Document:

Exhibit 10.19

        

       

        

       Portions of this Exhibit have been redacted because they are both (i) not material
          and (ii) would be competitively harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”

      

      

      PUBLIC HEALTH SERVICE

      

      

      PATENT LICENSE AGREEMENT NONEXCLUSIVE - SUBLICENSABLE

       

      This Agreement is based on the model Patent License Non-Exclusive Sublicensable Agreement adopted by the U.S. Public Health Service (“PHS”)

        Technology Transfer Policy Board for use by components of the National Institutes of Health (“NIH”), the Centers for Disease Control and Prevention (“CDC”), and the
        Food and Drug Administration (“FDA”), which are agencies of the PHS within the Department of Health and Human Services (“HHS”).

       

      This Cover Page identifies the Parties to this Agreement:

       

      The U.S. Department of Health and Human Services, as represented by

      National Cancer Institute

      an Institute or Center (hereinafter referred to as the “IC”) of the

      NIH

       

      and

       

      PDS Biotechnology Corporation,

      hereinafter referred to as the “Licensee”,

      having offices at 25B Vreeland Rd., Suite 300, Florham Park, NJ, 07932,

      created and operating under the laws of Delaware.

      Tax ID No.: 264231384

        

      

      
        
          

      

      For the IC’s internal use only:

       

      License Number: L-025-2022

       

      License Application Number: A-533-2021

       

      Serial Number(s) of Licensed Patent(s) or Patent Application(s):

       

      	

            	I.	
              United States Provisional Patent Application No. 60/476,467, filed June 5, 2003, entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH Reference No. E-116-2003/0-US-01];

            

       

      	

            	II.	
              International Patent Application No. PCT/US2004/17574 filed June 2, 2004 entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH Reference No. E-116-2003/0-PCT-02];

            

       

      	

            	III.	
              United States Patent No.7,541,035, issued June 2, 2009, entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH
                Reference No. E-116-2003/0-US-03];

            

       

      	

            	IV.	
              United States Patent No. 8,043,623, issued 25 Oct 2011, entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH
                Reference No. E-116-2003/0-US-04];

            

       

      	

            	V.	
              United States Provisional Patent Application No. 61/915,948, filed December 13, 2013, entitled “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No.
                E-047-2014/0-US-01];

            

       

      	

            	VI.	
              International Patent Application No. PCT/US2014/070144, filed December 12, 2014, entitled “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No.
                E-047-2014/0-PCT-02];

            

       

      	

            	VII.	
              Canada Patent Application No. 2932248 filed December 12, 2014 entitled, Multi-Epitope TARP Peptide Vaccine and Uses Thereof’ [NIH Reference No. E-047-2014/0-CA-03];

            

       

      	

            	VIII.	
              United States Patent No. 10,286,050, issued 14 May 2019, entitled, “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-US-06];

            

       

      	

            	IX.	
              Europe Patent No. 3079716, issued on 08 May 2019, entitled, ”Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-EP-04];

            

       

      
        
          

      

      	

            	X.	
              Japan Patent No. 6758185, issued on 03 September 2020, entitled, “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-JP-05]; and

            

       

      	

            	XI.	
              Australia Patent No. 2014361788, issued on 23 Jan 2020, entitled, “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-AU-07].

            

       

      Licensee: PDS Biotechnology Corporation

       

      Cooperative Research and Development Agreement (CRADA) Number (if a subject invention): N/A.

       

      Additional Remarks: None.

       

      Public Benefit(s): Improvement of public health through development and commercialization of T-cell receptor gamma alternate reading frame protein (TARP) peptide-based therapies in combination with PDS’s proprietary technology, Versamune®, platform technology, or other technology(ies) that are proprietary to, owned or
          licensed by PDS for the treatment of prostate cancer, breast cancer and acute myeloid leukemia (AML).

       

      This Patent License Agreement, hereinafter referred to as the “Agreement”, consists of this Cover Page, an attached Agreement, a Signature Page, Appendix A (List of
        Patent(s) or Patent Application(s)), Appendix B (Fields of Use and Territory), Appendix C (Royalties), Appendix D ((Benchmarks and Performance), Appendix E (Commercial Development Plan), Appendix F (Example Royalty Report), and Appendix G (Royalty
        Payment Options.

       

      
        
          

      

      The IC and the Licensee agree as follows:

       

      	1.	
              BACKGROUND

            

       

      	

            	1.1	
              In the course of conducting biomedical and behavioral research, the IC investigators made inventions that may have commercial applicability.

            

       

      	

            	1.2	
              By assignment of rights from the IC employees and other inventors, HHS, on behalf of the Government, owns
                intellectual property rights claimed in any United States or foreign patent applications or patents corresponding to the assigned inventions.  HHS also owns any tangible embodiments of these
                inventions actually reduced to practice by the IC.

            

       

      	

            	1.3	
              The Secretary of HHS has delegated to the IC the authority to enter into this Agreement for the licensing of
                rights to these inventions under 35 U.S.C. §§200-212, the Federal Technology Transfer Act of 1986, 15 U.S.C. §3710(a), and the regulations governing the licensing of Government‐owned inventions, 37 CFR Part 404.

            

       

      	

            	1.4	
              The IC desires to transfer these inventions to the private sector through commercialization licenses to facilitate the commercial development of products and processes for public use and benefit.

            

       

      	

            	1.5	
              The Licensee desires to acquire commercialization rights to certain of these inventions in order to develop processes, methods, or marketable products for public use and benefit.

            

       

      	2.	
              DEFINITIONS

            

       

      	

            	2.1	
              “Affiliate(s)” means a corporation or other business entity, which directly or indirectly is controlled by or controls, or is under common control with the Licensee. 

                For this purpose, the term "control" shall mean ownership of more than fifty percent (50%) of the voting stock or other ownership interest of the corporation or other business entity, or the power to elect or appoint more than fifty percent
                (50%) of the members of the governing body of the corporation or other business entity.

            

       

      	

            	2.2	
              “Benchmarks” mean the performance milestones that are set forth in Appendix D.

            

       

      	

            	2.3	
              “Commercial Development Plan” means the written commercialization plan attached as Appendix E.

            

       

      	

            	2.4	
              “First Commercial Sale” means the initial transfer by or on behalf of the Licensee or its sublicensees of Licensed
                  Products or the initial practice of a Licensed Process by or on behalf of the Licensee or its sublicensees in exchange for cash or some equivalent
                to which value can be assigned for the purpose of determining Net Sales.

            

       

      	

            	2.5	
              “Government” means the Government of the United States of America.

            

       

      	

            	2.6	
              “Licensed Fields of Use” means the fields of use identified in Appendix B.

            

       

      	

            	2.7	
              “Licensed Patent Rights” shall mean:

            

       

      
        
          

      

      	

            	(a)	
              Patent applications (including provisional patent applications and PCT patent applications) or patents listed in Appendix A, all divisions and continuations of these applications, all patents issuing from these applications, divisions,
                and continuations, and any reissues, reexaminations, and extensions of all these patents;

            

       

      	

            	(b)	
              to the extent that the following contain one or more claims directed to the invention or inventions disclosed in 2.7(a):

            

       

      	

            	(i)	
              continuations‐in‐part of 2.7(a);

            

       

      	

            	(ii)	
              all divisions and continuations of these continuations‐in‐part;

            

       

      	

            	(iii)	
              all patents issuing from these continuations‐in‐part, divisions, and continuations;

            

       

      	

            	(iv)	
              priority patent application(s) of 2.7(a); and

            

       

      	

            	(v)	
              any reissues, reexaminations, and extensions of all these patents;

            

       

      	

            	(c)	
              to the extent that the following contain one or more claims directed to the invention or inventions disclosed in 2.7(a): all counterpart foreign and U.S. patent applications and patents to 2.7(a) and 2.7(b), including those listed in
                Appendix A; and

            

       

      	

            	(d)	
              Licensed Patent Rights shall not
                  include 2.7(b) or 2.7(c) to the extent that they contain one or more claims directed to new matter which is not the subject matter disclosed in 2.7(a).

            

       

      	

            	2.8	
              “Licensed Processes” means processes, which in the course of being practiced, would be within the scope of one or more claims of the Licensed Patent Rights
                that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent jurisdiction.

            

       

      	

            	2.9	
              “Licensed Products” means tangible materials, which in the course of manufacture, use, sale, or importation, would be within the scope of one or more claims of the Licensed

                  Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent jurisdiction.

            

       

      	

            	2.10	
              “Licensed Territory” means the geographical area identified in Appendix B.

            

       

      	

            	2.11	
              “Net Sales” means the total gross receipts for sales of Licensed Products or practice of Licensed Processes by or
                on behalf of the Licensee or its sublicensees, and from leasing, renting, or otherwise making Licensed Products available to others without sale or other
                dispositions, whether invoiced or not, less returns and allowances, packing costs, insurance costs, freight out, taxes or excise duties imposed on the transaction (if separately invoiced), and wholesaler and cash discounts in amounts
                customary in the trade to the extent actually granted.  No deductions shall be made for commissions paid to individuals, whether they are with independent sales agencies or regularly employed by the Licensee,
                or sublicensees and on its payroll, or for the cost of collections.

            

       

      
        
          

      

      	

            	2.12	
              “Practical Application” means to manufacture in the case of a composition or product, to practice in the case of a process or method, or to operate in the case of a machine or system; and in each
                case, under these conditions as to establish that the invention is being utilized and that its benefits are to the extent permitted by law or Government regulations available to the public on
                reasonable terms.

            

       

      	3.	
              GRANT OF RIGHTS

            

       

      	

            	3.1	
              The IC hereby grants and the Licensee accepts, subject to the terms and conditions of this Agreement, a
                nonexclusive license under the Licensed Patent Rights in the Licensed Territory to make and have made, to use and have used, to sell and have sold, to offer
                to sell, and to import any Licensed Products in the Licensed Fields of Use and to practice and have practiced any Licensed
                  Processes in the Licensed Fields of Use.

