Document:

Exhibit

SIXTH AMENDMENT 
TO 
LOAN AND SECURITY AGREEMENT
This SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of June 16, 2017, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on the signature pages hereto (each a “Lender” and collectively, the “Lenders”) including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, CA 95054, MIRAMAR TECHOLOGIES, INC. and MIRAMAR LABS, INC., (individually and collectively, jointly and severally, “Borrower”).
RECITALS
A.    Collateral Agent, the Lenders and the Borrower have entered into that certain Loan and Security Agreement dated as of August 7, 2015 (as the same may from time to time be amended, modified, supplemented or restated, including by that certain Consent and First Amendment to Loan and Security Agreement dated as of June 2, 2016, that certain Consent, Joinder and Second Amendment to Loan and Security Agreement dated as of June 7, 2016, that certain Third Amendment to Loan and Security Agreement (the “Third Amendment”) dated as of March 7, 2017 and effective as of January 27, 2017, that certain Fourth Amendment to Loan and Security Agreement dated as of April 7, 2017, and that certain Default Waiver and Fifth Amendment to Loan and Security Agreement dated as of April 25, 2017, collectively, the “Loan Agreement”).  The Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.
B.    Borrower has requested that Collateral Agent and the Lenders amend the Loan Agreement to modify the repayment schedule by amending the defined term “Deferment Period” and to reduce the notice period for prepayment in connection with the closing of the transaction contemplated by the M&A Term Sheet, and Collateral Agent and the Lenders have agreed to do so, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.    Amendment to Loan Agreement.

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2.1    The defined term “Deferment Period” in Section 13.1 of the Loan Agreement is hereby amended and restated as follows:
“Deferment Period” is the period of time beginning on April 1, 2017 through April 24, 2017; provided, however, that if Borrower achieves the Term Sheet Milestone, then the Deferment Period shall be automatically extended through July 31, 2017.
2.2    Section 2.2(d) of the Loan Agreement is hereby amended to insert the following after the word “prepayment” appearing in clause (i) thereof:
; provided that only three (3) Business Days’ notice of prepayment (which may be included in the payoff letter from the Lenders) shall be required in connection with any prepayment of the Term Loans in connection with the closing of the transaction contemplated by the M&A Term Sheet.
3.    Limitation of Amendments.
3.1    The amendments set forth in Section 2 above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document.
3.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date) and shall remain in full force and effect.
4.    Representations and Warranties.  Each Borrower represents and warrants to Collateral Agent on and as of the date hereof as follows:
4.1    (a) the representations and warranties contained in the Loan Documents are true and correct in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement;
4.3    The organizational documents of Borrower delivered to Collateral Agent in connection with the Third Amendment are accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

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4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement have been duly authorized by all necessary action on the part of Borrower;
4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement do not and will not (a) contravene any material law or regulation binding on or affecting Borrower, (b) constitute an event of default under any material agreement binding on Borrower, (c) contravene any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) conflict with the organizational documents of Borrower;
4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of each, enforceable against each in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
5.    Release by Borrower.
5.1    FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Collateral Agent and each Lender and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment solely to the extent such claims arise out of or are in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing (collectively “Released Claims”).
5.2    In furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows:
“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” (Emphasis added.)

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5.3    By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected in respect of the Released Claims; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever.  Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Collateral Agent or any Lender with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.
5.4    This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release.  Borrower acknowledges that the release contained herein constitutes a material inducement to Collateral Agent and the Lenders to enter into this Amendment, and that Collateral Agent and the Lenders would not have done so but for Collateral Agent’s and the Lenders’ expectation that such release is valid and enforceable in all events.
5.5    Borrower hereby represents and warrants to Collateral Agent and the Lenders, and Collateral Agent and the Lenders are relying thereon, as follows:
(a)    Except as expressly stated in this Amendment, neither Collateral Agent, the Lenders nor any agent, employee or representative of any of them has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.
(b)    Borrower has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.
(c)    The terms of this Amendment are contractual and not a mere recital.
(d)    This Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is signed freely, and without duress, by Borrower.
(e)    Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters herein released.  Borrower shall indemnify Collateral Agent and the Lenders, defend and hold each harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released herein.
6.    Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, 

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understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
7.    Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
8.    Conditions to Effectiveness.  The parties agree that this Amendment shall be deemed effective upon: (i) the due execution and delivery to Collateral Agent and Lenders of this Amendment by each party hereto and (ii) payment of all Lenders’ Expenses incurred through the date of this Amendment and for which invoices have been provided to Borrower at least one Business Day prior to the effective date of this Amendment, which may be debited from any of Borrower’s accounts.
9.    Miscellaneous.
9.1    This Amendment shall constitute a Loan Document under the Loan Agreement; the failure to comply with the covenants contained herein shall constitute an Event of Default under the Loan Agreement; and all obligations included in this Amendment (including, without limitation, all obligations for the payment of principal, interest, fees, and other amounts and expenses) shall constitute obligations under the Loan Agreement and secured by the Collateral.
9.2    Each provision of this Amendment is severable from every other provision in determining the enforceability of any provision.
10.    Governing Law.  This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California.
[Signature page follows.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

	
									
	COLLATERAL AGENT 
AND LENDER
	 
	BORROWER

	 
	 
	 
	 
	 
	 
	 
	 
	 

	OXFORD FINANCE LLC
	 
	MIRAMAR LABS, INC.

	 
	 
	 
	 
	 
	 
	 
	 
	 

	By:
	/s/ Colette H. Featherly
	 
	By:
	/s/ R. Michael Kleine

	Name:
	Colette H. Featherly
	 
	Name:
	R. Michael Kleine

	Title:
	Senior Vice President
	 
	Title:
	President & CEO

	
									
	LENDER
	 
	BORROWER

	 
	 
	 
	 
	 
	 
	 
	 
	 

	SILICON VALLEY BANK
	 
	MIRAMAR TECHNOLOGIES, INC.

