Document:

Exhibit 10.6

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Execution Version

 

 

 

 

 

EXCLUSIVE LICENSE AGREEMENT

 

 

between ONCOLOGY VENTURE,
APS

and
EISAI INC.

Dated as of July 6, 2017

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 Definitions and Rules of Construction	1
	 	Section 1.1	Definitions.	1
	 	Section 1.2	Terms Defined Elsewhere in this Agreement.	11
	 	Section 1.3	Rules of Construction.	12
	ARTICLE 2 Grant of Rights; Diligence	12
	 	Section 2.1	Grant of Eisai Intellectual Property and Retention
    of Rights.	12
	 	Section 2.2	Grant of OV Technology and Retention of Rights.	12
	 	Section 2.3	Sublicenses.	13
	 	Section 2.4	CNS Field Option	13
	 	Section 2.5	Rights to Inventions	14
	ARTICLE 3 Product Development.	14
	 	Section 3.1	Governance	14
	 	Section 3.2	Development	15
	 	Section 3.3	Transfer	15
	 	Section 3.4	Assistance	15
	 	Section 3.5	Pharmacovigilance	15
	 	Section 3.6	Manufacturing; Inventory	16
	 	Section 3.7	No Other Rights	16
	 	Section 3.8	Bankruptcy	16
	 	Section 3.9	No Representation	16
	ARTICLE 4 Commercialization Activities.	16
	 	Section 4.1	Commercialization Responsibilities	16
	ARTICLE 5 Non-Compete.	17
	 	Section 5.1	Non-Compete	17
	 	Section 5.2	Change of Control Exception	17
	ARTICLE 6 Product Acquisition	17
	 	Section 6.1	Third Party Acquirer	17
	 	Section 6.2	Eisai Option to Re-Acquire	17
	ARTICLE 7 Payments	18
	 	Section 7.1	Upfront Payment	18
	 	Section 7.2	Royalties.	18
	 	Section 7.3	Milestones; Survival	19
	 	Section 7.4	Additional Payment Terms	20
	 	Section 7.5	Currency Conversion	20
	 	Section 7.6	Extension Payment	21
	 	Section 7.7	Taxes	21
	ARTICLE 8 Regulatory Matters	21
	 	Section 8.1	Compliance with Laws	21
	 	Section 8.2	Regulatory Approval	21
	ARTICLE 9 Intellectual Property	21
	 	Section 9.1	Ownership of Intellectual Property	21
	 	Section 9.2	Patent Filings, Prosecution and Maintenance of Eisai
    Intellectual Property and any Joint Intellectual Property	22
	 	Section 9.3	Extensions of Patent Term for Products	23
	 	Section 9.4	Enforcement of Eisai Intellectual Property and Joint
    Intellectual Property	24
	 	Section 9.5	Enforcement of OV Technology	25
	 	Section 9.6	Defense of Infringement Claims of Eisai Intellectual
    Property and Joint Intellectual Property	25

 

    i

    

    

 

	ARTICLE 10 Indemnification	26
	 	Section 10.1	Indemnification by Eisai.	26
	 	Section 10.2	Indemnification by OV	27
	 	Section 10.3	Waiver	28
	 	Section 10.4	Insurance	28
	 	Section 10.5	Limitation of Consequential Damages	28
	ARTICLE 11 Representations and Warranties	28
	 	Section 11.1	General Corporate Matters	28
	 	Section 11.2	Intellectual Property Matters	29
	 	Section 11.3	Eisai Covenants.	30
	 	Section 11.4	OV Covenants	31
	ARTICLE 12 Confidentiality and Publicity	31
	 	Section 12.1	Confidentiality	31
	 	Section 12.2	Publicity	33
	ARTICLE 13 Record-keeping and Audits	33
	 	Section 13.1	Records Retention	33
	 	Section 13.2	Audit Request	33
	ARTICLE 14 Term and Termination	34
	 	Section 14.1	Term	34
	 	Section 14.2	Rights of Termination	35
	 	Section 14.3	Surviving Rights and Obligations	37
	 	Section 14.4	Effect of Expiration or Termination; Remaining Inventory	37
	ARTICLE 15 Miscellaneous	39
	 	Section 15.1	Entire Agreement; Amendments	39
	 	Section 15.2	Governing Law	39
	 	Section 15.3	Dispute Resolution	39
	 	Section 15.4	Partial Illegality	41
	 	Section 15.5	Waiver of Compliance	41
	 	Section 15.6	Notices	41
	 	Section 15.7	Limitation on Liability	42
	 	Section 15.8	Counterparts	42
	 	Section 15.9	Further Assurances	42
	 	Section 15.10	Injunctive Relief	42
	 	Section 15.11	Jointly Prepared	42
	 	Section 15.12	Assignment	42
	 	Section 15.13	Relationship of Parties	43
	 	Section 15.14	Force Majeure	43
	 	Section 15.15	Severability	43
	 	Section 15.16	Third-Party Beneficiaries	44
	 	Section 15.17	Expenses	44

 

    ii

    

    

 

LIST OF EXHIBITS

 

		A	Clinical Development Plan

		B	Compound-Specific Biomarker

		C	Press Release

 

LIST OF SCHEDULES

 

		1	Major Countries

		2	Patents

		3	Compound

		3.3	Data and Information

		3.6	Inventory

		9.2(b)	Certain Product-Specific Patents

 

    iii

    

    

 

EXCLUSIVE LICENSE AGREEMENT

 

This Exclusive
License Agreement (this “Agreement”) is entered into as of July 6, 2017 (the “Effective Date”),
between Oncology Venture, ApS, a company organized and existing under the laws of Denmark, whose principal place of business is located
at Venlighedsvej 1, DK-2970 Hoersholm, Denmark (“OV”)

 

and

 

Eisai Inc., a Delaware corporation
having a principal place of business at 100 Tice Blvd., Woodcliff Lake, NJ 07677 (“Eisai”).

 

RECITALS

 

A. Eisai
is engaged in research and clinical development of oncology compounds, which is currently developing the Compound (as defined below).

 

B. Pursuant
to the MTA (defined below), OV developed and validated the Product-Specific Biomarker (as defined below) for the Compound utilizing certain
materials and data contributed by Eisai.

 

C. OV
and its Affiliates desire to obtain an exclusive license under the Eisai Intellectual Property (defined below) to exclusively develop
the Compound in the Field utilizing the Product-Specific Biomarker pursuant to this Agreement. OV and Eisai have previously executed a
Term Sheet (dated September 26, 2016) (the “Term Sheet”) regarding the terms of such proposed license.

 

D. Eisai
is willing to grant to OV an exclusive license under the Eisai Intellectual Property to develop the Compound in the Field subject to the
conditions set forth in, and pursuant to, this Agreement.

 

AGREEMENT

 

In consideration
of the mutual covenants set forth in this Agreement, OV and Eisai hereby agree as follows.

 

ARTICLE 1

Definitions and Rules of Construction

 

The definitions
and rules of constructions set forth below shall apply throughout this Agreement.

 

Section 1.1 Definitions.

 

“Adverse
Event” has the meaning set forth in the Applicable Law for such term (or comparable term), and will generally mean any
untoward medical occurrence in a subject in any Clinical Trial who has received a Product, medical device or placebo, and that does
not necessarily have a causal relationship with such Product, medical device or placebo, including any unfavorable and unintended
sign (including an abnormal laboratory finding), symptom or disease temporally associated with the use of the applicable Product,
whether or not related to such Product.

 

“Affiliate”
means, with respect to a Person, any Person that is controlled by, controls, or is under common control with such first Person, as
the case may be. For purposes of this definition, the term “control” means (a) direct or indirect ownership of fifty percent
(50%) or more of the voting interest in the entity in question, or fifty percent (50%) or more interest in the income of the entity in
question; provided, however, that if local Law requires a minimum percentage of local ownership of less than fifty percent
(50%), control will be established by direct or indirect beneficial ownership of one hundred percent (100%) of the maximum ownership percentage
that may, under such local Law, be owned by foreign interests, or (b) possession, directly or indirectly, of the power to direct or cause
the direction of management or policies of the entity in question (whether through ownership of securities or other ownership interests,
by contract or otherwise). The Parties acknowledge and agree that Medical Prognosis Institute, ApS (“MPI”) and 2X Oncology,
Inc. (“2X”) is an Affiliate of OV.

 

     

    

    

 

“Annual
Net Sales” means, on a Product-by-Product basis, total Net Sales by the Selling Parties in the Territory of such Product in
a particular Calendar Year, it being understood and agree that “Annual Net Sales” does not include any sales of diagnostic
products.

 

“Applicable
Laws” means all applicable common law, statutes, ordinances, rules, regulations, guidances and orders of any Governmental Authority,
including Regulatory Laws.

 

“Business
Day” means a day on which banking institutions in both Tokyo, Japan and Copenhagen, Denmark are open for business, excluding
any Saturday or Sunday.

 

“Calendar
Quarter” means the respective periods of three consecutive calendar months ending on March 31, June 30, September 30 or December
31, during the Term, or the applicable part thereof during the first or last calendar quarter of the Term.

 

“Calendar
Year” means any calendar year ending on December 31, or the applicable part thereof during the first or last year of the Term.

 

“Change
of Control” means, with respect to a Party, (a) a merger or consolidation of such Party with a Third Party which results in
the stockholders or equity holders of such Party or any Parent Corporation not owning at least fifty percent (50%) of the combined voting
power of the surviving entity immediately after such merger or consolidation, or (b) except in the case of a bona fide equity or debt
financings, whether private or public, in which a Party issues new shares of its capital stock or securities convertible into shares of
such Party, a transaction or series of related transactions in which a Third Party, together with its Affiliates, becomes the beneficial
owner of fifty percent (50%) or more of the combined voting power of the outstanding securities of such Party or Parent Corporation or
(c) the sale or other transfer to a Third Party of all or substantially all of such Party’s business to which the subject matter
of this Agreement relates.

 

“Clinical
Development Plan” means the development plan governing the Phase 2 Clinical Trial to be conducted by OV with respect to
the Compound, the initial draft of which is attached to this Agreement as Exhibit A, as may be amended from time to time by
the JDC pursuant to Section 3.1.

 

“Clinical
Trials” means a human clinical study conducted on sufficient numbers of human subjects that is designed to (a) establish that
a pharmaceutical product is reasonably safe for continued testing; (b) investigate the safety and efficacy of the pharmaceutical product
for its intended use, and to define warnings, precautions and adverse reactions that may be associated with the pharmaceutical product
in the dosage range to be prescribed; or (c) support Regulatory Approval of such pharmaceutical product or label expansion of such pharmaceutical
product.

 

“CNS
Field” shall mean the central nervous system (“CNS”) and/or cerebrocardiovascular drug application, including
the (preventive) treatment of peripheral of effects of agents causing CNS disease or symptoms.

 

“Combination
Product” means a Product that contains one or more additional active ingredients (whether co-formulated or co-packaged) that
are neither the Compound nor generic or other non-proprietary compositions of matter equivalents.

 

“Commercialization”
means any and all activities of marketing, promoting, distributing, offering for sale or selling the Product in the Field in the Territory,
including, for example, marketing, branding, pricing, distribution, sales, obtaining health insurance reimbursement coverage, market research,
business analytics, pharmacovigilance and medical affairs activities, pre-commercial launch market development activities conducted in
anticipation of Regulatory Approval to sell or market the Product, seeking pricing and reimbursement approvals for the Product (if applicable),
preparing advertising and promotional materials, sales force training, and all interactions and correspondence with a Regulatory Authority
regarding Clinical Trials commenced following Regulatory Approval. When used as a verb, “Commercialize” means to engage in
Commercialization.

 

    -2-

    

    

 

“Commercially
Reasonable Efforts” means with respect to the performing Party, a level of efforts and resources, not less than reasonable efforts
and resources, that is consistent with the efforts and resources that commonly used in the innovative biopharmaceutical industry by companies
of comparable size and standing to such Party with respect to a product or compound owned by it or to which it has rights of the type
it has hereunder, or similar market potential at a similar stage in the development or product life thereof, taking into account scientific
and commercial factors, including issues of safety and efficacy, product profile, the pricing and launching strategy for the respective
product, difficulty in developing or manufacturing the Product, competitiveness of alternative Third Party products in the marketplace,
the Patent or other proprietary position of the Product (including the ability to obtain or enforce, or have obtained or enforced, such
Patent or other proprietary positions), the regulatory requirements involved and the potential profitability, cost, market share, price
or reimbursement to the performing Party of the Product marketed or to be marketed.

 

“Competitive
Product” means, other than the Product, any pharmaceutical product having a primary mechanism of action (or in the case of
a combination product, any component of such combination product having as its primary mechanism of action) through the inhibition
of poly ADP ribose polymerase, whether currently marketed or in development, that is labeled, advertised, marketed, promoted or
intended for use in the Field.

 

“Compound”
means the compound commonly referred to as E7449, a small molecule inhibitor of poly ADP ribose polymerase, as more specifically described
on Schedule 3, and including therapeutically-active variants.

 

“Control” or “Controlled”
means, with respect to any intellectual property right, information, documents or materials of a Party (or, as described below, a
Future Acquirer), that such Party or its Affiliates, or a Future Acquirer, (a) owns or has a license to such intellectual property
right, information, documents or materials (other than pursuant to this Agreement); and (b) has the ability to grant access, a
license or a sublicense to such intellectual property right, information, documents or materials to the other Party as provided in
this Agreement without violating an agreement with or other rights of any Third Party, provided that any intellectual
property Controlled by a Future Acquirer of a Party shall not be treated as “Controlled” by such Party for purposes of
this Agreement, except to the extent that, and only to the extent that, such intellectual property (i) is actually used by such
Party or its Affiliates, or the Future Acquirer, to Develop, Manufacture or Commercialize the Product after the Future Acquirer
qualifies as such; or (ii) comes under the Control of such Future Acquirer due to reference or access by such Future Acquirer to, or
use by such Future Acquirer of, intellectual property of such Party. Notwithstanding the foregoing, with respect to any intellectual
property acquired after the Effective Date for which a Party will be required to make payments to any Third Party in connection with
the access, licenses and sublicenses granted to the other Party under this Agreement, such intellectual property shall not be
treated as “Controlled” by the licensing Party except to the extent that, and only to the extent that and for so long
as, the other Party agrees and does promptly pay to the licensing Party all such payments arising out of the grant of the license to
the other Party (as mutually agreed between the Parties in good faith).

 

“Cover”,
“Covering” or “Covered” means, with respect to a claim of a Patent and a Product, that the manufacture,
use, offer for sale, sale or importation of the Product would infringe a Valid Claim of such Patent in the country in which such activity
occurred, but for the licenses granted in this Agreement (or ownership thereof).

 

“Damages”
means all claims, threatened claims, damages, losses, suits, proceedings, liabilities, costs (including reasonable legal expenses,
costs of litigation and reasonable attorney’s fees), or judgments, whether for money or equitable relief, of any kind and is not
limited to matters asserted by Third Parties against a Party, but includes claims, threatened claims, damages, losses, suits, proceedings,
liabilities, costs (including reasonable legal expenses, costs of litigation and reasonable attorney’s fees) or judgments incurred
or sustained by a Party in the absence of Third Party claims; provided that no Party shall be liable to hold harmless or indemnify the
applicable indemnified party, as applicable, for any claims, threatened claims, damages, losses, suits, proceedings, liabilities, costs
or judgments for punitive or exemplary damages, except to the extent the Party seeking indemnification is actually liable to a Third Party
for such punitive or exemplary damages in connection with a claim by such Third Party.

 

    -3-

    

    

 

“Data”
shall mean all data and information generated, collected or filed, in relation to research and development activities relating to
the Product in the Field in the Territory, including toxicology data, pharmacological data, non-clinical reports, clinical reports, single
patient clinical report forms, data points and the databases, and stability data, chemical data, quality control data (excluding the closed
portion of any drug master file), adverse event and pharmacovigilance data, marketing data, pharmaco-economic data, branding and naming
research reports, and all CMC data (including CMC (chemistry, manufacturing and control) development reports).

 

“Development”
means all activities related to research, preclinical testing, clinical development efforts, test method development and stability testing,
assay development, toxicology, formulation, process development, formulation development, delivery system development, quality assurance
and quality control development, statistical analysis, clinical pharmacology, clinical studies (including Clinical Trials) and clinical
study regulatory activities, seeking Regulatory Approval and otherwise handling regulatory affairs, statistical analysis and report writing
with respect to the Product. Development shall not include Manufacturing or Commercialization. When used as a verb, “Develop”
means to engage in Development.

 

“Eisai Intellectual Property” means Eisai
Patents and Eisai Know-How.

 

“Eisai
Know-How” means Know-How owned or Controlled by Eisai or its Affiliates as of the Effective Date or during the Term of this
Agreement that is necessary or useful to Develop, Manufacture, or Commercialize the Product in the Field in the Territory.

 

“Eisai Patents” means the Product-Specific
Patents and the Platform Patents.

 

“EMA” means the European Medicines Agency,
and any successor entity thereto.

 

“FDA”
means the United States Food and Drug Administration (or any successor agency having the administrative authority to grant Regulatory
Approval in the United States).

 

“Field”
shall mean as of the Effective Date, any and all preventative, therapeutic and/or diagnostic uses related to cancer in humans; it
being understood and agreed that, effective upon receipt by OV of rights to the CNS Field pursuant to any definitive agreement with Eisai
as contemplated by Section 2.4, references to “Field” in this Agreement shall be deemed to include the CNS Field.

 

“Field
Action” means any action by a Party that meets the criteria of “recall,” “correction,” or “removal”
or similar field or customer action as defined by applicable Regulatory Law, including where any event, incident or circumstance has occurred
that may result in the need for a recall from the market, market suspension or market withdrawal of the Product by a Party in the Territory.

 

“First
Commercial Sale” means, with respect to a Product and any country in the Territory, the first sale of such Product under
this Agreement by a Selling Party for use in the Field to a Third Party in such country, after such Product has been granted
Regulatory Approval for distribution, marketing and sale (in each case to the extent required by Applicable Laws) in the Field by
the competent Regulatory Authorities in such country. For avoidance of doubt, First Commercial Sales exclude transfers or
dispositions of a Product for charitable, promotional (including samples), pre-clinical, clinical or regulatory purposes.

 

    -4-

    

    

 

“Force
Majeure” means any war, revolution, civil commotion, act of terrorism, blockade, epidemic, embargo, labor strike or lock-out,
scarcity of raw materials, flood, fire, earthquake, tsunami, nuclear disaster, unforeseen change in Applicable Law or similar event that
is beyond the reasonable control of the Party affected.

 

“Future Acquirer” means the Third Party
to any Change of Control transaction and any

of such Third Party’s Affiliates.

 

“Generic
Product” means, other than the Product, any pharmaceutical product (i) that contains the Compound as an active ingredient(s)
(including an active moiety) as such approved Product; (ii) is approved for use in such country pursuant to (a) Article 10.1 of Directive
2001/83/EC of the European Parliament and Council of 6 November 2001, or any enabling legislation thereof, or any amended or successor
abbreviated route of approval, or (b) any Laws or abbreviated routes of approval in any other countries worldwide that are comparable
to those described above; and (iii) is sold in the same country as such Product by any Third Party that is not a sublicensee of OV or
its Affiliates and did not purchase such product in a chain of distribution that included any of OV or any of its Affiliates or its sublicensees.
A pharmaceutical product that is AB-rated or comparably rated in any jurisdiction outside the United States to the applicable Product
shall be a Competitive Product with respect to such Product in such country.

 

“Good
Clinical Practices” or “GCP” means the then-current ethical and scientific quality standards for designing,
conducting, recording, and reporting trials that involve the participation of human subjects as are required by applicable Regulatory
Authorities or Law in the relevant jurisdiction. In the United States, GCP shall be based on Good Clinical Practices established through
FDA guidances (including Guideline for Good Clinical Practice – ICH Harmonized Tripartite Guideline (ICH E6)), and, outside the
United States, GCP shall be based on Guideline for Good Clinical Practice – ICH Harmonized Tripartite Guideline (ICH E6), as each
may be amended and/or updated from time to time.

 

“Good
Laboratory Practices” or “GLP” means the then-current good laboratory practice standards promulgated or endorsed
by the FDA, as defined in U.S. 21 C.F.R. Part 58 (or such other comparable regulatory standards in jurisdictions outside the United States,
as they may be amended and/or updated from time to time).

 

“Good
Manufacturing Practices” or “GMP” means all applicable then-current standards relating to manufacturing practices
for fine chemicals, intermediates, bulk products and/or finished pharmaceutical products, including (a) all applicable requirements detailed
in the FDA’s current Good Manufacturing Practices regulations, U.S. 21 C.F.R. Parts 210 and 211 and “The Rules Governing Medicinal
Products in the European Community, Volume IV, Good Manufacturing Practice for Medicinal Products”, as each may be amended and/or
updated from time to time, and (b) all Applicable Laws promulgated by any Governmental Authority having jurisdiction over the manufacture
of any Product, as applicable.

 

    -5-

    

    

 

“Governmental
Authority” means in any country the government entity having authority over the manufacturing, marketing, selling, pricing,
reimbursement, testing, investigating or regulating of the Product, and all states or other political subdivisions thereof and supranational
bodies applicable thereto, including the European Union, and all agencies, commissions, officials, courts or other instrumentalities of
the foregoing.

 

“IFRS”
means the International Financial Reporting Standards developed by the International Accounting Standards Board (IASB).

 

“IND”
means an Investigational New Drug application, Clinical Study Application, Clinical Trial Exemption, or similar application or submission
for approval to conduct Clinical Trials filed with or submitted to a Regulatory Authority in the applicable jurisdiction in conformance
with the requirements of such Regulatory Authority.

 

“Indication”
means any human disease or condition, or sign or symptom of a human disease or condition in a particular target patient population.

 

“Insolvency
Event” means that the Party has (a) commenced a voluntary proceeding under any insolvency law, or (b) had an involuntary
proceeding commenced against it under any insolvency law which has continued undismissed or unstayed for 60 consecutive days, or (c)
had a receiver, trustee or similar official appointed for it or for any substantial part of its property, or (d) made a general
assignment for the benefit of creditors, or (e) had an order for relief entered with respect to it by a court of competent
jurisdiction under any insolvency law. For purposes hereof, the term “insolvency law” means any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect.

 

“Inventions”
means any process, method, composition of matter, article of manufacture, discovery, improvement or finding that is discovered, generated
or invented (whether patentable or not) in the course of activities performed under this Agreement.

 

“Joint
Intellectual Property” means the Joint Know-How and the Joint Patents, and all intellectual property rights therein. The Parties
acknowledge and agree that any “Joint IP”, as such term was defined in the MTA, which was identified, synthesized, invented,
generated, discovered, acquired, conceived or otherwise Developed under the MTA, shall be deemed “Joint Intellectual Property”
hereunder.

 

“Joint
Know-How” means any Know-How that is conceived or developed or, in the case of Patentable Know-How, including any Inventions,
jointly by one or more employees of Eisai or its Affiliates (or a Third Party acting on any of their behalf) and one or more employees
of OV or its Affiliates (or a Third Party acting on any of their behalf) in the course of such Person’s performance of activities
in connection with this Agreement.

 

“Joint Patent” means any Patent that Covers
Joint Know-How.

 

“Know-How”
means (a) any research information (including trade secrets, inventions (whether patentable or not), methods, knowledge, skill,
experience, data, results (including pharmacological, toxicological and clinical test data and results, chemical structures,
sequences, processes, formulae, techniques, research data, reports, standard operating procedures and batch records), analytical and
quality control data, analytical methods (including applicable reference standards), full batch documentation, packaging records,
release, stability, storage and shelf-life data, and manufacturing process information, results or descriptions, software and
algorithm and (b) tangible manifestations thereof. As used in this Agreement, “clinical test data” shall include all
information related to clinical or non-clinical testing, including patient report forms, investigators’ reports,
biostatistical, pharmaco-economic and other related analyses, regulatory filings and communications, and the like.

 

    -6-

    

    

 

“Knowledge”
means knowledge after reasonable due inquiry with respect to the applicable facts and information of the employees of each of the Parties
and their Affiliates.

 

“Major Country” means the countries listed
hereto on Schedule 1.

 

“Manufacture”
or “Manufacturing” means all operations necessary or appropriate to make, test, release, package, store, label,
supply and ship a Product, in accordance with applicable packaging, controls industry standards, GMPs, Applicable Laws, and the Product’s
specifications.

 

“Marketing
Authorization Application” or “MAA” shall mean an application for Regulatory Approval in the European Union
to market a product in any country, whether filed with the EMA under the centralized EMA filing procedure or a Regulatory Authority in
any country in the European Union.

 

“MHLW”
means the Ministry of Health, Labor and Welfare of Japan, or the Pharmaceuticals and Medical Devices Agency of Japan, or any successor
to either of them, as the case may be.

 

“Minimum Clinical
Development Plan Criteria” shall mean those specific activities designated as “Minimum Clinical Development Plan
Criteria” in the Clinical Development Plan.

 

“MTA”
means that certain Material Transfer Agreement, dated as of March 15, 2017, by and between the Parties.

 

“NDA”
means a “New Drug Application,” as defined in the United States Federal Food, Drug, and Cosmetic Act, as amended, and applicable
regulations promulgated thereunder by the FDA and all amendments and supplements thereto filed with the FDA, or the equivalent application
filed with any Regulatory Authority, including all documents, data, and other information concerning Product, which are necessary for
gaining Regulatory Approval to market and sell Product in the relevant jurisdiction.

 

“Net
Sales” means, on a country-by-country and Product-by-Product basis in the Field in the Territory, with respect to any
period for each country, the gross amounts invoiced by OV, its Affiliates or its or their sublicensees (each, a “Selling
Party”), as applicable, to unrelated Third Parties for sales of a Product in the Field in such country, less the following
deductions to the extent included in the gross invoiced sales price for such Product or otherwise directly paid, incurred, allowed,
accrued or specifically allocated by the Selling Parties with respect to the sale of such Product in such country: (a) discounts,
including trade, quantity or cash discounts, credits, adjustments or allowances, including those granted on account of price
adjustments, billing errors, rejected goods, or damaged goods, which discounts are applied on a basis consistent with the selling
Person’s practices with respect to the selling Person’s other pharmaceutical products; (b) rebates and chargebacks
allowed, given or accrued (including cash, governmental and managed care rebates, hospital or other buying group chargebacks, cash
and non-cash coupons, retroactive price reductions, and governmental taxes in the nature of a rebate based on usage levels or sales
of such Product); (c) sales, excise, turnover, inventory, value- added, import, export, excise (including annual fees due under
Section 9008 of the United States Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) and other comparable laws)
and other taxes levied on, absorbed, determined or imposed with respect to the sale of such Product (excluding income or net profit
taxes or franchise taxes of any kind); (d) freight and insurance charges, customs charges, postage, shipping, handling, REMS
compliance costs and other transportation costs incurred in shipping such Product; (e) amounts paid or credited to customers for
inventory management services; and (f) the portion of any management fees paid during the relevant time period to group purchasing
organizations, wholesalers and managed care organizations to the extent determined by sales or utilization of such Product. Net
Sales will be determined in accordance with IFRS. Without limiting the generality of the foregoing, transfers or dispositions of a
Product for charitable, promotional (including samples), pre-clinical, clinical, or regulatory purposes will be excluded from Net
Sales, as will sales or transfers of a Product among the Selling Parties.

 

    -7-

    

    

 

Subject to the above deductions,
Net Sales shall be deemed to occur on, and only on, the first sale by a Selling Party to a non-sublicensee Third Party. If non-monetary
consideration is received by a Selling Party for the Product in the relevant country, Net Sales will be calculated based on the average
price charged for such Product, as applicable, during the preceding period, or in the absence of such sales, the fair market value of
the Product, as applicable, as determined by the Parties in good faith.

 

If a Product is sold as part of
a Combination Product, Net Sales will be the product of (i) Net Sales of the Combination Product calculated as above (i.e., calculated
as for a non-Combination Product) and (ii) the fraction (A/(A+B)), where:

 

“A” is the gross invoice
price in such country of the Product comprising the Compound as the sole therapeutically active ingredient; and

 

“B” is the gross invoice
price in such country of the other therapeutically active ingredients contained in the Combination Product.

 

If “A” or “B”
cannot be determined by reference to non-Combination Product sales as described above, then Net Sales will be calculated as above, but
the gross invoice price in the above equation shall be determined by mutual agreement reached in good faith by the Parties prior to the
end of the accounting period in question based on an equitable method of determining the same that takes into account, in the applicable
country, variation in dosage units and the relative fair market value of each therapeutically active ingredient in the Combination Product.

 

“Order”
means any award, injunction, judgment, decree, order, ruling, verdict or other decision issued, promulgated or entered by or with
any Governmental Authority of competent jurisdiction.

 

“Out-of-Pocket
Costs” means, with respect to certain activities hereunder, direct expenses paid or payable by either Party or its Affiliates
to Third Parties (other than employees of such Party or its Affiliates) that are specifically identifiable and incurred to conduct such
activities for the Product hereunder and have been recorded in accordance with either U.S. generally accepted accounting principles or
International Financial Reporting Standards, as designated and used by the applicable Party in preparing its financial statements from
time to time.

 

“OV
Platform Technology” means all Patents and Know-How Controlled by OV and/or its Affiliates (a) as of the Effective Date, and
(b) during the Term that do not Cover Inventions and are not Know-How arising in the course of the conduct of Development activities under
this Agreement. The Parties understand and agree that any Patents, Know-How and/or Inventions related to OV’s proprietary biomarker
generation platform Drug Response Predictor (DRPTM) (excluding the Product-Specific Biomarker), shall always be considered “OV
Platform Technology” hereunder.

 

“Parent
Corporation” means any Person which owns, directly or indirectly, at least fifty percent (50%) of the outstanding voting securities
of any Party.

 

“Party” means Eisai and/or OV, as the context
requires.

 

“Patent”
means any and all (a) patent applications filed under Applicable Laws in any jurisdiction, including all provisional applications,
substitutions, continuations, continuations-in- part, divisions, renewals, and all patents granted thereon; (b) all patents, reissues,
reexaminations and extensions or restorations by existing or future extension or restoration mechanisms, including supplementary protection
certificates or the equivalent thereof; and (c) any other form of government-issued right substantially similar to any of the foregoing.

 

    -8-

    

    

 

“Person”
means any individual or entity (including partnerships, corporations, limited liability companies, trusts and Governmental Authorities).

 

“Phase
1 Clinical Trial” means (a) both a Phase 1a Clinical Trial and a Phase 1b Clinical Trial, or (b) a single trial that may contain
elements of both a Phase 1a Clinical Trial and a Phase 1b Clinical Trial.

 

“Phase
1a Clinical Trial” means a human clinical trial of a compound, the principal purpose of which is a preliminary determination
of safety, pharmacokinetics, and pharmacodynamic parameters in healthy individuals or patients, as described in 21 C.F.R. 312.21(a), or
a similar clinical study prescribed by the Regulatory Authorities in a foreign country.

 

“Phase 1b
Clinical Trial” means a human clinical trial of a compound, the principal purpose of which is a further determination of
safety and pharmacokinetics (including exploration of trends of a biomarker-based or clinical endpoint-based efficacy relationship
to dose which are not designed to be statistically significant) of the compound whether or not in combination with concomitant
treatment after an initial Phase 1a Clinical Trial, prior to commencement of Phase 2 Clinical Trials or Phase 3 Clinical Trials, and
which provides (itself or together with other available data) sufficient evidence of safety to be included in filings for a Phase 2
Clinical Trial or a Phase 3 Clinical Trial with Regulatory Authorities, or a similar clinical study prescribed by the Regulatory
Authorities in a foreign country.

 

“Phase
2 Clinical Trial” means a human clinical trial of a product in any country that would satisfy the requirements of U.S. 21 C.F.R.
Part 312.21(b) and is intended to explore a variety of doses, dose response, and duration of effect, and to generate evidence of clinical
safety and effectiveness for a particular Indication or Indications in a target patient population, or a similar clinical study prescribed
by the relevant Regulatory Authorities in a country other than the United States.

 

“Phase
3 Clinical Trial” means a human clinical trial of a product in any country that would satisfy the requirements of U.S. 21 C.F.R.
Part 312.21(c) and is intended to (a) establish that the product is safe and efficacious for its intended use, (b) define contraindications,
warnings, precautions and adverse reactions that are associated with the product in the dosage range to be prescribed, and (c) support
Regulatory Approval for such product, or a similar clinical study prescribed by the relevant Regulatory Authorities in a country other
than the United States.