            

       

      	

            	3.2	
              This Agreement confers no license or rights by implication, estoppel, or otherwise under any patent applications or patents of the IC other than the Licensed Patent Rights regardless of whether these patents are dominant or subordinate to the Licensed Patent Rights.

            

       

      	4.	
              SUBLICENSING

            

       

      	

            	4.1	
              Upon written approval, which shall include prior review of any sublicense agreement by the IC and which shall not be unreasonably withheld, the Licensee
                may enter into sublicensing agreements under the Licensed Patent Rights only when it concurrently licenses proprietary or in-licensed intellectual property rights.  For the avoidance of doubt, the Licensee does not have the right to solely sublicense the Licensed Patent Rights.

            

       

      	

            	4.2	
              The Licensee agrees that any sublicenses granted by it shall provide that the obligations to the IC of Paragraphs 5.1, 5.2, 8.1, 10.1, 10.2, 12.5, and
                13.7-13.9 of this Agreement shall be binding upon the sublicensee as if it were a party to this Agreement.  The Licensee
                further agrees to attach copies of these Paragraphs to all sublicense agreements.

            

       

      	

            	4.3	
              Any sublicenses granted by the Licensee shall provide for the termination of the sublicense, or the conversion to a license directly between the sublicensees and the IC, at the option of the sublicensee, upon termination of this Agreement under Article 13.  This conversion is subject to the IC approval and
                contingent upon acceptance by the sublicensee of the remaining provisions of this Agreement.

            

       

      	

            	4.4	
              The Licensee agrees to forward to the IC a complete copy of each fully executed sublicense agreement postmarked within thirty (30) days of the execution of
                the agreement.  To the extent permitted by law, the IC agrees to maintain each sublicense agreement in confidence.

            

       

      	5.	
              STATUTORY AND NIH REQUIREMENTS AND RESERVED GOVERNMENT RIGHTS

            

       

      	

            	5.1	
              Prior to the First Commercial Sale, the Licensee agrees to provide the IC with reasonable quantities of Licensed Products or materials made through the Licensed Processes for the IC’s research use.

            

       

      	

            	5.2	
              The Licensee agrees that products used or sold in the United States embodying Licensed Products or produced through use of Licensed Processes shall be manufactured substantially in the United States, unless a written waiver is obtained in advance from the IC.

            

       

      
        
          

      

      	6.	
              ROYALTIES AND REIMBURSEMENT

            

       

      	

            	6.1	
              The Licensee agrees to pay the IC a noncreditable, nonrefundable license issue royalty as set forth in Appendix C.

            

       

      	

            	6.2	
              The Licensee agrees to pay the IC a minimum annual royalty as set forth in Appendix C.

            

       

      	

            	6.3	
              The Licensee agrees to pay the IC earned royalties as set forth in Appendix C.

            

       

      	

            	6.4	
              The Licensee agrees to pay the IC benchmark royalties as set forth in Appendix C.

            

       

      	

            	6.5	
              The Licensee agrees to pay the IC sublicensing royalties as set forth in Appendix C.

            

       

      	

            	6.6	
              A patent or patent application licensed under this Agreement shall cease to fall within the Licensed Patent Rights for the purpose of computing earned
                royalty payments in any given country on the earliest of the dates that:

            

       

      	

            	(a)	
              the application has been abandoned and not continued;

            

       

      	

            	(b)	
              the patent expires or irrevocably lapses; or

            

       

      	

            	(c)	
              the patent has been held to be invalid or unenforceable by an unappealed or unappealable decision of a court of competent jurisdiction or administrative agency.

            

       

      	

            	6.7	
              No multiple royalties shall be payable because any Licensed Products or Licensed Processes are covered by more than one of the Licensed Patent Rights.

            

       

      	

            	6.8	
              On sales of Licensed Products by the Licensee to sublicensees or on sales made in other than an arms‐length transaction, the value of the Net Sales attributed under this Article 6 to this transaction shall be that which would have been received in an arms‐length transaction, based on sales of like quantity and quality products on or about
                the time of this transaction.

            

       

      	

            	6.9	
              With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of all patent applications and patents included within the Licensed Patent Rights and
                incurred by the IC prior to the effective date of this Agreement, the Licensee shall pay the IC, as an additional royalty, an amount equivalent to  [***]of the unreimbursed patent expenses previously paid by the IC, not to exceed [***] in total. Payments
                shall be due as follows:

            

       

      
        	

              	(a)	
                within [***] of IC’s submission of a statement and request for payment to Licensee on the first anniversary of this Agreement,
                  an amount equivalent to [***] of these unreimbursed patent expenses previously incurred by IC, not to exceed [***] shall be due, the amount being due independent of the termination of this Agreement for any reason; and

              

      

      
        

        

      

      
        	

              	(b)	
                within [***]s of IC’s submission of a statement and request for payment to Licensee on the second anniversary of this Agreement, an amount equivalent to [***] of these unreimbursed patent expenses previously incurred by IC, not to exceed [***], shall be due, the amount being independent of the termination of this Agreement for any reason.

              

      

      
        

        

      

      
        For clarity, the total of the two payments as described above in this Paragraph 6.9, shall not exceed [***].

        

        

      

      
        
          

      

      	

            	6.10	
              With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of all patent applications and patents included within the Licensed Patent Rights and
                paid by the IC on or after the effective date of this Agreement, the IC, at its sole option, may require the Licensee:

            

       

      	

            	(a)	
              to pay the IC on an annual basis, beginning on the third anniversary of this Agreement within [***] of the IC's submission of a statement and request for
                payment, a royalty amount of [***]

            

       

      	

            	(b)	
              to pay these unreimbursed expenses directly to the law firm employed by the IC to handle these functions.  However, in this event, the IC and not the Licensee shall be the client of the law firm; or

            

       

      	

            	(c)	
              under exceptional circumstances, the Licensee may be given the right to assume responsibility for the preparation, filing, prosecution, or maintenance of any patent application or patent included
                with the Licensed Patent Rights.  In that event, the Licensee shall directly pay the attorneys or agents engaged to prepare, file, prosecute, or maintain
                these patent applications or patents and shall provide the IC with copies of each invoice associated with these services as well as documentation that these invoices have been paid.

            

       

      	

            	6.11	
              The IC agrees, upon written request, to provide the Licensee with summaries of patent prosecution invoices for which the IC
                has requested payment from the Licensee under Paragraphs 6.9 and 6.10.  The Licensee agrees that all information provided by the IC related to patent prosecution costs shall be treated as confidential commercial information and shall not be released to a third party except as required by law or a court of competent jurisdiction.

            

       

      	

            	6.12	
              The Licensee may elect to surrender its rights in any country of the Licensed Territory under any of the Licensed Patent
                  Rights upon sixty (60) days written notice to the IC and owe no payment obligation under Paragraph 6.10 for patent-related expenses paid in that country after the effective date of the
                written notice.

            

       

      	7.	
              PATENT FILING, PROSECUTION, AND MAINTENANCE

            

       

      	

            	7.1	
              The IC agrees to take responsibility for the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed

                  Patent Rights.

            

       

      
        
          

      

      	8.	
              RECORD KEEPING

            

       

      	

            	8.1	
              The Licensee agrees to keep accurate and correct records of Licensed Products made, used, sold, or imported and Licensed
                  Processes practiced under this Agreement appropriate to determine the amount of royalties due the IC.  These records shall be retained for at least
                five (5) years following a given reporting period and shall be available during normal business hours for inspection, at the expense of the IC, by an accountant or other designated auditor selected
                by the IC for the sole purpose of verifying reports and royalty payments hereunder.  The accountant or auditor shall only disclose to the IC information
                relating to the accuracy of reports and royalty payments made under this Agreement.  If an inspection shows an underreporting or underpayment in excess of five percent (5%) for any twelve (12) month
                period, then the Licensee shall reimburse the IC for the cost of the inspection at the time the Licensee pays the
                unreported royalties, including any additional royalties as required by Paragraph 9.8.  All royalty payments required under this Paragraph shall be due within sixty (60) days of the date the IC
                provides the Licensee notice of the payment due.

            

       

      	9.	
              REPORTS ON PROGRESS, BENCHMARKS, SALES, AND PAYMENTS

            

       

      	

            	9.1	
              Prior to signing this Agreement, the Licensee has provided the IC with the Commercial

                  Development Plan in Appendix E, under which the Licensee intends to bring the subject matter of the Licensed Patent Rights to the point of Practical Application.  This Commercial Development Plan is hereby incorporated by reference into this Agreement.  Based
                on this plan, performance Benchmarks are determined as specified in Appendix D.

            

       

      	

            	9.2	
              The Licensee shall provide written annual reports on its product development progress or efforts to commercialize under the Commercial Development Plan for
                each of the Licensed Fields of Use within sixty (60) days after December 31 of each calendar year.  These progress reports shall include, but not be limited to: progress on research and development,
                status of applications for regulatory approvals, manufacture and status of sublicensing, marketing, importing, and sales during the preceding calendar year, as well as, plans for the present calendar year.  The IC also encourages these reports to include information on any of the Licensee’s public service activities that relate to the Licensed Patent Rights. 

                If reported progress differs from that projected in the Commercial Development Plan and Benchmarks, the Licensee
                shall explain the reasons for such differences.  In any annual report, the Licensee may propose amendments to the Commercial Development Plan, acceptance of
                which by the IC may not be denied unreasonably.  The Licensee agrees to provide any additional information reasonably required by the IC to evaluate the Licensee’s performance under this Agreement.  The Licensee may
                amend the Benchmarks at any time upon written approval by the IC.  The IC shall not unreasonably withhold approval of
                any request of the Licensee to extend the time periods of this schedule if the request is supported by a reasonable showing by the Licensee of diligence in
                its performance under the Commercial Development Plan and toward bringing the Licensed Products to the point of Practical
                  Application.

