Document:

Exhibit 10.2

 EXHIBIT 10.2 
 CONFIDENTIAL TREATMENT REQUESTED UNDER 17 C.F.R. §§ 200.80(B)(4) AND 230.406. THE CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND ARE MARKED ACCORDINGLY. THE CONFIDENTIAL PORTIONS
HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. 

Agreement No.              

AMENDED AND RESTATED 
 STANDARD EXCLUSIVE LICENSE AGREEMENT 
 WITH SUBLICENSING
TERMS 
  

			
	 TABLE OF CONTENTS

		
	 Section 1
	 	Definitions
	 Section 2
	 	Grant
	 Section 3
	 	Due Diligence
	 Section 4
	 	Compensation
	 Section 5
	 	Certain Warranties and Disclaimers of UFRF
	 Section 6
	 	Record keeping
	 Section 7
	 	Patent Prosecution
	 Section 8
	 	Infringement and Invalidity
	 Section 9
	 	Term and Termination
	 Section 10
	 	Assignability
	 Section 11
	 	Dispute Resolution Procedures
	 Section 12
	 	Product Liability; Conduct of Business
	 Section 13
	 	Use of Names
	 Section 14
	 	Miscellaneous
	 Section 15
	 	Notices
	 Section 16
	 	Contract Formation and Authority
	 Section 17
	 	United States Government Interests
		
	 Appendix A
	 	Development Plan
	 Appendix B
	 	Development Report
	 Appendix C
	 	UFRF Royalty Report
	 Appendix D
	 	Amended and Restated Shareholders and Registration Rights Agreement

 This Amended and Restated Standard Exclusive License Agreement with Sublicensing Terms (this
“Agreement”) is made and entered into as of February 21, 2006 (the “Amended Agreement Date”), by and between the University of Florida Research Foundation, Inc. (hereinafter called “UFRF”), a nonstock, nonprofit
Florida corporation, and Axogen Corporation (hereinafter called “Licensee”), a corporation organized and existing under the laws of Florida. This Agreement amends and restates that certain Standard License Agreement with Sublicensing Terms
between UFRF and Licensee dated June 5, 2003. The Effective Date of the Agreement, as amended and restated here, remains June 5, 2003. 
 WHEREAS, UFRF owns certain inventions that are described in the “Licensed Patents” defined below, and UFRF is willing to grant a license to Licensee under all of the Licensed Patents and
Licensee desires a license under all of them; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below, the parties covenant and agree as follows: 

 Section 1    Definitions 

 

	 	1.1	“Licensed Patents” shall refer to and mean all of the following UFRF intellectual property: 

 

	 	1.1.1	[**]; 

  

	 	1.1.2	[**]; 

  

	 	1.1.3	[**]; 

  

	 	1.1.4	all foreign counterparts, and divisionals and continuations both U.S. and foreign, of the patent applications described in Sections 1.1.1, 1.1.2, and 1.1.3 all to the
extent owned or controlled by the University of Florida; and 

  

	 	1.1.5	any reissues or re-examinations of the patents described in Sections 1.1.1, 1.1.2, and 1.1.3. 

 

	 	1.2	“Licensed Product” and “Licensed Process” shall mean: 

  

	 	1.2.1	In the case of a Licensed Product, any product or part thereof developed by or on behalf of Licensee that: 

 

	 	(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, of a particular country in which any product is made,
used or sold; or 

  

	 	(b)	is manufactured by using a process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, of a
particular country in which any such process is used or in which any such product is used or sold; or 

  

	 	(c)	employs or was discovered by Licensee employing Licensed Know-How anywhere in the world. 

 

	 	1.2.2	In the case of a Licensed Process, any process that: 

  

 

	 	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
 Page 2 of 26

	 	(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents of a particular country in which such process is
practiced; or 

  

	 	(b)	employs or was discovered by Licensee employing Licensed Know-How anywhere in the world. 

 

	 	1.3	“Improvements” shall mean any modification of an invention described in the Licensed Patents which, if unlicensed, would infringe one or more claims of the
Licensed Patents. 

  

	 	1.4	“Investigator” shall mean Dr. David Muir, during his employment with the University of Florida. 

 

	 	1.5	Know-How means all technology and information disclosed to Licensee known to Investigator relating to the practice of the Patents but not disclosed in the Patents,
including but not limited to, information, techniques, biological materials, methods of manufacture, methods of use, and the like, which are not made public by UFRF. Nothing herein withstanding, University of Florida shall have the right to use
biological materials for research purposes and to meet all federal and Florida state requirements governing the availability and transfer of biological materials. 

 

	 	1.6	“Licensed Know-How” shall mean the Know-How that UFRF makes available to Licensee pursuant to the terms of this Agreement. 

 

	 	1.7	“Net Sales” shall mean the amount collected on sales of Licensed Product and/or Licensed Processes after deducting, if not already deducted in the amount
invoiced: 

  

	 	•	 	 Trade and/or quantity discounts 

  

	 	•	 	 Credits on returns and allowances 

  

	 	•	 	 Outbound transportation and insurance costs paid 

  

	 	•	 	 Applicable Sales Taxes paid to Licensee 

  

	 	1.8	The term “Affiliate” shall mean: (a) any person or entity which controls at least fifty percent (50%) of the equity or voting stock of the Licensee
or (b) any person or entity fifty percent (50%) of whose equity or voting stock is owned or controlled by the Licensee or (c) any person or entity of which at least fifty percent (50%) of the equity or voting stock is owned or
controlled by the same person or entity owning or controlling at least fifty percent (50%) of Licensee. 

  

	 	1.9	The term “Sublicensee” shall mean any third party to whom Licensee confers the right to make, use or sell Licensed Product and/or Licensed Processes.

  

	 	1.10	“Development Plan” shall mean a written report summarizing the development activities that are to be undertaken by the Licensee to bring Licensed Products
and/or Licensed Processes to the market. The Development Plan is attached as Appendix A. 

  

	 	1.11	“Development Report” shall mean a written account of Licensee’s progress under the Development Plan having at least the information specified on Appendix
B to this Agreement, and shall be sent to the address specified on Appendix B. 

  

	 	1.12	“Licensed Field” shall be limited to the field of medical devices, human therapeutics and human and animal tissue. 

  
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	 	1.13	“Licensed Territory” shall be worldwide 

  

	 	1.14	“Services” shall mean professional services specifically required to bring Licensed Products and Licensed Processes to market. 

 

	 	1.15	“Valid Claim” shall mean, with respect to a particular country, a claim of an issued patent or a pending patent application that (a) has not lapsed or
become abandoned, disclaimed, denied, revoked, or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise in such country and (b) has not been declared invalid or unenforceable by a court of competent jurisdiction or
an administrative agency for which there is no further right of appeal or for which the right of appeal is waived. 

 Section
2    Grant 
  

	 	2.1	License. 

 UFRF hereby
grants to Licensee: 
 (a) an exclusive license, limited to the Licensed Field and the Licensed Territory, under the Licensed
Patents to make, have made, use and sell, offer to sell, have sold and import Licensed Products and/or Licensed Processes; 
 (b)
a non-exclusive license, limited to the Licensed Field and the Licensed Territory under the Licensed Know-How to make, have made, use and sell, offer to sell, have sold and import Licensed Products and/or Licensed Processes. 

UFRF reserves to itself and the University of Florida the right, solely for research (including research funded by any commercial
sponsors), clinical and educational purposes, to make, and use Licensed Products and/or Licensed Processes, as well as products and/or processes covered in whole or in part by any claims of any Improvements. 

 

	 	2.2	Sublicense. 

  

	 	2.2.1	Licensee may grant written, exclusive or nonexclusive Sublicenses to third parties. Any agreement granting a Sublicense shall state that the Sublicense is subject to
the termination of this Agreement. Licensee or Affiliates shall have the same responsibility for the activities of any Sublicensee as if the activities were directly those of Licensee. Licensee shall provide a copy of all sublicense agreements to
UFRF within thirty (30) days of the effective date of said agreements. UFRF shall maintain the confidentiality of such agreements. 

  

	 	2.2.2	In respect to Sublicenses granted by Licensee under 2.2.1 above, Licensee shall pay to UFRF an amount equal to what Licensee would have been required to pay to UFRF had
Licensee sold the amount of Licensed Products sold by such Sublicensee. 

  

	 	2.2.3	 Licensee shall not receive from Sublicensees anything of value in lieu of cash payments in consideration for any Sublicense under this Agreement
without the express prior written permission of UFRF. If Licensee receives any fees, minimum royalties, or other payments in consideration for any rights granted under a Sublicense, and such payments

  
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are not based directly upon the amount or value of Licensed Products sold by the Sublicensee, then Licensee shall pay UFRF a portion of such payments according to the following schedule in the
manner specified in Section 4.5. 

  

			
	If Sublicense of a pharmaceutical:	  	Portion of payment due to UFRF:
	Any time before Phase I FDA clinical trials are completed	  	[**]%
	After Phase I FDA clinical trials but before completion of Phase II trials	  	[**]%
	After completion of Phase II trials but before end of Phase III trials	  	[**]%
	After completion of Phase III trials	  	[**]%

 Section 3    Due Diligence 

 

	 	3.1	Development. 

  

	 	3.1.1	Licensee agrees to and warrants the following: 

  

	 	(a)	it has, or will obtain, the expertise necessary to independently evaluate the inventions of the Licensed Patents; 

 

	 	(b)	it will establish and actively and diligently pursue the Development Plan (see Appendix A ) to the end that the inventions of the Licensed Patents will be utilized to
provide Licensed Products and/or Licensed Processes for sale in the retail market within the Licensed Field; and 

  

	 	(c)	until the date of first commercial sale of Licensed Products, it will supply UFRF with a written Development Report annually fifteen (15) days after the end of the
calendar year (see Appendix B ). 

 All development activities and strategies and all aspects of product design
and decisions to market and the like are entirely at the discretion of Licensee, and Licensee shall rely entirely on its own expertise with respect thereto. UFRF’s review of Licensee’s Development Plan is solely to verify the existence of
Licensee’s commitment to development activity and to ensure compliance with Licensee’s obligations to use commercially reasonable efforts to commercialize the inventions of the Licensed Patents, as set forth above, other than those
elements of the Development Plan as designated as Due Diligence milestones in Section 3.1.3. 
  

	 	3.1.2	Jamie Grooms will act as Chief Executive Officer of Licensee as of the Effective Date of this Agreement and will remain as such until replaced by the Licensee’s
Board of Directors. 