	 
	 
	 
	 
	 
	 
	 
	 
	 

	By:
	/s/ Brian Bell
	 
	By:
	/s/ R. Michael Kleine

	Name:
	Brian Bell
	 
	Name:
	R. Michael Kleine

	Title:
	Managing Director
	 
	Title:
	President & CEO

[Signature Page to Sixth Amendment to Loan and Security Agreement]Exhibit 10.1

 

Execution Draft 

 

Asset Transfer Agreement

 

By and between

 

Threshold Pharmaceuticals,
Inc., 

A corporation organized and existing under the
laws of the State of

Delaware,

 

together with its successors and assigns, hereinafter
referred to as “THLD”

and

 

OBI Pharma, Inc.,

A corporation organized and existing under the
laws of Taiwan,

 

together with its successors and assigns, hereinafter
referred to as “OBI”;

 

THLD and OBI hereinafter also referred to

individually as “Party” or collectively as “Parties”

 

Effective Date: May 31, 2017

 

Confidential

 

    	 	 	 

     

    

 

WHEREAS, THLD has conceived of, reduced to practice and developed
compounds for treatment of cancer; these compounds are titled, “TH-2870” and “TH-3424” (each a “Compound”
and collectively the “Compounds” as hereinafter defined), and owns certain Intellectual Property Rights related to
TH-2870 and TH-3424;

 

WHEREAS, OBI desires to acquire certain rights, title and
interest in and to said Compounds and THLD desires to transfer and assign THLD’s certain rights, title and interest in the
Compounds to OBI and to license to OBI the Licensed Know-How subject to the terms and conditions contained herein; and

 

NOW THEREFORE, in consideration of the mutual promises and
covenants set forth below and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereby agree as follows:

 

Article

1:

 

A. Definitions

 

Capitalized terms shall have the meaning ascribed to them in this
Article 1 or elsewhere in this Agreement:

 

		1.1	“Affiliate” of a Party shall mean
any person, corporation or other entity that, directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with such Party, as the case may be, for so long as such control exists. For such purposes, “control”
shall mean: (a) direct or indirect beneficial ownership of at least fifty percent (50%) (or such lesser percentage that is the
maximum allowed to be owned by a foreign corporation in a particular jurisdiction) of the voting share capital in such person,
corporation or other entity; or (b) to possess, directly or indirectly, the affirmative power to direct the management and policies
of such person, corporation or other entity, whether through ownership of voting securities or by contract relating to voting
rights or corporate governance.

 

    	 	Confidential
 [2]	 

     

    

 

		1.2	“Assigned Contracts” means those
Contracts to be assigned to OBI pursuant to the terms of this Agreement and the Assignment and Assumption Agreement, as listed
on Exhibit B attached hereto.

 

		1.3	“Assigned IPR” means the (i) Patents
and Patent applications as set forth on Schedule 1 of Exhibit A attached hereto consistent with THLD’s Patent Rights
under Article 2 of the Ascenta Agreement (the “Assigned Patents”); and (ii) the Assigned Know How. “Assigned
IPR” shall not include “Licensed Know How.” 

 

		1.4	“Assigned Know How” means any and
all Technology that is controlled by THLD useful (and actually used by THLD prior to the Effective Date) that is necessary or
reasonably useful for the development and/or commercialization of Drug Products including the process and method useful for the
synthesis, manufacture of TH-2870 and TH-3424 which shall be more fully disclosed to OBI after the Effective Date. Notwithstanding
the foregoing definition, “Assigned Know How” shall not include “Licensed Know How.”

 

		1.5	“CFDA” shall mean China Food and
Drug Administration.

 

		1.6	“Change of Control” means:

 

		(a)	a transaction or series of related transactions that
results in the sale or other disposition of all or substantially all of a Party’s assets; or

		(b)	a merger or consolidation in which a Party is not the
surviving corporation or in which, if Party is the surviving, corporation, the shareholders of such Party immediately prior to
the consummation of such merger or consolidation do nor, immediately after consummation of such merger or consolidation, possess
a majority of the voting power of all of the Party’s outstanding stock and other securities and the power to elect a majority
of the members of the Party’s board of directors; or

 

    	 	Confidential
 [3]	 

     

    

 

		(c)	a transaction or series of related transactions (which
may include without limitation a tender offer for a Party’s stock or the issuance, sale or exchange of stock of a Party)
if the shareholders of such Party immediately prior to the initial such transaction do not, immediately after consummation of
such transaction or any of such related transactions, own stock or other securities of the entity that possess a majority of the
voting power of all of the Party’s outstanding stock and other securities and the power to elect a majority of the members
of the Party’s board of directors; provided, however, that notwithstanding anything in the foregoing, the issuance of stock
by a Party in an equity financing shall not constitute a Change of Control.

 

		1.7	“Clinical Trial” means a clinical
trial in human subjects that has been approved by a Regulatory Authority and is designed to measure the safety and/or efficacy
of a Drug Product. Clinical Trials shall include Phase I Trials, Phase II Trials, Phase III Trials and Phase IV Trials.

 

		1.8	“Commercially Reasonable Efforts” means
(a) with respect to the efforts to be expended by any Party with respect to any objective, such commercially reasonable, diligent,
and good faith efforts as such Party would normally use to accomplish a similar objective under similar circumstance s and (b)
the application by such Party, consistent with the exercise of its prudent scientific and business judgment, of diligent efforts
and adequate resources to fulfill the obligation in issue, consistent with the level of efforts such Party would devote to a product
at a similar stage in its product life as Drug Product and having profit potential comparable to that of Drug Product, taking
into account, without limitation, commercial, legal and regulatory factors, target product profiles, product labeling, past performance,
the regulatory environment and competitive market conditions in the therapeutic area, safety and efficacy of Drug Product, the
strength of its proprietary position and such other factors as the Parties may reasonably consider, all based on conditions then
prevailing, but it being understood and agreed that such efforts shall always be consistent with any other terms and conditions
of this Agreement. Subject to the foregoing, Commercially Reasonable Efforts will not mean that a Party will actually accomplish
the applicable task.

 

		1.9	“Compound” shall mean the small
molecule drug candidate developed by THLD, TH-2870, in its racemic form and TH-3424 in its enantiomerically pure form covered
by selected patent applications listed in Exhibit A.

 

    	 	Confidential
 [4]	 

     

    

 

		1.10	“Confidential Information” of a
Party means Know-How and other information relating to the business, operations, and products of a Party or any of its Affiliates,
that is not known or generally available to the public, that such Party discloses to the other Party under this Agreement, or
otherwise becomes known to the other Party by virtue of this Agreement.

 

		1.11	“Controlled” means, with respect
to (a) Patent Rights, (b) Know-How or (c) biological, chemical or physical material, that a Party or one of its Affiliates owns
or has a license or sublicense to such Patent Rights, Know-How or material (or in the case of material, has the right to physical
possession of such material) and has the ability to grant a license or sublicense with respect to such Patent Rights and Know-
How, of the scope of the licenses contemplated in this Agreement, or transfer such material as provided for in this Agreement,
without violating the terms of any agreement or other arrangement with any Third Party.

 

		1.12	“Consents” means consents, assignments,
Permits, Orders, certification, concession, franchises, approvals, authorizations, registrations, filings, waivers, declarations
or filings with, of or from any Governmental Entity, parties to Contracts or any Third Party.