            

       

      	

            	9.3	
              The Licensee shall report to the IC the dates for achieving Benchmarks specified in Appendix D and the First Commercial Sale in each country in the Licensed Territory within thirty (30) days of such occurrences.

            

       

      
        
          

      

      	

            	9.4	
              The Licensee shall submit to the IC, within sixty (60) days after each calendar half‐year ending June 30 and December 31, a royalty report, as described in
                the example in Appendix F, setting forth for the preceding half‐year period the amount of the Licensed Products sold or Licensed Processes practiced by or on
                behalf of the Licensee in each country within the Licensed Territory, the Net Sales, and the amount of royalty
                accordingly due.  With each royalty report, the Licensee shall submit payment of earned royalties due.  If no earned royalties are due to the IC for any
                reporting period, the written report shall so state.  The royalty report shall be certified as correct by an authorized officer of the Licensee and shall include a detailed listing of all deductions
                made under Paragraph 2.11 to determine Net Sales made under Article 6 to determine royalties due.

            

       

      	

            	9.5	
              The Licensee agrees to forward semi‐annually to the IC a copy of these reports received by the Licensee from its
                sublicensees during the preceding half‐year period as shall be pertinent to a royalty accounting to the IC by the Licensee for activities under the
                sublicense.

            

       

      	

            	9.6	
              Royalties due under Article 6 shall be paid in U.S. dollars and payment options are listed in Appendix G.  For conversion of foreign currency to U.S. dollars, the conversion rate shall be the New York foreign exchange rate quoted in The Wall Street Journal on the day that the payment is due, and any loss of exchange, value, taxes, or other expenses incurred in the transfer or conversion to U.S. dollars shall be paid entirely by the
                Licensee.  The royalty report required by Paragraph 9.4 shall be mailed to the IC at its address for Agreement Notices
                indicated on the Signature Page.

            

       

      	

            	9.7	
              The Licensee shall be solely responsible for determining if any tax on royalty income is owed outside the United States and shall pay this tax and be responsible for all filings with appropriate
                agencies of foreign governments.

            

       

      	

            	9.8	
              Additional royalties may be assessed by the IC on any payment that is more than ninety (90) days overdue at the rate of one percent (1%) per month.  This one percent (1%) per month rate may be
                applied retroactively from the original due date until the date of receipt by the IC of the overdue payment and additional royalties.  The payment of any additional royalties shall not prevent the IC from exercising any other rights it may have as a consequence of the lateness of any payment.

            

       

      	

            	9.9	
              All plans and reports required by this Article 9 and marked “confidential” by the Licensee shall, to the extent permitted by law, be treated by the IC as
                commercial and financial information obtained from a person and as privileged and confidential, and any proposed disclosure of these records by the IC under the Freedom of Information Act (FOIA), 5
                  U.S.C. §552 shall be subject to the predisclosure notification requirements of 45 CFR §5.65(d).

            

       

      	10.	
              PERFORMANCE

            

       

      	

            	10.1	
              The Licensee shall use its reasonable commercial efforts to bring the Licensed Products and Licensed Processes to
                Practical Application.  “Reasonable commercial efforts” for the purposes of this provision shall include adherence to the Commercial Development Plan in
                Appendix E and performance of the Benchmarks in Appendix D.  The efforts of a sublicensee shall be considered the efforts of the Licensee.

            

       

      	

            	10.2	
              The Licensee agrees, after its First Commercial Sale, to make reasonable quantities of Licensed Products or
                materials produced through the use of Licensed Processes available to patient assistance programs.

            

       

      
        
          

      

      	

            	10.3	
              The Licensee agrees, after its First Commercial Sale and as part of its marketing and product promotion, to develop educational materials (e.g.,
                brochures, website, etc.) directed to patients and physicians detailing the Licensed Products or medical aspects of the prophylactic and therapeutic uses of the Licensed

                  Products.

            

       

      	

            	10.4	
              The Licensee agrees to supply, to the Mailing Address for Agreement Notices indicated on the Signature Page, the Office of Technology Transfer, NIH with inert samples of the Licensed Products or Licensed Processes or their packaging for educational and display
                purposes only.

            

       

      	11.	
              INFRINGEMENT AND PATENT ENFORCEMENT

            

       

      	

            	11.1	
              The IC and the Licensee agree to notify each other promptly of each infringement or possible infringement of the Licensed
                  Patent Rights, as well as, any facts which may affect the validity, scope, or enforceability of the Licensed Patent Rights of which either Party becomes aware.

            

       

      	

            	11.2	
              In the event that a declaratory judgment action alleging invalidity of any of the Licensed Patent Rights shall be brought against the IC, the IC agrees to notify the Licensee that an action alleging invalidity has been brought.  The IC does not represent that it
                shall commence legal action to defend against a declaratory action alleging invalidity.  The Licensee shall take no action to compel the Government either to
                initiate or to join in any declaratory judgment action.  Should the Government be made a party to any suit by motion or any other action of the Licensee, the
                Licensee shall reimburse the Government for any costs, expenses, or fees, which the Government incurs as a result of
                the motion or other action.  Upon the Licensee's payment of all costs incurred by the Government as a result of the Licensee's
                joinder motion or other action, these actions by the Licensee shall not be considered a default in the performance of any material obligation under this Agreement.

            

       

      	12.	
              NEGATION OF WARRANTIES AND INDEMNIFICATION

            

       

      	

            	12.1	
              The IC offers no warranties other than those specified in Article 1.

            

       

      	

            	12.2	
              The IC does not warrant the validity of the Licensed Patent Rights and makes no representations whatsoever with regard to the scope of the Licensed Patent Rights, or that the Licensed Patent Rights may be exploited without infringing other patents or other intellectual property rights of third
                parties.

            

       

      	

            	12.3	
              THE IC MAKES NO WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY SUBJECT MATTER DEFINED BY THE CLAIMS OF THE LICENSED

                  PATENT RIGHTS OR TANGIBLE MATERIALS RELATED THERETO.

            

       

      	

            	12.4	
              The IC does not represent that it shall commence legal actions against third parties infringing the Licensed Patent Rights.

            

       

      	

            	12.5	
              The Licensee shall indemnify and hold the IC, its employees, students, fellows, agents, and consultants harmless from and against all liability, demands,
                damages, expenses, and losses, including but not limited to death, personal injury, illness, or property damage in connection with or arising out of:

            

       

      	

            	(a)	
              the use by or on behalf of the Licensee, its sublicensees, its directors, employees, or third parties of any Licensed Patent Rights; or

            

       

      
        
          

      

      	

            	(b)	
              the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes or materials by the Licensee,
                or other products or processes developed in connection with or arising out of the Licensed Patent Rights.

            

       

      	

            	12.6	
              The Licensee agrees to maintain a liability insurance program consistent with sound business practice.

            

       

      	13.	
              TERM, TERMINATION, AND MODIFICATION OF RIGHTS

            

       

      	

            	13.1	
              This Agreement is effective when signed by all parties, unless the provisions of Paragraph 14.15 are not fulfilled, and shall extend to the expiration of the last to expire of the Licensed Patent Rights unless sooner terminated as provided in this Article 13.

            

       

      	

            	13.2	
              In the event that the Licensee is in default in the performance of any material obligations under this Agreement, including but not limited to the
                obligations listed in Paragraph 13.5, and if the default has not been remedied within ninety (90) days after the date of notice in writing of the default, the IC may terminate this Agreement by written notice and pursue outstanding royalties owed through procedures provided by the Federal Debt Collection Act.

            

       

      	

            	13.3	
              In the event that the Licensee becomes insolvent, files a petition in bankruptcy, has such a petition filed against it, determines to file a petition in bankruptcy, or receives notice of a third
                party’s intention to file an involuntary petition in bankruptcy, the Licensee shall immediately notify the IC in writing.

            

       

      	

            	13.4	
              The Licensee shall have a unilateral right to terminate this Agreement in any country or territory by giving the IC
                sixty (60) days written notice to that effect.

            

       

      	

            	13.5	
              The IC shall specifically have the right to terminate or modify, at its option, this Agreement, if the IC
                determines that the Licensee:

            

       

      	

            	(a)	
              is not executing the Commercial Development Plan submitted with its request for a license and the Licensee cannot otherwise demonstrate to the IC’s satisfaction that the Licensee has taken, or can be expected to take within a reasonable time, effective steps to achieve Practical

                  Application of the Licensed Products or Licensed Processes;

            

       

      	

            	(b)	
              has not achieved the Benchmarks as may be modified under Paragraph 9.2;

            

       

      	

            	(c)	
              has willfully made a false statement of, or willfully omitted, a material fact in the license application or in any report required by this Agreement;

            

       

      	

            	(d)	
              has committed a material breach of a covenant or agreement contained in this Agreement;

            

       

      	

            	(e)	
              is not keeping Licensed Products or Licensed Processes reasonably available to the public after commercial use commences;

            

       

      	

            	(f)	
              cannot reasonably satisfy unmet health and safety needs; or

            

       

      	

            	(g)	
              cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.2, unless waived.

            

       

      
        
          

      

      	

            	(h)	
              has been found by a court of competent jurisdiction to have violated the Federal antitrust laws in connection with its performance under this Agreement.

            

       

      	

            	13.6	
              In making the determination referenced in Paragraph 13.5, the IC shall take into account the normal course of such commercial development programs conducted with sound and reasonable business
                practices and judgment and the annual reports submitted by the Licensee under Paragraph 9.2.  Prior to invoking termination or modification of this Agreement
                under Paragraph 13.5, the IC shall give written notice to the Licensee providing the Licensee specific notice of, and
                a ninety (90) day opportunity to respond to, the IC’s concerns as to the items referenced in 13.5(a)-13.5(g).  If the Licensee fails to alleviate the IC’s concerns as to the items referenced in 13.5(a)-13.5(g) or fails to initiate corrective action to the IC’s satisfaction, the IC
                may terminate this Agreement.