  

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
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	 	3.1.3	Licensee agrees to use commercially reasonable efforts to achieve the milestones described in (a)-(i) of this Section 3.1.3 (to the extent applicable to the
Licensed Products and Licensed Processes to be developed under this Agreement) by the target dates specified in (a)-(i) below: 

  

	 	(a)	First commercial sale of a Licensed Product to a retail customer on or before the date thirty-six (36) months from March 1, 2006; 

 

	 	(b)	Establish facilities or enter a contract for outsourced facilities for processing tissue for transplantation and apply to the United States Food and Drug Administration
(“FDA”) (or applicable governing body) for approval, if required, to use such facilities for said process, on or before August 1, 2008; 

  

	 	(c)	If any Licensed Products or Licensed Processes are classified as a drug or biologic by the FDA, complete preclinical trials required to initiate Phase I FDA clinical
trials for at least one Licensed Product or Licensed Process which is classified as a therapeutic by FDA, on or before the date fifteen (15) months from [**]; 

 

	 	(d)	If any Licensed Products or Licensed Processes are classified as a drug or biologic by the FDA, initiate Phase I clinical trials for at least one Licensed Product or
Licensed Process which is classified as a therapeutic by FDA, on or before the date twelve (12) months from the date on which milestone 3.1.3(c) is achieved; 

 

	 	(e)	If any Licensed Products or Licensed Processes are classified as a drug or biologic by the FDA, initiate Phase II clinical trials for at least one Licensed Product or
Licensed Process which is classified as a therapeutic by FDA, on or before the date twenty-four (24) months from the date on which milestone 3.1.3(d) is achieved; 

 

	 	(f)	If any Licensed Products or Licensed Processes are classified as a drug or biologic by the FDA, initiate Phase III clinical trials for at least one Licensed Product or
Licensed Process which is classified as a therapeutic by FDA, on or before the date thirty (30) months from the date on which milestone 3.1.3(e) is achieved; 

 

	 	(g)	If any Licensed Products or Licensed Processes are classified as a drug or biologic by the FDA, file New Drug Application with FDA within eighteen (18) months of
completing Phase III clinical trials; 

  

	 	(h)	If any Licensed Products or Licensed Processes are classified as a medical device by the FDA, file initial application required to begin the process to obtain FDA
approval for at least one Licensed Product or Licensed Process which is classified by FDA as a medical device, on or before the date fifteen (15) months from [**]; and 

 

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
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	 	(i)	If any Licensed Products or Licensed Processes are classified as a medical device by the FDA, file subsequent application required to obtain FDA approval for at least
one Licensed Product or Licensed Process which is classified by FDA as a medical device, on or before the date twenty-four (24) months from the date on which milestone 3.1.3(h) is achieved. 

The parties recognize that one or more of the target dates may not be achieved despite Licensee’s commercially reasonable efforts,
because of scientific or technical difficulties in the product development or manufacturing process, or because the regulatory approval process involves many factors beyond Licensee’s reasonable control. If a relevant milestone is not achieved
by the specified target date, UFRF may, in its discretion, request a review (the “Review”) by written notice to Licensee. Within thirty (30) days of its receipt of such request (or such other period as the parties shall mutually agree
upon), Licensee shall make a formal presentation to UFRF as to the cause of the delay and the extent of its diligence in moving toward achieving the milestone in question. Should Licensee, despite commercially reasonable efforts, fail to achieve a
relevant milestone by the applicable target date,the parties shall meet to discuss and agree on an extension to the relevant target date(s) appropriate under the circumstances, such agreement not to be unreasonably withheld. 

If UFRF believes that the failure to achieve the milestone in question was due solely to Licensee’s lack of commercially reasonable
efforts, UFRF can commence the process to terminate this Agreement in accordance with Section 9.3 below. 
 3.1.4 Licensee
shall have the right, with 120 days written notice to UFRF, to delete specific fields of use from Licensed Fields. Licensee will no longer be required to achieve Milestones in those fields and UFRF shall have the right to exclusively license those
fields of use to other parties. 
 Section 4    Compensation 

 

	 	4.1	License Issue Fee. 

Licensee paid to UFRF a License Issue Fee of [**] ($[**]) within thirty (30) days of the Effective Date, [**]% of which
will be credited against future royalty payments, lessening such payments by a total of $[**]. 
  

	 	4.2	Issuance of Equity 

 As
further consideration for the rights granted to Licensee by this Agreement, Licensee issued to UFRF 500,000 shares of common stock of Licensee. 

 

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
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 The issuance of common stock to UFRF under this Section 4.2 is made in accordance with
that certain Amended and Restated Shareholders and Registration Rights Agreement by and between UFRF, Licensee and the other parties to such agreement of even date herewith, a copy of which is attached hereto as Appendix D and incorporated by
reference herein. 
  

	 	4.3	Running Royalty; Option. 

  

	 	4.3.1	Licensee agrees to pay to UFRF a royalty, on a country by country basis, on Net Sales of Licensed Products and/or Licensed Processes that, but for the license granted
under this Agreement, would infringe one or more Valid Claims of Licensed Patents in such country, as follows: in countries where the sale of a Licensed Product or Licensed Process would infringe one or more Valid Claims of Licensed Patents but for
this Agreement, Licensee agrees to pay a royalty in an amount equal to [**] percent ([**]%) of Net Sales of such Licensed Product or Licensed Process in such country by Licensee, its Affiliates, or its Sublicenses. 

Subject to third party contractual obligations, Licensee shall have, during the term of this Agreement, beginning on the Amended
Agreement Date, a first look at, and option to as stated below, any invention, technology, product, or process from the laboratory of [**] within the Licensed Field and a royalty-free license to all non-patentable inventions. The UFRF Office
of Technology Licensing shall promptly disclose to Licensee any and all such inventions, technology, products and processes, together with data and information sufficient for Licensee to assess them. Licensee’s “first look” at any
such invention, technology, product or process shall be for a period of twenty (20) days from the date of such disclosure, which shall allow the Licensee to decide if it wants to take an exclusive option, for an additional ninety (90) day
period, to complete due diligence and determine its interest in licensing such invention, technology, product or process. If during the twenty (20) day “first look” period Licensee decides to exercise its right to the ninety
(90) day option, it shall notify UFRF in writing. If during the ninety (90) day option period Licensee decides to exercise its option and take an exclusive license to the invention, technology, product or process, it shall notify UFRF in
writing, and the two parties shall promptly and cooperatively work together to finalize and execute the license agreement, within such ninety (90) day period or as soon as reasonably possible thereafter. Such license agreement shall be in
substantially the same form as this Agreement, modified as appropriate. 
 In subsequent license agreements pursuant to this
Section 4.3.1., the Licensee shall have: (a) the right to make, have made, use, import, offer to sell, sell and have sold the licensed invention, technology, product or process, and (b) the right to sublicense for purposes of
developing, manufacturing or selling the product or process based thereon. UFRF agrees that royalties for such new licenses will be non-cumulative of terms contained in this amended license (that is, royalty rates under the new license agreements
will not be added to royalty rates due under this Agreement), where the new inventions, technologies, products and processes are (i) patentable only in combination with the Licensed Product or Licensed Process under this Agreement, or
(ii) the Licensed Product 
  

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
 Page 8 of 26

 
or Licensed Process could not have been sold in the marketplace but for the improvement specified in the new invention, technology, product or process, or (iii) the improvement specified in
the new invention, technology, product or process could not have been sold in the marketplace but for the Licensed Product or Licensed Process. However, where such new license agreements include any new invention, technology, product or process that
is patentable independently of the Licensed Patents under this agreement and is (a) sold as a stand alone product or (b) replaces the Licensed Product or Licensed Process rather than being sold in conjunction therewith, then Licensee shall
pay royalties on net sales of such separate product or process independent of whatever royalties may be due on net sales of Licensed Products and Licensed Processes under this Agreement. It is further contemplated that issuance of equity, if any,
for such new license agreements shall in no circumstance exceed 15,000 shares of Licensee’s common stock. 
  

	 	4.3.2	Licensee agrees to pay to UFRF a royalty, on a country by country basis, on Net Sales of Licensed Products and/or Licensed Processes that do not infringe any
Valid Claims of Licensed Patents in such country, in an amount equal to [**] percent ([**]%) of Net Sales of such Licensed Product or Licensed Process in such country by Licensee, its Affiliates, or its Sublicensees, as long as the Licensed
Products and/or Licensed Processes are covered by an issued, and unexpired claim valid in the United States and contained in the Licensed Patents. 

  

	 	4.3.3	If Licensee must pay royalties under licenses for rights from third parties in order to make, use, or sell Licensed Products or Licensed Processes that, but for the
license granted in this Agreement, would infringe one or more Valid Claims of Licensed Patents, the royalty due to UFRF on Net Sales of such products shall be reduced [**] ($[**]) for each [**] ($[**]) Licensee is obligated to pay said
third party. In no case shall the royalty due to UFRF on Net Sales of Licensed Products and/or Licensed Processes that, but for the license granted in this Agreement, would infringe one or more Valid Claims of Licensed Patents be less than
[**] percent ([**]%) unless otherwise specified in this agreement. 

  

	 	4.3.4	Commencing five (5) years from the Effective Date, Licensee shall pay UFRF an amount equal to the greater of (i) the actual royalty payable to UFRF by
Licensee pursuant to Sections 4.3.1, 4.3.2 and 4.3.3 and (ii) an amount equal to the following quarterly payments (the “Minimum Royalty”): 

  

			
	 Quarterly Payment
	  	 Year

	$ [**]	  	Five Years from Effective Date
	$ [**]	  	 Six Years from Effective Date

                and every calendar quarter thereafter on the
same
                 date, for the remainder of the term of
this
                 Agreement.

  

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
 Page 9 of 26

 Licensee shall receive a credit towards subsequent or previous quarterly Minimum Royalty
payments in such calendar year for any amounts paid in excess of the Minimum Royalty during such calendar year. 
 Any Minimum
Royalty paid in a calendar year will be credited against the earned royalties for that calendar year. It is understood that the Minimum Royalties will be applied to earned royalties on a calendar year basis, and that sales of Licensed Products
and/or Licensed Processes requiring the payment of earned royalties made during a prior or subsequent calendar year shall have no effect on the annual Minimum Royalty due UFRF for other than the same calendar year in which the royalties were earned.
However, Licensee’s credit for [**] percent ([**]%) of Actual Milestone Payments (paid pursuant to Section 4.4) shall be credited in multiple calendar years if applicable. 

