Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 

TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of December 31, 2018, and effective as of
January 1, 2019 (the “Effective Date”), is made by and between NEW SENIOR INVESTMENT GROUP INC., a Delaware corporation (the “Company”), and FIG LLC, a Delaware limited liability company (“Service
Provider”). The Company and Service Provider are collectively referred to as the “Parties” and each individually as a “Party.” 

W I T N E S S E T H : 

WHEREAS the Company and Service Provider are party to that certain Termination and Cooperation Agreement, dated as of November 19, 2018
(the “Termination Agreement”), pursuant to which the Parties have agreed to terminate Service Provider’s role as external manager of the Company as of the Effective Date; and 

WHEREAS pursuant to the Termination Agreement, the Company and its affiliates will continue to require that Service Provider provide or cause
to be provided certain services during a transitional period following the Effective Date on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein,
and intending to be legally bound hereby, subject to the conditions and other terms herein set forth, the Parties hereby agree as follows: 

ARTICLE I 
 Services 

SECTION 1.1.    Services. Subject to the terms and conditions of this Agreement, Service Provider shall provide to
the Company and its affiliates the services set forth on Schedule A attached hereto (together, the “Services”). The Company acknowledges and agrees that Service Provider may provide Services itself or by or through one or
more of its affiliates or, subject to the Company’s prior consent upon reasonable advance notice, third party contractors; provided, however, that Service Provider shall remain responsible for Services provided by its affiliates
or third party contractors and any subcontracting shall not relieve Service Provider of its obligations hereunder, including with respect to the scope and level of Services. Service Provider shall use commercially reasonable efforts consistent with
its general practices to cause each third party contractor on whose services the Services are dependent to comply with the relevant third party contractor’s contractual obligations. 

SECTION 1.2.    Use of Premises. (a) The Services shall include a right of the Company to continue to use the
same space to the same extent of, and for the same purposes as, such use prior to the Effective Date with respect to the premises located at 1345 Avenue of the Americas, New York, New York (the “Occupied Premises”) during

 
the period beginning on the Effective Date and ending on June 30, 2019; provided that (i) the Company will be responsible for reimbursing Service Provider for its pro rata share of the
rent, any real-estate taxes and any other real-estate costs associated with the Occupied Premises, (ii) all personnel of the Company or any of its subsidiaries who occupy the Occupied Premises shall remain subject to all compliance rules and
policies applicable to the employees of Service Provider and its affiliates and (iii) the Company will be responsible for reimbursing Service Provider for its pro rata share of any costs associated with implementation and oversight of such
compliance rules and policies. For purposes of this Section 1.2, the pro rata share of the rent, taxes and costs allocated to the Company under clauses (i) and (iii) of this Section 1.2 shall
be calculated based on the methodology customarily applied by Fortress Investment Group LLC in allocating these types of costs in respect of the Occupied Premises among its affiliates and shall be equal to the amount set forth on Schedule A. 

(b)    If Service Provider enters into any negotiations with potential subtenants in respect of the Occupied Premises,
Service Provider shall keep the Company reasonably informed regarding the status of any such negotiations. In the event that prior to June 30, 2019, Service Provider agrees to sublet or terminate the underlying lease agreement in respect of the
Occupied Premises, the Company shall vacate the Occupied Premises upon thirty (30) days’ written notice (or, if greater, such longer time period afforded to Service Provider under any sublease or termination arrangement) provided by
Service Provider . 
 SECTION 1.3.    Additional Services. Services not agreed upon in Schedule A but
provided during the twelve (12) month period prior to the Effective Date by Service Provider to the Company can be requested in writing. Upon receipt of such notice, within a commercially reasonable period of time, Service Provider and the
Company shall discuss in good faith such requested additional services (the “Additional Services”) and the terms and conditions applicable to such Additional Services. If Service Provider agrees to provide such Additional Services
and the Parties reach an agreement in writing on the terms and conditions for such Additional Services, then Service Provider shall provide such Additional Services on such terms and conditions, and Schedule A shall be deemed amended to
include the Additional Services, which shall be provided in accordance with such agreed terms and conditions and the other applicable terms and conditions of this Agreement and the Additional Services shall be deemed to be Services hereunder. 

SECTION 1.4.    Performance of Services. Service Provider shall provide, or cause one or more of its affiliates or
third party contractors to provide, the Services in accordance with applicable law and any of Service Provider’s written policies and procedures and within the same standard and manner that is commensurate in all material respects (in nature,
quality and timeliness) with the manner in which they were provided to the Company during the one-year period prior to the Effective Date, subject to any limitations or restrictions agreed to in writing by the
Parties (such agreement not to be unreasonably withheld, conditioned or delayed), which limitations or restrictions are posed by or resulting from (a) any modification in process for providing Services necessitated by the separation of the
management of the Company from Service 

  
 -2- 

 
Provider’s continuing operations, (b) any change in scope (as agreed in writing by the Parties from
time-to-time during the Term), and (c) any restrictions imposed on Service Provider by applicable law. For the avoidance of doubt, in providing the Services,
Service Provider may use any information systems, hardware, software, processes and procedures it deems necessary or desirable in its reasonable discretion. 

SECTION 1.5.    Connectivity, Compliance and Security Measures. The Company shall comply with all policies and
procedures of Service Provider that have been provided to the Company in connection with its access to and use of the Services. 
 SECTION
1.6.    Cost Reimbursements. (a) As compensation to Service Provider for the Services set forth on Schedule A rendered hereunder, the Company shall, for each Service performed, reimburse Service
Provider for its cost of providing the Services, including the allocated cost of, among other things, overhead, employee wages and compensation and actually incurred
out-of-pocket expenses, in each case, determined using Service Provider’s cost allocation methodology consistent with past practice, without any intent to cause
Service Provider to receive profit or incur loss (the “Cost Reimbursements”). On a monthly basis, Service Provider shall provide an invoice setting forth the Cost Reimbursements to be charged in arrears to the Company hereunder,
including reasonable supporting documentation. Cost Reimbursements shall be paid within forty-five (45) days of the Company’s receipt of such invoice. Late payments shall bear interest at the lesser of the prime rate plus two percent (2%)
per annum or the maximum rate allowed by law. 
 (b)    All sales, use, service and other similar taxes, levies and
charges imposed by applicable taxing authorities on the provision of Services (collectively, “Taxes”) shall be borne by the Company (excluding, for the avoidance of doubt, any Taxes measured by reference to net income). If Service
Provider or any of its affiliates or third party contractors are required to pay such Taxes, (i) Service Provider shall invoice the Company for such Taxes and (ii) the Company shall promptly reimburse Service Provider therefor in
accordance with this Section 1.6(b). 
 SECTION 1.7.    Direction and Control of Employees. Unless
otherwise agreed by the Parties, for purposes of all compensation and employee benefits and welfare matters, all employees and representatives of Service Provider, its affiliates and third party contractors shall be deemed to be employees or
representatives of Service Provider, its affiliates or third party contractors and not employees or representatives of the Company. In performing the Services, such employees and representatives shall be under the direction, control and supervision
of Service Provider, its affiliates or third party contractors (and not the Company or its affiliates) and Service Provider, its affiliates and third party contractors shall have the sole right to exercise all authority with respect to the
employment (including termination of employment), assignment and compensation of such employees, representatives and third party contractors. 

SECTION 1.8.    Cooperation of Service Provider. During the Term and following any termination of this Agreement or
a Service, Service Provider shall, and shall use commercially reasonable efforts to cause its affiliates and third party contractors 

  
 -3- 

 
to, at the Company’s cost, cooperate in good faith with the Company and its affiliates to transfer records and take such other actions reasonably requested by the Company to enable it to
make alternative arrangements for the provision of services substantially consistent with the Services or the replacement of the Services. 

SECTION 1.9.    Return of Records owned by the Company. Upon termination of a Service with respect to which Service
Provider or its affiliates holds books, records or files, including current or archived copies of computer files, owned by the Company or its affiliates and used by Service Provider, its affiliates or its third party contractors in connection with
the provision of a Service to the Company or its affiliates, Service Provider will use commercially reasonable efforts to return all of such books, records or files as soon as reasonably practicable. The Parties acknowledge and agree that copies of
emails relating to the conduct of the business of the Company will be retained by Service Provider in its archival records in compliance with its statutory obligations as an investment adviser. Additionally, Service Provider or its affiliates may
retain copies of books, records and files (a) as necessary to comply with applicable laws or court orders and (b) to the extent they have become included in automatic “backups” by routine procedures or by electronic communication
or information management systems without the requirement to “scrub” such systems or its backup servers, provided that such copies retained by Service Provider shall remain subject to the use and confidentiality restrictions in this
Agreement until such copies are destroyed by Service Provider in accordance with its own information technology and record retention policies and applicable law. 

SECTION 1.10.    Work Product and Intellectual Property. Service Provider acknowledges that any and all writings,
documents, designs, data and other materials that Service Provider makes, conceives or develops at any time as a result of Service Provider’s performance of the Services may be utilized by the Company to the extent necessary to receive and use
the Services hereunder. Each Party shall retain the entire right, title and interest in and to intellectual property and other proprietary information that existed prior to, or are created independently of the performance of the
Services. In addition, the Company shall be the sole and exclusive owner of any right, title, license or other interest in or to, Transition IP solely to the extent exclusively related to the business of the Company. Except as set forth in the
preceding sentence, Service Provider shall be the sole and exclusive owner of any right, title, license or other interest in or to, all Transition IP, and, for the avoidance of doubt, no such items shall be considered a work made for hire within the
meaning of Title 17 of the United States Code. For purpose of this Agreement, “Transition IP” shall mean any copyrights, patents, trade secrets and other intellectual property rights to the extent developed, created, modified, or
improved, or used or relied upon, by Service Provider or its affiliates or third party contractors in connection with the Services or the performance of Service Provider’s obligations hereunder. 

  
 -4- 

 ARTICLE II 

Certain Covenants 

SECTION 2.1.    Cooperation of the Company. The Company shall cooperate with Service Provider in all reasonable
respects in the performance of the Services, as applicable. 
 SECTION 2.2.    Independent Contractor. In
providing the Services, Service Provider shall act solely as an independent contractor. Nothing herein shall constitute or be construed to be or create a partnership, joint venture or principal/agent relationship between the Company or any of its
affiliates or their respective directors, officers or employees, on the one hand, and Service Provider or any of its affiliates or their respective directors, officers or employees, on the other hand. 

SECTION 2.3.    Compliance with Laws and Regulations. Each Party shall be responsible for its own compliance with
any and all applicable laws in connection with its performance under this Agreement. 
 SECTION 2.4.    Limitation of
Liability; Indemnity. (a) It is the intent of the Parties that each Party will be responsible for its own acts, errors and omissions and that each Party is liable to the other Party for any actual direct damages incurred by the non-breaching Party as a result of the breaching Party’s failure to perform its obligations in the manner required by this Agreement. Notwithstanding the foregoing, no Party will be liable hereunder for, and
each Party hereby expressly waives any and all rights with respect to, exemplary, punitive, special, incidental, lost profits, consequential or speculative damages, except to the extent paid in connection with a claim by a third party. Subject
to Section 2.4(c), in no event shall Service Provider’s liability in the aggregate for any and all damages and losses hereunder exceed the total amount billed to the Company or payable by the Company to Service Provider under this
Agreement, it being understood that this limitation shall not apply to breaches of the confidentiality provisions set forth in Section 5.2 or in the case of fraud or willful misconduct of Service Provider. 

(b)    The Company shall indemnify, defend and hold Service Provider and its successors, assigns, members, affiliates,
employees, officers, participants, shareholders, directors and personal representatives, harmless from and against all losses, liabilities, claims, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees and
expenses) (collectively, “Losses”) that arise out of this Agreement (including the provision of Services to or receipt and use of Services by the Company and its affiliates), except for Losses to the extent arising from any breach
of this Agreement by Service Provider or the gross negligence, fraud or willful misconduct of Service Provider. The foregoing indemnity shall survive the termination of this Agreement. 

(c)    Service Provider shall indemnify, defend and hold the Company and its successors, assigns, members, affiliates,
employees, officers, participants, shareholders, directors and personal representatives, harmless from and against all Losses 

  
 -5- 

 
arising from the gross negligence, fraud or willful misconduct of Service Provider; provided that, in no event shall Service Provider’s liability in the aggregate for all Losses
indemnified under this Section 2.4(c) exceed the total amount billed to the Company or payable by the Company to Service Provider under this Agreement, it being understood that this limitation shall not apply in the case of
fraud or willful misconduct of Service Provider. The foregoing indemnity shall survive the termination of this Agreement. 
 ARTICLE III 

Term and Termination 

SECTION 3.1.    Term. This Agreement shall commence on the Effective Date and terminate on the earliest to occur of
(a) the date on which this Agreement is terminated pursuant to Section 3.3, (b) the latest date on which any Service is to be provided as indicated on Schedule A or (c) the date on which the provision of
all Services has been canceled pursuant to Section 3.2 (such period, the “Term”). The Company may extend the Term or the provision of any individual Service for an additional period requested by the Company
on notice provided no less than sixty (60) days prior to the then-current scheduled end of the Term or expiration date for such Service, in each case, for a period of time not to exceed that set forth in Schedule A. 

SECTION 3.2.    Termination of Individual Services. The Company may terminate at any time any individual Service
provided under this Agreement on a Service-by-Service basis upon written notice to Service Provider identifying the particular Service to be terminated and the effective
date of termination, which date shall not be less than thirty (30) days after receipt of such notice unless Service Provider otherwise agrees; provided that, in addition to any other costs due, the Company shall reimburse Service
Provider for any actual incremental costs and expenses incurred by Service Provider in connection with any such early termination of a Service, it being agreed that Service Provider shall use commercially reasonable efforts to mitigate such
incremental costs and expenses; provided, further, that Service Provider shall reasonably promptly inform the Company if any Services depend upon a Service for which the Company has provided notice of termination, and Service Provider
shall be under no further obligation to provide such dependent Services upon such termination (unless the Company withdraws its request to terminate such Service in writing within five (5) business days of Service Provider informing the Company
of any such dependent Services, in which case Service Provider shall continue to provide such Service and such dependent Services for the original term). 

SECTION 3.3.    Termination of Agreement. (a) This Agreement may be terminated at any time by the mutual
written consent of Service Provider and the Company. 
 (b)    Either Service Provider or the Company (the
“Initiating Party”) may terminate this Agreement with immediate effect by written notice to the other Party on or at any time after the other Party is in material breach of any of its obligations under this Agreement and has failed
to remedy the breach within thirty (30) days of receipt of written notice from the Initiating Party giving particulars of the breach and requiring the other Party to remedy the breach. 

  
 -6- 

 (c)    Without prejudice to the other rights or remedies Service
Provider may have, Service Provider may terminate this Agreement with immediate effect by written notice to the Company if the Company shall have failed to pay any sum overdue and payable to Service Provider in accordance with
Section 1.6 hereof for a period of at least thirty (30) days, unless such amount is being disputed in good faith. 

(d)    Except as otherwise provided in this Agreement, all rights and obligations of Service Provider and the Company
shall cease to have effect immediately upon termination of this Agreement except that termination shall not affect the accrued rights and obligations of Service Provider and the Company at the date of termination or any rights and obligations that
expressly survive the termination of this Agreement. 
 ARTICLE IV 

Dispute Resolution 

SECTION 4.1.    Appointed Representative. Each Party shall appoint a representative who shall be responsible for
administering the dispute resolution provisions in Section 4.2 (each, an “Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Agreement Disputes on behalf of
the Party appointing such representative. 
 SECTION 4.2.    Negotiation and Dispute Resolution. (a) Except
as otherwise provided in this Agreement or in the Termination Agreement, in the event of a controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, validity, termination or
breach of this Agreement or otherwise arising out of, or in any way related to this Agreement or any of the transactions contemplated hereby or thereby (each, an “Agreement Dispute”), the Appointed Representatives shall negotiate in
good faith for thirty (30) days to settle any such Agreement Dispute. 
 (b)    Nothing said or disclosed, nor any
document produced, in the course of any negotiations, conferences and discussions in connection with efforts to settle an Agreement Dispute that is not otherwise independently discoverable shall be offered or received as evidence or used for
impeachment or for any other purpose, but shall be considered as to have been disclosed for settlement purposes. 

(c)    If a satisfactory resolution of any Agreement Dispute is not achieved by the Appointed Representatives within
thirty (30) days, each Party will be entitled to refer the dispute to arbitration in accordance with Section 4.3. 

SECTION 4.3.    Arbitration. (a) If a satisfactory resolution of any Agreement Dispute is not achieved by the
Appointed Representatives within thirty (30) days, such Agreement Dispute shall be resolved, at the request of either Party, by arbitration administered by the CPR under its Arbitration Rules (the “CPR Rules”),

  
 -7- 

 
conducted in New York, New York. There shall be three arbitrators. Each Party shall appoint one arbitrator. The two Party-appointed arbitrators shall agree on a third arbitrator who will chair
the arbitral tribunal. Any arbitrator not appointed within a reasonable time shall be appointed in accordance with the CPR Rules. Any controversy concerning whether an Agreement Dispute is an arbitrable Agreement Dispute, whether arbitration has
been waived, whether an assignee of this Agreement is bound to arbitrate, or as to the interpretation or enforceability of this Section 4.3 will be determined by the arbitrators. In resolving any Agreement Dispute, the
Parties intend that the arbitrators apply the substantive laws of the State of New York, without regard to any choice of law principles thereof that would mandate the application of the laws of another jurisdiction. The Parties intend that the
provisions to arbitrate set forth herein be valid, enforceable and irrevocable, and any award rendered by the arbitrators shall be final and binding on the Parties. The Parties agree to comply with any award made in any such arbitration proceedings
and agree to enforcement of or entry of judgment upon such award, in any court of competent jurisdiction, including any New York State or federal court. The arbitrators shall be entitled, if appropriate, to award monetary damages and other remedies,
subject to the provisions of Section 2.4(a). The Parties will use commercially reasonable efforts to encourage the arbitrators to resolve any arbitration related to any Agreement Dispute as promptly as practicable. Except
as required by applicable law, including disclosure or reporting requirements, the arbitrators and the Parties shall maintain the confidentiality of all information, records, reports, or other documents obtained in the course of the arbitration, and
of all awards, orders, or other arbitral decisions rendered by the arbitrators. 
 (b)    The arbitrators may
consolidate arbitration under this Agreement with any arbitration arising under or relating to the Termination Agreement or Section 11 of the Management and Advisory Agreement, dated as of November 6, 2014, by and between the Company and
Service Provider, if the subjects of the Agreement Disputes thereunder arise out of or relate essentially to the same set of facts or transactions. Such consolidated arbitration will be determined by the arbitrators appointed for the arbitration
proceeding that was commenced first in time. 
 (c)    Unless otherwise agreed in writing, the Parties will continue to
provide service and honor all other commitments under this Agreement and the Termination Agreement during the course of dispute resolution pursuant to the provisions of this ARTICLE IV; provided, however, that Service Provider
will not be required to continue to perform Services for which it has not been (or is not being) reimbursed in accordance with Section 1.6 until such reimbursement is made. 

ARTICLE V 
 Miscellaneous

 SECTION 5.1.    Amendments; Waiver. This Agreement may not be amended, altered or otherwise modified, and
no provision hereof may be waived, except by written instrument executed by the Company and Service Provider. 

  
 -8- 

 SECTION 5.2.    Confidentiality. Each Party shall treat as
confidential and shall not make available or disclose any information or material of the other Party that is or has been (a) disclosed by such other Party under or in connection with this Agreement, whether orally, electronically, in writing or
otherwise, including copies or (b) learned or acquired by the other Party in connection with this Agreement (collectively, “Confidential Material”) to any person, or make or permit any use of such Confidential Material without
the prior written consent of the other Party. (The Party disclosing such information or materials, the “Disclosing Party”; the Party receiving such information or materials, the “Receiving Party”). Notwithstanding
the foregoing, Confidential Material may be disclosed to personnel and third party contractors of the Receiving Party who need to know such information for purposes of performing the Receiving Party’s obligations under this Agreement and who
are informed of their obligation to hold such information confidential to the same extent as is applicable to the Receiving Party and in respect of whose failure to comply with such obligation the Receiving Party will be responsible. The provisions
of this Section 5.2 shall not apply to any Confidential Material which: (i) is or becomes commonly known within the public domain other than as a result of a disclosure by the Receiving Party in breach of this
Agreement; (ii) is obtained from a third party who is lawfully authorized to disclose such information free from any obligation of confidentiality to the Disclosing Party; or (iii) is independently developed by the Receiving Party without
use of or reference to any Confidential Material. Notwithstanding any other provision of this Agreement, if the Receiving Party or any of its Representatives is (A) compelled in any legal process or proceeding to disclose any Confidential
Material of the Disclosing Party or (B) requested or required by any governmental entity to disclose any Confidential Material, the Receiving Party shall, to the extent not prohibited by law or rule, promptly notify the Disclosing Party in
writing of such request or requirement so that the Disclosing Party may seek an appropriate protective order and/or waive in writing the Receiving Party’s compliance with the provisions of this Section 5.2. If, in the
absence of a protective order or the receipt of a waiver hereunder, the Receiving Party is nonetheless compelled to disclose Confidential Material of the Disclosing Party, the Receiving Party, after written notice to the Disclosing Party (to the
extent not prohibited by law or rule), may disclose such Confidential Material only to the extent so required by applicable law. Each Party shall exercise reasonable efforts to obtain reliable assurances that confidential treatment will be accorded
the Confidential Material so disclosed. 
 SECTION 5.3.    Force Majeure. Any delay, failure or omission by any
Party in the performance of any of its obligations under this Agreement shall not be deemed a breach of this Agreement or result in any liability of such Party in respect of such breach, if such delay, failure or omission arises from any cause or
causes beyond the reasonable control of such Party, including, but not limited to, acts of God, fire, storm, flood, earthquake, governmental regulation or direction, war, terrorist acts, insurrection, riot, invasion, strike or lockout;
provided, however, that (a) the affected Party shall promptly notify the other Party of the existence of such cause or causes and its anticipated duration, (b) the affected Party shall use commercially reasonable efforts to
prevent, limit and remove the effects of any such cause or causes and (c) the affected Party shall resume the performance whenever such causes are removed. 

  
 -9- 

 SECTION 5.4.    Notices. Unless expressly provided otherwise in
this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual
receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission against answerback, (iv) delivery by email against confirmation and (v) delivery by registered or
certified mail, postage prepaid, return receipt requested, addressed as set forth below: 
 If to Service Provider, at: 

FIG LLC 
 1345 Avenue of the
Americas 
 46th Floor 
 New
York, New York 10105 
 Attention:       Mr. David N. Brooks 

Fax:                (917)
591-8632 
 Email:
            dbrooks@fortress.com 
 If to the Company, at: 

New Senior Investment Group Inc. 

1345 Avenue of the Americas 
 45th
Floor 
 New York, New York 10105 

Attention:       Chief Executive Officer 

Fax:                (212)
798-6070 
 Email:
            sgivens@fortress.com 
 Either Party may alter the address to which communications
or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 5.4 for the giving of notice. 

SECTION 5.5.    Entire Agreement. This Agreement contains the entire agreement and understanding among the Parties
hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the
subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other
than by an agreement in writing executed by the Parties. 
 SECTION 5.6.    Binding Nature of Agreement; Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. This Agreement may not be
assigned by either of the Parties without the prior written consent of the other Party, except that either Party may assign its rights hereunder to any of its affiliates (provided that no such assignment shall release such Party from its
obligations under this Agreement). 

  
 -10- 

 SECTION 5.7.    Controlling Law. This Agreement and all questions
relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 
 SECTION
5.8.    Expenses. Each Party shall pay the expenses and costs incurred by it in connection with the negotiation and execution of this Agreement. 

SECTION 5.9.    Indulgences, Not Waivers. Neither the failure nor any delay on the part of a Party to exercise any
right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of, or estoppel with respect to, such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the Party asserted to have granted such waiver. 
 SECTION
5.10.    Titles Not to Affect Interpretation. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the
construction or interpretation of this Agreement. 
 SECTION 5.11.    Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original as against any Party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the Parties reflected hereon as the signatories. 

SECTION 5.12.    Provisions Separable. The provisions of this Agreement are independent of and separable from each
other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

SECTION 5.13.    Gender. Words used herein regardless of the number and gender specifically used, shall be deemed
and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

[The remainder of this page is intentionally left blank.] 

  
 -11- 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first
written above. 
  