            

       

      	

            	13.7	
               The IC reserves the right according to 35 U.S.C. §209(d)(3) to terminate or modify this Agreement if it is determined that the action is necessary
                to meet the requirements for public use specified by federal regulations issued after the date of the license and these requirements are not reasonably satisfied by the Licensee.

            

       

      	

            	13.8	
              Within thirty (30) days of receipt of written notice of the IC’s unilateral decision to modify or terminate this Agreement, the Licensee may, consistent with the provisions of 37 CFR §404.11, appeal the decision by written submission to the designated the IC official.  The decision of the designated IC official shall be the final agency decision.  The Licensee may thereafter exercise any and all administrative or judicial remedies that may be available.

            

       

      	

            	13.9	
              Within ninety (90) days of expiration or termination of this Agreement under this Article 13, a final report shall be submitted by the Licensee.  Any
                royalty payments, including those incurred but not yet paid (such as the full minimum annual royalty), and those related to patent expense, due to the IC shall become immediately due and payable upon
                termination or expiration.  If terminated under this Article 13, sublicensees may elect to convert their sublicenses to direct licenses with the IC pursuant to Paragraph 4.3.  Unless otherwise
                specifically provided for under this Agreement, upon termination or expiration of this Agreement, the Licensee shall
                return all Licensed Products or other materials included within the Licensed Patent Rights to the IC or provide the IC with written certification of the destruction thereof.  The Licensee may not be granted additional the IC licenses if
                the final reporting requirement is not fulfilled.

            

       

      	14.	
              GENERAL PROVISIONS

            

       

      	

            	14.1	
              Neither party may waive or release any of its rights or interests in this Agreement except in writing.  The failure of the Government to assert a right
                hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right by the Government or excuse a
                similar subsequent failure to perform any of these terms or conditions by the Licensee.

            

       

      	

            	14.2	
              This Agreement constitutes the entire agreement between the Parties relating to the subject matter of the Licensed Patent Rights, Licensed Products and Licensed Processes, and all prior negotiations, representations, agreements, and understandings are merged into, extinguished by, and
                completely expressed by this Agreement.

            

       

      	

            	14.3	
              The provisions of this Agreement are severable, and in the event that any provision of this Agreement shall be determined to be invalid or unenforceable
                under any controlling body of law, this determination shall not in any way affect the validity or enforceability of the remaining provisions of this Agreement.

            

       

      
        
          

      

      	

            	14.4	
              If either party desires a modification to this Agreement, the parties shall, upon reasonable notice of the proposed modification by the party desiring the change, confer in good faith to determine
                the desirability of the modification.  No modification shall be effective until a written amendment is signed by the signatories to this Agreement or their designees.

            

       

      	

            	14.5	
              The construction, validity, performance, and effect of this Agreement shall be governed by Federal law as applied by the Federal courts in the District of Columbia.

            

       

      	

            	14.6	
              All Agreement notices required or permitted by this Agreement shall be given by prepaid, first class, registered or certified mail or by an
                express/overnight delivery service provided by a commercial carrier, properly addressed to the other party at the address designated on the Signature Page, or to any other address as may be designated in writing by such other party.  Agreement notices shall be considered timely if such notices are received on or before the established deadline date or sent on or before the deadline date as verifiable by U.S. Postal Service postmark or
                dated receipt from a commercial carrier.  Parties should request a legibly dated U.S. Postal Service postmark or obtain a dated receipt from a commercial carrier or the U.S. Postal Service.  Private metered postmarks shall not be acceptable
                as proof of timely mailing.

            

       

      	

            	14.7	
              This Agreement shall not be assigned or otherwise transferred (including any transfer by legal process or by operation of law, and any transfer in bankruptcy or insolvency, or in any other
                compulsory procedure or order of court) except to the Licensee’s Affiliate(s) without the prior written consent of  the IC. 

                The parties agree that the identity of the parties is material to the formation of this Agreement and that the obligations under this Agreement are
                nondelegable.  In the event that the IC approves a proposed assignment, the Licensee shall pay the IC, as an additional royalty, one percent (1%) of the fair market value of any consideration received for any assignment of this Agreement within sixty (60) days
                of the assignment.

            

       

      	

            	14.8	
              The Licensee agrees in its use of any IC‐supplied materials to comply with all applicable statutes, regulations, and guidelines, including the NIH and the HHS regulations and guidelines.  The Licensee agrees not to use the materials for research involving human
                subjects or clinical trials in the United States without complying with 21 CFR Part 50 and 45 CFR Part 46.  The Licensee agrees not to use the materials for research involving human
                subjects or clinical trials outside of the United States without notifying the IC, in writing, of the research or trials and complying with the applicable regulations of the appropriate national
                control authorities.  Written notification to the IC of research involving human subjects or clinical trials outside of the United States shall be given no later than sixty (60) days prior to
                commencement of the research or trials.

            

       

      	

            	14.9	
              The Licensee acknowledges that it is subject to and agrees to abide by the United States laws and regulations (including the Export Administration Act of 1979 and Arms Export Control
                  Act) controlling the export of technical data, computer software, laboratory prototypes, biological materials, and other commodities.  The transfer of these items may require a license from the appropriate agency of the Government or written assurances by the Licensee that it shall not export these items to certain foreign countries without prior approval of the agency.   The IC neither represents that a license is or is not required or that, if required, it shall be issued.

            

       

      	

            	14.10	
              The Licensee agrees to mark the Licensed Products or their packaging sold in the United States with all applicable U.S. patent numbers and similarly to
                indicate “Patent Pending” status.  All Licensed Products manufactured in, shipped to, or sold in other countries shall be marked in a manner to preserve the IC
                patent rights in those countries.

            

       

      
        
          

      

      	

            	14.11	
              By entering into this Agreement, the IC does not directly or indirectly endorse any product or service provided, or to be provided, by the Licensee whether directly or indirectly related to this Agreement.  The Licensee shall not state or imply that this Agreement is an endorsement by the Government, the IC, any other Government
                organizational unit, or any Government employee.  Additionally, the Licensee shall not use the names of the IC, NIH, FDA or HHS or the Government or their employees in any advertising,
                promotional, or sales literature without the prior written approval of the IC.

            

       

      	

            	14.12	
              The Parties agree to attempt to settle amicably any controversy or claim arising under this Agreement or a breach of this Agreement, except for appeals of
                modifications or termination decisions provided for in Article 13.  The Licensee agrees first to appeal any unsettled claims or controversies to the designated the IC
                official, or designee, whose decision shall be considered the final agency decision.  Thereafter, the Licensee may exercise any administrative or judicial remedies that may be available.

            

       

      	

            	14.13	
              Nothing relating to the grant of a license, nor the grant itself, shall be construed to confer upon any person any immunity from or defenses under the antitrust laws or from a charge of patent misuse, and the acquisition and use of
                rights pursuant to 37 CFR Part 404 shall not be immunized from the operation of state or Federal law by reason of the source of the grant.

            

       

      	

            	14.14	
              Paragraphs 8.1, 9.7-9.9, 12.1‐12.5, 13.8, 13.9, 14.12 and 14.14 of this Agreement shall survive termination of this Agreement.

            

       

      	

            	14.15	
              The terms and conditions of this Agreement shall, at the IC’s sole option, be considered by the IC to be withdrawn from the Licensee’s consideration and the terms and conditions of this Agreement, and

                the Agreement itself to be null and void, unless this Agreement is executed by

                the Licensee and a fully executed original is received by the IC within sixty (60) days from the date of the IC
                signature found at the Signature Page.

            

       

      SIGNATURES BEGIN ON NEXT PAGE

       

      
        
          

      

      NIH PATENT LICENSE AGREEMENT NONEXCLUSIVE - SUBLICENSABLE

       

      SIGNATURE PAGE

       

      For the IC:

       

        	
                /s/ Richard U. Rodriguez

              	
                11/3/2021

              
	
                Richard U. Rodriguez

              	
                Date

              
	
                Associate Director

              	 
	
                Technology Transfer Center

              	 
	
                National Cancer Institute

              	 
	
                National Institute of Health

              	 

      

       
      Mailing Address or E-mail Address for Agreement notices and reports:

       

      License Compliance and Administration

      Monitoring & Enforcement

      Office of Technology Transfer

      National Institutes of Health

      6011 Executive Boulevard, Suite 325

      Rockville, Maryland  20852-3804 U.S.A.

       

      E-mail: LicenseNotices_Reports@mail.nih.gov

       

      For the Licensee (Upon, information and belief, the undersigned expressly certifies or affirms that the contents of any statements of the Licensee made or referred
        to in this document are truthful and accurate.):

       

      
        	
                by:

              	 	 	 
	 	 	 	 
	
                /s/ Frank Bedu-Addo

              	 	
                11/5/21

              	 
	
                Signature of Authorized Official

              	 	
                Date

              	 
	 	 	 	 
	
                Frank Bedu-Addo, PhD

              	 	 	 
	
                Printed Name

              	 	 	 
	 	 	 	 
	
                President and Chief Executive Officer

              	 	 	 
	
                Title

              	 	 	 

      

        

      

      	

            	I.	
              Official and Mailing Address for Agreement notices:

            

       

      Hillary Yegen

      Vice President, Legal Counsel

      

      

      PDS Biotechnology Corporation

      Phone: ***

      

      

      
        
          

      

      Mailing Address:

      

      

      PDS Biotechnology Corporation

      25B Vreeland Road, Suite 300

      Florham Park NJ 07932

       

      

      Email Address:          hyegen@pdsbiotech.com

       

      Phone:          ***

      

      

      	 	II.	
              Official and Mailing Address for Financial notices (the Licensee’s contact person for royalty payments)

            

       

        	
                Frank Bedu-Addo, PhD

              	 
	
                Name

              	 
	 	 
	
                President and Chief Executive Officer

              	 
	
                Title

              	 

      

       

        

      Mailing Address:

       

      PDS Biotechnology Corporation

      25B Vreeland Road, Suite 300

      Florham Park NJ 07932

       

      

      Email:          ***

       

      Phone:          ***

       

      Any false or misleading statements made, presented, or submitted to the Government, including any relevant omissions, under this Agreement and during the course of
        negotiation of this Agreement are subject to all applicable civil and criminal statutes including Federal statutes 31 U.S.C. §§3801-3812 (civil liability) and 18 U.S.C. §1001 (criminal
        liability including fine(s) and/or imprisonment).