An example of how this Section 4.3.3 may affect Licensee’s payments to UFRF is set forth in the chart below: 

 

									
	 Quarter
	  	Actual
Earned
Royalty	 	Minimum
Royalty	 	Credit
Received
(Applied)	 	Royalty
Amount
Paid to
UFRF
	 3/31/08
	  	$[**]	 	$[**]	 	$[**]	 	$[**]
	 6/30/08
	  	$[**]	 	$[**]	 	  [**]	 	$[**]
	 9/30/08
	  	$[**]	 	$[**]	 	$[**]	 	$[**]
	 12/31/08
	  	$[**]	 	$[**]	 	$[**]	 	$[**]

  

	 	4.4	Other Payments. 

  

	 	4.4.1	In addition to all other payments required under this Agreement, Licensee agrees to pay UFRF Milestone Payments thirty (30) days after the events in the table
below as follows: 

 Milestone Payments for Licensed Products classified by FDA as Pharmaceuticals: 

 

			
	 Payment
	  	 Event

		
	 $[**]
	  	Initiation of Phase II FDA clinical trials
		
	 $[**]
	  	Initiation of Phase III FDA clinical trials
		
	 $[**]
	  	FDA Approval

  

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
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 Milestone Payments for Licensed Products classified by FDA as Devices: 

 

			
	 Payment
	  	 Event

	 $[**]
	  	FDA Premarket Approval (PMA)
		
	 $[**]
	  	FDA Approval

 In addition, [**] percent ([**]%) of Actual Milestone Payments shall be creditable against earned
royalties. Notwithstanding the foregoing Milestone Payments, the Actual Milestone Payments which Licensee shall be obligated to pay to UFRF shall be adjusted based on the proportion of (i) funding invested in Licensee by its founders, officers,
directors, employees, advisors, their immediate family members and entities owned or controlled by such individuals (collectively, the “Internal Funding”) and (ii) the funding invested in Licensee by Internal Funding and all other
sources (collectively, the “Total Funding”), as follows: 
 Actual Milestone Payment = Milestone Payment x Internal
Funding 

                       
                                         
                  Total Funding 
 For
example, if the Internal Funding equals $[**], the Total Funding equals $[**] and the applicable Milestone Payment is $[**], then the Actual Milestone Payment payable by Licensee is $[**]. Up to $[**] of this
Actual Milestone Payment may be used as a credit, such that if royalty payments of $[**] were owed, for instance, two quarters after the Actual Milestone of $[**] was paid, then those royalty payments would be reduced to $[**].
Similarly, if this Actual Milestone payment occurred after royalties had already been paid of say, $[**], then this credit would lessen the Actual Milestone payment to $[**]. 

If Licensee sublicenses the rights to make, use, or sell Licensed Products or Licensed Processes and such sublicensee(s) achieve
milestones that trigger Milestone Payments by Licensee, then the Actual Milestone Payments shall equal the Milestone Payments for the Licensed Products or Licensed Processes that have been sublicensed, that would have otherwise been payable as if
Licensee achieved such milestone itself. 
  

	 	4.5	Accounting for Payments. 

  

	 	4.5.1	Amounts owing to UFRF under Sections 2.2 and 4.3 shall be paid on a quarterly basis, with such amounts due and received by UFRF on or before the thirtieth day following
the end of the calendar quarter ending on March 31, June 30, September 30 or December 31 in which such amounts were earned. 

  

	 	4.5.2	The balance of any amounts which remain unpaid more than thirty (30) days after they are due to UFRF shall accrue interest until paid at the rate of the lesser of
one and one-half percent (1.5%) per month or the maximum amount allowed under applicable law. However, in no event shall this interest provision be construed as a grant of permission for any payment delays. Licensee shall also be responsible
for repayment to UFRF of any attorney, collection agency, or other out-of-pocket UFRF expenses required to collect overdue payments due from this Section 4.5.2, Section 6.2 or any other applicable section of this Agreement.

  

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
 Page 11 of 26

	 	4.5.3	Except as otherwise directed, all amounts owing to UFRF under this Agreement shall be paid in U.S. dollars to UFRF at the address provided in Section 15.1. All
royalties owing with respect to Net Sales stated in currencies other than U.S. dollars shall be converted at the rate shown in the Federal Reserve Noon Valuation—Value of Foreign Currencies on the day preceding the payment.

  

	 	4.5.4	A certified full accounting statement showing how any amounts payable to UFRF under Sections 2.2 and 4.3 have been calculated shall be submitted to UFRF on the date of
each such payment. Such accounting shall be on a per-country and per-Product basis and shall be summarized on the form shown in Appendix C of this Agreement. UFRF shall maintain the confidentiality of such information. In the event no payment is
owed to UFRF an accounting demonstrating that fact shall be supplied to UFRF. 

  

	 	4.5.5	All payments due under this Agreement shall be made without deduction for taxes, assessments, or other charges of any kind which may be imposed on UFRF by any
government outside of the United States or any political subdivision of such government with respect to any amounts payable to UFRF pursuant to this Agreement. All such taxes, assessments, or other charges shall be assumed by Licensee.

 Section 5    Certain Warranties and Disclaimers of UFRF 

 

	 	5.1	UFRF warrants that, except as otherwise provided under Section 17.1 of this Agreement with respect to U.S. Government interests, it is the owner of the Licensed
Patents or otherwise has the right to grant the licenses granted to Licensee in this Agreement. However, nothing in this Agreement shall be construed as: 

  

	 	5.1.1	a warranty or representation by UFRF as to the validity or scope of any right included in the Licensed Patents; 

 

	 	5.1.2	a warranty that anything made, used, sold or otherwise disposed of under the license granted in this Agreement will or will not infringe patents of third parties;

  

	 	5.1.3	an obligation to bring or prosecute actions or suits against third parties for infringement of Licensed Patents; 

 

	 	5.1.4	an obligation to furnish any know-how not provided in Licensed Patents or any services other than those specified in this Agreement; or 

 

	 	5.1.5	a warranty or representation by UFRF that it will not grant licenses to others to make, use or sell products not covered by the claims of the Licensed Patents which may
be similar and/or compete with products made or sold by Licensee. 

  

	 	5.1.6	UFRF warrants that it is exempt from paying income taxes under U.S. law. 

  

	 	5.2	UFRF shall not grant licenses to others to make, use or sell products covered by the claims of the Licensed Patents. 

  
 Page 12 of 26

	 	5.3	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRF MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT
NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE, OR OTHER DISPOSITION BY LICENSEE, ITS
SUBLICENSEE(S), OR THEIR VENDEES OR OTHER TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED UNDER THIS AGREEMENT. 

 Section 6    Record keeping 
  

	 	6.1	Licensee and its Sublicensee(s) shall keep books and records sufficient to verify the accuracy and completeness of Licensee’s and its Sublicensee(s)’s
accounting referred to above, including without limitation inventory, purchase and invoice records sales analysis, and tax returns relating to the Licensed Products and/or Licensed Processes. Such books and records shall be preserved for a period
not less than six years after they are created, both during and after the term of this Agreement. 

  

	 	6.2	Licensee and its Sublicensee(s) shall take all steps necessary so that UFRF may, within thirty (30) days of its written request, audit, review and/or copy all of
the books and records sufficient to verify the accuracy and completeness of Licensee’s and its Sublicensee(s)’s accounting referred to above, at a single U.S. location to verify the accuracy of Licensee’s and its Sublicensee(s)’s
accounting. Such review may be performed by any authorized employees of UFRF as well as by any attorneys and/or accountants designated by UFRF, upon reasonable notice and during regular business hours. UFRF shall maintain the confidentiality of such
books and records. 

  

	 	6.3	If a deficiency with regard to any payment hereunder is determined, Licensee and its Sublicensee(s) shall pay the deficiency within thirty (30) days of receiving
notice thereof along with applicable interest as described in Section 4.5.2. If a royalty payment deficiency for a calendar year exceeds five percent (5%) of the royalties paid for that year, then Licensee and its Sublicensee(s) shall be
responsible for paying UFRF’s out-of-pocket expenses incurred with respect to such review. 

  

	 	6.4	At any time during the term of this Agreement, UFRF may request in writing that Licensee verify the calculation of any past payments owed to UFRF through the means of a
self-audit. Within ninety (90) days of the request, Licensee shall complete a self-audit of its books and records to verify the accuracy and completeness of the payments owed. Within thirty (30) days of the completion of the self-audit,
Licensee shall submit to UFRF a report detailing the findings of the self-audit and the manner in which it was conducted in order to verify the accuracy and completeness of the payments owed. If Licensee has determined through its self-audit that
there is any payment deficiency, Licensee shall pay UFRF the deficiency along with applicable interest under Section 4.5.2. with the submission of the self-audit report to UFRF. If Licensee has determined through its self-audit that there is
not any payment deficiency, UFRF shall not have the right to request another self-audit for twelve calendar months. 

  
 Page 13 of 26

 Section 7    Patent Prosecution 

 

	 	7.1	UFRF shall diligently prosecute and maintain the Licensed Patents using counsel selected by UFRF and reasonably acceptable to Licensee. UFRF shall provide Licensee with
copies of all patent applications amendments, and other filings with the United States Patent and Trademark Office and foreign patent offices. UFRF will also provide Licensee with copies of office actions and other communications received by UFRF
from the United States Patent and Trademark Office and foreign patent offices relating to Licensed Patents. Licensee agrees to keep such information confidential. 

 

	 	7.2	Licensee shall be responsible for and pay all future costs and expenses incurred by UFRF for the preparation, filing, prosecution, issuance, and maintenance of the
Licensed Patents within thirty (30) days of receipt of an invoice from UFRF. Licensee shall be responsible for and pay all past costs and expenses incurred and invoiced by UFRF for the preparation, filing, prosecution, issuance, and maintenance
of the Licensed Patents within ninety days (90) of the execution of this amended License Agreement. It shall be the responsibility of Licensee to keep UFRF fully apprised of the “small entity” status of Licensee with respect to the
U.S. patent laws and with respect to the patent laws of any other countries, if applicable, and to inform UFRF of any changes in such status, within thirty days of any such change. 

 

	 	7.3	UFRF will provide Licensee with prior written notice in the event that UFRF elects not to prosecute and/or maintain a patent application or patent included in the
Licensed Patents in any country and, upon such election, Licensee shall have the right to prosecute such patent application or patent in such country or countries (and any additional countries it may choose) at its own discretion and expense. UFRF
shall provide Licensee with ninety (90) days prior written notice of its decision, and such notice shall be given no later than ninety (90) days prior to a non-extendable deadline for prosecution or maintenance of such patent application
or patent in such country. 

  

	 	7.4	Licensee will provide UFRF with prior written notice in the event that Licensee elects not to pay UFRF for the costs of a patent application or patent included in the
Licensed Patents in any country and, upon such election, UFRF shall have the right to prosecute such patent application or patent in such country or countries at its own discretion and expense. With sixty (60) days written notice to Licensee,
UFRF shall have the right to license such patent application or patent in such country or countries if patent costs remain nonreimbursed. Licensee shall provide UFRF with ninety (45) days prior written notice of its decision, and such notice
shall be given no later than ninety (45) days prior to a non-extendable deadline for prosecution or maintenance of such patent application or patent in such country. Licensee shall have no rights in such patents in such country or countries
upon the receipt of such written notice by UFRF, provided that UFRF will provide Licensee sixty days notice of its intention to License such patents in such countries. 