					
	NEW SENIOR INVESTMENT GROUP INC.,
a Delaware corporation
		
	By:	 	 /s/ Susan Givens

		 	Name:	 	Susan Givens
		 	Title:	 	Chief Executive Officer
	
	FIG LLC,
a Delaware limited liability company
		
	By:	 	 /s/ David N. Brooks

		 	Name:	 	David N. Brooks
		 	Title:	 	Secretary

  
 [Signature Page
to Transition Services Agreement] 

 Schedule A 

Transition Services 
  

							
				
	 Service

Category
	  	 Service Detail
	  	 Term
	 	Maximum
Extended Term
	Information Technology & Accounting	  	 1.  Provide existing reporting system (“EDW”) and normal course of
business personnel and infrastructure support with respect thereto, at a monthly cost of $6,500
	  	Ending 3/31/2020	 	N/A
	  	  
 2.  Provide
support for Ledger system (“Yardi”) and normal course of business personnel and infrastructure support with respect thereto
	  	  
 Ending 6/30/2019
	 	  
 Ending
12/31/2019

	  	  
 3.  Provide both
the download of historical Lawson data and the transfer of that information to the new systems/infrastructure
	  	  

N/A1
	 	  
 N/A

	Accounting2	  	  
 1.  Consultation
with respect to 2018 Form 10-K
	  	  
 Ending 3/1/2019
	 	  
 N/A

	  	  
 2.  Provide
technical accounting support (new accounting standards, SOX, and complex accounting matters)
	  	  
 Ending 6/30/2019
	 	  
 Ending
12/31/2019

	Tax	  	  
 1.  Oversee
preparation and filing of tax returns by third party
	  	  
 Ending 10/15/2019
	 	  
 N/A

	  	  
 2.  Consultation
with respect to REIT compliance
	  	  
 Ending 3/1/2020
	 	  
 N/A

	  	  
 3.  Provide
support for tax audits (if any)
	  	  
 Ending 12/31/2019
	 	  
 N/A

	  	  
 4.  Consultation
and oversight with respect to the tax provisions
	  	  
 Ending 3/1/2020
	 	  
 N/A

	Real Estate/Right of Access	  	  
 1.  Provide
right to continue to use the Occupied Premises, as described in Section 1.2; the pro rata share of the rent, taxes and costs allocated to the Company pursuant to Section 1.2 shall be an amount equal to $3,917 per person per
month (or $23,500 per person for the six month period from January 1, 2019 to June 30, 2019)
	  	  
 Ending 6/30/2019
	 	  
 N/A

	  	  
 2.  Provide
assistance with development of IT infrastructure and build-out of new office, to the extent not complete prior to Effective Date
	  	  
 Ending 6/30/2019 (or, if later, 6 months following
discontinuation of use of Occupied Premises)
	 	  
 Ending
12/31/2019
(or, if later,
12
months
following
discontinuation
of use of
Occupied
Premises)

  

	1 	 To be provided on date that the Company moves to separate IT environment. 

	2 	 Subject to the limitations set forth in Section 4.05 and Exhibit D of the Termination Agreement.

							
	Legal Services	  	 1.  Provide legal services, including with respect to transactional matters, SEC
and NYSE matters, earnings / investor relations matters, corporate secretary matters, and other relevant legal matters
	  	Ending 12/31/2019	 	N/A
	Other Services	  	  
 1.  Consultation
as needed on benefits, compensation, payroll, hiring and termination, recruiting, and employee relations matters, as well as insurance and risk management
	  	  
 Ending 12/31/2019
	 	  
 N/A

  
 -14-CONFIDENTIAL
TREATMENT

 

CONFIDENTIAL
TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [*], HAS BEEN FILED SEPERATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	 

     

    

 

Execution
version

Confidential

 

COLLABORATION
and license AGREEMENT

 

This
COLLABORATION AND LICENSE AGREEMENT (this “Agreement”), dated as of January 3, 2019 (the “Effective
Date”), is entered into by and between Corbus Pharmaceuticals, Inc., a Delaware corporation (“Corbus”),
and Kaken Pharmaceutical Co., Ltd., a company organized under the laws of Japan (“Licensee”). Corbus and Licensee
are referred to in this Agreement individually as a “Party” and collectively as the “Parties”.

 

RECITALS:

 

WHEREAS,
Corbus is a clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat
inflammatory and fibrotic diseases;

 

WHEREAS,
Licensee possesses expertise in developing, manufacturing, marketing and selling pharmaceutical products worldwide; and

 

WHEREAS,
Corbus and Licensee desire to collaborate to Develop and Commercialize the Licensed Products in the Field for the Licensee Territory
(as such capitalized terms are defined herein), as more fully described in this Agreement.

 

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

 

	1.	DEFINITIONS

 

1.1.
Definitions.

 

Unless
specifically set forth to the contrary herein, the following terms, whether used in the singular or plural, will have the respective
meanings set forth below:

 

1.1.1.
“Abbreviated New Drug Application” or “ANDA” has the meaning set forth in the FD&C
Act 21 U.S.C. § 355(b)(2), 21 U.S.C. § 355(j) and 21 C.F.R. § 314.3 as amended, or such analogous provisions of
applicable Law outside the United States.

 

1.1.2.
“Accounting Standards” means, GAAP, with respect to Corbus and IFRS or GAAP, as applicable, with respect
to Licensee and its Related Parties, in each case, as generally and consistently applied throughout the Party’s organization.
Each Party will promptly notify the other in the event that it changes the Accounting Standards pursuant to which its records
are maintained; provided, however, that each Party may only use internationally recognized accounting principles
(e.g. IFRS, GAAP, etc.).

 

1.1.3.
“Acquirer” means, collectively, the Third Party referenced in the definition of Change of Control and such
Third Party’s Affiliates, other than the applicable Party in the definition of Change of Control and such Party’s
Affiliates, determined as of immediately prior to the closing of such Change of Control.

 

1.1.4.
“Additional Indication” means a human disease or pathological condition intended to be treatable by a therapeutic
product other than either of the Initial Indications.

 

    	 

     

    

 

1.1.5.
“Additional Indication Japan License” has the meaning set forth in Section 10.6.

 

1.1.6.
“Affiliate” means, with respect to a Person, any other Person that controls, is controlled by, or is under
common control with, such Person, whether now or in the future. For purposes of this Agreement, a Person will be deemed to control
another Person if it owns or controls, directly or indirectly, more than fifty percent (50%) of the equity securities of such
other Person entitled to vote in the election of directors (or, in the case that such other Person is not a corporation, for the
election of the corresponding managing authority), or otherwise has the power to direct the management and policies of such other
Person. The Parties acknowledge that in the case of certain entities organized under the Laws of certain countries outside the
United States, the maximum percentage ownership permitted by Law for a foreign investor may be less than fifty percent (50%),
and that in such case such lower percentage will be substituted in the preceding sentence, provided that such foreign
investor has the power to direct the management and policies of such entity. For clarity, a Person may be or become an Affiliate
of another Person and may cease to be an Affiliate of such Person, in each case, during the Term of this Agreement.

 

1.1.7.
“Agreement” has the meaning set forth in the preamble.

 

1.1.8.
“Alliance Manager” has the meaning set forth in Section 2.1.

 

1.1.9.
“Alternate Trademark” has the meaning set forth in Section 12.11.1.3.

 

1.1.10.
“Anti-Corruption Laws” has the meaning set forth in Section 10.2.17.

 

1.1.11.
“Auditor” has the meaning set forth in Section 8.7.3.

 

1.1.12.
“Bankrupt Party” has the meaning set forth in Section 7.4.

 

1.1.13.
“Bankruptcy Code” has the meaning set forth in Section 13.5.

 

1.1.14.
“Bioequivalency” has the meaning set forth in Schedule 1.1.14.

 

1.1.15.
“Bioequivalency Failure” has the meaning set forth in Section 8.2.2.1.

 

1.1.16.
“Brief” has the meaning set forth in Section 14.3.4.2(b).

 

1.1.17.
“Business Day” means a day other than a Saturday, Sunday or a bank or other public holiday in Massachusetts,
United States or in Tokyo, Japan.

 

1.1.18.
“Calendar Quarter” means the respective periods of three (3) consecutive calendar months ending on March
31, June 30, September 30 and December 31 of each Calendar Year.

 

1.1.19.
“Calendar Year” means each successive period of twelve (12) months commencing on January 1 and ending on
December 31.

 

1.1.20.
“CDISC” means the Clinical Data Interchange Standards Consortium which is an interdisciplinary nonprofit
organization that establishes international standards for data collection, interchange, application, and storage for the purpose
of promoting interoperation of clinical research data.

 

1.1.21.
“Change of Control” means, with respect to a Party, (a) a merger or consolidation of such Party with a
Third Party that results in the voting securities of such Party outstanding immediately prior thereto, or any securities into
which such voting securities have been converted or exchanged, ceasing to represent at least fifty percent (50%) of the combined
voting power of the surviving entity or the parent of the surviving entity immediately after such merger or consolidation, (b)
a transaction or series of related transactions in which a Third Party, together with its Affiliates, becomes the direct or indirect
beneficial owner of more than fifty percent (50%) of the combined voting power of the outstanding securities of such Party, or
(c) the sale or other transfer to a Third Party of all or substantially all of such Party’s and its controlled Affiliates’
assets. Notwithstanding the foregoing, any transaction or series of transactions effected for the primary purpose of financing
the operations of the applicable Party or changing the form or jurisdiction of organization of such Party will not be deemed a
“Change of Control” for purposes of this Agreement.

 

    	-2-

     

    

 

1.1.22.
“Clinical Failure” means the occurrence of either, (a) the Parties mutually agreeing through the JSC (i)
[*] and (ii) [*], or (b) [*].

 

1.1.23.
“Clinical Study” means, with respect to any product, a Phase 1 Study, Phase 2 Study, Phase 3 Study, Post-Marketing
Study, Supplemental Study or other study (including a non-interventional study) in humans to obtain information regarding such
product, including information relating to the safety, tolerability, pharmacological activity, pharmacokinetics, dose ranging
or efficacy of such product.

 

1.1.24.
“CMC” means chemistry, manufacturing and controls with respect to a product, which includes (a) Manufacturing
process development records for such product, (b) all chemistry, Manufacturing and control procedures necessary for the Manufacture
of such product, and (c) sourcing and testing of all raw materials and components used in the Manufacture of such product.

 

1.1.25.
“CMC Activities” has the meaning set forth in Section 3.5.

 

1.1.26.
“CMC Work Plan” means the work plan detailing the CMC Activities
to be undertaken as mutually agreed by the Parties and attached hereto as Schedule 1.1.26.

 

1.1.27.
“Collaboration” means the collaboration of the Parties under this Agreement for the Development, Manufacture
and Commercialization of Licensed Products in the Field in the Licensee Territory.

 

1.1.28.
“Combination Product” means any and all pharmaceutical preparations containing (a) Lenabasum (or any deuterated
formulations, hydrates, solvates, salts, polymorphs, esters, prodrugs, metabolites, isomers, stereoisomers, diastereomers, enantiomers
and racemates thereof) and (b) one or more additional agents (other than any of the compounds of clause (a)) having a meaningful
therapeutic effect (whether coformulated or copackaged with any of the compounds of clause (a)). For the avoidance of doubt, equipment
used to administer any of the foregoing will not be deemed an “additional therapeutic agent” for the purposes of the
definition of “Combination Product.”

 

1.1.29.
“Commercialization” or “Commercialize” means, with respect to any product, any and all
activities directed to marketing, promoting, distributing, importing, exporting, using, offering to sell, or selling or otherwise
commercializing such product, and any and all activities directed to obtaining any Pricing Approvals for such product, as applicable.

 

1.1.30.
“Commercially Reasonable Efforts” means, with respect to the efforts and resources to be expended by a
Party with respect to any objective, the reasonable, diligent, good faith efforts to accomplish such objective typically used
by biotechnology or pharmaceutical companies similar in size and scope to such Party to accomplish a similar objective under similar
circumstances, which efforts and resources will be those efforts and resources made with respect to products at a similar stage
in development or product life and of similar market potential taking into account efficacy, safety, approved labeling, the competitiveness
of alternative products in the marketplace, the patent and other proprietary position of the product, the likelihood of Regulatory
Approval given the Regulatory Authority involved, and the profitability and commercial potential of the product (including amounts
due under this Agreement and any amounts payable to other licensors of patent or other Intellectual Property rights).

 

    	-3-

     

    

 

1.1.31.
“Committee” means the Joint Steering Committee, the Joint Development Committee or the Joint Commercialization
Committee.

 

1.1.32.
“Competing Product” means, other than any Licensed Product, any pharmaceutical product in the Licensee
Territory that (a) [*], and (b) [*], excluding from clauses (a) and (b) Licensee’s products existing on the Effective Date
and set forth on Schedule 1.1.32.

 

1.1.33.
“Competitive Infringement” means, on a Licensed Product-by-Licensed Product and country-by-country basis,
where the making, using, selling, offering for sale, or importing, by any Third Party (other than any Sublicensee or authorized
purchaser or other authorized transferee of such Licensed Product by either Party), of any pharmaceutical product is Covered by
a Valid Claim of any Corbus Licensed Patent or a Licensee Controlled Patent. For clarity, filing of an Abbreviated New Drug Application
with any applicable Regulatory Authority with respect to a Licensed Product as the reference product by any such Third Party will
be deemed to be Competitive Infringement.

 

1.1.34.
“Competitive (Corbus) Infringement” means any Competitive Infringement with respect to any Licensed Product
in the Corbus Territory, but does not include any Competitive (Licensee) Infringement.

 

1.1.35.
“Competitive (Licensee) Infringement” means any Competitive Infringement with respect to any Licensed Product
in the Licensee Territory, but does not include any Competitive (Corbus) Infringement.

 

1.1.36.
“Confidential Information” means any and all confidential or proprietary information and data and all other
scientific, pre-clinical, clinical, regulatory, Manufacturing, marketing, financial and commercial information or data, whether
communicated in writing or orally or by any other method, which is or has been provided by one Party or any of its Affiliates
to the other Party or any of its Affiliates in connection with this Agreement.

 

1.1.37.
“Contract” means any contract, agreement, lease, sublease, license, sales order, purchase order, loan,
credit agreement, bond, debenture, note, mortgage, indenture, guarantee, undertaking, instrument, arrangement, understanding or
other commitment, whether written or oral, that is or was binding on any Person or any part of its property under applicable Law,
whether in effect or if expired or terminated solely with respect to any provisions surviving such expiration or termination as
of the Effective Date, including all amendments related to any of the foregoing.

 

1.1.38.
“Control” means, with respect to any Patents or Know-How, the possession (whether by ownership, license
or sublicense, other than by a license, sublicense or other right granted (but not assignment) pursuant to this Agreement) by
a Party of the ability to assign or grant to the other Party the licenses, sublicenses or rights to access and use such Patents
or Know-How as provided for in this Agreement, without (a) violating the terms or conditions of any agreement or other arrangement
with any Third Party in existence as of the time such Party would be required hereunder to grant such license, sublicense, or
rights of access and use, and (b) paying any consideration to any Third Party, except for that which a Party in-licenses and under
which the other Party elects to take a sublicense and agrees to make the associated payments pursuant to Section 7.2.2
or 7.2.4, as applicable, which will be considered under the Control of such Party. Notwithstanding anything in this Agreement
to the contrary, a Party will be deemed not to Control any Patents or Know-How that are owned or in-licensed by an Acquirer except
(a) with respect to any such Patents or Know-How arising from active participation by employees or consultants of the Acquirer
in the Collaboration after such Change of Control, (b) to the extent that any such Patents or Know-How are included in or used
in furtherance of the Collaboration by the Acquirer after such Change of Control, or (c) for Know-How and Patents constituting
improvements (or direct improvements to such improvements) to the Corbus Licensed Technology, the Licensee Background Technology
or Program IP (as applicable) in existence prior to such Change of Control developed or conceived by any employees or consultants
of the Acquirer.

 

    	-4-

     

    

 

1.1.39.
“Controlling Party” has the meaning set forth in Section ‎12.6.4.

 

1.1.40.
“Corbus” has the meaning set forth in the preamble.

 

1.1.41.
“Corbus Indemnitees” has the meaning set forth in Section 11.1.

 

1.1.42.
“Corbus Licensed Know-How” means any and all Know-How Controlled by Corbus or its Affiliates (solely or
jointly with a Third Party) (a) in existence as of the Effective Date, or (b) arising during the Term, including that comprising
New Corbus IP, comprising New Lenabasum IP, or within Corbus’ interest in the Joint Program IP, that, in each case of (a)
and (b), is necessary or useful for the Exploitation of any Licensed Products in the Field.

 

1.1.43.
“Corbus Licensed Patents” means any and all Patents Controlled by Corbus or its Affiliates (solely or jointly
with a Third Party) (a) in existence as of the Effective Date, or (b) arising during the Term, including those comprising New
Corbus IP, comprising New Lenabasum IP, or within Corbus’ interest in the Joint Program IP, that, in each case of (a) and
(b), are necessary or useful for the Exploitation of any Licensed Products in the Field. The Corbus Licensed Patents existing
as of the Effective Date are set forth on Schedule 1.1.43.

 

1.1.44.
“Corbus Licensed Technology” means, collectively, the Corbus Licensed Know-How and the Corbus Licensed
Patents.

 

1.1.45.
 “Corbus Territory” means all countries, territories and possessions of the world, except Japan.

 

1.1.46.
 “Cover”, “Covering” or “Covered” means that, with respect to a Licensed
Product under this Agreement or a product of a Third Party, but for a license granted to any Person under any claim included in
a Patent, the manufacture, use, sale, offer for sale or importation of such Licensed Product or such product, as applicable, in
the Field in the relevant Territory by such Person would infringe such claim, where the reference to “claim” in this
definition includes the claims of any pending Patent application as if issued.

 

1.1.47.
 “Develop” and “Development” means, with respect to any product, any and all nonclinical,
preclinical and clinical drug development activities conducted before or after obtaining Regulatory Approval for such product
that are reasonably related to or leading to the development, preparation, or submission of data and information to a Regulatory
Authority for the purpose of obtaining, supporting or expanding Regulatory Approval of such product, together with all activities
related to pharmacokinetic profiling, design and conduct of Nonclinical Studies and Clinical Studies (including Post-Marketing
Studies) of such product, and regulatory affairs, statistical analysis, report writing, and regulatory filing creation and submission
related to the foregoing (including the services of outside advisors and consultants in connection therewith).

 

    	-5-

     

    

 

1.1.48.
“Development Costs” means, with respect to a Licensed Product, those costs and expenses directly incurred
in connection with the performance of any Development activities, including as set forth under the Initial Indications Development
Plan, for such Licensed Product, including costs for full-time scientific or technical persons, fees charged by Third Party service
providers, and other Out-of-Pocket Costs, any and all costs and expenses incurred in connection with the performance of any Clinical
Study for such Licensed Product, including the cost to manufacture the supply of drug product for such Licensed Product for any
Clinical Studies, and costs related to preparing and filing applications for Regulatory Approval or submissions to Regulatory
Authorities (including associated filing fees, translation expenses and legal and other professional service fees).

 

1.1.49.
“Disputes” has the meaning set forth in Section 14.3.1.

 

1.1.50.
“DM” means the disease or pathological indication Dermatomyositis.

 

1.1.51.
“Dollars” or “$” means the legal tender of the United States.

 

1.1.52.
“Effective Date” has the meaning set forth in the preamble.

 

1.1.53.
“Efficacy Concern” means that a reasonable person would conclude that a Clinical Failure is likely based
on the efficacy data from Clinical Studies with respect to a Licensed Product.

 

1.1.54.
“Executive Officer” means, for Corbus, its Chief Executive Officer or another senior executive designee
with responsibilities and seniority comparable thereto, and for Licensee, its Chief Executive Officer or another senior executive
designee with responsibilities and seniority comparable thereto; provided that any of the foregoing individuals may designate
the Chief Financial Officer as his/her designee for financial related matters. In the event that the position of any of the Executive
Officers identified in this Section 1.1.54 no longer exists due to a Change of Control, corporate reorganization, corporate
restructuring or the like that results in the elimination of the identified position, the applicable Executive Officer will be
replaced with another executive officer with responsibilities and seniority comparable to the eliminated Executive Officer.

 

1.1.55.
“Existing In-Licensing Agreements” has the meaning set forth in Section 7.2.1.

 

1.1.56.
“Existing Trademark” has the meaning set forth in Section 12.11.1.1.

 

1.1.57.
“Expedited Arbitration” has the meaning set forth in Section 14.3.4.1.

 

1.1.58.
“Expedited Dispute” has the meaning set forth in Section 14.3.4.1.

 

1.1.59.
“Exploit” means, collectively, research, Develop, Manufacture, Commercialize, register or otherwise exploit.

 

1.1.60.
“FDA” means the United States Food and Drug Administration or any successor agency thereto.

 

1.1.61.
“FD&C Act” means the United States Federal Food, Drug and Cosmetic Act, as amended.

 

1.1.62.
“Field” means the prevention or treatment of either of the Initial Indications in human patients.

 

    	-6-

     

    

 

1.1.63.
“First Commercial Sale” means, on a Licensed Product-by-Licensed Product basis, the first commercial sale
in an arms’ length transaction of a Licensed Product to a Third Party by Licensee or any of its Related Parties in the Licensee
Territory following receipt of applicable Regulatory Approval of such Licensed Product in the Licensee Territory.

 

1.1.64.
“First Regulatory Milestone” has the meaning set forth in Section 8.2.1.

 

1.1.65.
“GAAP” means (a) with respect to Corbus, generally accepted accounting principles as practiced in the United
States, as consistently applied and (b) with respect to Licensee and its Related Parties, generally accepted accounting principles
as practiced in Japan, as consistently applied.

 

1.1.66.
“GCP” means the then current standards for clinical trials for pharmaceuticals, as set forth in the FD&C
Act and applicable regulations promulgated thereunder, as amended from time to time, and such standards of good clinical practice
as are required by Regulatory Authorities in the Licensee Territory.

 

1.1.67.
 “Generic Competition” means, with respect to the Licensee Territory, as assessed on a Licensed Product-by-Licensed
Product and Calendar Quarter-by-Calendar Quarter basis, a fraction (expressed as a percentage), the numerator of which shall be
the aggregate number of units of specific Generic Products (for such applicable Licensed Product) sold in the Licensee Territory
during such Calendar Quarter, and the denominator of which shall be the aggregate number of units of such specific Generic Products
(for such applicable Licensed Product) sold in the Licensee Territory during such Calendar Quarter plus the aggregate number of
units of such applicable Licensed Product sold in the Licensee Territory during such Calendar Quarter, based on IMS Market Data
obtained by Licensee for such Generic Product, or if such data is not available, such other reliable data source as is reasonably
determined by Licensee.

 

1.1.68.
“Generic Product” means a Third Party product containing an active ingredient that is the same or substantially
the same chemical structure as that contained in a Licensed Product (whether approved under an ANDA, or other applicable abbreviated
or expedited approval process), and where bioequivalence of such Third Party product to such Licensed Product has been asserted
in the application for approval to a Regulatory Authority, and where such Third Party product is approved by the applicable Regulatory
Authority based upon or in reliance upon safety and efficacy data generated by Corbus, Licensee or any licensee or sublicensee
(or any of their respective Affiliates) for such Licensed Product.

 

1.1.69.
“Global Development Plan” has the meaning set forth in Section 3.2.1.

 

1.1.70.
“GLP” means the then current standards for laboratory activities for pharmaceuticals, as set forth in the
FD&C Act and applicable regulations promulgated thereunder, as amended from time to time, and such standards of good laboratory
practice as are required by Regulatory Authorities in the Licensee Territory.

 

1.1.71.
“GMP” means the then current standards for Manufacturing for pharmaceuticals, as set forth in the FD&C
Act and applicable regulations promulgated thereunder, as amended from time to time, and such standards of good manufacturing
practice as are required by Regulatory Authorities in the Licensee Territory.

 

1.1.72.
“Governmental Authority” means any applicable government authority, court, tribunal, arbitrator, agency,
department, legislative body, commission or other instrumentality of (a) any government of any country or territory, (b) any nation,
state, province, county, city or other political subdivision thereof, or (c) any supranational body.

 

    	-7-

     

    

 

1.1.73.
“Harmonization Principle” means the principle that the Development and Commercialization of the Licensed
Products in the Licensee Territory, including such activities as clinical indication selection, clinical trial design (including
dosing), Regulatory Approval strategy (including labelling), CMC, and marketing and commercialization strategy, (a) will be conducted
so as to harmonize with the Development and Commercialization of the Licensed Products by or on behalf of Corbus in the Corbus
Territory, and (b) in no event will be conducted in a manner that would materially adversely
affect the Development or Commercialization of the Licensed Products by or on behalf of Corbus in the Corbus Territory.

 

1.1.74.
“ICC” has the meaning set forth in Section 14.3.3.

 

1.1.75.
“IFRS” means International Financial Reporting Standards, as consistently applied.

 

1.1.76.
“In-License Agreements” has the meaning set forth in Section 7.2.3.

 

1.1.77.
“IND” means any Investigational New Drug Application, as defined in 21 C.F.R. § 312, or any corresponding
application in any country or jurisdiction other than the United States.

 

1.1.78.
“Indemnified Party” has the meaning set forth in Section 11.3.

 

1.1.79.
“Indemnifying Party” has the meaning set forth in Section 11.3.

 

1.1.80.
“Initial Indications” mean SSc and DM.

 

1.1.81.
“Initial Indications Development Plan” has the meaning set forth in Section 3.2.2.

