed to the Parties at their respective addresses specified on the signature page
hereto or to such other address as the Party to whom notice is to be given may have provided to the other Party in accordance with
this Section 19.5. Such Notice will be deemed to have been given on the second Business Day (at the place of delivery) after deposit
with an internationally recognized delivery service. This Section 19.5 is not intended to govern the day-to-day business communications
necessary between the Parties in performing their obligations under the terms of this Agreement.

 

		19.6.	Waiver. No amendment or waiver of any provision of this Agreement, and no consent to any
departure therefrom, shall be effective unless the same shall be in writing and signed by an authorized representative of each
Party, and such waiver or consent shall be effective only for the specific purpose for which it is given. No failure on the part
of a Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies provided for in this Agreement are cumulative and are not exclusive of any remedies provided for by Laws.

 

		19.7.	Severability. If any of the provisions of this Agreement are found to be inconsistent with,
or void under, Laws, the validity of the remaining
provisions shall not thereby be affected. In such a case the Parties shall re-negotiate the ineffective provision in good faith
in order to replace it with a provision affording the same rights, obligations and economic benefits to the Parties as the ineffective
provision.

 

		19.8.	Entire Agreement. This Agreement and the documents executed and delivered on the date of
the Original Joint Venture Agreement and the First Restated JV Agreement pursuant thereto or in connection therewith, contain the
entire agreement among the Parties with respect to the matters addressed herein and therein and supersede all prior representations,
inducements, promises or agreements, oral or otherwise, which are not embodied herein or therein.

 

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		19.9.	No Assignment. Except in connection with a Transfer of Common Shares expressly permitted
hereunder, this Agreement and all rights and obligations hereunder may not be transferred or assigned by any Party to any person
without the prior written consent of the other Parties. Any transfer or assignment without such consent shall be null and void.

 

		19.10.	Amendment. The Parties will have the right to amend, modify and change the terms and conditions
of this Agreement by way of a separate agreement which will be made part of this Agreement; provided, however, that this Agreement
may be amended from time to time without such separate agreement as necessary to reflect (i) the admission to CPLB of one or more
new Shareholders in accordance with this Agreement, or any other adjustments in the ownership interests of the Shareholders in
connection with capital contributions or as otherwise appropriate in accordance with the terms and conditions of this Agreement
or (ii) any decrease or increase in the authorized share capital in accordance with Article 4.

 

		19.11.	No Employment Agreement. Nothing in this Agreement shall confer upon any person any right
to be employed or to continue employment by CPLB or any person in its Group or to interfere in any manner in any right of CPLB
or any person in its Group to terminate such employment at any time.

 

		19.12.	Further Assurances. Each Party agrees to execute, deliver and file or cause to be executed,
delivered and filed such further documents and instruments, and to obtain such consents, authorizations and approvals from governmental
authorities and other third parties, as may be reasonably required to effectuate the terms and conditions of this Agreement.

 

		19.13.	Any acts, deeds or any thing which is not covered under this agreement pertaining to CPLB, and
its technical, commercial or any other acitvities shall be discussed by the parties separately at the relevant point of time and
shall be reduced to writing and signed by way of separate agreement, wherein such agreement shall form part of this agreement.

 

		19.14.	The shareholders hereby agree and undertake to ensure that their, their representatives, proxies,
and agents representing them at meetings of shareholders shall at all times exercise their votes in respect of shares in such manner
so as to comply with, and to fully and effectually implement, the provisions of this Agreement.

 

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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement
to be executed by their duly authorized representatives as of the day, month and year first above written.