 

		1.13	“Contract” means any contract,
agreement, instrument, option, lease, license, sales and purchase order, warranty, note, bond, mortgage, indenture, obligation,
commitment, binding application, arrangement or understanding, whether written or oral, express or implied, in each case as amended
and supplemented from time to time.

 

		1.13	“Cover,” “Covering” or
“Covered” means, with respect to a Compound and relevant Patent Rights, that the making, using, selling, or
offering for sale of such Compound would, but for a license, infringe a Valid Claim of the relevant Patent Rights in any country
in which any such activity occurs or that the Compound is claimed in or covered by a Pending Claim.

 

    	 	Confidential
 [5]	 

     

    

 

		1.14	“Development” or “Develop”
means, with respect to the Compound, the performance of all research, non-clinical, pre-clinical and clinical development
(including, without limitation, toxicology, pharmacology, test method development and stability testing, process development,
formulation development, quality control development, and statistical analysis), Clinical Trials, manufacturing and regulatory
activities that are required to obtain Regulatory Approval of such Compound under this Agreement by either Party.

 

		1.15	“Drug Product” means one or both
of the Compounds (including, for clarity, in finished form) in any dosage form, formulation, presentation or package configuration.

 

		1.16	“Effective Date” means the Execution
Date.

 

		1.17	“Encumbrance” means any restriction
on any attribute of ownership, including any license, covenant, option (including any right to acquire, right of pre-emption or
conversion), release or waiver mortgage, lien, pledge, hypothecation, security interest, title retention, easement, encroachment,
right of first refusal or negotiation, any restriction on transfer or other assignment, as security or otherwise, of or relating
to use, quiet enjoyment, transfer, receipt of income in favor of a Third Party or any agreement to create any of the foregoing.

 

		1.18	“Execution Date” means the date
of last signature of this Agreement.

 

		1.19	“FDA” shall mean the United States
Food and Drug Administration, or any successor thereto performing similar functions.

 

		1.20	“Government Approval(s)” means
any and all approvals, licenses, registrations or authorizations of Governmental Authorities.

 

		1.21	“Government Authority,” “Governmental
Body” or Governmental Entity” means any federal, national, regional, state, city or local governmental
or regulatory authority, agency, department, bureau, commission or council.

 

    	 	Confidential
 [6]	 

     

    

 

		1.22	“IND” means an investigational
new drug application filed with the FDA or the equivalent application or filing filed with any equivalent agency or Governmental
Body outside the United States including the CFDA (including any supra-national entity such as in the European; Union) for approval
to commence Clinical Trials in such jurisdiction.

 

		1.23	“IND Filing” means the filing of an
IND for a Drug Product with the relevant Regulatory Authority.

 

		1.24	“IND Filing Acceptance” means the receipt
of notice from the relevant: Regulatory Authority that an IND for the Drug Product has met all the criteria for filing acceptance.
For the United States, an IND Filing Acceptance may also mean thirty (30) days following the FDA’s acknowledged IND receipt
date, unless the FDA notifies the IND filing party that the investigations described in the IND are subject to a clinical hold;
and if notification by FDA that the clinical investigations in the IND may begin was not received by OBI earlier.

 

		1.25	“Intellectual Property Rights” or “IPR”
means any and all rights in the Territory relating to, arising from, or associated with Technology, including (i) Patents;
(iv) rights with respect to Trade Secrets, including rights to limit the use or disclosure thereof by any Person; and (v) any
rights equivalent or similar to any of the foregoing.

 

		1.25	“Inventions” means any Know-How, whether
patentable or not, created, made, invented or developed by or on behalf of a Party or its Affiliates (solely or jointly) during
the Term and in the course of performing activities under this Agreement.

 

		1.26	“Know-How” means any inventions, discoveries,
creations, developments, data, and other information and materials, in any tangible or intangible form whatsoever, including scientific
or technical information, results, trade secrets, databases, practices, protocols, regulatory filings, methods, processes, techniques,
concepts, ideas, reagents, specifications, formulations, formulae, data (including, but not limited to, pharmacological, biological,
chemical, toxicological, clinical and analytical information, quality control, trial and stability data), case reports forms,
data analyses, reports, studies and procedures, designs for experiments and tests and results of experimentation and testing (including
results of research or development), summaries and information contained in submissions to and information from ethical committees,
the FDA or other Regulatory Authorities, and manufacturing process and development information, whether or not patentable.

 

    	 	Confidential
 [7]	 

     

    

 

		1.28	“Law” means all applicable laws, statutes,
rules, regulations, ordinances and other pronouncements having the binding effect of law of any Governmental Body.

 

		1.29	“Liability” means, with respect to any
Person, any liability or obligation of such Person of any kind, character or description, whether known or unknown, absolute or
contingent, accrued or unaccrued, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, vested
or unvested, executory, determined, determinable or otherwise and whether or not the same is required to be accrued on the financial
statements of such Person.

 

		1.30	“Licensed Know How” means any and all
scientific, medical, technical, regulatory and CMC Information relating to Compound and/or the Drug Product, including Data, and
all Information and materials relating to Compound and/or the Drug Product that are licensed from Ascenta and sublicensed to OBI
as of the Effective Date or during the term of this Agreement, and that is necessary or reasonably useful for the development
and/or commercialization of Drug Products including the process and method useful for the synthesis, manufacture of TH-2870 and
TH-3424 which shall be more fully disclosed to OBI after the Effective Date.

 

		1.31	“Non-Patent Rights” means intellectual
property rights, including rights in Know-How, other than Patent Rights or trademark rights.

 

		1.32	“Patents” shall mean any patents and
patent applications, together with all additions, divisions, continuations, substitutions, reissues, reexaminations, extensions,
registrations, patent term extensions, supplemental protection certificates and renewals of any of the foregoing.

 

		1.33	“Patent Right” means: (a) an issued
or granted patent, including any extension, supplemental protection certificate, registration, confirmation, reissue, reexamination,
extension or restoration by existing or future extension or restoration mechanisms (including, without limitation, supplementary
protection certificates or the equivalent thereof), or renewal thereof; (b) a pending patent application, including any continuation,
divisional, continuation-in-part, substitute or provisional application thereof; and (c) all counterparts or foreign equivalents
of any of the foregoing issued by or filed in any country or other jurisdiction.

 

    	 	Confidential
 [8]	 

     

    

 

		1.34	“PCT” shall mean Patent Cooperation
Treaty.

 

		1.35	“Person” means any individual, corporation
(including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture,
estate, trust, company (including any limited liability company or joint stock company), firm or other enterprise, association,
organization, entity or governmental authority.