 

1.1.82.
“Intellectual Property” means, in any and all jurisdictions throughout the world, all (a) Patents, (b)
trademarks, service marks, trade dress, slogans, logos, symbols, trade names, brand names or other identifiers of source or goodwill
recognized by any Governmental Authority, including registrations and applications for registration thereof and including the
goodwill symbolized thereby or associated therewith, (c) Internet domain names and associated uniform resource locators and social
media addresses and accounts, (d) copyrights, whether in published and unpublished works of authorship, registrations, applications,
renewals and extensions therefor, mask works, and any and all similar rights recognized in a work of authorship by a Governmental
Authority, (e) any trade secret rights in any inventions, discoveries, improvements, trade secrets and all other confidential
or proprietary information (including know-how, data (including data), formulas, processes and procedures, research records, records
of inventions, test information, and market surveys), and all rights to limit the use or disclosure thereof, (f) registered and
unregistered design rights, (g) rights of privacy and publicity and (h) any and all other intellectual property rights recognized
by any Governmental Authority under the Laws of any country throughout the world.

 

1.1.83.
“JCC Communication Plan” has the meaning set forth in Section 2.4.3.

 

1.1.84.
“JDC Communication Plan” has the meaning set forth in Section 2.3.3.

 

1.1.85.
“Joint Commercialization Committee” or “JCC” has the meaning set forth in Section
2.4.1.

 

    	-8-

     

    

 

1.1.86.
“Joint Development Committee” or “JDC” has the meaning set forth in Section 2.3.1.

 

1.1.87.
“Joint Program IP” has the meaning set forth in Section 12.2.3.

 

1.1.88.
“Joint Program IP Patents” means all Patents within the Joint Program IP.

 

1.1.89.
“Joint Steering Committee” or “JSC” has the meaning set forth in Section 2.2.1.

 

1.1.90.
 “JRA Exception” has the meaning set forth in Section 12.1.2.

 

1.1.91.
“Know-How” means all commercial, technical, scientific and other know-how and information, trade secrets,
knowledge, technology, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas,
technical assistance, designs, drawings, assembly procedures, computer programs, specifications, data and results (including biological,
chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, preclinical, clinical, safety, Manufacturing
and quality control data and know-how, including regulatory data, study designs and protocols), and Materials, in all cases, whether
or not confidential, proprietary, patented or patentable, in written, electronic or any other form now known or hereafter developed.

 

1.1.92.
“Knowledge” means with respect to Corbus, the actual knowledge as of the Effective Date of any of Yuval
Cohen, Mark Tepper, Barbara White, Robert Discordia or Ross Lobell as, respectively, the Chief Executive Officer, Chief Science
Officer, Chief Medical Officer, Vice President, CMC, or Vice President, Regulatory Affairs of Corbus and such knowledge as would
be imputed to such Persons upon due inquiry (including to their direct reports and the patent attorneys and agents involved in
the filing, prosecution or maintenance of any of the Corbus Licensed Patents).

 

1.1.93.
“Laws” means all applicable laws, statutes, rules, regulations, orders, judgments, injunctions, ordinances
or other pronouncements having the binding effect of law of any Governmental Authority, including if either Party is or becomes
subject to a legal obligation to a Regulatory Authority or other Governmental Authority (such as a corporate integrity agreement
or settlement agreement with a Governmental Authority).

 

1.1.94.
“Lenabasum” means the molecule described on Schedule 1.1.94.

 

1.1.95.
“Licensed Products” means any pharmaceutical product consisting of or containing Lenabasum, or any deuterated
formulations, hydrates, solvates, salts, polymorphs, esters, prodrugs, metabolites, isomers, stereoisomers, diastereomers, enantiomers
and racemates thereof, in any strengths, forms, formulations, and modes of administration and delivery. For clarity, a Licensed
Product includes any Combination Product.

 

1.1.96.
“Licensee” has the meaning set forth in the preamble.

 

1.1.97.
“Licensee Additional Development Activities” has the meaning set forth in Section 3.4.2.

 

1.1.98.
“Licensee Additional Development Proposal” has the meaning set forth in Section 3.4.2.

 

1.1.99.
“Licensee Background Patents” means the Patents within the Licensee
Background Technology.

 

    	-9-

     

    

 

1.1.100.
“Licensee Background Technology” means any and all Patents and Know-How Controlled by Licensee or its Affiliates
(solely or jointly with a Third Party) (a) in existence as of the Effective Date or (b) arising during the Term but independently
from this Agreement, that, in each case of (a) and (b), (i) are necessary for the Development, Manufacture or Commercialization
of any Licensed Products in the Field, or (ii) are reasonably useful for the Development, Manufacture or Commercialization of
any Licensed Products in the Field and is also used by Licensee or any of its Affiliates in connection with the Development, Manufacture
or Commercialization of Licensed Products in the Field in the Licensee Territory, and, for clarity, excluding the Licensee Program
IP and Licensee’s interest in the Joint Program IP.

 

1.1.101.
“Licensee Controlled Patents” has the meaning set forth in Section
12.5.1.1.

 

1.1.102.
“Licensee Indemnitees” has the meaning set forth in Section 11.2.

 

1.1.103.
“Licensee Licensed Technology” means, collectively the Licensee Background Technology, the Licensee Program
IP, and Licensee’s interest in the Joint Program IP.

 

1.1.104.
“Licensee Program IP” has the meaning set forth in Section 12.2.2.

 

1.1.105.
“Licensee Program IP Patents” means all Patents within the Licensee Program IP.

 

1.1.106.
“Licensee Territory” means Japan.

 

1.1.107.
“Licensee Territory Commercialization Plan” has the meaning set forth in Section 4.2.

 

1.1.108.
“Lien” means any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, adverse
claim, option, right of first refusal, preemptive right, community property interest or other restriction of any nature (including
any restriction on the voting of any security, any restriction on the transfer of any security or other asset, any restriction
on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession,
exercise or transfer of any other attribute of ownership of any asset).

 

1.1.109.
“Losses” has the meaning set forth in Section 11.1.

 

1.1.110.
“Manufacturing” or “Manufacture” means, with respect to any product, all activities
related to the manufacture of such product, including, but not limited to, manufacturing active pharmaceutical ingredient and
drug product for Development or Commercialization, packaging, in-process and finished product testing, release of such product
or any component or ingredient thereof, quality assurance and quality control activities related to manufacturing and release
of such product, ongoing stability tests, storage, shipment, and regulatory activities related to any of the foregoing.

 

1.1.111.
“Manufacturing Price” means [*]% of the cost of manufacturing (as such cost is defined in the Supply Agreement).

 

1.1.112.
“Material Communications” has the meaning set forth in Section 5.1.2.

 

1.1.113.
“Materials” means all tangible compositions of matter, devices, articles of manufacture, assays, biological,
chemical or physical materials and other similar materials.

 

    	-10-

     

    

 

1.1.114.
“MHLW” means the Japanese Ministry of Health, Labour and Welfare or any successor agency thereto.

 

1.1.115.
“Narcotics and Psychotropics Control Act” means the Japanese Narcotics and Psychotropics Control Act (Act
No. 14 of March 17, 1953).

 

1.1.116.
“NDA” means any New Drug Application as described in 21 C.F.R. § 314, or any corresponding application
for Regulatory Approval in any country or jurisdiction other than the United States.

 

1.1.117.
“Negotiation Period” has the meaning set forth in Section 10.6.

 

1.1.118.
 “Net Sales” means, with respect to a Licensed Product, the gross amounts invoiced or received by or on
behalf of Licensee or any of its Related Parties for any Licensed Product sold to Third Parties (other than Sublicensees, but
including wholesalers and distributors) in bona fide, arms-length transactions, as determined in accordance with Accounting Standards
consistently applied less the following permitted deductions:

 

(a)
trade, quantity and cash discounts, rebates, allowances or credits actually given on such Licensed Product sold;

 

(b)
amounts repaid or credited by reason of defect, rejection, recall, or return of Licensed Product previously sold;

 

(c)
distribution, transportation, importation, shipping, insurance, and other handling expenses directly chargeable to sales of such
Licensed Product;

 

(d)
retroactive price reductions or billing corrections for Licensed Product previously sold;

 

(e)
amounts previously included in Net Sales of such Licensed Product that are adjusted or written-off by Licensee or its Related
Parties as bad debt or otherwise uncollectible in accordance with the standard practices of Licensee or its Related Parties for
writing off uncollectible amounts consistently applied; provided, however, that if any such written-off
amounts are subsequently collected, then such collected amounts will be included in Net Sales in the period in which they are
subsequently collected; and

 

(f)
import taxes, export taxes, excises, sales taxes, value added taxes, consumption taxes, duties or other taxes imposed upon and
paid (excluding income or franchise taxes of any kind) allocated to sales of such Licensed Product in accordance with Licensee’s
or such Related Party’s standard policies and procedures consistently applied across its products, as applicable.

 

In
the case of any sale or other disposal of a Licensed Product between or among Licensee and any of its Related Parties for resale,
Net Sales will be calculated only on the value charged or invoiced on the first arm’s-length sale thereafter to a Third
Party (other than a Sublicensee, but including wholesalers and distributors). In the case of any sale or other disposal for value,
such as barter or counter-trade, of any Licensed Product, or part thereof, other than in an arm’s length transaction exclusively
for money, Net Sales will be calculated on the value of the non-cash consideration received or the fair market price (if higher)
of such Licensed Product(s) in the country of sale or disposal. In addition, in the case of any sale to a distributor or other
Third Party other than in an arm’s length transaction or in a transaction under which Licensee or any of its Related Parties
receives cash consideration other than or in addition to that metered on units of Licensed Product, then for purposes of the calculation
of Net Sales associated with such transaction, all amounts paid and other value provided by the distributor or other Third Party
to Licensee or such Related Party will be equitably apportioned between the purchased units of Licensed Product and any other
products or services provided by Licensee or such Related Party to the distributor or other Third Party and the amount apportioned
to units of Licensed Product will be included in the calculation of Net Sales. Licensee will promptly deliver to Corbus a written
report setting forth such apportionment. In the event Corbus disagrees with such apportionment, Corbus will so notify Licensee
and the Parties will meet to discuss and resolve such disagreement in good faith. If the Parties are unable to agree in good faith
on such apportionment within thirty (30) days, the matter will be submitted to Expedited Arbitration.

 

    	-11-

     

    

 

Notwithstanding
the foregoing, the following will not be included in Net Sales: (i) samples of Licensed Product used to promote additional Net
Sales, in amounts consistent with normal business practices of the selling party; and (ii) disposal or use of Licensed Products
in Clinical Studies or under compassionate use, patient assistance, named patient use, or non-registrational studies or other
similar programs or studies where the Licensed Product is supplied without charge.

 

If
a Licensed Product is sold as part of a Combination Product, Net Sales will be the product of (A) Net Sales of the Combination
Product calculated as above (i.e., calculated as for a Licensed Product that is not a Combination Product) and (B) the fraction
(A/(A+B)), where:

 

“A”
is the gross invoice price in such country of a Licensed Product having as its sole therapeutically active ingredient Lenabasum
(or any deuterated formulations, hydrates, solvates, salts, polymorphs, esters, prodrugs, metabolites, isomers, stereoisomers,
diastereomers, enantiomers and racemates thereof); and

 

“B”
is the gross invoice price in such country of the other component having a meaningful therapeutic effect contained in such Combination
Product.

 

If
“A” or “B” cannot be determined by reference to the sales of a Licensed Product that is not a Combination
Product, or sales of the other component, as applicable, as described above, then Net Sales will be calculated as above, but the
gross invoice price in the above equation will 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, variations in dosage units and the relative fair market value of each therapeutically active component
in the Combination Product. If the Parties are unable to reach such an agreement prior to the end of the applicable accounting
period, the Parties will refer such matter to a jointly selected Third Party with expertise in the pricing of pharmaceutical products
that is not, and has not in the past five (5) years been, an employee, consultant, legal advisor, officer, director or stockholder
of, and does not have any conflict of interest with respect to, either Party for resolution.

 

1.1.119.
“New-Controlling Party” has the meaning set forth in Section 12.6.5.1.

 

1.1.120.
“New Corbus IP” has the meaning set forth in Section 12.2.1.

 

1.1.121.
“New Lenabasum IP” has the meaning set forth in Section 12.2.1.2.

 

1.1.122.
 “NHI” means the National Health Insurance in Japan.

 

1.1.123.
“NHI Price” means the NHI price in Japan (yakka).

 

    	-12-

     

    

 

1.1.124.
“Non-Bankrupt Party” has the meaning set forth in Section 7.4.

 

1.1.125.
“Nonclinical Studies” means all non-human studies, including preclinical studies and toxicology studies,
of Licensed Products.

 

1.1.126.
“Non-Controlling Party” has the meaning set forth in Section 12.6.4.

 

1.1.127.
“Notice” has the meaning set forth in Section 10.6.

 

1.1.128.
“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 and specifically identifiable and incurred to conduct such activities for a
Licensed Product, including payments to contract personnel (including contractors, consultants and subcontractors).

 

1.1.129.
“Parties” has the meaning set forth in the preamble.

 

1.1.130.
“Party” has the meaning set forth in the preamble.

 

1.1.131.
“Patent” means all patents and patent applications and all substitutions, divisions, continuations, continuations-in-part,
any patent issued with respect to any such patent applications, any reissue, reexamination, utility models or designs, renewal
or extension (including any supplementary protection certificate) of any such patent, and any confirmation patent or registration
patent or patent of addition based on any such patent, and all counterparts and equivalents of any of the foregoing in any country
or jurisdiction.

 

1.1.132.
“Patent Challenge” has the meaning set forth in Section 13.6.

 

1.1.133.
 “Patent Costs” means the Out-of-Pocket Costs and expenses paid to outside legal counsel and other Third
Parties (including to any licensor pursuant to any in-license), and filing and maintenance expenses, incurred in Prosecuting and
Maintaining Patents and enforcing and defending them.

 

1.1.134.
“Person” means any natural person, corporation, unincorporated organization, partnership, association,
sole proprietorship, joint stock company, joint venture, limited liability company, trust or government, or Governmental Authority,
or any other similar entity.

 

1.1.135.
“Phase 1 Study” means a clinical study of an investigational product in patients with the primary objective
of characterizing its safety, tolerability, and pharmacokinetics and identifying a recommended dose and regimen for future studies
as described in 21 C.F.R. § 312.21(a), or a comparable clinical study prescribed by the relevant Regulatory Authority in
a country other than the United States.

 

1.1.136.
“Phase 2 Study” means a clinical study of an investigational product in patients with the primary objective
of characterizing its activity in a specific disease state as well as generating more detailed safety, tolerability, and pharmacokinetics
information as described in 21 C.F.R. § 312.21(b), or a comparable clinical study prescribed by the relevant Regulatory Authority
in a country other than the United States including a human clinical trial that is also designed to satisfy the requirements of
21 C.F.R. § 312.21(a) or corresponding foreign regulations and is subsequently optimized or expanded to satisfy the requirements
of 21 C.F.R. § 312.21(b) (or corresponding foreign regulations) or otherwise to enable a Phase 3 Study (e.g., a phase 1/2
trial).

 

    	-13-

     

    

 

1.1.137.
“Phase 3 Study” means a clinical study of an investigational product in patients that incorporates accepted
endpoints for confirmation of statistical significance of efficacy and safety with the aim to obtain Regulatory Approval in any
country as described in 21 C.F.R. § 312.21(c), or a comparable clinical study prescribed by the relevant Regulatory Authority
in a country other than the United States.

 

1.1.138.
“PMDA” means Japan’s Pharmaceuticals and Medical Devices Agency or any successor agency thereto.

 

1.1.139.
“PMDA-Required Supplemental Study” means a Supplemental Study, the completion of which is a condition to
issuance of Regulatory Approval by the MHLW for a Licensed Product in an Initial Indication in the Licensee Territory.

 

1.1.140.
“Post-Marketing Study” means a non-human or human clinical study of a Licensed Product initiated after
receipt of Regulatory Approval for such Licensed Product in a country or territory, that is required by the Regulatory Authority
in such country or territory to maintain the Regulatory Approval for such Licensed Product in such country or territory, but excluding
any Supplemental Study.

 

1.1.141.
“Pricing Approval” means such governmental approval, agreement, determination or decision establishing
prices for a Licensed Product that can be charged or reimbursed in regulatory jurisdictions where the applicable Governmental
Authorities approve or determine the price or reimbursement of pharmaceutical products.

 

1.1.142.
“Pricing Matters” means all issues and decisions regarding (a) price, price terms and other contract terms
with respect to Licensed Product sales, including discounts, rebates, other price concessions and service fees to payors and purchasers
and (b) reimbursement programs applicable to a Licensed Product.

 

1.1.143.
“Proceeding” means an action, suit or other proceeding before a governmental tribunal.

 

1.1.144.
“Program IP” has the meaning set forth in Section 12.2.3.

 

1.1.145.
“Program IP Patents” means all Patents within the Program IP.

 

1.1.146.
“Promotional Materials” has the meaning set forth in Section 4.4.

 

1.1.147.
“Prosecution and Maintenance” means, with respect to a particular Patent, the preparation, filing, prosecution
and maintenance of such Patent, as well as re-examinations, reissues and the like with respect to that Patent, together with the
conduct of interferences, the defense of oppositions and other similar proceedings with respect to that Patent (and the foreign
equivalents of any of the foregoing). “Prosecute and Maintain” and “Prosecuting and Maintaining”
have corresponding meanings.

 

1.1.148.
“Qualified Assignee” means an entity engaged in the pharmaceutical or biotechnology industry (a) that has
an investment grade credit rating with respect to such entity’s unsecured indebtedness (or whose ultimate parent’s
unsecured indebtedness is so rated), or (b) (i) whose securities are then listed upon a United States securities exchange or a
national securities exchange in France, Germany, Italy, Spain, the United Kingdom or Japan and (ii) has a market capitalization
of greater than or equal to U.S. $[*] at the time of the assignment contemplated under Section 14.1.1.

 

    	-14-

     

    

 

1.1.149.
“Regulatory Approval” means all approvals by Regulatory Authorities necessary for the manufacture, marketing,
importation and sale of a product for one or more indications in a country or regulatory jurisdiction, which may include satisfaction
of all applicable regulatory and notification requirements, but not including any Pricing Approvals. If the MHLW requires that
any of Licensed Products be scheduled in the Narcotics and Psychotropics Control Act, Regulatory Approval will include any approvals
required under the Narcotics and Psychotropics Control Act for the manufacture, marketing, importation and sale of such Licensed
Products in Licensee Territory.

 

1.1.150.
“Regulatory-Approval Trigger Date” has the meaning set forth in Section 14.1.1.

 

1.1.151.
“Regulatory Authority” means any Governmental Authority involved in granting approvals for the Development,
Manufacturing, Commercialization, Pricing Approval of pharmaceutical products, including the FDA, the European Medicines Agency,
the European Commission, the MHLW and the PMDA.

 

1.1.152.
“Regulatory Exclusivity” means, with respect to any product, any exclusive marketing rights or data exclusivity
rights with respect to such product (other than provided by Patents Covering such product) conferred for the Licensee Territory
by any Regulatory Authority of the Licensee Territory.

 

1.1.153.
“Regulatory Filing” means any submission to a Regulatory Authority, including all applications, registrations,
licenses, authorizations and approvals (including Regulatory Approvals), together with any related correspondence and documentation
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 and all clinical studies and tests, relating to a product and all
data contained in any of the foregoing, including all INDs, NDAs, regulatory drug lists, advertising and promotion documents,
clinical data, adverse event files and complaint files, and includes any submission to a regulatory advisory board, marketing
authorization application, and any supplement or amendment to any of the foregoing.

 

1.1.154.
“Regulatory Materials” means any regulatory notification, communication, correspondence, Regulatory Filings,
Regulatory Approvals and other filings made to, received from or otherwise conducted with a Regulatory Authority related to Developing,
Manufacturing, obtaining marketing authorization, marketing, selling or otherwise Commercializing a pharmaceutical product in
a particular country or jurisdiction.

 

1.1.155.
“Regulatory Milestone Event” has the meaning set forth in Section 8.2.1.

 

1.1.156.
“Regulatory Milestone Payment” has the meaning set forth in Section 8.2.1.

 

1.1.157.
“Related Party(ies)” means (a) with respect to Licensee, Licensee’s Affiliates and Sublicensees,
and (b) with respect to Corbus, Corbus’ Affiliates and Sublicensees.

 

1.1.158.
“Representatives” means, with respect to a Party, the Affiliates of such Party, and each of such Party’s
and its Affiliates’ respective officers, directors, managers, employees, consultants, and contractors.

 

1.1.159.
“Royalty Patents” means the Corbus Licensed Patents excluding (i) all Patents that are part of the New
Lenabasum IP and (ii) Corbus’ interest in the Joint Program IP Patents.

 

1.1.160.
“Royalty Term” has the meaning set forth in Section 8.5.

 

    	-15-

     

    

 

1.1.161.
“Safety Concern” means, with respect to any Licensed Product, (a) any safety concern required to be reported
under 21 C.F.R. § 312.32 or Article 273 of the Enforcement Regulations of the Law on Securing Quality, Efficacy and Safety
of Drugs of Japan (or any equivalent Law in any other country or jurisdiction outside the United States or Japan) if an IND with
respect to such Licensed Product was open at the time of the observation (or that would be so reportable if an IND was open at
such time), or (b) a toxicity or drug safety issue or a Serious Adverse Event reasonably related to or observed in connection
with Development or Commercialization activities with respect to a Licensed Product.

 

1.1.162.
“Sales Milestone Event” has the meaning set forth in Section 8.3.1.

 

1.1.163.
“Sales Milestone Payment” has the meaning set forth in Section 8.3.1.

 

1.1.164.
“SDEA” has the meaning set forth in Section 5.5.

 

1.1.165.
“Securitization Transaction” has the meaning set forth in Section 14.1.2.

 

1.1.166.
“Serious Adverse Event” means an adverse drug experience or circumstance that results in any of the following
outcomes: (a) death, (b) life-threatening condition, (c) inpatient hospitalization or a significant prolongation of existing hospitalization,
(d) persistent or significant disability or incapacity or substantial disruption of the ability to conduct normal life functions,
(e) congenital anomaly/birth defect, or (f) significant intervention required to prevent permanent impairment or damage.

 

1.1.167.
“Significant Trial” means, with respect to a Licensed Product, a human clinical trial that, at the time
of commencement, is reasonably expected to cost in excess of U.S. $[*].

 

1.1.168.
“SSc” means the disease or pathological indication Systemic Sclerosis.

 

1.1.169.
“Sublicensee” means a Third Party to which a Party or its Affiliate has granted or grants rights, as permitted
under this Agreement, to Develop, Manufacture or Commercialize any Licensed Products, or any further sublicensee of such rights
(regardless of the number of tiers, layers or levels of sublicenses of such rights).

 

1.1.170.
“Supplemental Study” means any Clinical Study (other than any Post-Marketing Study) for a Licensed Product
beyond what is contemplated in the Initial Indications Development Plan.

 

1.1.171.
“Supply Agreement” has the meaning set forth in Section 6.1.

 

1.1.172.
“Supply Transfer Price” has the meaning set forth in Section 8.4.1.1.

 

1.1.173.
“Technology Transfer Plan” has the meaning set forth in Section 3.8.1.

 

1.1.174.
“Term” has the meaning set forth in Section 13.1.

 

1.1.175.
“Territory” means (a) with respect to Corbus, the Corbus Territory and (b) with respect to Licensee, the
Licensee Territory.

 

1.1.176.
“Third Party” means any Person other than Licensee, Corbus or their respective Affiliates.

 

    	-16-

     

    

 

1.1.177.
“Third Party Action” has the meaning set forth in Section 12.6.3.

 

1.1.178.
“Third Regulatory Milestone” has the meaning set forth in Section 8.2.1.

 

1.1.179.
“Trademark” means any trademark, trade name, service mark, service name, brand, domain name, trade dress,
logo, slogan or other indicia of origin or ownership, including the goodwill and activities associated with each of the foregoing.

 

1.1.180.
 “United States” or “U.S.” means the United States of America and its territories, possessions
and commonwealths.

 

1.1.181.
“Valid Claim” means a claim of a Patent that (a) has not been rejected, revoked or held to be invalid or
unenforceable by a court or other authority of competent jurisdiction, from which decision no appeal can be further taken, or
(b) has not been finally abandoned, disclaimed or admitted to be invalid or unenforceable through reissue or disclaimer. In order
to be a Valid Claim, any claim being prosecuted in a pending patent application must be prosecuted in good faith and not have
been pending for more than five (5) years from the filing date of the first utility patent application (or equivalent concept
in any such country) in the patent application family of such patent application in the country in question, in which case it
will cease to be considered a Valid Claim until the patent issues and recites said claim.

 

1.1.182.
“Withdrawing Party” has the meaning set forth in Section 12.6.5.1.

 

1.1.183.
“Yen” or “JPY” means the legal tender of Japan.

 

	2.	GOVERNANCE

 

2.1.
Alliance Manager. Promptly following the Effective Date, each Party will designate an individual to facilitate communication
and coordination of the Parties’ activities under this Agreement relating to Licensed Products in the Licensee Territory
(each, an “Alliance Manager”). Each Alliance Manager may also serve as a representative of its respective Party
on one or more Committees. For clarity, unless an Alliance Manager is a representative of its respective Party on a particular
Committee, each Alliance Manager will have no voting right on any Committee unless otherwise agreed to in writing by the Parties.