 

	Novavax, Inc.	 	Cadila Pharmaceuticals Limited
	 	 	 
	By : 	/s/ Stanley C. Erck	 	By :	/s/ Dr. Rajiv I Modi
	Stanley C. Erck	 	Dr. Rajiv I Modi
	President & CEO	 	Chairman & Managing Director

 

	CPL Biologicals Private Limited	 
	 	 
	By : 	/s/ Dr. Rajiv I Modi	 
	Dr. Rajiv I Modi	 
	Chairman	 
	 	 	 

 

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EXHIBIT A

 

DEFINITIONS

 

		1.	“1% Redeemable Preference Shares” means those authorized Shares (up to [* *
*] par value of rupees ten (R 10) which number may be increased and issued
by resolution of the Board, and which shall have a 1% dividend, redeemable no sooner than [* * *]. It is understood that
1% Redeemable Preference Shares do not have voting rights and may only be converted to Common Shares by a unanimous vote of the
Board. As of the Effective Date, CPLB has issued and may continue to issue 1% Redeemable Preference Shares to Cadila pursuant to
Cadila’s subscription and contribution of finacing to CPLB of up to cash Rupees 300,000,000 (or 30 Crore) as described in
the Addendum.

 

		2.	“Acceptance Notice” shall have the meaning described in Section 5.2.1.

 

		3.	“Addendum” means that certain Addendum to the First Restated JV Agreement dated
as of March 16, 2015.

 

		4.	“Additional Vaccine Candidates” means vaccine candidates against the four (4)
target organisms described on Schedule A-4 attached hereto, as amended by mutual agreement of Novavax and Cadila, to be
constructed by a collaboration of Novavax and CPLB for CPLB’s Development and Commercialization under the Novavax Restated
License, which shall not, in any event, include any vaccine product against respiratory syncytial virus (RSV), and which CPLB may
Develop and Commercialize in the Novavax Product Territory. Novavax may collaborate with CPLB to develop other Additional Vaccine
Candidates for CPLB on terms and conditions to be mutually agreed by Novavax and CPLB, which shall thereafter be included in an
amended Schedule I to the Novavax Restated License.

 

		5.	“Additional Securities” means any options, rights, warrants or other instruments
to purchase Shares, or securities convertible into or exchangeable directly or indirectly for Shares (including any newly created
class or series).

 

		6.	“Affiliate” means any corporation or other business entity controlled by, controlling,
or under common control with a Party, with “control” (for purposes of this Section 1.1.1 only) meaning (a) direct or
indirect beneficial ownership of fifty percent (50%) or more of the voting stock (or, in the case of a non-corporate entity, of
the equity interests with the power to direct the management and policies) of such corporation or other business entity, or (b)
possession, directly or indirectly, of the power to direct, or cause the direction of, the management and policies of such corporation
or other business entity, whether through the ownership of voting securities, by contract, or otherwise; provided that for purposes
of this Agreement, neither Novavax nor Cadila shall be deemed to be an Affiliate of CPLB.

 

		7.	“Bankruptcy Event” means, with respect to a Party, (i) the filing by such Party
in any court or agency, pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or
for reorganization or for an the appointment of a receiver or trustee of such other Party or of its assets, (ii) the filing against
such Party of an involuntary petition for any bankruptcy or insolvency proceeding which petition is not dismissed within sixty
(60) days after filing, (iii) the making by such Party of an assignment for the benefit of its creditors, (iv) the taking of possession
of a substantial part of the assets of such Party by a lien holder or other encumbrancer, or (v) the levy or enforcement of any
distress, execution or other process upon or against a substantial part of the assets of such Party.

 

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		8.	“Board” shall mean the Board of Directors of CPLB.

 

		9.	“Board Meeting Notice” shall have the meaning described in Section 7.2.

 

		10.	“Business” has the meaning provided in Article 3.

 

		11.	“Business Plan” means at any given time, business plan and budget at an industry-appropriate
level of detail, that includes a plan and budget for strategy, sales, expenses, profit and loss, capital expenditure and cash flows
of CPLB for the Financial Year to which it relates and the subsequent two (2) Financial Years and any other matters or factors
that are determined by the Board of Directors to be relevant and pertinent. It is expected that the Business Plan will include
a management report detailing objectives for the Financial Year and evaluating performance and variations. A Business Plan shall
be prepared under the guidance of the President and Chief Executive Officer of CPLB and shall be considered official when approved
by the Board of Directors.