 

		1.36	“Tax” or “Taxes” means
any applicable federal, state, local or foreign tax of any kind whatsoever, including any interest, penalty or addition thereon
whether disputed or not.

 

		1.37	“Technology” means all scientific, medical,
technical, regulatory and CMC Information relating to Compound and/or the Drug Product, including Data, and all Information and
Materials relating to the Compounds and/or the Drug Product, technical information and know-how, including: inventions, discoveries,
specifications, instructions, processes, formulae, materials, methods, protocols and other technology applicable to formulations,
compositions or products or documents or other media related to their manufacture, development, registration, use or processes
for their manufacture, formulations containing them or compositions incorporating or comprising them, and including all biological,
chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing,
preclinical and clinical data, instructions, processes, formula, and all tangible embodiments (such as documents or any other
media) of any of the foregoing, which includes: documentation associated with manufacturing of TH-2870 and TH-3424, including
batch records, standard operating procedures (SOPs), material requirement sheets; TH-2870 and TH-3424 safety data; TH-2870 and
TH-3424 regulatory documents and related documents; all TH-2870 and TH-3424 experimental raw data including certificates of analysis
(COAs), preclinical biology results, and all Intellectual Property Rights therein in any form or media whether or not specifically
listed herein.

 

    	 	Confidential
 [9]	 

     

    

 

		1.38	“Territory” means shall mean worldwide
but excluding the territories of People’s Republic of China (“China”), Hong Kong Special Administrative Region
of the People’s Republic of China (“Hong Kong”), Macao Special Administrative Region of the People’s Republic
of China (“Macao”), and Chinese Taipei (“Taiwan”); and if an IND Application is filed in any one of China,
Hong Kong, Macao or Taiwan by Ascenta, the Territory will also exclude Japan, South Korea, Singapore, Malaysia, Thailand, Turkey
and India.

 

		1.39	“Third Party” shall mean any person,
corporation or other entity, other than a Party or an Affiliate of a Party.

 

		1.40	“Trade Secrets” means confidential and
non-public information and materials that (i) derive independent economic, value, actual or potential, from not being generally
known to the public or to other Persons who can obtain economic value from its disclosure or use and (ii) are maintained as confidential
and secret.

 

		1.41	“Transferred Assets” means the Assigned
IPR and the Assigned Contracts (but, for clarity, does not include Licensed Know How).

 

		1.42	“Valid Claim” means a claim of (a) an
issued and unexpired patent which has not lapsed or been revoked, abandoned or held unenforceable or invalid by a final decision
of a court or governmental or supra-governmental agency of competent jurisdiction, unappealable or unappealed within the time
allowed for appeal, and which has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue, reexamination
or disclaimer or otherwise, or (b)(i) any pending bona fide and non-frivolous application submitted in good faith, or (ii) any
pending application having a common priority date with a patent described in (a) above that has issued in any other country, in
each such case of (i) and (ii), which claim has not been finally abandoned or denied or been held unpatentable by a final decision
of a court or governmental or supra-governmental agency of competent jurisdiction, unappealable or unappealed within the time
allowed for appeal (each of (i) or (ii) above, a “Pending Claim”). For purposes of thus clause, any such Pending
Claim as described above that has been pending for more than five (5) years will not be considered a Valid Claim for purpose of
this Agreement after such period until it issues (if at all).

 

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		B.	Construction

 

		1.43	Each term defined in the singular form in this Agreement
means the plural thereof whenever the plural form is used, and each term defined in the plural form means the singular thereof
whenever the singular form is used. The use of a pronoun of any gender is applicable to all genders.

 

		1.44	The words “hereof,” “herein,”
“hereunder” and similar terms when used in this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement, and annex, article, section, subsection, schedule and exhibit references herein are references to
annexes, articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

 

		1.45	The words “including” and “include”
mean including without limiting the generality of any description preceding such term, the phrase “may not’
is prohibitive and not permissive, and the word “or’ is not exclusive.

 

		1.46	Unless otherwise stated in this Agreement, in the computation
of a period of time from a specified date to a later specified date, the word “from” means “from but
excluding” and the words “to” and “until’ each mean “to and including.”

 

		1.47	The language used in this Agreement shall be deemed to
be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against
any Party.

 

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Article 2 Assigned IPR and Know-How and Licensed Know How

 

A) Transfer of the Assigned IPR and Regulatory
Filings from THLD to OBI

 

		2.1	THLD hereby sells, transfers and assigns to OBI, THLD’s
entire right, title and interest in and to the Assigned IPR including all rights to sue for and obtain any damages or other remedies
for any past, present, and future infringement of the Assigned IPR and will deliver to OBI all copies of all books, files, papers,
documentation and records of THLD (whether in paper or electronic form) included within the Assigned Know How, including any tangible
embodiments of the Assigned Know How according to the Transition Plan (as herein defined).

 

		2.2	To transfer the Assigned IPR, THLD and OBI shall fully
execute the assignment document attached hereto as Exhibit A (“Patent Assignment Document”). The transfer of
the Assigned IPR and the terms of the Patent Assignment Document shall be effective as of the Effective Date.

 

		2.3	By or before the Effective Date, and at THLD’s
expense, THLD shall execute any other documentation or perform acts as are reasonably necessary to transfer and assign THLD’s
right, title, and interest in Transferred Assets to OBI. THLD will obtain, at THLD’s sole cost and expense, from the applicable
Third Parties any Consents, approvals or waivers necessary to assign the Assigned Contracts to OBI (the “Required Third
Party Consents”) and deliver to OBI, as promptly as reasonably practicable after the date hereof, all of the Required
Third Party Consents.

 

		2.4	OBI may, at OBI’s expense, record the Patent Assignment
Document of this Agreement in any patent office including the United States Patent & Trademark Office (“USPTO”).

 

		2.5	As of the Effective Date, OBI shall be fully responsible
for the Assigned IPR including patent application filing and patent prosecution and maintenance, including, but not limited to
payment of filing, issue, maintenance and any other relevant fees.

 

		2.6	Any payments due by THLD under the Ascenta Agreement (as defined hereinafter) shall, as of
                                                                                  the Effective Date, be the sole responsibility of OBI, and OBI shall pay to, or collect for any such amounts that may be due
                                                                                  or payable, regardless of whether OBI, or its Affiliates, subsequent to the Effective Date, enters into any agreement with
                                                                                  any Third Party, or successor or assign, to further license, transfer, or sell the Assigned IPR.

 

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B) License of Licensed Know How

 

		2.7	As of the Effective Date, THLD grants to OBI a world-wide,
non-exclusive, non-transferrable, sublicensable (only in accordance with the provisions below), royalty-free, perpetual (except
as set forth herein), fully paid-up license to the Licensed Know How (“License”) for the sole purpose of making,
producing, synthesizing and developing the Compounds.