 

“Pivotal
Clinical Trial” means a human clinical trial of a product on a sufficient number of subjects that, prior to commencement
of the trial, satisfies both of the following ((a) and (b)):

 

(a) such
trial is designed to establish that such product has an acceptable safety and efficacy profile for its intended use, and to determine
warnings, precautions, and adverse reactions that are associated with such product in the dosage range to be prescribed, which trial is
intended to support Regulatory Approval of such product, or a similar clinical study prescribed by the U.S. or EMA; and

 

(b) such trial is a
registration trial sufficient for filing an application for a Regulatory Approval for such product in the U.S. or the EMA, as
evidenced by (i) an agreement with or statement from the FDA or the EMA on a Special Protocol Assessment or equivalent, or (ii)
other guidance or minutes issued by the FDA or EMA, for such registration trial.

 

“Platform
Patents” means those Patents listed on Schedule 2 attached hereto under the heading “Platform Patents”
as well as any Patent, other than the Product-Specific Patents, owned or Controlled by Eisai or its Affiliates as of the Effective Date
and during the Term that: (a)(i) claims or Covers any Eisai Know-How, and/or (ii) is otherwise necessary or useful to Develop, Manufacture
or Commercialize the Product in the Field in the Territory, and (b) does not specifically describe or reference a Product or exploitation
of a Product in the Field. For clarity, a Patent owned or Controlled by Eisai or its Affiliates that arises after the Effective Date cannot
be both a Platform Patent and a Product-Specific Patent.

 

“Product”
means all preparations, compositions and formulations of the Compound, together with all current and future formulations, versions,
compositions and presentations of product, together with any improvements or modifications, that use the Compound as its active pharmaceutical
ingredient alone or in combination with other therapeutically or prophylactically active pharmaceutical ingredients as part of a Combination
Product.

 

    -9-

    

    

 

“Product-Specific
Biomarker” means the specific DRPTM biomarker Developed exclusively for the Compound by or on behalf of OV pursuant to
the MTA, as more specifically described on Exhibit B.

 

“Product-Specific
Patents” means those Patents listed on Schedule 2 attached hereto under the heading “Product-Specific Patents”
as well as any Patent, other than the Platform Patents, owned or Controlled by Eisai or its Affiliates as of the Effective Date and during
the Term that: (a)(i) claims or Covers any Eisai Know-How and/or (ii) is otherwise necessary or useful to Develop, Manufacture or Commercialize
the Product in the Field in the Territory, and (b) specifically describes or references a Product or exploitation of a Product in the
Field. For clarity, a Patent owned or Controlled by Eisai or its Affiliates that arises after the Effective Date cannot be both a Platform
Patent and a Product-Specific Patent.

 

“Product
Complaint” means any written, electronic or oral communication that alleges deficiencies related to the identity, quality, durability,
reliability, safety, delivery, effectiveness or performance of the Product after it is released by OV for distribution.

 

“Proprietary
Information” means a Party's trade secrets, know-how, business plans, manufacturing processes, clinical strategies, product
specifications, scientific data, market analyses, formulae, designs, training manuals and other non-public information (whether business,
financial, commercial, scientific, clinical, regulatory or otherwise) that the Party treats as proprietary and uses Commercially Reasonable
Efforts to protect.

 

“Prosecute”
or “Prosecution” means, with respect to Patents, the preparation of, filing for, prosecuting, responding to oppositions,
nullity actions, re-examinations, revocation actions and similar proceedings (including conducting or participating in interference, oppositions,
reissue proceedings, reexaminations, post-grant proceedings and any other similar proceeding relating thereto) filed by Third Parties
against, and maintaining, Patents.

 

“Regulatory
Approval” means the approval and authorization of a Regulatory Authority in a country or regulatory jurisdiction necessary to
develop, manufacture, distribute, sell or market a pharmaceutical product in that country or regulatory jurisdiction. Regulatory Approval
shall include pricing and reimbursement approval in any country or regulatory jurisdiction in the Territory.

 

“Regulatory
Authority” means, with respect to any country or jurisdiction, any Governmental Authority involved in granting Regulatory Approval
or in administering Regulatory Laws in that country or jurisdiction.

 

“Regulatory
Documentation” shall mean all applications, registrations, licenses, authorizations, approvals (including all Regulatory
Approvals), and correspondence (registration and licenses, pricing and reimbursement correspondence, regulatory drug lists,
advertising and promotion documents) submitted to or received from Regulatory Authorities (including minutes and official contact
reports relating to any communications with any Regulatory Authority) and all supporting documents in connection therewith, and all
non-clinical, preclinical trials and Clinical Trials, tests and biostudies, relating to the use of the Product in the Field, or as
required for regulatory purposes (including all Regulatory Approvals) and all Data contained in any of the foregoing, including all
INDs, NDAs and Regulatory Approvals, regulatory drug lists, advertising and promotion documents, manufacturing data and records,
drug master files, inspection reports, Data from Clinical Trials, adverse event files and complaint files, in each case related to
the Product in the Field, or as required for regulatory purposes.

 

“Regulatory
Laws” means all Applicable Laws governing the import, export, testing, investigation, manufacture, marketing or sale of a product,
or establishing recordkeeping or reporting obligations for Product Complaints or Adverse Events, or relating to Field Actions or similar
regulatory matters.

 

“Right
of Reference or Use” means a “Right of Reference or Use” as that term is defined in 21 C.F.R. §314.3(b), and
any non-United States equivalents.

 

“Royalty
Term” means, on a Product-by-Product and country-by-country basis, the period of time commencing on the First Commercial Sale
of any Product in such country and expiring on the later of (a) expiration of the last Valid Claim of any and all Eisai Patents, OV Patents
and Joint Patents Covering such Product in such country and (b) the fifteenth (15th) anniversary of the date of First Commercial
Sale of such Product in such country; provided that, with respect to a Product being Commercialized in the US and the Major Countries,
the Royalty Term shall continue in both the US and the Major Countries until expiration of the last Valid Claim of any and all Eisai Patents,
OV Patents and Joint Patents Covering such Product in the US and each of the countries in the Major Countries.

 

    -10-

    

    

 

“Successful
Completion” means that, with respect to the Phase 2 Clinical Trial to be conducted by OV and/or its Affiliates or sublicensees
hereunder pursuant to the Clinical Development Plan, there is at least a twenty percent (20%) objective response rate in treated patients
in the Field as contemplated by the initial Clinical Development Plan as of the Effective Date or such amended Clinical Development Plan
that has been mutually agreed to by the Parties.

 

“Term Sheet” has the meaning set forth
in the recitals.

 

“Territory” means worldwide.

 

“Third Party” means any Person other than
the Parties and their Affiliates.

 

“US” or “United States”
means the United States of America.

 

“Valid
Claim” means, with respect to a particular country, (a) a claim of a pending Patent claiming priority from any Patent that
has been pending for no more than five (5) years following the earliest priority filing date for such Patent and that has not been
abandoned, finally rejected or expired without the possibility of appeal or refiling or (b) a claim of an issued and unexpired
Patent and that has not been held permanently revoked, held unenforceable or invalid by a decision of a court or other Governmental
Authority of competent jurisdiction, which decision is unappealed or unappealable within the time allowed for appeal and has not
been cancelled, withdrawn, abandoned, disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or
otherwise, in the case of (a) and (b) above, which claims the composition of matter or method of use of a Product in the Field. For
clarity, a claim of a Patent that ceased to be a Valid Claim before it issued because it had been pending too long, but subsequently
issued and is otherwise described by clause (a) of the foregoing sentence shall again be considered to be a Valid Claim once it
issues. A Product is “Covered” by a Valid Claim if its registration, manufacture, use, sale, offer for sale, marketing,
Commercialization, distribution, importation or exportation by OV in a given country in the Territory would, but for the rights
granted by Eisai to OV under this Agreement, infringe such Valid Claim.

 

Section 1.2 Terms Defined Elsewhere
in this Agreement.

 

Capitalized terms defined in other
provisions of this Agreement shall have the meanings specified therein. Those terms include the following:

 

	Term 	 	Section
	Additional Third Party License 	 	Section 7.2(d)
	Agreement	 	Preamble
	Auditee	 	Section 13.2(e)
	Audit Rights Holder	 	Section 13.2(e)
	Audit Team	 	Section 13.2(a)
	Business Program	 	Section
5.2
	Challenge	 	Section 14.2(e)
	Claim	 	Section 10.1(a)
	Confidential Information	 	Section 12.1(a) 
	Development
Milestone Events	 	Section 7.3(b) 
	 Dispute	 	Section 15.3
	Effective Date	 	Preamble
	Eisai 	 	Preamble
	Eisai Indemnified Parties	 	Section 10.2(a)
	ICC	 	Section 15.3
	Infringement Claim	 	 Section 9.6
	JDC 	 	Section 3.1(a)
	OV	 	Preamble
	OV Indemnified Parties 	 	Section 10.1(a)
	OV Know-How 	 	Section 9.1(b)
	OV Patents	 	Section 9.1(b)
	OV Technology 	 	Section 9.1(b)
	Program Acquirer	 	Section 6.1
	Program Acquirer Agreement	 	Section 6.1
	Recovery	 	Section 9.4(a)
	Rules	 	Section 15.3
	Sales Milestone Events	 	Section 7.3(a)
	Term	 	Section 14.1

 

    -11-

    

    

 

Section 1.3 Rules of Construction.

 

(a) Elements of this Agreement.
When a reference is made in this Agreement to a Recital, an Article, a Section, a Schedule, an Attachment or an Exhibit, such reference
is to a Recital, Article or Section of, or a Schedule, Attachment or Exhibit to, this Agreement, unless otherwise indicated.

 

(b)
Meaning of “Include” and Variations Thereof. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be understood to be followed by the words “without limitation.”

 

(c)
Use of Pronouns. Pronouns, including “he,” “she” and “it,” when used in reference to
any person, shall be deemed applicable to entities or individuals, male or female, as appropriate in any given case.

 

(d)
Headings. Article, Section and other headings contained in this Agreement are for reference purposes only and are not intended
to describe, interpret, define or limit the scope, extent or intent of any provision of this Agreement.

 

(e)
Variations on Terms. Standard variations on defined terms (such as the plural form of a term defined in the singular form,
and the past tense of a term defined in the present tense) shall be deemed to have meanings that correlate to the meanings of the defined
terms.

 

(f) Currency
References. All references to “dollars” or “$” shall be deemed to be references to the lawful currency
of the United States.

 

ARTICLE 2

Grant of Rights; Diligence

 

Section 2.1 Grant of Eisai Intellectual
Property and Retention of Rights.

 

(a)
During the Term, subject to the terms and conditions of this Agreement, Eisai, on behalf of itself and its Affiliates, hereby grants
to OV and OV’s Affiliates an exclusive (even as to Eisai), royalty-bearing right and license under the Eisai Intellectual Property
to Develop, make, have made, store, use, sell, have sold, import, export and otherwise Commercialize Products in the Field in the Territory.
For clarity, in the foregoing sentence, “exclusive” means that neither Eisai nor its Affiliates shall, for its or their own
account, and shall not grant to any Third Party the right and license under the Eisai Intellectual Property to, Develop, make, have made,
store, use, sell, have sold, import, export and otherwise Commercialize Products in the Field in the Territory.

 

(b)
Eisai, on behalf of itself and its Affiliates, hereby grants OV and OV’s Affiliates a Right of Reference or Use to all Data
and Regulatory Documentation (including all Regulatory Approvals) related to the Product owned or Controlled by Eisai or its Affiliates
as of the Effective Date and during the Term for all uses in connection with the Product for Development, Manufacturing and Commercialization
in the Field in the Territory.

 

Section 2.2 Grant of OV Technology
and Retention of Rights.

 

(a) During the Term,
subject to the terms and conditions of this Agreement, OV, on behalf of itself and its Affiliates, hereby grants to Eisai and
Eisai’s Affiliates an exclusive (even as to OV), right and license under the OV Technology to Develop, make, have made, store,
use, sell, have sold, import, export and otherwise Commercialize Products, in each case, solely for use outside the Field in
the Territory. For clarity, in the foregoing sentence, “exclusive” means that neither OV nor its Affiliates shall, for
its or their own account, and shall not grant to any Third Party the right and license under the OV Technology to, Develop, make,
have made, store, use, sell, have sold, import, export and otherwise Commercialize Products for outside the Field (including the CNS
Field) in the Territory.

 

    -12-

    

    

 

(b)
OV, on behalf of itself and its Affiliates, hereby grants Eisai and Eisai’s Affiliates a Right of Reference or Use to all
Data and Regulatory Documentation (including all Regulatory Approvals) related to the Product owned or Controlled by OV or its Affiliates
during the Term for all uses in connection with the Product for Development, Manufacturing and Commercialization, in each case, solely
for use outside the Field (including the CNS Field) in the Territory.

 

Section 2.3 Sublicenses.

 

(a)
OV shall have the right to grant sublicenses with respect to OV’s rights and obligations under this Agreement to (i) any
Affiliates of OV and (ii) Third Parties pursuant to Article 6; provided that, with respect to sublicenses granted to Third Parties,
subject to Article 6,

(x) OV provides Eisai with written
notice of such sublicense promptly after the grant of such sublicense, which notice shall not be required for rights granted to distributors,
wholesalers or marketing agents, (y) such sublicense shall be in writing and shall be consistent with the applicable terms and conditions
of this Agreement, and (z) OV shall remain responsible for performance of this Agreement.

 

(b)
Should this Agreement terminate for any reason, Eisai shall have the right but not the obligation to grant such sublicensee under
Section 2.3(a) a direct license to the Eisai Intellectual Property in the Territory and the Field.

 

(c)
Eisai shall have the right to grant sublicenses with respect to the license and rights granted pursuant to Section 2.2 to Eisai
under this Agreement to (i) any Affiliates of Eisai and

(ii) Third Parties, in each of
(i) and (ii), solely in connection with carrying out the activities set forth in Section 2.2; provided that, with respect to sublicenses
granted to Third Parties hereunder

(x) Eisai provides OV with written
notice of such sublicense promptly after the grant of such sublicense, which notice shall not be required for rights granted to distributors,
wholesalers or marketing agents, (y) such sublicense shall be in writing and shall be consistent with the applicable terms and conditions
of this Agreement, and (z) Eisai shall remain responsible for its obligations under this Agreement.

 

(d)
Should this Agreement terminate for any reason, OV shall have the right but not the obligation to grant such sublicensee under
Section 2.3(c) a direct license to the OV Technology in the Territory and outside the Field.

 

Section 2.4 CNS Field
Option. In the event that Eisai determines to out-license or otherwise, directly or indirectly, grant or sell rights to the
Compound in the CNS Field to a Third Party (including by way of sale of shares, merger, demerger or consolidation), the Parties
understand and agree that Eisai shall promptly notify OV of such decision in writing. OV shall have a six (6) month period following
receipt of such notice (the “Evaluation Period”) to determine whether to enter into negotiations with Eisai to acquire
exclusive rights to Develop, Manufacture and Commercialize the Compound in the CNS Field. During the Evaluation Period, Eisai shall
not negotiate or enter into discussions with any Third Party regarding a license or other arrangement regarding rights to the CNS
Field and shall provide information reasonably requested by OV to enable OV’s determination whether to expand the Field to
include the CNS Field. If, during the Exclusivity Period, OV elects to enter into exclusive negotiations with Eisai for the CNS
Field, OV shall deliver written notice to Eisai of such determination (the “Exercise Notice”). Following receipt by
Eisai of the Exercise Notice, the Parties will negotiate in good faith on an exclusive basis, for up to ninety (90) days (unless
otherwise agreed by the Parties) the terms of expanding the Field to include the CNS Field (the “Exclusivity Period”).
In the event that the Parties are unable to enter into a mutually acceptable definitive agreement prior to the expiration of the
Exclusivity Period, then Eisai shall have the right to negotiate with Third Parties to out-license or otherwise grant rights to the
Compound in the CNS Field.

 

    -13-

    

    

 

Section
2.5 Rights to Inventions. OV, its Affiliates and permitted sublicensees shall have the right to make Inventions involving the Eisai
Intellectual Property, and to utilize such Inventions to develop, make, have made, store, use, sell, have sold, import, export and otherwise
commercialize Products in the Field in the Territory. Eisai, its Affiliates and permitted sublicensees shall have the right to make Inventions
involving the OV Technology, and to utilize such Inventions to develop, make, have made, store, use, sell, have sold, import, export and
otherwise commercialize Products, in each case, solely for use of the Product outside the Field (including CNS Field) in the Territory;
provided, that any such Inventions shall be deemed included in the Eisai Intellectual Property licensed to OV hereunder.

 

ARTICLE 3

Product Development.

 

Section 3.1 Governance.

 

(a) Within thirty (30)
days after the Effective Date, Eisai and OV will establish a joint development committee (the “JDC”) to implement
and oversee Development activities in the Field in the Territory pursuant to the Clinical Development Plan, and will serve as a
forum for exchanging data, information and Development strategy regarding the Product. The JDC will consist of six (6) voting
representatives, which initial representatives shall be as follows: (i) for OV, Peter Buhl-Jensen (who shall serve as Chairman),
Steen Knudsen and Mogens Winkel Madsen; and (ii) for Eisai, three (3) members to be designated within ten (10) Business Days after
the Effective Date. OV shall additionally have the right to appoint a non-voting member to sit on the JDC, which initial non-voting
member shall be Bruce Pratt. Each Party will designate a JDC member who will be the primary contact on the JDC for that Party. Each
Party may replace any or all of its representatives on the JDC at any time upon written notice to the other in accordance with
Section 15.6 of this Agreement. Notwithstanding anything to the contrary contained herein, the Parties understand and agree that the
JDC shall be disbanded upon the earlier to occur of (x) Regulatory Approval of the Product by (1) the FDA, (2) the EMA, (3) any
Regulatory Authority in the United Kingdom, Germany or France or (4) any Regulatory Authority in Japan and (y) the execution of the
Program Acquirer Agreement; it being understood that, for clarity, all further Development activities shall either be, subject to
ARTICLE 6, conducted by OV or the Program Acquirer and/or their Affiliates or sublicensees.

 

(b)
The JDC shall meet at least once per Calendar Quarter (or more frequently as the Parties deem necessary) in person or by video
or telephone conference. Meetings of the JDC that are held in person shall alternate between the offices of Eisai and OV with the initial
in- person meeting to be held at the offices of OV, or at such other place as the Parties may agree. Each Party will bear its own costs
for travel, accommodation and the like in relation to attending such meetings. The specific timing and location of the JDC meetings will
be determined by the Chairman (provided, that such meetings shall only be held on dates as such Parties mutually agree). An agenda shall
be agreed upon by the JDC members and be distributed to the Parties by OV no less than ten (10) Business Days before any meeting. OV shall
be responsible for creating the meeting minutes. Each Party shall use reasonable efforts to cause its representatives to attend the meetings
of the JDC, provided that OV’s representative must be present at each meeting. Each JDC representative shall have one (1) vote on
the JDC.

 

(c)
The JDC will be responsible for (i) implementing, overseeing and amending the Clinical Development Plan and regulatory strategy
for the Product in the Field in the Territory, including determining whether to amend the Clinical Development Plan to include a second
Phase 2 Clinical Trial for a second Indication, (ii) attempting to resolve disputes arising under this Agreement with respect to Development
activities, (iii) subject to Article VI, discussing offers by Program Acquirers and (iv) performing such other Development functions set
forth in this Agreement.

 

(d)
Except as otherwise set forth in this Agreement, all decisions of the JDC shall be made by a simple majority vote (consisting of
more than fifty percent (50%) of the votes cast), with each representative having one (1) vote. If the JDC cannot, after good faith efforts,
agree on a matter for which the JDC has decision-making authority within fifteen (15) Business Days after it has met and attempted to
reach such decision, then such matter must be elevated to the Chief Clinical Officer, Oncology Business Group for Eisai and the Chief
Executive Officer for OV for attempted resolution through good faith efforts (which shall include at least one discussion in person, by
video or telephone conference) during a period of five (5) Business Days (or
longer period upon mutual agreement of such senior officers in writing), and if after such five (5) Business Day period (or such mutually
agreed to longer period) such matter is still unresolved, then, subject to Section 3.1(e), the Chairman shall have the controlling vote
and decision unless such matter involves an amendment of the Clinical Development Plan that would result in the amendment, deletion or
non-performance of items specified as Minimum Clinical Development Plan Criteria in the initial Clinical Development Plan as of the Effective
Date or such amended Clinical Development Plan that has been mutually agreed to by the Parties.

 

    -14-

    

    

 

Section 3.2
Development. Subject to ARTICLE 6, OV and its Affiliates and/or sublicensees shall be solely responsible for the Development of
Products in the Field in the Territory, whether or not pursuant to the Clinical Development Plan, and shall use Commercially
Reasonable Efforts to complete a Phase 2 Clinical Trial in accordance with the Clinical Development Plan. Subject to the terms and
conditions of this Agreement, OV shall bear one hundred percent (100%) of all costs and expenses associated with the Development of
Products. OV shall provide a summary report to Eisai, through its representatives on the JDC, on a quarterly basis regarding its
Development activities that OV and/or its Affiliates undertake in the preceding Calendar Quarter in accordance with this Section
3.

 

Section
3.3 Transfer. Within sixty (60) days after the Effective Date, Eisai shall disclose and provide to OV the data and information set
forth in Schedule 3.3 and which shall include all tangible embodiments of data and information concerning the Eisai Intellectual
Property and Regulatory Documentation (including without limitation (a) all safety data for the Product and (b) by providing reasonable
assistance with respect to the transfer of ownership, control and sponsorship, as applicable, of any INDs relating to the Product), as
well as preclinical and clinical data, manufacturing and CMC data, in its Control as of the Effective Date critical to, necessary or useful
for developing, making, using or selling Products in the Territory.

 

Section 3.4
Assistance. During the Term, Eisai will cooperate with OV to provide reasonable assistance requested by OV to facilitate the
transfer of Development, Manufacture and Commercialization responsibilities to OV as required under this Agreement, including
providing reasonable assistance with respect to regulatory and Manufacturing transition matters related to Product, and continuing
the transfer to OV of the data and information concerning the Eisai Intellectual Property (and related Regulatory Documentation)
licensed to OV under Section 2.1. Such cooperation will include providing OV with reasonable access by teleconference or in- person
to Eisai personnel involved in the research, Development and Manufacture of Product. Eisai shall provide OV with a reasonable level
of assistance and consultation in connection with the transfer described in this Section 3.4 at no cost for a maximum period of
sixty (60) days after the Effective Date, and thereafter Eisai’s obligations described in this Section 3.4 shall be expressly
contingent upon mutual written agreement on the scope of Eisai’s assistance and related compensation to Eisai in connection
therewith.

 

Section
3.5 Pharmacovigilance. OV will deploy and administer any safety monitoring activity implemented for the Product in the Territory,
and be responsible for all pharmacovigilance activities for the Product in the Territory. In addition:

 

(a)
Eisai shall cooperate with OV and share information concerning the pharmaceutical safety of Product. Eisai shall promptly advise
OV of any information that comes to its knowledge that may affect the safety, effectiveness or labelling of such Product and any actions
taken in response to such information.

 

(b)
OV shall be solely responsible for reporting all adverse drug experiences associated with Product in the Territory, and for establishing,
holding and maintaining the global safety database for Product. Eisai shall provide OV with all Product complaints, adverse event information
and safety data from clinical studies that are in its possession and control and that are necessary or desirable for OV to comply with
all Applicable Laws with respect to the Product.

 

Notwithstanding the foregoing, within sixty
(60) days following Eisai’s written notice to OV that it intends to conduct clinical activities with respect to the Product as
permitted under this Agreement, the Parties shall enter into a reasonable and customary written pharmacovigilance agreement (the
“PV Agreement”) governing each Party’s obligations with respect to reporting to the other Party and appropriate
Regulatory Authorities adverse events, complaints, and other safety-related matters with respect to the Product.

 

    -15-

    

    

 

Section 3.6 Manufacturing; Inventory.

 

(a)
Manufacturing. OV shall be solely responsible for sourcing the Manufacturing and supplying of Product in the Territory and
shall be entitled to identify and manage Third Party contract manufacturers, as well as lead all supply chain management and quality control
activities.

 

(b)
Inventory. Eisai hereby agrees to sell to OV, at OV’s written request as set forth below, such quantities of drug
substance for Product hereunder held by Eisai on the Effective Date (including raw materials, intermediates, and finished, unfinished,
or partially finished goods) in the Territory, all of which is described on Schedule 3.6 (the “Inventory”).
At any time until twelve (12) months after the Effective Date, OV shall have the right to make one request for a single delivery of all
or a portion of the Inventory. Eisai shall deliver such Inventory to OV within thirty (30) calendar days of OV’s request and OV
shall, within thirty (30) calendar days of receipt of any such Inventory which it requested from Eisai, pay to Eisai an amount equivalent
to fifty percent (50%) of the U.S. Dollar value set forth in Schedule 3.6 for such requested and delivered Inventory, which U.S. Dollar
value Eisai confirms is equal to Eisai’s documented cost of goods for the Manufacture of such Product incurred with respect to the
Manufacturing of such drug substance (as reflected in the carrying value of this inventory in Eisai’s financial statements). Eisai
hereby agrees to conduct stability testing to extend the expiration date of any clinical trial materials (CTM) included in the Inventory,
which testing shall be conducted pursuant to a separate agreement on commercially reasonable terms to be negotiated in good faith by the
Parties following the Effective Date upon the written request of OV to Eisai.

 

Section
3.7 No Other Rights. Eisai and OV each acknowledges and agrees that, except as expressly granted under this Agreement, no right, title,
or interest of any nature whatsoever is granted whether by implication, estoppel, reliance, or otherwise, by either Party to the other
Party. All rights with respect to technology, Patents or other Intellectual Property Rights that are not specifically granted herein are
reserved.

 

Section
3.8 Bankruptcy. All rights and licenses granted under or pursuant to this Agreement, including amendments hereto, are, for all purposes
of 11 U.S.C. § 365(n), licenses of rights to intellectual property as defined in the United States Bankruptcy Code, and any comparable
Law of a relevant jurisdiction. Each Party may elect to retain and may fully exercise all of its rights and elections under 11 U.S.C.
§ 365(n). The Parties further agree that, in the event of the commencement a bankruptcy proceeding by or against a Party under the
United States Bankruptcy Code, the other Party shall be entitled to a complete duplicate of (or complete access to, as appropriate) any
intellectual property licensed to such other Party and all embodiments of such intellectual property, which, if not already in such other
Party’s possession, shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon written request
therefor, unless the Party subject to bankruptcy proceeding elects to continue to perform all of its obligations under this Agreement
or (b) if not delivered under clause (a), following the rejection of this Agreement by the Party upon written request therefor by OV.

 

Section
3.9 No Representation. Subject to the foregoing obligation to use Commercially Reasonable Efforts, neither Party makes any representation,
warranty or guarantee that the Product will be successful, or that any other particular results will be achieved with respect to the Product
hereunder.

ARTICLE 4

Commercialization Activities.

 

Section
4.1 Commercialization Responsibilities. Subject to Article 6, OV shall use Commercially Reasonable Efforts to obtain Regulatory Approval
for the Product in the Major Countries. Subject to the terms and conditions of this Agreement, OV will be responsible, at its own cost,
for all Commercialization activities for the Product in the Field in the Territory where Regulatory Approval is expected to be or has
been obtained, including all costs and expenses relating thereto. Within sixty (60) days after the end of each Calendar Quarter beginning
with the Calendar Year in which the First Commercial Sale is made in a country following receipt of Regulatory Approval in such country,
OV shall deliver to Eisai a report setting forth for the previous Calendar Quarter OV’s and its Affiliates’ gross sales and
Net Sales in the Territory on a country-by-country basis, and inventory levels. OV shall have sole discretion to establish the pricing
and other terms and conditions of sale of the Product to its customers.

 

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ARTICLE 5

Non-Compete.

 

Section 5.1
Non-Compete. Neither Party nor its Affiliates shall, at any time during the Term, either on its own behalf or through any
Affiliate or Third Party, directly or indirectly make, market, promote, sell, offer for sale, import, export or otherwise
Commercialize any (a) Competitive Product in the Field, or (b) any other formulations of the Compound, or in-license or otherwise
acquire any product that is a Competitive Product or other formulation of the Compound, in the Field anywhere in the Territory.

 

Section
5.2 Change of Control Exception. Notwithstanding Section 5.1, if a Change of Control occurs with respect to a Party and, in each case,
the Third Party (or any of such Third Party’s then-existing Affiliates) already has, or the acquired assets contain, as applicable,
a program that existed prior to the Change of Control that would otherwise violate Section 5.1 at the time of such Change of Control (a
“Business Program”), then such Third Party (or such Third Party’s Affiliate) or such Party, as applicable, shall
be permitted to continue such Business Program after the closing of such Change of Control and such continuation shall not constitute
a violation of Section 5.1 provided that (i) neither the Eisai Intellectual Property nor the Joint Intellectual Property shall be used
in the Business Program, and (ii) the research or development activities required under this Agreement shall be segregated from any research
or development activities directed to such Business Program, including the maintenance of separate lab notebooks and records (password-protected
to the extent kept on a computer network) and the use of separate personnel to perform the activities under this Agreement and the activities
covered under such Business Program. The Party undergoing the Change of Control shall adopt reasonable procedures to limit the dissemination
of the other Party’s Confidential Information to only those personnel having a need to know such Confidential Information in order
for such Party or the Third Party, as applicable, to perform its obligations or to exercise its rights under this Agreement, including
adopting reasonable procedures and policies that prohibit and limit the use and disclosure of such Confidential Information in a competitive
manner against the other Party and its Affiliates, and adopting reasonable procedures and policies that prohibit or limit such Confidential
Information from being disclosed to or used by any Person who is also working on or making scientific, intellectual property or commercial
decisions regarding the Product at the time of receipt or use of any such Confidential Information, or within three (3) years following
receipt or use of any such Confidential Information.

 

ARTICLE 6

Product Acquisition

 

Section 6.1 Third Party
Acquirer. Following Successful Completion of a Phase 2 Clinical Trial for the Product pursuant to the Clinical Development Plan,
OV and Eisai shall cooperate to identify one or more potential Third Party (a “Program Acquirer”) to acquire (whether
through sale, license, merger or otherwise) and assume the rights to Develop, Manufacture and Commercialize the Product in the Field
in the Territory. The Parties understand and agree that entry into any such agreement with a Program Acquirer (the “Program
Acquirer Agreement”) shall be at the sole discretion of OV with the consent of Eisai, not to be unreasonably withheld, conditioned
or delayed; provided that, following the expiration of the Option Exclusivity Period, Eisai shall be deemed to consent to such transaction
where the Program Acquirer, together with its Affiliates, had at least One Hundred Million US Dollars ($100,000,000.00) of sales in the
immediately preceding Calendar Year derived from sales of pharmaceutical products. If a suitable Third Party Acquirer is not secured,
OV reserves the right, either itself or through its Affiliates, to advance the Product through Phase 3 Clinical Trials and Commercialize
the Product.

 

Section 6.2 Eisai Option to Re-Acquire. For the period of time commencing with enrollment of the first five (5) patients
in a Phase 2 Clinical Trial for the Product pursuant to the Clinical Development Plan and ending ninety (90) days following Successful
Completion of such Phase 2 Clinical Trial (the “Option Period”), Eisai shall have the option to notify OV in writing
(the “Eisai Option Notice”) that it is interested in re-acquiring the rights to Develop, Manufacture and Commercialize
the Product in the Field in the Territory from OV and its Affiliates (the “Eisai Option”). Following receipt by OV
of the Eisai Option Notice, the Parties will negotiate in good faith on an exclusive basis, for up to ninety (90) days (unless otherwise
agreed by the Parties) the terms of Eisai exercising the Eisai Option at a fair market value, which value shall take into consideration
the value of the Development activities performed by OV, its Affiliates and sublicensees pursuant to the Clinical Development Plan, any
Data, Know-How, Inventions or Patents related to the Product and any applicable drug substance for Product held by OV (including raw
materials, intermediates, and finished, unfinished, or partially finished goods, or otherwise) (the “Option Exclusivity Period”).
In the event that the Parties are unable to enter into a mutually acceptable definitive agreement prior to the expiration of the Option
Exclusivity Period, then OV shall have the right (a) to negotiate with any Third Party to out- license or otherwise grant rights to the
Field as contemplated by Section 6.1 or (b) to continue to advance the Product itself.