 

		12.	“Cadila Original License” has the meaning assigned to such term in the Recitals.

 

		13.	“Cadila Product Territory” means the Territory.

 

		14.	“Cadila Products” means Cadila Transferred Products and Cadila Royalty Products

 

		15.	“Cadila Transferred Product” means the following Products licensed to CPLB under
the Cadila Restated License Agreement for Development and Commercialization in the Cadila Product Territory: (i) Cadila’s
vaccine product known as Cadi-05 for all uses and indications claimed by Patents Controlled by Cadila during the term of this Agreement,
and (ii) Cadila’s adjuvant known as Mycobacterium W immuvac for use with therapeutic vaccines against cancer and for all
other uses and indications claimed by Patents Controlled by Cadila during the term of this Agreement.

 

		16.	“Cadila Royalty Product” means the following products (i) Cadila’s erythropoietin
G-CSF product, hyaluronic acid product, goat lung surfactant extract product, and streptokinase product that are generic versions
of approved biologic pharmaceutical products (excluding in any event any small molecule products, generic or otherwise), (ii) the
following Cadila biological diagnostic products: the Typhigen Kit, the ELIK HIV kit, the ELIK HCV kit, the CADISPOT1&2 HIV
kit and the NEVA HIV kit; and (iii) any other biological product claimed by Patents Controlled by Cadila during the term of this
Agreement.

 

		17.	“Cadila Restated License” means the restated Amended and Restated Cadila Product
License of even date hereof between CPLB and Cadila.

 

		18.	“Change in Control” means (a) the sale of all or substantially all of the assets
or business of an entity, or (b) any merger, consolidation, recapitalization, or business combination of an entity, or (c) the
sale of capital stock or other equity securities of an entity, or (d) any other transaction or series of transactions; provided
that for each of (b) through (d), the result of which is that the stockholders of an entity prior to such transaction do not, immediately
following any such transaction(s), directly or indirectly hold voting securities of the surviving or purchasing entity sufficient
to elect a majority of the board of directors of such surviving or purchasing entity.

 

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		19.	“Collective Agreements” shall have the meaning described in Section 14.1.

 

		20.	“Commercialize” or “Commercialization” means all activities
undertaken before and after Regulatory Approval (including pricing and reimbursement approvals) for a particular Product that relate
to the commercial marketing and sale of such Product including but not limited to advertising, sales, marketing, promotion, distribution,
and Phase 4 (post-licensure) clinical trials.

 

		21.	“Common Share” means means those Shares, par value of rupees ten (Rs.10) representing
the equity of CPLB.

 

		22.	“Completion Period” shall have the meaning described in Section 5.2.1.

 

		23.	“Confidential Information” shall have the meaning described in Section 14.1.

 

		24.	“Control” or “Controlled” means with respect to any intellectual
property rights, possession a party, as applicable, of the right, whether directly or indirectly, and whether by ownership, license
or otherwise, to assign, grant the right to use, or grant a license, sublicense or other right to or under such intellectual property
right without violating the terms of any agreement or other arrangement with any third party.

 

		25.	“CPLB Discovered Candidates” means vaccine candidates, other than Existing Vaccine
Products and Additional Vaccines Candidates, developed by CPLB, its Affiliate or its sublicensees through the indirect or direct
use of any Novavax Technologies for Development and Commercialization in the Novavax Product Territory; provided that in no event
shall such definition include any vaccine product against RSV.

 

		26.	“CPLB ROFN Products” the (i) Novavax Products and (ii) any other Product that
can be used as a vaccine however, under no circumstances shall the influenza VLP and Rabies three dose vaccine products be deemed
CPLB ROFN products.

 

		27.	“Develop” or “Development” means the performance of all non-clinical,
pre-clinical and clinical development, manufacturing and regulatory activities for a Product that are required to obtain Regulatory
Approval of a Product in the Territory.