 

		2.8	OBI may (i) transfer, assign or sub-license OBI’s
interests in the Licensed Know How to its Affiliates and/or (ii) sub-license the Licensed Know How to any Third Party, subject
to OBI’s Affiliates and/or OBI’s authorized sublicensees agree to the same obligations as OBI with respect to the
Ascenta Agreement.

 

		2.9	Except as specifically set forth in this Agreement, neither
Party shall acquire any right, title, license, or other interest, by implication or otherwise, with respect to any information,
Know-How disclosed or provided to it under this Agreement or under any Patent Rights or other intellectual property rights Controlled
by the other Party or its Affiliates.

 

Article 3 Cooperation and Further Assurances.

 

		3.1	Transition Assistance

 

		a.	THLD will provide to OBI full and complete copies in its
possession of all Assigned Know How and Licensed Know How then in existence. THLD shall make available to OBI employees of THLD
who are most knowledgeable about the Compounds to facilitate the transfer (and, for so long as there is personnel within THLD
or its Affiliates possessing knowledge of the Compounds) of the Assigned Know How and Licensed Know How in accordance with the
Transition Plan set forth in Exhibit D attached hereto.

 

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		b.	For 1 month after the completion of the Transition Plan,
subject to there being personnel within THLD (or its Affiliates) possessing sufficient knowledge of the Compounds, THLD will in
a reasonably timely manner answer the reasonable questions of OBI relating to the Assigned Know How and Licensed Know How relevant
to allow OBI to make, produce and synthesize the Compounds.

 

		c.	If assistance is required beyond the transition assistance
described above, OBI shall provide written notice to THLD of the same. THLD will use Commercially Reasonable Efforts to provide
such assistance (to the extent personnel remain within THLD or its Affiliates possessing sufficient knowledge of the Compounds)
and OBI acknowledges that THLD’s provision of such assistance may be subject to THLD’s then current hourly rates not
to exceed $250.00.

 

		3.2	Following the Effective Date, and within a reasonable time after OBI’s written request
                                                                                  and at OBI’s expense, THLD shall use Commercially Reasonable Efforts to cooperate with OBI and its successors and
                                                                                  assigns, provide information and assistance, perform other acts, and execute and deliver documents and other instruments, all
                                                                                  as reasonably necessary in connection with the prosecution, maintenance, enforcement, or defense of the Assigned IPR or to
                                                                                  perfect, record, evidence, establish, or confirm OBI’s sole ownership of all right, title, and interest in and to the
                                                                                  Transferred Assets, including in connection with any action related to the Assigned IPR. Such cooperation shall include,
                                                                                  without limitation, and in a reasonably timely manner (i) executing and delivering to OBI instruments of sale,
                                                                                  transfer, conveyance, assignment, and confirmation to the extent that those individuals necessary to, familiar with or
                                                                                  responsible for, such instruments are employed by THLD or an Affiliate of THLD, (ii) providing reasonable assistance,
                                                                                  documents, materials, and other information, and disclosing other relevant facts, and obtaining the same from inventors and
                                                                                  other individuals to the extent that such inventors and individuals are still employed by THLD or an Affiliate of THLD, (iii)
                                                                                  providing evidence of invention dates and ownership, to the extent invention dates and ownership evidence is available to
                                                                                  THLD or an Affiliate of THLD (iv) making individuals reasonably familiar with the Assigned IPR and Licensed Know How
                                                                                  (including inventors of the Assigned Patents) available and accessible to OBI and its representatives (including for
                                                                                  technical consultations) to the extent that individuals are still employed by THLD or an Affiliate of THLD, and (v)
                                                                                  instructing Prosecution Counsel to cooperate with OBI and OBI’s representatives to assist with the foregoing.

 

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		3.3	THLD shall reasonably cooperate with OBI to facilitate
OBI’s discussion with former THLD employees and shall release such former employees from any confidentiality restrictions
which would prohibit such former employees from assisting OBI.

 

		3.4	THLD agrees that, from and after the Effective Date, it
will not, and it will cause its representatives not to retain (other than as retained through automated retention or backup processes)
or use any copy of any of the Assigned Know How or (ii) practice the Assigned IPR unless through a license granted from OBI or
Ascenta or its successors, assigns or licensees to THLD or its Affiliates.

 

		3.5	On or shortly after the Effective Date (or at such later
reasonable time as OBI and THLD may agree), THLD shall (a) send to OBI or its designated representative each prosecution (docket)
file, including all applications (whether published or not), and all invention disclosures, inventor notebooks, and similar documents,
for each Assigned Patent in the possession or under the control of THLD, and (b) advise each outside counsel and outside foreign
associate firm responsible for the preparation, prosecution, and/or maintenance of any Assigned Patent (“Prosecution
Counsel”) of the assignment of the Assigned Patents to OBI and instruct each such Prosecution Counsel to immediately
take direction from OBI or its designated counsel with respect to the transfer of all copies of the prosecution (docket) files
for each of the Transferred Assets in such Prosecution Counsel’s possession or under its control to OBI or its designee(s)
and Whether to retain copies of such files. If necessary, THLD agrees to thereafter reasonably assist OBI and its representatives
in procuring all such files from all such Prosecution Counsel. On or shortly after the Effective Date (or at such later reasonable
time as OBI and THLD may agree), THLD shall also furnish to OBI originals of all assignment agreements in its possession for the
Assigned IPR.

 

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		3.6	Before the Effective Date it is the Parties intent to execute
an assignment and the amendment (an “Assignment and Amendment”) to certain Agreements. One Agreement is the
Patent Assignment and Development Agreement between Threshold Pharmaceuticals, Inc. and Ascenta Pharmaceuticals, Ltd. dated as
February 1, 2016 (the “Ascenta Agreement”). The other Agreement is the Material Transfer Agreement between
Threshold Pharmaceuticals, Inc. and the National Cancer Institute dated (the “NCI”) as November 23, 2016 (the “NCI
Agreement”). If Ascenta or NCI fails execute the Ascenta Assignment and Amendment prior to the Effective Date, the THLD
shall exercise Commercially Reasonable Efforts to obtain Ascenta’s signature and the Parties shall counter sign the Ascenta
Assignment and Amendment promptly thereafter. The Parties acknowledge and agree that (i) OBI’s assignment and assumption
of the Ascenta Agreement or the NCI Agreement under Exhibit C shall not be effective, (ii) the Ascenta Agreement nor the NCI Agreement
will not be considered an Assigned Contract, and (iii) OBI shall have no liability or obligation to perform under the Ascenta
Agreement or the NCI Agreement, until the Ascenta Assignment and Amendment and the NCI Assignment and Amendment has been fully
executed by the parties thereto.