       

      

      
        
          

      

      APPENDIX A – PATENT(S) OR PATENT APPLICATION(S)

       

      Patent(s) or Patent Application(s):

       

      	

            	XII.	
               United States Provisional Patent Application No. 60/476,467, filed June 5, 2003, entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH Reference No. E-116-2003/0-US-01];

            

       

      	

            	XIII.	
              International Patent Application No. PCT/US2004/17574 filed June 2, 2004 entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH Reference No. E-116-2003/0-PCT-02];

            

       

      	

            	XIV.	
              United States Patent No.7,541,035, issued June 2, 2009, entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH
                Reference No. E-116-2003/0-US-03];

            

       

      	

            	XV.	
              United States Patent No. 8,043,623, issued 25 Oct 2011, entitled “Immunogenic Peptides and Peptide Derivatives for The Treatment of Prostate and Breast Cancer Treatment” [NIH
                Reference No. E-116-2003/0-US-04];

            

       

      	

            	XVI.	
              United States Provisional Patent Application No. 61/915,948, filed December 13, 2013, entitled “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No.
                E-047-2014/0-US-01];

            

       

      	

            	XVII.	
              International Patent Application No. PCT/US2014/070144, filed December 12, 2014, entitled “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No.
                E-047-2014/0-PCT-02];

            

       

      	

            	XVIII.	
              Canada Patent Application No. 2932248 filed December 12, 2014 entitled, Multi-Epitope TARP Peptide Vaccine and Uses Thereof’ [NIH Reference No. E-047-2014/0-CA-03];

            

       

      	

            	XIX.	
              United States Patent No. 10,286,050, issued 14 May 2019, entitled, “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-US-06];

            

       

      	

            	XX.	
              Europe Patent No. 3079716, issued on 08 May 2019, entitled, ”Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-EP-04];

            

       

      	

            	XXI.	
              Japan Patent No. 6758185, issued on 03 September 2020, entitled, “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-JP-05]; and

            

       

      	

            	XXII.	
              Australia Patent No. 2014361788, issued on 23 Jan 2020, entitled, “Multi-Epitope TARP Peptide Vaccine and Uses Thereof” [NIH Reference No. E-047-2014/0-AU-07].

            

       

      
        
          

      

      APPENDIX B – LICENSED FIELDS OF USE AND TERRITORY

       

      	I.	
              Licensed Fields of Use:

            

       

      Development and Commercialization of TARP peptide-based therapy in combination with
          PDS’s proprietary technology, Versamune®, platform technology, or other technology(ies) that are proprietary to, owned or licensed by PDS to develop
          cancer immunotherapies for the treatment of prostate cancer, breast cancer and acute myeloid leukemia (AML) within the scope of the Licensed Patent
            Rights.

       

      	II.	
              Licensed Territory:

            

       

      	

            	(a)	
              Worldwide

            

       

      
        
          

      

      APPENDIX C – ROYALTIES

       

      Royalties:

       

      	I.	
              The Licensee agrees to pay to the NIH a non-creditable, nonrefundable license issue royalty in the amount of [***] upon execution of this Agreement to be paid in two (2) installments as follows:

            

       

      	

            	a)	
              [***]

            

      

      

      	

            	b)	
              [***]

            

       

      In the event this Agreement is terminated for any reason before the first-year anniversary of the execution of this Agreement,
        then Licensee shall pay the balance of the license issue royalty upon termination.

       

      	II.	
              The Licensee agrees to pay to the NIH a nonrefundable minimum annual royalty in the amount of [***] as follows:

            

       

      	

            	a)	
              [***]

            

       

      	

            	a)	
              [***]

            

      

      

      	

            	b)	
              Subsequent minimum annual royalty payments are due and payable on January 1 of each calendar year and may be credited against any earned
                  royalties due for sales made in that year.

            

       

      	III.	
              The Licensee agrees to pay the NIH earned royalties of [***] on Net Sales by or on behalf of the Licensee.  Licensee shall be entitled to reduce the earned royalty rate by [***] for any Licensee must pay to one or more
                third party(ies), separately or cumulatively, in respect of the manufacture, sale or importation of the Licensed Products or use of Licensed Processes in the Licensed Territory. Reduction shall however not reduce the earned royalty rate due to NIH under this Agreement below [***].

            

       

      	IV.	
              The Licensee agrees to pay the NIH Benchmark royalties within sixty (60) days of achieving each Benchmark:

            

       

      	

            	a)	
              [***] upon successful completion of Phase II Clinical Trials of a Licensed Product for the first Indication within each Licensed Territory;

            

        

      

      
        
          

      

      	

            	b)	
              [***] upon initiation (first patient dosed) of the first Phase III clinical Trial of a Licensed Product for the first Indication within each Licensed Territory;

            

       

      	

            	c)	
               [***] upon First Commercial Sale in the Licensed Territory utilizing and/or directed to Licensed Product(s)
                and/or Licensed Process(es) within the Licensed Patent Rights for the first Indication;

            

       

      	

            	d)	
              [***] upon successful completion of Phase II Clinical Trials of a Licensed Product for the second Indication within each Licensed Territory;

            

       

      	

            	e)	
              [***] upon initiation (first patient dosed) of the first Phase III clinical Trial of a Licensed Product for the second Indication within each Licensed Territory;

            

       

      	

            	f)	
              [***] upon First Commercial Sale in the Licensed Territory utilizing and/or directed to Licensed Product(s) and/or
                Licensed Process(es) within the Licensed Patent Rights for the second Indication;

            

       

      	V.	
              [***]

            

       

      	VI.	
              [***]

            

      

      

      
        
          

      

      APPENDIX D – BENCHMARKS AND PERFORMANCE

       

      [***]

        

      

      
        
          

      

      APPENDIX E – COMMERCIAL DEVELOPMENT PLAN

       

      [***]

      

      

      
        
          

      

      APPENDIX F – EXAMPLE ROYALTY REPORT

       

      Required royalty report information includes:

       

      	•	
              License reference number (L-XXX-200X/0)

            

      	•	
              Reporting period

            

      	•	
              Catalog number and units sold of each Licensed Product (domestic and foreign)

            

      	•	
              Gross Sales per catalog number per country

            

      	•	
              Total Gross Sales

            

      	•	
              Itemized deductions from Gross Sales

            

      	•	
              Total Net Sales

            

      	•	
              Earned Royalty Rate and associated calculations

            

      	•	
              Gross Earned Royalty

            

      	•	
              Adjustments for Minimum Annual Royalty (MAR) and other creditable payments made

            

      	•	
              Net Earned Royalty due

            

       

      Example

      	
              Catalog Number

            	
              Product Name

            	
              Country

            	
              Units Sold

            	
              Gross Sales

               (US$)

            
	
              1

            	
              A

            	
              US

            	
              250

            	
              62,500

            
	
              1

            	
              A

            	
              UK

            	
              32

            	
              16,500

            
	
              1

            	
              A

            	
              France

            	
              25

            	
              15,625

            
	
              2

            	
              B

            	
              US

            	
              0

            	
              0

            
	
              3

            	
              C

            	
              US

            	
              57

            	
              57,125

            
	
              4

            	
              D

            	
              US

            	
              12

            	
              1,500

            

      
        	 	 	 	
                Total Gross Sales

              	
                153,250

              
	 	 	 	
                Less Deductions:

              	 
	 	 	 	
                Freight

              	
                3,000

              
	 	 	 	
                Returns

              	
                7,000

              
	 	 	 	
                Total Net Sales

              	
                143,250

              
	 	 	 	 	 
	 	 	 	
                Royalty Rate

              	
                8%

              
	 	 	 	
                Royalty Due

              	
                11,460

              
	 	 	 	
                Less Creditable Payments

              	
                10,000

              
	 	 	 	
                Net Royalty Due

              	
                1,460

              

      

       

      

      
        
          

      

      APPENDIX G – ROYALTY PAYMENT OPTIONS

      New Payment Options Effective March 2018

      

      

      The License Number MUST appear on payments, reports and correspondence.

      

      

      Credit and Debit Card Payments:  Credit and debit card payments can be submitted for amounts up to $24,999.  Submit your payment through the U.S. Treasury web site located at:  https://www.pay.gov/public/form/start/28680443.

      

      

      Automated Clearing House (ACH) for payments through U.S. banks only

      

      

      The IC encourages its licensees to submit electronic funds transfer payments through the Automated Clearing House (ACH). Submit your ACH payment through the U.S. Treasury web site located at:
        https://www.pay.gov/public/form/start/28680443. Please note that the IC "only" accepts ACH
          payments through this U.S. Treasury web site.

      

      

      Electronic Funds Wire Transfers:  The
          following account information is provided for wire payments.  In order to process payment via Electronic Funds Wire Transfer sender MUST supply the following information within the transmission:

      

      

      Drawn on a U.S. bank account via FEDWIRE:

      

      

      Please provide the following instructions to your Financial Institution for the remittance of Fedwire payments to the NIH ROYALTY FUND.