 

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ARTICLE 7

Payments

 

Section
7.1 Upfront Payment. In consideration of the rights granted to OV under this Agreement, OV shall pay to Eisai a one-time, non-refundable
and non-creditable payment of [***] U.S. Dollars ($[***].00) no later than ten (10) Business Days after the Effective Date. Eisai hereby
confirms that OV has previously paid [***] U.S. Dollars ($[***]) pursuant to the MTA.

 

Section 7.2 Royalties.

 

(a)  Product
Royalties. OV shall pay Eisai royalties on Annual Net Sales equal to the following portions of Annual Net Sales multiplied by
the applicable royalty rate for such portion during the applicable Royalty Term for each such Product in accordance with Section
7.2(f):

 

	Annual Net Sales	 	Royalty Rate
	
    Annual Net Sales above $0, up to and including One Hundred Million
U.S. Dollars ($100,000,000.00)
	 	[***]
	
    Annual Net Sales above One Hundred
    Million U.S. Dollars ($100,000,000.00), up to and including Two Hundred Fifty Million

    U.S. Dollars ($250,000,000.00)
	 	[***]
	
    Annual Net Sales above Two Hundred
    Fifty Million U.S. Dollars ($250,000,000.00), up to and including Five Hundred Million U.S.

    Dollars ($500,000,000.00)
	 	[***]
	
    Annual Net Sales above Five Hundred Million U.S. Dollars
    ($500,000,000.00)
	 	[***]

 

Each Royalty Rate set forth in
the table above will apply only to that portion of the Annual Net Sales of Product in the Territory during a given Calendar Year that
falls within the indicated range.

 

For example, if Annual Net Sales
of Product in the Territory by OV, its Affiliates and sublicensees was Three Hundred and Fifty Million U.S. Dollars ($350,000,000), then
the royalties payable with respect to such Annual Net Sales, subject to adjustment as set forth in this Section 7.2(a), would be:

 

[***].

 

(b) Royalty Term;
Reduction. OV’s royalty obligations to Eisai under Section 7.2 shall be on a country-by-country basis for the applicable
Royalty Term in such country; provided that the royalty amounts payable with respect to Annual Net Sales shall be reduced on a
country-by-country basis, [***] of the amounts otherwise payable pursuant to Section 7.2(a), during any portion of the Royalty Term
in which there is not at least one (1) Valid Claim of a Patent within the Eisai Intellectual Property or Joint Intellectual Property
that Covers such Product in such country. Only one royalty shall be payable by OV to Eisai for each sale of a Product.

 

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(c) Royalty
Reduction for Generic Product Competition. If, on a Product-by- Product, country-by-country and Calendar Quarter-by-Calendar Quarter
basis, A Generic Product(s) has a market share of greater than twenty-five percent (25%) but less than or equal to fifty percent (50%);
or A Generic Product(s) has a market share of more than fifty percent (50%); then the royalties payable with respect to Annual Net Sales
pursuant to Section 7.2(a) in such country during such Calendar Quarter shall be reduced by [***] if subsection (a) applies, and [***]
if subsection (b) applies, respectively, of the royalties otherwise payable pursuant to Section 7.2(a). Market share shall be based on
the aggregate market in such country of such Product and the Competitive Product(s) (based on sales of units of such Product and such
Competitive Product(s) in the aggregate, as reported by IMS International, or if such data are not available, such other reliable data
source as reasonably agreed by the Parties).

 

(d) Royalty
Reduction for Third Party Payments. If OV, in its sole discretion, determines that any Third Party intellectual property rights
are required in order to avoid infringement of such Third Party intellectual property rights in connection with the Development,
Manufacture, or Commercialization of the Product for the Field, then OV may negotiate and obtain a license under, or otherwise pay
amounts with respect to any litigation regarding, such Third Party’s intellectual property rights (each such Third Party
license or payment referred to herein as an “Additional Third Party License”). Any royalty otherwise payable to
Eisai under this Agreement with respect to Annual Net Sales of any Product by OV, its Affiliates or sublicensees in such country
will be reduced by [***] of the amounts payable to Third Parties pursuant to any Additional Third Party Licenses, such reduction to
continue (and be carried forward for use) until all such amounts have been expended.

 

(e) Cumulative Effect of Royalty Reductions. In no event shall the royalty reductions described in Sections 7.2(b), (c) and
(d), alone or together, reduce the royalties payable by OV for a given Calendar Quarter pursuant to Section 7.2(a) to less than [***]
of the amounts payable by OV for a given Calendar Quarter pursuant to Section 7.2(a). OV may carry over and apply any such royalty reductions
which are incurred or accrued in a Calendar Quarter and are not deducted in such Calendar Quarter, to any subsequent Calendar Quarter(s),
and shall begin applying such reduction to such royalties as soon as practicable and continue applying such reduction on a Calendar Quarterly
basis thereafter.

 

(f) Payment
of Royalties. OV shall: (a) within forty-five (45) days following the end of each Calendar Quarter in which a royalty payment accrues,
provide to Eisai a report for each country in the Territory in which sales of Product occurred in the Calendar Quarter covered by such
statement, specifying for such Calendar Quarter: the number of Products sold; the gross sales and Annual Net Sales in each country’s
currency; the applicable royalty rate under this Agreement; the royalties payable in each country’s currency, including an accounting
of deductions taken in the calculation of Annual Net Sales in accordance with OV’s normal practices used to prepare its audited
financial statements for internal and external reporting purposes; the applicable exchange rate to convert from each country’s
currency to U.S. Dollars under Section 7.5; and the royalty calculation and royalties payable in U.S. Dollars, and (b) make the royalty
payments owed to Eisai hereunder in accordance with such royalty report in arrears, within sixty (60) days from the end of each Calendar
Quarter in which such payment accrues.

 

Section
7.3 Milestones; Survival. OV shall pay Eisai the applicable milestones set forth in this Section 7.3. For each of Sections 7.3(a)
and (b) of this Agreement, the Parties understand and agree that in no event will more than one (1) milestone payment be paid with respect
to any specific event triggering a payment under this Agreement.

 

(a)
Sales Milestones. OV shall make a one-time sales milestone payment of [***] to Eisai the first time Annual Net Sales of
Products in a given Calendar Year in the Field in the Territory achieve One Billion U.S. Dollars ($1,000,000,000.00). For clarity, such
milestone shall be due and payable one time only.

 

(b)
Development Milestones. OV shall make the following development milestone payments to Eisai that are set forth below upon
the first achievement by or on behalf of OV, its Affiliates or sublicensees of the Development milestone events (“Development
Milestone Events”) set forth below with respect to the first Product in the Field that achieves such event in the Field. For
clarity, each milestone set forth below shall be due and payable one time only (regardless of the number of Products or Indications to
achieve any such Development Milestone Event).

 

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	Milestone 

Number	 	Development Milestone Event 

(For the first Product that achieves such event)	 	Milestone Payments 

(in $ millions)
	1	 	Successful Completion of a Phase 2 Clinical Trial for the Product	 	[***]
	2	 	Dosing of the first patient in a Phase 3 Clinical Trial for the Product	 	[***]
	3	 	Submission of an NDA to the FDA for the Product in the United States	 	[***]
	4	 	Submission of an MAA to the EMA for the Product in the European Union	 	[***]
	5	 	Submission of an NDA to the MHLW for the Product in Japan	 	[***]
	6	 	Receipt of Regulatory Approval of the Product in the United States from the FDA	 	[***]
	7	 	Receipt of Regulatory Approval of the Product in the European Union from the EMA	 	[***]
	8	 	Receipt of Regulatory Approval of the Product in Japan from the MHLW	 	[***]

 

The Parties
understand and agree that submission of an NDA or MAA shall only be deemed to occur if such NDA or MAA has been accepted by the applicable
Regulatory Authority for review (and for example no “complete response letter” or similar communications have been delivered).

 

Additionally,
the Parties understand and agree that the Development Milestone Numbers 3–8 set forth in the table above shall be reduced by [***]
if, at the time of achievement of such Development Milestone by OV and/or its Affiliates or its or their permitted sublicensees, Eisai
and/or its Affiliates or its or their permitted sublicensees have received Regulatory Approval for the Compound in the CNS Field.

 

Section 7.4 Additional Payment Terms.

 

(a) Accounting. All payments
hereunder shall be made in the United States in U.S. Dollars by wire transfer to a bank to be designated in writing by Eisai.
Conversion of sales recorded in local currencies to Dollars shall be performed in a manner consistent with OV’s normal
practices used to prepare its audited financial statements for internal and external reporting purposes.

 

(b) Late Payments.
Any payments or portions thereof due hereunder that are not paid on the date such payments are due under this Agreement shall bear interest
at an annual rate equal to the lesser of: (a) one and one half percentage points (1.5%) above the prime rate as published by Citibank,
N.A., New York, New York, or any successor thereto, at 12:01 a.m. on the first day of each Calendar Quarter in which such payments are
overdue or (b) the maximum rate permitted by Applicable Law; in each case calculated on the number of days such payment is delinquent,
compounded monthly.

 

Section
7.5 Currency Conversion. All amounts payable and calculations under this Agreement will be in U.S. Dollars. As applicable, Net Sales
and any Milestone Payments will be translated into U.S. Dollars using OV’s then-current standard exchange rate methodology for the
translation of foreign currency sales into U.S. Dollars (in accordance with IFRS). If, due to restrictions or prohibitions imposed by
national or international authority, a given payment cannot be made as provided in this Section 7.5, the Parties will consult with a view
to finding a prompt and acceptable solution. If the Parties are unable to identify a mutually acceptable solution regarding such payment,
then OV may elect, in its sole discretion, to deliver such payment in the relevant jurisdiction and in the local currency of the relevant
jurisdiction.

 

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Section
7.6 Extension Payment. If OV and/or its Affiliates or sublicensees have not achieved Successful Completion of the first Phase 2 Clinical
Trial of the Product prior to the fourth (4th) anniversary of the Effective Date, then, in OV’s sole discretion, it may notify Eisai
of its intention to continue Development activities of the Compound. In the event that Eisai and OV mutually agree to such continued Development
activities by OV, OV shall pay a one-time payment to Eisai of [***] (the “Extension Payment”) on the fourth (4th)
anniversary of the Effective Date.

 

Section
7.7 Taxes. OV may withhold from payment made to Eisai under this Agreement any income tax required to be withheld by OV under the
laws of the country or jurisdiction where OV has commercially sold Products. If any tax is withheld by OV, OV shall provide Eisai receipts
or other evidence of such withholding and payment to the appropriate tax authorities on a timely basis following that tax payment. Each
Party agrees to cooperate with the other Party in claiming refunds or exemptions from such deductions or withholdings under any relevant
agreement or treaty which is in effect. The Parties shall discuss applicable mechanisms for minimizing such taxes to the extent possible
in compliance with Applicable Law. In addition, the Parties shall cooperate in accordance with Applicable Law to minimize indirect taxes
(such as value added tax, sales tax, consumption tax and other similar taxes) in connection with this Agreement.

 

ARTICLE 8

Regulatory Matters

 

Section
8.1 Compliance with Laws. Each Party shall comply in all material respects with all Applicable Laws, including all Regulatory Laws,
that pertain to its activities under this Agreement and, except as otherwise provided herein, each Party shall bear its own cost and expense
of such compliance.

 

Section 8.2
Regulatory Approval. In seeking any Regulatory Approval in the Territory, OV shall have primary responsibility for all
communications, submissions and interactions with Regulatory Authorities, including serving as sponsor of any required
investigational new drug or device applications or exemptions and preparing and submitting the application for Regulatory Approval.
Eisai shall fully cooperate with OV, provide consulting advice on regulatory strategies, communications and submissions, and provide
any additional regulatory documentation and data reasonably requested by OV in connection with seeking Regulatory Approval in the
Territory. OV shall bear all costs and expenses of obtaining such Regulatory Approval. OV shall maintain such approval throughout
the Term (and bear all associated costs and expenses). OV shall own all and be responsible for preparing, filing and maintaining all
regulatory filings and Regulatory Approval that are required for the Development, Manufacture, use, or Commercialization of the
Product in the Field in the Territory, provided that: (i) OV shall provide Eisai with copies of material regulatory submissions to,
and material communications with, any Governmental Authority in the Territory and Eisai shall have the right to review and comment
on such submissions and communications, and (ii) OV shall take such actions and otherwise cooperate with Eisai as may be reasonably
requested by Eisai to enable Eisai to perform activities assigned to Eisai under this Agreement.

 

ARTICLE 9

Intellectual Property

 

Section
9.1 Ownership of Intellectual Property.

 

(a) Inventorship. Inventorship of Inventions
shall be determined by application of U.S. patent law pertaining to inventorship.

 

(b)
OV. As between the Parties, OV will be the sole owner of any Inventions and intellectual property rights therein that are
discovered, developed, invented or created solely by OV, its Affiliates or Third Parties acting on its or its Affiliates’ behalf
while conducting activities under this Agreement (such Inventions and intellectual property rights, “OV Know-How”)
and any Patents that claim such OV Know-How (“OV Patents” and, together with the OV Know- How, the “OV Technology”),
and will retain all of its rights, title and interest thereto.

 

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(c)
Joint Intellectual Property. Any Joint Intellectual Property will be owned jointly by OV and Eisai on an equal and undivided
basis, including all rights, title and interest thereto, subject to any assignment, rights or licenses expressly granted by one Party
to the other Party under this Agreement. Except as expressly provided in this Agreement, neither Party will have any obligation to account
to the other for profits with respect to, or to obtain any consent of the other Party to license or exploit, Joint Intellectual Property
by reason of joint ownership thereof, and each Party hereby waives any right it may have under the laws of any jurisdiction to require
any such consent or accounting. At the reasonable written request of a Party, the other Party will in writing confirm that no such accounting
is required to effect the foregoing regarding Joint Intellectual Property. To the extent necessary in any jurisdiction to effect the foregoing,
each Party hereby grants to the other Party a non-exclusive, royalty-free, fully-paid, worldwide license, with the right to grant sublicenses,
to practice such Joint Intellectual Property for any and all purposes, subject to any licenses granted by one Party to the other under
this Agreement. The Parties understand and agree that any Patents, Know-How and/or Inventions related to or generated by OV’s proprietary
biomarker generation platform Drug Response Predictor (DRPTM) shall always be considered “OV Platform Technology” hereunder
and never constitute Joint Intellectual Property; provided, however, that the Product-Specific Biomarker shall be deemed “Joint
Intellectual Property”.

 

(d)
OV Platform Technology. As between the Parties, OV will own and retain all of its rights, title and interest in and to the
OV Platform Technology.

 

(e)
Cooperation. The determination of whether Know-How and inventions claimed in Patents that are conceived, discovered, developed
or otherwise made or reduced to practice by a Party for the purpose of allocating proprietary rights (including Patent, copyright or other
intellectual property rights) therein, will, for purposes of this Agreement, be made in accordance with Applicable Law in the United States.
In the event that United States law does not apply to the conception, discovery, development, making or reduction to practice of any Know-How
or Patents hereunder, each Party will, and does hereby, assign, and will cause its Affiliates to so assign, to the other Party, without
additional compensation, such right, title and interest in and to any Know-How and Patents as well as any intellectual property rights
with respect thereto, as is necessary to fully effect ownership as would have been determined under U.S. law unless otherwise provided
in this Article 9.

 

Section
9.2 Patent Filings, Prosecution and Maintenance of Eisai Intellectual Property and any Joint Intellectual Property.

 

(a)
The Parties agree to cooperate in the Prosecution of all Patents under this Section 9.2, including obtaining and executing necessary
powers of attorney and assignments by the named inventors, providing relevant technical reports to the filing Party concerning the invention
disclosed in such Patents and Patent applications, obtaining execution of such other documents which are needed in the Prosecution of
such Patents and Patent applications, and shall cooperate with the other Party so far as reasonably necessary with respect to furnishing
all information and data in its possession reasonably necessary to obtain or maintain such Patents and Patent applications.

 

(b)
On a country-by-country basis, the Parties understand and agree that Eisai shall have the right (but not the obligation) to Prosecute
any Eisai Patents in such country, at Eisai’s expense, and shall control any interferences, oppositions, reissue proceedings, reexaminations,
post-grant proceedings and any other similar proceeding relating thereto, in each such country in the Territory. Eisai shall inform and
consult with OV regarding the Prosecution of all such Eisai Patents sufficiently in advance of any deadline for taking any substantive
action in connection therewith to permit meaningful consultation, and shall give due consideration to any of OV’s suggestions, recommendations
or requests with respect to such filing or strategies. Notwithstanding the foregoing, OV shall have the right (but not the obligation),
exercisable at any time upon written notice to Eisai, to Prosecute any Product-Specific Patents, at OV’s expense, and to control
any interferences, oppositions, reissue proceedings, reexaminations, post- grant proceedings and any other similar proceeding relating
thereto, in each such country in the Territory; provided that, OV shall not have the right Prosecute any of the Product-Specific
Patents set forth on Schedule 9.2(b) hereto. OV shall inform and consult with Eisai regarding the Prosecution of all such
Product-Specific Patents sufficiently in advance of any deadline for taking any substantive action in connection therewith to permit meaningful
consultation, and shall give due consideration to any of Eisai’s suggestions, recommendations or requests with respect to such filing
or strategies (including reasonable requests in connection with Eisai’s strategy for the Product outside the Field). Each Party
shall pay for its own costs with respect to any consultation hereunder.

 

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(c)
OV shall have the first right (but not the obligation) to Prosecute any Patents for any Joint Intellectual Property, in both Parties’
names, and to control any interferences, oppositions, reissue proceedings, reexaminations, post-grant proceedings and any other similar
proceeding relating thereto, in the Territory; provided that the costs of such Prosecution shall be borne equally by the Parties. OV shall
inform and consult with Eisai regarding the Prosecution of all such Joint Intellectual Property sufficiently in advance of any deadline
for taking any substantive action in connection therewith to permit meaningful consultation, and shall give due consideration to any of
Eisai’s suggestions or recommendations(including reasonable requests in connection with Eisai’s strategy for the Product outside
the Field). Each Party shall pay for its own costs with respect to this consultation.

 

(d)
If OV elects in any country not to Prosecute, or elects to abandon any Joint Intellectual Property or declines to control any related
interference, opposition, reissue proceeding, reexamination, post-grant proceeding and similar proceeding, OV shall give Eisai reasonable
written notice to this effect sufficiently in advance (but in any event no later than at least sixty (60) days prior to the date upon
which the subject matter of such Joint Patent shall become unpatentable or such Joint Patent shall lapse or become abandoned) to permit
Eisai, in its sole discretion and expense, to undertake such Prosecution, or to control such interferences, oppositions, reissue proceedings,
reexaminations, post-grant proceedings and similar proceeding, without a loss of rights. If Eisai does so elect, then OV shall provide
such cooperation to Eisai, including the execution and filing of appropriate instruments, as may reasonably be requested to facilitate
the transition of such Joint Patent activities, and shall assign all of its right, title and interest to such Joint Patents, other than
its rights thereto provided by this Agreement, to Eisai electing to pursue such Joint Patent activities. For clarity, Eisai shall have
the right, in its sole discretion, to abandon such Patent at any time after it takes control pursuant to this Section 9.2(d).

 

(e)
Each Party agrees to cooperate with the other with respect to the Prosecution of Joint Intellectual Property and related interferences,
oppositions, reissue proceedings, reexaminations, post-grant proceedings and similar proceeding thereof. If required under Applicable
Law in order for the prosecuting Party to control such interferences, oppositions, reissue proceedings, reexaminations, post-grant proceedings
and similar proceeding relating to the Joint Intellectual Property, the other Party shall join as a party to such interferences, oppositions,
reissue proceedings, reexaminations, post-grant proceedings and similar proceeding.

 

Section 9.3 Extensions of Patent
Term for Products.

 

(a) Eisai shall have the
sole right, but not the obligation, to seek patent term extensions, adjustments, restorations, or supplementary protection
certificates under Applicable Law with respect to any Platform Patents for the Product in the Territory; it being understood and
agreed that, if Eisai seeks a patent term extension, then OV agrees to cooperate with respect to any measures required by Applicable
Law for Eisai to obtain such extension. Eisai, its agents and attorneys will give due consideration to all suggestions and comments
of OV regarding any such activities, including the choice of which Patent to apply term extensions to, but in the event or a
disagreement between the Parties, Eisai shall have the final decision making authority. For clarity, (a) any such extended Patent
will remain included in the definition of Valid Claim for purposes of extending the Term and (b) Eisai shall have the right, in its
sole discretion, to abandon such Patent at any time.

 

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(b) OV
shall have the sole right, but not the obligation, to seek patent term extensions, adjustments, restorations, or supplementary protection
certificates under Applicable Law with respect to any Product-Specific Patents for the Product in the Territory; it being understood and
agreed that, if OV seeks a patent term extension, then Eisai agrees to cooperate with respect to any measures required by Applicable Law
for OV to obtain such extension. OV, its agents and attorneys will give due consideration to all suggestions and comments of Eisai regarding
any such activities, including the choice of which Patent to apply term extensions to, but in the event or a disagreement between the
Parties, OV shall have the final decision making authority. For clarity, (a) any such extended Patent will remain included in the definition
of Valid Claim for purposes of extending the Term and (b) OV shall have the right, in its sole discretion, to abandon such Patent at any
time.

 

Section
9.4  Enforcement of Eisai Intellectual Property and Joint Intellectual Property.

 

(a) If
either Party learns of any infringement or violation by a Third Party of any Eisai Intellectual Property or Joint Intellectual Property
in the Territory, whether or not within the Field, it shall notify the other Party as soon as practicable. Thereafter, (a) OV shall have
the sole right (but not the obligation), subject to Section 9.4(b), at its own cost to take the appropriate steps to enforce or defend
any Product-Specific Patents in the Field and/or Joint Intellectual Property, as applicable, against Third Parties and (b) Eisai shall
have the sole right (but not the obligation) at its own cost to take the appropriate steps to enforce or defend any Platform Patents in
the Field against Third Parties. Any settlements, damages or other monetary awards relating to such infringement or violation by a Third
Party of any Eisai Intellectual Property and/or Joint Intellectual Property (a “Recovery”) recovered by either Party
will be forwarded to OV (if not then previously paid to OV) and any such Recovery pursuant to a suit, action or proceeding brought pursuant
to this Section 9.4(a) will be allocated first to the costs and expenses of the enforcing or defending Party, and second, all remaining
Recoveries shall be deemed to be Net Sales.

 

(b) Solely
with respect to any Product-Specific Patent which claims the composition of matter of a Product which is then being Commercialized by
Eisai outside the Field, in the event that OV does not exercise its rights to enforce or defend such Patent under Section 9.4(a)

 

(i) within ninety (90) days following
the first notice provided above with respect to such infringement or violation or (ii) provided such date occurs after the first such
notice of such infringement or violation is provided, ten (10) Business Days before the time limit, if any, set forth under Applicable
Law for filing of such actions, whichever comes first, then Eisai may undertake such enforcement or defense at its sole cost and expense;
provided, that Eisai shall fully consider and use reasonable efforts to accommodate OV’s global intellectual property litigation
positions in all such decisions with respect to any such enforcement or defense action that may impact such global positions.

 

(c) If
either Party brings any suit, action or proceeding under this Section 9.4, the other Party agrees to be joined as party plaintiff if
necessary to prosecute the suit, action or proceeding and to give the prosecuting Party reasonable authority to file and prosecute
the suit, action or proceeding; provided, however, that neither will not be required to transfer any right, title or interest in or
to any property to the other in order to confer standing on the prosecuting Party hereunder. the non-prosecuting Party will provide
reasonable assistance to the prosecuting Party including by providing access to relevant documents and other evidence and making its
employees available, subject to the prosecuting Party’s reimbursement of any reasonable Out-of- Pocket Costs incurred by the
non-prosecuting Party in providing such assistance.

 

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Section
9.5 Enforcement of OV Technology. If either Party learns of any infringement or violation by a Third Party of any OV Technology in
the Territory, it shall notify the other Party as soon as practicable. Thereafter, OV shall have the sole right to (a) enforce all OV
Technology against Third Parties and (b) any settlements, damages or other monetary awards recovered pursuant to a suit, action or proceeding
brought pursuant to this Section 9.5.

 

Section
9.6 Defense of Infringement Claims of Eisai Intellectual Property and Joint Intellectual Property. If any Third Party asserts a claim,
demand, action, suit or proceeding against a Party (or any of its Affiliates), alleging that any Product, the use or practice of the Eisai
Intellectual Property or the Joint Intellectual Property infringes, misappropriates or violates the intellectual property rights of any
Person (any such claim, demand, action, suit or proceeding being referred to as an “Infringement Claim”), the Party first
having notice of the Infringement Claim shall promptly notify the other Party thereof in writing specifying the facts, to the extent known,
in reasonable detail. With respect to any Infringement Claim in the Field in the Territory, the Parties shall negotiate in good faith
a resolution with respect thereto. If settlement is deemed an appropriate resolution and the Parties cannot settle such Infringement Claim
with the Third Party within thirty (30) days after receipt of the notice pursuant to the notice pursuant to this Section 9.6, then subject
to indemnification requirements of ARTICLE 10, the following shall apply:

 

(a) In
the case of any such Infringement Claim against either Party individually or against both OV and Eisai, in each case, with respect to
the Product in the Field in the Territory, then OV shall assume control of the defense of such Infringement Claim. Eisai, upon request
of OV and if required by Applicable Law, agrees to join in any such litigation at OV’s expense, and in any event to reasonably cooperate
with OV at OV’s expense. Eisai will have the right to consult with OV concerning such Infringement Claim and to participate in and
be represented by independent counsel in any litigation in which Eisai is a party, at its own expense. OV shall have the exclusive right
to settle any Infringement Claim against OV alone or both Parties without the consent of Eisai, unless such settlement shall have a material
adverse impact on Eisai (in which case the consent of Eisai shall be required). OV shall fully consider and use reasonable efforts to
accommodate Eisai’s global intellectual property litigation positions in all such decisions with respect to any such defense or
settlement that may impact such global positions. If (a) OV elects (in a written communication submitted to Eisai within a reasonable
amount of time after notice of the alleged patent infringement) not to defend or control the defense of, or otherwise fails to initiate
and maintain the defense of, any such claim, suit or proceeding, within such time periods so that Eisai is not prejudiced by any delays,
Eisai shall have the right (but not the obligation) to control the defense of such Infringement Claim, and OV upon request of Eisai and
if required by Applicable Law, agrees to join in any such litigation at Eisai’s expense.

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(b) If
either Party individually shall control of the defense of any such Infringement Claim described in this Section 9.6, the other Party shall
cooperate, and shall cause its and its Affiliates’ employees to cooperate, with the controlling Party in all reasonable respects
in connection therewith, including giving testimony and producing documents lawfully requested, and using its reasonable efforts to make
available to the controlling Party, at the controlling Party’s cost, such employees who may be helpful with respect to such suit,
investigation, claim or other proceeding.

 

(c) Neither
Party, nor its Affiliates, nor its or their employees, agents or independent contractors, shall be liable to the other Party or any of
its Affiliates in respect of any good faith act, omission, default, or neglect of such Party, any of its Affiliates, or its or their employees,
agents or independent contractors in connection with the Prosecution of Eisai Intellectual Property, OV Technology or Joint Intellectual
Property.

 

ARTICLE 10

Indemnification

 

ARTICLE 10 shall survive the expiration or termination of
this Agreement.

 

Section 10.1  Indemnification by
Eisai.

 

(a) Scope.
Eisai shall indemnify and hold harmless OV and its Affiliates and their respective, directors, officers, employees and agents (collectively,
the “OV Indemnified Parties”) from and against any and all Damages, arising out of or resulting from any claim, demand,
action, suit or proceeding by a Third Party (collectively, a “Third Party Claim”) based upon or arising from: (i) any
breach by Eisai of any of its representations, warranties or obligations under this Agreement; (ii) any actual violation by Eisai or any
of its Affiliates or licensees or sublicensees (other than OV) of Applicable Laws or any Development of the Product outside of the Field
in the Territory or Commercialization of the Product in or outside the Field in the Territory by Eisai or any of its Affiliates or licensees
or sublicensees (other than OV) on, prior to or after the Effective Date; or (iii) any willful act or omission of Eisai or its Affiliates
or subcontractors or any of their respective employees or agents relating to the activities in connection with this Agreement.

 

(b) Defense.
OV shall give Eisai prompt written notice of any Third Party Claim with respect to which Eisai’s indemnification obligations
apply, but any delay or failure of such notice shall not excuse Eisai’s indemnification obligations except to the extent that Eisai’s
legal position is actually and materially prejudiced thereby. Eisai shall have the right to assume and control the defense and settlement
of any Third Party Claim; provided, however, that following conditions must be satisfied: (i) Eisai must provide to OV written acknowledgement
to OV of Eisai’s obligation to indemnify OV hereunder against Damages that may result from the Third Party Claim, and (ii) OV shall
not have given Eisai written notice that it has determined, in the exercise of its reasonable discretion based on the advice of counsel,
that a conflict of interest makes separate representation by OV’s own counsel advisable, (iii) the Third Party Claim does not include
damages other than monetary damages for which indemnity hereunder is available, (iv) the Third Party Claim does not relate
to or arise in connection with any criminal proceeding, action, indictment, criminal allegation or investigation, and (v) if
requested by OV, Eisai has reasonably demonstrated Eisai’s financial ability to pay for the defense of such Third Party Claim
and to satisfy the full amount of any Damages that may result from such Third Party Claim. OV shall have the right to participate in
the defense of the Third Party Claim at its own expense, but in any event shall cooperate with Eisai in the investigation and
defense of the Third Party Claim.

 

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(c) Settlement.
If Eisai is entitled to, and does, assume and control the defense and settlement of any Third Party Claim with respect to which its indemnification
obligations apply, then Eisai shall not settle such Claim without OV’s prior written consent (which consent shall not be unreasonably
withheld, conditioned or delayed), unless (i) the sole relief provided in such settlement is monetary in nature and shall be paid in full
by Eisai and (ii) such settlement does not include any finding or admission of a violation by OV, its Affiliates or sublicensees of any
Applicable Laws or Third Party’s rights.

 

Section 10.2  Indemnification by
OV.

 

(a) Scope.
OV shall indemnify and hold harmless Eisai and its Affiliates and their respective directors, officers, employees and agents (collectively,
the “Eisai Indemnified Parties”) from and against any and all Damages in connection with any Third Party Claim based
upon or arising from: (i) any breach by OV or any of its Affiliates of any of OV’s representations, warranties or obligations under
this Agreement; (ii) any actual violation by OV or any of its Affiliates of Applicable Laws; (iii) any willful act or omission of OV or
its Affiliates or any of their respective employees or agents relating to the activities in connection with this Agreement; or (iv) any
exploitation by OV and its Affiliates of the Product.

 

(b) Defense. Eisai shall give OV
prompt written notice of any Third Party Claim with respect to which OV’s indemnification obligations apply, but any delay or
failure of such notice shall not excuse OV’s indemnification obligations except to the extent that OV’s legal position
is actually and materially prejudiced thereby. OV shall have the right to assume and control the defense and settlement of any such
Third Party Claim; provided, however, that following conditions must be satisfied: (i) OV must provide to Eisai written
acknowledgement to Eisai of OV’s obligation to indemnify Eisai hereunder against Damages that may result from the Third Party
Claim, and (ii) Eisai shall not have given OV written notice that it has determined, in the exercise of its reasonable discretion
based on the advice of counsel, that a conflict of interest makes separate representation by Eisai’s own counsel advisable,
(iii) the Third Party Claim does not include damages other than monetary damages for which indemnity hereunder is available, (iv)
the Third Party Claim does not relate to or arise in connection with any criminal proceeding, action, indictment, criminal
allegation or investigation, and (v) if requested by Eisai, OV has reasonably demonstrated OV’s financial ability to pay for
the defense of such Third Party Claim and to satisfy the full amount of any Damages that may result from such Third Party Claim.
Eisai shall have the right to participate in the defense of the Third Party Claim at its own expense, but in any event shall
cooperate with OV in the investigation and defense of the Third Party Claim.

 

(c) Settlement.
If OV is entitled to, and does, assume and control the defense and settlement of any Third Party Claim with respect to which its
indemnification obligations apply, then OV shall not settle such Claim without Eisai’s prior written consent (which consent
shall not be unreasonably withheld, conditioned or delayed), unless (i) the sole relief provided in such settlement is monetary in
nature and shall be paid in full by OV and (ii) such settlement does not include any finding or admission of a violation by Eisai,
its Affiliates or sublicensees of any Applicable Laws or Third Party’s rights.