 Section 8    Infringement and Invalidity 
  

	 	8.1	Licensee shall inform UFRF promptly in writing of any alleged infringement of the Licensed Patents or Licensed Processes by a third party and of any available evidence
thereof. UFRF shall inform Licensee promptly in writing of any alleged infringement of the Licensed Patents or Licensed Processes by a third party and of any available evidence thereof. 

  
 Page 14 of 26

	 	8.2	Licensee shall have the first right, but shall not be obligated, to prosecute at its own expense any such infringements of the Licensed Patents. If Licensee shall fail,
within one hundred twenty (120) days after receiving notice from UFRF of a potential infringement, or providing UFRF with notice of such infringement, to either (a) terminate such infringement or (b) institute an action to prevent
continuation thereof including, but not limited to, cross-licensing agreements, marketing agreements, licensing agreements, litigation, etc.; and, thereafter to prosecute such action diligently, or if Licensee notifies UFRF that it does not plan to
terminate the infringement or institute such action, then UFRF shall have the right, but shall not be obligated, to prosecute at its own expense any such infringements of the Licensed Patents. If either party prosecutes any such infringement, both
parties agree that the prosecuting party may include the other party as a co-plaintiff in any such suit, without expense to such other party (except as provided in Section 8.5). 

 

	 	8.3	No settlement, consent judgment or other voluntary final disposition of the infringement suit may be entered into without the written consent of UFRF and Licensee,
which consent shall not unreasonably withheld. 

  

	 	8.4	In the event that either UFRF or Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation, any recovery of damages by
UFRF and/or Licensee for any such suit shall be applied (a) first in satisfaction of any unreimbursed expenses and legal fees of the party prosecuting such infringement in accordance with Sections 8.2 relating to the suit, (b) second in
satisfaction of the other party’s unreimbursed expenses and legal fees and (c) the balance remaining from any such recovery, if any, shall be divided as follows: [**]. 

 

	 	8.5	In any infringement suit that either party may institute to enforce the Licensed Patents pursuant to this Agreement, the other party hereto shall, at the request and
expense of the party initiating such suit, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like.

  

	 	8.6	In the event a declaratory judgment action alleging invalidity or noninfringement of any of the Licensed Patents shall be brought against Licensee, UFRF, at its option,
shall have the right, within thirty (30) days after commencement of such action, to intervene and take over the sole defense of the action at its own expense. 

 

	 	8.7	In the event Licensee contests the validity of any Licensed Patents, Licensee shall continue to pay royalties and make other payments pursuant to this Agreement with
respect to that patent as if such contest were not underway until the patent is adjudicated invalid or unenforceable by a court. 

Section 9    Term and Termination 
  

	 	9.1	The term of this license shall begin on the Effective Date and continue until the earlier of the date that no Licensed Patent remains an enforceable patent or the
payment of earned royalties under Section 4.3, once begun, ceases for more than four (4) calendar quarters on all Licensed Products and Processes. 

 

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

  
 Page 15 of 26

	 	9.2	Licensee may terminate this Agreement at any time by giving at least sixty (60) days written notice of such termination to UFRF. 

 

	 	9.3	UFRF may terminate this Agreement by giving Licensee at least sixty (60) days written notice (which notice shall state UFRF’s intent to terminate this
Agreement and the basis therefore) if commercial development milestones (to the extent relevant) are not satisfied as specified in Section 3.1.3, and if such failure to achieve such milestones was solely due to Licensee’s lack of
commercially reasonable diligence in pursuing such milestones. In such event, this Agreement shall terminate at the end of the notice period specified by UFRF in such notice of termination (at least 60 days) unless (i) the milestone at issue
has been achieved prior to the end of such notice period, in which case this Agreement shall continue in full force and effect, or unless (ii), prior to the end of such sixty (60) day period, Licensee disputes in writing that its lack of
commercially reasonable diligence was the sole cause of the failure to achieve such milestone by the target date and commences the dispute resolution procedures under Section 11. In such case, this Agreement (including the parties’
respective rights and obligations hereunder) shall remain in full force and effect until the conclusion of the proceedings described in Sections 11.1 and 11.2. 

 

	 	9.4	If Licensee at any time defaults in the timely payment of any monies due to UFRF or the timely submission to UFRF of any Development Report, fails to actively pursue
the Development Plan, or commits any breach of any other covenant herein contained, and Licensee fails to remedy, or take steps to diligently remedy, any such breach or default within sixty (60) days after written notice thereof by UFRF, UFRF
may, at its option, immediately terminate this Agreement by giving notice of termination to Licensee. 

  

	 	9.5	UFRF may immediately terminate this Agreement upon the occurrence of the second separate default by Licensee within any consecutive twelve (12) month period for
failure to pay royalties, patent or any other expenses within thirty (30) days of when due and of when Licensee has been warned by UFRF of such delinquency. 

 

	 	9.6	Upon the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective
date of such termination. Licensee shall remain obligated to provide an accounting for and to pay royalties earned to the date of termination, and any Minimum Royalties shall be prorated as of the date of termination by the number of days elapsed in
the applicable calendar year. Licensee may, however, after the effective date of such termination, sell all Licensed Products, and complete Licensed Products in the process of manufacture at the time of such termination and sell the same, provided
that Licensee shall remain obligated to provide an accounting for and to pay running royalties thereon. 

 Section
10    Assignability 
 Neither party may assign its rights or obligations under this Agreement,
except that Licensee may assign this Agreement in connection with the sale of all or substantially all of the assets or stock of the Licensee, whether by merger, acquisition or otherwise, if the successor assumes all of the Licensee’s
obligations hereunder; provided, however, this Section shall not limit Licensee’s right to enter into sublicenses in accordance with the terms of this Agreement. 

  
 Page 16 of 26

 Section 11    Dispute Resolution Procedures 

 

	 	11.1	Mandatory Procedures. 

 In
the event of any dispute between the parties hereto with respect to any matter in connection with this Agreement, compliance with the procedures set forth in this Section shall be a condition precedent to the filing of any lawsuit, other than for
injunctive relief, with respect to such dispute. 
  

	 	11.1.1	The parties agree that representatives designated by the parties shall meet at mutually agreeable times and engage in good faith negotiations at a mutually convenient
location to resolve such dispute. 

  

	 	11.1.2	If either party subsequently determines that negotiations between the representatives of the parties are at an impasse, the party declaring that the negotiations are at
an impasse shall give notice to the other party stating with particularly the issues that remain in dispute. 

  

	 	11.1.3	Not more than 15 days after the giving of such notice, each party shall deliver to the other party a list of the names, addresses, biographical information and resumes
of at least five individuals, any one of whom would be acceptable as a neutral advisor in the dispute (the “Neutral Advisor”) to the party delivering the list. Any individual proposed as a Neutral Advisor shall have experience in
determining, mediating, evaluating, or trying commercial litigation and shall not be affiliated with the party that is proposing such individual. 

  

	 	11.1.4	Within ten (10) days after delivery of such lists, the parties shall agree on a Neutral Advisor. If they are unable to so agree within that time, they shall each
select one individual from the lists. The individuals so selected shall meet and appoint a third individual from the lists to serve as the Neutral Advisor. 

 

	 	11.1.5	Within 30 days after the selection of a Neutral Advisor: 

  

	 	(a)	each party shall meet separately with the Neutral Advisor on a schedule established by the Neutral Advisor; 

 

	 	(b)	following the meeting described in Subsection (a) above, each party shall make a presentation with respect to its position concerning the dispute at a joint
meeting of the parties and the Neutral Advisor; and 

  

	 	(c)	following such joint meeting, each party shall meet separately with Neutral Advisor, who will attempt to facilitate resolution of the dispute. 

 

	 	11.1.6	The expenses of the neutral advisor shall be shared by the parties equally. All other out-of-pocket costs and expenses for the alternative dispute resolution procedure
required under this Section shall be paid by the party incurring the same. 

  

	 	11.1.7	 Positions taken and statements made during this alternative dispute resolution procedure shall be deemed settlement negotiations and shall not be
admissible for any purpose in 

  
 Page 17 of 26

	 	
any subsequent proceeding and shall be treated as confidential information by the receiving party. 

  

	 	11.2	Failure to Resolve Dispute. 

 If any dispute has not been resolved within 30 days following the joint meeting described in Section 11.1.5(b) above, either party may file appropriate administrative or judicial proceedings with
respect to the dispute. 
 Section 12    Product Liability; Conduct of Business 

 

	 	12.1	Licensee and its Sublicensee(s) shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold UFRF, the Florida Board of Governors,
the University of Florida Board of Trustees, the University of Florida, and each of their directors, officers, employees, and agents, and the inventors of the Licensed Patents, regardless of whether such inventors are employed by the University of
Florida at the time of the claim, harmless against all claims and expenses, including legal expenses and reasonable attorneys fees, whether arising from a third party claim or resulting from UFRF’s enforcing this indemnification clause against
Licensee, arising out of the death of or injury to any person or persons or out of any damage to property and against any other claim, proceeding, demand, expense and liability of any kind whatsoever (other than patent infringement claims) resulting
from the production, manufacture, sale, use, lease, consumption, marketing, or advertisement of Licensed Products or Licensed Process(es) or arising from any right or obligation of Licensee hereunder. Notwithstanding the above, UFRF at all times
reserves the right to retain counsel of its own to defend UFRF’s, the Florida Board of Governors’, the University of Florida Board of Trustees’, the University of Florida’s, and the inventor’s interests.

  

	 	12.2	Licensee warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk involved in producing, manufacturing,
selling, marketing, using, leasing, consuming, or advertising the products subject to this Agreement and that such insurance coverage lists UFRF, the Florida Board of Governors, the University of Florida Board of Trustees, the University of Florida,
and the inventors of the Licensed Patents as additional insureds. Within thirty (30) days after the execution of this Agreement and thereafter annually between January 1 and January 31 of each year, Licensee will present evidence to
UFRF that the coverage is being maintained with UFRF, the University of Florida, and its inventors listed as additional insureds. In addition, Licensee shall provide UFRF with at least thirty (30) days prior written notice of any change in or
cancellation of the insurance coverage. 

 Section 13    Use of Names 

Licensee and its Sublicensee(s) shall not use the names of UFRF, or of the University of Florida, nor of any of either institution’s
employees, agents, or affiliates, nor the name of any inventor of Licensed Patents, nor any adaptation of such names, in any sales promotion, advertising, or any other form of publicity without the prior written approval of UFRF in each case, except
that Licensee may state that it has received a license from UFRF under one or more or the patents and/or applications comprising the Licensed Patents. 
 Section 14    Miscellaneous 

  
 Page 18 of 26

	 	14.1	This Agreement shall be construed in accordance with the internal laws of the State of Florida 

 

	 	14.2	The parties hereto are independent contractors and not joint venturers or partners. 

 

	 	14.3	Licensee shall insure that it applies patent markings that meet all requirements of U.S. law, 35 U.S.C. §287, with respect to all Licensed Products subject to this
Agreement. 

