Document:

EX-10.3

 EXHIBIT 10.3 

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

			
	13 December, 2012	  	

 The Directors 
 Oxford Immunotec
Limited 
 94C Milton Park, 
 Abingdon, 

Oxon, 
 OX14 4RY 

Dear Sirs 
 Licence Agreement dated 27th July 2005 between
Isis Innovation Limited and Oxford Immunotec Ltd, (“the Licence Agreement”). 
 The parties have agreed to vary the Licence Agreement from
the effective date of this letter as follows: 
 A new clause 6.9 shall be inserted with the following wording: 

 

	6.9	Lophius Biosciences’ Position. 

  

	 	6.9.1	This clause replaces any right of sub-licence to Lophius and Lophius’s Affiliates (which term, for clarity, includes Authorised Subsidiaries) that the Licensee may have under this Agreement, including in particular
the Licensee’s rights set out in clause 6.2 above. For the avoidance of doubt, this clause 6.9 does not affect the Licensee’s rights under clause 6.2 above in respect of third parties other than Lophius or Lophius’s Affiliates. The
Licensee may grant a sub-licence under this Agreement to Lophius Bioscience GmbH whose offices are at Josef-Engert-Strasse 13, D-93053 Regensburg, Germany (“Lophius”) and its Authorised Subsidiaries (defined below) in accordance with the
following provisions: 

  

	 	6.9.1.1	the sub-licence agreement shall be limited to the use and exploitation of the Core Patent Application only; 

  

	 	6.9.1.2	the sub-licence agreement shall be non-sublicensable, non-exclusive, and limited to the field of in vitro diagnostics for the measurement of cell mediated immune status of CMV and/or EBV infection in humans and shall
include rights of termination against Lophius that are materially equivalent to the Licensor’s rights under this Agreement. The territorial extent of the sub-licence may be worldwide; 

 

	 	6.9.1.3	the Licensee shall not without the prior written consent of the Licensor extend (or permit the extension of) the sub-licence to Affiliates of Lophius other than Authorised Subsidiaries; 

 

	 	6.9.1.4	the sub-licence agreement shall prohibit any assignment of the rights and obligations under it by Lophius without the prior written consent of the Licensor except that Lophius may (i) assign its rights and
obligations under 

  
 Isis Innovation Limited 

 

			
	 Ewert House, Ewert Place, Summertown, Oxford, OX2 7SG

T +44 (0)1865 280830 F +44 (0)1865 280831 E innovative@isis.ox.ac.uk ww.isis-innovation.com

Company No 2199542 Registered Office: University Offices, Wellington Square, Oxford OX1 2JD VAT 490 7988 85
	  	

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

	 	the sub-licence agreement (as a whole but not in part) to an Affiliate of Lophius for so long as it remains an Affiliate, or (ii) agree with a third party to assign to it Lophius’ rights and obligations under
the sub-licence agreement (as a whole but not in part) to such third party in connection with a sale or transfer to such third party of all or substantially all of the assets of Lophius relating to that line of business to which the sub-licence
agreement relates (a “Lophius Change of Control”), provided that prior to the assignment being completed and taking effect the assignee enters into a legal agreement with the Licensor in which it undertakes to comply with the terms and
conditions of the sub-licence agreement); For clarity, the sub-licence shall not permit the assignment of the rights of any Authorised Subsidiary under the sub-licence agreement except as part of a Lophius Change of Control, subject to the
conditions set forth in the preceding sentence; 

  

	 	6.9.1.5	the sub-licence agreement shall not be inconsistent or in conflict with this Agreement (including without limitation and for the avoidance of doubt, clause 2.2 above) and without affecting the generality of the
foregoing, the Licensee shall include and enforce obligations in the sub-licence that oblige Lophius and each Authorised Subsidiary to assist with the enforcement of the Core Patent Applications, to mark the sub-licensed products with appropriate
patent numbers, and to protect the interests of the Licensor as set forth in the Agreement (including but not limited to obligations to obtain adequate product liability insurance); and 

 

	 	6.9.1.6	the sub-licence agreement shall provide that Lophius assumes full responsibility for the actions and omissions of each Authorised Subsidiary, and that any action or omission of an Authorised Subsidiary that would
constitute a breach of the sub-licence agreement if performed (or in the case of omissions, not performed) by Lophius will be deemed to be a breach by Lophius. 

  

	 	6.9.2	“Authorised Subsidiary” shall mean only those Majority-Owned Subsidiaries of Lophius (i) that have been approved in writing both by Licensor as set forth below and by Licensee, (ii) that have agreed
in writing to be bound by the applicable terms and conditions of this Agreement, and (iii) whose compliance with the applicable terms and conditions of this Agreement has been guaranteed by a written guarantee by Lophius in favour of Licensor
and Licensee. A “Majority Owned Subsidiary” of Lophius means a corporation or other entity with respect to which Lophius directly or indirectly owns or otherwise controls more than fifty percent (50%) of the voting shares, stock or
other participating interest carrying the right to vote or to distribution of profits. Isis shall have the right to approve each Authorised Subsidiary, but shall only be entitled to refuse such approval on the basis of a reasonable belief that
extension of the sub-licence to the proposed Authorised Subsidiary is likely to result in reputational harm to the University of Oxford. 

  

	 	6.9.3	The revenue generated under Licensee’s sub-licence to Lophius and the Authorised Subsidiaries shall not be subject to the payment obligations of the Licensee contained in clause 7.1 below. Instead the Licensee will
pay to the Licensor[ ***]% of all revenue to which the Licensee is entitled under the sub-licence agreement with Lophius (including revenues arising from the extension of the sub-licence by Licensee to Authorised Subsidiaries), and including
revenues received by reason of any further Lophius sub-licences (if applicable). 