 

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Section
10.3 Waiver. Any waiver by an indemnified Party of its rights under this ARTICLE 10 must be set forth expressly and in writing in
order to be effective.

 

Section
10.4 Insurance. Each Party shall maintain insurance with creditworthy insurance companies or self insure in accordance with Applicable
Laws against such risks and in such amounts as are usually maintained or insured against by such Party.

 

Section
10.5 Limitation of Consequential Damages. Except for (a) Third Party Claims that are subject to indemnification under this ARTICLE
10, (b) claims arising out of a Party’s willful misconduct, or (c) a Party’s breach of ARTICLE 5 or ARTICLE 12 or any other
confidentiality obligations under this Agreement, neither Party nor any of its Affiliates will be liable to the other Party or its Affiliates
in connection with this Agreement for any incidental, consequential, special, punitive or other indirect damages or lost or imputed profits
or royalties, lost data or cost of procurement of substitute goods or services, whether liability is asserted in contract, tort (including
negligence and strict product liability), indemnity or contribution, and irrespective of whether that Party or any representative of that
Party has been advised of, or otherwise might have anticipated the possibility of, any such loss or damage.

ARTICLE 11

Representations and Warranties

 

ARTICLE 11 shall survive the expiration or termination of
this Agreement.

 

Section
11.1 General Corporate Matters. Each Party hereby represents and warrants to the other Party that:

 

(a) Organization
and Power. It is a corporation or limited liability company duly organized, validly existing and in good standing under the laws of
its jurisdiction of incorporation or organization. It has all requisite power and authority to conduct its business and engage in the
transactions provided for in this Agreement.

 

(b) Authorization
and Validity of Agreements. The execution, delivery and performance by it of this Agreement, and the consummation by it of the transactions
contemplated hereby, have been duly authorized and approved by all necessary corporate or equivalent action on its part. This Agreement
has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or other laws relating to or affecting creditors’
rights generally and by general equity principles.

 

(c) Absence of
Conflicts. The execution, delivery and performance by it of this Agreement, and the consummation by it of the transactions
contemplated hereby, do not and will not: (i) violate any Applicable Laws; (ii) conflict with, or result in the breach of any
provision of, its certificate or articles of incorporation, bylaws or equivalent organizational documents; (iii) result in the
creation of any lien or encumbrance of any nature upon any property being transferred or licensed by it pursuant to this Agreement;
or (iv) violate, conflict with, result in the breach or termination of, or constitute a default under (or event which, with notice,
lapse of time or both, would constitute a default under), any permit, contract or agreement to which it is a party or by which any
of its properties or businesses are bound.

 

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(d) Consents.
No authorization, consent or approval of, or notice to or filing with, any Governmental Authority is required for the execution, delivery
and performance by it of this Agreement (excluding approvals of Regulatory Authorities as contemplated herein).

 

(e) Affiliates.
Where this Agreement refers to an action or obligation to be undertaken by a Party’s Affiliates, such Party will cause such Affiliates
to undertake such obligations or other actions, and such Party will be responsible and liable for any acts or omissions by its Affiliates.

 

Section 11.2  Intellectual
Property Matters. Eisai hereby represents and warrants to OV that, as of the Effective Date:

 

(a) Ownership.
Eisai has sole and exclusive ownership of the Eisai Intellectual Property. Eisai has not granted to any Person other than OV a license,
covenant not to sue or similar right with respect to any component of the Eisai Intellectual Property in the Field or the CNS Field in
the Territory. The Eisai Intellectual Property in the Field and the CNS Field in the Territory are free of any lien, covenant, easement,
lien, lease, sublease, option, encumbrance, security interest, mortgage, pledge or claim of any nature, including limitations on transfer
or any subordination arrangement in favor of a Third Party.

 

(b) Patents.
Schedule 2 sets forth a complete and correct list of all Eisai Patents owned or otherwise Controlled by Eisai and its Affiliates,
and, except as set forth on Schedule 2, Eisai, together with its Affiliates, is the sole and exclusive owner of, and has
the sole right, title and interest in and to, the Eisai Patents listed on Schedule 2 (as updated from time to time) and
the related Know-How. To its Knowledge, the Eisai Patents are valid and enforceable and none of the Eisai Patents are currently involved
in any court, administrative, interference, reissue, re- examination, cancellation or opposition proceedings, and neither Eisai nor any
of its Affiliates has received any written notice from any Third Party of such actual or threatened proceedings or challenge.

 

(c) No
Additional IP. To Eisai’s Knowledge, there is no intellectual property right, in particular no Eisai Patents, owned by or licensed
to Eisai or its Affiliates other than the Eisai Intellectual Property, that are necessary for OV or its Affiliates and sublicensees to
Develop and Commercialize the Product as set forth herein.

 

(d) Third
Party Obligations. Eisai and its Affiliate are not subject to any payment obligations to Third Parties as a result of the execution
or performance of this Agreement.

 

(e) Data and
Information. Eisai has furnished or made available to OV all material information that is in Eisai’s or its
Affiliates’ possession concerning the Eisai Intellectual Property and Product relevant to the safety, efficacy, or CMC data
thereof, and all Regulatory Documentation, Data and other correspondence with Regulatory Authorities relating to the Product, and to
Eisai’s Knowledge, such information is accurate, complete and true in all material respects.

 

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(f) Non-Infringement.
As of the Effective Date and to Eisai’s Knowledge, the use, manufacture, marketing, sale, promotion, importation, distribution and
commercialization of the Product in the Field or the CNS Field in the Territory does not infringe, violate or misappropriate the intellectual
property rights of any Person.

 

(g) IP
Claims. As of the Effective Date, no Person has made, nor has Eisai received, any written, nor to the Knowledge of Eisai has any Person
threatened, any written or oral, claim of ownership, inventorship or Patent infringement, or any other claim of intellectual property
misappropriation or violation, from any Third Party (including by current or former officers, directors, employees, consultants, or personnel
of Eisai or any predecessor) with respect to the Eisai Intellectual Property, or initiated a lawsuit against Eisai, in any case (i) challenging
the ownership, validity or enforceability of any of the Eisai Intellectual Property in the Field or the CNS Field in the Territory, (ii)
alleging that the license, use or practice of them infringes, violates or misappropriates: (A) the intellectual property rights of any
Person; or (B) the rights of any Third Party, or (iii) seeking to enjoin or restrain such use or practice. Eisai has no Knowledge that
any Person intends to assert such a claim or initiate such a lawsuit, or that any Person has a valid basis to do so.

 

(h) Claims.
There are no claims, litigations, suits, actions, disputes, arbitrations, or legal, administrative or other proceedings or governmental
investigations pending or, to Eisai’s Knowledge, threatened against Eisai, nor is Eisai a party to any judgment or settlement, which
would be reasonably expected to adversely affect or restrict the ability of Eisai to consummate the transactions contemplated under this
Agreement and to perform its obligations under this Agreement, or which would affect the Eisai Intellectual Property, or Eisai’s
Control thereof, or the Product.

 

(i) Infringement
by Others. As of the Effective Date and to the Knowledge of Eisai, Eisai has no reason to believe that any Person has infringed, violated
or misappropriated any of the Eisai Intellectual Property in the Field or the CNS Field in the Territory.

 

Section 11.3  Eisai Covenants.

 

(a) Except as set forth
in Section 15.12, neither Eisai nor its Affiliates will (a) assign, transfer, convey, encumber (including any liens or charges, but
excluding any licenses, which are the subject of subsection (b), below) or dispose of, or enter into any agreement with any Third
Party to assign, transfer, convey, encumber (including any liens or charges, but excluding any licenses, which are the subject to
subsection (b), below) or dispose of, any assets specifically related to the Compound in the Field, including with respect to
Products and related diagnostic products developed therefor, or pre-clinical or Clinical Trial results or other data specifically
related to the Compound in the Field, or any intellectual property specifically related to any of the foregoing (the
“Licensed Assets”), except to the extent such assignment, transfer, conveyance, encumbrance or disposition would
not conflict with or adversely affect in any respect any of the rights granted to OV hereunder, (b) license or grant to any Third
Party, or agree to license or grant to any Third Party, any rights to any Licensed Assets if such license or grant would conflict
with or adversely affect in any respect any of the rights granted to OV hereunder, or (c) disclose any Confidential Information
relating to the Licensed Assets to any Third Party if such disclosure would impair or conflict in any respect with any of the rights
granted to OV hereunder.

 

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(b) Neither
Eisai nor any of its Affiliates will effect any corporate restructuring or enter into any new agreement, transfer ownership of the Eisai
Intellectual Property, or Eisai’s interest in the Joint Intellectual Property, or obligate itself to any Third Party, or amend an
existing agreement with a Third Party, in each case, in a manner that restricts, limits, or encumbers the rights granted to OV under this
Agreement.

 

(c) Eisai
will update Schedule 2 from time to time to include any Patents that are necessary or useful to Develop, Manufacture or
Commercialize the Product in the Field in the Territory (including, for the avoidance of doubt, any Patents Covering Eisai’s interest
in any Joint Intellectual Property); provided that, regardless of Eisai’s failure to update such Schedule 2, such
Patents shall be deemed to be included in the definition of Eisai Patents.

 

(d) During
the Term, in no event shall Eisai or its Affiliates enable or assist any Third Party in obtaining a right or license in the CNS Field,
or otherwise grant a right of use, license, option, acquisition or other rights to a Third Party in the CNS Field, unless and until Eisai
has complied in good faith with the obligations set forth in Section 2.4.

 

Section
11.4 OV Covenants. OV shall perform all of its obligations under this Agreement, and shall comply in all material respects with all
Applicable Laws in the exercise of its rights under this Agreement, including development, marketing, distribution and sale of the Products.
OV’s specifications for the text (including any trademarks, logos or other graphics) for all marketing material used in connection
with Product, and any such marketing material for the Product provided by OV or its designee, shall be true and accurate in all respects,
comply in all material respects with all Applicable Laws and not infringe or otherwise violate the intellectual property of any person.

 

ARTICLE 12

Confidentiality and Publicity

 

Section
12.1 Confidentiality. In the course of their activities pursuant to this Agreement, the Parties anticipate that they may disclose
Confidential Information to one another and that either Party may, from time to time, be a disclosing Party or a recipient of Confidential
Information. The Parties wish to protect such Confidential Information in accordance with this Section 12.1. The provisions of this Section
12.1 shall apply to disclosures furnished to or received by a Party and its agents and representatives (which may include agents and representatives
of its Affiliates). Each Party shall advise its agents and representatives of the requirements of this Section 12.1 and shall be responsible
to ensure their compliance with such provisions.

 

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(a) Definition of
Confidential Information. For purposes hereof, “Confidential Information” with respect to a disclosing Party
means all Proprietary Information, in any form or media, concerning the disclosing Party or its Affiliates that the disclosing Party
or its Affiliates furnish to the recipient, whether furnished before or after the date hereof, and all notes, analyses,
compilations, studies and other materials, whether prepared by the recipient or others, that contain or reflect such Proprietary
Information; provided, however, that Confidential Information does not include information that (i) is or hereafter becomes
generally available to the public other than as a result of a disclosure by the recipient, (ii) was already known to the recipient
prior to receipt from the disclosing Party as evidenced by prior written documents in its possession not subject to an existing
confidentiality obligation to the disclosing Party, (iii) is disclosed to the recipient on a non-confidential basis by a person who
is not in default of any confidentiality obligation to the disclosing Party, (iv) is independently developed by or on behalf of the
recipient without reliance on the Confidential Information received hereunder, or (v) is required to be submitted to a governmental
agency for the purpose of obtaining product approval, provided that the recipient will make a good faith attempt to obtain
confidential treatment of the information by such agency. The contents of this Agreement shall be deemed to be Confidential
Information of each Party. For clarity, Confidential Information shall not include clinical data contained in clinical reports that
are not permitted under Applicable Laws to be redacted.

 

(b) Treatment
of Confidential Information. The recipient of Confidential Information shall (i) use such Confidential Information solely and exclusively
in connection with the discharge of its obligations under this Agreement and (ii) not disclose such Confidential Information without the
prior written consent of the disclosing Party to any Person other than those of its and/or its Affiliates’ agents and representatives
who need to know such Confidential Information in order to accomplish the objectives for which it was disclosed. Notwithstanding the foregoing,
if the recipient of Confidential Information becomes legally compelled to disclose any Confidential Information in order to comply with
Applicable Laws or with an order issued by a court or regulatory body with competent jurisdiction, the recipient shall (x) provide prompt
written notice to the disclosing Party so that the disclosing Party may seek a protective order or other appropriate remedy or waive its
rights under this Section 12.1; and (y) disclose only the portion of Confidential Information that is legally required to furnish; provided
that, in connection with such disclosure, the recipient shall use Commercially Reasonable Efforts to obtain assurance that confidential
treatment will be given with respect to such Confidential Information. If any Party is required to file this Agreement with any Governmental
Authority, such Party shall redact the terms of this Agreement to the extent possible in order to keep particularly sensitive provisions
confidential.

 

(c) Return
and Destruction. Upon the termination or expiration of this Agreement, upon the request of the disclosing Party, the recipient of
Confidential Information shall promptly redeliver to the disclosing Party all Confidential Information provided to the recipient in tangible
form or destroy the same and certify in writing that such destruction has occurred; provided, however, that nothing in this Agreement
shall require the alteration, modification, deletion or destruction of computer backup tapes made in the ordinary course of business.
All notes or other work product prepared by the recipient based upon or incorporating Confidential Information of the disclosing Party
shall be destroyed, and such destruction shall be certified in writing to the disclosing Party by OV. Notwithstanding the foregoing, legal
counsel to the recipient shall be permitted to retain in its files one copy of all Confidential Information to evidence the scope of and
to enforce the Party’s obligation of confidentiality under this Section 12.1.

 

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(d) Term
of Obligation. The obligations under this Section 12.1 shall remain in effect from the date hereof through the seventh (7th)
anniversary of the expiration or termination of this Agreement.

 

(e) Prior
Agreements. The provisions of this Section 12.1 shall supersede and replace any prior agreements between the Parties relating to Confidential
Information covered hereby, including, for the avoidance of doubt, that certain Confidentiality Agreement entered into by and between
Eisai and OV prior to the Effective Date.

 

Section
12.2 Publicity. Upon or following the Effective Date, the Parties may issue the press release attached hereto as Exhibit C. Neither
Party shall issue any other press release or otherwise publicize this Agreement without the prior written consent of the other Party,
which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that consent shall not be required in connection
with disclosures (a) required by Applicable Law,

 

(b) relating
to previously disclosed information, and (c) expressly authorized by Section 12.1. In the event of a required press release or other public
announcement, the Party making such announcement shall provide the other Party with a copy of the proposed text prior to such announcement.

 

ARTICLE 13

Record-keeping and Audits

 

ARTICLE 13 shall survive the expiration or termination of
this Agreement.

 

Section
13.1 Records Retention. OV and its Affiliates shall maintain reasonably detailed records of Net Sales, and any other information reasonably
necessary for the calculation of payments to be made to Eisai pursuant to this Agreement. OV shall be fully responsible for its Affiliates
retention obligations herein. Each Party shall maintain reasonably detailed records of any information necessary to comply with Applicable
Laws or this Agreement. OV and its Affiliates shall maintain its sales records for at least three (3) years following the date of sale.

 

Section 13.2  Audit Request.

 

(a) Audit
Team. Each Party may, upon request and at its expense (except as provided for herein), cause an internationally recognized independent
accounting firm selected by it (except one to whom the Auditee has a reasonable objection) (the “Audit Team”) to audit
during ordinary business hours the books and records of the other Party and the correctness of any payment made or required to be made
to or by such Party, and any report underlying such payment (or lack thereof), pursuant to the terms of this Agreement. Prior to commencing
its work pursuant to this Agreement, the Audit Team shall enter into an appropriate confidentiality agreement with the Auditee obligating
the Audit Team to be bound by obligations of confidentiality and restrictions on use of such Confidential Information that are no less
restrictive than the obligations set forth in Article 13.

 

(b) Limitations.
In respect of each audit of the Auditee’s books and records: (i) the Auditee may be audited only once per year, (ii) no
records for any given year for an Auditee may be audited more than once; provided that the Auditee’s records shall
still be made available if such records impact another financial year which is being audited, and (iii) the Audit Rights Holder
shall only be entitled to audit books and records of an Auditee from the three (3) calendar years prior to the Calendar Year in
which the audit request is made.

 

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(c) Audit
Notice. In order to initiate an audit for a particular Calendar Year, the Audit Rights Holder must provide written notice to the Auditee.
The Audit Rights Holder exercising its audit rights shall provide the Auditee with notice of one or more proposed dates of the audit not
less than sixty (60) days prior to the first proposed date. The Auditee will reasonably accommodate the scheduling of such audit. The
Auditee shall provide such Audit Team(s) with full and complete access to the applicable books and records and otherwise reasonably cooperate
with such audit.

 

(d) Payments.
If the audit shows any under-reporting or underpayment, or overcharging by any Party, that under-reporting, underpayment or overcharging
shall be reported to the Audit Rights Holder and the underpaying or overcharging Party shall remit such underpayment or reimburse such
overcompensation (together with interest at a rate per annum equal to the lesser of the three (3) month LIBOR (but no less than zero percent
(0%)) plus five percent (5%), as reported by The Wall Street Journal) to the underpaid or overcharged Party within forty-five (45) days
after receiving the audit report. Further, if the audit for an annual period shows an under-reporting or underpayment or an overcharge
by any Party for that period in excess of five percent (5%) of the amounts properly determined, the underpaying or overcharging Party,
as the case may be, shall reimburse the applicable underpaid or overcharged Audit Rights Holder conducting the audit, for its respective
audit fees and reasonable Out-of- Pocket Costs in connection with said audit, which reimbursement shall be made within forty-five

(45) days after receiving appropriate
invoices and other support for such audit-related costs.

 

(e) Definitions.
For the purposes of the audit rights described herein, an individual Party subject to an audit in any given year will be referred to as
the “Auditee” and the other Party who has certain and respective rights to audit the books and records of the Auditee
will be referred to as the “Audit Rights Holder.”

 

(f) Any
information received by a Party pursuant to this Section 13.2 shall be deemed to be Confidential Information for purposes of Section 12.1.
Such information shall be used solely for the purpose for which the audit was conducted.

 

ARTICLE 14

Term and Termination

 

Section
14.1 Term. This Agreement shall become effective as of the Effective Date and shall continue in full force and effect on a Product-by-Product
and country-by-country basis until (a) if there has not been a First Commercial Sale of a Product in the Field in such country before
the fifteenth (15th) anniversary of the Effective Date, the fifteenth (15th) anniversary of the Effective Date, or (b) if there has been
a First Commercial Sale of a Product in the Field in such country before the fifteenth (15th) anniversary of the Effective Date, expiration
of the Royalty Term for such Product in such country or group of countries as specified in the definition of “Royalty Term”
herein (the “Term”). This Agreement may be terminated before expiration of the Term only by mutual agreement of the
Parties in writing or in accordance with Section 14.2.

 

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Section 14.2  Rights of Termination.

 

(a) Termination
for Material Breach. In the event that a Party commits a material breach of its overall obligations under this Agreement in a manner
that fundamentally frustrates the purpose of this Agreement (other than payment obligations), taken as a whole, and such material breach
of its overall obligations is not cured within ninety (90) days (or such other time period as mutually agreed by the Parties), or a material
breach of its payment obligations under this Agreement that is not cured within thirty (30) days, after such Party receives written notice
from the non-breaching Party, which notice shall specify the nature of the breach and demand its cure, the non-breaching Party may terminate
this Agreement in its entirety upon written notice to the breaching Party.

 

(i) Notwithstanding
the foregoing, if a material breach is not susceptible to cure within the cure period specified in Section 14.2(a), the non-breaching
Party’s right of termination shall be suspended only if, and for so long as, (i) the breaching Party has provided to the non-breaching
Party a written plan that is reasonably calculated to effect a cure, (ii) such plan is reasonably acceptable to the non-breaching Party
and (iii) the breaching Party commits to and does carry out such plan; provided, however, that, unless otherwise mutually agreed by the
Parties in such plan, in no event shall such suspension of the non-breaching Party’s right to terminate extend beyond sixty (60)
days after the original cure period.

 

(ii) Notwithstanding
the foregoing, if either Party is alleged to be in material breach and disputes such termination through the dispute resolution procedures
set forth in this Agreement, then the other Party’s right to terminate this Agreement shall be tolled for so long as such dispute
resolution procedures are being pursued by the allegedly breaching Party in good faith and, if it is finally and conclusively determined
that the allegedly breaching Party is in material breach, then the breaching Party shall have the right to cure such material breach after
such determination within the cure period provided above in this Section 14.2(a).

 

(b) Termination
for Convenience. Prior to its expiration, OV may terminate this Agreement in its entirety, in its sole discretion, at any time upon
at least one hundred and twenty

(120) days prior written notice to Eisai for any reason.

 

(c) OV
Right of Termination for Safety Reasons. Notwithstanding anything to the contrary in this Agreement, OV shall have the right to terminate
this Agreement upon thirty (30) days written notice in the event that:

 

(i) a
competent Regulatory Authority in a Major Country prohibits the further clinical use of the Product in the applicable country or regulatory
jurisdiction within the Territory under 21 C.F.R. § 312.44 on grounds of safety (or equivalent grounds with respect to any country
or regulatory jurisdiction in the Territory outside of the United States); or

 

(ii) a clinical hold imposed by a competent
Regulatory Authority in a Major Country relating to the Product is definitively converted to “inactive status” by such
Regulatory Authority under 21 C.F.R. § 312.45 on grounds of safety (or equivalent grounds with respect to any country or
regulatory jurisdiction in the Territory outside of the United States), despite OV’s use of Commercially Reasonable Efforts to
eliminate such clinical hold.

 

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(d) Bankruptcy.
This Agreement may be terminated by written notice by a Party at any time during the Term if the other Party shall file in any court or
agency, pursuant to any statute or regulation of any state or country, a petition in bankruptcy or other Insolvency Event or for reorganization
or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party shall be served
with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60)
days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or liquidation, or if the other Party
shall make a general assignment for the benefit of its creditors.

 

(e) Termination
for Patent Challenge. Each Party shall have the right to terminate this Agreement upon written notice to the other effective upon
receipt, if a Party or any of its wholly-owned Affiliates formally challenges the validity of any Patents that are licensed to it under
this Agreement (subject to the exceptions described in this Section 14.2(e), a “Challenge”) (other than as may be necessary
or reasonably required to assert a defense, cross-claim or a counter-claim in an action or proceeding asserted by a Party or any of its
wholly-owned Affiliates under this Agreement against the other Party or any of its Affiliates or to respond to a court request or order
or administrative law, request or order); it being understood and agreed that a Party’s right to terminate this Agreement under
this Section 14.2(e) shall not apply to any actions undertaken by an Affiliate of such Party that first becomes such an Affiliate as a
result of a Change of Control involving such Party, where such new Affiliate was undertaking any of the activities described in the foregoing
clause prior to such Change of Control if such new Affiliate terminates or otherwise ceases participating in such action, proceeding,
challenge or opposition within thirty (30) days after the effective date of such Change of Control. If a sublicensee of a Party initiates
a Challenge of the intellectual property described in this Section 14.2(e), then such Party shall, upon written notice from the other
Party, terminate such sublicense. Neither Party shall, and each Party shall ensure that its Affiliates and sublicensees do not, use or
disclose any Confidential Information of the other Party or any nonpublic information regarding the Prosecution or enforcement of any
Patents to which a Party or any of its Affiliates or sublicensees are or become privy as a consequence of the rights granted to such Party
pursuant to this Agreement, in initiating, requesting, making, filing or maintaining, or in funding or otherwise assisting any other Person
with respect to, any Challenge.

 

 (f) Eisai Right of Termination for Development.

 

(i) If OV and/or its Affiliates
or sublicensees have not achieved Successful Completion of the first Phase 2 Clinical Trial of the Product prior to the fourth (4th)
anniversary of the Effective Date and OV elected not to pay the Extension Payment pursuant to Section 7.6, Eisai may terminate this Agreement
in its entirety, in its sole discretion, at any time following the fourth (4th) anniversary of the Effective Date, on at least
one hundred and twenty (120) days prior written notice.

 

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(ii) Where OV elected to pay the Extension Payment pursuant to Section 7.6, if
OV and/or its Affiliates or sublicensees have not achieved Successful Completion of the first Phase 2 Clinical Trial prior to the seventh
(7th) anniversary of the Effective Date, then Eisai may terminate this Agreement in its entirety, in its sole discretion,
at any time following the seventh (7th) anniversary of the Effective Date, on at least one hundred and twenty (120) days prior
written notice.

 

Section
14.3 Surviving Rights and Obligations. Any provisions required for the interpretation or enforcement of this Agreement shall survive
the expiration or termination of this Agreement. Expiration or termination of this Agreement shall not relieve any Party of any obligations
that are expressly indicated to survive expiration or termination. Except as otherwise expressly provided, expiration or termination of
this Agreement for any reason shall be without prejudice to any rights that shall have accrued to the benefit of any Party prior to such
expiration or termination. If a license to intellectual property rights survives expiration or termination, each Party shall provide to
the other (to the extent it has not previously done so) all Proprietary Information reasonably useful or necessary for such other Party
to exploit such license, including reasonable technical assistance; provided that such Proprietary Information shall remain subject to
Section 12.1 so long as it is possessed by a Party.

 

Section 14.4  Effect of Expiration
or Termination; Remaining Inventory.

 

(a) Upon
expiration or termination of this Agreement, neither Party shall have any further rights or obligations hereunder in the Territory except
pursuant to provisions that expressly survive such expiration or termination (including, for the avoidance of doubt, this Section 14.4).

 

(b) After expiration
(but not after early termination) of this Agreement pursuant to Section 14.1, on a Product-by-Product, country-by-country basis, the
rights and licenses granted (i) by Eisai to OV under this Agreement to Develop, Manufacture and Commercialize the Products in the
Field , including any permitted sublicense, shall immediately cease, and (ii) by OV to Eisai under this Agreement in connection with
Eisai’s Development, Manufacture or Commercialization of the Product outside the Field shall convert to irrevocable,
non-exclusive, royalty-free, fully paid-up, non-terminable rights and licenses, with the right to grant sublicenses (through
multiple tiers).

 

(c) Upon early
termination of this Agreement, subject to Section 14.3 and this Section 14.4, OV shall immediately discontinue and cease all use of
any trademark(s) registered by Eisai in the Territory. Following any such termination of this Agreement, subject to Section 14.3 and
this Section 14.4, Eisai shall have the right and option to purchase any trademark(s) registered by OV or its Affiliates for the
Product on a country-by-country basis. The purchase price shall be negotiated by the Parties on a country-by-country basis in good
faith on the basis of a third party willing and able to purchase such trademark(s). If the Parties are unable to come to an
agreement on the purchase price within thirty (30) days (or such other days as mutually agreed upon by the Parties) of Eisai
exercising the right and option to purchase, the Parties will appoint an independent third party valuator to conduct a valuation of
such trademark(s) on the basis of how much a willing and able third party will pay for such trademark(s), and the Parties shall
share the costs of such third party valuation. The valuation of the third party will be the purchase price to be paid by Eisai to
OV.

 

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(d) Upon
early termination of this Agreement or expiration of the Agreement, OV shall, on behalf of itself and its Affiliates, grant to Eisai and
its Affiliates (i) a perpetual, fully paid-up, exclusive right and license under OV’s interest to the Joint Intellectual Property
and (ii) a perpetual, fully paid-up, non-exclusive right and license under any OV Technology Developed by OV and/or its Affiliates or
sublicensees under this Agreement, in each case of (i) and (ii) as reasonably required to (A) develop, validate or optimize the Product-Specific
Biomarker for clinical and commercial use as a companion diagnostic for the Product in the Field in the Territory and (B) conduct a targeted-enrollment
of a Phase 2 Clinical Trial for the Product in the Field in accordance with the Clinical Development Plan.

 

 (e) Upon expiration or early termination of this Agreement,

 

(i) OV
shall, and shall cause its Affiliates and take all reasonable steps to cause its licensees and permitted sublicensees to, transfer back
to Eisai those items transferred to OV under Section 3.3.

 

(ii) OV
shall, and shall cause its Affiliates and take all reasonable steps to cause its licensees and permitted sublicensees to, transfer to
Eisai all safety data and CMC data (including for clarity any documentation solely containing such safety data and CMC data) for the Product;
provided that to the extent such a transfer of safety data and CMC data is not permitted under Applicable Laws or such documentation contains
clinical data generated by OV (including Affiliates, licensees and permitted sublicensees) other than safety data and CMC data, OV shall,
and shall cause its Affiliates and take all reasonable steps to cause its licensees and permitted sublicensees to, provide Eisai an automatic
Right of Reference or Use to the safety and CMC data in such documentation for the Product.

 

(iii) Subject to
Eisai’s rights to safety data and CMC data set forth above in Section 14.4(e)(ii), with respect to any ongoing Clinical Trials
at such time, Eisai shall notify OV whether or not Eisai elects to take over such Clinical Trial(s). In the event that Eisai elects
to take over such Clinical Trial(s), subject to Applicable Laws, OV shall transfer, or cause the transfer by an Affiliate and take
all reasonable steps to cause its licensees and permitted sublicensees to transfer, all Regulatory Documentation for the Product and
Eisai shall have the right to any data generated by such trials and Controlled by OV; provided that, to the extent such a transfer
of Regulatory Documentation is not permitted under Applicable Laws, OV and its Affiliates will provide Eisai an automatic Right of
Reference or Use to such Regulatory Documentation for the Product. Whether or not Eisai elects to take over any of such Clinical
Trials as described in this Section 14.4(e)(iii), Eisai shall pay to OV a reverse royalty rate of three percent (3%) on Annual Net
Sales of such Product beginning on and after the date of First Commercial Sale of the Product in the US or Major Countries
(whichever occurs first) until OV and any licensee and sublicensee has been reimbursed for one hundred percent (100%) of its direct
and documented (which documentation Eisai shall have a right to review) out-of- pocket expenses incurred with respect to and to the
extent allocable to the Development of such Product. If Eisai does not elect to have an ongoing Clinical Trial transferred to Eisai,
then the Parties shall work together to conduct an orderly wind-down of such ongoing Clinical Trial(s) in a manner medically
necessary to safely transition subjects out of such ongoing Clinical Trial(s), in any event subject to Applicable Laws and the
advice and guidance of all applicable Regulatory Authorities and clinical trial monitoring boards.

 

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(f) Upon
termination of this Agreement, subject to Section 14.3, the Selling Parties shall be permitted to import, market, promote, distribute,
use, offer to sell and sell their remaining inventories of Product for a period of one hundred eighty days (180 days) and, for such purpose,
the rights and licenses granted hereunder to OV shall continue in effect but shall be non-exclusive in the Territory. Furthermore, upon
termination of this Agreement, Eisai shall have to the right to purchase any clinical supply of the Product (including raw materials,
intermediates, and finished, unfinished, or partially finished goods) on terms substantially similar to OV’s purchase of Inventory
set forth in Section 3.6.

 

ARTICLE 15

Miscellaneous

 

Section
15.1 Entire Agreement; Amendments. This Agreement, including the Exhibits hereto, constitutes the entire agreement between the Parties
concerning its subject matter and supersedes all previous negotiations, agreements and commitments with respect thereto, as of the Effective
Date. This Agreement shall not be released, discharged, amended or modified in any manner except by a written instrument signed by duly
authorized officers or representatives of each of the Parties. There are no covenants, promises, agreements, warranties, representations,
conditions or understandings, either oral or written, between the Parties other than as are set forth herein and therein.

 

Section
15.2 Governing Law. Any claim or controversy relating in any way to this Agreement shall be governed by and interpreted exclusively
in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof. This Agreement shall
not be governed by the United Nations Convention on Contracts for the International Sale of Goods of April 11, 1980.

 

Section
15.3 Dispute Resolution. The Parties shall attempt in good faith to resolve any dispute or claim between them arising out of or relating
to this Agreement (“Dispute”) promptly by negotiations between executives or other representatives of the Parties with authority
to resolve the Dispute. If a Dispute should arise, such representatives shall confer in person or by telephone at least once and attempt
to resolve the matter. Such conference shall take place within ten (10) days of a written request therefor at a mutually agreed time and
location.