  

	 	14.4	This Agreement and its Appendices constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements or agreements by
or between the parties, whether orally or in writing, shall vary or modify the written terms of this Agreement. Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement,
acknowledgment, or otherwise, unless such mutual agreement is in writing, signed by the other party, and specifically states that it is an amendment to this Agreement. 

 

	 	14.5	Licensee shall not encumber or otherwise grant a security interest in any of the rights granted hereunder to any third party. 

 

	 	14.6	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 Contract Act) controlling the export of technical data, computer software, laboratory prototypes, biological material, and other commodities. The transfer of such items may require a license from the cognizant agency of the U.S. Government or
written assurances by Licensee that it shall not export such items to certain foreign countries without prior approval of such agency. UFRF neither represents that a license is or is not required or that, if required, it shall be issued.

 Section 15    Notices 

Any notice required to be given pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been given

  

	 	•	 	 when delivered personally, 

  

	 	•	 	 if sent by facsimile transmission, when receipt thereof is acknowledged at the facsimile number of the recipient as set forth below,

  

	 	•	 	 the second day following the day on which the notice has been delivered prepaid to a national air courier service, or 

 

	 	•	 	 five (5) business days following deposit in the U.S. mail if sent certified mail, return receipt requested: 

 

	 	15.1	If to the University of Florida Research Foundation, Inc.: 

 President 
 University of Florida Research Foundation, Inc.

 223 Grinter Hall 
 University of Florida 
 Post Office Box 115500 

Gainesville, FL 32611-5500 
 Facsimile Number: 352-846-0491 
 with a copy to: 

Office of Technology Licensing 
 Attn: Director 
 308 Walker Hall 

  
 Page 19 of 26

 University of Florida 

Post Office Box 115500 
 Gainesville, Florida 32611-5500 
 Facsimile Number: 352-392-6600

  

	 	15.2	If to Licensee: 

John Engels 
 Axogen Corporation 
 PO Box 357787 

Gainesville, FL 32635-7787 
 With copy to: 
 Attorney 

David G. Bates, Esq. 
 Gunster Yoakley & Stewart, P.A. 
 777 South Flagler Dr.,
Suite 500E 
 West Palm Beach, FL 33401 

Facsimile Number: 561-655-5677 
 Section 16    Contract Formation and Authority 
  

	 	16.1	No agreement between the parties shall exist unless the duly authorized representative of Licensee and the Director of the Office of Technology Transfer of UFRF have
signed this document within thirty (30) days of the Effective Date written on the first page of this Agreement. 

  

	 	16.2	UFRF and Licensee hereby warrant and represent that the persons signing this Agreement have authority to execute this Agreement on behalf of the party for whom they
have signed. 

  

	 	16.3	Force Majuere. 

 No
default, delay, or failure to perform on the part of Licensee or UFRF shall be considered a default, delay or failure to perform otherwise chargeable hereunder, if such default, delay or failure to perform is due to causes beyond either party’s
reasonable control including, but not limited to: strikes, lockouts, or inactions of governmental authorities, epidemics, war, embargoes, fire, earthquake, acts of God, or default of common carrier. In the event of such default, delay or failure to
perform, any date or times by which either party is otherwise scheduled to perform shall be extended automatically for a period of time equal in duration to the time lost by reason of the excused default, delay or failure to perform. 

Section 17    United States Government Interests 

 

	 	17.1	 It is understood that the United States Government (through any of its agencies or otherwise) has funded research, Grant No. RO1 NS37901, during the
course of or under which any of the inventions of the Licensed Patents were conceived or made. The United States Government is entitled, as a right, under the provisions of 35 U.S.C. §202-212 and applicable regulations of Title 37 of the Code
of Federal Regulations, to a non-exclusive, nontransferable, irrevocable, paid-up license to practice or have practiced the inventions of such Licensed Patents for governmental purposes. If required by the United States Government, Licensee agrees
that for 

  
 Page 20 of 26

	 	
Licensed Products covered by the Licensed Patents that are subject to the non-exclusive royalty-free license to the United States Government, said Licensed Products will be manufactured
substantially in the United States. Any license granted to Licensee in this Agreement shall be subject to such right. 

  

	 	17.2	Licensee further agrees that it shall abide by all the requirements and limitations of U.S. Code, Title 35, Chapter 38, and implementing regulations thereof, for all
patent applications and patents invented in whole or in part with federal money. 

 [ SIGNATURE PAGES FOLLOW]

  
 Page 21 of 26

 SIGNATURE PAGE AXOGEN-UF LICENSE AGREEMENT 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates indicated below. 

 

					
	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.
		
	     /s/ David L.
Day            
	 	
Date:            2/22          
  ,2006

	 David L. Day
	 	
	 Director, Office of Technology Transfer
	 	
	
	ACKNOWLEDGED AND APPROVED:
		
	     /s/ David F. Muir IV
	 	
Date:            2/23          
  ,2006

	 David F. Muir IV
	 	
	
	LICENSEE
			
	 By:
	 	     /s/ Jamie M. Grooms
	 	 Date: February 22, 2006

	
	Name and Office: Jamie M. Grooms, CEO

 UFRF Ref: UF #- 10569, 10982, 10983 

  
 Page 22 of 26

 Appendix A 

Development Plan 
 A development plan of the scope outlined below shall be submitted to UFRF by Licensee prior to the execution of this agreement. In general, the plan should provide UFRF with a summary overview of the
activities that Licensee believes are necessary to bring products to the marketplace. 
  

	I.	Development Program 

  

	 	A.	Development activities to be undertaken 

 (Please break activities into subunits with the date of completion of major milestones) 
  

	 	  	1. 

  

	 	  	2. 

  

	 	  	3. 

  

	 	  	4. 

  

	 	B.	Estimated total development time 

  

	II.	Governmental Approval 

  

	 	A.	Types of submissions required 

	 	B.	Government agency, e.g., FDA, EPA, etc. 

  

	III.	Proposed Market Approach 

  

	IV.	Competitive Information 

  

	 	A.	Potential competitors 

	 	B.	Potential competitive devices/compositions 

	 	C.	Known competitor’s plans, developments, technical achievements 

	 	D.	Anticipated date of product launch 

 Total
Length: approximately 2-3 pages 

  
 Page 23 of 26

 Appendix B 

Development Report 

When appropriate, indicate estimated start date and finish date for activities. 

 

	I.	Date Development Plan Initiated and Time Period Covered by this Report. 

  

	II.	Development Report (4-8 paragraphs). 

  

	 	A.	Activities completed since last report including the object and parameters of the development, when initiated, when completed and the results. 

 

	 	B.	Activities currently under investigation, i.e., ongoing activities including object and parameters of such activities, when initiated, and projected date of completion.

  

	III.	Future Development Activities (4-8 paragraphs). 

  

	 	A.	Activities to be undertaken before next report including, but not limited to, the type and object of any studies conducted and their projected starting and completion
dates. 

	 	B.	Estimated total development time remaining before a product will be commercialized. 

 

	IV.	Changes to Initial Development Plan (2-4 paragraphs). 

  

	 	A.	Reasons for change. 

	 	B.	Variables that may cause additional changes. 

  

	V.	Items to be Provided if Applicable: 

  

	 	A.	Information relating to Licensed Products that has become publicly available, e.g., published articles, competing products, patents, etc. 

	 	B.	Development work being performed by third parties, other than Licensee, to include name of third party, reasons for use of third party, planned future uses of third
parties including reasons why and type of work. 

	 	C.	Update of competitive information trends in industry, government compliance (if applicable) and market plan. 

	 	D.	Information and copies of relevant materials evidencing the status of any patent applications or other protection relating to Licensed Products or the Licensed Patents.

 PLEASE SEND DEVELOPMENT REPORTS TO: 
 University of Florida Research Foundation, Inc. 
 Attn: Director 

308 Walker Hall 

P.O. Box 115500 

Gainesville, FL 32611-5500 
 Facsimile: 352-392-6600 

  
 Page 24 of 26

 Appendix C 

UFRF Royalty Report 
  

					
	Licensee:                           
                         	  	Agreement
No.:                                        

	Inventor:                           
                          	  	P#:
P                                         
             
	Period Covered:            From:
    /    /2                Through:
    /    /2            	  	
	Prepared
By                                        
      	  	    Date:                    
                                      

	Approved
By:                                        
      	  	Date:                        
                                  

 If license covers several major product lines, please prepare a separate report 

        for each line. Then combine all product lines into a summary report. 

 

			
	 Report Type:              ̈
	  	Single Product Line
Report:                                        
                        
	
                        
             ̈
	  	Multiproduct Summary Report. Page 1 of             Pages
	
                        
             ̈
	  	Product Line Detail.
Line:            Tradename:            Page:         
   
	 Report
Currency:      ̈
	  	U. S. Dollars          ̈ Other
                                         
                       

  

													
	Country	  	 Gross
 Sales
	  	 * Less:

Allowances
	  	 Net
 Sales
	  	 Royalty

Rate
	  	Period Royalty Amount
	  	  	  	  	  	This Year	  	Last Year
							
	 U.S.A.
	  		  		  		  		  		  	
							
	 Canada
	  		  		  		  		  		  	
							
	 Europe:
	  		  		  		  		  		  	
							
	 Japan
	  		  		  		  		  		  	
							
	 Other:
	  		  		  		  		  		  	
							
	 TOTAL:
	  		  		  		  		  		  	

 Total Royalty:
                    Conversion Rate:
                    Royalty in U.S. Dollars:
$                     
             The following royalty forecast is non-binding and for UFRF’s internal planning purposes only: 

Royalty Forecast Under This Agreement: Next
Quarter:                    Q2:                  
  Q3:                    Q4:                
     
  

	
	 * On a separate page, please
indicate the reasons for returns or other adjustments if significant.
 Also note any unusual occurrences that affected royalty
amounts during this period.
 To assist UFRF's forecasting, please comment on any significant expected trends in sales
volume.

  
 Page 25 of 26

 Appendix D 

AMENDED AND RESTATED 
 SHAREHOLDERS 
 AND 

REGISTRATION RIGHTS 
 AGREEMENT 

  
 Page 26 of 26Exhibit 10.3

 Exhibit 10.3 
 Confidential treatment requested under 17 C.F.R. §§ 200.80(b)(4) and 230.406. The confidential portions of this exhibit have been omitted and are marked accordingly. The confidential portions
have been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request. 