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

	 	6.9.4	The Licensee represents and warrants to the Licensor that the contract provisions attached as “Annex 1” to this letter shall be included in the sub-licence agreement with Lophius without any material amendment
and that the sub-licence agreement does not contain a third parties clause the effect of which would be to prevent the University of Oxford or Isis directly enforcing against Lophius, rights that either of them benefit from. 

This letter shall become effective on the date of the last signature on the letter. 

Unless the context requires otherwise, the definitions and rules of interpretation that apply to the Licence Agreement also apply to this letter. 

This letter is supplemental to the Licence Agreement and save as expressly varied by this letter, the Licence Agreement shall continue in full force and
effect in accordance with its terms. 
 This letter is governed by English Law and the parties irrevocably agree to the exclusive jurisdiction of the
English Courts under it and in connection with its subject matter. 
 Kindly sign and return a copy of this letter to confirm your agreement with its
contents. 
  

			
	Yours faithfully
	
	/s/ Isis Innovation Limited
	
	Signed for and on behalf of Isis Innovation Limited
		
	Dated:	 	 13 Dec 2012

 I, PRINT NAME: Dr. Peter Wrighton-Smith acting on behalf of Oxford Immunotec Limited , hereby agree to the
contents of this letter: 
  

									
	Signed:	 	 /s/ Dr. Peter Wrighton-Smith
	 		 	Dated:	 	 14th Dec 2012

					
	Job Title:	 	 CEO
	 		 		 	

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

			
	Annex 1	  	

	  
 Sub-licence agreement contract clauses
	  

  
 Isis Innovation Limited 

 

			
	 Ewert House, Ewert Place, Summertown, Oxford, OX2 7SG

T +44 (0)1865 280830 F +44 (0)1865 280831 E innovative@isis.ox.ac.uk ww.isis-innovation.com

Company No 2199542 Registered Office: University Offices, Wellington Square, Oxford OX1 2JD VAT 490 7988 85
	  	

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

 OXFORD IMMUNOTEC CONFIDENTIAL INFORMATION 

Annex 1: Selected provisions of draft sub-licence agreement 

between Oxford Immunotec Ltd., and Lophius Biosciences GmbH 

9.1 Indemnification by Lophius. Lophius shall defend, indemnify and hold harmless (x) OI, OI’s Affiliates, Isis and the
University of Oxford, and (y) each of OI’s, OI’s Affiliates’, Isis’ and the University of Oxford’s respective officers, directors, employees, agents or representatives (all of the foregoing stated in subclauses
(x) and (y) being the “OI Indemnities”) from and against any and all Third Party claims, suits, actions, proceedings, losses, liabilities, damages, costs and expenses (“Claims”) arising from, related to,
or attributable to: 
 (i) any claim by any Third Party against an OI Indemnitee arising directly or indirectly from Lophius’ and/or
its Affiliates’ or permitted sublicensees’ or customers’ exploitation of the Licensed Patents to develop, make, manufacture, register, use, import, export, distribute, market, offer, sell, and/or otherwise commercialize any of the
CMV/EBV Products under this Agreement regardless of whether such claim is based on contract, breach of warranty, any form of tort, strict liability, infringement of intellectual property rights, breach of law or regulatory requirements, or
otherwise, except for any such Claim that arises from the breach of any of OI’s warranties hereunder, or the intentional acts or omissions or negligence of an OI Indemnitee; 

(ii) any breach of any of Lophius’ warranties or obligations set forth in this Agreement; or 

(iii) any grossly negligent, wilful or intentionally wrongful act, error or omission on the part of Lophius and/or its Affiliates, or any
officer, director, employee, agent or representative of Lophius and/or its Affiliates in relation to activities under or in connection with this Agreement. 

For purposes of this Clause 9.1, a claim made by a Lophius Affiliate will be deemed to be a claim made by a Third Party. 

 

	11.	Certain Provisions relating to Head Licence 

 11.1 Reputational Interests of
University of Oxford and Isis. Lophius undertakes not to harm, and to procure that each Authorised Subsidiary does not harm, the reputation of the University of Oxford or of Isis, whether by association or otherwise, and Lophius agrees to be
responsible for any reasonable costs incurred by the University of Oxford or of Isis in respect of any loss of goodwill or harm to reputation suffered as a result of the actions or omissions of Lophius or any Authorised Subsidiary as a sublicensee
under this Agreement. 

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

 11.2 Disclaimer. Lophius acknowledges that neither Isis nor the University of Oxford
make any representation or warranty that the exploitation of the Licensed Patents will not result in infringement of third-party rights. Lophius undertakes not to make, and to prevent its Authorised Subsidiaries from making, any claim against any
employee, student, agent or appointee of Isis or of the University of Oxford, being a claim which seeks to enforce against any of them any liability whatsoever in connection with this Agreement or its subject-matter. 

11.3 Exclusion and Limitation of Liability. Lophius acknowledges that Isis and the University of Oxford are not parties to this
Agreement and that Lophius has no third party or other rights under the Isis Agreement. To the maximum extent permitted by applicable law, Isis and the University of Oxford shall have no liability of any nature, regardless of the basis for a
potential remedy at law or in equity, to Lophius under this Agreement. Nothing in this Clause 11.3 shall limit Isis’ or the University of Oxford’s liability for death or personal injury due to negligence, fraud or fraudulent
misrepresentation, or liability for any other matter that cannot be excluded or limited as a matter of law. 
 11.4 Mabtech’s
Rights. Upon written notice from OI, Isis or Mabtech AB, Lophius shall take prompt and appropriate action to seek to abate any actual or alleged infringement in the Mabtech Field that arises from the actions of Lophius or any Authorised
Subsidiary in connection with this Agreement. Lophius shall promptly notify OI of any such action taken.EX-10.6

 EXHIBIT 10.6 

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

This License Agreement (the “Agreement”) is between The Public Health Research Institute of The City of New York, Inc., a
not-for-profit research corporation of the State of New York, having offices at 225 Warren Street, Newark, New Jersey 07103, United States (“PHRI”), and Oxford Immunotec Limited, a British corporation having offices at 91 Milton Park,
Abingdon, Oxon OX14 4RY, United Kingdom (“OXFORD IMMUNOTEC”), collectively “the Parties.” 
 BACKGROUND 

A. PHRI owns European Patent Application No. 00928851.5 and corresponding applications that disclose and claim, inter alia, certain TB
antigens not expressed by BCG, including the antigen referred to as “MTBN4” and the antigen referred to as “MTBN8”. 