 

2.2.
Joint Steering Committee.

 

2.2.1.
Formation; Composition; Dissolution. Within thirty (30) days after the Effective Date, the Parties will establish a
committee (the “Joint Steering Committee” or “JSC”) to provide strategic oversight of the
Parties’ activities under the Collaboration. Each Party will initially appoint three (3) representatives to the JSC, with
each representative having knowledge and expertise in the Development and Commercialization of molecules and products similar
to the Licensed Products, and having sufficient seniority within the applicable Party to provide meaningful input and make decisions
arising within the scope of the JSC’s responsibility. The JSC may change its size from time to time by mutual consent of
the Parties, provided that the JSC will consist at all times of an equal number of representatives of each of Corbus
and Licensee. Each Party may replace its JSC representatives at any time upon written notice to the other Party. The JSC may invite
non-members to participate in the discussions and meetings of the JSC, provided that such participants have no voting
authority at the JSC and are bound under written obligations of confidentiality and non-use no less protective of the Parties’
Confidential Information than those set forth in this Agreement. The JSC will be chaired on a Calendar Year basis by a chairperson
alternately designated by Corbus or Licensee. The initial chairperson of the JSC for the period commencing on the Effective Date
and ending on January 1, 2020 will be a Corbus designated chairperson, who will then be replaced by a Licensee designated chairperson
on January 1, 2020, and so forth. The JSC chairperson’s responsibilities will include conducting meetings, including, when
feasible, ensuring that objectives for each meeting are set and achieved. The JSC will exist for so long as the JDC or JCC exists
or there is at least one Licensed Product being Commercialized under this Agreement.

 

    	-17-

     

    

 

2.2.2.
Specific Responsibilities of the JSC. The JSC will have the following responsibilities in connection with the Collaboration:

 

2.2.2.1.
reviewing, discussing and approving any amendments to the Initial Indications Development Plan, including the proposed addition
thereto of any PMDA-Required Supplemental Study or Licensee Additional Development Activities;

 

2.2.2.2.
approving any amendments to the CMC Work Plan;

 

2.2.2.3.
approving any Licensee Additional Development Proposals and corresponding Licensee Additional Development Activities proposed
to be conducted;

 

2.2.2.4.
determining or approving that a Clinical Failure has occurred;

 

2.2.2.5.
approving any proposed Post-Marketing Studies for any Licensed Product in the Licensee Territory;

 

2.2.2.6.
approving the commercial positioning with respect to target patients of the Licensed Products in the Licensee Territory and
approving any proposed material changes thereto;

 

2.2.2.7.
approving the key promotional message with respect to the Licensed Products in the Licensee Territory and approving any proposed
material changes thereto;

 

2.2.2.8.
approving the Licensee Territory Commercialization Plan for each Licensed Product, including, in each case, any amendments
thereto;

 

2.2.2.9.
reviewing, discussing and providing input on the strategy with respect to Pricing Matters, including the price negotiation
strategy with Regulatory Authorities for the Licensed Products in the Licensee Territory and other communications with Regulatory
Authorities, and approving such strategy with respect to Pricing Matters (including the price bands for purposes of such strategy)
for the Licensed Products in the Licensee Territory;

 

2.2.2.10.
providing a forum for Corbus to raise for discussion and resolution of any decision regarding the Development or Commercialization
of the Licensed Products in the Licensee Territory perceived by Corbus to be deviating from the Harmonization Principle;

 

2.2.2.11.
coordinating the filing of Joint Program IP Patent applications;

 

2.2.2.12.
resolving any issues escalated by, or disputes within, the JDC or JCC; and

 

2.2.2.13.
establishing such additional joint subcommittees of the JSC as it deems necessary to oversee activities relating to the Licensed
Products in the Licensee Territory to achieve the objectives and intent of the Collaboration.

 

    	-18-

     

    

 

2.2.2.14.
determining in its reasonable discretion whether the Existing Trademark is suited for use in the Licensee Territory and if
it is not, or if use of the Existing Trademark with the Licensed Products in the Licensee Territory is rejected by the PMDA or
the MHLW, reviewing and approving an alternate Trademark to be used with the Licensed Products in the Licensee Territory as contemplated
by Section 12.11.1.3.

 

2.2.3.
Meetings. The JSC will meet at least twice per Calendar Year, unless the Parties mutually agree in writing to a different
frequency. The JSC may meet in person, by videoconference, or by teleconference, provided that at least one meeting
of the JSC per Calendar Year will be in person. In-person JSC meetings will be held at locations in the United States and in Japan
alternately selected by Corbus and by Licensee, or at any other location mutually agreed by the members of the JSC. The first
JSC meeting shall be held within ninety (90) days of the Effective Date. Meetings of the JSC will be effective only if at least
one (1) representative of each Party is present or participating in such meeting. Each Party will bear the expense of its respective
JSC members’ participation in JSC meetings. No later than five (5) Business Days prior to any meeting of the JSC (or such
shorter time period as the Parties may agree), the Alliance Managers together will prepare and circulate an agenda for such meeting;
provided, however, that either Party will be free to propose additional topics to be included on such agenda,
either prior to or in the course of such meeting, and any Party which will be presenting to the JSC at any meeting as part of
such agenda will prepare and provide detailed materials to the JSC representatives to support discussion. Either Party may also
call a special meeting of the JSC (by videoconference, teleconference or in person) by providing at least ten (10) Business Days
prior written notice to the other Party if such Party reasonably believes that a significant matter must be addressed prior to
the next scheduled meeting, in which event such Party will work with the Alliance Managers to provide the members of the JSC no
later than three (3) Business Days prior to the special meeting with an agenda for the meeting and materials reasonably adequate
to enable an informed decision. The JSC chairperson will be responsible for preparing reasonably detailed written minutes of JSC
meetings that reflect all decisions made and action items identified at such meetings. The JSC chairperson will send meeting minutes
to each member of the JSC for review and approval within ten (10) Business Days after each JSC meeting. Minutes will be deemed
approved unless one or more members of the JSC objects to the accuracy of such minutes within ten (10) Business Days of receipt.
Any material changes proposed to any meeting minutes by either Party’s members of the JSC will be promptly circulated by
the JSC chairperson to each member of the JSC for review and approval within ten (10) Business Days of receipt, with such process
repeating until the meeting minutes are approved by all JSC members. Minutes will be officially endorsed by the JSC at the next
JSC meeting, and will be signed by the Alliance Managers.

 

2.2.4.
Decision-Making. The representatives from each Party will have, collectively, one (1) vote on behalf of that Party.
Approvals of the JSC will require unanimous agreement. If the JSC cannot reach unanimous agreement on an issue that comes before
the JSC within fifteen (15) days of the meeting where such issue was raised and over which the JSC has oversight, the Parties
will refer such issue for resolution in accordance with Section 2.5.

 

2.3.
Joint Development Committee.

 

2.3.1.
Formation; Composition; Dissolution. Within thirty (30) days after the Effective Date, the Parties will establish a
committee to coordinate the Development of Licensed Products (the “Joint Development Committee” or “JDC”)
in the Licensee Territory. Each Party will initially appoint three (3) representatives to the JDC, with each representative having
knowledge and expertise in the Development of molecules and products similar to the Licensed Products and having sufficient seniority
within the applicable Party to provide meaningful input and make decisions arising within the scope of the JDC’s responsibilities.
The JDC may change its size from time to time by mutual consent of the Parties, provided that the JDC will consist
at all times of an equal number of representatives of each of Corbus and Licensee. Each Party may replace its JDC representatives
at any time upon written notice to the other Party. The JDC may invite non-members to participate in the discussions and meetings
of the JDC, provided that such participants have no voting authority at the JDC and are bound under written obligations
of confidentiality and non-use no less protective of the Parties’ Confidential Information than those set forth in this
Agreement. The JDC will be chaired by a chairperson designated by Corbus, whose responsibilities will include conducting meetings,
including, when feasible, ensuring that objectives for each meeting are set and achieved. The JDC will exist for so long as at
least one Licensed Product is being Developed under this Agreement.

 

    	-19-

     

    

 

2.3.2.
Specific Responsibilities of the JDC. The JDC will have the following responsibilities in connection with the Collaboration:

 

2.3.2.1.
overseeing and reviewing the Development of each Licensed Product in the Licensee Territory, including the conduct of any
Post-Marketing Study;

 

2.3.2.2.
reviewing and providing input on any amendments to the Initial Indications Development Plan, including the proposed addition
of any PMDA-Required Supplemental Study or Licensee Additional Development Activities thereto, for approval by the JSC of any
such amendments;

 

2.3.2.3.
reviewing and providing input on any Licensee Additional Development Proposals and corresponding Licensee Additional Development
Activities proposed to be conducted, for approval thereof by the JSC;

 

2.3.2.4.
reviewing and providing input on any proposed Post-Marketing Studies for any Licensed Product in the Licensee Territory, for
approval thereof by the JSC;

 

2.3.2.5.
creating and implementing the overall strategy regarding Regulatory Approval of Licensed Products in the Licensee Territory,
including content of label or other prescribing information;

 

2.3.2.6.
reporting on subcontracting services pursuant to Section 3.6;

 

2.3.2.7.
without limiting Section 2.3.2.5, reviewing and providing input on any material Regulatory Filings to Regulatory Authorities
for Regulatory Approval of Licensed Products in the Licensee Territory;

 

2.3.2.8.
determining and overseeing a reasonable and expeditious process to identify, and under which Corbus will provide to Licensee,
any submissions, filings or other material communications with a Regulatory Authority with respect to a Licensed Product in the
Corbus Territory to which Licensee needs access to support obtaining or maintaining a Regulatory Approval for a Licensed Product
in the Licensee Territory;

 

2.3.2.9.
without limiting Sections 2.3.2.5 and 2.3.2.7, providing a forum to facilitate the flow of information between
the Parties with respect to the Development and Regulatory Approval of the Licensed Products in the Licensee Territory, including
the reporting of and discussion of communications with Regulatory Authorities; and

 

2.3.2.10.
reviewing and providing input on any proposed amendments to the CMC Work Plan for approval by the JSC of any material such
amendments.

 

    	-20-

     

    

 

2.3.3.
Meetings. The JDC will meet at least four (4) times per Calendar Year, unless the Parties mutually agree in writing
to a different frequency. The JDC may meet in person, by videoconference, or by teleconference, provided that at
least two (2) meeting of the JDC per Calendar Year will be in person. In-person JDC meetings will be held at locations in the
United States and in Japan alternately selected by Corbus and by Licensee, or at any other location mutually agreed by the members
of the JDC. Meetings of the JDC will be effective only if at least one (1) representative of each Party is present or participating
in such meeting. Each Party will bear the expense of its respective JDC members’ participation in JDC meetings. No later
than fifteen (15) days prior to the first meeting of the JDC and in each Calendar Year thereafter while the JDC exists, the Alliance
Managers will prepare a communication plan setting forth a schedule of the dates of each JDC meeting for that Calendar Year and
a proposed agenda for each such meetings (“JDC Communication Plan”). No later than five (5) Business Days prior
to any meeting of the JDC (or such shorter time period as the Parties may agree), the Alliance Managers together will prepare
and circulate an agenda for such meeting based on the agenda previously included for such meeting in the JDC Communication Plan;
provided, however, that either Party will be free to propose additional topics to be included on such
agenda, either prior to or in the course of such meeting, and any Party which will be presenting to the JDC at any meeting as
part of such agenda will prepare and provide detailed materials to the JDC representatives to support discussion. Either Party
may also call a special meeting of the JDC (by videoconference, teleconference or in person) by providing at least ten (10) Business
Days prior written notice to the other Party if such Party reasonably believes that a significant matter must be addressed prior
to the next scheduled meeting, in which event such Party will work with the Alliance Manager to provide the members of the JDC
no later than three (3) Business Days prior to the special meeting with an agenda for the meeting and materials reasonably adequate
to enable an informed decision. The JDC chairperson will be responsible for preparing reasonably detailed written minutes of JDC
meetings that reflect all decisions made and action items identified at such meetings. The JDC chairperson will send meeting minutes
to each member of the JDC for review and approval within ten (10) Business Days after each JDC meeting. Minutes will be deemed
approved unless one or more members of the JDC objects to the accuracy of such minutes within ten (10) Business Days of receipt.
Any material changes proposed to any meeting minutes by either Party’s members of the JDC will be promptly circulated by
the JDC chairperson to each member of the JDC for review and approval within ten (10) Business Days of receipt, with such process
repeating until the meeting minutes are approved by all JDC members. Minutes will be officially endorsed by the JDC at the next
JDC meeting, and will be signed by the Alliance Managers.

 

2.3.4.
Decision-Making. The representatives from each Party will have, collectively, one (1) vote on behalf of that Party.
Approvals of the JDC shall require the unanimous agreement. If the JDC cannot reach unanimous agreement on an issue that comes
before the JDC within ten (10) days of the meeting where such issue was raised and over which the JDC has oversight, the Parties
will refer such issue for resolution to the JSC.

 

2.4.
Joint Commercialization Committee.

 

2.4.1.
Formation; Composition; Dissolution. Within three (3) months of Licensee making a Regulatory Filing in respect of the
first Licensed Product for either of the Initial Indications with any Regulatory Authority of the Licensee Territory or such earlier
time as decided by the JSC, the Parties will establish a committee to review and confirm Commercialization activities with respect
to Licensed Products in the Licensee Territory (the “Joint Commercialization Committee” or “JCC”).
Each Party will initially appoint three (3) representatives to the JCC, with each representative having knowledge and expertise
in the Commercialization of products similar to the Licensed Products and having sufficient seniority within the applicable Party
to provide meaningful input and make decisions arising within the scope of the JCC’s responsibilities. The JCC may change
its size from time to time by mutual consent of the Parties, provided that the JCC will consist at all times of
an equal number of representatives of each of Corbus and Licensee. Each Party may replace its JCC representatives at any time
upon written notice to the other Party. The JCC may invite non-members to participate in the discussions and meetings of the JCC,
provided that such participants have no voting authority at the JCC and are bound under written obligations of confidentiality
and non-use no less protective of the Parties’ Confidential Information than those set forth in this Agreement. The JCC
will be chaired by a chairperson designated by Licensee, whose responsibilities will include conducting meetings, including, when
feasible, ensuring that objectives for each meeting are set and achieved. The JCC will exist for so long as at least one Licensed
Product is being Commercialized under this Agreement.

 

    	-21-

     

    

 

2.4.2.
Specific Responsibilities of the JCC. Subject to any limitations under applicable Law, the JCC will have the following
responsibilities in connection with the Collaboration:

 

2.4.2.1.
discussing and providing input on the Licensee Territory Commercialization Plan for each Licensed Product, including, in each
case, any amendments thereto, for approval by the JSC;

 

2.4.2.2.
facilitating the flow of information between the Parties with respect to the Commercialization of Licensed Products in the
Licensee Territory, including information as to pricing for the Licensed Products;

 

2.4.2.3.
reviewing Promotional Materials pursuant to the provisions of Section 4.4; and

 

2.4.2.4.
discussing strategies for abating a Competitive Infringement of any Licensed Product within either Party’s respective
Territory as contemplated by Section 12.6.1.

 

2.4.3.
Meetings. The JCC will meet at least twice per Calendar Year, unless the Parties mutually agree in writing to a different
frequency. The JCC may meet in person, by videoconference, or by teleconference, provided that at least one (1)
meeting of the JCC per Calendar Year will be in person. In-person JCC meetings will be held at locations in the United States
and in Japan alternately selected by Corbus and by Licensee, or at any other location mutually agreed by the members of the JCC.
Meetings of the JCC will be effective only if at least one (1) representative of each Party is present or participating in such
meeting. Each Party will bear the expense of its respective JCC members’ participation in JCC meetings. No later than fifteen
(15) days prior to the first meeting of the JCC in the stub-Calendar Year in which it is formed and in each Calendar Year thereafter
while the JCC exists, the Alliance Managers will prepare a communication plan setting forth a schedule of the dates of each JCC
meeting for that Calendar Year and a proposed agenda for each such meetings (“JCC Communication Plan”). No
later than five (5) Business Days prior to any meeting of the JCC (or such shorter time period as the Parties may agree), the
Alliance Managers together will prepare and circulate an agenda for such meeting based on the agenda previously included for such
meeting in the JCC Communication Plan; provided, however, that either Party will be free to propose
additional topics to be included on such agenda, either prior to or in the course of such meeting, and any Party which will be
presenting to the JCC at any meeting as part of such agenda will prepare and provide detailed materials to the JCC representatives
to support discussion. Either Party may also call a special meeting of the JCC (by videoconference, teleconference or in person)
by providing at least ten (10) Business Days prior written notice to the other Party if such Party reasonably believes that a
significant matter must be addressed prior to the next scheduled meeting, in which event such Party will work with the Alliance
Managers to provide the members of the JCC no later than three (3) Business Days prior to the special meeting with an agenda for
the meeting and materials reasonably adequate to enable an informed decision. The JCC chairperson will be responsible for preparing
reasonably detailed written minutes of JCC meetings that reflect all decisions made and action items identified at such meetings.
The JCC chairperson will send meeting minutes to each member of the JCC for review and approval within ten (10) Business Days
after each JCC meeting. Minutes will be deemed approved unless one or more members of the JCC object to the accuracy of such minutes
within ten (10) Business Days of receipt. Any material changes proposed to any meeting minutes by either Party’s members
of the JCC will be promptly circulated by the JCC chairperson to each member of the JCC for review and approval within ten (10)
Business Days of receipt, with such process repeating until the meeting minutes are approved by all JCC members. Minutes will
be officially endorsed by the JCC at the next JCC meeting, and will be signed by the Alliance Managers.

 

    	-22-

     

    

 

2.4.4.
Decision-Making. The representatives from each Party have, collectively, one (1) vote on behalf of that Party. If the
JCC cannot reach unanimous agreement on an issue that comes before the JCC within ten (10) days of the meeting where such issue
was raised and over which the JCC has oversight, the Parties will refer such issue for resolution by the JSC. For clarity, any
and all such communications or strategy involving Commercialization activities will be limited to those permitted under applicable
Law.

 

2.5.
Resolution of Committee Disputes.

 

2.5.1.
Referral to Executive Officers and Executive Management. The JSC may refer any matter as to which the JSC cannot reach
a consensus decision to the Executive Officers for resolution. If the JSC does so, the JSC will submit in writing the respective
positions of the Parties to their respective Executive Officers. Such Executive Officers will use good faith efforts, in compliance
with this Section 2.5.1, to resolve promptly such matter, which good faith efforts will include at least one meeting between
such Executive Officers within five (5) Business Days after the JSC’s submission of such matter to them. If the Executive
Officers are unable to reach unanimous agreement on any such matter within fifteen (15) days of the matter being presented to
them, then:

 

(a)
if the matter escalated by the JSC relates to the Exploitation of the Licensed Products in the Field in the Licensee Territory,
Licensee will have final decision-making authority over such matter (other than with respect to the matters covered by (c)); provided,
however, that Licensee shall not have final decision-making authority over matters relating to (i) the Manufacture
of the Licensed Products in the Field in the Licensee Territory unless and until the Parties agree that Licensee will Manufacture
the Licensed Products and (ii) the Global Development Plan;

 

(b)
if the matter escalated by the JSC relates to (i) the Global Development Plan or (ii) any amendment of the Initial Indications
Development Plan, to the extent not covered by clause (a) (other than with respect to the matters covered by (c)), Corbus will
have final decision-making authority over such matter; and

 

(c)
if the matter escalated by the JSC relates to (i) whether a decision, strategy or implementation of a strategy is consistent with
the Harmonization Principle, (ii) whether or not there has been a Clinical Failure or (iii) if the matter otherwise does not fall
within those specified in either clause (a) or clause (b), the Executive Officers will submit their respective positions on such
matter to be resolved by Expedited Arbitration. Notwithstanding anything herein to the contrary, no exercise of a Party’s
decision-making authority on any matters may, without the other Party’s prior written consent, (i) result in a material
increase in the other Party’s or its Related Parties’ obligations, costs or expenses, including expenditure of such
Party’s resources, under this Agreement, the Initial Indications Development Plan, or the Licensee Territory Commercialization
Plan, (ii) unilaterally modify, amend or waive its own compliance with the terms or conditions of this Agreement, or (iii) otherwise
conflict with this Agreement.

 

    	-23-

     

    

 

2.5.2.
Good Faith. In conducting themselves on Committees, and in exercising their rights under this Section 2.5, all
representatives of both Parties will consider diligently, reasonably and in good faith all input received from the other Party,
and will use reasonable efforts to reach unanimous agreement on all matters before them. In exercising any decision-making authority
granted to it under this Section 2.5, each Party will act based on its good faith business judgment.

 

2.6.
General Committee Authority. Each Committee has solely the powers expressly assigned to it in this Section 2.
No Committee will have any power to amend, modify, or waive the terms or conditions of this Agreement or compliance with the terms
and conditions of this Agreement.

 

	3.	DEVELOPMENT

 

3.1.
Responsibility; Costs.

 

3.1.1.
Corbus. Subject to the responsibilities of the JDC and the other terms and conditions of this Section 3 and
this Agreement, Corbus will be responsible for conducting or having conducted, in accordance with the Initial Indications Development
Plan and the Harmonization Principle, the Development of the Licensed Products in the Initial Indications for purposes of obtaining
and maintaining Regulatory Approval of Licensed Products in the Initial Indications in the Licensee Territory and in support of
Commercializing such Licensed Products in the Initial Indications, including conducting Clinical Studies pursuant to the Initial
Indications Development Plan. Such activities to be conducted by Corbus include the preparation of electronic data that meets
CDISC compliance in the Licensee Territory. Subject to Section 3.4.2 and the rest of this Section 3.1.1, Corbus
will bear one hundred percent (100%) of the Development Costs incurred in connection with the foregoing Development activities;
provided, however, that, the portion of Development Costs in connection with the foregoing activities
that are costs related to preparing and filing applications for Regulatory Approval or submissions to Regulatory Authorities (including
associated filing fees, translation expenses and legal and other professional service fees) will be borne entirely by Licensee.

 

3.1.2.
Licensee. Subject to the responsibilities of the JDC and the other terms and conditions of this Section 3 and
this Agreement, Licensee will be responsible for conducting or having conducted, in accordance with the Harmonization Principle,
any other Development of the Licensed Products, beyond what is contemplated in Section 3.1.1, including the preparing and
filing applications for Regulatory Approval in the Field in the Licensee Territory based upon data from Clinical Studies conducted
by Corbus pursuant to the Initial Indications Development Plan for purposes of obtaining and maintaining Regulatory Approval of
Licensed Products in the Initial Indications in the Licensee Territory and post-Regulatory Approval clinical research in support
of Commercializing such Licensed Products in the Initial Indications in the Licensee Territory not covered by the terms of Sections
3.1.1 and 3.4. Licensee will bear one hundred percent (100%) of the Development Costs and any other costs and expenses
incurred in connection with the foregoing Development activities.

 

3.1.3.
Retained Rights. Corbus retains the exclusive right, and will have sole discretion and control over the Development
of the Licensed Products for purposes of obtaining and maintaining Regulatory Approval for Commercialization of such Licensed
Products anywhere in the world, other than in the Field in the Licensee Territory. Corbus will bear one hundred percent (100%)
of the Development Costs incurred in connection with the foregoing Development activities.

 

    	-24-

     

    

 

3.2.
Development Plans.

 

3.2.1.
Global Development Plan. Corbus’ worldwide plan for the Development of the Licensed Products is attached hereto
as Schedule 3.2.1 (as may be updated by Corbus from time to time so long as such update (i) does not materially adversely
impact the rights or increase the obligations of Licensee and (ii) is reported to the JDC at the next JDC meeting) (the “Global
Development Plan”).

 

3.2.2.
Initial Indications Development Plan. Corbus’ plan setting forth the Development activities that are necessary
to be undertaken for the Licensed Product to support obtaining Regulatory Approval for each of the Initial Indications in the
Licensee Territory is attached hereto as Schedule 3.2.2 (the “Initial Indications Development Plan”).
The JDC will review and provide input on any amendments to the Initial Indications Development Plan submitted to it in
accordance with Section 2.3.2.2, and the JSC will approve all such amendments to the Initial Indications Development Plan
in accordance with Section 2.2.2.1.

 

3.3.
Diligence; Standards of Conduct. Corbus will use Commercially Reasonable Efforts to perform the Development
activities specified in the Initial Indications Development Plan.

 

3.4.
Supplemental Studies.

 

3.4.1.
PMDA-Required Supplemental Studies. Corbus will be responsible for conducting or having conducted, any PMDA-Required
Supplemental Study. Corbus will bear one hundred percent (100%) of the Development Costs incurred in connection with the performance
of any PMDA-Required Supplemental Study.