 

Article 4 Financial Provisions

 

		4.1	As partial consideration for the transfer and assignment
of the Transferred Assets and grant of Licenses, OBI (a) agrees to the terms set forth in this Agreement; and (b) agrees to pay
a one-time, non-refundable fee of three million USD (USD $3,000,000.00) (“Asset Transfer Fee”), after (i) all the
Assigned Patents and Applications have been assigned, (ii) all Assigned Know How, Licensed Know How, and any other relevant know-how,
data, materials has been duly transferred to Assignee, and (iii) THLD has provided fully-executed Assignment and Assumption Agreements
in form and substance substantially similar to Exhibits C-l and C-2 (subsections (i), (ii), and (iii) are collectively the “Payment
Prerequisites”), and per Exhibit D; 5 days prior to June 16, 2017 (“the Transition Completion Date”). Subject
to THLD’s completion of the Transition Plan, OBI will (Y) deliver to THLD the executed Certificate of Completion as set
forth below and (Z) pay to THLD, the amount of the Asset Transfer Fee not previously paid by the Transition Completion Date. The
one-time, non-refundable “Exclusivity Fee” of Five Hundred Thousand USD (USD $500,000.00) paid on April 18, 2017 is
creditable against the Asset Transfer Fee. For avoidance of doubt, the final payment due from OBI to THLD will be Two Million
Five Hundred Thousand USD (USD $2,500,000) upon crediting the Five Hundred Thousand USD (USD $500,000) already paid to THLD by
OBI on April 18, 2017. Payment of the Asset Transfer Fee shall be subject to withholding Tax obligations, if any, as set forth
in Article 4.4.

 

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		4.2	If OBI does not pay the Asset Transfer Fee by the Transaction
Completion Date or seeks recovery of the Asset Transfer Fee, OBI shall transfer and assign back to THLD, all right, title and
interest in and to the Assigned IPR all Know-How which was previously transferred to OBI pursuant to this Agreement and such Know-How
shall be deemed Confidential Information of THLD hereunder.

 

		4.3	All amounts payable to THLD or its designee under this
Agreement shall be paid in U.S. dollars, converted at the New York exchange bank selling rates published in the Wall Street Journal
the last business day of the calendar quarter for which payment is due.

 

		4.4	THLD shall be responsible for the payment of any and all
Taxes levied on account of payments paid to THLD by OBI under this Agreement.

 

Article 5 Additional Obligations of OBI

 

		5.1	From and after the Effective Date, OBI shall be responsible
for (i) the preparation, filing, presentation and maintenance of any Government Approvals or Acceptances related to the Transferred
Assets, including; and (ii) for communicating with Government Authorities regarding regulatory matters with respect to the Transferred
Assets, except to the extent reasonable necessary in connection with THLD’s performance of its obligations hereunder.

 

		5.2	OBI shall execute and deliver the Assignment and Assumption
Agreements attached hereto as Exhibit C.

 

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Article 6 Warranties and Representations

 

		6.1	THLD represents and warrants to OBI that as of the Effective
Date (unless a different time is identified below):

 

		a.	THLD has all requisite corporate power and authority to
enter into this Agreement and has or will have all power and authority to make the transfers and assignments to OBI provided hereunder.

 

		b.	Prior to the Effective Date, it has not assigned or granted
any ownership interest in the Transferred Assets to any Third Party.

 

		c.	THLD has good and valid title to, is the exclusive legal
and equitable owner of, and has the unrestricted power and right to sell, assign and deliver the Transferred Assets. To the knowledge
of THLD, the Transferred Assets are free and clear of all Encumbrances, except the Third Party Contracts. Upon the Effective Date,
OBI will acquire exclusive, good and valid title to the Transferred Assets.

 

		d.	Subject to paragraph k in this section, the Assigned IPR
and the Licensed Know-How constitute all of the Intellectual Property Rights necessary to enable OBI to develop and manufacture
the Product in the same manner that THLD developed and manufactured the Product immediately prior to the Effective Date.

 

		e.	Except for compliance with Law and the terms otherwise
noted herein, upon the Effective Date, no restrictions will exist on OBI’s right to sell, resell, license or sublicense
any of the Transferred Assets, nor will any such restrictions be imposed on OBI as a consequence of the transfer of the Transferred
Assets.

 

		f.	There are no Patents of THLD, other than the Assigned Patents,
which claim either or both of the Compounds, or the Assigned Know How.

 

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		g.	None of the Assigned Patents has been or is now involved
in any interference, reissue, reexamination or opposition proceeding in the USPTO or any corresponding office, department, organization,
agency or other Government Authority elsewhere, and to the knowledge of THLD, no such action has been threatened. None of the
Assigned Patents is subject to any compulsory license.

 

		h.	Exhibit B sets forth a complete and correct list of (including
the title, effective date, and parties to) all Contracts granting THLD, its Affiliates or any Third Party any license, covenant,
release, immunity or other right with respect to, the Transferred Assets (“Third Party Contracts”). There is
no outstanding dispute or disagreement and to the knowledge of THLD, there are no threatened disputes with respect to the Third
Party Contracts. Complete and correct copies of all Third Party Contracts have been made available to OBI. Neither THLD nor, to
the knowledge of THLD, any other party to any Third Party Contracts, is in breach or default of any Third Party Contract. To the
knowledge of THLD, none of the Third Party Contracts are subject to any Encumbrance except as may be set forth in the terms and
conditions of the Third Party Contracts. THLD has not waived or allowed to lapse any of its rights under any of the Third Party
Contracts, and, to the knowledge of THLD, no such rights have lapsed or otherwise expired or been terminated that would have an
adverse effect on the Transferred Assets.

 

		i.	The execution and delivery by THLD of this Agreement or the execution and delivery by THLD of
                                                                                  any other instrument or document required by this Agreement do not, and the performance of this Agreement, will not, (a)
                                                                                  conflict with or violate the organizational documents of THLD, (b) to the knowledge of THLD, conflict with or violate any Law
                                                                                  applicable to THLD, or (c) to the knowledge of THLD, result in any breach or violation of or constitute a material default
                                                                                  under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of
                                                                                  an Encumbrance in favor of any Third Party on any, Third Party Contract, Assigned Contract or Transferred Asset.

 

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		j.	To the knowledge of THLD, there is no prior art, public
use, public disclosure, or other information (including other intellectual property rights, conduct, or other information) that
it believes could reasonably render the claims in the Assigned Patents invalid or unenforceable.