B. OXFORD IMMUNOTEC desires a certain exclusive license and option under the above patent application, including patents that may issue from
these applications, to make and sell certain cellular response assay kits, and PHRI is willing to grant such a license on the terms and under the conditions set forth below. 

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

 

	 	1.	Definitions. 

 For the purpose of this Agreement, and solely for that purpose, the terms
set forth hereinafter shall be defined as follows: 
 1.1. “Affiliate” shall mean an organization of which OXFORD IMMUNOTEC owns
or controls fifty percent or more of the voting stock or fifty percent or more of other ownership interest. 

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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 1.2. “Assay” shall mean all steps from sample preparation to reporting
results necessary to determine whether interferon g or other cytokines are released in vitro from T-cells exposed to particular Mycobacterium tuberculosis antigens. 

1.3. “Effective Date” shall mean the date on which the last signatory to this Agreement signs the Agreement. 

1.4. “In Vitro Diagnostics” (“IVD”) shall mean the field of use comprising the determination of cellular responses in
vitro to incubation with particular antigens, where the cells are obtained from a human being or an animal for medical management of that human being or animal, and pre-clinical uses and clinical trials for the foregoing uses, even if kits for such
purposes are labeled “Research Use Only” or “Investigational Use Only.” IVD does not include Research. 
 1.5.
“Kit” shall mean, all reagents and materials, not including instrumentation or associated software, as are necessary to perform an Assay. 

1.6. “Licensed Assay” shall mean an Assay in the Licensed Field of IVD, where the Assay itself or any composition or material used
in the Assay would, but for license rights from PHRI, infringe at least one Valid Claim of PHRI Patent Rights. 
 1.7. “Licensed
Field” shall mean IVD and/or Research, as appropriate. 
 1.8. “Licensed Product” shall mean a Kit for performing an Assay in
the Licensed Field of IVD where manufacture, sale or importation of the Kit or where an Assay performed with the Kit, would, but for license rights from PHRI, infringe at least one Valid Claim of PHRI Patent Rights. 

  
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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 1.9. “Net Sales Price” shall apply to Licensed Products and shall mean: 

 

	 	(a)	for a Straight Sale to an end user or independent third-party distributor by OXFORD IMMUNOTEC or an Affiliate, the gross invoice price to the customer less: if based on such Licensed Products only, sales taxes, use
taxes and duties paid by the seller for such sale; freight and insurance included in the gross invoice price; and discounts and rebates allowed and taken, in amounts customary in the trade; or 

 

	 	(b)	for distribution to an end user or third-party distributor by OXFORD IMMUNOTEC or an Affiliate that is not a Straight Sale for any reason, the amount that would have resulted under subsection (a) had the
transaction been a Straight Sale. 

 1.10. “Net Service Revenue” shall mean: 

 

	 	(a)	with respect to a Straight Sale of a Licensed Assay performed as a service for a third party, the gross invoice price charged for the Assay, less the following deductions where they are factually applicable and not
already reflected in the gross invoice price: (i) discounts and rebates allowed and taken, in amounts customary in the trade; and (ii) sales and/or use taxes and/or duties imposed upon, and with specific reference to, particular sales; or

  

	 	(b)	with respect to performance of a Licensed Assay as a service for a third party that is not a Straight Sale for any reason, the amount that would have resulted under subsection (a) had the transaction been a
Straight Sale. 

  
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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 1.11. “PHRI Patent Rights” shall mean patents and patent applications listed in
Appendix A and all patent applications and patents, utility certificates, and models and certificates of addition and all foreign counterparts of them in all countries, including any divisional applications and patents, refilings, renewals,
re-examinations, continuations, continuations-in-part, patents of addition, extensions (including patent term extensions), reissues, substitutions, confirmations, registrations, revalidations, pipeline and administrative protections and additions,
and any equivalents of the foregoing in any and all countries of or to any of them, as well as any supplementary protection certificates and equivalent protection rights in respect of any of them. PHRI Patent Rights excludes United States
Provisional Patent Application No. 60/702,757, entitled “Antibody Profiles Characteristic of Tuberculosis State,” and patent applications based thereon. 

1.12. “Research” shall mean the field of use comprising the internal use by an end user of a product solely in Assays of the end
user (or in applications of the end user’s customer, if the end user is performing contract research) in scientific research and development, including clinical research (which includes testing of samples from humans or animals) where the
results are not used for the medical management of persons or animals. Research directed to the development of an Assay for use in the Licensed Field of IVD shall be included in Research. 

1.13. “Straight Sale” shall mean a sale whose consideration is money only, in an arm’s length transaction, to an unrelated
third-party end user or independent third-party distributor not enjoying a special course of dealing with the seller, wherein the price is not affected by any other dealing, including but not limited to sale or purchase of other products or
services. 

  
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 1.14. “Territory” shall mean worldwide. 

1.15. “Valid Claim” shall mean (i) a claim in any unexpired, issued patent within PHRI Patent Rights which has not been held
invalid or unenforceable by a non-appealed or unappealable decision by a court or other appropriate body of competent jurisdiction, and which is not admitted to be invalid through disclaimer or dedication to the public, and (ii) a claim of a
pending patent application included within PHRI Patent Rights, which claim has been filed and is being prosecuted in good faith and has not been abandoned or finally disallowed without the possibility of appeal or refiling of the application,
provided that no more than ten (10) years have passed since the earliest priority date for such application. 
  