 

3.4.2.
Licensee Additional Development Proposals. If Licensee desires Corbus to conduct or have conducted a Supplemental Study
(other than a PMDA-Required Supplemental Study) for a Licensed Product for the purpose of seeking Regulatory Approval to market
such Licensed Product in the Field in the Licensee Territory, Licensee will submit to the JDC a proposal to add such Supplemental
Study to the Initial Indications Development Plan (a “Licensee Additional Development Proposal”). Each Licensee
Additional Development Proposal will describe in reasonable detail the applicable Supplemental Study(ies) that Licensee desires
Corbus to conduct or have conducted, including a synopsis of the trial or activities, the proposed enrollment criteria, number
of patients to be included, endpoints to be measured, and statistical design and powering (the “Licensee Additional Development
Activities”), as well as a proposed timeline and an analysis of the business opportunity and revenue potential for such
Licensee Additional Development Activities.

 

3.4.3.
JSC Decision Regarding Licensee Additional Development Proposals/Activities. The JDC will review and provide input
on any Licensee Additional Development Proposal and corresponding Licensee Additional Development Activities submitted to it in
accordance with Section 2.3.2.3, and the JSC will approve all such Licensee Additional Development Proposals and corresponding
Licensee Additional Development Activities in accordance with Section 2.2.2.3. The JSC will approve or reject a Licensee
Additional Development Proposal and corresponding Licensee Additional Development Activities within forty-five (45) days after
receipt thereof from the JDC.

 

3.4.3.1.
If the JSC approves a Licensee Additional Development Proposal and corresponding Licensee Additional Development Activities,
(a) upon such an approval, the Initial Indications Development Plan will be amended to include such Licensee Additional Development
Activities, including the proposed timeline for such Licensee Additional Development Activities set forth in such Licensee Additional
Development Proposal (as may be amended by the JSC); (b) the conduct of such Licensee Additional Development Activities will be
subject to the responsibilities of the JSC and the JDC; and (c) any costs and expenses incurred in the performance of such Licensee
Additional Development Activities will be deemed Development Costs and will be borne solely by Licensee.

 

    	-25-

     

    

 

3.4.3.2.
If the JSC does not approve a Licensee Additional Development Proposal and corresponding Licensee Additional Development Activities,
then the same will not be undertaken whether by Corbus or Licensee under this Agreement.

 

3.5.
CMC Development. All Development relating to CMC (other than activities related to the active pharmaceutical ingredient
(API) of the Licensed Products) required to be conducted to support obtaining and maintaining
Regulatory Approval in the Licensee Territory for any Licensed Product in the Initial Indications that is the subject of the Initial
Indications Development Plan, including all CMC activities related to all phases of Manufacturing the Licensed Product through
and including the packaging of Licensed Product in the format determined by the JSC to be preferable for the Japanese market (such
as aluminum blister packs) for Commercialization in the Licensee Territory (the “CMC
Activities”) will be conducted by Corbus in accordance with the Harmonization Principle and the CMC Work Plan. Any and
all costs and expenses incurred in connection with the CMC Activities will be borne solely by Licensee, except for such
costs and expenses incurred for CMC Activities the completion of which is a condition to issuance of Regulatory Approval by the
MHLW for a Licensed Product in an Initial Indication in the Licensee Territory, which costs and expenses will be borne by Corbus;
provided, that with respect to any such costs and expenses borne by Licensee, [*].

 

3.6.
Third Parties. Subject to Section 7.1.1.4 and the rest of this Section 3.6, a Party will be entitled
to subcontract to Third Parties, and to utilize the services of Third Parties to perform, its Development activities, if any,
under this Section 3, provided that (a) such Party requires under any such agreement executed on or after
the Effective Date that such Third Party operate in a manner consistent with this Agreement and reasonably acceptable to the other
Party, (b) such Party remains at all times fully liable to the other Party for its Development responsibilities under this Agreement,
and (c) such Party submits at every other regularly scheduled meeting of the JDC a list of its then-current Third Party subcontractors
performing any Development activities on its’ behalf. Such Party will be solely responsible for direction of and communications
with such Third Party service provider, but such Party will provide the other Party with reasonably detailed updates regarding
any such activities from time to time through the JDC.

 

3.7.
Scientific Records. Each Party will maintain scientific records, in sufficient detail and in sound scientific manner
appropriate for Patent and regulatory purposes and in compliance with GLP, GCP and GMP, as applicable, with respect to activities
intended to be submitted in regulatory filings, which will fully and accurately reflect all work done and results achieved in
the performance of the Development activities, Clinical Studies, and Supplemental Studies with respect to Licensed Products by
such Party.

 

3.8.
Technology Transfer.

 

3.8.1.
The Parties will negotiate in good faith and enter into a technology transfer plan so that transfer of the technology (i.e.,
transfer of the physical or electronic documents or other tangible manifestations) can occur within six (6) months of the Effective
Date (as such period may be extended by mutual written agreement of the Parties), pursuant to which Corbus, [*], will complete
a transfer to Licensee of the Corbus Licensed Know-How in existence as of the date of such transfer that is reasonably useful
for the Exploitation of Licensed Products in the Field, including (a) the then-current Manufacturing process, manufacturing data
and any other information as is necessary for Manufacturing Licensed Products in the Field as and to the extent consistent with
Licensee’s Manufacturing rights in Section 7.1.1.3 and (b) Nonclinical Study and Clinical Study data, CMC data, study
reports, batch records, vendor information, validation documentation, analyses and applicable reference standards used in analytical
testing of the Licensed Products in the Initial Indications, which plan will set forth the details of such Corbus Licensed Know-How
to be transferred in a format compliant with the CDISC and the timing of such transfer to be completed (the “Technology
Transfer Plan”). Corbus has disclosed or will disclose to Licensee all of the Corbus Licensed Know-How that is required
to be disclosed pursuant to this Section 3.8.1.

 

    	-26-

     

    

 

3.8.2.
Corbus will provide any information, data and other assistance reasonably requested by Licensee to enable Licensee to carry
out its obligations under this Agreement, including providing Licensee with (a) data from Corbus’ Phase 3 Study sufficient
to obtain Regulatory Approval for the Licensed Products in the Initial Indications, (b) Know-How Controlled by Corbus generated
for Exploitation and pricing activities related to the Licensed Products worldwide, to the extent such Know-How is reasonably
useful for such Exploitation and pricing activities and available and accessible to Corbus, and (c) Nonclinical Studies and other
pre-clinical data, Clinical Studies data (including clinical data and other related information generated in compliance with CDISC
standards), CMC data, a complete copy of any dossier for the Licensed Products, minutes of meetings with Regulatory Authorities,
and any information necessary for Licensee to obtain Regulatory Approval in the Licensee Territory. Notwithstanding the foregoing,
Corbus shall have no obligations under this Section 3.8.2 if providing such information, data or assistance would [*],
unless the requested information, data or assistance is required by Regulatory Authorities for Licensee to obtain Regulatory Approval
in the Licensee Territory.

 

3.8.3.
In the event that the Parties agree that Licensee will Manufacture Licensed Products, Corbus shall, to facilitate such transfer,
(a) make available to Licensee Corbus’ or its Third Party manufacturer’s technical personnel with appropriate skill
and experience during mutually agreeable times, [*], (b) provide Licensee with assistance (other than financial assistance) and
disclose and allow access to the Corbus Licensed Know-How necessary or reasonably useful for such Manufacturing, including Know-How
related to formulating and/or packaging Licensed Products in the Field, and (c) transfer to Licensee and/or its designee all agreements
with Third Parties Manufacturing, formulating and/or packaging Licensed Product in the Field for distribution of Licensed Product
in the Licensee Territory (or otherwise facilitate separate agreements between Licensee and such Third Parties enabling Licensee
to use such Third Parties for such activities), in each case, as and to the extent consistent with Licensee’s Manufacturing
rights in Section 7.1.1.3. The Manufacture of the Licensed Products by Licensee will be subject to a manufacturing agreement
to be entered into by the Parties.

 

	4.	COMMERCIALIZATION

 

4.1.
Responsibility, Costs.

 

4.1.1.
Licensee. Subject to the oversight of the JSC and JCC and to the other terms and conditions of this Section 4.1
and of this Agreement, on a Licensed Product-by-Licensed Product basis, Licensee will be responsible for all Commercialization
activities relating to the Licensed Products in the Field in the Licensee Territory, at its sole cost and expense, in accordance
with the Licensee Territory Commercialization Plan and the Harmonization Principle.

 

    	-27-

     

    

 

4.1.2.
Corbus. Corbus, at its sole cost and expense, will have sole responsibility and control of all Commercialization activities
relating to the Licensed Product, other than in the Field in the Licensee Territory.

 

4.2.
Licensee Territory Commercialization Plan. No later than six (6) months following the Effective Date, Licensee
will prepare and deliver to the JCC for review and input and approval by the JSC a reasonable written plan that summarizes the
Commercialization activities (including any pre-Regulatory Approval activities in preparation for commercial launch) to be undertaken
with respect to the Licensed Products in the Field in the Licensee Territory, where such plan will include marketing and promotional
activities for the Licensed Products in the Field in the Licensee Territory aligned with the commercial positioning and the key
message approved by the JSC and consistent with the Harmonization Principle (the “Licensee Territory Commercialization
Plan”). Updates and modifications of the Licensee Territory Commercialization Plan may be proposed by Licensee for approval
by the JSC, from time to time and no less frequently than once per Calendar Year, based upon, among other things, Licensee’s
Commercialization activities with respect to the Licensed Products in the Field in the Licensee Territory.

 

4.3.
Diligence; Standards of Conduct. Licensee will use Commercially Reasonable Efforts to (a) perform the
Commercialization activities specified in the Licensee Territory Commercialization Plan, (b) subject to the provisions of Section
5.2, obtain Pricing Approval for a Licensed Product in the Licensee Territory within a reasonable time after having received
approval from the MHLW to Commercialize such Licensed Product in each Initial Indication that is the subject of the corresponding
Regulatory Approval, and (c) begin to Commercialize such Licensed Product in such Initial Indication in the Licensee Territory
within [*] of having obtained Pricing Approval for such Licensed Product in the Licensee Territory; provided, however,
in the event that Corbus breaches any terms of this Agreement and such breach impedes Licensee’s ability to perform its
obligations under Section 3.1.2, this Section 4.3 or Section 5.2, then Licensee shall be relieved of performing
such obligations to the extent that such breach impedes such performance (and will not be precluded from seeking legal and equitable
remedies to such breach by Corbus), but only for so long as such breach continues. Except as set forth in Section 3.1.2,
this Section 4.3 and Section 5.2, Licensee will not have any obligations to conduct Development or Commercialization
of Licensed Products, including any fiduciary obligations or implied duties.

 

4.4.
Advertising and Promotional Materials. Licensee will be responsible for the creation, preparation, production, reproduction
and filing with the applicable Regulatory Authorities, of relevant written sales, promotion and advertising materials relating
to each Licensed Product (“Promotional Materials”) for use in the Field in the Licensee Territory. All such
Promotional Materials will be compliant with applicable Law, consistent in all material respects with the Licensee Territory Commercialization
Plan, and with the Harmonization Principle. Licensee will submit representative samples of its Promotional Materials developed
by it for use in the Licensee Territory to the JCC at least annually thereafter (or more frequently if reasonably requested by
Corbus). Licensee will consider in good faith any timely comments Corbus may have with respect to any such Promotional Materials,
but will have final decision-making authority in the Licensee Territory with respect to such Promotional Materials. Notwithstanding
the foregoing, Licensee will incorporate any changes to Promotional Materials requested by Corbus in a timely fashion in cases
where Corbus indicates that it believes in good faith that such change is necessary to enable Corbus to comply with any applicable
Law.

 

4.5.
Reporting Obligations. Licensee will report to the JCC in writing, on an annual basis in the first Calendar
Quarter of each Calendar Year, beginning with the Calendar Year following the first Regulatory Approval of a Licensed Product
in the Field in the Licensee Territory (for the period ending December 31 of the prior Calendar Year), summarizing in reasonable
detail Licensee’s Commercialization activities for such Licensed Product performed to date (or updating such report for
activities performed since the last such report was given hereunder, as applicable). In addition, Licensee will provide Corbus
with written notice of the First Commercial Sale of each Licensed Product in the Field in the Licensee Territory as soon as reasonably
practicable after such event; provided, however, that, Licensee will inform Corbus of such event prior
to public disclosure of such event by Licensee. Licensee will provide such other information to the JCC as Corbus may reasonably
request with respect to Commercialization of Licensed Products in the Field in the Licensee Territory and will keep the JCC reasonably
informed of Licensee’s Commercialization activities with respect to Licensed Products.

 

    	-28-

     

    

 

4.6.
Booking of Sales and Handling of Returns.

 

4.6.1.
Corbus will be responsible for booking sales of the Licensed Products sold in the Corbus Territory. Licensee will be responsible
for booking sales of the Licensed Products sold in the Field in the Licensee Territory. Each Party may warehouse Licensed Products
both inside and outside of such Party’s Territory, provided that any sales with respect to such Licensed Products
occur and are booked in such Party’s Territory.

 

4.6.2.
Moreover, Licensee will be solely responsible for handling all returns of any Licensed Product sold in the Licensee Territory,
as well as all aspects of Licensed Product order processing, invoicing and collection, distribution, inventory and receivables
of Licensed Products sold in the Licensee Territory.

 

4.7.
Recalls, Market Withdrawals or Corrective Actions. In the event that any Regulatory Authority issues or requests
a recall or takes a similar action in connection with a Licensed Product in a Territory, or in the event either Party determines
that an event, incident or circumstance has occurred that may result in the need for a recall or market withdrawal of a Licensed
Product in its Territory, the Party notified of such recall or similar action, or the Party that desires such recall or similar
action, will as promptly as possible, notify the other Party’s Alliance Manager and JCC representatives thereof by telephone
or e-mail, and will discuss with the other Party the reasons for the recall, market withdrawal or similar action. Each Party will
decide whether to conduct a recall of a Licensed Product in its own Territory and the manner in which any such recall will be
conducted (except in the case of a government mandated recall, when such Party may act without such advance notice, but will notify
the other Party as soon as possible thereafter). Except as may otherwise be agreed to by the Parties, each Party will bear the
expense of any such recall in its own Territory. Each Party will make available all of its pertinent records that may be reasonably
requested by the other Party in order for a Party to effect a recall of a Licensed Product in its Territory. The Parties’
rights and obligations under this Section 4.7 will be subject to the terms and conditions of any supply agreement(s), including
any SDEA or quality related agreements entered into between the Parties. In the event of a conflict between the provisions of
any such supply agreement, SDEA or quality related agreements and this Section 4.7, the provisions of such supply agreement,
SDEA or quality related agreements will govern.

 

4.8.
Ex-Territory Sales; Export Monitoring.

 

4.8.1.
Ex-Territory Sales. Subject to applicable Law, neither Party will engage in any advertising or promotional activities
relating to any Licensed Product directed primarily to customers or other buyers or users of such Licensed Product located outside
of its Territory or accept orders for Licensed Products from or sell Licensed Products into such other Party’s Territory
for its own account, and, if a Party receives any order for any Licensed Product in the other Party’s Territory, it will
refer such orders to the other Party, to the extent it is not prohibited from doing so under applicable Law. For clarity, but
subject to Licensee’s rights under Section 10.6, nothing in this Section 4.8.1 will prevent Corbus and its
Related Parties from undertaking, or having undertaken, any of the foregoing activities with respect to any Licensed Product outside
of the Field in the Licensee Territory.

 

    	-29-

     

    

 

4.8.2.
Export Monitoring. Each Party will use reasonable efforts to monitor and prevent exports of Licensed Products from
its own Territory for Commercialization in the other Party’s Territory using methods permitted under applicable Law that
are commonly used in the industry for such purpose (if any), and will promptly inform the other Party of any such exports of Licensed
Products from its Territory, and any actions taken to prevent such exports. Each Party agrees to take reasonable actions requested
in writing by the other Party that are consistent with applicable Law to prevent exports of Licensed Products from its Territory
for Commercialization in the other Party’s Territory. For clarity, but subject to Licensee’s rights under Section
10.6, nothing in this Section 4.8.2 will prevent Corbus and its Related Parties from exporting Licensed Products from
the Corbus Territory for Commercialization of such Licensed Products outside of the Field in the Licensee Territory.

 

	5.	REGULATORY

 

5.1.
Regulatory Filings and Interactions.

 

5.1.1.
Responsibilities.

 

5.1.1.1.
Corbus. Corbus, at its sole cost and expense, will be solely responsible for all regulatory matters relating to a Licensed
Product, and will solely and exclusively own all Regulatory Materials with respect thereto, other than in the Field in the Licensee
Territory, including any drug master files maintained by or on behalf of Corbus. Corbus, at its sole cost and expense, will have
the sole and exclusive right to (a) oversee, monitor and coordinate all regulatory actions, communications and filings with, and
submissions to, each Regulatory Authority with respect to each Licensed Product, (b) interface, correspond and meet with each
Regulatory Authority with respect to each Licensed Product, and (c) seek and maintain all Regulatory Filings with respect to each
Licensed Product, in each case of (a), (b) and (c), other than in the Field in the Licensee Territory. Corbus will provide to
Licensee all Nonclinical Study and Clinical Study data in its possession that is reasonably required by Licensee to apply for
Regulatory Approval for each Licensed Product for the Initial Indications in the Licensee Territory.

 

5.1.1.2.
Licensee. Licensee, at its sole cost and expense, will be solely responsible for all regulatory matters relating to
a Licensed Product for the Initial Indications in the Licensee Territory, and will solely and exclusively own all Regulatory Materials
with respect to such Licensed Product for the Initial Indications in the Licensee Territory, including any drug master files maintained
by or on behalf of Licensee solely with respect thereto. Licensee, at its sole cost and expense, will have the sole and exclusive
right to (a) oversee, monitor and coordinate all regulatory actions, communications and filings with, and submissions to, each
Regulatory Authority in the Licensee Territory with respect to each Licensed Product for the Initial Indications, (b) interface,
correspond and meet with each Regulatory Authority in the Licensee Territory with respect to each Licensed Product for the Initial
Indications, and (c) seek and maintain all Regulatory Filings in the Licensee Territory with respect to each Licensed Product
for the Initial Indications.

 

    	-30-

     

    

 

5.1.2.
Communications with Regulatory Authorities. Licensee will notify the JDC, including a brief description in English,
of the principal issues raised in each Material Communication with Regulatory Authorities with respect to each Licensed Product
for the Initial Indications in the Licensee Territory within fifteen (15) Business Days after receipt thereof. Upon Corbus’
request, Licensee will provide to Corbus, at Corbus’ expense: (a) a summary translation of such Material Communications
in English, (b) complete copies of the original correspondence with such Regulatory Authorities in their native language, or (c)
a complete translation of such Material Communications in English, in each case of (a) through (c) within a reasonable period
of time following such request. For the purposes of this Section 5.1.2, “Material Communications” with
Regulatory Authorities include meetings with Regulatory Authorities and Regulatory Authority questions or concerns with respect
to significant issues, including any of the following: key product quality attributes (e.g., purity), safety findings affecting
the platform (e.g., Serious Adverse Events, emerging safety signals), clinical or nonclinical findings affecting patient
safety, lack of efficacy or receipt or denial of Regulatory Approval.

 

5.1.3.
Regulatory Meetings. Licensee will provide Corbus with reasonable advance notice of all substantive meetings with the
Governmental Authorities in the Licensee Territory pertaining to each Licensed Product for the Initial Indications, or with as
much advance notice as practicable under the circumstances. Licensee will use Commercially Reasonable Efforts, to the extent reasonably
practicable, to permit Corbus to have, at Corbus’ expense, mutually acceptable representatives of Corbus attend, solely
as a non-participating observer, material, substantive meetings with any Governmental Authorities within the Licensee Territory
pertaining to such Licensed Product for the Initial Indications; provided, however, that (a) if required
by the Governmental Authority, attendance by Corbus will be permitted, (b) attendance by the representatives of Corbus will not
prevent participation of a representative of Licensee due to restrictions imposed by Regulatory Authorities on the number of attendees;
and (c) Licensee will not be obligated to change the schedule of such meeting in order to accommodate the schedule of Corbus’
representatives.

 

5.1.4.
Submissions. Licensee will provide Corbus with written notice of each of the following events with regard to each Licensed
Product for the Initial Indications in the Licensee Territory, within a reasonable period of time following the occurrence thereof,
(a) the submission of any filings or applications for Regulatory Approval of such Licensed Product for the Initial Indications
in the Licensee Territory to any Regulatory Authority, and (b) receipt or denial of Regulatory Approval for such Licensed Product
for the Initial Indications in the Licensee Territory, provided, however, that Licensee will inform
Corbus such event under (a) or (b) prior to public disclosure of such event by Licensee. Licensee, within a reasonable period
of time following Corbus’ written request, will provide to Corbus, at Corbus’ cost and expense, a complete copy of
any of the filings or applications of clause (a).

 

5.1.5.
Coordination. The activities of Licensee and its Related Parties under this Section 5.1 will be subject to the
coordination and other responsibilities of the JDC and JSC and the Harmonization Principle.

 

5.2.
Diligence; Standards of Conduct. Licensee or any of its Related Parties will use Commercially Reasonable Efforts to
obtain Regulatory Approval for one Licensed Product in each of the Initial Indications in the Licensee Territory; provided,
however, that in the event Licensee fails to obtain such Regulatory Approval for either Initial Indication as a
result of a breach of its obligations under this Section 5.2, (a) [*] and (b) [*].

 

5.3.
Costs of Regulatory Affairs. Except as otherwise indicated in this Agreement, each Party will be responsible for all
costs and expenses incurred in connection with its efforts to apply for, obtain and maintain Regulatory Approval with respect
to Licensed Products in its Territory, and its related regulatory affairs activities.

 

    	-31-

     

    

 

5.4.
Right of Reference. Each Party, on behalf of itself and its Related Parties, hereby grants to the other Party,
and at the request of the other Party will grant to the other Party’s Related Parties, a “Right of Reference,”
as that term is defined in 21 C.F.R. § 314.3(b) (or any successor rule or analogous Law recognized outside of the United
States), to, and a right to copy, access, and otherwise use, all information and data (including all CMC information as well as
data made, collected or otherwise generated in the conduct of any Clinical Studies or of any Supplemental Studies or early access/named
patient programs for the Licensed Products) included in or used in support of any regulatory filing, Regulatory Approval, drug
master file or other Regulatory Materials maintained on behalf of such Party (or its Related Parties) that relates to any Licensed
Product, to the extent necessary to obtain Regulatory Approval of a Licensed Product in the Licensee Territory or the Corbus Territory,
as applicable, and such Party will provide a signed statement to this effect, if requested by the other Party, in accordance with
21 C.F.R. § 314.50(g)(3) (or any successor or analogous Law outside of the United States). In addition, upon the reasonable
request of either Party (on behalf of itself or any of its Related Parties), the other Party will, and will cause its Related
Parties to, obtain and provide to the requesting Party certificates or other formal or official attestations concerning the regulatory
status of the Licensed Products in the Licensee Territory or the Corbus Territory, as applicable (e.g., Certificates of
Free Sale, Certificates for Export, Certificates to Foreign Governments), at the requesting Party’s request and cost, and
provided further that such attestations are reasonably necessary for the requesting Party to exercise its rights under this Agreement.
For clarity, Licensee’s rights under this Section 5.4 may be exercised solely as is necessary to support filing for,
obtaining and maintaining Regulatory Approval for any Licensed Product in the Initial Indications in the Licensee Territory. Notwithstanding
anything to the contrary in this Agreement other than for Safety Concerns, neither Party nor any of its Related Parties will withdraw
or inactivate any Regulatory Filing that the other Party or the other Party’s Related Parties references or otherwise uses
pursuant to this Section 5.4.

 

5.5.
Pharmacovigilance. The Parties will cooperate with regard to the reporting and handling of safety information involving
the Licensed Products in accordance with applicable regulatory Laws and regulations on pharmacovigilance and clinical safety,
with Corbus being responsible, [*], for maintaining a global safety database, and Licensee being responsible, [*], for pharmacovigilance
reporting in the Licensee Territory. Within ninety (90) days from the Effective Date (as such period may be extended by mutual
written agreement of the Parties, but within such time to ensure that all regulatory requirements are met), the Parties will negotiate
in good faith and enter into a Safety Data Exchange Agreement (“SDEA”), which will define the pharmacovigilance
responsibilities of the Parties and include safety data exchange procedures to enable each Party (and their respective related
Third Parties, if any) to comply with all of its legal and regulatory obligations related to the Licensed Products.

 

	6.	MANUFACTURE

 

6.1.
Supply Agreement and Quality Agreement. Prior to validation of the commercial supply process for Licensed Products
(as such period may be extended by mutual written agreement of the Parties), the Parties will negotiate in good faith and enter
into (a) a supply agreement pursuant to which Corbus will supply Licensee’s and its Related Parties’ commercial requirements
of finished drug product for the Licensed Products for the Licensee Territory on the material terms set forth in Schedule 6.1
(the “Supply Agreement”) and (b) a quality agreement, where such agreements will include customary commercial
terms such as, by way of non-limiting examples, the right to receive a fair allocation of supply relative to Corbus and its Affiliates
and other licensees, sublicensees and distributors in the event of supply shortfall, and the right to require a second or alternative
source of supply.