 

If the Dispute is not
settled within thirty (30) days of the conference or time to confer described above, either Party may submit the Dispute for
arbitration. The Dispute shall be finally settled under the Rules of Arbitration (the “Rules”) of the
International Chamber of Commerce (the “ICC”). The place of the arbitration shall be New York. The language of
the arbitration shall be English. There shall be three (3) arbitrators, one of whom shall be appointed by each of the Parties in
accordance with the Rules, and the third of whom shall be appointed by the ICC. The arbitrator appointed by the ICC shall act as the
chairperson of the arbitrating body. The arbitrators shall decide the matters in the Dispute in accordance with the laws of the
State of New York, without reference to the conflict of laws rules thereof or the United Nations Convention on Contracts for the
International Sale of Goods.

 

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The arbitration
shall be commenced and shall proceed according to the Rules, except as otherwise provided herein. Any Confidential Information disclosed
in the arbitration shall be subject to the confidentiality provisions of this Agreement. Any time period specified in the Rules shall
be extended or accelerated upon the Parties’ written agreement. At the request of either Party, all time periods specified in the
Rules may, at the discretion of the arbitrators, be accelerated or extended to the extent necessary to comply with the timetables specified
in the Rules or for the reasonable management of the arbitration.

 

The procedures
specified in this Section 15.3 shall be the sole and exclusive procedures for the resolution of Disputes; provided, however, that a Party
may, in addition or as an alternative to seeking interim relief from the ICC, seek injunctive or other provisional judicial relief in
any court of competent jurisdiction if in its reasonable judgment such action is necessary to avoid irreparable harm or to preserve the
status quo.

 

The decision
of the arbitrators shall be final and binding on all Parties to the arbitration. Judgment upon any award rendered by the arbitrators may
be entered by any court having jurisdiction over the Party against whom enforcement is sought. Each of the Parties hereby consents, for
the benefit of the other Party, to the service of process by certified or registered mail or by an express delivery service providing
a return receipt at its address set forth for notices herein.

 

While the
procedures set forth above are being followed, the Parties shall continue to perform their respective obligations under this Agreement.
Each Party shall bear its own costs and fees, including attorneys’ fees and expenses, in connection with the arbitration, except
that the arbitrators shall be empowered to assess costs and fees against any Party who the arbitrators find to have acted in bad faith
or to have maintained a frivolous position in the arbitration.

 

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Section
15.4 Partial Illegality. If any provision of this Agreement or the application thereof to any Party or circumstances shall be declared
void, illegal or unenforceable, the remainder of this Agreement shall be valid and enforceable to the extent permitted by Applicable Laws.
In such event, the Parties shall use their best efforts to replace the invalid or unenforceable provision by a provision that, to the
extent permitted by the Applicable Laws, achieves the purposes intended under the invalid or unenforceable provision. Any deviation by
any Party from the terms and provisions of this Agreement in order to comply with Applicable Laws shall not be considered a breach of
this Agreement.

 

Section
15.5 Waiver of Compliance. No provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its agents
or employees, except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving
Party, which waiver shall be effective only with respect to the specific obligation and instance described therein.

 

Section
15.6 Notices. All notices and other communications in connection with this Agreement shall be in writing and shall be sent to the
respective Parties at the following addresses, or to such other addresses as may be designated by the Parties in writing from time to
time in accordance with this Section 15.6, by registered or certified mail, postage prepaid, or by express courier service, or service
fee prepaid, or by email upon confirmed delivery sent by the recipient in return in accordance with this Section 15.6.

 

	 	To Eisai:	 Eisai Inc.
	 	 	Attention: Chief Medical Officer,
	 	 	Oncology Business Group
	 	 	155 Tice Blvd.
	 	 	Woodcliff Lake, NJ 07677
	 	 	Facsimile: 201-746-3204
	 	 	 
	 	 	With copy to:
	 	 	 
	 	 	Eisai Inc.
	 	 	Attention: General Counsel
	 	 	100 Tice Blvd.
	 	 	Woodcliff Lake, NJ 07677
	 	 	Facsimile: 201-746-3204
	 	 	 
	 	To OV: 	 Oncology Venture, ApS
	 	 	Venlighedsvej 1
	 	 	DK-2970 Hoersholm, Denmark
	 	 	Attention: Chief Executive Officer
	 	 	Email: pbj@oncologyventure.com

 

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	 	 	With a copy to:
	 	 	 
	 	 	Dechert LLP
	 	 	1900 K Street, NW
	 	 	Washington D.C. 20006
	 	 	Attention: David E. Schulman
	 	 	Email: david.schulman@dechert.com

 

All notices shall be deemed given and
received (a) if delivered by hand, immediately, (b) if sent by mail, ten (10) Business Days after posting, (c) if delivered by
express courier service, three (3) Business Days in the jurisdiction of the recipient, (d) if sent by fax, at the time shown in the
confirmed electronic receipt, or on the first Business Day thereafter if the notice is sent on other than a Business Day, or (e) if
sent by email, the date indicated as being sent in the recipient’s email browser.

 

Section
15.7 Limitation on Liability. NOTWITHSTANDING THE FOREGOING, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL,
INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES UNDER THIS AGREEMENT, EXCEPT TO THE EXTENT THE DAMAGES RESULT FROM A PARTY’S
WILLFUL MISCONDUCT OR ARE PAYABLE IN CONNECTION WITH A PARTY’S INDEMNIFICATION OBLIGATIONS UNDER ARTICLE 10 FOR LIABILITY OWED TO
THIRD PARTIES.

 

Section
15.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument.

 

Section
15.9 Further Assurances. From time to time, as and when requested by any Party, the other Party shall execute and deliver, or cause
to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further actions as such
other Party may reasonably deem necessary or desirable to carry out the intentions of the Parties embodied in this Agreement.

 

Section 15.10
Injunctive Relief. The Parties acknowledge and agree that, in addition to any other remedies available in law or equity, either Party
shall be entitled to temporary and permanent injunctive relief in the event of a breach under this Agreement.

 

Section 15.11
Jointly Prepared. This Agreement has been prepared jointly and shall not be strictly construed against either Party. Ambiguities,
if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous
provision.

 

Section 15.12 Assignment.

 

(a) Generally.
Subject to Section 6.1 and this Section 15.12, a Party shall not have the right to assign, by operation of law or otherwise, any of its
rights or obligations under this Agreement without the prior written consent of the other Party. Any assignment not in accordance with
this Section 15.12 shall be void.

 

(b) OV.
Notwithstanding the limitations in Section 15.12(a), OV may assign this Agreement, or any rights or obligations hereunder in whole
or in part, to (a) one or more Affiliates or (b) its successor in interest in connection with the merger, consolidation, or sale of
all or substantially all of its assets or that portion of its business pertaining to the subject matter of this Agreement, provided that
in each case OV shall remain liable for all obligations imposed upon OV under this Agreement as if no such assignment had
occurred.

 

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(c) Eisai.
Notwithstanding the limitations in Section 15.12(a), Eisai may assign this Agreement, or any rights or obligations hereunder in whole
or in part, to (a) one or more Affiliates solely as provided in this Section 15.12 or (b) its successor in connection with the merger,
consolidation, or sale of all or substantially all of its assets or that portion of its business pertaining to the subject matter of this
Agreement, provided that in each case Eisai shall remain liable for all obligations imposed upon OV under this Agreement as if
no such assignment had occurred.

 

Section
15.13 Relationship of Parties. Each Party to this Agreement is an independent contractor, and nothing in this Agreement shall be construed
to give either Party the power or authority to act for, bind, or commit the other Party in any way. Nothing herein shall be construed
to create the relationship of partners, principal and agent, or joint-venture partners between the Parties. Employees and agents of one
Party are not employees or agents of the other Party, shall not hold themselves out as such, and shall not have any authority or power
to bind the other Party to any contract or other obligation.

 

Section
15.14 Force Majeure. If the performance of any obligation under this Agreement is prevented, restricted or interfered with by reason
of any Force Majeure event, then the Party so affected shall be excused, upon giving prior written notice to the other Party, from such
performance to the extent of such prevention, restriction or interference, provided that the Party so affected shall use reasonable commercial
efforts to avoid or remove such causes of nonperformance and shall continue performance to the extent reasonably possible and, in any
event, at such time as the Force Majeure conditions come to an end. If the Force Majeure conditions prevent performance completely and
such prevention continues for more than one hundred and eighty days (180) days, then the Parties shall attempt to negotiate a mutually
acceptable compromise within the spirit and intent of this Agreement. If they are unable to reach a mutually acceptable compromise within
ninety (90) days and if performance is still completely prevented at the end of that time, then the Party who is not affected by the Force
Majeure conditions shall have the option, by delivery of written notice of termination to the affected Party, to terminate this Agreement
with immediate effect and such termination shall be treated as a termination for material breach by Party affected by the Force Majeure,
except that in such event no cure period shall apply and the terminating Party shall have the right to effect such termination upon written
notice, in its sole discretion, (a) solely with respect to the country or Product affected by such non-performance or (b) the Agreement
in its entirety.

 

Section 15.15
Severability. If any one or more of the terms or provisions of this Agreement is held by a court of competent jurisdiction or
arbitrator to be void, invalid or unenforceable in any situation in any jurisdiction, such holding shall not affect the validity or
enforceability of the remaining terms and provisions hereof or the validity or enforceability of the invalid, void or unenforceable
term or provision in any other situation or in any other jurisdiction and the term or provision shall be considered severed from
this Agreement, unless the invalid or unenforceable term or provision is of such essential importance to this Agreement that it is
to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid or unenforceable term or
provision. If the final judgment of such court or arbitrator declares that any term or provision hereof is invalid, void or
unenforceable, the Parties agree to (a) reduce the scope, duration, area or applicability of the term or provision or to delete
specific words or phrases to the minimum extent necessary to cause such term or provision as so reduced or amended to be
enforceable, and (b) make a good faith effort to replace any invalid or unenforceable term or provision with a valid and enforceable
one such that the objectives contemplated by the Parties when entering this Agreement may be realized.

 

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Section 15.16
Third-Party Beneficiaries. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under
or by reason of this Agreement on any Persons other than the Parties hereto and their respective successors, assigns, and Affiliates.

 

Section
15.17 Expenses. Except as expressly provided herein (including with respect to the allocation of Out-of-Pocket Costs), each of OV
and Eisai agrees to pay, without right of reimbursement from the other, all costs and expenses incurred by it and its Affiliates incident
to the preparation, execution and delivery by it of this Agreement and the performance of its obligations hereunder, including the fees
and disbursements of counsel, accountants, financial advisors, experts, consultants and employees employed by such party in connection
with the preparation, execution and delivery by it of this Agreement and with the performance of its obligations contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK;

SIGNATURE PAGE FOLLOWS]

 

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The Parties have executed this
Agreement as of the Effective Date to evidence their agreement to the terms and provisions set forth herein.

 

	 	Oncology Venture, ApS
	 	 
	 	By: 	 
	 	Name:	 Peter Buhl Jensen
	 	Title:	 Chief Executive Officer

 

[Signature Page to Exclusive License Agreement]

 

     

    

    

 

The Parties have executed this
Agreement as of the Effective Date to evidence their agreement to the terms and provisions set forth herein .

 

	 	EISAI INC.
	 	 
	 	 
	 	By: 	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

 

[Signature Page to Exclusive License Agreement]

 

     

    

    

 

EXHIBIT A

 

Clinical Development Plan

 

[***]

 

     

    

    

 

EXHIBIT B

 

Product-Specific Biomarker

 

[***]

 

     

    

    

 

EXHIBIT C

 

Press Release

 

		

 

Press release issued by Oncology Venture

Sweden AB Hoersholm, Denmark, July XXth
 2017

Press release

 

Oncology Venture and Eisai Forge Exclusive
Global License Agreement for Clinical Stage

Oncology Drug PARP Inhibitor E7449 / 2X-121

 

2X
Oncology to conduct Phase 2 Study of 2X-121 in metastatic breast cancer patients

 

Hoersholm, Denmark, July XX, 2017 –
Oncology Venture Sweden AB (“OV” or the “Company”) and Cambridge, MA –2X Oncology, Inc. ("2X")
a spinout of Oncology Venture, today announced that that the Oncology Venture has entered into an exclusive global license agreement
with Eisai Inc. for Eisai’s Phase 2 PARP inhibitor E7449 – now called 2X-121. 2X-121 will be developed by 2X Oncology ("2X"),
a precision medicine company developing targeted therapeutics to address significant unmet needs in women’s cancer.

 

2X-121 is a small molecule targeted inhibitor
of Poly ADP ribose polymerase (PARP), a key enzyme involved in DNA damage repair in cancer cells. The PARP inhibitor demonstrated clinical
activity in a prior Phase 1 study in a number of cancers, including ovarian and breast. The drug also has potential to treat brain metastases
and primary brain tumors based on its ability to pass through the blood-brain barrier.

 

“We are excited to in-license this promising
PARP-inhibitor from Eisai. The cutting-edge science and compelling clinical data behind 2X-121 in combination with our unique Drug Response
Predictor (DRPTM) biomarker technology provide an exceptional risk-reduced opportunity to develop effective treatments for hard
to treat cancers,” said Peter Buhl Jensen, M.D., CEO of Oncology Venture.

 

Oncology Venture successfully validated its DRPTM
biomarker for 2X-121 using clinical biopsy materials and blinded patient response data provided by Eisai under a prior agreement between
the companies.

 

The drug will be developed in the pipeline of
2X Oncology, Inc., a Cambridge, MA-based spin-out of Oncology Venture, developing precision medicines for unmet needs in women’s
cancers.

 

“We plan to initiate a focused Phase
2 trial of 2X-121 for the treatment of metastatic breast cancer later this year, using a DRPTM biomarker to identify patients who
are most likely to respond to and benefit from treatment with this promising therapeutic,” said George O. Elston, CEO of
2X Oncology, Inc. “Positive data from this study will position this program for a pivotal Phase 2 study initiation in 2018,”
Mr. Elston added.

 

Under the terms of the agreement, Oncology Venture
will be responsible for the development and commercialization of 2X-121 in oncology. Oncology Venture will, through 2X Oncology, Inc.,
execute a mutually agreed upon clinical development plan, which includes an initial Phase 2 clinical study in patients with metastatic
breast cancer using the DRPTM biomarker. Further terms of the agreement were not disclosed.

 

    C-1

     

    

 

About 2X-121

 

2X-121 has a novel dual-inhibitory
action against both PARP 1/2 and Tankyrase 1/2. The molecule is also active in P-glycoprotein expressing cells, suggesting it may overcome
PARP inhibitor resistance.

 

A Phase 2 study (>20 patients)
is planned using a DRPTM biomarker in metastatic breast cancer patients to identify patients likely to respond to and benefit from
treatment with 2X-121. Positive data from this study will position the program for a pivotal Phase 2 study initiation in 2018.

 

In a prior Phase 1 study conducted without a DRPTM,
two patients had a durable partial response (281 and 208 days, respectively). 2X-121 was well tolerated with no myelotoxicity observed.
The planned Phase 2 study using a DRPTM is expected to significantly improve response rates seen in this initial study.

 

About
the Drug Response Predictor (DRPÔ)
Companion Diagnostic

 

Developed by and in-licensed from Medical Prognosis
Institute A/S (MPI.ST), the DRPTM screening platform utilizes messenger RNA (mRNA) gene expression signatures from patient biopsies
to identify patients with a high likelihood of responding to specific cancer-fighting therapies. This DRPTM method builds on the
comparison of sensitive vs. resistant human cancer cell lines, including genomic information from cell lines, combined with clinical
tumor biology and clinical correlates in a systems biology network. Specific DRPTMs are developed for each pipeline product, which
will enable Oncology Venture and its spin-out 2X Oncology to identify and predict which patients are most likely to respond and thereby
benefit from a given pipeline product. This would enable likely responders to receive appropriate treatment while expediting the decision
path for predicted non-responders, saving them critical time and money in their cancer fight.

 

About Oncology Venture Sweden AB

 

Oncology Venture Sweden AB is engaged in the research
and development of anti-cancer drugs through its wholly- owned Danish subsidiary Oncology Venture ApS. Oncology Venture has an exclusive
license to use the Drug Response Predictor (DRPTM) platform in order to significantly increase the probability of success in clinical
trials. The Company uses a model that alters the odds in comparison with traditional pharmaceutical development. Instead of treating
all patients with a particular type of cancer, patients’ tumors genes are screened first and only those who are most likely to
respond to the treatment will be treated. Focusing on this defined patient group reduces risk and costs are reduced while increasing
efficiencies in the development process. The current Oncology Venture product portfolio includes LiPlaCis for breast cancer in collaboration
with Cadila Pharmaceuticals; Irofulven for prostate cancer; and APO010, an immuno-oncology product in development for the treatment of
multiple myeloma.

 

In addition to 2X Oncology, of which OV currently owns
92%, Oncology Venture has spun out Danish OV-SPV 2, which will test and potentially develop an in-licensed, oral phase 2 Tyrosine Kinase
inhibitor.

 

About 2X Oncology

 

2X Oncology Inc. is developing targeted therapeutics
that leverage the proprietary Drug Response Predictor (DRPTM) biomarker technology to address significant unmet needs in women’s
cancer. The DRPTM generates a precision mRNA-based companion diagnostic for each compound, enabling the identification of patients
that are most likely to respond and benefit from treatment.

 

The 2X pipeline includes product candidates focused
on breast and ovarian cancers and primary and secondary brain tumors. Our product candidates have been selectively in-licensed using
strict criteria, including established clinical efficacy and safety and a known mechanism of action. We expect to advance these programs
through focused Phase 2 studies using a targeted DRPTM CDx with key data available in 2018. Learn more at 2xoncology.com.

 

    C-2

     

    

 

About Eisai Inc.

 

At Eisai Inc., human health care (hhc) is
our goal. Eisai gives its first thoughts to patients and their families, and helping to increase the benefits health care provides.
As the U.S. pharmaceutical subsidiary of Tokyo-based Eisai Co., Ltd., Eisai Inc. has a passionate commitment to patient care that is
the driving force behind Eisai’s efforts to discover and develop innovative therapies to help address unmet medical needs.

 

Eisai is a fully integrated pharmaceutical
business that operates in two global business groups: oncology and neurology (dementia-related diseases and neurodegenerative
diseases). Each group functions as an end-to-end global business with discovery, development, and marketing capabilities.
Eisai’s U.S. headquarters, commercial and clinical development organizations are located in New Jersey; discovery labs are in
Massachusetts and Pennsylvania; and the global demand chain organization resides in Maryland and North Carolina. To learn more about
Eisai Inc., please visit us at www.eisai.com/US .

 

Eisai Co., Ltd.

 

Eisai Co., Ltd. is a leading global research and development-based
pharmaceutical company headquartered in Japan. Eisai defines its corporate mission as "giving first thought to patients and their
families and to increasing the benefits health care provides," which Eisai calls its human health care (hhc) philosophy.
With over 10,000 employees working across its global network of R&D facilities, manufacturing sites and marketing subsidiaries, Eisai
strives to realize its hhc philosophy by delivering innovative products in various therapeutic areas with high unmet medical needs, including
oncology and neurology. For more information about Eisai Co., Ltd., please visit www.eisai.com.

 

DRPTM is a trademark of Medical Prognosis Institute
A/S.

 

	Contact
	For Oncology Venture	 	 For 2X Oncology, Inc.
	Ulla Hald Buhl 	 	Amy Raskopf
	Chief Operating Officer, Chief IR & Communications 	 	Corporate
Communications
	+45 2170 1049	 	 +1 917-673-5775
	 	 	Twitter: @2xoncology
	Peter Buhl Jensen Chief Executive Officer	 	 
	+45 21 60 89 22	 	 

 

This information is information that
Oncology Venture Sweden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication,
through the agency of the contact person set out above, on July XXth, 2017

 

    C-3

     

    

 

Schedule 1

 

Major Countries

 

United States, Canada, Germany, France, the United Kingdom,
Spain, Italy, China, Japan, Russia, Brazil, and Australia.

 

     

    

    

 

Schedule 2

 

Eisai Patents

 

Platform Patents

 

None.

 

Product-Specific Patents

 

[See next page.]

 

     

    

    

 

	Eisai Ref Nurnbet	_....,
    ,. ll ca do n Nurn.ber	Cou
    n’"~ Name	Stat
    us	Fllll’III?
    Date	Pate
    nt Nurnbet	ISsue
    Date	WGSRef
    Null\ber
	PARP-01
    6-UlA U	2008308664	Aust
    ralla	Granted	 	2008308664	10/
    30/ 2014	E0459
    .7000 3AUOO
	PARP·Ol
    6· U1B0	266/
    2008	Ban.cil
    a d es h	Pend	l
    n.:>	10/2/	2008	 	 	E04
    59 . 700038000
	PARP·Ol
    6· U l BR	PI0820S18·3	Btanl	Pendlr’IQ:	10/2/	2008	 	 	E04
    59 . 70003Blt00
	PARP-01
    6-Ul CA	2700903	Canada	Granted	10/2/2008	2700903	S/
    30/ 2017	E0459
    .70003CA OO
	PARP·Ol
    6· U lCL	3
    20-2010	Chile	Pendln.:>	4/5/	20
    1 0	 	 	E04
    59 . 70003Cl00
	PARP-01
    6-Ul CN	200880118681.4	Chl.na
    (Peo ple ‘s Repu.bllc)	Granted	10/2/2008	200880118681	4/
    30/ 2014	E04
    59 .7000 3CNOO
	PARP-016-U
    lEG	PCTS19/2
    010	S
    M      !	Pendlr’IQ:	10/2/	2
    008	 	 	E04
    59 . 70003EGOO
	PARP-01
    6-Ul EP	08836018.S	Eurooea
    n Patent Conven	Granted	10/2/2008	220937S	8/
    27/ 2014	E04
    59 .7000 3 EPOO
	PARP-01
    6-UlA T	08836018.S	Austr
    ia	Granted	10/2/2008	220937S	8/
    27/ 2014	E0469
    .7000 3ATOO
	PARP-01
    6-Ul BE	08836018.S	5er,1,
    o,.m	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 38£00
	PARP-01
    6-Ul BG	08836018.S	&JIGa.
    ria	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 3 BGOO
	PARP-01
    6-Ul CH	8836018.S	Swlu
    ertand	Granted	10/2/2008	220937S	8/712014	E04
    59 .7000 3CHOO
	PARP-01
    6-Ul CY	08836018.S	Cvorus	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 3CYOO
	PARP-01
    6-Ul CZ	08836018.S	Czec
    h Re pub lic	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 3C200
	PARP-01
    6-Ul DE	08836018.S	Germanv	Granted	10/2/2008	220937S	8/
    2712014	E04
    59 .7000 3 DEOO
	PARP-01
    6-Ul DK	08836018.S	Den
    mart	Granted	10/2/2008	220937S	8/
    27/ 2014	E04
    59 .7000 30 KOO
	P
    ARP-01 6-UlE E	08836018.S	Estonia	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 3 EEOO
	PARP-01
    6-UlES	08836018.S	Sruln	Granted	10/2/2008	220937S	8/
    27/ 2014	E04
    59 .7000 3 ESOO
	PARP-01
    6-Ulfl	08836018.S	Flnland	Granted	10/2/2008	220937S	8/
    27/ 2014	E04
    59 .7000 3 FIOO
	PARP-01
    6-UlF R	08836018.S	France	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 3FROO
	PARP-01
    6-Ul GB	08836018.S	Un.iled
    Klngd om	Granted	10/2/2008	220937S	8/
    27/ 2014	E0459
    .7000 3GBOO
	P
    ARP-01 6-Ul GR	08836018.S	G<eece	Granted	10/2/2008	2209375	8/
    2712014	E04
    59 .7000 3GROO
	P
    ARP-01 6-Ul HK	111
    009 18 .6	Hon:e.Kone:	Granted	10/2/2008	HK11
    467 92	7/
    ‘1/ 20 !.S	E0459
    .7000 3 HKOO
	P
    ARP-01 6-Ul HR	08836018.S	Croatia	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-Ul HU	08836018.S	Hun
    arv	Granted	10/2/2008	220937S	8/
    2712014	 
	PARP-01
    6-Ull E	08836018.S	Ireland	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-UUS	08836018.S	Iceland	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-u u r	08836018.S	‘""	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-Ull T	08836018.S	Lit
    h ua nia	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-Ull U	08836018.S	Luxe
    rnboure.	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-Ull V	08836018.S	Latvia	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-01
    6-Ul MC	08836018.S	Monaco	Granted	10/2/2008	220937S	8/
    2712014	 
	PARP-01
    6-Ul MT	08836018.S	Malta	Granted	10/2/2008	220937S	8/
    27/ 2014	 

 

     

     

    

 

	PARP-01
    6-Ul NL	08836018.S	The
    Net he rtands	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-016-Ul
    NO	08836018.S	No
    rwav	Granted	10/2/2008	220937S	8/
    2712014	 
	PARP-016-Ul
    PL	08836018.S	Poland	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-016-Ul
    PT	08836018.S	Portue:al	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-016-UlRO	08836018.S	Romania	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-016-UlS
    E	08836018.S	Sweden	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-016-UlS
    L	08836018.S	Sloven.la	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	PARP-016-Ul
    TR	08836018.S	Turt
    ev	Granted	10/2/2008	220937S	8/
    27/ 2014	 
	 

    PARP-016-UUL
	 

    204776
	 

    Israel
	 

    Granted
	 

    10/2/2008
	 

    204776
	 

    12/2S/ 20l.S
	 
	 

    PARP-016-UUO
	 

    W·00 2010 01 0S9
	 

    Indonesia
	 

    Granted
	 

    10/2/2008
	 

    IDP0036467
	 

    7/25/ 2014
	 
	PARP·Ol
    6· U11N	1312/
    KO LNP/ 2010	India	Pending	10/2/
    2008	 	 	E04
    59 . 70003 1NOO
	PARP-016-U
    UO	1>14
    33/ 2008	Jo
    r da n	Pe
    nd ln.:>	10/2/	2008	 	 	E04
    59 . 7000 3JOOO
	PARP-016-UU
    P	2010-S
    28132	Ja
    pa n	Granted	10/2/2008	S439380	12/20/
    2013	E04
    59 .7000 3JPOO
	PARP-016-Ul
    KR	10-20
    10. 7009S88	Kor e, a Reoubkl	of	Granted	10/2/2008	10/l
    S96S26	2/16/
    2016	E0459
    .7000 3 Kll00
	PARP-016-Ull
    K	1S7S7	S
    ri Lan.ka	Granted	10/2/2008	1S7S7	10/14/
    2013	E04
    59 .7000 31.XOO
	P
    ARP-016-Ul MX	M)(/a/2010/003564	Mexico	Granted	10/2/2008	308Sl
    3	4/ S/2013 	E0459 .7000 3 MXOO
	PARP-016-Ul
    MY	P12010001
    496	Malaysia	Granted	10/2/2008	MY·1S5
    23 7•A	9/
    30/ 201S	E0459
    .7000 3 MYOO
	 

    P ARP-016· Ul N2
	 

    5850 12
	 

    New Zealand
	 

    Granted
	 

    10/2/2008
	 

    S8S012
	 

    10/ 8/ 2012
	 

    E04 59 .7000 3 NZOO

	PARP-016-Ul
    PE	205
    .201	Peru	Abando
    ned	4/5
    /20 10	 	 	E0459
    .7000 3PEOO
	PARP-016-Ul
    PH	1·2010.
    500633	Phrn--..ines	Granted	10/2/2008	1·2010·S00633	S/
    16/ 2016	E04
    59 .7000 3 PHOO
	PARP·Ol
    6· U l PK	11
    66/ 2008	Pa
    k1sta n	Pe
    nding	10/2/
    2008	 	 	E04
    59 . 70003 P KOO
	 

    P ARP-016-UlR U
	 

    2010117397
	 

    Russian Fede ration
	 

    Granted
	 

    10/2/2008
	 

    248S122
	 

    6/ 20/ 2013
	 

    E0459 .7000 3 RUOO

	PARP-016
    UlSA	8290618	Saud]
    Arabia	Abandoned	10/2/2008	 	 	E04
    59 .7000 3SAOO
	 

    PARP-016-UlSG
	 

    201002181-4
	 

    Singapore
	 

    Granted
	 

    10/2/2008
	 

    160117
	 

    12/14/ 2012
	 

    E0459 .7000 3SGOO

	 

                                                                                                                                    PARP-0160-
l SG
	 

    201200734,8..2
	 

    Sing apo re
	 

    Granted
	 

    10/2/2008
	 

    18S272
	 

    4/ 22/ 2016
	 

    E04 59 .7000 3SGOO

	PARP·Ol
    6· U l TH	80
    1005083	Tha
    ila nd	Pending	10/2/
    2008	 	 	E04
    59 . 70003 THOO
	 

    PARP-016-Ul TW
	 

    9 7138 1 66
	 

    Ta iwan
	 

    Granted
	 

    10/2/2008
	 

    1426912
	 

    2/ 21/2014
	 

    E04 59 .7000 3TW’OO

	 

    PARP-016-UllJ A
	 

    a 201005 11 7
	 

    UkralM
	 

    Granted
	 

    10/2/2008
	 

    99483
	 

    8/ 27/ 2012
	 

    E0459 .7000 3 UAOO

	PARP-016-f>l
    US	60/
    977,l lS	un.iled
    States of America	Con...e.rted	10/3/200
    7	 	 	E04
    59 .7000 3 USOO
	PARP-016-UllJ
    S	12/24,4
    399	Un.iled
    States of America	Granted	10/2/2008	8
    236 802	7/8/2012	E0459
    .7000 3 USOO
	PARP-016-Cl
    US	13/
    527,lSS	un.iled
    States of America	Unflfed	10/2/2008	8
    ,89 4, 989	ll
    / S/ 2014	E0459
    .7000 3 USOO
	PARP-0160-   l
    US	14/
    538,447	Un
    ited States of America	Abandoned	10/2/2008	 	 	E04
    59 .7000 3 USOO
	 

    PARP-016-Ul VN
	 

    1·20 10-0 1 09 2
	 

    Vietna m
	 

    Granted
	 

    10/2/2008
	 

    16364
	 

    12/ 20/ 2016
	 

    E0459 .7000 3 VNOO

	PARP-016-Ul PC

    PARP-016-UlZA
	PCT
    2008/07

    2010/ 02317
	Patent Cool’ll’>ra t io n T re a

    South Africa
	Con...e.rted

    Granted
	10/2/2008

    10/2/2008
	 

    2010/02317
	 

    9/ 2S/ 20 ll
	E04 59 .7000 3 \VOOO

    E04 59 .7000 3 ZAOO

 

     

    

    

 

Schedule 3

 

Compound

 

Structure: 8-(is1oindolin-2-ylmethyl)-2Hpyridazino[3,4,5-de]quinazolin-3(9H)-one
L-tartrate salt

 

     

    

    

 

Schedule 3.3

 

Data and Information

 

[***]

 

     

    

    

 

Schedule 3.6

 

Inventory

 

[***]

 

     

    

    

 

Schedule 9.2(b)

 

Certain Product-Specific PatentsExhibit 10.7

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED
BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Execution Version

 

 

 

 

 

 

 

 

 

 

 

LICENSE AGREEMENT

 

between

 

 

 

NOVARTIS PHARMA AG

 

and

 

ONCOLOGY VENTURE ApS

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	 	1.1	Definitions	1
	 	1.2	Interpretation	10
	 	 	 	 
	2.	LICENSE	10
	 	 	 
	 	2.1	License Grant from Novartis to OV	10
	 	2.2	Sublicensing	11
	 	2.3	Reservation of Rights by Novartis	11
	 	 	 	 
	3.	TRANSFER OF INFORMATION AND DATA	11
	 	 	 
	 	3.1	Transfer of Information and Licensed Data	11
	 	3.2	Assistance	11
	 	3.3	Adverse Event Reporting and Safety Data Exchange	12
	 	 	 	 
	4.	DEVELOPMENT, COMMERCIALIZATION & MANUFACTURING	12
	 	 	 
	 	4.1	Development	12
	 	4.2	OV Responsibilities	12
	 	4.3	Third Party Acquirer	12
	 	4.4	Reporting Obligations	13
	 	4.5	Compliance	13
	 	 	 	 
	5.	OWNERSHIP OF INTELLECTUAL PROPERTY.	13
	 	 	 
	 	5.1	OV Technology	13
	 	 	 	 
	6.	REGULATORY MATTERS.	13
	 	 	 
	 	6.1	Compliance with Laws	13
	 	6.2	Transfer of Regulatory Documentation	13
	 	 	 	 
	7.	FINANCIAL PROVISIONS	14
	 	 	 
	 	7.1	Upfront Payments	14
	 	7.2	Milestone Payments	14
	 	7.3	Payment of Milestones	14
	 	7.4	Royalties.	15
	 	7.5	Royalties on Combination Products	17
	 	 	 
	8.	REPORTS AND PAYMENT TERMS	17
	 	 	 
	 	8.1	Payment Terms.	17
	 	8.2	Currency Exchange Rate	17
	 	8.3	Taxes	18
	 	8.4	Records and Audit Rights	18
	 	8.5	Reports	19

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	9.	INVENTORY	19
	 	 	 
	 	9.1	Inventory	19
	 	9.2	Requalification	19
	 	 	 	 
	10.	FURTHER OBLIGATIONS	19
	 	 	 
	 	10.1	Actions	19
	 	10.2	Further Assurances.	19
	 	 	 	 
	11.	REPRESENTATIONS AND WARRANTIES	20
	 	 	 
	 	11.1	Representations and Warranties by Each Party	20
	 	11.2	Intellectual Property Matters	20
	 	11.3	Novartis Covenants.	21
	 	11.4	Novartis Representation and Warranty	22
	 	11.5	OV Representation and Warranty	22
	 	11.6	Disclaimer	22
	 	11.7	Special, Indirect and Other Losses	23
	 	11.8	Survival	23
	 	 	 	 
	12.	INDEMNIFICATION	23
	 	 	 
	 	12.1	Indemnification Obligations of Novartis	23
	 	12.2	Indemnification Obligations of OV	24
	 	12.3	Insurance	24
	 	12.4	Indemnification Procedure.	24
	 	12.5	Mitigation of Loss	26
	 	 	 	 
	13.	PROSECUTION, ENFORCEMENT AND DEFENSE OF PATENTS.	26
	 	 	 
	 	13.1	Patent Filings, Prosecution and Maintenance of Licensed IP.	26
	 	13.2	Extensions of Patent Term for Products	26
	 	13.3	Enforcement of Licensed IP.	26
	 	13.4	Enforcement of OV Technology	27
	 	13.5	Defense of Infringement Claims of Licensed IP	27
	 	 	 	 
	14.	TERM AND TERMINATION	28
	 	 	 
	 	14.1	Term	28
	 	14.2	Effect of Expiration	28
	 	14.3	Rights of Termination.	28
	 	14.4	Surviving Rights and Obligations	29
	 	14.5	Effect of Termination.	29
	 	14.6	Survival	29
	 	14.7	Termination Not Sole Remedy	29

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	15.	CONFIDENTIALITY	29
	 	 	 
	 	15.1	Duty of Confidence	29
	 	15.2	Exceptions	30
	 	15.3	Authorized Disclosures.	30
	 	15.4	Ongoing Obligation for Confidentiality	31
	 	 	 	 
	16.	PRESS RELEASE	31
	 	 	 
	17.	MISCELLANEOUS	31
	 	 	 
	 	17.1	Governing Law; Venue	31
	 	17.2	Assignment	31
	 	17.3	Injunctive Relief	32
	 	17.4	Force Majeure	32
	 	17.5	Notices	32
	 	17.6	Waiver and Amendments	33
	 	17.7	Severability	33
	 	17.8	Entire Agreement	33
	 	17.9	Relationship of the Parties	33
	 	17.10	Expenses	33
	 	17.11	Further Assurances	34
	 	17.12	Compliance with Law	34
	 	17.13	Headings	34
	 	17.14	English Language	34
	 	17.15	Counterparts	34

 

    -iii-

     

    

 

	Schedules	 
	 	 
	Schedule A	Compound
	Schedule B	Inventory
	Schedule C	Licensed Patents
	Schedule D	Major Countries
	Schedule E	Development Plan
	Schedule F	Sales & Royalty Reporting Form
	Schedule G	Licensed Data
	Schedule H	Clinical Materials
	 	 
	Exhibits	 
	 	 
	Exhibit A	Convertible Promissory Note

 

    -iv-

     

    

 

LICENSE AGREEMENT

 

This LICENSE AGREEMENT (“License Agreement”)
is made as of the 6. day of April, 2018 (“Effective Date”), by and between Novartis Pharma AG, a company organized
under the laws of Switzerland and located at Lichtstrasse 35, 4056 Basel, Switzerland (“Novartis”), and Oncology Venture
ApS, a company organized under the laws of Denmark, with headquarters at Venlighedsvej 1, DK-2970 Hoersholm, Denmark (“OV”).
Novartis and OV are each referred to individually as a “Party” and together as the “Parties.”