 

		k.	To the knowledge of THLD, no Third Party has accused THLD’s
activities with respect to the development and manufacture of the Compounds to infringe any intellectual property rights of a
Third Party. To the knowledge of THLD, there are no patents owned by Third Parties having valid and enforceable claims that would
be infringed by OBI’s practice of the Assigned Know How as practiced by THLD immediately prior to the Effective Date or
the Licensed Know How as practiced by THLD immediately prior to the Effective Date. This representation is not intended to guarantee
that no component of any commercial product of OBI, its Affiliates or its licensees would infringe or otherwise violate Patents
owned by a Third Party.

 

		1.	To the knowledge of THLD, Ascenta has paid all amounts
due and owing to THLD pursuant to the Ascenta Agreement and is not in breach of the Ascenta Agreement as of the Effective Date.
THLD has paid all amounts due and owing to Ascenta pursuant to the Ascenta Agreement and is not in breach of the Ascent Agreement
as of the Effective Date.

 

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		m.	All employees, directors, officers, consultants, agents
and contractors of THLD who are or have been involved in, or who have participated in or contributed to, the conception, development,
authoring, creation, or reduction to practice of any Assigned Patents have executed valid and enforceable agreements that presently
and irrevocably assign all right, title, and interest in such Assigned Patents to THLD.

 

		o.	All currently due maintenance fees, renewal fees, or similar
fees for Assigned Patents have been paid and all necessary documents and certificates in connection with Assigned Patents have
been filed with the relevant patent authorities in the United States or foreign jurisdictions, as the case may be, for the purposes
of maintaining the Assigned Patents. To Threshold’s knowledge, there are no actions that will be required to be taken with
respect to patent prosecution and maintenance of the Assigned Patents within sixty (60) days of the Closing Date, including the
payment of any registration, issue, examination, maintenance or renewal fees or annuities or the filing of any documents, applications
or certificates for the purposes of maintaining, perfecting or preserving or renewing any Assigned Patents.

 

		p.	THLD has not received an opinion, whether preliminary in
nature or qualified in any manner, which concludes that a challenge to the validity or enforceability of any Assigned Patents
may succeed. To THLD’s knowledge, it has no reason to believe that any claims to the Compounds in any patent applications
included in the Assigned Patents will fail to receive the grant of a patent substantially in its current form or otherwise be
materially altered or narrowed in scope.

 

		6.2	OBI represents and warrants to THLD:

 

		a.	That as of the Effective Date, OBI has all requisite corporate
power and authority to enter into this Agreement.

 

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		b.	The execution and delivery by OBI of this Agreement or any other instrument or document
                                                                                  required by this Agreement do not, and the performance of this Agreement, will not, (a) conflict with or violate the
                                                                                  organizational documents of OBI, (b) conflict with or violate any Law applicable to OBI.

 

Article 7 Disclaimers

 

		7.1	EXCEPT FOR THE EXPRESS WARRANTIES SET OUT UNDER ARTICLE
6 (“WARRANTIES AND REPRESENTATIONS”), THLD MAKES NO REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED OR STATUTORY, AS
TO, INCLUDING WITHOUT LIMITATION, THE VALIDITY, ENFORCEABILITY, VALUE, OR SCOPE OF PROTECTION OF THE TRANSFERRED ASSETS.

 

		7.2	EXCEPT AS EXPRESSLY PROVIDED IN ARTICLE 6 (“WARRANTIES
AND REPRESENTATIONS”), THE TRANSFERRED ASSETS ARE PROVIDED “AS IS” WITHOUT ANY REPRESENTATION OR WARRANTY, AND
THLD DISCLAIMS ALL EXPRESS, IMPLIED, STATUTORY, OR OTHER WARRANTIES AND CONDITIONS RELATING THERETO, INCLUDING, WITHOUT LIMITATION,
THE IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, AND/OR FITNESS FOR A PARTICULAR USE.

 

		7.3	Except for the assignment and licenses expressly granted
in this Agreement, neither Party grants to the other by implication, estoppel or otherwise any license or other right to any of
its intellectual property. In addition, neither Party grants any license, release or other right expressly, by implication, by
estoppel or otherwise to any Third Party.

 

		7.4	THLD, its Affiliates and/or its designee shall have no
obligation to defend any action or suit brought by a Third Party which challenges or concerns the validity of the Assigned IPR,
although THLD, its Affiliates, its designee, and THLD’s and its Affiliates agree to cooperate with OBI in any action or
suit brought by a Third Party involving the Assigned IPR, at OBI’s expense.

 

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		7.5	Nothing contained in this Agreement shall be construed
as:

 

		a.	a warranty or representation as to the quality or performance
of products or services made or performed by THLD, OBI and/or their Affiliates, or

 

		b.	granting THLD, OBI, and/or their Affiliates any right to
use name, trade names or trademarks or other designation of THLD, OBI, or their Affiliates (including any contraction, abbreviation
or simulation of any of the foregoing).

 

Article 8 Limitation of Liabilities

 

		8.1	THLD, ITS AFFILIATES AND/OR ITS DESIGNATE SHALL NOT BE
LIABLE UNDER THIS AGREEMENT TO OBI OR ANY THIRD PARTY, WHETHER IN CONTRACT, WARRANTY, FAILURE OF A REMEDY TO ACHIEVE ITS ESSENTIAL
PURPOSE, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY), INDEMNITY, OR ANY OTHER LEGAL OR EQUITABLE THEORY, (a) FOR BUSINESS
INTERRUPTION OR LOST REVENUE, PROFITS OR SALES, COST OF CAPITAL, OR (b) FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL
DAMAGES OF THIS AGREEMENT BY THLD, EVEN IF THLD AND/OR ITS AFFILIATES HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH DAMAGES,
LOSSES, COSTS OR EXPENSES.

 

		8.2	OBI AND/OR ITS AFFILIATES SHALL NOT BE LIABLE UNDER THIS
AGREEMENT TO THLD OR ANY THIRD PARTY, WHETHER IN CONTRACT, WARRANTY, FAILURE OF A REMEDY TO ACHIEVE ITS ESSENTIAL PURPOSE, TORT
(INCLUDING NEGLIGENCE OR STRICT LIABILITY), INDEMNITY, OR ANY OTHER LEGAL OR EQUITABLE THEORY, (a) FOR BUSINESS INTERRUPTION OR
LOST REVENUE, PROFITS OR SALES, COST OF CAPITAL, OR (b) FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES
OF THIS AGREEMENT BY OBI, EVEN IF THLD AND/OR ITS AFFILIATES HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH DAMAGES, LOSSES,
COSTS OR EXPENSES.