 

		28.	“Director” shall mean a member of the Board of Directors of CPLB.

 

		29.	“Effective Date” means November 30, 2017.

 

		30.	“Executive Officers” means the President and Chief Executive Officer, Chief
Financial Officer and Company Secretary of CPLB.

 

		31.	“Exempt Issuances” shall have the meaning described in Section 4.5.5.

 

		32.	“Existing Vaccine Products” means the following Products licensed to CPLB under
the Novavax Restated License Agreement for Development and Commercialization in the Novavax Product Territory: (i) seasonal influenza
virus-like particle vaccine (Cadiflu-S), (ii) monovalent seasonal influenza virus-like particle vaccine (Cadiflu), (iii) three-dose
rabies nanoparticle vaccine (NanoRab), [* * *].

 

		33.	“Financial Year” means a financial accounting period of twelve (12) months beginning
on April 1.

 

		34.	“First Restated JV Agreement” has the meaning assigned to such term in the Recitals
above.

 

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		35.	“Group” in relation to a person or entity means any direct or indirect wholly
owned subsidiary of such person or entity. The term “Group” shall also include Affiliates of Cadila consisting of the
family member of the promoters, their Hindu undivided families (HUFs), family trust and closely held companies owned by the family
members and trusts either singly or jointly.

 

		36.	“Initial Shareholder” means when used in the singular either Cadila or Novavax,
and wherever used in the plural means Cadila and Novavax. Reference to an Initial Shareholder shall include its successors in title
and permitted assigns.

 

		37.	“Intellectual Property Rights” means Know-How, Patents and any and all other
intellectual property.

 

		38.	“Investment Ratio” means the Initial Shareholders’ ratio of Shares held
on a fully diluted basis (excluding the 1% Redeemable Preference Shares) vis-à-vis each other of [* * *] (Cadila) to [*
* *] (Novavax) ([* * *]) as adjusted in accordance with Section 4.5.4.

 

		39.	“Issuance Notice” shall have the meaning described in Section 4.5.1.

 

		40.	“Know-How” means all tangible and intangible (a) techniques, technology, practices,
trade secrets, inventions (whether patentable or not), methods, protocols, processes, formulas, knowledge, know-how, skill, experience,
records, documents, data and results (including pharmacological, toxicological, non-clinical and clinical test data and results),
analytical and quality control data, results or descriptions, software and algorithms and (b) compositions of matter, cells, cell
lines, assays, animal models and physical, biological or chemical material. Know-How shall in any event exclude any Patents.

 

		41.	“Laws” means all applicable laws, statutes, rules, regulations, ordinances and
other pronouncements having the effect of law of any federal, national, multinational, state, provincial, or other political subdivision,
domestic or foreign, including, without limitation, all applicable export control, anti-corruption and anti-bribery laws (e.g.,
U.S. Foreign Corrupt Practices Act (15 U.S.C. Section 78dd-1, et. seq.), as amended).

 

		42.	“Novavax Licenses” means the Novavax Original Licenses and the Novavax Restated
License.

 

		43.	“Novavax Original Licenses” has the meaning assigned to such term in the Recitals
above.

 

		44.	“Novavax Product Territory” means the teriritory in which CPLB may Develop and
Commercialize Novavax Products and which includes any and all countries and territories set forth in Schedule A- 43.

 

		45.	“Novavax Products” (i) Existing Vaccine Products, (ii) Additional Vaccine Candidates,
and (iii) CPLB Discovered Candidates. Novavax Products shall include (a) any minor modifications to the products listed the preceding
sentence including, by way of example but not limitation, changes to any excipient, changes arising from a change in manufacturing
process, or change in dosage, or, in the case of (i), (ii) and (ii) above, substitution of one or more seasonal influenza HAs and/or
NAs designated by the CDC or by the corresponding authority in any other country (e.g., the WHO in India) and (b) any such product
used in combination with another active ingredient, antigen or adjuvant.