	 	2.	License Grant. 

 2.1. Upon the terms and subject to the conditions of this Agreement,
PHRI grants and OXFORD IMMUNOTEC accepts a royalty-bearing exclusive license in the Licensed Field of IVD under PHRI Patent Rights in the Territory: 
  

	 	(a)	to make, have made, import, offer to sell, sell, sell via distributors and promote Licensed Products, and to pass on to end-user purchasers the right under PHRI Patent Rights to use those Licensed Products in the
Licensed Field of IVD; and 

  

	 	(b)	to perform Licensed Assays. 

 2.2. Upon the terms and subject to the conditions of this
Agreement, PHRI grants and OXFORD IMMUNOTEC accepts a royalty-free nonexclusive license in the Licensed Field of Research under PHRI Patent Rights in the Territory to develop Licensed Products and Licensed Assays. 

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

 2.3. Licensed Products and Licensed Assays will be marketed and sold by OXFORD IMMUNOTEC only
under OXFORD IMMUNOTEC’s own name and marks. Licensed Products may be marketed through independent third-party distributors. 
 2.4.
Except as specifically provided herein, no rights are granted under other patents or patent applications owned or licensable by PHRI, including patents already issued and patents which may issue from patent applications that are pending or not yet
filed. 
 2.5. OXFORD IMMUNOTEC may exercise the rights granted in this Agreement through its Affiliates for so long as they remain
Affiliates of OXFORD IMMUNOTEC and only to the extent that OXFORD IMMUNOTEC reports and pays under this Agreement on behalf of such Affiliates. 

2.6. OXFORD IMMUNOTEC and its Affiliates shall not promote, distribute or seek regulatory approval of Licensed Products outside of the
Licensed Field of IVD. 
  

	 	3.	Sublicensing. 

 3.1. PHRI’s grants to OXFORD IMMUNOTEC under Article 2 includes the
right to sublicense. 
 3.2. OXFORD IMMUNOTEC agrees to offer [***], nonexclusive sublicense rights for that kit on reasonable and
non-discriminatory terms and to negotiate reasonably based on said offer. If OXFORD IMMUNOTEC complies with the obligations of the foregoing sentence, failure to conclude a sublicense to [***] shall not be a breach of this Agreement. OXFORD
IMMUNOTEC shall not be obligated to offer [***] sublicense rights for any antigen beyond that included in said kit. 

  
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 3.3. Sublicenses shall by their terms be assignable to PHRI, and sublicenses shall include
terms corresponding to those in Article 5 (Records, Reports and Payments), Article 8 (Compliance and Quality), Article 9 (Notice to Customers), Article 10 (Patent Infringement), subsections c, d and f of Section 12.3 (Termination), Article 14
(Indemnification) and Article 15 (Negation of Warranties). 
 3.4. A copy of each sublicense shall be forwarded to PHRI within sixty
(60) days following its execution. 
  

	 	4.	Fees and Royalties. 

 For the rights granted herein, OXFORD IMNIUNOTEC shall pay to PHRI
fees and royalties set forth in this Article 4. 
 4.1. License Issue Fee. OXFORD IMMUNOTEC shall pay to PHRI on signing a license
issue fee of [***], which shall not be creditable against earned royalties. 
 4.2. Annual License Fees. OXFORD IMMUNOTEC shall pay
to PHRI three annual license fees, each of $[***], which also shall not be creditable against earned royalties. The first annual license fee is due twelve (12) months after the Effective Date; the second, twenty-four (24) months after the
Effective Date; and the third, thirty-six (36) months after the Effective Date. Each annual license fee applies to the upcoming twelve-month period. 

4.3. Milestone Fee. OXFORD IMMUNOTEC shall pay to PHRI a license fee of $[***], which also shall not be creditable against earned
royalties, upon the first only FDA approval of a Licensed Product or Licensed Assay. 

  
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 4.4. Earned Royalties. OXFORD IMMUNOTEC shall pay to PHRI an earned royalty of [***]
percent ([***]%) of Net Sales Price for each distribution of a Licensed Product and [***] percent ([***]%) of Net Service Revenue for each performance of a Licensed Assay by OXFORD IMMUNOTEC or its Affiliates. Only one royalty shall be due for a
Licensed Product or for a Licensed Assay. Royalties under this Clause 4.4 shall be payable on a Licensed Product-by-Licensed Product basis or Licensed Assay-by-Licensed Assay basis for so long as there are Valid Claims of PHRI Patent Rights covering
that Licensed Product or that Licensed Assay. 
 4.5. Sublicensing Payments. OXFORD IMMUNOTEC shall pay to PHRI [***] of sublicensing
income, but not less than [***] percent ([***]%) of each sublicensee’s Net Sales Price for each distribution of a Licensed Product and not less than [***] percent ([***]%) of each sublicensee’s Net Service Revenue for each performance of a
Licensed Assay, where OXFORD IMMUNOTEC sublicenses the rights licensed hereunder. 
 4.6. Minimum Annual Royalty. With accrual
starting the forty-ninth (49th) month after the Effective Date, OXFORD IMMUNOTEC shall pay to PHRI a minimum annual royalty of $[***] per calendar year. The first minimum annual royalty shall
be the portion of $[***] represented by the fraction of the calendar year remaining after the fourth anniversary of the Effective Date, and it shall be creditable against the earned royalties under Section 4.4 that accrue in the same fraction
of the calendar year. Each subsequent minimum annual royalty shall be creditable only against earned royalties that accrued during the calendar year to which it applies and were reported and paid pursuant to Article 5. 