 

RECITALS

 

WHEREAS, Novartis and/or its
Affiliates own or control the certain Intellectual Property Rights (as defined below) Covering the Compound (as defined below) and has
conducted Phase II Clinical Trials and Phase III Clinical Trials of the Compound for the treatment of gastrointestinal stromal tumors
(GIST), renal cell carcinoma (RCC), breast cancer, and other solid tumors.

 

WHEREAS, Novartis does not
develop, market, sell, distribute, manufacture and/or commercialize, by itself or through Affiliates (as defined below) and/or third parties,
any product having the Compound as an active ingredient in the Field (as defined below) in the Territory (as defined below);

 

WHEREAS, the Parties previously
entered into that certain Option Agreement, dated as of July 18, 2017 (“Option Agreement”) , under which Novartis granted
OV an option to obtain an exclusive license to the Compound under the Licensed IP (as defined below) to develop, manufacture and commercialize
Licensed Product (as defined below);

 

WHEREAS, OV has determined
to exercise its option to enter into this License Agreement to further develop or have an Affiliate (“SPV”) develop
one or more Licensed Products, up to and including completion of certain Phase II Clinical Trials described herein.

 

WHEREAS, to the extent the
development of Licensed Product will be conducted by the SPV, OV shall assign its rights and obligations under this License Agreement
to the SPV as further defined herein.

 

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

 

1. 
DEFINITIONS AND INTERPRETATION

 

1.1 
Definitions. The capitalized terms used in this License Agreement shall have the meanings as defined below:

 

“Accounting Standards”
means with respect to OV, IFRS (International Financial Reporting Standards) as generally and consistently applied throughout OV’s
organization. OV shall promptly notify Novartis in the event that it changes the Accounting Standards pursuant to which its records are
maintained, it being understood that OV may only use internationally recognized accounting principles (e.g. International Financial Reporting
Standards, US GAAP, etc.).

 

    1

     

    

 

“Affiliate”
means, with respect to a Party, any Person that directly or indirectly controls, is controlled by, or is under common control with that
Party. For the purpose of this definition, “control” shall mean: (a) direct or indirect, ownership of fifty percent
(50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation; (b) fifty percent (50%)
or more of the equity interest in the case of any other type of legal entity or status as a general partner in any partnership; (c) any
other arrangement whereby the entity or Person controls or has the right to control the board of directors or equivalent governing body
of a corporation or other entity; (d) if a Party is exposed, or has rights, to variable returns from its involvement with an entity or
Person and has the ability to affect its returns through its power over such entity or Person; or (e) the ability to cause the direction
of the management or policies of a corporation or other entity. In the case of entities organized under the Laws of certain countries,
the maximum percentage ownership permitted by Law for a foreign investor may be less than fifty percent (50%), and in such case such lower
percentage shall be substituted in the preceding sentence, provided that such foreign investor has the power to direct the management
and policies of such entity. The Parties understand and agree that, with respect to OV, “Affiliates” includes Medical Prognosis
Institute, ApS (“MPI”).

 

“Auditor”
shall have the meaning set forth in Clause 8.4(b).

 

“Business Day”
means a day (other than a Saturday, Sunday or a public holiday) on which the banks are open for business in Basel, Switzerland and Copenhagen,
Denmark.

 

“Calendar Quarter”
means the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31.

 

“Calendar Year”
means a period of twelve (12) consecutive calendar months ending on December 31.

 

“Clinical Materials”
means all forms of patient biopsy materials (including genomic data extracted from such biopsies) from prior clinical trials of Compound
that are in the possession of Novartis as of the Effective Date of this Agreement. Clinical Materials to be transferred to OV are enumerated
on Schedule H hereto.

 

“Combination Product”
shall have the meaning set forth in Clause 7.5.

 

“Commercialize”
means any and all activities directed toward marketing, promoting, detailing, distributing, importing, exporting, selling or offering
to sell a Licensed Product in the Field in the Territory, including, for example, branding, pricing, distribution, market research, to
sell or market the Licensed Product, preparing advertising and promotional materials, sales force training, and Manufacturing activities
in support of the foregoing, and “Commercialization” and “Commercializing” shall have a corresponding
meaning.

 

“Commercially Reasonable
Efforts” means those diligent efforts and resources consistent with customary practices of comparable companies in the specialty
pharmaceutical industry that such a company typically devotes to a product or compound owned by it or to which it has rights of the type
it has hereunder, or similar market potential at a similar stage in the development or product life thereof and later Commercialization,
in light of the potential profitability, price or reimbursement, the intellectual property and competitive landscape relevant to such
Licensed Product, its safety and efficacy profile, the Development and Regulatory Approval risks associated with such Licensed Product,
the Patent or other proprietary position of the Licensed Product (including the ability to obtain or enforce, or have obtained or enforced,
such Patent or other proprietary positions), the regulatory requirements involved.

 

    2

     

    

 

“Competition
Law” means the Sherman Act, as amended, the Clayton Act, as amended, the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, the Federal Trade Commission Act, as amended, and all other federal, state or foreign statutes, rules, regulations,
orders, decrees, administrative and judicial doctrines and other Laws, including any antitrust, competition or trade regulation Laws that
are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade
or lessening competition through merger, acquisition or otherwise.

 

“Competitive Product”
means, other than the Licensed Product, any pharmaceutical product (i) that contains the Compound as an active ingredient(s) as such approved
Licensed Product; (ii) is approved for use in such country pursuant to (a) Article 10.1 of Directive 2001/83/EC of the European Parliament
and Council of 6 November 2001, or any enabling legislation thereof, or any amended or successor abbreviated route of approval, or (b)
any Laws or abbreviated routes of approval in any other countries worldwide that are comparable to those described above; and (iii) is
sold in the same country as such Licensed Product by any Third Party that is not a sublicensee of OV or its Affiliates and did not purchase
such product in a chain of distribution that included any of OV or any of its Affiliates or its sublicensees, especially in case of parallel
imports. A pharmaceutical product that is AB-rated or comparably rated in any jurisdiction outside the United States to the applicable
Licensed Product shall be a Competitive Product with respect to such Licensed Product in such country.

 

“Compound”
means the compound TKI258 (a.k.a. Dovitinib), a small molecule inhibitor of multiple tyrosine kinases, as further described in Schedule
A, and any pharmacologically and/or therapeutically active derivatives thereof, including without limitation isomers, esters, salts,
hydrates, anhydrous forms and other solvates and polymorphs of such compounds.

 

“Control” or
“Controlled” means, with respect to any intellectual property right, information, documents or materials of a Party,
that such Party or its Affiliates, , (a) owns or has a license to such intellectual property right, information, documents or materials
(other than pursuant to this License Agreement); and (b) has the ability to grant access, a license or a sublicense to such intellectual
property right, information, documents or materials to the other Party as provided in this License Agreement without violating an agreement
with or other rights of any Third Party.

 

“Convertible Promissory
Note” means that certain Convertible Promissory Note for an initial principal balance equal to $1,000,000.00, in the form attached
hereto as Exhibit A, which OV shall cause its Affiliate, OV SPV2, to issue to Novartis upon the Effective Date.

 

“Cover”,
“Covering” or “Covered” means, with respect to a claim of a Patent and a Licensed Product, that
the manufacture, use, offer for sale, sale or importation of the Licensed Product would infringe a Valid Claim of such Patent in the country
in which such activity occurred, but for the licenses granted in this License Agreement (or ownership thereof).

 

“Develop”
or “Development” means drug development activities, including, without limitation, research, process development, test
method development and stability testing, assay development and audit development, toxicology, formulation, pharmaceutical development,
quality assurance/quality control development, statistical analysis, clinical trials, process development, packaging development, product
validation activities, regulatory affairs, and the preparation, filing and prosecution of regulatory filings with regulatory authorities
such as EMA and FDA.

 

    3

     

    

 

“Development Plan”
has the meaning set forth in Clause 4.1.

 

“Effective Date”
has the meaning set forth in the preamble to the Recitals above.

 

“EMA” means
the European Medicines Agency or any successor entity thereto.

 

“FDA” means
the United States Food and Drug Administration or any successor entity thereto.

 

“Field”
shall mean any and all therapeutic and/or diagnostic uses related to cancer in humans.

 

“First Commercial
Sale” means, with respect to the Licensed Product, the first arm’s length sale to a Third Party (other than an Affiliate
or sublicensee), for use of such Licensed Product in the Field in the Territory, after such Licensed Product has been granted Regulatory
Approval for distribution, marketing and sale (in each case to the extent required by applicable Laws) in the Field by the competent Regulatory
Authorities in such country. For avoidance of doubt, First Commercial Sales exclude transfers or dispositions of a Licensed Product for
charitable, compassionate, promotional (including samples), pre-clinical, clinical or regulatory purposes.

 

“Force Majeure”
means any unavoidable and unforeseeable event which is beyond the reasonable control of the Party affected, including but not limited
to the following events: earthquake, storm, flood, fire or other acts of nature, epidemic, war (whether or not declared), riot, public
disturbance, strike or lockouts, government actions, terrorist attack or the like.

 

“Good Manufacturing
Practice” or “GMP” means the current good manufacturing practices and all applicable governmental rules and
regulations as applied at the site(s) of manufacture and control, as amended from time to time and in effect during the term of this License
Agreement.

 

“Governmental Entity”
means any court, agency, authority, department, legislative or regulatory body or other instrumentality of any (i) government, (ii)
country, (iii) national, federal, state, provincial, regional, county, city or other political subdivision of any such government or country,
(iv) supranational organization of which any such government or country is a member, or (v) quasi-governmental entity or self-regulatory
organization of competent authority.

 

“Information”
means all proprietary information and data of a financial, commercial or technical nature, including Know-How, owned or Controlled by
a Party, which has been supplied or otherwise made available to the other Party or its Affiliates, under this License Agreement and whether
made available orally, in writing or in electronic form, including information comprising or relating to concepts, discoveries, inventions,
data, designs or formulae.

 

“Infringement Claim”
has the meaning ascribed to such term in Clause 13.5.

 

    4

     

    

 

“Intellectual Property
Rights” means all rights in Patents, rights to inventions, copyright and related rights, rights in trade-marks, trade names
and domain names, rights in designs, rights in computer software, database rights, rights in confidential information (including Know-How)
and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights
to apply) for, and renewals or extensions (for their full term) of, such rights and all similar or equivalent rights or forms of protection
which subsist or will subsist now or in the future in any part of the world.

 

“Insolvency Event”
means, in relation to OV, any one of the following: (a) OV is the subject of voluntary or involuntary bankruptcy proceedings instituted
on behalf of or against OV (except for involuntary bankruptcy proceedings which are dismissed within one-hundred and twenty (120) days);
(b) an administrative receiver, receiver and manager, interim receiver, custodian, sequestrator or similar officer is appointed for substantially
all of the assets of OV; (c) a resolution to wind up OV shall have been passed other than a resolution for the solvent reconstruction
or reorganization of OV; or (d) a resolution shall have been passed by OV’s board of directors to make an application for an administration
order or to appoint an administrator for substantially all of the assets of OV.

 

“Inventory”
means the inventory of drug substance, drug product, samples of impurities, degradation products and reference compound manufactured by
using the Compound as listed in Schedule B, in each case whether or not the shelf life has expired prior to the Effective Date.

 

“Know-How”
means technical information, know-how and data, including inventions (whether patentable or not), discoveries, trade secrets, package
specifications, chemical specifications, analytical test methods, stability data, testing data, product specifications, instructions,
processes, formulation information, validation documents, materials, drawings, formulae, reports, and other technology and techniques
including all biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical safety, safety data,
preclinical and clinical data.

 

“Law” means
any statute, law, ordinance, requirement, regulatory rule, code or order of a Governmental Entity.

 

“Legal Proceeding”
means any action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate
proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving,
any court or other Governmental Entity or any arbitrator or arbitration panel.

 

“Licensed Data”
means all Know-How owned or Controlled as of the Effective Date or at any time during the Term by Novartis and/or its Affiliates that
is necessary to Develop, Manufacture, or Commercialize the Compound in the Field in the Territory.

 

“Licensed IP”
means the Licensed Patents and Licensed Data.

 

“Licensed Patents”
means the Product-Specific Patents and the Platform Patents.

 

“Licensed Product(s)”
means one or more pharmaceutical, therapeutic or diagnostic products containing the Compound as an active ingredient alone or in combination
with other active ingredients.

 

    5

     

    

 

“Licensed Product
Activities” shall have the meaning set forth in Clause 4.

 

“Losses”
means all claims, damages, losses, suits, proceedings, liabilities, costs (including costs of litigation and reasonable attorney’s
fees), , of any kind and is not limited to matters asserted by Third Parties against a Party, but includes claims, damages, losses, suits,
proceedings, liabilities, costs (including reasonable legal expenses, costs of litigation and reasonable attorney’s fees) incurred
or sustained by a Party in the absence of Third Party claims; provided that no Party shall be liable to hold harmless or indemnify the
indemnified Party, as applicable, for any claims, damages, losses, suits, proceedings, liabilities, costs or judgments for punitive or
exemplary damages, except to the extent the Party seeking indemnification is actually liable to a Third Party for such punitive or exemplary
damages in connection with a claim by such Third Party.

 

“Main European Countries”
means Austria, Belgium, Bulgaria, Croatia, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary,
Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the
United Kingdom.

 

“Major Country”
means the countries listed hereto on Schedule D.

 

“Manufacture”
means any and all activities and operations involved in or relating to the manufacturing, quality control testing (including in-process,
release and stability testing), releasing or packaging, for pre-clinical, clinical or commercial purposes of any and all Licensed Product(s),
including the Compound, any component or ingredient thereof. “Manufacturing” has a corresponding meaning.

 

“Manufacturing Technology”
means technology, Know-How and Information in each case to the extent necessary for the manufacture and/or analytical testing of the Compound
in the Field, and/or other available records related to the manufacturing process and that are in existence and owned or controlled by
Novartis and/or its Affiliates on the Effective Date but excluding the Licensed IP.

 

“Marketing Authorization
Application” or “MAA” shall mean an application for Regulatory Approval in the European Union to market a
product in any country, whether filed with the EMA under the centralized EMA filing procedure or a Regulatory Authority in any country
in the European Union.

 

“Milestone”
shall have the meaning set forth in Clause 7.2.

 

“NDA” means
a New Drug Application (as more fully described in U.S. 21 C.F.R. Parts 314.50 et seq. or its successor regulation) and all amendments
and supplements thereto, submitted to the FDA, or any equivalent filing, including an MAA, in a country or regulatory jurisdiction other
than the U.S. with the applicable Regulatory Authority, or any similar application or submission for Regulatory Approval filed with a
Regulatory Authority to obtain marketing approval for the Compound or any Licensed Product, in a country or in a group of countries.

 

“Net Sales”
means the net sales on behalf of OV and any of its Affiliates or sublicensees or assignees for the Licensed Product sold to Third Parties
other than sublicensees/assignees, as determined in accordance with Accounting Standards consistently applied at OV. The deductions booked
by OV and its Affiliates, sublicensees and assignees to calculate the recorded net sales from gross sales include the following:

 

(i) normal
trade and cash discounts;

 

    6

     

    

 

(ii) amounts
repaid or credited by reasons of defects, rejections, recalls or returns;

 

(iii) rebates
and chargebacks to customers and Third Parties (including, without limitation, Medicare, Medicaid, Managed Healthcare and similar types
of rebates), as well as related taxes;

 

(iv) any
amounts recorded in gross revenue associated with goods provided to customers for free;

 

(v) amounts
provided or credited to customers through coupons and other discount programs;

 

(vi) delayed
ship order credits, discounts or payments related to the impact of price increases between purchase and shipping dates or retroactive
price reductions;

 

(vii) fee
for service payments to customers for any non-separable services (including compensation for maintaining agreed inventory levels and providing
information);

 

(viii) freight
and insurance charges for the transportation and insurance in shipping such Licensed Product, to the extent specifically included in the
invoice to the Third Party; and

 

(ix) other
reductions or specifically identifiable amounts deducted for reasons similar to these listed above in accordance with OV’s Accounting
Standards.

 

With respect to the calculation
of Net Sales:

 

(i) Net
Sales only include the value charged or invoiced on the first sale to a Third Party and sales between or among OV and its Affiliates and
sublicensees/assignees shall be disregarded for purposes of calculating Net Sales;

 

(ii) if
a Licensed Product is delivered to the Third Party before being invoiced (or is not invoiced), Net Sales will be calculated at the time
all the revenue recognition criteria under OV’s Accounting Standards are met; and

 

(iii) distributors
shall not be considered as sublicensees/assignees.

 

“Novartis Indemnitees”
shall have the meaning set forth in Clause 12.2.

 

“Option Agreement”
shall have the meaning set forth in the Preamble of this License Agreement.

 

    7

     

    

 

“Patents”
means (a) all issued patents and pending patent applications, including the parents thereof and issued patents maturing therefrom, in
any country or supranational jurisdiction worldwide, (b) any substitutions, divisionals, continuations, continuations-in-part, reissues,
renewals, registrations, confirmations, re-examinations, extensions, supplementary protection certificates and the like of any such patents
or patent applications, and (c) foreign counterparts of any of the foregoing.

 

“Person”
means any individual, partnership, limited liability company, firm, corporation, association, trust, unincorporated organization or other
entity.

 

“Phase II Clinical
Trial” means a human clinical trial of a product in any country that would satisfy the requirements of U.S. 21 C.F.R. Part 312.21(b)
and is intended to explore a variety of doses, dose response, and duration of effect, and to generate evidence of clinical safety and
effectiveness for a particular Indication or Indications in a target patient population, or a similar clinical study prescribed by the
relevant Regulatory Authorities in a country other than the United States.

 

“Phase III Clinical
Trial” means a human clinical trial of a product in any country that would satisfy the requirements of U.S. 21 C.F.R. Part 312.21(c)
and is intended to (a) establish that the product is safe and efficacious for its intended use, (b) define contraindications, warnings,
precautions and adverse reactions that are associated with the product in the dosage range to be prescribed, and (c) support Regulatory
Approval for such product, or a similar clinical study prescribed by the relevant Regulatory Authorities in a country other than the United
States.

 

“Platform Patents”
means those Patents listed on Schedule C attached hereto under the heading “Platform Patents” as well as any Patent,
other than the Product-Specific Patents, owned or Controlled by Novartis or its Affiliates as of the Effective Date and during the Term
that: (a)(i) claims any Licensed Data, and/or (ii) is otherwise necessary to Develop, Manufacture or Commercialize the Licensed Product
in the Field in the Territory, and (b) does not specifically describe or reference a Licensed Product or exploitation of a Licensed Product
in the Field.

 

“Product-Specific
Patents” means those Patents listed on Schedule C attached hereto under the heading “Product-Specific Patents”
as well as any Patent, other than the Platform Patents, owned or Controlled by Novartis or its Affiliates as of the Effective Date and
during the Term that: (a)(i) claims any Licensed Data and/or (ii) is otherwise necessary to Develop, Manufacture or Commercialize the
Licensed Product in the Field in the Territory, and (b) does specifically describe or reference a Licensed Product or exploitation of
a Licensed Product in the Field.

 

“Prosecution”
or “Prosecute” means, with regard to a Patent, the preparation, filing, prosecution and maintenance of such Patent,
as well as re-examinations, reissues, appeals, and, subject to Clause 13.2, requests for patent term adjustments and patent term extensions
with respect to such Patent, together with the initiation or defense of interferences, oppositions, inter partes, re-examinations, post-grant
proceedings and other similar proceedings with respect to the particular Patent, and any appeals therefrom. For clarification, “Prosecution”
or “Prosecute” shall not include any other enforcement actions taken with respect to a Patent.

 

    8

     

    

 

“Regulatory Approval”
means, with respect to the Licensed Product, any approval (notwithstanding the indication), registration, license or authorization from
a regulatory authority to market and sell such Licensed Product in the Field in the Territory, including (a) separate pricing or reimbursement
approvals whether or not legally required in order to sell the Licensed Product in such country, and (b) the approval by the applicable
Regulatory Authority of any expansion or modification of the label for the applicable indication.

 

“Regulatory Authority”
means, with respect to any country or jurisdiction, any Governmental Entity involved in granting Regulatory Approval in that country or
jurisdiction.

 

“Regulatory Documentation”
shall mean relevant applications, registrations, licenses, authorizations, approvals and correspondence submitted to or received from
Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority) and
relevant and available supporting documents in connection therewith relating to the use of the Compound by Novartis in the Field, including
relevant clinical trial data as required for regulatory purposes and Licensed Data contained in any of the foregoing, including drug master
files, inspection reports, related to the Compound in the Field, or as required for regulatory purposes.

 

“Regulatory-Based
Exclusivity” means, on a Licensed Product-by-Licensed Product and country-by-country basis, that (a) OV or any of its Affiliates
or Sublicensees has been granted the exclusive right by a Regulatory Authority (or is otherwise entitled to the exclusive right by operation
of Law) in such country to market and sell the Licensed Product in such country, including any pediatric or orphan drug exclusivity, or
(b) the data and information submitted by OV or any of its Affiliates or Sublicensees to the relevant Regulatory Authority in such country
for purposes of obtaining Regulatory Approval for such Licensed Product may not be relied upon in any way by any Person other than OV,
its Affiliates or Sublicensees (including by relying upon the Regulatory Authority’s previous findings regarding the safety or effectiveness
of the Licensed Product) to market and sell a product for use in the same indications as such Licensed Product by a Third Party in such
country.

 

“Regulatory Filings”
means, with respect to the Licensed Product, any submission to a regulatory authority of any appropriate regulatory application.

 

“Royalty Term”
shall have the meaning set forth in Clause 7.4(b).

 

“Sales & Royalty
Report” shall have the meaning set forth in Clause 8.4.

 

“Territory”
means worldwide.

 

“Third Party”
shall mean any Person other than a Party or an Affiliate of a Party.

 

“Upfront Payment”
means the payment to be made by OV to Novartis upon the Effective Date as set forth in Clause 7.1.

 

“USD” or
“US Dollars” means the lawful currency of the United States of America.

 

“Valid Claim”
means, with respect to a particular country, (a) a claim of a pending Patent claiming priority from any Patent that has been pending for
no more than five (5) years following the earliest priority filing date for such Patent and that has not been abandoned, finally rejected
or expired without the possibility of appeal or refiling or (b) a claim of an issued and unexpired Patent that has not been held permanently
revoked, held unenforceable or invalid by a decision of a court or other Governmental Authority of competent jurisdiction, which decision
is unappealed or unappealable within the time allowed for appeal and has not been cancelled, withdrawn, abandoned, disclaimed or admitted
to be invalid or unenforceable through reissue, re-examination, disclaimer or otherwise, in the case of (a) and (b) above, claims the
composition of matter or method of use of a Licensed Product.

 

    9

     

    

 

1.2 
Interpretation. In this License Agreement unless otherwise specified:

 

(a) 
“includes” and “including” shall mean respectively includes and including
without limitation;

 

(b) 
words denoting the singular shall include the plural and vice versa and words denoting any gender
shall include all genders;

 

(c) 
the Schedules and other attachments form part of the operative provision of this License Agreement
and references to this License Agreement shall, unless the context otherwise requires, include references to the Schedules and attachments;

 

(d) 
references to Clauses and subclauses are to Clauses and subclauses of this License Agreement unless
otherwise specified;

 

(e) 
a reference to an enactment or statutory provision is a reference to it as it may from time to time
be amended, modified, consolidated, repealed or re-enacted and shall include any orders, regulations, instruments or other subordinate
legislation made under the relevant statute;

 

(f) 
the headings in this License Agreement are for information only and shall not be considered in the
interpretation of this License Agreement;

 

(g) 
any reference to “writing” or “written” includes faxes and any legible reproduction
of words delivered in permanent and tangible form (but does not include email); 

 

(h) 
the words “hereof”, “herein” and “hereunder” and words of like
import used in this License Agreement shall refer to this License Agreement as a whole and not to any particular provision of this License
Agreement; and

 

(i) 
the Parties agree that the terms and conditions of this License Agreement are the result of negotiations
between the Parties and that this License Agreement shall not be construed in favor of or against any Party by reason of the extent to
which any Party participated in its preparation.

 

2. 
LICENSE

 

2.1 
License Grant from Novartis to OV. Subject to the terms and conditions of this License Agreement, Novartis hereby grants to
OV (a) an exclusive, royalty-bearing, sublicensable (subject to Clause 2.2 below), assignable (subject to Clause 17.2 below) license under
the Licensed Data and Product-Specific Patents and (b) a non-exclusive, royalty-bearing, sublicensable (subject to Clause 2.2 below),
assignable (subject to Clause 17.2 below) license under the Platform Patents, in the case of (a) and (b) solely to Develop and otherwise
Commercialize the Licensed Product in the Field in the Territory and to Manufacture and have Manufactured the Compound for use in a Licensed
Product in the Field in the Territory as of the Effective Date.

 

    10

     

    

 

Subject to the terms and conditions
of this License Agreement, Novartis grants to OV a non-exclusive, sublicensable (subject to Clause 2.2 below), assignable (subject to
Clause 17.2 below) license under the Manufacturing Technology to use the Manufacturing Technology in the Territory solely to Manufacture
or have Manufactured the Compound for use in a Licensed Product for Development and/or Commercialization in the Field in the Territory.

 

2.2 
Sublicensing.

 

(a) 
By OV. At any time following completion of the first Phase II Clinical Trial for the use of
the Compound in the Field which satisfies the criteria set forth on Schedule E, and subject to Clause 2.2(b) below, OV may sublicense
the rights granted to it under Clause 2.1 of this License Agreement without the prior written consent of Novartis. 

 

(b) 
Sublicense Requirements. Any sublicense by OV will be subject to a written agreement that
(i) requires the sublicensee to comply with all applicable obligations of this License Agreement, and (ii) is not in conflict with any
term of this License Agreement. OV shall undertake to enforce the provisions of any such sublicense and shall remain responsible and jointly
and severally liable with the sublicensee to Novartis for the performance of its sublicensee’s obligations and for all acts or omissions
of its sublicensees as if they were the acts or omissions of OV under this License Agreement.

 

2.3 
Reservation of Rights by Novartis. Without prejudice to any other rights that Novartis may have, OV agrees that Novartis retains
or shares full and unencumbered rights under the Licensed IP to exploit or have exploited the Compound in the Territory solely outside
the Field. OV acknowledges and agrees that as between the Parties, Novartis and/or its Affiliates are the sole owner(s) of all right,
title and interest in and to the Licensed IP, and OV has not acquired, and shall not acquire, any right, title or interest in or to the
Licensed IP pursuant to this License Agreement other than the rights expressly set forth in this License Agreement.

 

3. 
TRANSFER OF INFORMATION AND DATA

 

3.1 
Transfer of Information and Licensed Data. Novartis shall provide to OV within sixty (60) days of the Effective Date with a
copy of relevant and available tangible embodiments of Licensed Data concerning the Licensed IP and Regulatory Documentation, set forth
on Schedule G owned or Controlled by Novartis or its Affiliates on the Effective Date as available in Novartis global database and archives. 
For clarity, any additional information that is available on a country level may be transferred by Novartis or its Affiliates to the extent
such transfer can be accomplished using commercially reasonable efforts and only upon OV’s written request and at OV’s costs. 
Any request for transfer of local data needs to be submitted by OV within two (2) years after the Effective Date

 

3.2 
Assistance. For a period of six (6) months as of the Effective Date, Novartis shall use commercially reasonable efforts to
provide reasonable assistance requested by OV to facilitate the transfer of technical data and processes related to the Compound
to OV, and to transfer to OV the Licensed Data licensed to OV under Clause 2.1, by providing OV with reasonable access by teleconference
or in-person to Novartis personnel involved in the research, Development and Manufacture of Compound; provided such Novartis personnel
remains employed by Novartis or its Affiliates during such six (6) month period following the Effective Date. Such assistance shall not
exceed seventy-five (75) man-hours in total during such six (6) month period, nor shall such period or hour commitment be extended. Novartis
shall be obligated to provide such assistance solely to OV and/or its Affiliates (but not, for clarity, to any Third Party, e.g.
service providers or contract manufacturers of OV).  Novartis agrees not to charge OV for such assistance as described in this Clause
3.2.