 

    	-32-

     

    

 

	7.	LICENSES

 

7.1.
License Grants.

 

7.1.1.
License Grants to Licensee.

 

7.1.1.1.
Development License. Subject to the terms and conditions of this Agreement, Corbus hereby grants Licensee a non-transferable
(except as provided in Section 14.1), sublicensable through multiple tiers (subject to Sections 3.6 and 7.1.1.4)
exclusive (even as to Corbus and its Affiliates) license under the Corbus Licensed Technology to Develop Licensed Products in
the Field anywhere in the world; provided, however, that such license grant for Development will be
limited in each case solely as and to the extent permitted under this Agreement, and in each case, solely for purposes of obtaining
Regulatory Approval of Licensed Products in the Field in the Licensee Territory and Commercializing Licensed Products in the Field
in the Licensee Territory. Notwithstanding the foregoing exclusive grant, Corbus retains the right under the Corbus Licensed Technology,
with the right to grant licenses through multiple tiers in accordance with Section 7.1.2.4, which will apply mutatis
mutandis, (a) (i) to Develop Licensed Products anywhere in the world for obtaining Regulatory Approval of Licensed Products
in any indications in the Corbus Territory and Commercializing Licensed Products in any indications in the Corbus Territory, and
(ii) to Develop Licensed Products anywhere in the world for obtaining Regulatory Approval of Licensed Products outside of the
Field in the Licensee Territory and Commercializing Licensed Products outside of the Field in the Licensee Territory, but subject
to Licensee’s rights under Section 10.6, and (b) to perform, and have performed, its obligations under the Initial
Indications Development Plan.

 

7.1.1.2.
Commercialization License in the Licensee Territory. Subject to the terms and conditions of this Agreement, Corbus
hereby grants Licensee a non-transferable (except as provided in Section 14.1), sublicensable through multiple tiers (subject
to Section 7.1.1.4), exclusive (even as to Corbus and its Affiliates) license under the Corbus Licensed Technology to Commercialize
Licensed Products in the Field in the Licensee Territory.

 

7.1.1.3.
Manufacturing Licenses. Subject to the terms and conditions of this Agreement, and exercisable only as permitted under
the terms of the Supply Agreement between the Parties, Corbus hereby grants Licensee a non-transferable (except as provided in
Section 14.1), sublicensable through multiple tiers (subject to Section 7.1.1.4), exclusive (even as to Corbus and
its Affiliates) license under the Corbus Licensed Technology to Manufacture and have Manufactured Licensed Products anywhere in
the world solely for (a) Development solely for purposes of obtaining Regulatory Approval of Licensed Products in the Field in
the Licensee Territory; and (b) Commercialization of Licensed Products in the Field in the Licensee Territory; provided,
however, that, in no event whether pursuant to rights under this Agreement or the Supply Agreement, will Licensee
or any of its Related Parties have the right to [*]. Notwithstanding the foregoing exclusive grant, Corbus retains the right under
the Corbus Licensed Technology, with the right to grant licenses through multiple tiers in accordance with Section 7.1.2.4,
which will apply mutatis mutandis, to Manufacture and have Manufactured Licensed Products anywhere in the world (i) (A)
for Development of Licensed Products and Commercialization of Licensed Products in any indications in the Corbus Territory, (B)
for Development of Licensed Products and Commercialization of Licensed Products outside of the Field in the Licensee Territory,
but subject to Licensee’s rights under Section 10.6, and (C) for Development of Licensed Products in the Field in
the Licensee Territory, and (ii) to supply (or have supplied) Licensed Products to Licensee pursuant to any supply agreement agreed
to between the Parties.

 

    	-33-

     

    

 

7.1.1.4.
Sublicensing Terms.

 

(a)
In addition to its subcontracting rights pursuant to Section 3.6:

 

(i)
Licensee will have the right to sublicense any of its rights under Sections 7.1.1.1, 7.1.1.2 and 7.1.1.3,
to any of its Affiliates without the prior consent of Corbus, but subject to the requirements of this Section 7.1.1.4;
and

 

(ii)
Licensee will have the right to sublicense any of its rights under Sections 7.1.1.1, 7.1.1.2 and 7.1.1.3
to any Third Party with Corbus’ prior written consent (such consent not to be unreasonably withheld, conditioned or delayed),
subject to the requirements of this Section 7.1.1.4; provided, however, that, for clarity,
Licensee’s appointment of a Third Party distributor will not constitute a sublicense of Licensee’s rights under Section
7.1.1.2 requiring Corbus’ prior written consent, but any other sublicensing of Commercialization activities relating
to Licensed Products in the Licensee Territory will be a sublicense requiring such Corbus’ prior written consent in accordance
with the foregoing sentence.

 

(b)
Without limiting Section 7.1.1.4(a)(i), each sublicense granted by Licensee pursuant to this Section 7.1.1.4, and
sublicense or subcontracting agreement entered into by Licensee pursuant to Section 3.6, will be subject and subordinate
to this Agreement and will contain provisions consistent with the terms and conditions of this Agreement. Licensee will as soon
as reasonably practicable thereafter, provide Corbus with a copy of any executed sublicense agreement covering a material sublicense
granted hereunder (which copy may be redacted to remove financial provisions and other provisions which are not necessary to monitor
compliance with this Section 7.1.1.4). Each such sublicense agreement will contain the following provisions: (i) a requirement
that the Sublicensee comply with the confidentiality and non-use provisions of Section 9.1 with respect to Corbus’
Confidential Information, (ii) if such sublicense agreement contains a sublicense of rights granted under Section 7.1.1.2,
such sublicense agreement will also contain the following provisions: (A) a requirement that the Sublicensee submit applicable
sales or other reports to Licensee to the extent necessary or relevant to the reports required to be made or records required
to be maintained under this Agreement, and (B) the audit requirement set forth in Section 8.7.3, (iii) a requirement that
the Sublicensee comply with the applicable provisions under any in-license agreement of Corbus under which Licensee elects to
take a sublicense pursuant to Section 7.2.1, and (iv) provisions whereby Licensee obtains ownership of, or a fully sublicensable
non-exclusive (or exclusive) license (or an option to obtain such license) under and to, any Know-How and Patents that are developed
by the Sublicensee in the performance of such agreement and are reasonably necessary or useful to the Development, Manufacture
or Commercialization of Licensed Products in the Field; provided that the foregoing requirement to obtain ownership
of, or a fully sublicensable non-exclusive (or exclusive) license (or an option to obtain such license) will not apply to any
improvements unless such improvements are reasonably necessary to the Development, Manufacture or Commercialization of those Licensed
Products in the Field.

 

    	-34-

     

    

 

(c)
Notwithstanding any sublicense granted pursuant to this Section 7.1.1.4, Licensee will (i) remain primarily liable to Corbus
for the performance of all of Licensee’s obligations under, and Licensee’s compliance with all provisions of, this
Agreement and (ii) be liable for any act or omission of any such Sublicensee that is a breach of any of Licensee’s obligations
under this Agreement as though the same were a breach by Licensee, and Corbus shall have the right to proceed directly against
Licensee without any obligation to first proceed against such Sublicensee. Each (sub)license by Licensee and its Affiliates will
be subject to the applicable terms and conditions of this Agreement. For clarity, Licensee grants no rights hereunder to permit
Corbus to proceed directly against a Sublicensee.

 

7.1.2.
License Grants to Corbus.

 

7.1.2.1.
Development Licenses. Subject to the terms and conditions of this Agreement, Licensee hereby grants Corbus a non-transferable
(except as provided in Section 14.1), sublicensable through multiple tiers (subject to Section 7.1.2.4), terminable
(pursuant to the provisions of Section 13), nonexclusive license under the Licensee Background Technology and Licensee
Program IP (a) to Develop Licensed Products anywhere in the world solely for obtaining Regulatory Approval of Licensed Products
in any indications in the Corbus Territory and Commercializing Licensed Products in any indications in the Corbus Territory, and
(b) to Develop Licensed Products anywhere in the world solely for obtaining Regulatory Approval of Licensed Products outside of
the Field in the Licensee Territory and Commercializing Licensed Products outside of the Field in the Licensee Territory, but
subject to Licensee’s rights under Section 10.6.

 

7.1.2.2.
Commercialization Licenses in the Corbus Territory. Subject to the terms and conditions of this Agreement, Licensee
hereby grants Corbus a non-transferable (except as provided in Section 14.1), sublicensable through multiple tiers (subject
to Section 7.1.2.4), terminable (pursuant to the provisions of Section 13), nonexclusive license under the Licensee
Background Technology and Licensee Program IP (a) to Commercialize Licensed Products in any indications in the Corbus Territory,
and (b) to Commercialize Licensed Products outside of the Field in the Licensee Territory, but subject to Licensee’s rights
under Section 10.6.

 

7.1.2.3.
Manufacturing Licenses. Subject to the terms and conditions of this Agreement and any applicable supply agreement between
the Parties, Licensee hereby grants Corbus a non-transferable (except as provided in Section 14.1), sublicensable through
multiple tiers (subject to Section 7.1.2.4), terminable (pursuant to the provisions of Section 13), nonexclusive
license under the Licensee Background Technology and Licensee Program IP to Manufacture and have Manufactured such Licensed Product
anywhere in the world solely (a) for Development of Licensed Products and Commercialization of Licensed Products in any indications
in the Corbus Territory, and (b) for Development of Licensed Products and Commercialization of Licensed Products outside of the
Field in the Licensee Territory, but subject to Licensee’s rights under Section 10.6.

 

7.1.2.4.
Sublicensing Terms.

 

(a)
Corbus will have the right to sublicense any of its rights under Sections 7.1.2.1, 7.1.2.2 and 7.1.2.3 to
any of its Affiliates or to any Third Party (which sublicensed rights may be further sublicensable through multiple tiers) without
the prior consent of Licensee, subject to the requirements of this Section 7.1.2.4.

 

(b)
Each sublicense granted by Corbus pursuant to this Section 7.1.2.4 will be subject and subordinate to this Agreement and
will contain provisions consistent with the terms and conditions of this Agreement. Each such sublicense agreement will contain
the following provisions: (i) a requirement that the Sublicensee comply with the confidentiality and non-use provisions of Section
9.1 with respect to Licensee’s Confidential Information, and (ii) a requirement that the Sublicensee comply with the
applicable provisions under any in-license agreement of Licensee under which Corbus elects to take a sublicense pursuant to Section
7.2.4.

 

    	-35-

     

    

 

(c)
Notwithstanding any sublicense granted pursuant to this Section 7.1.2.4, Corbus will (i) remain primarily liable to Licensee
for the performance of all of Corbus’ obligations under, and Corbus’ compliance with all provisions of, this Agreement
and (ii) be liable for any act or omission of any such Sublicensee that is a breach of any of Corbus’ obligations under
this Agreement as though the same were a breach by Corbus, and Licensee shall have the right to proceed directly against Corbus
without any obligation to first proceed against such Sublicensee. Each (sub)license by Corbus and its Affiliates will be subject
to the applicable terms and conditions of this Agreement. For clarity, Corbus grants no rights hereunder to permit Licensee to
proceed directly against a Sublicensee.

 

7.2.
Third Party In-Licenses Payments.

 

7.2.1.
Existing In-Licensing Agreements. Corbus will be responsible for all payments associated with any agreements related
to the Corbus Licensed Technology that exist as of the Effective Date (“Existing In-Licensing Agreements”),
except as otherwise agreed by Licensee in writing.

 

7.2.2.
Additional In-Licensing Agreements. Subject to the provisions of Section 7.2.3, in the event that, after the
Effective Date, Corbus in-licenses Corbus Licensed Technology that is Controlled for purposes of any of the licenses granted to
Licensee under Section 7.1.1 but for which Corbus owes payments under the agreement for such in-licensed Corbus Licensed
Technology on account of any sublicense granted thereunder to Licensee or its Affiliates or its Sublicensees, Corbus will notify
Licensee of the existence, and anticipated amounts, of such payments and Licensee will have the right to decline a sublicense
to such in-licensed Corbus Licensed Technology or take such sublicense, in which case Licensee agrees to comply, and will cause
its Affiliates and Sublicensees to comply, with any obligations under such agreement of Corbus that apply to Licensee, its Affiliates
or its Sublicensees and of which Licensee was informed by Corbus, including any obligation to make such payments. In the event
Licensee elects to take such sublicense, Licensee will make such payments to Corbus within thirty (30) days of receiving an invoice
from Corbus for the same.

 

7.2.3.
Required In-License Agreements. In the event it becomes necessary during the Term to enter into an agreement with a
Third Party to in-license any Intellectual Property rights controlled by such Third Party that are necessary for the Exploitation
by Licensee of the Licensed Product in the Field in the Licensee Territory where such Intellectual Property rights, but for such
in-license, would be infringed, misappropriated or otherwise violated by the Licensed Product or its Exploitation, as such Licensed
Product (including the Manufacturing process therefor) existed on the Effective Date and was disclosed by Corbus to Licensee in
accordance with the technology transfer pursuant to the terms of Section 3.8, Corbus, or with Corbus’ permission
(not to be unreasonably withheld), Licensee, will enter into an agreement with such Third Party to in-license such Intellectual
Property rights and any payments under such in-license shall be Corbus’ responsibility (whether Corbus or Licensee executes
such agreement) (such in-licenses, together with the Existing In-Licensing Agreements, the “In-License Agreements”).
Without the prior written consent of Licensee, Corbus will not terminate or amend an In-License Agreement or fail to exercise
its rights or comply with its obligations under an In-License Agreement if such termination, amendment or failure would adversely
impact the rights of Licensee hereunder. Corbus shall furnish Licensee with copies of all notices received by Corbus relating
to any alleged breach or default by Corbus under the In-License Agreements as soon as reasonably practicable after Corbus’
receipt thereof. If Corbus cannot or chooses not to cure or otherwise resolve any alleged breach or default under an In-License
Agreement, Corbus shall so notify Licensee no less than ten (10) Business Days prior to the expiration of the cure period under
the In-License Agreement. Licensee, in its sole discretion, shall be permitted to cure any breach or default under the In-License
Agreement in accordance with the terms and conditions of the In-License Agreement or otherwise resolve such breach directly with
the licensors under the In-License Agreement; and, if Licensee pays the licensors under any In-License Agreement any amounts owed
by Corbus, Licensee may deduct such amounts from payments Licensee is required to make to Corbus hereunder.

 

    	-36-

     

    

 

7.2.4.
Licensee In-License Agreements. Licensee will be responsible for all payments associated with any agreements related
to the Licensee Background Technology that exist as of the Effective Date, except as otherwise agreed by Corbus in writing. In
the event that, after the Effective Date, Licensee in-licenses Licensee Background Technology that is Controlled for purposes
of any of the licenses granted to Corbus under Section 7.1.2 but for which Licensee owes payments under the agreement for
such in-licensed Licensee Background Technology on account of any sublicense granted thereunder to Corbus or its Affiliates or
its Sublicensees, Licensee will notify Corbus of the existence, and anticipated amounts of, such payments and Corbus will have
the right to decline a sublicense to such in-licensed Licensee Background Technology or take such sublicense, in which case Corbus
agrees to comply, and will cause its Affiliates and Sublicensees to comply, with any obligations under such agreement of Licensee
that apply to Corbus, its Affiliates or its Sublicensees and of which Corbus was informed by Licensee, including any obligation
to make such payments. In the event Corbus elects to take such sublicense, Corbus will make such payments to Licensee within thirty
(30) days of receiving an invoice from Licensee for the same.

 

7.3.
Combinations. Notwithstanding any other provision of this Agreement, for purposes of the license grants under Section
7.1 with respect to any Licensed Product that is a Combination Product, such license will only include a license with respect
to the Lenabasum component of such Combination Product.

 

7.4.
Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by a Party to the other are and will
otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, a license of a right to “intellectual
property” as defined under Section 101 of the Bankruptcy Code. The Parties acknowledge and agree that the Parties and their
respective Sublicensees, as Sublicensees of such rights under this Agreement, will retain and may fully exercise all of their
rights and elections under the Bankruptcy Code and any foreign counterpart thereto. The Parties further agree that upon commencement
of a bankruptcy proceeding by or against a Party (the “Bankrupt Party”) under the Bankruptcy Code, the other
Party (the “Non-Bankrupt Party”) will be entitled to a complete duplicate of, or complete access to (as the
Non-Bankrupt Party deems appropriate), all such intellectual property and all embodiments of such intellectual property. Such
intellectual property and all embodiments of such intellectual property will be promptly delivered to the Non-Bankrupt Party (a)
upon any such commencement of a bankruptcy proceeding and upon written request by the Non-Bankrupt Party, unless the Bankrupt
Party elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered under (a) above, upon
the rejection of this Agreement by or on behalf of the Bankrupt Party and upon written request by the Non-Bankrupt Party. The
Bankrupt Party (in any capacity, including debtor-in-possession) and its successors and assigns (including any trustee) agree
not to interfere with the exercise by the Non-Bankrupt Party or its Related Parties of its rights and licenses to such intellectual
property and such embodiments of intellectual property in accordance with this Agreement, and agrees to assist the Non-Bankrupt
Party and its Related Parties in obtaining such intellectual property and such embodiments of intellectual property in the possession
or control of Third Parties as are reasonably necessary or desirable for the Non-Bankrupt Party to exercise such rights and licenses
in accordance with this Agreement. The foregoing provisions are without prejudice to any rights the Non-Bankrupt Party may have
arising under the Bankruptcy Code or other Laws.

 

    	-37-

     

    

 

7.5.
No Other Rights. Except as otherwise expressly provided in this Agreement, under no circumstances will a Party or any
of its Affiliates, as a result of this Agreement, obtain any ownership interest, license or other right (whether by implication,
estoppel or otherwise) in or to any Know-How, Patents or other Intellectual Property rights of the other Party or any of such
other Party’s Affiliates, including tangible or intangible items owned, controlled or developed by the other Party or any
of such other Party’s Affiliates, or provided by the other Party or any of its Affiliates to the receiving Party or any
of its Affiliates at any time, pursuant to this Agreement. Neither Party nor any of its Affiliates will use or practice any Know-How
or Patents licensed or provided to such Party or any of its Affiliates outside the scope of or otherwise not in compliance with
the rights and licenses granted to such Party and its Affiliates under this Agreement.

 

	8.	PAYMENTS

 

8.1.
Upfront Fee. Within thirty (30) days following the Effective Date, Licensee will pay to Corbus a one-time, non-refundable,
non-creditable payment of Twenty-Seven Million Dollars (U.S. $27,000,000).

 

8.2.
Regulatory Milestone Payments.

 

8.2.1.
Regulatory Milestones. Subject to Section 8.2.2, Licensee will make one-time, non-refundable, non-creditable
milestone payments to Corbus (each, a “Regulatory Milestone Payment”) upon the first achievement of each of
the regulatory events set forth in this Section 8.2.1 (each, a “Regulatory Milestone Event”) by Licensee
or its Related Parties.

 

	Regulatory
    Milestone Event	 	Regulatory
    Milestone Payment
	[*]	 	[*]
	[*]	 	[*]
	[*]	 	[*]
    

 

8.2.2.
Additional Regulatory Milestone Terms. Notwithstanding the foregoing, for the purpose of construing the Regulatory
Milestone Payments specified in the table in Section 8.2.1:

 

8.2.2.1.
In the event that Bioequivalency between the investigational product used for the Phase 3 Study and the Licensed Products
to be Commercialized is not demonstrated by Corbus or any of its Related Parties on or prior to (a) [*], then [*] shall be reduced
to [*] (in each case (a) – ([*]), a “Bioequivalency Failure”).

 

8.2.2.2.
The [*] shall be equal to [*] unless the NHI Price per [*] is less than [*], in which case the [*] shall be equal to [*] multiplied
by the quotient of (a) the NHI Price per [*] and (b) [*]; provided, that in no event shall the [*] be less than
[*]. For example, if the NHI Price per [*] is [*], the [*] shall be [*].

 

8.2.3.
Payment Terms for Regulatory Milestone Payments. Licensee will notify and pay to Corbus the amounts set forth in the
table of Section 8.2.1 within [*] days after the achievement of the applicable Regulatory Milestone Event by Licensee or
its Related Parties; provided, however, that if the applicable NHI Price has not been established
at the time the [*] is achieved, Licensee will (a) pay to Corbus [*] within [*] days after the achievement of the [*] and (b)
notify and pay to Corbus any amount calculated under Section 8.2.2.2 in excess of [*] within [*] days after the applicable
NHI Price is established.

 

    	-38-

     

    

 

8.3.
Sales Milestone Payments.

 

8.3.1.
Sales Milestones. Subject to Section 8.3.2, Licensee will make one-time, non-refundable, non-creditable milestone
payments to Corbus (each, a “Sales Milestone Payment”) when aggregate Net Sales of all Licensed Products in
the Initial Indications in the Licensee Territory in a given Calendar Year first reach the Dollar threshold values indicated below
(each, a “Sales Milestone Event”) during the Term:

 

	Sales
    Milestone Event (based on [*])	 	Sales
    Milestone Payment
	[*]	 	[*]
	[*]	 	[*]
	[*]	 	[*]
	[*]	 	[*]

 

For
clarity, the Sales Milestone Payments will each be paid only once, such that, the maximum total amount payable by Licensee to
Corbus under this Section 8.3 is [*] (it being understood that the Sales Milestone Payments will be additive).

 

8.3.2.
Payment Terms for Sales Milestone Payments. Licensee will notify and pay to Corbus the amounts set forth in the table
of Section 8.3.1 within [*] days after the achievement of the any Sales Milestone Event; provided, however,
if more than one Sales Milestone Event set forth in the table above is achieved in the same Calendar Year and no such Sales Milestone
Events have been achieved in any prior Calendar Year, [*].

 

8.4.
Supply Transfer Price; Back-Up Royalties.

 

8.4.1.
Supply Transfer Price.

 

8.4.1.1.
During Royalty Term. During the applicable Royalty Term for such Licensed Product and subject to Sections 8.4.2
and 8.5, Licensee will make non-refundable, non-creditable payments to Corbus, on a Licensed Product-by-Licensed Product
basis, in an amount, payable in [*] at the time of such supply, equal to [*] percent ([*]%) of the tax-excluded NHI Price then
in effect for such Licensed Product (other than with respect to a Combination Product, the tax-excluded NHI Price for which shall
be calculated as described in the definition of Net Sales), for each unit of such Licensed Product that Corbus supplies to Licensee
under the Supply Agreement (the “Supply Transfer Price”).

 

8.4.1.2.
Post-Royalty Term. On a Licensed Product-by-Licensed Product basis, after the Royalty Term expires for such Licensed
Product and for so long as Corbus continues to supply commercial quantities of such Licensed Product pursuant to the Supply Agreement,
Licensee will pay Corbus the Manufacturing Price for each unit of such Licensed Product.

 

    	-39-

     

    

 

8.4.2.
Back-Up Royalties. If, at any time during the applicable Royalty Term for a Licensed Product in an Initial Indication,
the Supply Agreement is terminated or is otherwise no longer in effect, then, with respect to such Licensed Product, Licensee
will make non-refundable, non-creditable royalty payments in [*] to Corbus at a royalty rate to be agreed upon by the Parties
in good faith and which shall be set forth in the Supply Agreement.

 

8.5.
Royalty Term. On a Licensed Product-by-Licensed Product basis, the royalties due under Section 8.4.2 if applicable,
will be payable on annual Net Sales of such Licensed Product in the Licensee Territory from the First Commercial Sale of such
Licensed Product for such Initial Indication in the Licensee Territory until the latest of (a) the expiration of the last Valid
Claim of the Royalty Patents Covering such Licensed Product in the Licensee Territory, (b) the expiration of Regulatory Exclusivity
for such Licensed Product for such Initial Indication in the Licensee Territory, and (c) ten (10) years after the First Commercial
Sale of such Licensed Product for such Initial Indication in the Licensee Territory (the “Royalty Term”).

 

8.6.
Additional Supply Transfer Price and Back-Up Royalty Terms.

 

8.6.1.
Only One Royalty. In the event Section 8.4.2 applies, only one royalty will be due thereunder with respect to
the sale of the same unit of Licensed Product. Only one royalty will be due under Section 8.4.2 on the sale of a Licensed
Product even if the manufacture, use, sale, offer for sale or importation of such Licensed Product infringes more than one claim
of the Royalty Patents.

 

8.6.2.
Reduction for Loss of Patent Protection. On a Licensed Product-by-Licensed Product basis, upon the expiration of the
last Valid Claim of the Royalty Patents which are either a [*] Patent or a [*] Patent which Cover such Licensed Product in the
Licensee Territory (i) the Supply Transfer Price will be reduced from [*] percent ([*]%) to [*] percent ([*]%) or (ii) if applicable,
the royalties payable to Corbus under Section 8.4.2 will be reduced by [*] percent ([*]%); provided, that
no such reduction shall apply under this Section 8.6.2 if any reduction under Section 8.6.3 applies.