 

	 	5.	Records, Reports and Payments. 

 5.1. Records. OXFORD IMMUNOTEC shall keep full,
true and accurate records of account of the particulars for royalty payments, which records shall be available for inspection 

  
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during normal business hours and with reasonable prior written notice by an independent certified public accountant employed by PHRI and reasonably acceptable to OXFORD IMMUNOTEC for three
(3) years. If in dispute, such records shall be kept until the dispute is resolved. Any inspection shall be at PHRI’s expense unless the total of earned royalties for the period inspected are found to have been understated by [***] percent
([***]%) or more, in which case OXFORD IMMUNOTEC shall pay for the inspection. 
 5.2. Reports. OXFORD IMMUNOTEC shall report accrued
earned royalties on a calendar semi-annual basis, the reporting periods ending June 30 and December 31 of each year. OXFORD IMMUNMEC shall within thirty (30) days after the close of each period deliver to PHRI a true and accurate
royalty report. 
  

	 	(a)	This report shall give for Licensed Products and separately for Licensed Assays, such particulars as are pertinent to an accounting for earned royalties, including 

 

	 	(i)	for Straight Sales by OXFORD IMMUNOTEC, its Affiliates, and their distributors, the number of each type of Licensed Product distributed and each type of Licensed Assay performed, total gross invoice prices therefor,
total allowable deductions from billings and total of Net Sales Prices and Net Service Revenues; 

  

	 	(ii)	for distributions (whether or not subsequently returned for credit) and for performances that are not Straight Sales, the total quantity distributed or performed and the total of imputed Net Sales Prices and imputed Net
Service Revenues; 

  
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	 	(iii)	total of Net Sales Prices and total of Net Service Revenues; and 

  

	 	(iv)	earned royalties due for each. 

  

	 	(b)	This report shall also give particulars as are pertinent to accounting for sublicensing royalties. 

  

	 	(c)	Minimum annual royalties, applicable credits and any net amount owing shall be calculated and reported in reports for periods ending December 31. 

 

	 	(d)	The correctness and completeness of reports shall be attested to by the responsible representative of OXFORD IMMUNOTEC or by OXFORD IMMUNOTEC’S external auditor. 

5.3. Royalty Payments. Simultaneously with the delivery of each royalty report, OXFORD IMMUNOTEC shall pay to PHRI all royalties then
due, including earned royalties, sublicensing fees and minimum annual royalties. Royalties shall be paid in U.S. dollars, any necessary conversion from foreign currencies being at the rate quoted in the Wall Street Journal on the last day of the
reporting period. Unless directed otherwise, OXFORD IMMUNOTEC shall send each payment to: The Public Health Research Institute of the City of New York, Inc., 225 Warren Street, Newark, NJ 07103, United States, to the attention of Alla Rabinovich
(facsimile number 973-854-3124). 
 5.4. Annual License Fee Payments. Annual license fee payments shall be paid on or before the
anniversary of the Effective Date to apply to the upcoming twelve months. 
 5.5. Milestone Payment. The milestone payment shall be
paid within thirty (30) days following receipt of notification of the achievement of the pertinent milestone event. 

  
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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

 5.6. Late Payments. Late payments by OXFORD IMMUNOTEC shall include interest at [***]%
over the then-current prime rate in the United States. PHRI will have the right to terminate under Section 12.3(d) if OXFORD IMMUNOTEC fails to pay any undisputed amount due within sixty (60) days after the due date. 

 

	 	6.	Patent Prosecution and Patent Expense Reimbursement. 

 6.1. PHRI shall have
responsibility for prosecution and maintenance of PHRI Patent Rights, unless and until the Parties agree otherwise in writing for some or all of PHRI Patent Rights. PHRI will keep OXFORD IMMUNOTEC fully informed of the progress of any legal
proceedings in connection with the PHRI Patent Rights. 
 6.2. OXFORD IMMUNOTEC shall have the right 

 

	 	(a)	to consult regarding prosecution of PHRI Patent Rights and inform PHRI of OXFORD IMMUNOTEC’S product development plans; and 

  

	 	(b)	to direct that PHRI submit additional patent filings on the inventions of PHRI Patent Rights. 

6.3. PHRI shall not abandon any patent application or patent within PHRI Patent Rights without the consent of OXFORD IMMUNOTEC. 

6.4. OXFORD IMMUNOTEC shall reimburse PHRI for patenting expenses for PHRI Patent Rights as follows: 

 

	 	(a)	on signing, OXFORD IMMUNOTEC shall pay to PHRI the sum of $[***] to cover a portion of the expenses prior to the Effective Date for patent application preparation, filing, prosecution and maintenance; 

  
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	 	(b)	OXFORD IMMUNOTEC shall reimburse PHRI for patenting expenses invoiced to PHRI relating to patent filings directed by OXFORD IMMUNOTEC under Section 6.2(b) within thirty (30) days after receipt of invoices from
PHRI for such expenses; and 

  

	 	(c)	OXFORD IMMUNOTEC shall reimburse PHRI for [***] percent ([***]%) of patenting expenses not within subsection (b) that are invoiced to PHRI after the Effective Date within thirty (30) days after receipt of
invoices from PHRI for such expenses subject to an overall liability cap for OXFORD IMMUNOTEC of $[***] per calendar year absent agreement to the contrary by the Parties. 

6.5. Enablement Data. Within ninety (90) days of the Effective Date, OXFORD IMMUNOTEC and PHRI shall in good faith discuss and
agree what experiments are required and what resources are needed to perform experiments designed to show the effectiveness of the MTBN8 antigen for detecting tuberculosis. 
  

	 	7.	Option to License Improvements. 

 7.1. If while this Agreement is in effect PHRI files
any patent application that claims a tuberculosis antigen or that claims a process of using the same, OXFORD IMMUNOTEC shall have the first right to negotiate for license rights for Assays and for Kits not exceeding the scope of the grants of
Sections 2.1 and 2.2, as long as the invention is not made under commercial sponsorship and PHRI has the right to license OXFORD IMMUNOTEC. 