 

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3.3 
Adverse Event Reporting and Safety Data Exchange. The Parties shall cooperate with regard to the reporting and handling of
safety information involving or relating to the Compounds and/or the Products to the extent required by applicable Laws.  Following
the Effective Date, and in time to ensure that all regulatory requirements are met, and to the extent required by applicable Laws or any
Regulatory Authority, the Parties will enter into a written agreement that will govern the exchange of adverse event and other safety
information and the Parties’, their Affiliates’ and their sublicensees’ respective reporting obligations relating to
the Compounds and/or the Products (the “Pharmacovigilance Agreement”).  Such Pharmacovigilance Agreement shall
ensure that adverse events and other safety information is exchanged and reported to the relevant Regulatory Authorities upon terms that
will permit each Party to comply with applicable Laws and requirements of Regulatory Authorities.

 

3.4Transfer of Clinical
Materials. Within sixty (60) days as of the Effective Date, Novartis shall provide to OV the Clinical Materials included in Schedule
H. Novartis shall ship Clinical Materials, at OV’s expense, to OV’s U.S. headquarters: Attn: Dr. Steen Knudsen, Ph.D., Medical-Prognosis
Institute, Inc. (OV), 13208 East Shea Blvd., Suite 100, Scottsdale, AZ 85259 U.S.A. OV is solely responsible for handling of the Clinical
Material in strict compliance with patient informed consents relating to use of such Clinical Materials and with all applicable Laws,
including data privacy laws relating to the transfer of Clinical Material and related personal information.

 

4. 
DEVELOPMENT, COMMERCIALIZATION & MANUFACTURING

 

4.1 
Development. OV will be solely responsible for and shall, subject to the terms of this Agreement, have final decision-making
authority with respect to the Development of a Licensed Product in the Field in the Territory. OV shall develop a clinical development
plan for the Phase II Clinical Trial to be conducted by or on behalf of OV under this License Agreement (a “Development Plan”)
in a Major Country within ninety (90) days of the Effective Date, which Development Plan shall be in accordance with Schedule E.
Other than in cases of an acquisition in accordance with Clause 4.3 below, OV shall bear one hundred percent (100%) of all costs and expenses
associated with the Development of Products.

 

4.2 
OV Responsibilities. OV shall use Commercially Reasonable Efforts to successfully complete a Phase II Clinical Trial for the
use of the Compound in the Field. Following completion of a Phase II Clinical Trial for the Licensed Product pursuant to the Development
Plan and subject to Clause 4.3, OV will use Commercially Reasonable Efforts to Develop, Manufacture and Commercialize Licensed Product(s)
in the Field in all Major Countries (individually and together, the “Licensed Product Activities”).

 

4.3 
Third Party Acquirer. Following completion of a Phase II Clinical Trial for a Licensed Product pursuant to the Development
Plan, OV may identify one or more, but not more than two (2), potential Third Party(ies) (a “Program Acquirer”) to
acquire (whether through sale, license, merger or otherwise) and, subject to Clause 17.2 and/or Clause 2.2, respectively, assume the rights
and obligations to Develop, Manufacture and Commercialize the respective Licensed Product in the Field in the Territory. The Parties understand
and agree that entry into any such agreement with a Program Acquirer shall be at the discretion of OV, subject to Clause 17.2 and/or 2.2,
respectively. If a suitable Third Party Acquirer is not secured, OV shall use its Commercially Reasonable Efforts to, either itself or
through its Affiliates, Develop and Commercialize the Licensed Product.

 

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4.4 
Reporting Obligations. OV shall provide Novartis with a written summary report on or before the first of March and on or before
the first of September of each Calendar Year summarizing OV’s and/or OV’s Third Party collaborators’ and sublicensees’:
(i) Licensed Product Activities for the Compound and/or the Licensed Product(s) in the Field in the Territory performed in the previous
six (6) month period; and (ii) anticipated plans for the Licensed Product Activities for the Compound and/or the Licensed Product(s) in
the Field in the Territory for the subsequent six (6) month period. Each such report shall contain, at a minimum, information sufficient
to permit Novartis to evaluate the progress towards the respective obligations under this License Agreement, and, if so requested by Novartis,
shall be followed-up or prefaced with a telephone conference between sufficiently qualified representatives of each Party at a mutually
agreed time but in any event no later than thirty (30) days following Novartis’ request to discuss such report in more detail. All
information and data obtained under this Clause 4.4 shall be used only for the purposes of verifying compliance with the diligence obligations
under Clause 4.2 and shall be treated as OV’s Confidential Information and subject to the confidentiality obligations set forth
in Clause 15.

 

4.5 
Compliance. OV agrees that in performing its obligations under this License Agreement, in particular with regard to Licensed
Product(s): (a) it shall, and shall cause its Affiliates, Third Party collaborators and sublicensees to, comply with all applicable Laws,
current international regulatory standards, including cGMP, cGLP, cGCP and other rules, regulations and requirements; and (b) it will
not knowingly employ or use any Person that has been debarred under applicable Laws.

 

5. 
OWNERSHIP OF INTELLECTUAL PROPERTY.

 

5.1 
 OV Technology. As between the Parties, OV will be the sole owner of any Improvements to the Licensed IP and intellectual property
rights therein that are discovered, generated, developed, invented or created solely by OV, its Affiliates or Third Parties acting on
its or its Affiliates’ behalf while conducting activities in connection with the Development, Manufacture and/or Commercialization
of the Licensed Product (such Improvements and intellectual property rights, “OV Know-How”, and any Patents that claim
such OV Know-How, “OV Patents” and, together with the OV Know-How, the “OV Technology”), and will
retain all of its rights, title and interest thereto.

 

6. 
 REGULATORY MATTERS.

 

6.1 
Compliance with Laws. Each Party shall comply in all material respects with all applicable Laws, including all Regulatory and
data privacy laws that pertain to its activities under this License Agreement and, except as otherwise provided herein, each Party shall
bear its own cost and expense of such compliance.

 

6.2 
Transfer of Regulatory Documentation. Novartis shall transfer, within sixty (60) days after the Effective Date, to OV for its
use the Regulatory Documentation for the Compound in the Territory.

 

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7. 
FINANCIAL PROVISIONS

 

7.1 
Upfront Payments. In consideration of the licenses and rights granted to OV hereunder on the Effective Date, OV shall pay to
Novartis a one-time, non-refundable, non-creditable upfront payment consisting of [***] (“Upfront Payment”) and shall
issue to Novartis the Convertible Promissory Note within ten (10) days following the Effective Date.

 

7.2 
Milestone Payments. In further consideration for the licenses and rights granted to OV hereunder, OV shall pay to Novartis
the following Milestones upon achievement of the respective Milestones events as set forth below, in each case related to the Development
of the Compound in the Field in the Territory, by OV or on behalf of OV, itself or through any of its Affiliates or sublicensees, the
corresponding one-time, non-refundable, non-creditable payments (“Milestone Payments”):

 

	Milestone Event	Milestone Payment (US$)
	Upon enrollment of half of the patients required in the planned Phase II Clinical Trials in a Major Country according to the approved study protocol for the first Phase II Clinical Trial for a Licensed Product. 	[***]
	Upon dosing of the first patient in the first Phase III Clinical Trial for a Licensed Product.	[***]
	Upon submission of the first NDA with the FDA for a Licensed Product in the United States. 	[***]
	Submission of an MAA to the EMA or any other Regulatory Authority for a Licensed Product in the Main European Countries 	[***]
	
    Upon receipt of the first authorization for a Licensed Product
by the FDA in the United States to market and sell such Licensed Product (but explicitly excluding any pricing or reimbursement approvals).
	[***]
	Upon receipt of a MAA (including a respective pricing and reimbursement approval) for a Licensed Product in one or more countries belonging to the Main European Countries	[***]

 

7.3 
Payment of Milestones. Each Milestone shall be deemed earned as of the first achievement of the respective Milestone event,
and is payable one time only regardless of the number of Licensed Products. Subject to this Clause 7.3, from and after the date of any
notice of termination by Novartis according to Clause 14.3(a) is received by OV, no further milestones with respect to the Licensed Product
shall be payable by OV to Novartis, except to the extent those Milestone Payments relate to Milestones that have been achieved prior to
OV’s receipt of the termination notice which are unpaid.

 

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7.4 
Royalties.

 

(a) 
Royalty Payments. In further consideration of the license and rights granted to OV hereunder,
during the Royalty Term (as defined below), OV will make royalty payments to Novartis on annual Net Sales of Licensed Product(s) in the
Field in the Territory by OV and its Affiliates and sublicensees, on a Licensed Product-by-Licensed Product basis:

 

	Annual Net Sales of a Licensed Product in the Territory in a Calendar Year during the Royalty Term (US$)	Royalty Rate
	
    Portion of Net Sales less than or equal to Two Hundred and Fifty
Million United States Dollars (US$ 250,000,000.00)
	[***]
	Portion of Net Sales greater than Two Hundred and Fifty Million United States Dollars (US$ 250,000,000.00) but less than or equal to Five Hundred Million United States Dollars (US$ 500,000,000.00)	[***]
	Portion of Net Sales greater than Five Hundred Million United States Dollars (US$ 500,000,000.00) but less than or equal to Seven Hundred and Fifty Million United States Dollars (US$ 750,000,000.00)	[***]
	Portion of Net Sales greater than Seven Hundred and Fifty Million United States Dollars (US$ 750,000,000.00)	[***]

 

By way of example: If during
the Royalty Term the annual Net Sales in the Territory for a Licensed Product in a Calendar Year is One Billion United States Dollars
(US$1,000,000,000), the royalties payable in such Calendar Year shall equal [***]. For clarity, the Net Sales are calculated based on
the sum of sales in any country within the Territory where such Licensed Product is sold.

 

(b) 
Royalty Term. The royalties set forth in Clause 7.4(a) will be payable on a Licensed Product-by-Licensed
Product and country-by-country basis from date of the First Commercial Sale of such Licensed Product in such country and shall continue
to be paid in accordance with the terms of this License Agreement until the later of (a) the expiration of the last to expire Valid Claim
of any Licensed Patent covering such Licensed Product in such country; or, (b) the expiration of
Regulatory-Based Exclusivity for such Licensed Product in such country or (c) the ten (10) year anniversary of the date of First Commercial
Sale of such Licensed Product in such country (the “Royalty Term”).

 

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(c) 
Fully Paid-Up, Royalty Free License. Following expiration of the Royalty Term for a Licensed
Product in a given country, no further royalties will be payable in respect of sales of Product in such country and, thereafter the license
granted to OV hereunder with respect to Product in such country will automatically become fully paid-up, perpetual, irrevocable and royalty-free.

 

(d) 
Royalty Reduction. OV’s royalty obligations to Novartis under Clause 7.4(a) shall be
on a country-by-country basis for the applicable Royalty Term in such country; provided that the royalty amounts payable with respect
to annual Net Sales shall be reduced on a country-by-country basis, to [***] of the amounts otherwise payable pursuant to Clause 7.4(a),
during any portion of the Royalty Term in which there is not at least one (1) Valid Claim of a Patent within the Licensed IP that Covers
such Licensed Product in such country. Only one royalty shall be payable by OV to Novartis for each sale of a Licensed Product. 

 

(e) 
Royalty Reduction for Competitive Product Competition. If, on a Licensed Product-by-Licensed
Product, country-by-country and Calendar Quarter-by-Calendar Quarter basis,

 

(i) 
A Competitive Product(s) has a market share of greater than [***] but less than or equal to [***];
or

 

(ii) 
A Competitive Product(s) has a market share of more than [***];

 

then the royalties payable
with respect to annual Net Sales pursuant to Clause 7.4(a) in such country during such Calendar Quarter shall be reduced by [***] if subclause
(i) applies, and [***] if subclause (ii) applies, respectively, of the royalties otherwise payable pursuant to Clause 7.4(a). Market share
shall be based on the aggregate market in such country of such Licensed Product and the Competitive Product(s) (based on sales of units
of such Licensed Product and such Competitive Product(s) in the aggregate, as reported by IMS International, or if such data are not available,
such other reliable data source as reasonably agreed by the Parties).

 

(f) 
Royalty Reduction for Third Party Payments. If OV reasonably determines that any Third Party
intellectual property rights are necessary for the Development, Manufacture, or Commercialization of Licensed Products, then OV may negotiate
and obtain a license under, or effect an acquisition for, or otherwise pay amounts with respect to any litigation regarding, such Third
Party’s intellectual property rights (each such Third Party license or payment referred to herein as an “Additional Third
Party License”). Any royalty otherwise payable to Novartis under this License Agreement with respect to annual Net Sales of
any Licensed Product by OV, its Affiliates or sublicensees in such country will be reduced by [***] of the amounts payable to Third Parties
pursuant to any Additional Third Party Licenses, such reduction to continue (and be carried forward for use) until all such amounts have
been expended. 

 

(g) 
Cumulative Effect of Royalty Reductions. In no event shall the royalty reductions described
in Clauses 7.4(d), (e) or (f) alone or together, reduce the royalties payable by OV for a given Calendar Quarter pursuant to Clause 7.4(a)
to less than [***] of the amounts payable by OV for a given Calendar Quarter pursuant to Clause 7.4(a). OV may carry over and apply any
such royalty reductions which are incurred or accrued in a Calendar Quarter and are not deducted in such Calendar Quarter, to any subsequent
Calendar Quarter(s), and shall begin applying such reduction to such royalties as soon as practicable and continue applying such reduction
on a Calendar Quarterly basis thereafter.

 

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7.5 
Royalties on Combination Products. Further, if the Licensed Product is sold or provided as part of a system, package, or combination
product or service that involve one or more products or services not Covered by the Licensed Patents (each, a “Combination Product”),
Net Sales shall be calculated by multiplying the Net Sales of such Combination Product by the fraction A/B, where “A” is the
price of the Licensed Product included in such Combination Product when sold separately from any other products or services not Covered
by the Licensed Patents and “B” is the price of the Combination Product. In the event that no market price is available for
the Licensed Product included in such Combination Product when supplied or priced separately, Novartis and OV shall use best efforts to
determine in good faith the fair market value thereof and if they cannot determine the fair market value thereof within ten (10) days
of either parties request of a determination they shall select a third party mutually acceptable to make such determination.

 

8. 
REPORTS AND PAYMENT TERMS

 

8.1 
Payment Terms.

 

(a) 
OV shall notify Novartis in writing within ten (10) days after achievement of the applicable Milestone
event and Novartis shall thereafter issue to OV an invoice substantially in the form provided by Novartis in respect of the applicable
Milestone payment. OV will pay such invoice to Novartis within thirty (30) days from the date of receipt of the invoice.

 

(b) 
Within forty-five (45) days after each Calendar Quarter during the term of this License Agreement
following the First Commercial Sale of a Licensed Product (on a Licensed Product-by-Licensed Product basis), OV will provide to Novartis
a Sales & Royalty Report. Novartis shall submit an invoice to OV substantially in the form provided by Novartis with respect to the
Royalty amount shown therein. OV shall pay such Royalty amount within thirty (30) days after the date of its receipt of the invoice. 

 

(c) 
All payments from OV to Novartis shall be made by wire transfer of immediately available funds in
US Dollars to the credit of such bank account or accounts as may be designated by Novartis in this License Agreement or in writing to
OV from time to time. Any payment which falls due on a date which is not a Business Day may be made on the next succeeding Business Day.

 

8.2 
Currency Exchange Rate. All payments under this License Agreement shall be payable in US Dollars. The Royalty amount to be
paid by OV in respect to the Net Sales of the Licensed Product in the Field in the Territory sold in a currency other than US Dollars
shall be converted to the US Dollar equivalent using the buying rate for the applicable currency of the country from which the royalties
are payable, certified by the United States Federal Reserve Bank of New York, as published from time to time by the United States Federal
Reserve Board, on the Internet at http://www.federalreserve.gov/releases/h10/, or elsewhere, in respect to the last Business Day of the
Quarter ending immediately prior to the date on which the applicable Royalty payment is due or the last date prior to such last Business
Day for which such certified buying rate has been published by the United States Federal Reserve Board.

 

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8.3 
Taxes. OV may withhold from payment made to Novartis under this License Agreement any income tax required to be withheld by
OV under the laws of the country or jurisdiction where OV has commercially sold Licensed Products. If any tax is withheld by OV, OV shall
provide OV receipts or other evidence of such withholding and payment to the appropriate tax authorities on a timely basis following that
tax payment. Each Party agrees to cooperate with the other Party in claiming refunds or exemptions from such deductions or withholdings
under any relevant agreement or treaty which is in effect. The Parties shall discuss applicable mechanisms for minimizing such taxes to
the extent possible in compliance with applicable Law. In addition, the Parties shall cooperate in accordance with applicable Law to minimize
indirect taxes (such as value added tax, sales tax, consumption tax and other similar taxes) in connection with this License Agreement.

 

8.4 
Records and Audit Rights. Within forty-five (45) days after the end of a Calendar Quarter, OV will prepare and provide Novartis
a written report or reports substantially in the form set out in Schedule F showing each of: (a) gross sales; (b) Net Sales; (c)
number of units sold; (d) all permitted reductions to or deductions from gross sales; and (e) Royalties payable for the Licensed Product
in the Field in the Territory on a country-by-country basis in United States Dollars during the reporting period; and (f) date of First
Commercial Sale for each Licensed Product in each country. For the avoidance of doubt such written report shall also show details on the
aforementioned (a) to (c) items for: (i) OV, its Affiliates and authorized sub-licensees; (ii) last Calendar Quarter and year to date
data, for example, up to the last month of the last Calendar Quarter; and (iii) for each Licensed Product (“Sales & Royalty
Report”).

 

(a) 
OV shall keep complete, true and accurate books and records in accordance with its Accounting Standards
in relation to this License Agreement, including in relation to Net Sales and the Sales & Royalties Report. OV will keep such books
and records for at least three (3) years following the Calendar Quarter to which they pertain. 

 

(b) 
Novartis shall have the right for a period of three (3) years after receiving each Sales & Royalty
Report to audit whether by itself or through its Affiliate(s) and/or to appoint an internationally-recognized independent accounting firm
(whether Novartis, its Affiliate or an accounting firm, hereinafter referred to as the “Auditor”) to inspect the relevant
records of OV and its Affiliates or its sublicensees to verify such reports, statements, records or books of accounts, as applicable.
Where the Auditor is not Novartis the Auditor shall have the right to disclose to Novartis and/or other Affiliates of Novartis its conclusions
regarding any payments owed under this License Agreement.

 

(c) 
OV and its Affiliates and sublicensees shall make their records available for inspection by the Auditor
during regular business hours at such place or places where such records are customarily kept, upon receipt of reasonable advance notice
from Novartis, its Affiliate or designated independent accounting firm, to verify the accuracy of the Sales & Royalty Reports and
compliance with this License Agreement. Novartis agrees to hold in confidence all information received and all information learned in
the course of any audit or inspection, except to the extent that such information is not confidential and/or it is necessary to disclose
it to enforce its rights under this License Agreement or if disclosure is required by Law.

 

(d) 
Novartis shall pay for such audits, as well as its own expenses associated with enforcing its rights
with respect to any payments hereunder, except that, if an underpayment of more than five percent (5%) of the total payments due hereunder
for the applicable Calendar Year is discovered, the reasonable fees and expenses charged by or incurred by the Auditor shall be paid by
OV.

 

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(e) 
In the event that the final result of the inspection reveals an undisputed underpayment by OV, the
underpaid amount shall be settled promptly to Novartis with interest thereon at the Novartis with interest thereon at the LIBOR rate plus
five percent (5%) or the highest rate permitted by law (whichever is lower), computed from the date such underpayment was due until the
date that OV makes the underpayment. In the event that the final result of the inspection reveals an undisputed overpayment by OV, the
underpaid amount shall be settled promptly to OV from Novartis with no interest thereon.

 

8.5 
Reports. Following the first regulatory approval for a Licensed Product in the first country in the Territory, OV will provide
Novartis with the following: (a) estimated quarterly Net Sales information within fifteen (15) days prior to the end of each Calendar
Quarter; and (b) the Net Sales budget for current and following Calendar Year as soon as reasonably available. For the avoidance of doubt,
the information provided by OV pursuant to this Clause 8.5 shall be deemed to be Confidential Information for purposes of this License
Agreement, including, without limitation, Clause 15.

 

9. 
INVENTORY.

 

9.1 Inventory.
Novartis will transfer the ownership to and prepare any Inventory, for pick-up by OV or a Third Party as indicated by OV within
sixty (60) days of the Effective Date. For clarity, OV is responsible for obtaining all necessary import licenses and other
approvals necessary to import the Inventory. Inventory will be supplied "as is" at no additional costs but with no
warranties, express or implied, including any warranty that Inventory complies with applicable specification or other release
requirements as defined by Novartis; Novartis shall supply to OV the certificate of analyses for such Inventory (if available). For
clarity, in case OV has not picked-up the Inventory in writing within sixty (60) days after the Effective Date, Novartis shall be
entitled to destroy or dispose of the Inventory at OV’s cost and expense.

 

 

9.2 
Requalification. OV is aware and acknowledges that certain quantities forming part of the Inventory are expired and can only
be used upon successful requalification. OV is responsible for the retesting of the Inventory prior to use and assumes the full responsibility
for the use of the Inventory.

 

10. 
FURTHER OBLIGATIONS

 

10.1 
Actions. Neither Party shall do or omit to do anything that would substantially diminish or impair the rights of Novartis or
OV in the Licensed IP, provided however, that the foregoing shall not restrict OV’s discretion as to the Development and Commercialization
of the Licensed Product(s) so long as OV complies with its obligation to use Commercially Reasonable Efforts in accordance with Clause
4. If any Party becomes aware of any claim or challenge to, the validity of the Licensed IP, it shall promptly inform the other Party.

 

10.2 
Further Assurances. The Parties shall, and shall cause their Affiliates to, promptly cooperate with each other and their Affiliates
and provide such information and assistance as may be reasonably requested by the other in connection with any filings or other actions
contemplated by any Competition Law. In connection with and without limiting the foregoing, the Parties shall and shall cause their respective
Affiliates to, subject to applicable Law and except as prohibited by any applicable Governmental Entity:

 

(i) 
promptly notify the other Party of any written communication to that Party or its Affiliates from any Governmental Entity concerning
this License Agreement or the transactions contemplated hereby, and permit the other Party to review in advance (and to consider any comments
made by the other Party in relation to) any proposed written communication to any of the foregoing;

 

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(ii) 
not agree to participate or participate in any substantive meeting with any Governmental Entity in
respect of any filings, investigation or inquiry concerning this License Agreement or the transactions contemplated hereby unless it consults
with the other Parties in advance and, to the extent permitted by such Governmental Entity, gives the other Parties the opportunity to
attend and participate; and

 

(iii) 
furnish the other Party (through outside counsel) with copies of all correspondence, filings and
written communications (and memoranda setting forth the substance thereof) between it and its Affiliates and their respective representations
on the one hand, and any Governmental Entity, or members of their respective staffs on the other hand, with respect to this License Agreement
and the transactions contemplated hereby.

 

11. 
REPRESENTATIONS AND WARRANTIES

 

11.1 
Representations and Warranties by Each Party. Each Party represents and warrants to the other as of the Effective Date that:

 

(a) 
it is a company duly organized, validly existing, and in good standing under the Laws of its jurisdiction
of formation;

 

(b) 
it has full corporate power and authority to execute, deliver, and perform this License Agreement,
and has taken all corporate action required by Law and its organizational documents to authorize the execution and delivery of this License
Agreement and the consummation of the transactions contemplated by this License Agreement; 

 

(c) 
this License Agreement has been duly executed and delivered by it and constitutes its legal, valid
and binding obligation, enforceable against it in accordance with its terms; and

 

(d) 
the execution, delivery and performance by it of this License Agreement, and the consummation by
it of the transactions contemplated hereby, have been duly authorized and approved by all necessary corporate or equivalent action on
its part.

 

11.2 
Intellectual Property Matters. Novartis hereby represents and warrants to OV that:

 

(a) 
Ownership. Novartis has sole and exclusive ownership of Licensed IP. Novartis has not granted
to any Person other than OV a license, covenant not to sue or similar right with respect to any component of the Licensed IP in the Field
in the Territory. The Licensed IP in the Field in the Territory is free of any lien, covenant, easement, lien, lease, sublease, option,
encumbrance, security interest, mortgage, pledge or claim of any nature, including limitations on transfer or any subordination arrangement
in favor of a Third Party.

 

(b) 
Patents. Schedule C sets forth a complete and correct list of all Licensed Patents owned or
otherwise Controlled by Novartis and its Affiliates, and, except as set forth on Schedule C, Novartis, together with its Affiliates,
is the sole and exclusive owner of, and has the sole right, title and interest in and to, the Licensed Patents listed on Schedule C
(as updated from time to time) and the related Know-How.

 

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(c) 
No Additional IP. To Novartis’s actual knowledge, there is no intellectual property
right, in particular no Licensed Patents, owned by or licensed to Novartis or its Affiliates other than the Licensed IP, that are necessary
for OV or its Affiliates and sublicensees to Develop and Commercialize the Licensed Product as set forth herein.

 

(d) 
Third Party Obligations. Novartis and its Affiliate are not subject to any payment obligations
to Third Parties as a result of the execution or performance of this License Agreement.

 

(e) 
Licensed Data and Information. Novartis has furnished or made available to OV the material
information that is in Novartis’s or its Affiliates’ possession concerning the Licensed IP and the Compound relevant to the
safety, efficacy, or CMC data thereof, and to Novartis’s knowledge on the Effective Date of the Option Agreement, such information
is accurate in all material respects. 

 

(f) 
IP Claims. As of the Effective Date of the Option Agreement, Novartis has not received, nor
to the knowledge of Novartis has any Person threatened, any written or oral, claim of ownership, inventorship or Patent infringement,
or any other claim of intellectual property misappropriation or violation, from any Third Party (including by current or former officers,
directors, employees, consultants, or personnel of Novartis or any predecessor) with respect to the Licensed IP, or initiated a lawsuit
against Novartis, in any case (i) challenging the ownership, validity or enforceability of any of the Licensed IP in the Field in the
Territory, (ii) alleging that the license, use or practice of them infringes, violates or misappropriates: (A) the intellectual property
rights of any Person; or (B) the rights of any Third Party, or (iii) seeking to enjoin or restrain such use or practice. 

 

(g) 
Claims. There are no claims, litigations, suits, actions, disputes, arbitrations, or legal,
administrative or other proceedings or governmental investigations pending or, to Novartis’ knowledge, threatened against Novartis,
nor is Novartis a party to any judgment or settlement, which would be reasonably expected to adversely affect or restrict the ability
of Novartis to consummate the transactions contemplated under this License Agreement and to perform its obligations under this License
Agreement, or which would affect the Licensed IP, or Novartis’ Control thereof, or the Licensed Product.

 

11.3 
Novartis Covenants.

 

(a) 
Novartis will not, and will cause its Affiliates not to (i) license, sell, assign or otherwise transfer to any Person any Licensed
IP (or agree to do any of the foregoing) or (ii) incur or permit to exist, with respect to any Licensed IP, any lien, encumbrance, charge,
security interest, mortgage, liability, grant of license to Third Parties or other restriction (including in connection with any indebtedness).

 

(b) 
Neither Novartis nor any of its Affiliates will enter into any new agreement, transfer ownership of the Licensed IP, or obligate
itself to any Third Party, or amend an existing agreement with a Third Party, in each case, in a manner that restricts, limits, or encumbers
the rights granted to OV under this License Agreement.

 

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11.4 
Novartis Representation and Warranty. Except as provided for in Clause 11, NOVARTIS TO THE EXTENT PREMITTED BY LAW MAKES NO
REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED AND ASSUMES NO RESPONSIBILITY OR LIABILITY AFTER THE EFFECTIVE
DATE IN RESPECT OF THE COMPOUND, LICENSED DATA, INVENTORY AND/OR THE INTELLECTUAL PRPOERTY RIGHTS, INCLUDING THE LICENSED IP OR THE APPLICATION,
OPERATION, OWNERSHIP, NON-INFRINGEMENT OR USE THEREOF, WHICH OV TAKES “AS-IS” AND WITH ALL FAULTS.

 

11.5 
OV Representation and Warranty. OV represents and warrants to Novartis that as at the Effective Date:

 

(a) 
OV, nor, to the actual knowledge, following reasonable inquiry, of OV, any employee, agent or subcontractor
of OV, involved or to be involved in the Development and/or Commercialization of the Compound or the Licensed Product has been debarred
under Subsection (a) or (b) of Section 306 of the Federal Food, Drug and Cosmetic Act (21 U.S.C. 335a); (ii) no Person who is known by
OV to have been debarred under Subsection (a) or (b) of Section 306 of said Act will be employed by OV in the performance of any activities
hereunder; and (iii) to the actual knowledge, following reasonable inquiry, of OV, no Person on any of the FDA clinical investigator enforcement
lists (including, but not limited to, the (1) Disqualified/Totally Restricted List, (2) Restricted List and (3) Adequate Assurances List
will participate in the performance of any activities hereunder.

 

(b) 
OV is a licensed pharmaceutical company which, together with its Affiliates and distributors, has
the necessary resources and expertise (or the resources to acquire the expertise) to carry out its obligations hereunder. 

 

(c) 
OV is not and has not been (and has no Affiliates that are or have been) subject to any litigation
by customers or investigation by local and/or regulatory authorities which would materially negatively impact OV’s obligations hereunder.

 

There is no suit, action, investigation
or proceeding pending or threatened against OV that challenges or seeks to prevent or enjoin the transactions contemplated by this License
Agreement.

 

11.6 
Disclaimer.  Except as otherwise expressly set forth in this License Agreement, NEITHER PARTY MAKES ANY REPRESENTATION
OR EXTENDS ANY WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY THAT ANY PATENTS ARE VALID OR ENFORCEABLE, AND
EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. 
Without limiting the generality of the foregoing, each Party disclaims any warranties with regards to:  (a) the success of any Development
activities related to the Compound or the Licensed Products; (b) the safety or usefulness for any purpose of the technology or materials,
including the Compound or Licensed Product, it provides or discovers under this License Agreement; or (c) the validity, enforceability,
or non-infringement of any intellectual property rights or technology it provides or licenses to the other Party under this License Agreement.

 

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11.7 
Special, Indirect and Other Losses. Except for (claims arising out of a Party’s willful misconduct, or a Party’s
breach of Clause 15 or any other confidentiality obligations under this License Agreement, TO THE MAXIMUM EXTENT PERMITTED BY LAW NO PARTY
NOR ANY OF ITS AFFILIATES SHALL BE LIABLE IN CONTRACT, TORT, NEGLIGENCE BREACH OF STATUTORY DUTY OR OTHERWISE FOR ANY SPECIAL, INDIRECT,
INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR FOR ANY ECONOMIC LOSS, DIMINUTION IN VALUE OR FOR
ANY CONSEQUENTIAL OR INDIRECT LOSS WHATSOEVER, INCLUDING BUT NOT LIMITED TO LOSS OF PRODUCTION, LOSS OF USE, LOSS OF CONTRACTS AND LOSS
OF PROFITS SUFFERED BY ANY OTHER PARTY. NO REPRESENTATIONS OR WARRANTIES ARE MADE, INCLUDING AS TO FITNESS FOR PURPOSE, MERCHANTABILITY
AND/OR NON-INFRINGEMENT, EXCEPT AS EXPRESSLY STATED HEREIN.

 

For the avoidance of doubt,
nothing in this Clause 11.6 is intended to affect the Option Fee, the Upfront Payment, the Milestone and Royalty Payments due and payable
by OV to Novartis pursuant to Clause 7, including Novartis’ right to bring a claim, to recover such Option Fee, the Upfront Payment,
the Milestone and Royalty Payments in the event that they are not paid in accordance with the terms of this License Agreement. No Party
excludes any liability for death or personal injury caused by its negligence or that of its employees, agents or subcontractors.

 

11.8 
Survival. The representations and warranties made by the Parties and contained in this License Agreement shall survive the
Effective Date for, and all claims for indemnification in connection therewith shall be asserted not later than twelve (12) months following
the Effective Date. Notwithstanding the foregoing, if, prior to the close of business on the last day a claim for indemnification may
be asserted hereunder, an indemnifying party shall have been properly notified of a claim for indemnity hereunder and such claim shall
not have been finally resolved or disposed of at such date, such claim shall continue to survive and shall remain a basis for indemnity
hereunder until such claim is finally resolved or disposed of in accordance with the terms hereof.