Sid Martin 

Biotechnology Development Institute 
 INCUBATOR LICENSE AGREEMENT 
 THIS AGREEMENT, made this
26th day of September, 2006, between AxoGen Inc.,
(“Licensee), and the University of Florida Research Foundation, Inc., a Florida not-for-profit corporation (“UFRF”) in Gainesville, Florida. 
 WHEREAS, the University of Florida (“University”) has established the Biotechnology Development Institute (“BDI”) which seeks to encourage the development of early-stage companies
whose technology relates to the molecular life sciences by providing incubator resources which will foster that development (“the Incubator Program”); and 
 WHEREAS, the BDI has been constructed at Progress Corporate Park (formerly the Echelon Business and Technology Park) in Alachua, Florida, to provide facilities for the Incubator Program; and 

WHEREAS, UFRF has agreed to manage certain activities of the Incubator Program, including licensing and managing space in the BDI
building, and other services as more particularly described herein; and 
 WHEREAS, Licensee has submitted an application for
admission to the BDI Incubator Program and has submitted or is developing a business plan in support of that application; and 

WHEREAS, UFRF, upon review of Licensee’s application and supporting documentation, has accepted Licensee’s application for
participation in the BDI Incubator Program; and 
 WHEREAS, Licensee is desirous of being the recipient of resources to be made
available to the participants in the BDI Incubator Program; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements in this
Agreement, the parties agree as follows: 
 1. License Grant. UFRF grants to Licensee and Licensee hereby accepts a
license to use the space or spaces located within the BDI building, the exact location and area allowances of which are as indicated in Attachment A (the “Licensed Space”). UFRF shall also make available the following resources and
facilities: 
 (a) Shared Facilities. UFRF will provide a centralized reception and administrative support suite and
limited secretarial services. Other services and facilities will include access to centralized mail handling, certain library and reference materials, a copying machine, a fax machine, and limited transportation between the BDI building and the
University campus. In addition, the BDI building will contain a central instrumentation lab for common equipment usage, common use cold rooms, autoclaves, a dark room, a 600 sq. ft. greenhouse, support facilities for media preparation, small-scale
fermentation experiments, and glassware washing. Such services and facilities will be made available to Licensee on a shared basis with other occupants of the BDI building and others, and, as such, Licensee understands that UFRF will make such
services available on a reasonable, best efforts basis, as determined at the sole discretion of the Incubator Manager. The “Incubator Manager” is defined as the appointed representative of the University’s Biotechnology Program, or
his or her designee. 

 (b) “If Available” Shared Facilities. UFRF will provide Licensee on an
“if available” basis the use of a conference room within the BDI building, together with certain audio visual equipment. 
 (c) Communications Connections. UFRF shall provide wiring and jacks for one (1) telephone and one (1) computer and network hook-up within each office or lab in the Licensed Space.
Licensee shall pay any reasonable additional costs associated with telephone(s) including, but not limited to, service initiation charges, monthly service charges, voice mail charges, long distance charges, and e-mail or connect time charges. Any
replacement or upgrading of equipment or service shall be at the expense of Licensee and only with the prior written approval of the Incubator Manager. UFRF will provide the wiring for computer network link-up to the wall outlet at no charge.
However, a communications circuit accessory linecord to the T-1 connection is required to access network services and can be provided by UFRF to the Licensee for an additional charge that shall be reasonable. This charge will be added to the monthly
invoice following its installation. 
 (d) Utilities. UFRF shall provide Licensee with electric, gas, water, analytical
grade de-ionized water, and sewer service for seven days per week of normal office or laboratory use. BDI shall also supply normal refuse (paper, cardboard, aluminum, etc.) disposal during business days. Normal and reasonable janitorial service
shall be provided by UFRF. If Licensee makes excessive use of the facilities as determined by the Incubator Manager in his or her sole discretion, the costs of such excessive use shall be borne by Licensee as additional cash license fees as
described in paragraph 3(c) below that shall be reasonable. 
 (e) Lab and Office Equipment. Upon request of Licensee,
UFRF shall use its best efforts to provide for use within the Licensed Space such lab and office equipment as set forth on Attachment A. Such furnishings and equipment shall be selected by UFRF. Any changes in carpet, installed equipment, or
furnishings, or any structural changes in the Licensed Space shall be implemented only with the prior written approval of the Incubator Manager, and at the exclusive expense of Licensee. 

(f) Core Laboratories and other Resources. UFRF will use its best efforts, but does not guarantee to provide Licensee with access
to certain Biotechnology Program resources upon request by Licensee, including access to the Biotechnology Program Core Laboratory Services, and transportation for samples and reagents between campus-based laboratories and facilities and the BDI
building. Licensee may, at UFRF’s discretion, have access to disclosure, patent, or technology transfer training. Payment of service fees relating to such resources, if any, shall be the sole responsibility of Licensee. 

(g) Damage to Facilities. In the event that any licensed facilities, equipment, or any other UFRF or University property is
damaged or destroyed through use, misuse, or negligence by Licensee, UFRF may make the required repairs or replacement of damaged property and shall provide Licensee with an invoice representing the reasonable loss to UFRF or the University (whether
replaced or repaired or otherwise), said invoice to be due and payable by Licensee in accordance with its terms. In the event that normal maintenance is required for said facilities, equipment, or UFRF or University property, Licensee shall notify
the Incubator Manager, who is the sole person authorized to arrange for such service. The cost for any unauthorized repairs ordered by Licensee shall be borne exclusively by Licensee. 

2. Scheduling of Use of University Campus Facilities. The Incubator Manager will assist the Licensee to identify and access
University of Florida facilities on the main campus as needed. 
 3. License Fees; Term. The term of this Agreement and
Licensee’s obligation to pay a license fee (consisting of monthly cash payments, and additional license fees, if any) are as provided below. Licensee shall pay applicable sales, use, or other taxes with respect to all license fees. 

 

	 	(a)	License Fees. Cash payments shall commence on the 1st day of October, 2006, (the “Effective Date”), and thereafter the license fee shall be paid in
equal monthly installments on the first day of each month during the term, in advance, to the UFRF at its offices at 12085 Research Dr. Alachua, Florida 32615, unless UFRF designates another place. The license fee shall be paid without
abatement, deduction, or set off for any reason. 

 Initial Term: 
 Occupy Lab/office 170/170A for a total of 963 sq./ft. From October 1, 2006, to September 30, 2007 @ $24.00 per square foot/per year, with applicable sales tax, currently 6.25%, totaling $2046.37
per month. 
 Renewal Term: To be negotiated. In the event that this Agreement is extended beyond the initial one-year term, all of the terms
and conditions contained therein shall apply to the renewal terms except that the amount of license fee may be increased by UFRF for any renewal term. 
 (b) Term. The initial term of the license shall be for 12 months following the commencement of the term as noted above and shall terminate on September 30, 2007, or on the last day of the
month which is 12 months after the Effective Date, whichever is later. Licensee shall have the option of two additional one-year renewal terms, provided written notice of the exercise of said option is furnished to UFRF at least 60 days prior to the
expiration of the current term. Licensee’s right to exercise such options is subject to satisfactory progress on meeting its R&D milestones and business plan objectives, such progress to be determined in the sole discretion of the
University after reasonable consultation with Licensee. Additional renewal terms may be requested by Licensee in the event of special circumstances. Such request may be approved in the sole discretion of UFRF. In the event this Agreement is
extended, all of the terms and conditions contained herein shall apply to the renewal terms. 
 (c) Additional License
Fees. Unless otherwise agreed to, the cost of any services or resources requested in writing by Licensee and provided by BDI or the University not indicated in Section 1 above shall be borne by Licensee. Licensee shall be billed separately
for said additional services or resources as additional cash license fees, payment for which shall be due and payable in accordance with the terms of the invoice therefore. All such additional license fees shall be reasonable based on the services
provided. 
 (d) Delinquent Fees. If Licensee fails to pay any cash license fees for ninety (90) days or more after
such cash license fees are due under this Agreement, UFRF, in its sole discretion, may review Licensee’s status. However, this provision does not affect any default provisions or UFRF’s termination rights under this Agreement and does not
create an obligation to review Licensee’s status in the event of nonpayment or other default by Licensee. 
 4. Termination. Nothing
herein shall relieve either party of any outstanding obligation incurred pursuant to this Agreement prior to any termination. The facilities, equipment, and Licensed Space licensed hereunder are licensed for the purpose of furthering Licensee’s
business objectives as approved by UFRF. Pertinent portions of Licensee’s business plan, including its business objectives and financial progress reports are attached as Attachment C. 

(a) Not a Lease; Right to Terminate. The parties understand that this Agreement constitutes a license, not a lease, and that the
relationship of the parties hereunder is that of licensor and licensee, and not that of landlord and tenant. As such, UFRF reserves the right to change space assignments or to terminate this Agreement by thirty (30) days written notice if the
assigned space does not function as a place of business for more than one week, or if Licensee in UFRF’s sole discretion no longer meets the criteria for participation in the Incubator Program. Notwithstanding Section 15 below, if UFRF has
reason to believe at any time that Licensee is no longer following its business plan as approved by UFRF, UFRF, in its sole discretion, may review Licensee’s status. If, in UFRF’s sole discretion, Licensee’s current status is not in
material accord with its business plan, UFRF may terminate this Agreement with 30 days written notice. 
 (b) Default; Notice
of Termination. Should either party be in default in connection with any material terms or conditions stated within this Agreement, including but not limited to those stated in Section 5(a), then the other party shall have the right to
terminate this Agreement upon twenty (20) business days written notice, if the other party does not correct such situation within the said twenty business (20) day period. 

 (c) Termination Without Cause. Either party may terminate this Agreement without cause upon sixty
(60) calendar days written notice. 
 5. Indemnification. Licensee shall at all times during the term of this
Agreement and thereafter, indemnify, defend, and hold the UFRF, the University of Florida Board of Trustees, the State of Florida and the board members, officers, employees, and affiliates of any of these entities (hereinafter
“Indemnitees”), harmless against all claims and expenses, including legal expenses and reasonable attorneys’ fees, whether arising from a third party claim or resulting from UFRF’s enforcing this indemnification clause against
Licensee, or arising out of the death of or injury to any person or persons or out of any damage to property and against any other claim, proceeding, demand, expense, or liability of any kind whatsoever resulting from the Licensee’s occupancy
of the Licensed Space, the use of any University services or resources, arising from any right or obligation of Licensee hereunder, or arising out of Licensee’s implementation of its business plan, or research involving, without limitation, the
use of animals, human subjects, or biohazardous materials. This indemnification shall not apply to any liability, damage, loss, claim, demand, or expense to the extent that it is attributable to the negligence or intentional wrongdoing of the
Indemnitees. Licensee shall, at its own expense, provide attorneys reasonably acceptable to UFRF to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject of indemnity contained herein,
whether or not such actions are rightfully brought. 
 6. Insurance. During the term of this Agreement, Licensee shall,
at its sole cost and expense, procure and maintain policies of comprehensive general liability insurance naming the Indemnitees as additional insured. 
 (a) Comprehensive General Liability. The comprehensive general liability insurance shall provide broad form contractual liability coverage for Licensee’s indemnification under this
Section 6 in the following minimum amounts: 
  

	 	(i)	comprehensive liability (personal injury, including death):$500,000 per occurrence and $1,000,000 per claim and ; 

 

	 	(ii)	property damage: $500,000 per occurrence and $1,000,000 per claim. 