7.2. Promptly after filing a patent application under Section 7.1, PHRI shall provide OXFORD IMMUNOTEC a copy thereof. OXFORD IMMUNOTEC
shall maintain such patent 

  
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application in confidence and, until it is published, not disclose the claimed invention to any third party or use it for any purpose other than to negotiate for a license. OXFORD IMMUNOTEC shall
have ninety (90) days in which to negotiate a license, during which time PHRI shall negotiate in good faith with OXFORD IMMUNOTEC. 
  

	 	8.	Compliance and Quality. 

 PHRI does not approve or endorse any product or assay of OXFORD
IMMUNOTEC. Quality and quality control, and compliance with applicable laws and regulations (to the extent they apply to the activities of OXFORD IMMUNOTEC hereunder), are the sole responsibility of OXFORD IMMUNOTEC. 

 

	 	9.	Notice to Customers. 

 9.1. OXFORD IMMUNOTEC and its Affiliates shall, by means of a
label statement applied to each Licensed Product distributed to a third party, serve notice that the product comes with only limited field-of-use rights under PHRI Patent Rights consistent with the terms of the limited grant hereunder. Unless and
until PHRI directs otherwise or the Parties agree otherwise, the label statement shall be: “This product is sold under license from the Public Health Research Institute and may be used under PHRI patent rights only for [human or veterinary] in
vitro diagnostics.” 
 9.2. The same or a similar PHRI-approved statement shall be used on advertising and promotional literature for
Licensed Products. 
 9.3. Invoices, advertising, and promotional literature for Licensed Assays shall include the statement: “This
assay is a performed under license from the Public Health Research Institute,” or similar statement as PHRI may direct from time to time. 

  
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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	 	10.	Patent Infringement. 

 10.1. It is recognized that manufacture, sale or use of Licensed
Products and performance of Licensed Assays may utilize patented technology of third parties. Should that occur, as between OXFORD IMMUNOTEC and PHRI, securing rights thereunder or otherwise dealing with third-party patent owners is the sole
responsibility of OXFORD IMMUNOTEC. 
 10.2. OXFORD IMMUNOTEC agrees that neither it nor its Affiliates nor their distributors will abet
infringement of PHRI Patent Rights by continuing to sell Licensed Products to a customer that OXFORD IMMUNOTEC believes to be, or a customer for which PHRI provides to OXFORD IMMUNOTEC notice and reasonable satisfactory evidence that such customer
is, using the Licensed Products outside the Licensed Field of IVD. OXFORD IMMUNOTEC shall not be in breach of this Agreement if it, an Affiliate or a distributor unknowingly sells Licensed Products to a third party who uses said products in any
manner other than in compliance with the label license statement accompanying such product. 
  

	 	11.	Patent Enforcement 

 11.1. OXFORD INIMUNOTEC is aware that PHRI has licensed The Foundation for
Innovative New Diagnostics and ImmPORT Therapeutics, Inc. under PHRI Patent Rights for products and assays other than Licensed Products and Licensed Assays in agreements giving the licensees certain rights regarding the enforcement of PHRI Patent
Rights. 
 11.2. Subject to third-party rights under Section 11.1, PHRI shall have the first right to enforce PHRI Patent Rights, and
OXFORD IMMUNOTEC shall have a secondary right. If OXFORD IMMUNOTEC becomes aware of Substantial infringement of PHRI Patent Rights in any country in the Territory by a product or process that, if sold by OXFORD IMMUNOTEC

  
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would be a Licensed Product or Licensed Assay in the Licensed Field of IVD (“Substantial” meaning a sales volume of [***]% of the volume of competing Licensed Products or Licensed
Assays of OXFORD IMMUNOTEC and/or sublicensees), OXFORD IMMUNOTEC shall have the right to give PHRI written notice thereof. The notice shall identify the infringer, the infringing product or assay and the infringing sales level, and shall include
reasonable evidence of infringement and sales level. Upon receipt of such notice, PHRI shall have 120 days in which to eliminate the infringement or commence suit for infringement. If PHRI does neither, OXFORD IMMUNOTEC shall have the option
(a) to commence suit (in PHRI’s name, if necessary) or (b) to take a [***] ([***]%) royalty reduction for its sales in that country of directly competing Licensed Products or Licensed Assays until such time as such Substantial
infringement is eliminated or PHRI commences suit against the infringer. 
 11.3. If PHRI brings a suit under Section 11.2, PHRI shall
control the litigation at PHRI’s expense, and OXFORD IMMUNOTEC shall cooperate with PHRI in the suit at OXFORD IMMUNOTEC’s expense. If OXFORD IMMUNOTEC brings a suit under Section 11.2, OXFORD IMMUNOTEC shall control the litigation at
OXFORD IMMUNOTEC’s expense, and PHRI shall cooperate with OXFORD IMMUNOTEC at PHRI’s expense. Neither party shall be entitled to settle any such suit without the approval of the other, such approval not to be unreasonably withheld. 

11.4. Any litigation recovery shall first be applied to reimburse the Parties, pro rata, for their litigation expenses, and any remainder
shall be divided, with [***]% going to the Party that prosecutes the suit. 

  
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 11.5. In the event that PHRI elects not to take action to eliminate the infringement or
commence suit for infringement and the infringement is an infringement of PHRI Patent Rights in any country in the Territory by a product or process that, if sold by OXFORD IMMUNOTEC would be a Licensed Product or Licensed Assay in the Licensed
Field of IVD but that is not Substantial (as defined in Section 11.2 above), OXFORD IMMUNOTEC may at its sole discretion elect to eliminate the infringement or commence suit for infringement. OXFORD IMMUNOTEC will indemnify and hold PHRI
harmless for all expenses incurred by PHRI in connection with any such proceeding. 
  