 

12. 
INDEMNIFICATION.

 

12.1 
Indemnification Obligations of Novartis. Novartis shall indemnify and hold OV, its Affiliates and its respective officers,
directors, agents and employees (“OV Indemnitees”) harmless from and against any and all Losses arising out of or resulting
from any claim, demand, action, suit or proceeding (“Claim”) against or incurred by the OV Indemnitees to the extent
arising or resulting from:

 

(a) 
any material breach of any representation or warranty of Novartis set forth in this License Agreement;

 

(b) 
any material breach of any covenant, agreement or undertaking made by Novartis in this License Agreement;
or

 

(c) 
any gross negligent or willful act or omission of Novartis or its Affiliates or any of their respective
employees relating to the activities in connection with this License Agreement;

 

provided however that, such
indemnity shall not apply to the extent OV has an indemnification obligation pursuant to Clause 12.2 for such damages or claims.

 

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12.2 
Indemnification Obligations of OV. OV shall indemnify and hold Novartis, its Affiliates and their respective officers, directors,
agents and employees (“Novartis Indemnitees”) harmless from and against any and all Losses arising out of or resulting
from any Claim to the extent arising or resulting from:

 

(a) 
any material breach of any representation or warranty of OV set forth in this License Agreement;

 

(b) 
any breach of any covenant, agreement or undertaking made by OV in this License Agreement; 

 

(c) 
 any violation by OV or its Affiliates of applicable Laws or any Development, Manufacturing or Commercialization
of the Compound or Licensed IP after the Effective Date, including without limitation any claims or Losses arising from any use of Inventory
by OV; or

 

(d) 
any gross negligent or willful act or omission of OV or its Affiliates or any of their respective
employees or agents relating to the activities in connection with this License Agreement;

 

provided however that, such
indemnity shall not apply to the extent Novartis has an indemnification obligation pursuant to Clause 12.1 for such damages or claims.

 

12.3 
Insurance. As of the Effective Date, each Party shall maintain insurance with creditworthy insurance companies or self insure
in accordance with applicable Laws against such risks and in such amounts as are usually maintained or insured against by such Party.

 

12.4  Indemnification
Procedure. (a) For the avoidance of doubt, all Claims in respect of a Novartis Indemnitee or OV
Indemnitee shall be made solely by Novartis or OV, respectively.

 

(b) 
A Party seeking indemnification hereunder (“Indemnified Party”) shall notify the
other Party (“Indemnifying Party”) in writing promptly after the assertion against the Indemnified Party of any Claim
or fact in respect of which the Indemnified Party intends to base a claim for indemnification hereunder (“Indemnification Claim
Notice”), but the failure or delay to so notify the Indemnifying Party shall not relieve the Indemnifying Party of any obligation
or liability that it may have to the Indemnified Party, except to the extent that the Indemnifying Party demonstrates that its ability
to defend or resolve such Claim is adversely affected thereby. The Indemnification Claim Notice shall contain a description of the Claim
and the nature and amount of the Claim (to the extent that the nature and amount of such Claim is known at such time). Upon the request
of the Indemnifying Party, the Indemnified Party shall furnish promptly to the Indemnifying Party copies of all correspondence, communications
and official documents (including court documents) received or sent in respect of such Claim.

 

(c) 
Subject to the provisions of paragraph (f) below, the Indemnified Party shall not make any admission
of liability, conclude any agreement in relation to such liability or make any compromise with any Person, body or authority in relation
to such liability without the prior written consent of the Indemnifying Party.

 

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(d) 
Subject to the provisions of paragraphs (e) and (f) below, the Indemnifying Party shall have the
right, upon written notice given to the Indemnified Party within thirty (30) days after receipt of the Indemnification Claim Notice to
assume the defence and handling of such Claim, at the Indemnifying Party’s sole expense, in which case the provisions of paragraph
(e) below shall govern. The assumption of the defence of a Claim by the Indemnifying Party shall not be construed as acknowledgement that
the Indemnifying Party is liable to indemnify any indemnitee in respect of the Claim, nor shall it constitute a waiver by the Indemnifying
Party of any defences it may assert against any Indemnified Party’s claim for indemnification. In the event that it is ultimately
decided that the Indemnifying Party is not obligated to indemnify or hold an Indemnitee harmless from and against the Claim, the Indemnified
Party shall reimburse the Indemnifying Party for any and all reasonable and justifiable costs and expenses (including attorneys’
fees and costs of suit) incurred by the Indemnifying Party in its defence of the Claim. If the Indemnifying Party does not give written
notice to the Indemnified Party, within thirty (30) days after receipt of the Indemnification Claim Notice, of the Indemnifying Party’s
election to assume the defence and handling of such Claim, the provisions of paragraph (f) below shall govern.

 

(e) 
Upon assumption of the defence of a Claim by the Indemnifying Party: (i) the Indemnifying Party
shall have the right to and shall assume sole control and responsibility for dealing with the Claim; (ii) the Indemnifying Party
may, at its own cost, appoint as counsel in connection with conducting the defence and handling of such Claim any law firm or counsel
reasonably selected by the Indemnifying Party; (iii) the Indemnifying Party shall keep the Indemnified Party informed of the status
of such Claim; and (iv) the Indemnifying Party shall have the right to settle the Claim on any terms the Indemnifying Party chooses;
provided, however, that it shall not, without the prior written consent of the Indemnified Party, agree to a settlement of any Claim which
could lead to liability or create any financial or other obligation on the part of the Indemnified Party for which the Indemnified Party
is not entitled to indemnification hereunder or which admits any wrongdoing or responsibility for the claim on behalf of the Indemnified
Party. The Indemnified Party shall cooperate with the Indemnifying Party and shall be entitled to participate in, but not control, the
defence of such Claim with its own counsel and at its own expense. In particular, the Indemnified Party shall, at the Indemnifying Party’s
expense furnish such records, information and testimony, provide witnesses and attend such conferences, discovery proceedings, hearings,
trials and appeals as may be reasonably requested in connection therewith. Such cooperation shall include access during normal business
hours by the Indemnifying Party to, and reasonable retention by the Indemnified Party of, records and information that are reasonably
relevant to such Claim, and making the Indemnified Party, the indemnitees and its and their employees and agents available on a mutually
convenient basis to provide additional information and explanation of any records or information provided.

 

(f) 
If the Indemnifying Party does not give written notice to the Indemnified Party as set forth in paragraph
(d) or fails to conduct the defence and handling of any Claim in good faith after having assumed such, the Indemnified Party may, at the
Indemnifying Party’s expense, select counsel reasonably acceptable to the Indemnifying Party in connection with conducting the defence
and handling of such Claim and defend or handle such Claim in such manner as it may deem appropriate. In such event, the Indemnified Party
shall keep the Indemnifying Party timely apprised of the status of such Claim and shall not settle such Claim without the prior written
consent of the Indemnifying Party, which consent shall not be unreasonably withheld. If the Indemnified Party defends or handles such
Claim, the Indemnifying Party shall cooperate with the Indemnified Party, at the Indemnified Party’s request but at no expense to
the Indemnified Party, and shall be entitled to participate in the defence and handling of such Claim with its own counsel and at its
own expense.

 

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12.5 
Mitigation of Loss. Each Indemnified Party will take and will ensure that its Affiliates take all such reasonable steps and
action as are necessary or as the Indemnifying Party may reasonably require in order to mitigate any Claims (or potential losses or damages)
under this Article 13. Nothing in this Agreement shall or shall be deemed to relieve any Party of any common law or other duty to mitigate
any losses incurred by it.

 

13. 
PROSECUTION, ENFORCEMENT AND DEFENSE OF PATENTS.

 

13.1 
 Patent Filings, Prosecution and Maintenance of Licensed IP.

 

(a) 
The Parties agree to cooperate in the Prosecution of all Patents and Patent applications under this
Clause 13, including obtaining and executing necessary powers of attorney and assignments by the named inventors, providing relevant technical
reports to the filing Party concerning the invention disclosed in such Patents and Patent applications, obtaining execution of such other
documents which are needed in the Prosecution of such Patents and Patent applications, and shall cooperate with the other Party so far
as reasonably necessary with respect to furnishing all information and data in its possession reasonably necessary to obtain or Prosecute
such Patents and Patent applications. 

 

(b) 
OV shall have the first right and option (but not the obligation) to Prosecute any Patents and Patent
applications for Product-Specific Patents, in OV’s name and at its sole expense, and to control any interferences, oppositions,
reissue proceedings, reexaminations, post-grant proceedings and any other similar proceeding relating thereto, in the Territory.

 

(c) 
Novartis shall have the sole right and option (but not the obligation) to Prosecute any Patents and
Patent applications for Platform Patents, in Novartis’s name and at its sole expense, and to control any interferences, oppositions,
reissue proceedings, reexaminations, post-grant proceedings and any other similar proceeding relating thereto, in the Territory. 

 

13.2 
Extensions of Patent Term for Products. OV shall have the sole right, but not the obligation, under Product-Specific Patents
to seek, in Novartis’s name if so required, patent term extensions, adjustments, restorations, or supplementary protection certificates
under Applicable Law for the Licensed Product in the Territory. OV, its agents and attorneys will give due consideration to all suggestions
and comments of Novartis regarding any such activities, including the choice of which Product-Specific Patent to apply term extensions
to, but in the event or a disagreement between the Parties, OV shall have the final decision making authority.

 

13.3 
 Enforcement of Licensed IP.

 

(a) 
If either Party learns of any infringement or violation by a Third Party of any Licensed IP in the
Territory, whether or not within the Field, it shall notify the other Party as soon as practicable. Thereafter, (i) OV shall have the
sole right (but not the obligation) to take the appropriate steps to enforce or defend all Product-Specific Patents against Third Parties
and (ii) Novartis shall have the sole right (but not the obligation) to take the appropriate steps to enforce or defend all Platform Patents
against Third Parties. Any settlements, damages or other monetary awards relating to such infringement or violation by a Third Party of
any Product-Specific Patents (a “Recovery”) recovered by either Party pursuant to a suit, action or proceeding brought
pursuant to this Clause 13.3(a) will be allocated first to the costs and expenses of OV, and second, all remaining Recoveries shall be
deemed Net Sales. 

 

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(b) 
If OV brings any suit, action or proceeding under this Clause 13.3, Novartis agrees to be joined
as party plaintiff if necessary to prosecute the suit, action or proceeding and to give OV reasonable authority to file and prosecute
the suit, action or proceeding; provided, however, that OV will not be required to transfer any right, title or interest in or to any
property to Novartis to confer standing on Novartis hereunder. Novartis will provide reasonable assistance to OV, including by providing
access to relevant documents and other evidence and making its employees available, subject to OV’s reimbursement of any reasonable
out-of-pocket Costs incurred by Novartis in providing such assistance.

 

13.4 
 Enforcement of OV Technology. If either Party learns of any infringement or violation by a Third Party of any OV Technology
in the Territory, it shall notify the other Party as soon as practicable. Thereafter, OV shall have the sole right to (a) enforce all
OV Technology against Third Parties and (b) any settlements, damages or other monetary awards recovered pursuant to a suit, action or
proceeding brought pursuant to this Clause 13.4.

 

13.5 
Defense of Infringement Claims of Licensed IP. If any Third Party asserts a claim, demand, action, suit or proceeding against
a Party (or any of its Affiliates), alleging that any Licensed Product or the use or practice of the Licensed IP infringes, misappropriates
or violates the intellectual property rights of any Person (any such claim, demand, action, suit or proceeding being referred to as an
“Infringement Claim”), the Party first having notice of the Infringement Claim shall promptly notify the other Party
thereof in writing specifying the facts, to the extent known, in reasonable detail.. If the Parties cannot settle such Infringement Claim
with the Third Party within thirty (30) days after receipt of the notice pursuant to the notice pursuant to this Clause 13.5, then subject
to indemnification requirements of Clause 12, the following shall apply:

 

(a) 
In the case of any such Infringement Claim against either Party individually or against both Novartis
and OV, in each case, with respect to the Licensed Product in the Field in the Territory, then (i) with respect to any Product-Specific
Patents, OV shall assume control of the defense of such Infringement Claim and (ii) with respect to any Platform Patents, Novartis shall
assume control of the defense of such Infringement Claim. The non-controlling Party, upon request of the controlling Party and if required
by Applicable Law, agrees to join in any such litigation at the controlling Party’s expense, and in any event to reasonably cooperate
with the controlling Party at the controlling Party’s expense. The non-controlling Party will have the right to consult with the
controlling Party concerning such Infringement Claim and to participate in and be represented by independent counsel in any litigation
in which non-controlling Party is a party, at its own expense. The controlling Party shall have the exclusive right to settle any Infringement
Claim against the controlling Party alone or both Parties without the consent of the other Party, unless such settlement shall have a
material adverse impact on the non-controlling Party or requires any payment by or imposes any restrictions on the non-controlling party
(in which case the consent of non-controlling Party shall be required).

 

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(b) 
If either Party individually shall control the defense of any such Infringement Claim described in
this Clause 13.5 the other Party shall cooperate, and shall cause its and its Affiliates’ employees to cooperate, with the controlling
Party in all reasonable respects in connection therewith, including giving testimony and producing documents lawfully requested, and using
its reasonable efforts to make available to the controlling Party, at the controlling Party’s cost, such employees who may be helpful
with respect to such suit, investigation, claim or other proceeding.

 

14. 
TERM AND TERMINATION

 

14.1 
Term. This License Agreement shall become effective on the Effective Date and, unless earlier terminated pursuant to this Clause
14 shall remain in full force and effect as follows (the “Term”):

 

(a) 
on a Licensed Product-by-Licensed Product and country-by-country basis, this License Agreement shall
expire on the date of the expiration of all applicable Royalty Terms with respect to such Licensed Product in such country; and

 

(b) 
in its entirety upon the expiration of all applicable Royalty Terms under this License Agreement
with respect to all Licensed Products in all countries in the Territory.

 

14.2 
 Effect of Expiration. After the expiration of the Term pursuant to Clause 14.1 above, the following terms shall apply:

 

(a) 
Licenses after Term Expiration in a Country. After expiration of all applicable Royalty Terms
(but not after early termination) with respect to a Licensed Product in the Territory pursuant to Clause 14.1(a), OV shall have an exclusive,
fully-paid, royalty-free, irrevocable, non-terminable, worldwide right and license, with the right to grant sublicenses, under the Licensed
IP to Develop, Manufacture, have Manufactured, use, offer for sale, sell, import and otherwise Commercialize such Licensed Product in
the Field in such country in the Territory, for so long as it continues to do so.

 

(b) 
Licenses after Expiration of Term in the Territory. After expiration of all applicable Royalty
Terms (but not after early termination) with respect to this License Agreement in its entirety pursuant to Clause 14.1(b), OV shall have
an exclusive, fully-paid, royalty-free, irrevocable, non-terminable, worldwide right and license, with the right to grant sublicenses,
under the Licensed IP to Develop, Manufacture, have Manufactured, use, offer for sale, sell, import and otherwise Commercialize Licensed
Products in the Field in the Territory, for so long as it continues to do so.

 

14.3 
Rights of Termination.

 

(a) 
Termination for Material Breach. In the event that a Party commits a material breach of this
License Agreement that is not cured within thirty (30) days, after such Party receives written notice from the non-breaching Party, which
notice shall specify the nature of the breach.

 

(b) 
Termination for Convenience. Prior to its expiration, OV may terminate this License Agreement
in its entirety, in its sole discretion, at any time upon at least one hundred and twenty (120) days prior written notice to Novartis
for any reason.

 

(c) 
Bankruptcy. This License Agreement may be terminated by written notice by Novartis in case
an Insolvency Event occurs.

 

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14.4 
Surviving Rights and Obligations. Any provisions required for the interpretation or enforcement of this License Agreement shall
survive the expiration or termination of this License Agreement. Expiration or termination of this License Agreement shall not relieve
any Party of any obligations that are expressly indicated to survive expiration or termination or that accrued prior to the expiration
or termination. Except as otherwise expressly provided, expiration or termination of this License Agreement for any reason shall be without
prejudice to any rights that shall have accrued to the benefit of any Party prior to such expiration or termination.

 

14.5 
Effect of Termination.

 

(a) 
Termination by OV Pursuant to Clauses 14.3(b) or (c), or by Novartis Pursuant to Clauses 14.3(a)
or (c). In the event this License Agreement is terminated by OV pursuant to Clauses 14.3(b) or (c), or by Novartis pursuant to Clauses
14.3(a) or (c), then notwithstanding anything contained in this License Agreement to the contrary, upon the effective date of such termination,
all rights and licenses granted to OV under this License Agreement shall terminate, OV shall cease any and all Development and Commercialization
activities with respect to all Licensed Products, and all rights and licenses granted by Novartis to OV shall revert to Novartis. For
clarity, any payment obligations that result in payments owed prior to the effective date of the termination shall become due and payable
on the effective date of the termination.

 

(b) 
Termination by OV Pursuant to Clauses 14.3(a). In the event this License Agreement is terminated
by OV pursuant to Clauses 14.3(a), then all rights and obligations of the Parties under and this License Agreement shall terminate, except
(i) the licenses granted in Clause 2, (ii) OV’s payment obligations (accrued as of the effective date of such termination).

 

14.6 
Survival. The termination of this License Agreement shall not relieve the Parties of any obligation accruing prior to such
expiration or termination. Without limiting the forgoing the provisions of Clauses 1, 5, 10, 11, 12, 14, 15, 16 shall survive the termination
of this License Agreement.

 

14.7 
Termination Not Sole Remedy. Termination is not the sole remedy under this License Agreement, and, whether or not termination
is effected and notwithstanding anything contained in this License Agreement to the contrary, all other remedies under applicable Laws
will remain available except as otherwise agreed to herein.

 

15. 
CONFIDENTIALITY

 

15.1 
Duty of Confidence. Subject to the other provisions of this Clause 15, all Information will be maintained by the Parties in
confidence and otherwise safeguarded by the Parties. Each Party may only use the Information strictly for the purposes of this License
Agreement and pursuant to the rights and obligations of such Party under this License Agreement. Subject to the other provisions of this
Clause 15, each Party shall hold as confidential such Information of the other Party or such Party’s Affiliates (in the case of
Novartis, where Affiliates of Novartis disclose Information) in the same manner and with the same protection as such recipient Party maintains
its own confidential information. Subject to the other provisions of this Clause 15, a Party may only disclose Information to employees,
agents, contractors, consultants and advisers of such Party and its Affiliates, and in the case of OV, OV may also disclose to its sublicensees
to the extent reasonably necessary for the purposes of, and for those matters undertaken pursuant to, this License Agreement; provided
that such Persons are bound to maintain the confidentiality of the Information in a manner consistent with the confidentiality provisions
of this License Agreement.

 

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15.2 
Exceptions. The obligations under this Clause 15 shall not apply to any Information to the extent the recipient Party can demonstrate
by competent evidence that such Information:

 

(a) 
is (at the time of disclosure) or becomes (after the time of disclosure) known to the public or part
of the public domain through no breach of this License Agreement by the recipient Party or, including in the case of Novartis, its Affiliates
or in the case of OV, through its Affiliates and/or their sublicensees;

 

(b) 
with respect to OV, was known to, or was otherwise in the possession of, OV or its Affiliates, prior
to the time of disclosure by Novartis or any of its Affiliates; 

 

(c) 
is disclosed to the recipient Party (or an Affiliate) on a non-confidential basis by a Third Party
who is entitled to disclose it without breaching any confidentiality obligation to the disclosing Party (or any of its Affiliates); or

 

(d) 
is independently developed by or on behalf of the recipient Party (or its Affiliates), as evidenced
by its written records, without reference to the Information disclosed by the disclosing Party (or its Affiliates) under this License
Agreement. 

 

Specific aspects or details
of Information shall not be deemed to be within the public domain or in the possession of the recipient Party merely because the Information
is embraced by more general information in the public domain or in the possession of the recipient Party. Further, any combination of
Information shall not be considered in the public domain or in the possession of the recipient Party merely because individual elements
of such Information are in the public domain or in the possession of the recipient Party unless the combination and its principles are
in the public domain or in the possession of the recipient Party.

 

15.3 
Authorized Disclosures.

 

(a) 
In addition to disclosures allowed under Clause 15.2, OV may disclose Information belonging to Novartis
or its Affiliates to the extent such disclosure is necessary in connection with the Regulatory Filings or Patent filings for a Licensed
Product.

 

(b) 
In addition to disclosures allowed under Clause 15.2, either Party may disclose Information belonging
to the other Party (and/or its Affiliates) to the extent such disclosure is necessary to: (i) prosecute or defend litigation as permitted
by this License Agreement; and/or (ii) comply with applicable court orders or governmental regulations.

 

(c) 
In the event the recipient Party is required to disclose Information of the disclosing Party by Law
or in connection with bona fide legal process, such disclosure shall not be a breach of this License Agreement; provided that the recipient
Party (i) informs the disclosing Party as soon as reasonably practicable of the required disclosure; (ii) limits the disclosure to the
required purpose; and (iii) at the disclosing Party’s request and expense, assists in an attempt to object to or limit the required
disclosure.

 

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15.4 
Ongoing Obligation for Confidentiality. Upon early termination of this License Agreement for any reason, each Party and its
Affiliates shall immediately (i) return to the other Party or destroy any Information supplied or disclosed by the other Party together
with all hard copies thereof, except for (A) such copies as must be retained pursuant to applicable Law, and (B) one copy which may be
retained in its confidential files for archive purposes, (ii) destroy all notes and all summaries or extracts in any medium prepared by
or on behalf of recipient derived from this Information, and (iii) use all reasonable efforts to procure that all third parties, to which
this Information was disclosed, destroy or erase any Information contained in any materials and documentation recorded in any memory device.

 

16. PRESS
RELEASE. Neither Party shall
issue any press release, trade announcement or make any other public announcement or statement with regard to the transactions
contemplated by this License Agreement without the other Parties’ prior written consent, which shall not be unreasonably
withheld. Where consent is forthcoming, the Parties agree to consult with each other regarding the content of any such press release
or other announcement. The aforementioned restriction shall not apply to announcements required by any Regulatory Authority or
Governmental Entity under applicable Law or stock exchange rule provided that in such event the Parties shall coordinate the wording
and OV shall take into consideration any requests of Novartis. Each Party hereto acknowledges that OV and Novartis shall have the
right to disclose a brief summary of the transaction, including the amounts payable by OV under this License Agreement, in its
official financial reports. 

 

17. 
MISCELLANEOUS

 

17.1 
Governing Law; Venue. This License Agreement (and any Legal Dispute) shall be governed by and is construed under the Laws of
New York, USA, without giving effect to the conflicts of Laws provision thereof, and with the exclusion of the International Sale of Goods
Vienna Convention on the International Sale of Goods. Any Legal Proceeding relating to this License Agreement or the enforcement of any
provision of this License Agreement shall be brought or otherwise commenced in, and each Party expressly and irrevocably consents and
submits to the jurisdiction of the courts of Federal District Courts of New York, USA.

 

17.2  Assignment
(a). Within sixty (60) days after the Effective Date, OV will inform Novartis in writing if the
Development of Licensed Product will be conducted by the SPV and, if so, simultaneously assign all of its rights and obligations
under this License Agreement to the SPV in accordance with Clause 17.2(c).

 

(b) 
Other as set forth above, no Party may assign its rights and obligations under this License Agreement
without the other Party’s prior written consent, except that (i) Novartis may assign its rights and obligations under this License
Agreement or any part hereof to one or more of its Affiliates without the consent of OV and/or to a successor entity or acquirer of the
business to which the Licensed Agreement relates and/or in the event of a change of control; and (ii) upon completion of the first Phase
II Clinical Trial for use of the Compound in the Field in accordance with Clause 2.2(a), OV may, assign this License Agreement in its
entirety to an Affiliate or a successor to all or substantially all of its business or assets to which this License Agreement relates;
provided in all cases, that any permitted assignee shall assume all obligations of its assignor under this License Agreement (or related
to the assigned portion in case of a partial assignment), and no permitted assignment shall relieve the assignor of liability hereunder.
Any attempted assignment in contravention of the foregoing shall be void and not binding to the other Party. Subject to the terms of this
License Agreement, this License Agreement will be binding upon and inure to the benefit of the Parties and their respective successors
and permitted assigns.

 

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(c) 
Any assignment by either Party will be subject to a written agreement that (i) requires the assignee
to comply with all applicable obligations of this License Agreement, and (ii) is not in conflict with any term of this License Agreement.
OV shall undertake to enforce the provisions of any such assignment and shall remain responsible
and jointly and severally liable with the assignee to Novartis hereunder for the performance of assignee’s
obligations and for all acts or omissions of its assignees as if they were the acts or omissions of OV under
this License Agreement. 

 

17.3 
Injunctive Relief. The Parties understand and agree that monetary damages may not be a sufficient remedy for breach of this
License Agreement and that each Party will be entitled to seek equitable relief, including injunction and specific performance for any
such breach. Nothing contained in this License Agreement shall be construed as limiting a Party’s right to any other remedies it
may have under this License Agreement or in Law, including, without limitation, the recovery of damages for breach of this License Agreement.

 

17.4 
Force Majeure. If and to the extent that any Party is prevented or delayed by Force Majeure from performing any of its obligations
under this License Agreement and promptly so notifies in writing the other Party, specifying the matters constituting Force Majeure together
with such evidence in verification thereof as it can reasonably give and specifying the period for which it is estimated that the prevention
or delay will continue, then the Party so affected shall be relieved of liability to the other for failure to perform or for delay in
performing such obligations (as the case may be), but shall nevertheless use its Commercially Reasonable Efforts to resume full performance
thereof.

 

17.5 
Notices. All notices, consents, waivers, and other communications under this License Agreement must be in writing and will
be deemed to have been duly given when: (a) delivered by hand (with written confirmation of receipt); (b) sent by fax (with written confirmation
of receipt), provided that a copy is immediately sent by an internationally recognized overnight delivery service (receipt requested);
or (c) when received by the addressee, if sent by an internationally recognized overnight delivery service (receipt requested), in each
case to the appropriate addresses and fax numbers set forth below (or to such other addresses and fax numbers as a Party may designate
by written notice):

 

If to OV:

 

Oncology Venture ApS

Venlighedsvej 1

DK-2970 Hoersholm, Denmark

Attention: Chief Executive Officer

Email: pbj@oncologyventure.com

 

With a copy to:

 

	Dechert LLP	 
	1900 K St., N.W.
	Washington, D.C. 20006
	Attention:	David E. Schulman
	Telephone:	(202) 261-3440
	Fax:	(202) 261-3334

 

    32

     

    

 

If to Novartis:

 

Novartis Pharma AG

Lichtstrasse 35

4056 Basel, Switzerland

Attn: Head of BD&L

Fax: +41 61 324 2100

 

With a copy to:

 

Novartis Pharma AG

Lichtstrasse 35

CH-4056 Basel, Switzerland

Attn: General Counsel

Fax: +41 61 324 7399

 

Each Party may change its address
for purposes of this License Agreement by written notice to the other Party.

 

17.6 
Waiver and Amendments. The failure of any Party to assert a right hereunder or to insist upon compliance with any term or condition
of this License Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term
or condition by the other Party. No waiver shall be effective unless it has been given in writing and signed by the Party giving such
waiver. No provision of this License Agreement may be amended or modified other than by a written document signed by authorized representatives
of each Party.

 

17.7 
Severability. Without prejudice to any other rights that the Party may have pursuant to this License Agreement, every provision
of this License Agreement is intended to be severable. If any provision of this License Agreement shall be invalid or unenforceable, such
invalidity or unenforceability shall not affect the other provisions of this License Agreement, which shall remain in full force and effect.
The Parties hereto agree to consult each other and to agree upon a new stipulation which is permissible under the Law and which comes
as close as possible to the original purpose and intent of the invalid, void or unenforceable provision.

 

17.8 
Entire Agreement. This License Agreement constitutes the entire agreement and supersedes all prior agreements and understandings,
both written and oral, between the Parties with respect to the subject matter hereof.

 

17.9 
Relationship of the Parties. Nothing contained in this License Agreement shall be deemed to constitute a partnership, joint
venture, or legal entity of any type between Novartis and OV, or to constitute one as the agent of the other. Moreover, each Party agrees
not to construe this License Agreement, or any of the transactions contemplated hereby, as a partnership for any tax purposes. Each Party
shall act solely as an independent contractor, and nothing in this License Agreement shall be construed to give any Party the power or
authority to act for, bind, or commit the other.

 

17.10 
Expenses. Except as otherwise expressly provided in this License Agreement, each Party shall pay the fees and expenses of its
respective lawyers and other experts and all other expenses and costs incurred by such Party incidental to the negotiation, preparation,
execution and delivery of this License Agreement.

 

    33

     

    

 

17.11 
Further Assurances. Novartis and OV hereby covenant and agree without the necessity of any further consideration, to execute,
acknowledge and deliver any and all such other documents and take any such other action as may be reasonably necessary to carry out the
intent and purposes of this License Agreement.

 

17.12 
Compliance with Law. Each Party shall perform its obligations under this License Agreement in accordance with all applicable
Laws, including data privacy laws. No Party shall, or shall be required to, undertake any activity under or in connection with this License
Agreement which violates, or which it believes, in good faith, may violate, any applicable Law.

 

17.13 
Headings. Titles or captions of clauses contained in this License Agreement are inserted only as a matter of convenience and
for reference, and in no way define, limit, extend, or describe the scope of this License Agreement or the intent of any provision hereof.

 

17.14 
English Language. This License Agreement is written and executed in the English language. Any translation into any other language
shall not be an official version of this License Agreement and in the event of any conflict in interpretation between the English version
and such translation, the English version shall prevail.

 

17.15 
Counterparts. This License Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

[Remainder of Page Intentionally
Left Blank; Signature Page Follows]

 

    34

     

    

 

The parties to this License Agreement have
caused this License Agreement to be executed and delivered as of the date first written above.

 

	 	ONCOLOGY VENTURE APS
	 	 
	 	By:	            
	 	Name: 	 
	 	Title:	 

 

[Signature Page to License Agreement]

 

     

     

    

 

The parties to this License Agreement have
caused this License Agreement to be executed and delivered as of the date first written above.

 

	NOVARTIS PHARMA AG	 	NOVARTIS PHARMA AG
	 	 	 
	By:	         	 	By:	        
	Name: 	 	 	Name: 	 
	Title:	 	 	Title:	 

 

[Signature Page to License Agreement]

 

     

     

    

 

SCHEDULE A

 

COMPOUND

 

 

TKI258 lactate salt (TKI258 or TKI258LC) is designated chemically
as (4 Amino 5 fluoro 3 [6 (4 methyl 1 piperazinyl) 1H benzimidazol 2 yl] 2(1H) quinolinone mono DL lactate) and its structural formula
is:

 

 

TKI258 is a yellow to orange and/or brownish tinged, nonhygroscopic
solid that dissociates into TKI258 free base and lactic acid between 125 to 250oC. Its molecular formula is C21H21FN6O • C3H6O3 (molecular
weight 482.5). TKI258 is freely soluble in water,

DMSO, 1 methy 2 pyrrolidone, and acetic acid. In buffered aqueous solutions,
depending on the prevailing pH, TKI258 reverts back to the appropriate ionized species or free base. Since the degree of ionization is
pH dependent, the solubility of TKI258 varies with pH (e.g., 6 μg/mL at pH 7 and 13.6 mg/mL at pH 2).

 

     

     

    

 

 

SCHEDULE B

 

INVENTORY

 

***

 

     

     

    

 

SCHEDULE C

 

LICENSED PATENTS

 

Platform Patents

 

PCT/US2003/010463

 

Product-Specific Patents

 

PCT/US2001/042131

PCT/EP2011/055906

PCT/EP2011/060949

PCT/US2013/023781

PCT/US2003/010463

PCT/US2012/029205

 

     

     

    

 

SCHEDULE D

 

MAJOR COUNTRIES

 

United States, Canada, Main European Countries, China, Japan, Russia,
Brazil, and Australia.

 

     

     

    

 

SCHEDULE E

 

DEVELOPMENT PLAN

 

[***]

 

     

     

    

 

SCHEDULE F

 

SALES & ROYALTY REPORTING FORM 

 

[***]

 

     

     

    

 

SCHEDULE G

 

LICENSED DATA

 

[***]

 

     

     

    

 

SCHEDULE H

 

CLINICAL MATERIALS

 

[***]

 

     

     

    

 

EXHIBIT A

CONVERTIBLE PROMISSORY NOTE

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