 

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		46.	“Novavax Restated License” means the Amended and Restated Novavax Product License
Agreement of even date hereof between CPLB and Novavax.

 

		47.	“Novavax ROFN Products” means any vaccine product with Intellectual Property
Rights Controlled by Novavax (other than Novavax Products, as defined); provided, however, under no circumstances shall any respiratory
syncytial virus (RSV) vaccine product be deemed a Novavax ROFN Product.

 

		48.	“Novavax Technologies” means Novavax’ proprietary baculovirus insect cell
expression, recombinant nanoparticle vaccine production, antigen specific, protein expression and cloning system technologies and
improvements thereto, but does not include the Novavax’ Matrix-M technology which shall be licensed to CPLB under a license
agreement separate from the Novavax Restated License.

 

		49.	“Offered Shares” shall have the meaning described in Section 5.2.

 

		50.	“Offeree” shall have the meaning described in Section 5.2.

 

		51.	“Original Ancillary Agreements” has the meaning assigned to such term in the
Recitals above.

 

		52.	“Original JV Agreement” has the meaning assigned to such term in the Recitals
above.

 

		53.	“Original Licenses” means the Cadila Original License and the Novavax Original
Licenses.

 

		54.	“Party” and “Parties” means when used in the singular either
CPLB, Cadila, Novavax, any new Shareholder as may be applicable and wherever used in the plural means CPLB, Cadila, Novavax and
all new Shareholders (if any). Reference to a Party to this Agreement shall include its successors in title and permitted assigns.

 

		55.	“Patents” means any and all (a) issued patents and inventors’ certificates
and re-examinations, reissues, renewals, extensions, registrations, substitutions, supplementary protection certificates and term
restorations with respect to any of the foregoing, and (b) pending applications for patents and inventors’ certificates,
including, without limitation, provisional applications, continuations, continuations-in-part, divisional and substitute applications
with respect to any of the foregoing.

 

		56.	“Phase 2 Data Package” shall mean with respect to a ROFN Product, subject to
the proviso at the end of this paragraph, (i) a summary of all the relevant clinical data with respect to the ROFN Product, including
any clinical trial results and resultant data analyses, (ii) any regulatory submissions made to the FDA or any other corresponding
authority with respect to such ROFN Product, (iii) protocols for any ongoing clinical studies and proposed designs for any anticipated
clinical studies with respect to such ROFN Product, and (iv) such other material information and data relating to such ROFN Product
that were relied on by the ROFN Grantor’s senior management in determining to proceed with the current phase of development
of such ROFN Product; provided that any such Phase 2 Data Package is not suitable for submission to an ROFN Holder in accordance
with Section 3.6 unless the clinical trial data contained in such package results from a Phase 2 clinical trial (and shall include
data from any subsequent clinical trial) and the ROFN Grantor reasonably believes that such data is sufficient to support, as applicable,
either (i) the progression of such ROFN Product to a pivotal clinical trial (i.e., a clinical trial that, if successful, would
lead to a BLA submission) or (ii) the submission of a Biologics License Application (as defined in 21 C.F.R. 600 et. seq.) or a
substantially similar application or submission for marketing approval.

 

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		57.	“Products” means the Cadila Products, Novavax Products, and any other products
developed, purchased or in-licensed by CPLB including, without limitation, any vaccine, adjuvant, biosimilar, diagnostic, and biological
product.

 

		58.	Proposed Transferee” shall have the meaning described in Section 5.2.

 

		59.	“Pro-Rata Shares” shall have the meaning described in Section 5.2.1.

 

		60.	“Regulatory Approval” means any and all approvals (including supplements, amendments,
pre- and post-approvals, pricing and reimbursement approvals), licenses, registrations or authorizations of any national, supra-national,
regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity, that are necessary
for the manufacture, distribution, use or widespread sale of a Product in a regulatory jurisdiction in the Territory.

 

		61.	“Representations and Covenants “ shall mean representations, warranties, indemnities,
covenants and assurances.