	 	12.	Term and Termination. 

 12.1. Term. The rights and immunities granted in this
Agreement shall commence on the Effective Date and expire upon the expiration of the last-to-expire of the patents included within PHRI Patent Rights or the abandonment of all patent applications within PHRI Patent Rights. 

12.2. Guaranteed Term. Subject to Section 12.1. and subject to early termination under subsections (a), (c), (d) or
(f) of section 12.3, the minimum term for the license hereunder shall be two (2) years. 
 12.3. Termination. 

 

	 	(a)	If by the end of twelve (12) months after the Effective Date, OXFORD IMMUNOTEC believes that the PURI Patent Rights will not provide effective commercial protection for its products, then OXFORD IMMUNOTEC, in its
sole discretion, may terminate this Agreement immediately without payment of the first annual license fee under Section 4.2. 

  
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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	 	(b)	After the minimum term specified in Section 12.2, OXFORD IMMUNOTEC may terminate its license rights at any time on thirty (30) days’ written notice. 

 

	 	(c)	The grant of all license rights hereunder shall automatically terminate upon institution by or against OXFORD IMMUNOTEC of any bankruptcy, insolvency arrangement or similar proceeding; the appointment of a receiver,
trustee or similar officer for a substantial portion of OXFORD IMMUNOTEC ‘S property; an assignment by OXFORD IMMUNOTEC for the benefit of creditors; or an adjudication or written admission of OXFORD IMMUNOTEC as bankrupt, insolvent or unable
to pay its obligations as they mature; said grant being subject to automatic reinstatement nunc pro tunc if any such matter is removed within ninety (90) days. 

 

	 	(d)	Upon OXFORD IMMUNOTEC’S breach or default of a material term of this Agreement, PHRI may terminate this Agreement upon sixty (60) days’ written notice, which shall become effective at the end of the
sixty-day period unless OXFORD IMMUNOTEC has fully cured such breach or default. No cure period shall apply to uncontested royalty payments overdue more than ninety (90) days. 

 

	 	(e)	Upon PHRI’S breach or default of a material term of this Agreement, OXFORD IMMUNOTEC may terminate this Agreement upon sixty (60) days’ written notice, which shall become effective at the end of the
sixty-day period unless PHRI has fully cured such breach or default. 

  

	 	(f)	A decision by a court or administrative body finding PHRI liable or culpable due to OXFORD IMMUNOTEC’s performance or a sublicensee’s performance under this Agreement, unless OXFORD IMMUNOTEC immediately
agrees to indemnify PHRI against damages resulting from such decision, shall give PHRI the right to terminate this Agreement upon notice. 

  
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 12.4. OXFORD IMMUNOTEC’s obligation to report and pay fees and royalties for activities
preceding expiration or preceding termination of this Agreement shall survive such expiration or termination. Further, termination pursuant to any subsection of Section 12.3 shall not entitle OXFORD IMMUNOTEC to forgiveness or return of any
portion of any fee already due or paid. 
 12.5. If termination or expiration occurs within a calendar year, each minimum annual royalty for
that year shall be reduced by the fraction of the year remaining after the date of termination. 
 12.6. Upon termination of this Agreement,
all sublicenses shall be assigned automatically to PHRI. 
  

	 	13.	Publicity. 

 Except as provided in Article 9, neither party will use the other’s
name in any publicity, advertising or news release without prior written approval of that other party, unless required under applicable law. Notwithstanding the foregoing, OXFORD IMMUNOTEC may use, with proper attribution, articles or other
publications of PHRI making reference to inventions within PHRI Patent Rights in its promotional and sales activities. 

  
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REQUEST. REDACTED MATERIAL IS MARKED WITH [***] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

	 	14.	Indemnification. 

 OXFORD IMMUNOTEC shall indemnify, defend and hold harmless PHRI, its
trustees, officers, faculty, staff and employees against all claims and expenses, including legal expenses and attorney’s fees, arising out of death or injury to any person, damage to property, or any other claim, proceeding, demand and
liability resulting from the activities performed under this Agreement by OXFORD IMMUNOTEC, and its Affiliates. 
  

	 	15.	Negation of Warranties. 

 15.1. Nothing in this Agreement shall be construed as: 

 

	 	(a)	a warranty or representation by PHRI (i) as to the validity, scope or enforceability of any patent within PHRI Patent Rights, or (ii) as to the patentability of any patent application within PHRI Patent
Rights, or the validity, scope or enforceability of any patent issuing thereon; 

  

	 	(b)	a warranty or representation that practice under PHRI Patent Rights is or will be free from infringement of third-party patent rights; 

 

	 	(c)	an obligation to bring or prosecute actions or suits against infringers; 

  

	 	(d)	conferring by implication, estoppel or otherwise any license, immunity or right under any patent of PHRI other than those stated to be included in PHRI Patent Rights, whether such patent is dominant or subordinate to
PHRI Patent Rights; 

  

	 	(e)	an obligation to furnish know-how; 

  

	 	(f)	or creating any agency, partnership, joint venture or similar relationship between PHRI and OXFORD IMMUNOTEC. 

  
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 15.2. PHRI DOES NOT MAKE, AND EXPRESSLY DISCLAIMS, ANY EXPRESS OR IMPLIED WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT. 
 15.3. PHRI warrants that it owns the PHRI Patent Rights and that it
has the right to enter into this Agreement. PHRI further warrants that as of the Effective Date it does not have any other patent rights that would be required by OXFORD IMMUNOTEC to exercise the rights granted to it under Section 2 above. 

15.4. OXFORD IMMUNOTEC warrants that it has the right to enter into this Agreement. 

 

	 	16.	Assignment. 

 16.1. By OXFORD IMMUNOTEC. This Agreement may be assigned by OXFORD
IMMUNOTEC to a purchaser of the entirety of the business to which this Agreement pertains, provided the purchaser agrees in writing to PHRI to be bound by all provisions of this Agreement. Otherwise this Agreement may not be assigned without the
written permission of PHRI. 
 16.2. By PHRI. This Agreement shall be assigned automatically to the University of Medicine and
Dentistry of New Jersey (“UMDNJ”) upon PHRI’s merger into that institution, whether by merger or asset purchase. PHRI may assign its right to receive payments under this Agreement. 