      

      

      	
              Fedwire Field Tag

            	
              Fedwire Field Name

            	
              Required Information

            
	 
	
              {1510}

            	
              Type/Subtype

            	
              1000

            
	
              {2000}

            	
              Amount

            	
              (enter payment amount)

            
	
              {3400}

            	
              Receiver ABA routing number*

            	
              021030004

            
	
              {3400}

            	
              Receiver ABA short name

            	
              TREAS NYC

            
	
              {3600}

            	
              Business Function Code

            	
              CTR (or CTP)

            
	
              {4200}

            	
              Beneficiary Identifier (account number)

            	
              (enter 12 digit gateway account #)

              875080031006

            
	
              {4200}

            	
              Beneficiary Name

            	
              (enter agency name associated with the Beneficiary Identifier)

              DHHS / NIH (75080031)

            
	
              {5000}

            	
              Originator

            	
              (enter the name of the originator of the payment)

              COMPANY NAME

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 1

            	
              (enter information to identify the purpose of the payment)

              ROYALTY

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 2

            	
              (enter information to identify the purpose of the payment)

              LICENSE NUMBER

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 3

            	
              (enter information to identify the purpose of the payment)

              INVOICE NUMBER

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 4

            	
              (enter information to identify the purpose of the payment)

            
	
              Notes:

              *The financial institution address for Treasury’s routing number is 33 Liberty Street, New York, NY 10045.

            

      

      

      
        
          

      

      Agency Contacts:   Office of Technology Transfer (OTT)    (301)
          496-7057    OTT-Royalties@mail.nih.gov

      

      

      Drawn on a foreign bank account via FEDWIRE:

      

      

      The following instructions pertain to the Fedwire Network. Deposits made in US Dollars (USD).

      

      

      Should your remitter utilize a correspondent US domestic bank in transferring electronic funds, the following Fedwire instructions are applicable.

      

      

      	
              Fedwire Field Tag

            	
              Fedwire Field Name

            	
              Required Information

            
	 
	
              {1510}

            	
              Type/Subtype

            	
              1000

            
	
              {2000}

            	
              Amount

            	
              (enter payment amount)

            
	
              {3100}

            	
              Sender Bank ABA routing number

            	
              (enter the US correspondent bank’s ABA routing number)

            
	
              {3400}

            	
              Receiver ABA routing number*

            	
              021030004

            
	
              {3400}

            	
              Receiver ABA short name

            	
              TREAS NYC

            
	
              {3600}

            	
              Business Function Code

            	
              CTR (or CTP)

            
	
              {4200}

            	
              Beneficiary Identifier (account number)**

            	
              (enter 12 digit gateway account #)

              875080031006

            
	
              {4200}

            	
              Beneficiary Name

            	
              (enter agency name associated with the Beneficiary Identifier)

              DHHS / NIH (75080031)

            
	
              {5000}

            	
              Originator

            	
              (enter the name of the originator of the payment)

              COMPANY’S NAME

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 1

            	
              (enter information to identify the purpose of the payment)

              ROYALTY

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 2

            	
              (enter information to identify the purpose of the payment)

              LICENSE NUMBER

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 3

            	
              (enter information to identify the purpose of the payment)

              INVOICE NUMBER

            
	
              {6000}

            	
              Originator to Beneficiary Information – Line 4

            	
              (enter information to identify the purpose of the payment)

            
	
              Notes:

                *The financial institution address for Treasury’s routing number is 33 Liberty Street, New York, NY 10045.

              **Anything other than the 12 digit gateway account # will cause the Fedwire to be returned – SWIFT CODE: FRNYUS33

            

      

      

      
        
          

      

      Agency Contacts:

      

      

      Office of Technology Transfer (OTT)        (301) 496-7057       OTT-Royalties@mail.nih.gov

      

      

      Checks

      

      

      All checks should be made payable to “NIH Patent Licensing”

      

      

      Checks drawn on a U.S. bank account and sent by US Postal Service should be sent directly to the following address:

      

      

      National Institutes of Health

      P.O. Box 979071

      St. Louis, MO 63197-9000

      

      

      Checks drawn on a U.S. bank account and sent by overnight or courier should be sent to the following address:

      

      

      US Bank

      Government Lockbox SL-MO-C2GL

      1005 Convention Plaza

      St. Louis, MO 63101

      Phone: 314-418-4087

      

      

      Checks drawn on a foreign bank account should be sent directly to the following address:

      

      

      National Institutes of Health

      Office of Technology Transfer

      License Compliance and Administration

      Royalty Administration

      6011 Executive Boulevard

      Suite 325, MSC 7660

      Rockville, Maryland 20852Exhibit 10.20

      

      

      Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed. Information that was omitted
        has been noted in this document with a placeholder identified by the mark “[***]”

      

      

      OPTION AGREEMENT

      

      

      This Option Agreement, effective as of the date last signed below (“Effective Date”), is entered by and between the University of Georgia Research Foundation, Inc., a Georgia non-profit corporation
        (“UGARF”), and PDS Biotechnology Corporation with a principal place of business at 25B Vreeland Road, Suite 300, Florham park NJ 07932 (“Licensee”). UGARF and Licensee may each be referred to individually as a “Party” or may together be referred to collectively as the “Parties.”

      

      

      UGARF holds certain rights to inventions related to synthetic influenza vaccine antigenic sequences, which UGARF has designated by the UGARF Case No. 2021-130, and UGARF desires to have the inventions commercialized. Licensee wishes to obtain
        the right to use the inventions in combination with the company’s Versamune vaccine platform for clinical evaluation and represents that it has the necessary expertise and has or will acquire the necessary resources to do so. Therefore, in exchange
        for the mutual promises set out in this Agreement and other due and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows.

      

      

      ARTICLE 1          DEFINITIONS

      

      

      1.1          “Confidential Information” means any and all information that contains or makes reference to any one or more of the following: inventions; patent applications; intellectual property holdings
        or strategy; know-how; source code or software; data, biological, or chemical materials; prototypes or devices; product development information or market efforts; financial information; sales information; Progress Reports; Royalty Reports;
        Sublicensee Fee Reports; customer, Sublicense, or Sublicensee information; business or legal arrangements; tax filings; and/or information related to actual or potential litigation.

      

      

      1.2           “Licensed Antigens” means those antigens identified at Appendix A as well as their related proteins and sequences and any parts of any of the foregoing.

      

      

      1.3          “Licensed Field” means the limited field of use of human influenza vaccine clinical
        evaluation, manufacture, and use.

      

      

      1.4          “Licensed Patents” means any of the following in the Licensed Territory only: the patents and patent applications listed in Appendix A as well as any patents that
        issue therefrom, together with any of their substitutions, extensions, divisionals, continuations, continuations-in-part (to the extent that the claimed subject matter of any such continuation-in-part is disclosed and enabled in the parent patent
        application and is not, as of the Effective Date, obligated to a third party), foreign counterparts, and resulting patents, including reexamined and reissued patents.

       

      

      1.5           “Licensed Patent Territory” means, for each Licensed Antigen, the territories in which there exists at least one Valid Claim claiming that Licensed Antigen, in whole or in part.

      

      

      1.6          “Licensed Territory” means the world.

      

      

      
        1

        
          

      

      1.7          “Production Rights” means the limited right and license to practice one or more Licensed Antigens and associated Valid Claims, in the respective Licensed Patent Territory for each, for limited
        and the sole purposes of: (a) developing and/or manufacturing Licensed Products; and/or (b) transferring, delivering, and/or selling Licensed Products to only Licensee and/or Sublicensees but not to third-party purchasers; and/or (c) offering for
        sale and/or selling Licensed Products in the name of, and on behalf of, Licensee and/or Sublicensees.

      

      

      1.8          “Production Rights Agreement” means an agreement between Licensee or a Sublicensee, and a third-party, in which Licensee or Sublicensee grants to such third-party, either alone or with other
        rights, some or all Production Rights.

      

      

      1.9           “Valid Claim” means a claim in any unexpired patent or pending patent application included among the Licensed Patents that claims in whole or in part
        one or more Licensed Antigens, so long as such claim has not have been irrevocably abandoned or held invalid in an unappealable decision of a court or other authority of competent jurisdiction.

      

      

      ARTICLE 2          GRANT OF LICENSE

      

      

      2.1          Grant of Rights. Subject to the reservations, obligations, and other terms of this Agreement, UGARF grants to Licensee the non-exclusive right and license to practice the
        Valid Claims of each Licensed Patent in its respective Licensed Patent Territory but only as necessary to make use of Licensed Antigens in the Licensed Field in such Licensed Patent Territory.

      

      

      2.2           Option Exercise. Licensee may convert this Option to a non-exclusive license at any time during the Term of this Agreement by
          delivering written notice to UGARF. The Parties shall have ninety (90) days (“Execution Period”) to review and execute a non-exclusive license to the Licensed Antigens under the Licensed Patents in a form materially similar to that attached in
          Appendix E.

      

      

      2.3          Reservation of Rights. The rights and licenses granted to Licensee in this Article 2 are non-exclusive, and UGARF reserves all rights to practice the Licensed Patents; to make, use and sell
        Licensed Products; and to license and otherwise allow third party use of Licensed Patents and/or Licensed Products.

      

      

      2.4          No Rights by Implication. In this Agreement, the only rights granted by UGARF are those expressly granted herein, and UGARF grants no rights by implication.

      

      

      ARTICLE 3          DILIGENCE

      

      

      3.1          Reasonable Commercial Diligence. Licensee shall use reasonable efforts, directly through its operations to
          evaluate Licensed Antigens. Licensee must use reasonable diligence efforts at least as thorough as efforts customary in Licensee’s industry. Licensee’s failure to meet the requirements of this Section 3.1 is a material breach of this Agreement.

      

      

      ARTICLE 4          PAYMENTS

      

      

      Reserved

      

      

      
        2

        
          

      

      ARTICLE 5          REPORTS AND RECORDS INSPECTION

      

      

      5.1          Progress Reports. Each year, no later than March 31 for the prior calendar year, Licensee shall deliver to UGARF a written report containing the information identified for Progress Reports at
        Appendix C detailing the current progress of the Licensee, directly and through the work of Contractors, toward the development and commercialization of Licensed Products throughout each of the Licensed Patent Territories (each, a “Progress
          Report”). Licensee shall identify in each Progress Report all Milestones attained, in the calendar year being reported.