 

		62.	“Restated Licenses” means the Cadila Restated License and the Novavax Restated
License.

 

		63.	“ROFN Grantor” means the Party who controls a particular ROFN Product, either
CPLB or Novavax, as applicable.

 

		64.	“ROFN Holder” means the Party that is the beneficiary of a ROFN, either CPLB
or Novavax, as applicable.

 

		65.	“ROFN Products” means CPLB ROFN Products and the Novavax ROFN Products.

 

		66.	“Schedule I Assets” has the meaning assigned to such term in the Recitals.

 

		67.	“Selling Shareholder” shall have the meaning described in Section 5.2.

 

		68.	“Shareholder” means a holder of Shares of CPLB.

 

		69.	“Shares” means the equity shares of the CPLB and includes the Common Shares
the 1% Redeemable Preference Shares, and any other securities (including, without limitation, options, warrants and other rights
to acquire capital stock) of CPLB.

 

		70.	“Steering Committee” shall have the meaning described in Section 8.1.

 

		71.	“Tag-Along Offeror” shall have the meaning described in Section 5.4.3.

 

		72.	“Territory” means the entire world.

 

		73.	“The Companies Act” shall mean the Companies Act, 2013, as amended by the Companies
(Amendment) Act, 2015, and any successor legislation and any additional amendments thereto.

 

		74.	“Transfer” means to transfer, grant any security interest over, or otherwise
dispose of, voluntarily or involuntarily, by operation of law or otherwise, or grant any person any rights in or over.

 

		75.	“Transfer Notice” shall have the meaning described in Section 5.2.

 

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SCHEDULE I - A

APPROVALS, LICENSES AND THIRD PARTY AGREEMENTS
TO BE TRANSFERRED/ASSIGNED TO CPLB BY CADILA

 

[* * *]

 

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SCHEDULE A-4

ADDITIONAL VACCINE CANDIDATES

 

[* * *]

 

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SCHEDULE A-43

NOVAVAX PRODUCT TERRITORY

 

[* * *]

 

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SCHEDULE 4.2

SHAREHOLDERS, NUMBER OF COMMON
SHARES AND PERCENTAGE INTERESTS

 

	Shareholder	 	Number of

Common Shares	 	Percentage Interest in

CPLB
	 	 	 	 	 
	Cadila Pharmaceuticals Limited	 	[* * *]	 	80%
	 	 	 	 	 
	Novavax, Inc.	 	[* * *]	 	20%
	 	 	 	 	 
	Total	 	[* * *]	 	100%

 

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SCHEDULE 7.3

 

MATTERS REQUIRING APPROVAL OF ALL OF
THE SHAREHOLDERS AND THE BOARD OF THE DIRECTORS OF CPLB

 

		1.	The sale, transfer, lease, assignment or disposal of all or substantially all of the property or
assets of CPLB, whether by way of a single transaction or a series of related transactions.

 

		2.	A Change in Control of CPLB. For the purposes of this paragraph, a “Change in Control”
means (a) the sale of all or substantially all of the assets or business of CPLB, or (b) any merger, consolidation, recapitalization,
or business combination of CPLB, or (c) the sale of capital stock or other equity securities of CPLB, or (d) any other transaction
or series of transactions; provided that for each of (b) through (d), the result of which is that the Shareholders of CPLB prior
to such transaction do not, immediately following any such transaction(s), directly or indirectly hold voting securities of the
surviving or purchasing entity sufficient to elect a majority of the board of directors of such surviving or purchasing entity.

 

		3.	The liquidation, dissolution or winding-up of CPLB.

 

		4.	Any incurrence of indebtedness of CPLB that would result in CPLB having a debt-to-equity ratio of 3-to-1 or greater.

 

		5.	Other than as set forth in Section 19.10, the amendment or waiver of any provision of this Agreement
or the Articles of Association.

 

		6.	Any change to or deviation from the Dividend Policy set forth in Article 12.

 

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