  
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	 	17.	Confidentiality. 

 17.1. For purposes of this Agreement, the term “Confidential
Information” means all proprietary information and materials (whether or not patentable) communicated to, learned of, developed or otherwise acquired by either party in furtherance of this Agreement, including, but not limited to: information
about prosecution of PHRI Patent Rights, formulations, techniques, methodology, equipment, instrumentation, data, reports, sources of supply, and business plans and projections relating to Licensed Products and Licensed Assays, sublicense terms,
OXFORD IMMUNOTEC’s royalty reports, and all information obtained by PHRI from inspection of OXFORD INIMUNOTEC’s books and records pursuant to this Agreement. 

17.2. Subject to the exceptions described in this Section 17, the receiving party shall maintain the Confidential Information in
confidence, and shall not disclose, divulge or otherwise communicate such Confidential Information to others, nor use it for any purpose, except pursuant to, and in order to carry out, the terms and objectives of this Agreement. OXFORD IMMUNOTEC may
disclose Confidential Information to its Affiliates and sublicensees. The receiving party further agrees to exercise every reasonable precaution to prevent and restrain the unauthorized disclosure of such Confidential Information by any of its
directors, officers, employees, consultants, subcontractors, sublicensees and agents. 
 17.3. The provisions of Clause 17.2 shall not apply
to any Confidential Information that: 
  

	 	(a)	was known by the receiving party prior to the date the Confidential Information was disclosed to the receiving party, as evidenced by the receiving party’s prior written records; or 

  
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	 	(b)	is lawfully disclosed to the receiving party by an independent, unaffiliated third party rightfully in possession of the Confidential Information; or 

 

	 	(c)	becomes generally known to the public through no fault or omission on the part of the receiving party; or 

  

	 	(d)	is required to be disclosed by the receiving party to comply with applicable laws, to defend or prosecute litigation or to comply with governmental regulations, provided that the receiving party provides prior written
notice of such disclosure to the disclosing party and takes reasonable and lawful actions to avoid and/or minimize the degree of such disclosure. 

  

	 	18.	General. 

 18.1. This Agreement constitutes the entire agreement between the Parties as
to the subject matter hereof, and all prior negotiations, representations, agreements and understandings are merged into, extinguished by and completely expressed by it. This Agreement may be modified or amended only by a writing executed by
authorized officers of both Parties. 
 18.2. Notices under this Agreement shall be given by mail, courier or facsimile, properly addressed.
Any such notice shall be deemed given four days after mailing, one day after delivery to a courier, or the day of a facsimile transmission. Until otherwise notified in writing, notices shall be addressed as follows: 

The Public Health Research Institute 

    of The City of New York, Inc. 

225 Warren Street 
 Newark, NJ
07103 
 United States 

  
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	Attn:	  	Fred Russell Kramer, Ph.D.
		  	Director
		  	Office of Technology Transfer
	
	Oxford Immunotec Limited
	91 Milton Park
	Abingdon, Oxon OX14 4RY
	United Kingdom
	Attn:	  	Ian Miscampbell
		  	Chief Financial Officer

 18.3. This Agreement shall be construed and enforced in accordance with the laws of the State of New York. The
exclusive jurisdiction and venue for any dispute arising from this Agreement, other than matters pertaining to the validity or enforceability of any patent, shall be in the State or Federal Courts in New York, except for matters which the Parties
may agree to submit to arbitration, which shall be sited in New York City. Matters pertaining to the validity or enforceability of any patent shall be adjudicated by the proper authority in the jurisdiction in which such patent is issued. 

18.4. Nothing in this Agreement shall be construed so as to require the commission of any act contrary to law, and wherever there is any
conflict between any provision of this Agreement and any law or treaty, the latter shall prevail, but in such event the affected provisions of the Agreement shall be curtailed only to the extent necessary. 

18.5. If any provision of this Agreement is held unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order
to achieve the intent of the Parties to the extent possible. In any event, other provisions of this Agreement shall be deemed valid and enforceable to the fullest extent possible. 

18.6. This Agreement may be executed by electronic exchange of signatures followed promptly by exchange of hard-copy originals by courier.
Each Party agrees that the signatures exchanged electronically shall be binding. 

  
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 IN WITNESS WHEREOF, the Parties have set their hands and seals and duly executed this
Agreement on the date(s) indicated below. 
  

									
	OXFORD IMMUNOTEC LIMITED	 		 	THE PUBLIC HEALTH RESEARCH INSTITUTE OF THE CITY OF NEW YORK, INC.
					
	By:	 	 /s/ Ian Miscampbell
	 		 	By:	 	 /s/ David S. Perlin

		 	Ian Miscampbell	 		 		 	David S. Perlin, Ph.D.
		 	Chief Financial Officer	 		 		 	President
					
	Date:	 	 30 June 2006
	 		 	Date:	 	 June 30, 2006

				
	Agreed as to Section 6.5	 		 		 	
					
	By:	 	 /s/ Maria Laura Gennaro
	 		 		 	
		 	Maria Laura Gennaro, M.D.	 		 		 	
					
	Date:	 	 6/29/2006
	 		 		 	

  
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 APPENDIX A 

PHRI PATENT RIGHTS 

International Patent Application No. WO 00/66157, filed on 4th May 2000 under the
Patent Cooperation Treaty, claiming priority from US 60/132505, and designating the following countries: 
 United States 

Japan 
 Canada 

Australia 
 Europe (AT, BE, CH, CY, DE, DK, ES, FI, FR, GB, GR,
IE, IT, LU, MC, NL, PT, SE)

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