 

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Article 9 Substantive Law

 

		9.1	All disputes shall be settled in accordance with the provisions
of this Agreement, and in accordance with the substantive laws of the State of California, without regard to its law of conflicts
and except as governed by the patent laws of the United States. Any lawsuit concerning this Agreement, shall be brought in the
United States Federal District Court, Northern District of California, or if jurisdiction does not exist in federal court, in
the California Supreme Court located in Sacramento, California.

 

Article 10 Confidentiality

 

		10.1	Each Party shall keep this Agreement and all information
disclosed to the other Party in connection with this Agreement (“Confidential Information”) confidential and
shall not disclose or otherwise divulge any part thereof to any Third Party without the prior written consent of the other Party
or unless required by Law or in conjunction with the sale (or potential sale) of all or substantially all the assets of a Party
to such Third Party. Nothing in this Agreement, however, shall preclude OBI from recording in the USPTO the Patent Assignment
Document(s) executed by THLD pursuant to Article 2. Subject to the terms of Article 2, subsection B, additionally, nothing in
this Agreement shall preclude either Party from disclosing Confidential Information (a) to any of their Affiliates, or to THLD’s
designee, provided that any Affiliate of a Party, or THLD’s designee, to which such disclosure is made by such Party, shall
not disclose any Confidential Information to any Third Party without written permission of the other Party to this Agreement or
to the extent required by Law; and (b) to the extent such Confidential Information becomes generally known to the general public
through no fault of the disclosing Party. For clarity, from the Effective Date the Assigned IPR (with the exception of any issued
Patents or published Patent applications) shall be considered the Confidential Information of OBI. The Licensed Know How is Confidential
Information and a Trade Secret of THLD.

 

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Article 11 Miscellaneous

 

		11.1	This Agreement is the complete Agreement between the Parties
regarding this subject, and supersedes any prior or contemporaneous oral or written understandings between the Parties with respect
to the subject matter thereof and constitutes the entire Agreement of the Parties with respect to such subject matter. The Agreement
may not be modified except in writing which requires for both Parties the signature of an authorized representative of each respective
Party. This requirement of written form can only be waived in writing. The annexes, schedules, exhibits, and attachments are an
integral part of this Agreement, and are hereby integrated by reference into this Agreement and shall be governed, in addition
to the terms therein, by the terms set forth in this Agreement. In case of any contradiction between the annexes, schedule, exhibits
and attachments and this Agreement, the terms of this Agreement shall prevail.

 

		11.2	This Agreement may be signed in counterparts, and will
become binding upon the exchange of facsimile or PDF copies of the required signatures. The parties will execute copies of this
Agreement each bearing original signatures for their permanent records.

 

		11.3	If any of the provisions of this Agreement shall be adjudged
to be invalid, illegal, or unenforceable, unless the basic intentions of the Parties under this Agreement are substantially jeopardized,
the validity, legality, and enforceability of the remaining provisions of this Agreement shall in no way be affected or impaired
thereby and shall be enforced to the maximum extent permitted by Law. In such a case the Parties shall make reasonable and good
faith efforts to come to an agreement approximating as closely as possible the arrangement originally envisaged in this Agreement.

 

		11.4	No express or implied waiver by any of the Parties to this
Agreement of any breach of any term, condition or obligation of this Agreement shall be construed as a waiver of any subsequent
or continuing breach of that term, condition or obligation or of any other term, condition or obligation of this Agreement of
the same or of a different nature. Any waiver, consent, or approval of any kind regarding any breach, violation, default, provision
or condition of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing.

 

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		11.5	Except as provided herein, neither Party may assign this
Agreement or any right or interest under this Agreement, nor delegate any obligation to be performed under this Agreement, to
any Third Party without the other Party’s prior written consent, which consent shall not be unreasonably withheld.

 

		11.6	All notices, requests, demands, consents, agreements and
other communications required or permitted to be given under this Agreement shall be in writing and shall be sufficiently given
when either (a) mailed postpaid first class registered or certified mail, or (b) delivered to a commercial overnight courier service
(e.g., FedEx), and addressed as follows, and such notice shall be effective as of the date it is deposited in the mail or delivered
to the overnight courier service.

 

If to OBI to:

 

If to THLD to:

 

Threshold Pharmaceuticals 

170 Harbor Way, Suite 300 

South San Francisco,
CA 94080

 USA

Facsimile: (650) 474-2529 

Attention: Legal Department

 

The above addresses can be changed by providing written notice to
the other Party in accordance with this Section 11.6.

 

		11.7	This Agreement binds and inures to the benefit of the Parties
and their respective successors and assigns, and to THLD’s designee. Except as expressly provided, nothing in this Agreement
is intended to, implies or shall confer on any person other than the Parties hereto and their Affiliates and their respective
successors or assigns, and THLD’s designee, any rights (including third-party beneficiary rights), remedies, obligations
or liabilities under or by reason of this Agreement.

 

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		11.8	The section and article headings contained in this Agreement
are inserted for convenience of reference only, are not part of this Agreement and shall not affect in any way the meaning or
interpretation of this Agreement. All references to Sections or Articles contained herein mean Sections or Articles of this Agreement
unless otherwise stated.

 

		11.9	Neither Party will make any press release or other public
announcement regarding this Agreement and the transactions contemplated herein without the prior written consent of the other
Party, provided that in the event that the Parties cannot agree, either Party shall be permitted to make any disclosure required
by law.

 

		11.10	It is understood and agreed that the relationship between
the Parties is that of independent contractors and that nothing in this Agreement will be construed as authorization for either
THLD or OBI to act as agent for the other.

 

		11.11	This Agreement has been prepared jointly and will not be
strictly construed against either Party.

 

		11.12	No Person other than THLD, OBI and their respective permitted
successors and assigns hereunder will be deemed an intended beneficiary hereunder, nor have any right to enforce any obligation
of any Party to this Agreement, nor will any Person other than THLD and OBI and their respective permitted successors and assigns
have any obligations to any Party under this Agreement.

 

[REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK]

 

    	 	Confidential
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IN WITNESS WHEREOF, the Parties have caused the term sheet to be
executed by their respectively duly authorized representative as set forth below.

 

	OBI Pharma, Inc.	 	Threshold Pharmaceuticals, Inc.
	 	 	 	 	 
	By:	/s/ Kevin Poulos	 	By: 	/s/ Eric Malek
	Name:	Kevin Poulos	 	Name:	Eric Malek
	Title:	Chief Commercial Officer	 	Title:	SVP Corporate Development
	Date:	May 31, 2017	 	Date:	May 31, 2017

 

    	 	Confidential
 [28]

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