 

8.6.3.
Royalty Reduction for Generic Competition. On a Licensed Product-by-Licensed Product basis, Initial Indication-by-Initial
Indication basis, and Calendar Quarter-by-Calendar Quarter basis:

 

(a)
if the Generic Competition in the Licensee Territory with respect to such Licensed Product for such Initial Indication during
such Calendar Quarter equals or exceeds [*] percent ([*]%) but is less than or equal to [*] percent ([*]%), then Licensee shall
have the right to reduce (i) the Supply Transfer Price by [*] percent ([*]%) or (ii) if applicable, the royalties on annual Net
Sales payable to Corbus under Section 8.4.2 by [*] percent ([*]%);

 

(b)
if the Generic Competition in the Licensee Territory with respect to such Licensed Product for such Initial Indication during
such Calendar Quarter exceeds [*] percent ([*]%) but is less than or equal to [*] percent ([*]%), then Licensee shall have the
right to reduce (i) the Supply Transfer Price by [*] percent ([*]%) or (ii) if applicable, the royalties on annual Net Sales payable
to Corbus under Section 8.4.2 by [*] percent ([*]%); and

 

(c)
if the Generic Competition in the Licensee Territory with respect to such Licensed Product for such Initial Indication during
such Calendar Quarter exceeds [*] percent ([*]%), then Licensee shall have the right to reduce (i) the Supply Transfer Price by
[*] percent ([*]%) or (ii) if applicable, the royalties on annual Net Sales payable to Corbus under Section 8.4.2 by [*]
percent ([*]%).

 

    	-40-

     

    

 

8.6.4.
Reduction for Narcotics Scheduling. On a Licensed Product-by-Licensed Product basis, Licensee will have the right to
reduce (i) the Supply Transfer Price from [*] percent ([*]%) to [*] percent ([*]%) or (ii) if applicable, the royalties payable
to Corbus under Section 8.4.2 by [*] percent ([*]%) if, and for so long as, the MHLW requires that such Licensed Product
be scheduled in the Narcotics and Psychotropics Control Act.

 

8.6.5.
Minimum Floor. In no event will the Supply Transfer Price or, if applicable, the royalties payable to Corbus under
Section 8.4.2 be reduced in any given Calendar Quarter by more than [*] percent ([*]%) of the amount that otherwise would
have been due and payable to Corbus in such Calendar Quarter but for the reductions set forth in Sections 8.6.2, 8.6.3
and 8.6.4, and in no event will the Supply Transfer Price (whether during or after the Royalty Term) be reduced to
below the Manufacturing Price. Licensee may not carry over any reductions that are not applied against the royalties payable to
Corbus as a result of the foregoing floor.

 

8.6.6.
Transfer Price Revisions. In the event that the tax-excluded NHI Price for a Licensed Product is less than [*], the
Parties will negotiate in good faith to agree on a new supply transfer price; provided, that, until the Parties
mutually agree on a new supply transfer price, the Supply Transfer Price will continue to apply.

 

8.6.7.
Other Amounts Payable. With respect to any amounts owed under this Agreement by one Party to the other for which no
other invoicing and payment procedure is specified herein, within thirty (30) days after the end of each Calendar Quarter, each
Party will provide an invoice, together with reasonable supporting documentation, to the other Party for such amounts owed in
respect of such Calendar Quarter. The owing Party will pay any undisputed amounts within [*] days of receipt of the invoice, and
any disputed amounts owed by a Party will be paid within [*] days of resolution of the dispute.

 

8.6.8.
Payments to be made under Sections 8.1 and 8.2 by Licensee to Corbus (a) prior to obtaining Regulatory Approval,
specifically the payments to be made under Section 8.1 and [*], are made in consideration for the license to Develop the
Licensed Product granted by Corbus to Licensee pursuant to Section 7.1.1.1 and (b) on or after Regulatory Approval has
been obtained, specifically the payments to be made under [*], are made in consideration for the license to Commercialize the
Licensed Product granted by Corbus to Licensee pursuant to Section 7.1.1.2.

 

8.7.
Payment Terms.

 

8.7.1.
Manner of Payment. All payments to be made by Licensee hereunder will be made in Dollars or Yen, as the same has been
specified in the applicable provision of this Agreement, by wire transfer to such bank account as Corbus may designate.

 

8.7.2.
Reports and Back-Up Royalty Payments. All amounts payable to Corbus pursuant to Section 8.4.2, if applicable,
will be paid in [*] within [*] days after the end of each Calendar Quarter. Each such payment of royalties due to Corbus will
be accompanied by a written report showing in Yen the amount of annual Net Sales of Licensed Products and the royalty due for
such Calendar Quarter. The report will include, at a minimum, the following information for the applicable Calendar Quarter, each
listed by Licensed Product: (a) the number of units of each Licensed Product on which royalties are owed to Corbus hereunder sold
either by Licensee or its Related Parties, (b) the gross amount received for such sales, (c) Net Sales (including all permitted
deductions taken or applied), and (d) the royalties owed to Corbus. All such reports will be treated as Confidential Information
of Licensee.

 

    	-41-

     

    

 

8.7.3.
Records and Audits. Licensee will keep, and will cause its Related Parties to keep, complete, true and accurate books
and records in accordance with its Accounting Standards in relation to this Agreement, including in relation to Net Sales and
royalties. Licensee will keep, and will cause its Related Parties to keep, such books and records for at least three (3) years
following the Calendar Year to which they pertain. Corbus may, upon written request, cause an internationally-recognized independent
accounting firm (the “Auditor”), which is reasonably acceptable to Licensee, to inspect the relevant records
of Licensee and its Affiliates to verify the payments made by Licensee and the related reports, statements and books of accounts,
as applicable. Before beginning its audit, the Auditor will execute an undertaking reasonably acceptable to Licensee by which
the Auditor agrees to keep confidential all information reviewed during the audit. The Auditor will have the right to disclose
to Corbus only its conclusions regarding any payments owed under this Agreement. Licensee and its Affiliates will 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 Corbus. The records will be reviewed solely to verify the accuracy of Licensee’s
royalties and other payment obligations and compliance with the financial terms of this Agreement. Such inspection right will
not be exercised more than once in any Calendar Year and not more frequently than once with respect to records covering any specific
period of time. In addition, Corbus will only be entitled to audit the books and records of Licensee for the three (3) Calendar
Years prior to the Calendar Year in which the audit request is made. Corbus agrees to hold in strict confidence all information
received and all information learned in the course of any audit or inspection, except to the extent necessary to enforce its rights
under this Agreement or to the extent required to comply with any Law or judicial order. The Auditor will provide its audit report
and basis for any determination to Licensee at the time such report is provided to Corbus before it is considered final. In the
event that the final result of the inspection reveals an undisputed underpayment or overpayment by Licensee, the underpaid or
overpaid amount will be settled promptly. Corbus will pay for such inspections, as well as its expenses associated with enforcing
its rights with respect to any payments hereunder, except, if an underpayment of more than five percent (5%) of the total payments
due hereunder for the applicable year is discovered, then the fees and expenses charged by the Auditor will be paid by Licensee.

 

8.7.4.
Taxes.

 

8.7.4.1.
Licensee may withhold from payments due to Corbus amounts for payment of any withholding tax that is required by Law to be
paid to any taxing authority with respect to such payments. Licensee will provide Corbus all relevant documents and correspondence,
and will also provide to Corbus any other cooperation or assistance on a reasonable basis as may be necessary to enable Corbus
to claim exemption from such withholding taxes and to receive a refund of such withholding tax or claim a foreign tax credit.
Licensee will give proper evidence from time to time as to the payment of any such tax. The Parties will cooperate with each other
in seeking deductions under any double taxation or other similar treaty or agreement from time to time in force. Such cooperation
may include (a) Licensee making payments from a single source in the U.S., where possible and necessary for enabling Corbus to
claim deductions, (b) Corbus confirming that it is entitled to exemption from withholding tax on the royalties under this Agreement
under the U.S.-Japan income tax convention, (c) if it is entitled to that exemption, Corbus preparing and submitting to Licensee
the applicable application form for the above income tax convention and any other attachment thereto so that Licensee for the
benefit of Corbus will file them with the relevant taxation office in Japan prior to the payment from Licensee to Corbus pursuant
to this Agreement, (d) Licensee making such filing in a timely manner, and (e) if such withholding tax is payable, Licensee filing
the application for certification of tax payment that is duly prepared and submitted to Licensee by Corbus with the relevant taxation
office in Japan in a timely manner.

 

    	-42-

     

    

 

8.7.4.2.
Apart from any taxes withheld by Licensee pursuant to the provisions of Section 8.7.4.1 and those deductions expressly
included in the definition of Net Sales, the amounts payable hereunder will not be reduced on account of any taxes, charges, duties
or other levies.

 

8.7.5.
Blocked Payments. In the event that, by reason of applicable Law in the Licensee Territory, it becomes impossible or
illegal for Licensee to transfer, or have transferred on its behalf, payments owed to Corbus hereunder, Licensee will promptly
notify Corbus of the conditions preventing such transfer and such payments will be deposited in local currency in the Licensee
Territory to the credit of Corbus in a recognized banking institution designated by Corbus or, if none is designated by Corbus
within a period of thirty (30) days, in a recognized banking institution selected by Licensee, as the case may be, and identified
in a written notice given to Corbus pursuant to Section 14.10.

 

8.7.6.
Foreign Exchange. The rate of exchange to be used in computing the amount of currency equivalent in Dollars of Net
Sales invoiced in Yen or any other foreign exchange calculations required hereunder shall be calculated based on currency exchange
rates for the Calendar Year for which remittance is made. For each month, such exchange rate shall equal [*]. Each daily exchange
rate shall be obtained from [*] or, if not so available, as otherwise agreed by the Parties. For purposes of calculating the Net
Sales thresholds set forth in Section 8.3.1, the aggregate Net Sales with respect to each Calendar Quarter within a Calendar
Year shall be calculated based on the currency exchange rates for the Calendar Quarter in which such Net Sales occurred, in a
manner consistent with the exchange rate procedures set forth in this Section 8.7.6.

 

8.7.7.
Interest Due. If a Party does not receive payment of any sum due to it on or before the due date therefor, [*] interest
shall thereafter accrue on the sum due to such Party from the due date until the date of payment at a per-annum rate of [*] percent
([*]%) [*], or the maximum rate allowable by applicable Law, whichever is less.

 

8.8.
Mutual Convenience. The royalty and other payment obligations set forth hereunder have been agreed to by the Parties
for the purpose of reflecting and advancing their mutual convenience, including the ease of calculating and paying royalties and
other amounts to Corbus.

 

	9.	CONFIDENTIALITY
    AND PUBLICATION

 

9.1.
Nondisclosure and Non-Use Obligations.

 

9.1.1.
All Confidential Information disclosed by one Party to the other Party under this Agreement will be maintained in confidence
by the receiving Party and will not be disclosed to a Third Party or used for any purpose except pursuant to the licenses granted
under this Agreement as otherwise set forth herein, without the prior written consent of the disclosing Party, except to the extent
that such Confidential Information:

 

(a)
is known by the receiving Party at the time of its receipt, and not through a prior disclosure by the disclosing Party, as documented
by the receiving Party’s business records;

 

(b)
is known to the public before its receipt from the disclosing Party, or thereafter becomes generally known to the public through
no breach of this Agreement by the receiving Party;

 

    	-43-

     

    

 

(c)
is subsequently disclosed to the receiving Party by a Third Party who is not known by the receiving Party to be under an obligation
of confidentiality to the disclosing Party; or

 

(d)
is developed by the receiving Party independently of Confidential Information received from the disclosing Party, as documented
by the receiving Party’s business records.

 

For
clarity, all information and data relating to the inventions claimed by Patents within the New Lenabasum IP, New Corbus IP and
the Corbus Licensed Technology and the Know-How specific thereto, will be Confidential Information of Corbus, and all information
and data relating to the inventions claimed by Patents within the Licensee Licensed Technology and the Know-How specific thereto,
will be Confidential Information of Licensee. Specific aspects or details of Confidential Information will not be deemed to be
within the public domain or in the possession of the receiving Party merely because the Confidential Information is encompassed
by more general information in the public domain or in the possession of the receiving Party. Further, any combination of Confidential
Information will not be considered in the public domain or in the possession of the receiving Party merely because individual
elements of such Confidential Information are in the public domain or in the possession of the receiving Party unless the combination
and its principles are in the public domain or in the possession of the receiving Party.

 

The
existence and terms and conditions of this Agreement are hereby deemed to be the Confidential Information of each Party.

 

9.1.2.
Notwithstanding the obligations of confidentiality and non-use set forth above in Section 9.1.1, a receiving Party
may provide Confidential Information disclosed to it and disclose the existence and terms and conditions of this Agreement, in
each case, as may be reasonably required in order to perform its obligations or to exercise its rights under this Agreement, and
specifically to (a) Related Parties, and their employees, directors, agents, consultants, or advisors to the extent necessary
for the performance of its obligations or exercise of its rights under this Agreement, in each case who are under an obligation
of confidentiality with respect to such information that is no less stringent than the terms of this Section 9; (b) Governmental
Authorities or Regulatory Authorities in order to obtain Patents or perform its obligations or exercise its rights under this
Agreement, provided that such Confidential Information will be disclosed only to the extent reasonably necessary
to do so, and where permitted, subject to confidential treatment; (c) the extent required by Law, including by the rules or regulations
of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States
or of any stock exchange or listing entity; (d) with respect to the terms and conditions of this Agreement only, any bona fide
actual or prospective acquirers, underwriters, investors, lenders or other financing sources and any bona fide actual or prospective
collaborators, licensors, Sublicensees, licensees or strategic partners and to employees, directors, agents, consultants or advisers
of such Third Party, in each case who are under obligations of confidentiality and non-use with respect to such information that
are no less stringent than the terms of this Section 9 (but of duration customary in confidentiality agreements entered
into for a similar purpose); and (e) to any Third Party to the extent a Party is required to do so pursuant to the terms and conditions
of an in-license agreement with such Third Party relating to the intellectual property rights sublicensed by such Party hereunder.
If a Party is required by Law to disclose Confidential Information of the other Party that is subject to the confidentiality or
non-disclosure provisions of this Section 9, such Party will promptly inform the other Party of the disclosure that is
being sought in order to provide the other Party an opportunity to challenge or limit the disclosure. Notwithstanding Section
9.1, Confidential Information that is permitted or required to be disclosed will remain otherwise subject to the confidentiality
and non-use provisions of this Section 9. If either Party concludes that a copy of this Agreement must be filed with the
United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States, such
Party will, a reasonable time prior to any such filing, provide the other Party with a copy of such agreement showing any provisions
hereof as to which the Party proposes to request confidential treatment, will provide the other Party with an opportunity to comment
on any such proposed redactions and to suggest additional redactions, and will take such Party’s reasonable comments into
consideration before filing such agreement and use reasonable efforts to have terms identified by such other Party afforded confidential
treatment by the applicable regulatory agency.

 

    	-44-

     

    

 

9.2.
Publication and Publicity.

 

9.2.1.
Publication. Except for disclosures permitted pursuant to Sections 9.1 and 9.3.3, if a Party wishes to
make a publication or public presentation that contains the Confidential Information of the other Party or any results of Development
activities under this Agreement in the Licensee Territory or mentions Licensee, this Agreement or any activities in the Licensee
Territory, such Party will deliver to the other Party a copy of the proposed written publication or presentation at least thirty
(30) days prior to submission for publication or presentation. The other Party will have the right (a) to propose modifications
to the publication or presentation for patent reasons or trade secret reasons or to remove Confidential Information of the other
Party, and such Party will remove all Confidential Information of the other Party if so requested by the other Party and otherwise
will incorporate the other Party’s reasonable comments, or (b) to request a reasonable delay in publication or presentation
in order to protect patentable information. If the other Party requests a delay, such Party will delay submission or presentation
for a period of ninety (90) days (or such shorter period as may be mutually agreed by the Parties) to enable the other Party to
file patent applications protecting the other Party’s rights in such information. With respect to any proposed publications
or disclosures by investigators or academic or non-profit collaborators, such materials will be subject to review under this Section
9.2.1 to the extent that such Party has the right and ability (after using Commercially Reasonable Efforts to obtain such
right and ability) to do so. Such Party will not submit or publish any article or other publication to or with any scientific
journal or other publisher that requires, as a condition of publication, that such Party agree to make available to the publisher
or Third Parties any Materials which are the subject of the publication.

 

9.2.2.
Publicity. Except as set forth in Section 9.1, 9.2.1 or 9.3, the terms and conditions of this
Agreement may not be disclosed by either Party, and neither Party will use the name or any other Trademarks of the other Party
or the name of its employees in any publicity, news release or other disclosure relating to this Agreement, its subject matter,
or the activities of the Parties under the Collaboration without the prior express written permission of the other Party, except
(a) as may be required by applicable Law, including by the rules or regulations of the United States Securities and Exchange Commission
or similar regulatory agency in any country other than the United States or of any stock exchange or listing entity, provided
that the Party making such disclosure or use of the name or other Trademarks of the other Party or the name of its employees,
gives the other Party reasonable prior notice and otherwise complies with Section 9.1.2, or (b) as expressly permitted
by the terms and conditions of this Agreement.

 

9.3.
Press Release.

 

9.3.1.
The Parties will issue the press releases in Schedule 9.3.1 on January 3, 2019, or such other mutually agreed date.

 

    	-45-

     

    

 

9.3.2.
Except as provided in Section 9.2.2 or this Section 9.3, neither Party will issue a press release or public
announcement relating to this Agreement without the prior written approval of the other Party (such approval not to be unreasonably
withheld, conditioned or delayed), except that a Party may (a) once a press release or other public statement is approved in writing
by both Parties, make subsequent public disclosure of the information contained in such press release or other written statement
without the further approval of the other Party, and (b) issue a press release or public announcement as required by applicable
Law, including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency
in a country other than the United States or of any stock exchange or listing entity, provided that the Party issuing
such press release gives reasonable prior notice to the other Party of and the opportunity to comment on the press release or
public announcement, and otherwise complies with this Section 9. In addition, Corbus may with Licensee’s prior written
approval, such approval not to be unreasonably withheld, conditioned or delayed, issue a press release regarding the payment or
receipt of any milestone payments under this Agreement with respect to any Licensed Products, provided, that such
press release complies with this Section 9.3.

 

9.3.3.
Notwithstanding anything in this Section 9.3 to the contrary, either Party may issue a press release or make a public
disclosure relating to such Party’s Development, Manufacturing or Commercialization activities under this Agreement with
respect to Licensed Products in such Party’s Territory, provided that such press release or public disclosure
does not disclose Confidential Information of the other Party. Prior to making any such disclosure under this Section 9.3.3,
however, the disclosing Party will provide the other Party with a draft of such proposed disclosure within a reasonable time (but
at least five (5) Business Days) prior to disclosure for the other Party’s review and comment, and the disclosing Party
will consider in good faith any timely comments provided by the other Party.

 

	10.	REPRESENTATIONS,
    WARRANTIES AND COVENANTS

 

10.1.
Mutual Representations and Warranties. Each Party represents and warrants to the other Party that, as of the Effective
Date:

 

10.1.1.
such Party is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation
or formation;

 

10.1.2.
such Party has all requisite corporate power and corporate authority to enter into this Agreement and to carry out its obligations
under this Agreement;

 

10.1.3.
all requisite corporate action on the part of such Party, its directors and stockholders required by applicable Law for the
authorization, execution and delivery by such Party of this Agreement, and the performance of all obligations of such Party under
this Agreement, has been taken;

 

10.1.4.
the execution, delivery and performance of this Agreement, and compliance with the provisions of this Agreement, by such Party
do not and will not: (a) violate any provision of applicable Law or any ruling, writ, injunction, order, permit, judgment or decree
of any Governmental Authority, (b) constitute a breach of, or default under (or an event which, with notice or lapse of time or
both, would become a default under) or conflict with, or give rise to any right of termination, cancellation or acceleration of,
or adversely affect any rights under, any agreement, arrangement or instrument, whether written or oral, by which such Party or
any of its assets are bound (including, in the case of Corbus, the Corbus Licensed Technology and the Licensed Products), or (c)
violate or conflict with any of the provisions of such Party’s organizational documents (including any articles or memoranda
of organization or association, charter, bylaws or similar documents); and

 

    	-46-

     

    

 

10.1.5.
no consent, approval, authorization or other order of, or filing with, or notice to, any Governmental Authority or other Third
Party is required to be obtained or made by such Party in connection with the authorization, execution and delivery by such Party
of this Agreement.

 

10.1.6.
This Agreement constitutes a legal, valid and binding obligation of such Party, enforceable against such Party in accordance
with its terms, except as enforceability may be limited by applicable equitable principles or bankruptcy, insolvency, reorganization,
moratorium or similar Laws affecting creditors’ rights generally.

 

10.2.
Additional Representations and Warranties of Corbus. Corbus represents and warrants to Licensee that, as of the Effective
Date in the Licensee Territory, except as set forth on Schedule 10.2:

 

10.2.1.
Corbus or one of its Affiliates is the sole and exclusive owner, or has exclusive rights to, the Corbus Licensed Technology
existing as of the Effective Date. All of the Corbus Licensed Technology is free and clear of any Liens. No Person has alleged
in writing to Corbus or any of its Representatives that any Third Party owns, in whole or in part, any of the Corbus Licensed
Technology, and to the Knowledge of Corbus, there is no reasonable basis for any such allegation.

 

10.2.2.
None of the issued Corbus Licensed Patents existing as of the Effective Date has been adjudged invalid, unenforceable or unpatentable
by any Governmental Authority of competent jurisdiction, and, to the Knowledge of Corbus, all such issued Corbus Licensed Patents
existing as of the Effective Date are valid and enforceable.

 

10.2.3.
To the Knowledge of Corbus, (a) the Exploitation of Licensed Products based upon the Corbus Licensed Technology as it exists
on the Effective Date does not infringe any issued Patent or any pending Patent (were its claims to issue in their form as of
the Effective Date) of any Person and (b) the use of the Corbus Licensed Technology by Licensee pursuant to the terms of this
Agreement, and Licensee’s exercise of its rights hereunder in connection therewith, does not infringe, misappropriate or
otherwise violate the trade secret rights or copyrights of any other Person. No written claim or demand of any Third Party has
been made, or to the Knowledge of Corbus, is threatened against Corbus or any of its Affiliates and there is no Proceeding, or
action, claim (including regarding infringement of Intellectual Property), complaint, demand, suit, proceeding, or arbitration
brought by a Third Party, pending, or, to the Knowledge of Corbus, threatened, as of the Effective Date, against Corbus or any
of its Affiliates, and in each case involving any of the Corbus Licensed Technology or Licensed Products existing as of the Effective
Date or the Exploitation of the foregoing and (i) challenging any rights of Corbus or any of its Affiliates in any such Corbus
Licensed Technology or Licensed Products, (ii) alleging that any issued Patent within such Corbus Licensed Technology is invalid
or unenforceable, (iii) alleging that the use of any Corbus Licensed Technology existing as of the Effective Date infringes any
issued Patent of a Third Party or infringes, misappropriates or otherwise violates the Intellectual Property rights of any Person,
(iv) challenging the transactions contemplated by this Agreement or (v) asserting that the manufacture, use, sale, offer for sale
or importation of Licensed Products or the processes used to make Licensed Products is or was infringing or otherwise violates
or violated any Intellectual Property of any Person; provided, however, that, “Proceeding”
for purposes of the representations and warranties of this Section 10.2.3 includes any notice of non-compliance, summons,
subpoena, inquiry or investigation by a Governmental Authority, of any nature, whether civil, criminal, regulatory, or otherwise,
in law or in equity, but excludes office actions or similar communications issued by any patent office or comparable registration
authority in the ordinary course of prosecution of any patent application within the Corbus Licensed Patents.

 

    	-47-

     

    

 

10.2.4.
Each of Corbus and its Affiliates is and has been in compliance in all material respects with all applicable Laws applicable
to and in connection with the Exploitation of the Corbus Licensed Technology and the Licensed Products, except to the extent any
non-compliance would not reasonably be expected to have a material adverse effect on the ability of Licensee to Exploit the Licensed
Products in the Field in the Licensee Territory in compliance with all applicable Laws. There are no, and there have not been
any issued judicial orders, writs, injunctions, decrees, judgments or stipulations in force against Corbus or its Affiliates with
respect to the Corbus Licensed Technology or Licensed Products that would reasonably be expected to have a material adverse effect
on the ability of Licensee to Exploit the Licensed Products in the Field in the Licensee Territory in compliance with all applicable
Laws.

 

10.2.5.
To the Knowledge of Corbus, no Third Party has infringed, misappropriated or otherwise violated any Corbus Licensed Technology.

 

10.2.6.
The Corbus Licensed Patents owned by Corbus or both Controlled by and prosecuted by Corbus and, to the Knowledge of Corbus,
the Corbus Licensed Patents Controlled but not prosecuted by Corbus have been filed and diligently Prosecuted and Maintained in
accordance with all applicable Laws, including disclosure of all prior art to the relevant patent authority to the extent required
by applicable Laws, and with all applicable fees due with respect thereto having been paid.

 

10.2.7.
To the Knowledge of Corbus, the scientific, technical and other information relating to the Corbus Licensed Technology and
Licensed Products disclosed or made available by Corbus or any of its Representatives to Licensee in writing in the electronic
data room has been true and correct in all respects. Any experimental data therein that purports to be the result of work conducted
by or on behalf of Corbus or its Affiliates is based upon actual experimentation conducted by or on behalf of Corbus or its Affiliates.