      

      

      ARTICLE 6          CONFIDENTIALITY

      

      

      6.1          Limited Exchange of Confidential Information. The Parties intend to exchange Confidential Information between them under this Agreement. The “Provider” of Confidential Information is
        the Party that possesses and then discloses or otherwise provides Confidential Information to the other Party to this Agreement, and the “Recipient” of Confidential Information is the Party receiving it from the Provider. The Parties agree
        they will only exchange Confidential Information under this Agreement as necessary to fulfill the material purpose of this Agreement and their obligations hereunder.

      

      

      6.2          Non-Disclosure of Confidential Information. Except to the extent required by law, during the term of this Agreement and for 5 years after all rights in Licensed Patents granted to Licensee
        hereunder have either expired, been removed from the scope of this Agreement, or have otherwise terminated, a Recipient of the Provider’s Confidential Information shall not disclose such Confidential Information to any third party without prior
        written consent of the Provider, and Recipient shall only use Provider’s Confidential Information as necessary to perform its obligations hereunder and to fulfill the material purpose of this Agreement.

      

      

      6.3          Exception for Disclosure to Third Party Recipients. Notwithstanding anything to the contrary herein, a Recipient may disclose the Provider’s Confidential Information to those affiliates,
        agents, sublicensees (including Sublicensees), research collaborators, and financial, legal, and other professional advisors, and in the case of UGARF, UGA and Inventor, who reasonably have a need to know such Confidential Information in
        furtherance of the material purpose of this Agreement (“Third Party Recipients”), but only after the Third Party Recipient has signed a written agreement of confidentiality with the Recipient that limits disclosure of, protects, and requires
        return or destruction of, the Provider’s Confidential Information to the same or a greater extent as the terms of this Agreement. The Recipient disclosing a Provider’s Confidential Information to a Third Party Recipient shall be fully responsible
        to the Provider for the Third Party Recipient’s full compliance with the terms of this Article 6.

      

      

      6.4          Certain Confidential Information Excluded. The Recipient or a Third Party Recipient of Confidential Information shall have no obligations of non-disclosure per Section 6.2 and/or 6.3 with
        respect to any portion of such Confidential Information that:

      

      

      a.          Recipient or Third Party Recipient can demonstrate through documentation to have been within its legitimate possession prior to the date of receipt of such information under this Agreement;

      b.          Recipient or Third Party Recipient can demonstrate through documentation that it independently developed without reference to Confidential Information provided to it under this Agreement;

      

      

      
        3

        
          

      

      c.          was in the public domain prior to Provider’s disclosure to Recipient or Third Party Recipient as evidenced by documentation published prior to such disclosure;

      d.          came into the public domain as evidenced by published documentation through no fault of Recipient or Third Party Recipient after disclosure by Provider hereunder; and/or

      e.          is obtained by Recipient or Third Party Recipient from a third party having legitimate possession of the information and the legal right to disclose it to Recipient or Third Party Recipient without breach
        of any contract or duty.

      

      

      ARTICLE 7          WARRANTIES AND DISCLAIMERS, LIABILITY, INDEMNITY, AND INSURANCE

      

      

      7.1          Warranty of Authority. Each of UGARF and Licensee represent and warrant to the other that each has the right, power, and authority to enter into and perform its obligations under this
        Agreement.

      

      

      7.2          Patent filing, Prosecution and Maintenance.  UGARF agrees to take responsibility for the preparation, filing, prosecution and maintenance of an and all
          patent application for patents included in the Licensed Patents.  UGARF and Licensee agree to notify each other promptly of each infringement or possible infringement of the Licensed Patents, as well as any facts which may affect the validity,
          scope, or enforceability of the Licensed Patents of which either party becomes aware.

      

      

      7.3          Grant of Rights.  UGARF warrants and represents that is has the right to grant rights, licenses, privileges, relates, non-assertions and immunities under or relating to the Licenses Patents. 
        There are no liens encumbrances, conveyances, mortgages, assignments other licenses or other agreements which would prevent of impair the full and complete exercise of the rights, licenses, privileges, releases, non-assertions and immunities
        granted by UGARF to Licensee, their respective successors and assigns, customers, both immediate and remote with respect to the Licenses Patents pursuant to the specific terms and conditions of this Agreement.

      

      

      7.4          DISCLAIMER OF WARRANTIES. EXCEPT AS SET OUT IN SECTION 7.1, LICENSED PATENTS ARE PROVIDED “AS IS.” UGARF MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, REGARDING ANY
        LICENSED PATENTS, LICENSED ANTIGENS, AND/OR LICENSED PRODUCTS, AND UGARF EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE RELATED THERETO OR THAT SUCH DO NOT INFRINGE THIRD PARTY RIGHTS. NOTHING
        CONTAINED IN THIS AGREEMENT SHALL BE CONSTRUED AS EITHER A WARRANTY OR REPRESENTATION BY UGARF AS TO THE VALIDITY OR SCOPE OF ANY LICENSED PATENT OR THAT ANY PATENT OR OTHER INTELLECTUAL PROPERTY WILL ISSUE AMONG LICENSED PATENTS.

      

      

      7.5          LIMITATION OF LIABILITY. UGARF ASSUMES NO LIABILITY, AND SHALL HAVE NO LIABILITY TO LICENSEE OR TO ANY SUBLICENSEE OR CONTRACTOR WHATSOEVER, FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE,
        INCIDENTAL, LOST PROFITS, AND/OR CONSEQUENTIAL DAMAGES OF ANY KIND (collectively, “DAMAGES”) ARISING OUT OF OR RELATED TO LICENSEE’S AND/OR ANY SUBLICENSEE’S OR CONTRACTOR’S PRACTICE OF LICENSED PATENTS AND/OR USE, DEVELOPMENT, OFFER FOR
        SALE, AND/OR SALE OF LICENSED PRODUCTS, OR WITH RESPECT TO LICENSEE’S AND/OR ANY SUBLICENSEE’S OR CONTRACTOR’S PERFORMANCE UNDER THIS AGREEMENT OR COMMERCIALIZATION OF LICENSED PRODUCTS. LICENSEE AND EACH SUBLICENSEE AND CONTRACTOR EACH ASSUME ALL
        RISK AND LIABILITIES ASSOCIATED WITH ITS USE OF UGARF CONFIDENTIAL INFORMATION, LICENSED PATENTS, AND/OR LICENED PRODUCTS, INCLUDING BUT NOT LIMITED THOSE RISKS AND LIABILITIES ARISING OUT OF OR RELATED TO THE SAFETY, UTILITY, VALUE, AND/OR
        MARKETABILITY OF LICENSED PATENTS AND/OR LICENSED PRODUCTS. THESE LIMITATIONS OF LIABILITY IN SECTION 7.3 APPLY EVEN THOUGH UGARF OR ANY ONE OR MORE INDEMNITTES (as defined in Section 7.4 below) MAY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
        LIABILITY AND/OR RELATED DAMAGES.

      

      

      
        4

        
          

      

      7.6          INDEMNIFICATION. LICENSEE SHALL INDEMNIFY, PAY FOR THE DEFENSE OF, AND HOLD HARMLESS, UGARF, REGENTS, AND INVENTOR (AND ALL OF THEIR RESPECTIVE TRUSTEES, DIRECTORS, OFFICERS, FACULTY,
        STUDENTS, EMPLOYEES, CONSULTANTS, AND AGENTS) (collectively “INDEMNITEES”) FROM AND AGAINST ANY AND ALL CLAIMS, LIABILITIES, AND DAMAGES OF ANY KIND ASSERTED AGAINST ANY ONE OR MORE INDEMNITEES BY ANY INDIVIDUAL OR ENTITY ARISING OUT OF OR
        RELATED TO LICENSEE’S OR ANY SUBLICENSEE’S OR CONTRACTOR’S PRACTICE OF LICENSED PATENTS, DEVELOPMENT, OFFER FOR SALE, AND/OR SALE OF LICENSED PRODUCTS OR LICENSEE’S AND/OR ANY SUBLICENSEE’S PREFORMANCE UNDER THIS AGREEMENT OR ANY SUBLICENSE,
        INCLUDING BUT NOT LIMITED TO CLAIMS AGAINST ANY ONE OR MORE INDEMNITEES MADE BY A PURCHASER OF LICENSED PRODUCT. HOWEVER, LICENSEE SHALL HAVE NO OBLIGATION TO A PARTICULAR INDEMNITEE UNDER THIS SECTION 7.4 WITH RESPECT TO CLAIMS, LIABILITIES,
        AND/OR DAMAGES DIRECTLY ARISING OUT OF OR RELATED TO THE NEGLIGENCE OR INTENTIONAL MISCONDUCT, OR BREACH OF THIS AGREEMENT, OF SUCH INDEMNITEE.

      

      

      7.7          Insurance. Licensee and each Sublicensee and Contractor shall obtain and carry in full effect during the term of this Agreement and for 5 years thereafter general liability insurance in an
        amount commensurate with similarly situated companies, with UGARF and the Board of Regents of the University System of Georgia by and on behalf of the University of Georgia added as additional insureds with respect to its products, continuing
        operations, and completed operations coverage as applicable. This insurance shall be primary and non-contributory to other insurance available to UGARF, Regents, and UGA. Licensee shall give UGARF 30 days’ prior written notice of cancellation of
        any policy relied upon by Licensee or any Sublicensee or Contractor to meet its requirements hereunder. Within 30 days of a request by UGARF, Licensee shall provide UGARF with appropriate certificates of insurance showing Licensee’s and each
        Sublicensee’s and Contractor’s compliance with its obligations under this Section 7.7.

      

      

      ARTICLE 8          TERM AND TERMINATION

      

      

      8.1          Term. Unless sooner removed or terminated by this terms of this Agreement or the mutual consent of the Parties, the rights granted to Licensee by this Agreement in each Licensed Antigen and
        its associated Licensed Patents shall be a period of twelve (12) months from the initiation of the first Phase I clinical trial and may be extended by written agreement of the Parties.