 (b) Self-Insurance. If Licensee elects to self-insure, such self-insurance program must be acceptable to UFRF. 
 (c) Other Insurance. Licensee shall obtain and keep in force all worker’s compensation insurance required under the laws of the State of Florida, and such other insurance as may be necessary
to protect Indemnitees against any other liability of person or property arising hereunder by operations of law, whether such law is now in force or is adopted subsequent to the Effective Date. 

(d) Cancellation; Replacement Insurance. Licensee shall provide UFRF with written evidence of such insurance upon request, and
shall provide UFRF with written notice at least 45 days prior to the cancellation, non-renewal, or material change in such comprehensive general liability insurance; if Licensee does not obtain replacement insurance providing comparable coverage
within such 45 day period, or provide self-insurance satisfactory to UFRF, UFRF shall have the right to terminate this Agreement. 
 7. Destruction of Space. If the Licensed Space is totally destroyed (or so substantially damaged as to be uninhabitable) by storm, fire, earthquake, or other casualty, this Agreement shall
terminate as of the date of such destruction or damage, and license fees shall be accounted for as between UFRF and Licensee as of that date. If the Licensed Space is damaged but not rendered wholly uninhabitable by any such casualty or casualties,
license fees shall abate in such proportion as the use of the Licensed Space has been destroyed until UFRF has restored the Licensed Space to substantially the same condition as before damage, whereupon full license fees shall commence. Nothing
contained herein shall require UFRF to make such restoration, however, if not deemed advisable in its judgment. UFRF shall make its intentions to restore or not to restore said Licensed Space to original condition known to Licensee in writing,
within ninety (90) days of such occurrence. If UFRF decides against such reconstruction or fails to provide such notice, Licensee may, at its option, terminate this Agreement. 

 8. Maintenance; Survey. The Licensed Space shall be maintained in its original
condition to the satisfaction of UFRF, normal wear and tear excepted. Prior to the Effective Date, a joint survey of the Licensed Space and equipment, indicating its exact condition, shall be made by representatives of both Licensee and UFRF. A
written report of said survey shall be attached hereto and be made also upon termination of this Agreement. In the event that the facilities incur any loss or damage, (other than normal wear and tear) Licensee shall return the Licensed Space to its
original condition to the satisfaction of UFRF. Otherwise, UFRF shall make the required repairs or replacement of damaged property, and shall provide Licensee with an invoice due and payable in accordance with its terms. Licensee, under this
Section, is deemed to have accepted the Licensed Space in the condition existing on the Effective Date. Licensee is not liable for losses or damage to the Licensed Space, furnishings, or equipment due to the sole negligence of UFRF or the
University. 
 9. Occupancy Fee. Licensee shall pay to UFRF a non-refundable sum of $200.00 to cover key lock changes,
minor adaptations and other incidental expenses related to the occupancy of the Licensee. The occupancy fee shall be paid as an addition to the first month’s payment. Licensee shall pay applicable sales, use, or other taxes with respect to all
occupancy fees. 
 (a) Additional Occupancy Fee(s). If, at any time, Licensee fails to fully, faithfully, and punctually
perform any of the terms, covenants, and conditions contained herein, UFRF shall in no way be precluded from recovering in addition to the said occupancy fee, any other damages or expenses that UFRF may suffer by reason of any violation by Licensee
of Licensee’s terms, covenants, and conditions contained herein. 
 10. Interruption of Business. Except as
specified in Section 7, neither the University nor UFRF shall be responsible to Licensee for any damages or inconvenience caused by interruption of business or inability to occupy the Licensed Space for any reason whatsoever, providing that,
Licensee shall be credited with the cash license fee on a pro rata basis for any working day period, if the business interruption is due to circumstances caused by UFRF that are not in the normal course of business or that are not a part of normal
operating procedures at the BDI building. 
 11. No Assignment. This Agreement is not assignable without the prior
written consent of UFRF, and any attempt to do so shall be void. 
 12. Qualification for Incubator; Non-Interference; Animal
or Human Research; Toxic Materials. Licensee’s admittance to the Incubator Program is based, in part, on UFRF’s review of Licensee’s business concept, objectives, and plans as presented in the BDI license application and related
documents. Use of the Licensed Space and other facilities, furnishings, equipment, and services made available to Licensee by UFRF or the University shall be in furtherance of Licensee’s business concept, objectives, and plans, and shall not be
in furtherance of any illicit or illegal purposes, or purposes not consistent with Licensee’s business concept, objectives, and plans. Licensee’s use of the Licensed Space and the equipment, furnishings, and services available under this
Agreement shall not interfere, in any manner, with use by other licensees or occupants of nearby facilities and equipment. Research involving the use of animals, human subjects, or the use of hazardous or toxic materials by Licensee is not permitted
unless consented to in writing by BDI, and then only in the manner prescribed by UFRF. UFRF reserves the right to approve in its sole discretion Licensee’s use of the Licensed Space and available equipment and services. 

13. Compliance with University and UFRF Policies; Requirements. Licensee shall comply with all applicable UFRF and University
rules and policies, including policies relating to human and animal subjects, recombinant DNA/RNA practices, biohazards, and radiation safety, as well as federal, state, or local laws, ordinances, codes, rules, permits, licensing conditions, and
regulations, including any amendments thereto (collectively, the “Requirements”), in its use of the Licensed Space, and shall procure, at its expense, any licenses, permits, insurance, and government approvals necessary to the operation of
its business. The discussion hereunder of specific rules, regulations and laws shall not be construed to lessen in any way the obligation of the Licensee to follow all applicable rules, regulations and laws, including without limitation, the
guidelines and policies of the University Division of Environmental Health and Safety. 

 (a) Certain Federal Statutes. “Hazardous substance” as used herein includes
any “hazardous substance as defined by the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. ‘ 9601, et seq., including any amendments thereto (“CERCLA”), any substance, waste, or other
material considered hazardous, dangerous, or toxic under any of the Requirements, petroleum and petroleum products, and natural gas. “Release” as used herein means any intentional or unintentional spilling, pumping, emitting, emptying,
discharging, escaping, leading, dumping, disposing, or abandonment of any hazardous substance. Licensee shall comply with all Requirements governing the discharge, release, emission, or disposal of any hazardous substance and prescribing methods for
or other limitations on storing, handling, or otherwise managing hazardous substances including, but not limited to, the then-current versions of the following federal statutes, any Florida analogs, and the regulations implementing them: the
Resource Conservation and Recovery Act (42 U.S.C. ‘ 6901, et seq.); CERCLA; the Clean Water Act (33 U.S.C. ‘ 1251, et seq.); the Clean Air Act (42 U.S.C. ‘ 7401, et seq.); and the Toxic Substances Control Act (15
U.S.C. ‘ 2601, et seq.). Licensee shall comply with all requirements of the Animal Welfare Act (7 U.S.C.” 2131, et seq.) as the same may be amended, and all similar federal, state, and local laws, codes, ordinances, and
regulations. 
 (b) Hazardous Substances; Disposal. Licensee covenants and agrees that it will not use or allow the
Licensed Space to be used for the storage, use, treatment, disposal, or other handling of any hazardous substance without the prior written consent of UFRF. Attached to the License as Attachment D is a list prepared by Licensee identifying the
hazardous substances which Licensee intends to use and store in the premises, and setting forth the quantity, use, and location thereof. UFRF hereby permits Licensee to use and store the hazardous substances set forth on Attachment D within the
Licensed Space, provided that Licensee complies in all respects with the Requirements and this Section and that such hazardous substances are not disposed of in the sanitary sewer system of the BDI building unless the Requirements permit and the
UFRF has consented to such method of disposal in writing, having determined in UFRF’s sole and absolute discretion that such disposal will not harm the sanitary sewer piping. Licensee shall request in writing UFRF’s written approval before
the introduction of any additional hazardous substance or biological use, handling, treatment, storage, or disposal in the Licensed Space is undertaken. Such request shall set forth a description of the hazardous substance or biological use
involved, the maximum quantity to be present in the Licensed Space at any time, its location within the Licensed Space, and its use in Licensee’s business. The Incubator Manager or his or her designee will expedite the request for the
introduction of hazardous substances to the office of Environmental Health and Safety for approval and will inform the Licensee of the outcome for approval as soon as the Incubator Manager and his or her designee receives notification. Licensee
covenants and agrees to assume the responsibility for the cost and disposal of hazardous chemicals created by its research during its tenancy at the BDI building, within 180 days of their initial storage. Designated storage areas will be provided by
UFRF within the BDI building. Chemicals for disposal must be labeled and packaged in accordance and compliance with University Environmental Health and Safety regulations and guidelines for storage and disposal of hazardous chemicals. UFRF assumes
no liability for hazards or spills created by the Licensee inside or outside of the BDI building, or during the storage of hazardous chemicals with a private firm or entity after such chemicals are removed from the BDI building. 

(c) Violations. Licensee shall take all steps necessary to remedy any violation of any Requirements by the Licensee whether or not
a citation or other notice of violation has been issued by a governmental authority. Licensee shall at its own expense, promptly contain and remediate any release of hazardous substances arising from or related to Licensee’s hazardous substance
activity in the Licensed Space, the BDI building, or the environment and remediate any resultant damage to the property, persons, or the environment. 
 (d) Environmental Inspections. UFRF reserves the right to periodically conduct an environmental and safety inspection of the Licensed Space and areas beyond such space, where necessary, such as the
HVAC system and the laboratory exhaust venting system. The scope of such inspection may include, but not be limited to, having the fume hoods tested and inspected. Licensee shall give prompt written notice to UFRF of any release of any hazardous
substance in the Licensed Space, the BDI building or the environment not made in conformance with the Requirements, including a description of remediation measures and any resulting damage to persons, property, or the environment. Licensee shall
upon expiration or termination of this License, surrender the Licensed Space to UFRF free from the presence and contamination of any 

 
hazardous substance. Following any breach by Licensee of the Requirements of this Section, or any reasonable safety or environmental concern by UFRF, UFRF may withdraw its consent to
Licensee’s hazardous substance activity (or any portion thereof) by written notice to Licensee. Licensee shall terminate its hazardous substance activity immediately upon notice and remove all hazardous substances from the Licensed Space within
15 days from the date of such notice unless such breach or concern is promptly addressed and corrected by Licensee to UFRF’s sole satisfaction. Licensee shall indemnify, hold harmless and (at UFRF’s option) defend the University or UFRF,
their agents and employees, from and against all claims, actions, losses, costs and expenses (including attorney’s and other professional fees), judgments, settlement payments, and, whether or not reduced to final judgment, all liabilities,
damages, or fines paid, incurred, or suffered by such parties in connection with loss of life, personal injury, or damage to property or the environment arising, directly or indirectly, wholly or in part from any conduct, activity, act, omission, or
operation involving the use, handling, generation, treatment, storage, disposal, other management or release of any hazardous substance at, from, or to the Licensed Space, whether or not Licensee has acted negligently with respect to such hazardous
substance. Licensee’s obligations and liabilities hereunder shall survive the expiration or other termination of this Agreement. 
 14. UFRF’s Control of Facilities. Notwithstanding anything to the contrary herein, UFRF reserves the right at all times to control all facilities licensed hereunder, and to enforce all
applicable necessary laws, rules, and regulations, including but not limited to, the rules and guidelines of the University of Florida Division of Environmental Health and Safety. 

15. Business Plan and R&D Review. At the request of UFRF, but not more frequently than at six month intervals, Licensee agrees
to review its current and prospective business plan and research and development program status with UFRF. Progress may be monitored in relation to the previous most recent plans which have been reviewed and approved by both Licensee and UFRF. If,
in UFRF’s sole discretion, the Licensee’s current status is not sufficiently in accord with the most recent previously reviewed plans, UFRF may give written notice of default in accordance with Section 4 above. 

16. Locks. UFRF will install all locks attached to the Licensed Space and provide two keys for each lock to Licensee. UFRF and the
University will have keys to all locks, and may enter the Licensed Space at reasonable times, for inspection, maintenance or repair, or for any other necessary reason. Entry for other than normal maintenance and inspection activities shall be
preceded by appropriate notice to Licensee. In the event of an emergency, notice will be given at the first reasonable opportunity, even after the fact. 
 17. Right to Remove Property. Unless in default of contract, Licensee shall have the right to remove any equipment, goods, fixtures, and other property which it has placed or affixed within or to
the Licensed Space, provided Licensee repairs damage caused by such removal. Licensee shall not remove improvements made to the facilities or Licensed Space by UFRF or on behalf of UFRF during this Agreement. 

18. Use of Names. Licensee shall not use the names of BDI, the University, or UFRF or their employees or agents, nor any
adaptation thereof, in any advertising, promotional, or sales literature without prior written consent obtained from UFRF in each case, except that Licensee may state that it is a Licensee of UFRF pursuant to this Agreement, that it is a participant
in the Incubator Program. Licensee will cooperate fully with UFRF to publicize the Incubator Program and Licensee’s participation in such program. 
 (a) Request for Consent to Use of Names. Requests for consent to use of names of BDI, the University, or UFRF or any of their employees or agents shall be sent to the Incubator Manager.
Notwithstanding the foregoing, the University and UFRF consent to references to them pursuant to any requirements of applicable law or governmental regulations, provided that, in the event of any such disclosure, Licensee shall afford UFRF the prior
opportunity to review the text of such disclosure. Licensee shall use its best efforts to comply with any reasonable requests by UFRF regarding changes. 
 (b) Consent Deemed Granted. Where consent of a party is required under this Section, such consent shall be deemed granted if no written objection (or oral objection, confirmed immediately in
writing) is received by the requesting party on or before the twentieth calendar day following the date a written request for consent was received by the requested party. For the purposes of this Section only, a item shall be

 
deemed received as follows: (i) if hand delivered, upon delivery; (ii) if sent by electronic mail, upon confirmation by the sending carrier that the message was deposited to the
addressee’s mailbox; (iii) if sent by registered mail, return receipt requested, upon signing by the receiving party; or (iv) if sent by ordinary mail in the United States, postage prepaid, and addressed as set forth below, on the
fifth calendar day after deposit in the mail. 
 19. No Partnership. Nothing contained in this Agreement shall create any
partnership or joint venture between the parties. Neither party may pledge the credit of the other or make any binding commitment on the part of the other. 
 20. Miscellaneous. The parties hereto acknowledge that this Agreement sets forth the entire agreement and understanding of the parties hereto as to the subject matter hereof, and shall not be
subject to any change or modification except by the execution of a written instrument subscribed to by the parties hereto. The provisions of this Agreement are severable, and in the event that any provisions of this Agreement shall be determined to
be invalid or unenforceable under any controlling body of the law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof. The titles herein are for convenience only. This
Agreement shall be construed, governed, interpreted, and applied in accordance with the laws of the State of Florida. 
 21.
Notices. Any payment, notice or other communication pursuant to this Agreement shall be sufficiently made or given on the date of mailing if sent to such party by certified first class mail, postage prepaid, addressed to it at its address
below or as it shall designate by written notice given to the other party: 
 In the case of UFRF: 

President, University of Florida Research Foundation, Inc. 
 University of Florida 
 109 Grinter Hall 

Gainesville, Florida 32611 

PLEASE MAKE ALL CHECKS PAYABLE TO: 
 University of Florida Research Foundation, Inc. 
 c/o Sid Martin Biotechnology
Incubator 
 12085 Research Dr. 
 Alachua, Fl. 32615-6832 
 In the case of Licensee: 

AxoGen 
 P.O. Box
357787 
 Gainesville, Fl. 32635 
 22. Inventions, Improvements, and Discoveries. 
 a) Any inventions,
improvements, or discoveries, patentable or unpatentable, which are conceived or made solely by one or more persons who are employed solely by Licensee, and where such employee is also not an employee of the University of Florida or subject to the
University of Florida patent policy, whether developed in the BDI building or through the use of other facilities, equipment, or services, access to which is provided under this Agreement, shall be owned by Licensee and University shall have no
claim to or rights in such inventions, improvements, or discoveries. 
 b) Subject to paragraph (e) in this section
22, ownership of any inventions, improvements, or discoveries, patentable or unpatentable, which are conceived or made by one or more persons, all of whom are simultaneously employed or appointed by University and by Licensee, whether developed in
the BDI building or through the use of other facilities, equipment, or services, access to which is provided under this 

 
Agreement, shall be determined in accordance with the University of Florida Intellectual Property Policy (a copy of which is attached hereto as Attachment D) and any applicable provisions of the
conflict of interest exemption monitoring plan. 
 c) Subject to paragraph (e) in this section 22, ownership of any
inventions, improvements, or discoveries, patentable or unpatentable, which are conceived or made by more than one person, where at least one such person is employed solely by Licensee and at least one such person is simultaneously employed or
appointed by University and by Licensee, whether developed in the BDI building or through the use of other facilities, equipment, or services, access to which is provided under this Agreement, shall be jointly owned by Licensee and by University
(with respect to University, in accordance with its Intellectual Property Policy and any applicable provision of the conflict of interest exemption monitoring plan), subject to any other applicable agreements. 

d) Subject to paragraph (e) in this section 22, ownership of any inventions, improvements, or discoveries, patentable or
unpatentable, which are conceived or made by more than one person, where at least one such person is employed solely by Licensee, and where such person is not also employed by the University of Florida or subject to the University of Florida patent
policy, and at least one such person is employed solely by or appointed by University, whether developed in the BDI building or through the use of other facilities, equipment, or services, access to which is provided under this Agreement, shall
be jointly owned by Licensee and by University (with respect to University, in accordance with its Intellectual Property Policy and any applicable provision of the conflict of interest exemption monitoring plan), subject to any other applicable
agreements. 
 e) Any inventions, improvements, or discoveries patentable or unpatentable, which are conceived or made by
more than one person, where at least one such person is employed by Licensee, and where such person is not also employed by the University of Florida or subject to the University of Florida patent policy, and at least one such person is employed
solely or appointed by University, where the subject matter of such invention, improvement, or discovery is outside the scope of the employment or appointment of such University employee or appointee, in the sole but reasonable discretion of the
University of Florida Office of Technology Licensing, or no University support was used in connection with the invention, improvement, or discovery whether developed in the BDI building or through the use of other facilities, equipment, or services,
access to which is provided under this Agreement, shall be the sole property of Licensee. 
 23. Confidentiality. UFRF
will use its best efforts to prevent the dissemination of any proprietary information related to work of the Licensee unless authorized to do so in writing by Licensee. UFRF shall have, however, the right to disclose Licensee’s activities in a
general, descriptive manner. 
 IN WITNESS THEREOF, the parties have executed this License Agreement as of the date first above
written. 
  

			
	University of Florida Research Foundation, Inc.
		
	By:	 	    /s/ David L. Day
		 	David L. Day, Director of Technology Transfer
		
	Date	 	     9/29/08

	
	AxoGen, Inc.
		
	By:	 	    /s/ John P. Engels
		 	John P. Engels, Vice President
		
	Date	 	     09/28/2006

 ATTACHMENT A 
 LICENSED SPACE 
  

			
	Address:	  	 Biotechnology Development Institute
 12085 Research Drive
 Alachua, Fl 32615-6831

		
	Lab Space:	  	Room #170/170a                963 Square feet
		
	Total Square Feet:	  	963 Square feet
		
	Furniture and Equipment:	  	
		
		  	1 - Standard office desk
		
		  	1 - Standard office chair
		
		  	1 - File cabinet
		
		  	1 - Bookcase
		
		  	Biological hood
		
		  	Chemical fume hood

 APPENDIX A 
 TECHNOLOGY KNOW-HOW AND RESEARCH DEVELOPMENT 
 [**] 

 

	**	Certain information in this exhibit has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request. 

 ATTACHMENT C 
 EXTRACTS FROM BUSINESS PLAN 
 Company Summary 

AxoGen provides surgeons biological solutions to repair and regenerate peripheral nerves, bringing relief and restoring functionality to patients who
suffer peripheral nerve injuries. The company brings to this market a unique combination of patented technologies, an experienced management team, a shortened regulatory pathway for immediate market penetration, and a rich pipeline of new products
and technologies to drive future growth. AxoGen plans to establish a leadership position in the peripheral nerve market, revolutionizing peripheral nerve procedures with demonstrably superior technologies. 

Market Opportunity 
 Every year in the
US, several million people suffer traumatic, iatrogenic or nontraumatic peripheral nerve injury. Injuries to the peripheral nervous system (PNS) are a major source of disability, impairing the ability to move muscles or to feel normal sensations. To
correct these problems, more than one million procedures were performed in the US in 2002, totaling more than $10 billion in medical costs. In addition, more than 250,000 patients in the US suffered major traumatic peripheral nerve injuries, but
were not treated or were under treated. Using conservative estimates, the potential US market for AxoGen products exceeds $1 billion. 

 ATTACHMENT D 
 LIST OF HAZARDOUS SUBSTANCES
 (According to section 13 (b), a list prepared by Licensee
identifying the hazardous substances which Licensee intends to use and store in the premises, and setting forth the quantity, use, and location thereof need to be shown as attachment D.) 

 ATTACHMENT E 
 ANIMAL SAFETY AND COMPLIANCE 
 (Section 12 of the ILA states that research
involving the use of animals by Licensee is not permitted unless consented to in writing by BDI. Complete and submit all required forms and registration with the appropriate agency or department on campus and furnish a copy for your ILA record.)

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