      

      

      8.2          Termination by Licensee. Licensee may terminate this Agreement by delivering notice of termination to UGARF, and in that event the effective date of termination will be the later of either
        (a) 30 days from the date of receipt of the notice of termination; or (b) a later termination date identified in the notice.

      

      

      8.3          Termination by UGARF. If Licensee or a Sublicensee or Contractor materially breaches any term of this Agreement and fails to cure such breach within 30 days after Licensee’s receipt of written
        notice of such breach by UGARF, then UGARF may thereafter deliver, at any time during the term of this Agreement while the noticed breach remains uncured, a notice of termination to Licensee, in which case all of Licensee’s rights under this
        Agreement automatically shall terminate as of the date of Licensee’s receipt of such notice of termination or on a later termination date identified in the notice. Notwithstanding the foregoing, if Licensee files any action that challenges UGARF’s
        rights in any one or more Licensed Patents, then UGARF may send notice of termination to Licensee, in which case termination is effective immediately upon Licensee’s receipt of such notice.

      

      

      
        5

        
          

      

      8.4          Effect of Termination on Licensed Patent Rights. Upon termination or removal from the scope of this Agreement of Licensee’s rights in and to any particular Licensed Antigen prior to its
        natural termination, then Licensee and all Sublicensees and Contractors shall immediately cease practicing such Licensed Antigen and associated Valid Claims and, without limiting the foregoing, they all shall immediately cease making use of such
        rights to make, have made, offer to sell, and/or sell any Licensed Products.

      

      

      8.5          Effects of Termination on Confidential Information. Once all rights in Licensed Antigens and Valid Claims granted to Licensee hereunder have either expired, been removed from the scope of
        this Agreement, or have otherwise terminated, then each Recipient and Third Party Recipient of the Provider’s Confidential Information shall destroy all such Confidential Information in such Recipient’s and/or Third party Recipient’s possession or
        control; or upon timely notice from the Provider, the Recipient and each Third Party Recipient shall return such Confidential Information to the Provider at the Provider’s expense. However, each Recipient and Third Party Recipient may keep archival
        copies of the Provider’s Confidential Information to the extent required by applicable records retention policies, law, or regulation, but with the requirement that except to the extent required by law the Recipient and/or Third Party Recipient may
        not use or access any such retained Confidential Information of the Provider for any purpose whatsoever unless or until such retained Confidential Information meets one of the exceptions at Sections 6.6(a)-(e).

      

      

      8.6          Survival. Notwithstanding termination or expiration of this Agreement for any reason, the following provisions shall survive:

      (a).          Licensee’s payment obligations that are accrued and remaining unpaid or unperformed prior to such termination;

      (b).          Licensee’s reporting obligations that are accrued but remaining unmet or unperformed prior to termination;

      (c).          Sections 2.3and 6.2 and Articles 7, 8, 9, 10, and 11; and

      (d).          Any cause of action or claim of a party, accrued or to accrue, as a result of any breach or default of this Agreement or performance of this Agreement.

      

      

      ARTICLE 9          MISCELLANEOUS

      

      

      9.1          Integration. This Agreement, including its Appendices, contains the entire understanding of the Parties with respect to the subject matter of this Agreement and supersedes any and all prior
        written or oral discussions, arrangements, courses of conduct, or agreements with respect to the same subject matter; provided that any contemporaneous agreements executed by the Parties for research or other funding shall be read independently of
        this Agreement.

      

      

      9.2          Amendment and Waiver. Except as expressly permitted herein, this Agreement may be amended only by a written instrument executed by both Parties. The waiver of an obligation hereunder by a
        Party shall not constitute a waiver of any other obligation, and shall not constitute a permanent waiver of that obligation.

      

      

      
        6

        
          

      

      9.3          Assignment. This Agreement shall not be assigned by Licensee without the prior written consent of UGARF, and absent the prior written consent of UGARF when required any purported assignment
        is void. If UGARF provides prior written approval, then Licensee shall provide UGARF with a copy of the assignment within 5 days of execution.

      

      

      9.4          Severability. If any one or more of the provisions of this Agreement is held by any court of competent jurisdiction to be invalid, illegal, or unenforceable, then such provisions shall be
        reformed to approximate as nearly as possible the intent of the Parties, and the validity of the remaining provisions shall not be affected. If it is not possible to reform the Agreement while maintaining the material intent of the Parties, then
        this Agreement shall automatically terminate.

      

      

      9.5          Relationship of Parties. The Parties are independent contractors. There is no relationship of principal to agent, master to servant, employer to employee, or franchiser to franchisee between
        the Parties. Neither Party has the authority to bind the other or incur any obligation on its behalf except as may be expressly provided herein.

      

      

      9.6          Use of Names. None of Licensee and/or any Sublicensee or Contractor shall use the names or marks of UGARF, the University of Georgia, or any of their employees or students in any marketing,
        advertising, publicity, or other commercial use without the prior written consent of the owner of the name or mark. Notwithstanding the foregoing, Licensee may use the names of UGARF and the University of Georgia
          in a true, accurate, and non-misleading fashion in (i) business plans, offering memoranda, and other similar documents for the purpose of raising financing for the operations of Licensee as related to the Licensed Patents and Licensed Products;
          (ii) as required in Sublicenses and Production Rights Agreements to incorporate UGARF’s required interests and terms; and (iii) in any securities reports required to be filed with the Securities and Exchange Commission or similar foreign agency.

      

      

      9.7          Governing Law; Jurisdiction. This Agreement is governed and interpreted under the laws of the State of Georgia applicable to contracts made and to be performed entirely within Georgia by
        Georgia residents without regard to the conflicts of laws rules of any jurisdiction. All actions or proceedings related to this Agreement shall be litigated in the Superior Courts of Clarke County, Georgia or the U.S. District Court for the Middle
        District of Georgia.

      

      

      9.8          Export Controls. Licensee acknowledges that the practice of Licensed Patents, and/or the development, manufacture, transport, and/or sale of Licensed Products, may require a license or other
        prior permission or approval from an agency or other unit of the U.S. government, and that certain financial transactions with foreign individuals or entities may be barred. UGARF neither represents that any such license or other prior permission
        or approval will not be required nor that, if required, such shall issue. Licensee shall comply, and Licensee shall ensure that its Sublicensees and Contractors shall comply, with any and all such requirements acknowledged herein.

      

      

      9.9          Force Majeure. Delays in, or failure of, performance by any Party will not constitute default, or trigger any claim for damages, if and to the extent such damages are caused by acts of God,
        strikes, work stoppages, civil disturbances, fires, floods, explosions, riots, war, rebellion, and/or sabotage.

      

      

      9.10          Notices. Notices required under this Agreement shall be delivered to a Party at its address set forth below. Notice may be given by hand or by commercial carrier, or by email where indicated.
        Such notice is effective upon receipt by an employee, agent, or representative of the receiving Party authorized to receive notices or other communications sent or delivered in a manner set forth above.

      

      

      
        7

        
          

      

      If to UGARF:      Director, Innovation Gateway

      University of Georgia Research Foundation, Inc.

      110 Terrell Hall

      210 S. Jackson Street

      Athens, Georgia 30602

      

      

      If to Licensee:

      Frank Bedu-Addo, President and Chief Executive Officer

      PDS Biotechnology Corporation

      25B Vreeland Road, Suite 300

      Florham Park NJ 07932

      

      

      9.11          Implementation. Each Party shall, at the request of the other Party, execute any documents reasonably necessary to implement the
        provisions of this Agreement.

      

      

      9.12          Remedies. Due to the proprietary nature of the subject matter, the Parties agree that their respective rights and obligations under this Agreement may be enforced by
        injunction, specific performance, or other equitable relief, without prejudice to any other rights and remedies the Parties may have at law or equity.

      

      

      9.13          Not Binding until Executed and Delivered. Unless and until all Parties hereto have executed and delivered this Agreement, this Agreement shall be of no force or effect.

      

      

      IN WITNESS WHEREOF, the Parties hereto have caused this License Agreement to be executed by their authorized officers or representatives on the date indicated below.

      

      

      
        	
                University of Georgia Research

                Foundation, Inc.

              	 	
                PDS Biotechnology Corporation

              
	 	 	 	 	 
	
                By:

              	
                /s/ Derek E. Eberhart

              	 	
                By:

              	
                /s/ Frank Bedu-Addo

              
	 	 	 	 	 
	
                Name:

              	
                Dr. Derek E. Eberhart

              	 	
                Name:

              	
                Dr. Frank Bedu-Addo

              
	 	 	 	 	 
	
                Title:

              	
                Chief Licensing Officer

              	 	
                Title:

              	
                President and Chief Executive Officer

              
	 	 	 	 	 
	
                Date:

              	
                10/22/21

              	 	
                Date:

              	
                10/25/21

              

      

      

      

      
        8

        
          

      

      APPENDIX A

      LICENSED PATENTS AND ANTIGENS

      ***

       

      

      
        9

        
          

      

      APPENDIX B

      MILESTONES

      

      

      Product Development Milestones

      

      

      N/A

      

      

      
        10

        
          

      

      APPENDIX C

      REPORTS

      

      

      	

            	•	
              Section 5.1 -- Progress Reports. Include at least the following
                  information.

            

      

      

      	 	
              Item

            	
              Notes

            
	
              1.

            	
              Product Development

            	
              Please outline product development activities for the reporting period including at a minimum the initiation of each phase of each clinical trial for each Licensed Product and the approval of each Licensed Product in each separate
                country/territory

            

      

      

      
        11

        
          

      

      APPENDIX C-1

      SAMPLE TABLE FOR ROYALTY REPORTS

      N/A

      

      

      
        12

        
          

      

      APPENDIX D

      WIRE TRANSFER INSTRUCTIONS

      

      

      N/A

      

      

      
        13

        
          

      

      APPENDIX E

      Non-Exclusive License

      ***

      

      

      

      

      14

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