 

10.2.8.
Except as set forth on Schedule 10.2.8, no IND has been filed by Corbus with any Regulatory Authority in the Licensee
Territory with respect to the Licensed Products. Corbus is not currently assisting any Third Party in preparation for or in connection
with filing an IND with respect to the Licensed Products.

 

10.2.9.
Corbus has the unrestricted right to grant to Licensee the rights in the Corbus Licensed Technology in the Licensee Territory
that are being granted to Licensee under this Agreement upon the terms set forth herein. Neither Corbus nor any of its Affiliates
has granted any license or sublicense to any rights in the Corbus Licensed Technology in the Licensee Territory to any Third Party
that are in conflict with the rights granted to Licensee in this Agreement.

 

10.2.10.
Schedule 1.1.43 sets forth, with the countries, application numbers and application dates indicated, as applicable,
all Corbus Licensed Patents that have issued or that have been applied for and are pending issuance with any Governmental Authority.
To the Knowledge of Corbus, there is no information that, in Corbus’ reasonable judgment, would likely render any of the
granted Corbus Licensed Patents invalid or unenforceable and that is not part of the publicly available file history, except to
the extent such invalidity or unenforceability would not reasonably be expected to have a material adverse effect on the ability
of Licensee to Exploit the Licensed Products in the Field in the Licensee Territory in compliance with all applicable Laws.

 

10.2.11.
Corbus and its Affiliates have taken reasonable and customary measures to maintain and protect, as applicable, the confidentiality
of its or their owned Confidential Information within the Corbus Licensed Technology. Notwithstanding the foregoing, Corbus and
its Affiliates have disclosed Confidential Information to (a) Third Parties under an obligation of confidentiality with respect
to such information, (b) Governmental Authorities or Regulatory Authorities in order to obtain Patents or develop or submit Regulatory
Filings for products, and (c) the extent required by Law, including by the rules or regulations of the United States Securities
and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or listing
entity.

 

    	-48-

     

    

 

10.2.12.
All employees, consultants, contractors and other persons who have contributed to the design, creation, conception, reduction
to practice or invention of any Intellectual Property in the Corbus Licensed Technology or the Corbus Licensed Patents have entered
into written agreements with Corbus assigning to Corbus all rights relating to such design, conception, reduction to practice,
invention or Corbus Licensed Technology.

 

10.2.13.
Schedule 10.2.13, which shall be provided by Corbus to Licensee within fifteen (15) days after the Effective Date,
sets forth a true and complete list of all Contracts to which Corbus or any of its Affiliates is a party and under which Corbus
or its Affiliates have in-licensed Intellectual Property of a Third Party that comprises Corbus Licensed Technology or is otherwise
material to the Exploitation of the Licensed Products in the Field in the Licensee Territory. Except as described in Schedule
10.2.13, none of such Contracts prevent Corbus from licensing or sublicensing rights to Licensee or require royalties to be
paid in connection with a sublicense. True and correct copies of the Contracts set forth on Schedule 10.2.13 have been
provided to Licensee, and such Contracts are in full force and effect and have not been modified or amended. Neither Corbus or
its Affiliates nor, to the Knowledge of Corbus, the other party to such Contracts is in default with respect to a material obligation
under, and none of such parties has claimed or, to the Knowledge of Corbus with respect to such counterparty’s claims against
Corbus or any of its Affiliates, has grounds upon which to claim that the other party is in default with respect to a material
obligation under, such Contracts. None of Corbus and its Affiliates has received any written notice of breach under any of the
Contracts listed in Schedule 10.2.13. None of Corbus and its Affiliates has waived or allowed to lapse any of its rights
under any Contracts listed in Schedule 10.2.13 with respect to Licensed Products, and no such rights have lapsed or otherwise
expired or been terminated.

 

10.2.14.
To the Knowledge of Corbus, there are no Safety Concerns, adverse events or Efficacy Concerns in relation to Clinical Studies
of the Licensed Products or issues with any Governmental Authorities in relation to the Regulatory Approval of the Licensed Products
for either of the Initial Indications, other than as has previously been made available as of the Effective Date to Licensee in
writing in the electronic data room, that would reasonably be expected to have a material adverse effect on the ability of Licensee
or Corbus to Exploit the Licensed Products in the Field in the Licensee Territory in compliance with all applicable Laws. Without
limiting the foregoing, to the Knowledge of Corbus, Corbus has made available to Licensee prior to the Effective Date in writing
in the electronic data room all material adverse information in its possession with respect to the Safety Concerns, adverse events
or Efficacy Concerns in relation to the Development of the Licensed Products or issues with any Governmental Authorities in relation
to the Regulatory Approval of the Licensed Products for either of the Initial Indications.

 

10.2.15.
To the Knowledge of Corbus, all Clinical Studies and Nonclinical Studies sponsored by Corbus relating to Licensed Products
have been and are being conducted in material compliance with applicable Laws, including GCP requirements, and federal, national,
state and local Laws, rules, regulations and guidance restricting the use and disclosure of individually identifiable health information.
Corbus has not received any written notices or other written correspondence from the FDA or any other Governmental Authority performing
functions similar to those performed by the FDA with respect to any ongoing Clinical Studies and Nonclinical Studies relating
to the Licensed Products requiring the termination, suspension or material modification of such Clinical Studies and Nonclinical
Studies.

 

    	-49-

     

    

 

10.2.16.
The inventions Covered by the owned Corbus Licensed Patents: (1) were not conceived, discovered, developed or otherwise made,
in whole or in part, using funds provided by the federal government of the U.S. or any agency thereof or any other Governmental
Authority; (2) are not a “subject invention” as that term is described in 35 U.S.C. Section 201(f); and (3) are not
otherwise subject to the provisions of the Bayh-Dole Act (35 U.S.C. §§ 200-212, as well as any regulations promulgated
pursuant thereto, including 37 C.F.R. Part 401).

 

10.2.17.
In connection with the Exploitation of the Licensed Products conducted by Corbus, Corbus has maintained as of the Effective
Date internal procedures and policies that comply in all material respects with the U.S. Foreign Corrupt Practices Act (15 U.S.C.
§§78dd-1, et seq.) and any other applicable anti-bribery or anti-corruption laws (collectively “Anti-Corruption
Laws”) and the Physicians’ Payment Sunshine Act.

 

10.2.18.
Corbus has not, to its Knowledge (a) made an untrue statement of a material fact or fraudulent statement to the FDA or any
Governmental Authority with respect to any of the Licensed Products, (b) failed to disclose a material fact required to be disclosed
to the FDA or any Governmental Authority, or (c) committed any other act, made any statement or failed to make any statement,
that (in any such case) establishes a reasonable basis for the FDA to invoke its Fraud, Untrue Statements of Material Facts, Bribery,
and Illegal Gratuities Policy or for any other state or foreign Governmental Authority to invoke any similar policy with respect
to any of the Licensed Products. Corbus is not the subject of any pending or, to the Knowledge of Corbus, any threatened investigation
by the FDA pursuant to its Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities Final Policy. Neither Corbus,
nor any of its Affiliates has been convicted of any crime or engaged in any conduct which has resulted or, to Corbus’ Knowledge,
is reasonably likely to result in debarment, exclusion or disqualification by the FDA or any other Governmental Authority. To
the Knowledge of Corbus, none of its collaborators, agents or subcontractors it has used in the Development of the Licensed Products
has been convicted of any crime or engaged in any conduct which has resulted in debarment, exclusion or disqualification by the
FDA or any other Governmental Authority.

 

10.3.
Warranty Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION
OR EXTENDS ANY WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY WITH RESPECT TO ANY PATENTS, KNOW-HOW, MATERIALS,
LICENSED PRODUCT, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY,
NONINFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO ANY AND ALL OF THE FOREGOING. EACH PARTY HEREBY DISCLAIMS
ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT, MANUFACTURE OR COMMERCIALIZATION OF ANY LICENSED PRODUCT PURSUANT TO THIS
AGREEMENT WILL BE SUCCESSFUL.

 

10.4.
Certain Covenants.

 

10.4.1.
Compliance. Each Party and its Related Parties will conduct the Collaboration and the Development and Commercialization
of the Licensed Products in the Field in the Licensee Territory in accordance with all applicable Laws.

 

    	-50-

     

    

 

10.4.2.
No Debarment. Each Party will use reasonable efforts to not use, in any capacity in connection with the Collaboration
or the performance of its obligations under this Agreement, any Person that has been debarred pursuant to Section 306 of the FD&C
Act, as amended, or that is the subject of a conviction described in such section, or, in the case of Licensee, such equivalent
Laws applicable in the Licensee Territory. Each Party agrees to inform the other Party in writing immediately if it or any Person
that is performing activities in the Collaboration or under this Agreement, is debarred or is subject to debarment or is the subject
of a conviction described in Section 306 of the FD&C Act or, in the case of Licensee, such equivalent Laws applicable in the
Licensee Territory, or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to the notifying
Party’s knowledge, is threatened, relating to the debarment or conviction of the notifying Party or any Person or entity
used in any capacity by such Party or any of its Affiliates in connection with the Collaboration or the performance of its other
obligations under this Agreement.

 

10.4.3.
Conflicting Transactions. During the Term, Corbus will not, and will cause its Affiliates not to, enter into any agreement
granting a license or other right or interest under the Corbus Licensed Technology that is inconsistent with this Agreement or
that would conflict with or otherwise impair the licenses to Licensee as purported to be granted pursuant to this Agreement. During
the Term, Licensee will not, and will cause its Affiliates not to, enter into any agreement granting a license or other right
under the Licensee Licensed Technology that is inconsistent with this Agreement.

 

10.4.4.
SSc Priority. Without limiting Licensee’s diligence obligations under Sections 4.3 and 5.2, Licensee
will prioritize and first pursue obtaining Regulatory Approval for and commencing Commercialization of a Licensed Product for
SSc in the Licensee Territory.

 

10.4.5.
Internal Procedures and Policies. Corbus will maintain and enforce in all material respects throughout the Term appropriate
internal procedures and policies that comply with the Anti-Corruption Laws and the Physicians’ Payment Sunshine Act (and
any equivalent Law in any other country or jurisdiction outside the United States), including: (A) an applicable code of conduct
and (B) provisions for monitoring, training and obtaining certifications of compliance from all Third Parties involved with the
Exploitation of the Licensed Products. Corbus shall provide such assistance and documentation as may be reasonably necessary for
Licensee and its Affiliates to comply with the Anti-Corruption Laws, the Physicians’ Payment Sunshine Act (and any equivalent
Law in any other country or jurisdiction outside the United States).

 

10.5.
Exclusivity.

 

10.5.1.
Subject to Section 10.5.2, during the Term, Licensee will not, and will cause its Affiliates not to, without the prior
written consent of Corbus, (a) alone or with any Affiliates or Third Parties, conduct Clinical Studies on or Commercialize a Competing
Product, or (b) enter into an agreement or other arrangement with any Third Party pursuant to which Licensee or one of its Affiliates
grants such Third Party any license or other rights to Develop, Manufacture or Commercialize a Competing Product; provided,
however, this Section 10.5.1 shall no longer apply with respect to Competing Products in an Initial Indication
in the event that [*].

 

10.5.2.
Licensee will not be in breach of the restrictions set forth in Section 10.5.1 if Licensee undergoes a Change of Control
with an Acquirer that was (either directly or through an Affiliate) Developing, Manufacturing or Commercializing a Competing Product
that would violate the restrictions of Section 10.5.1 prior to the closing of such Change of Control transaction and thereby
becomes an Affiliate of such Acquirer, and such Acquirer may continue to Develop, Manufacture and Commercialize such Competing
Product after such Change of Control transaction; provided, however, that (a) no Licensee Licensed
Technology is used by or on behalf of such Acquirer or its Affiliates in more than a de minimis fashion in connection with
such subsequent Development, Manufacture or Commercialization of such Competing Product, (b) no Corbus Licensed Technology is
used by or on behalf of such Acquirer or its Affiliates in connection with such subsequent Development, Manufacture or Commercialization
of such Competing Product, and (c) such Acquirer and Licensee institute commercially reasonable technical and administrative safeguards
to ensure the same, including by creating “firewalls” between the personnel teams charged with such Development, Manufacture,
and Commercialization of such Competing Product.

 

    	-51-

     

    

 

10.6.
Licensee Right of First Negotiation for Additional Indications in the Licensee Territory. Corbus hereby grants to Licensee
a right of first negotiation during the Term of this Agreement to obtain a license under the Corbus Licensed Technology to Develop,
Manufacture and Commercialize Licensed Products in any Additional Indication in the Licensee Territory (an “Additional
Indication Japan License”) in the event that Corbus intends to grant an Additional Indication Japan License to any Third
Party. Licensee will have a right of first negotiation to obtain any such Additional Indication Japan License for a period of
[*] days after Licensee’s receipt of a written notice from Corbus (the “Negotiation Period”) that Corbus
intends to grant an Additional Indication Japan License to a Third Party, which notice will set out the Additional Indication
at issue and the proposed commercial and other terms of such Additional Indication Japan License (the “Notice”).
Licensee will have [*] Business Days from its receipt of such a Notice to notify Corbus in writing either of its desire to commence
negotiations or its rejection of such proposal. If Licensee notifies Corbus of its rejection of such proposal, or if Licensee
fails to respond to Corbus in writing during such [*] Business Days period, Corbus will have no further obligations to Licensee
under this Section 10.6 with respect to the Additional Indication Japan License that was the subject of the applicable
Notice. If Licensee notifies Corbus of its desire to commerce negotiations during such [*] Business Days period, Corbus will not,
and will ensure that its Affiliates will not, during the Negotiation Period engage in negotiations with any Third Party other
than Licensee (and Licensee’s designee(s) for such negotiations) with respect to the Additional Indication Japan License
that is the subject of such a Notice from Corbus. During the Negotiation Period, each Party will negotiate with the other in good
faith towards executing a license agreement for such Additional Indication Japan License on commercially reasonable terms during
the Negotiation Period, where such license agreement can instead be an amendment to this Agreement if so mutually agreed by the
Parties during the Negotiation Period. Upon the expiration of the Negotiation Period, unless Licensee and Corbus have executed
a license agreement (or an amendment to this Agreement, if so agreed by the Parties) covering such Additional Indication Japan
License, Corbus will be free to enter into negotiations with any Third Party for such Additional Indication Japan License and
enter into any agreement for the same, provided that the terms of such agreement are not in the aggregate more favorable to such
Third Party than the terms offered to Licensee.

 

	11.	INDEMNIFICATION;
    LIMITATION OF LIABILITY; INSURANCE

 

11.1.
General Indemnification by Licensee. Licensee will indemnify, hold harmless and defend Corbus, its Related Parties,
and their respective directors, officers, employees and agents (“Corbus Indemnitees”) from and against any
and all liabilities, damages, costs, fees and expenses (including reasonable attorneys’ fees and litigation expenses) (collectively,
“Losses”) incurred in connection with Third Party claims or suits to the extent arising out of or resulting
from: (a) any breach of, or inaccuracy in, any representation or warranty made by Licensee in this Agreement, or any breach or
violation of any covenant or agreement of Licensee in, or in the performance of, this Agreement, (b) the gross negligence or willful
misconduct by or of Licensee or any of its Related Parties, or any of their respective directors, officers, employees or agents
in the performance of Licensee’s obligations under this Agreement, or (c) the Development or Commercialization of Licensed
Products by or on behalf of Licensee or any of its Related Parties. Licensee will have no obligation to indemnify the Corbus Indemnitees
to the extent that the Losses arise out of or result from any matters for which Corbus is obligated to indemnify Licensee under
Section 11.2.

 

    	-52-

     

    

 

11.2.
General Indemnification by Corbus. Corbus will indemnify, hold harmless, and defend Licensee, its Related Parties and
their respective directors, officers, employees and agents (“Licensee Indemnitees”) from and against any and
all Losses incurred in connection with Third Party claims or suits to the extent arising out of or resulting from: (a) any breach
of, or inaccuracy in, any representation or warranty made by Corbus in this Agreement, or any breach or violation of any covenant
or agreement of Corbus in, or in the performance of, this Agreement, (b) the gross negligence or willful misconduct by or of Corbus
or any of its Related Parties, or any of their respective directors, officers, employees or agents in the performance of Corbus’
obligations under this Agreement, or (c) the Development or Commercialization of Licensed Products by or on behalf of Corbus or
any of its Related Parties. Corbus will have no obligation to indemnify the Licensee Indemnitees to the extent that the Losses
arise out of or result from any matters for which Licensee is obligated to indemnify Corbus under Section 11.1.

 

11.3.
Indemnification Procedure. The Party entitled to indemnification under this Section 11 (an “Indemnified
Party”) will notify the Party potentially responsible for such indemnification (the “Indemnifying Party”)
in writing promptly upon being notified of or having actual knowledge of any claim or claims asserted or threatened against the
Indemnified Party which could give rise to a right of indemnification under this Agreement; provided, that the failure
to give such notice will not relieve the Indemnifying Party of its indemnity obligation hereunder except to the extent that such
failure materially prejudices the Indemnifying Party. If the Indemnifying Party has acknowledged in writing to the Indemnified
Party the Indemnifying Party’s responsibility for defending a claim, the Indemnifying Party will have the right to defend,
at its sole cost and expense, such claim by all appropriate proceedings; provided, that the Indemnifying Party may
not enter into any compromise or settlement unless (a) such compromise or settlement imposes only a monetary obligation on the
Indemnifying Party and includes as an unconditional term thereof, the giving by each claimant or plaintiff to the Indemnified
Party of a release from all liability in respect of such claim; or (b) the Indemnified Party consents to such compromise or settlement,
which consent will not be unreasonably withheld, conditioned or delayed unless such compromise or settlement involves (i) any
admission of legal wrongdoing by the Indemnified Party, (ii) any payment by the Indemnified Party that is not indemnified under
this Agreement, or (iii) the imposition of any equitable relief against the Indemnified Party. The Indemnified Party will cooperate
with the Indemnifying Party and may participate in, but not control, any defense or settlement of any claim controlled by the
Indemnifying Party pursuant to this Section 11.3 and will bear its own costs and expenses with respect to such participation;
provided that the Indemnifying Party will bear such costs and expenses if counsel for the Indemnifying Party will
have reasonably determined that such counsel may not properly represent both the Indemnifying Party and the Indemnified Party.
If the Indemnifying Party does not elect to assume control of the defense of a claim or if a good faith and diligent defense,
in the Indemnified Party’s reasonable opinion, is not being or ceases to be materially conducted by the Indemnifying Party,
the Indemnified Party will have the right, at the expense of the Indemnifying Party, upon at least ten (10) Business Days’
prior written notice to the Indemnifying Party of its intent to do so, to undertake the defense of such claim for the account
of the Indemnifying Party (with counsel reasonably selected by the Indemnified Party and approved by the Indemnifying Party, such
approval not to be unreasonably withheld, conditioned or delayed); provided that the Indemnified Party will keep
the Indemnifying Party apprised of all material developments with respect to such claim. The Indemnified Party may not enter into
any compromise or settlement without the prior written consent of the Indemnifying Party, such consent not to be unreasonably
withheld, conditioned or delayed.

 

11.4.
Limitation of Liability. NEITHER PARTY WILL BE LIABLE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING
OUT OF THIS AGREEMENT, OR THE EXERCISE OF ITS RIGHTS OR THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER, REGARDLESS OF ANY NOTICE
OF SUCH DAMAGES, EXCEPT AS A RESULT OF (A) A PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR (B) A BREACH OF SECTION
9. NOTHING IN THIS SECTION 11.4 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER
PARTY UNDER THIS SECTION 11.

 

    	-53-

     

    

 

11.5.
Insurance. Each Party will obtain and maintain insurance during the Term and for a period of at least two (2) years
after the last commercial sale of any Licensed Product for which it is responsible, with a reputable, solvent insurer in an amount
appropriate for its business and products of the type that are the subject of this Agreement, and for its obligations under this
Agreement. Specifically, each Party will maintain product liability insurance and clinical trial liability insurance with limits
of at least [*]. Upon request, each Party will provide the other Party with evidence of the existence and maintenance of such
insurance coverage.

 

	12.	INTELLECTUAL
    PROPERTY

 

12.1.
Inventorship.

 

12.1.1.
Determination of Inventorship. Inventorship for inventions and discoveries (including Know-How) first made during the
course of the performance of activities pursuant to the Collaboration will be determined in accordance with United States patent
Laws for determining inventorship.

 

12.1.2.
JRA Exception. Notwithstanding anything to the contrary in this Agreement, each Party will have the right to invoke
the America Invents Act Joint Research Agreement exception codified at 35 U.S.C. § 102(c) (the “JRA Exception”)
when exercising its rights under this Agreement, but only with prior written consent of the other Party in its sole discretion.
In the event that a Party intends to invoke the JRA Exception, once agreed to by the other Party if required by the preceding
sentence, it will notify the other Party and the other Party will cooperate and coordinate its activities with such Party with
respect to any filings or other activities in support thereof. The Parties acknowledge and agree that this Agreement is a “joint
research agreement” as defined 35 U.S.C. § 100(h).

 

12.2.
Ownership.

 

12.2.1.
Corbus.

 

12.2.1.1.
As between the Parties, Corbus will own the entire right, title and interest in and to all Know-How (and Patents claiming
inventions therein) first developed or conceived solely by Corbus in the performance of the Collaboration (“New Corbus
IP”).

 

12.2.1.2.
As between the Parties, Corbus will own the entire right, title and interest in and to all Know-How (and Patents claiming
inventions therein) first developed or conceived, whether solely by or on behalf of Licensee or its Related Parties or jointly
by the Parties, in the performance of the Collaboration that relates to (a) any new use or mode of action of Lenabasum, (b) any
new formulation for the active pharmaceutical ingredient of Lenabasum that is an improvement to the Corbus Licensed Patents or
to the subject matter taught in the Corbus Licensed Know-How, or any new mode of administration for Lenabasum, or (c) any compound
whose principal mode of action is to modulate the cannabinoid receptor type 2 (CB2) and that is derived from subject matter claimed
in the Corbus Licensed Patents or taught in the Corbus Licensed Know-How (collectively, the “New Lenabasum IP”).
If Licensee holds any right, title, or interest in any New Lenabasum IP, then Licensee hereby does, and agrees to, assign any
and all such right, title and interest to any such New Lenabasum IP to Corbus together with the right to file and own applications
for any Patent and any Patent issuing thereon.

 

    	-54-

     

    

 

12.2.2.
Licensee. As between the Parties, Licensee will own the entire right, title and interest in and to all Know-How (and
Patents claiming inventions therein) first developed or conceived solely by Licensee in the performance of the Collaboration that
is neither New Corbus IP nor New Lenabasum IP (the “Licensee Program IP”).

 

12.2.3.
Joint Ownership. The Parties will jointly own all Know-How (and Patents claiming inventions therein) developed or conceived
in the performance of the Collaboration that is not New Corbus IP, New Lenabasum IP or Licensee Program IP first developed or
conceived jointly by (a) Licensee or any of its Related Parties and (b) Corbus or any of its Related Parties (the “Joint
Program IP” and, together with the Licensee Program IP, the “Program IP”).

 

12.3.
Covenants in Support of IP Ownership Allocation.

 

12.3.1.
Each Party will have an equal and undivided joint ownership interest in and to the Joint Program IP. Each Party will have
the right to exercise its ownership in and to such Joint Program IP, including, upon prior written notice to the other Party,
the right to license and sublicense or otherwise to exploit, transfer or encumber its ownership interest, without any accounting
or obligation to, or consent required from, the other Party, but subject to the licenses under this Agreement and the other terms
and conditions of this Agreement. At the reasonable written request of a Party, the other Party will in writing grant such consents
and confirm that no such accounting is required to effect the foregoing regarding Joint Program IP. Each Party, for itself and
on behalf of its Affiliates, licensees and sublicensees, and employees, subcontractors, consultants and agents of any of the foregoing,
hereby assigns (and to the extent such assignment can only be made in the future hereby agrees to assign), to the other Party
an equal and undivided joint ownership interest in and to all Joint Program IP.

 

12.3.2.
Each Party will provide the other Party (at such other Party’s cost and expense) with all further cooperation to give
effect to the allocation of ownership, as between the Parties, of the New Corbus IP, New Lenabasum IP, Licensee Program IP and
Joint Program IP (including with respect to rights of priority), in each case, as contemplated by Section ‎12.2, including
executing and delivering further assignments, consents, releases and other commercially reasonable documentation, and providing
good faith testimony by affidavit, declaration, deposition, in person or other proper means and otherwise assisting such other
Party in support of its efforts to establish, perfect, defend, or enforce its rights in its respective intellectual property.

 

12.4.
Disclosure of Inventions. The Parties will promptly
disclose to each other any New Corbus IP, New Lenabasum IP or Program IP developed or conceived during the Term, but no later
than thirty (30) days after the applicable Party’s intellectual property department receives notice of such development
or conception.

 

12.5.
Prosecution and Maintenance of Patents.

 

12.5.1.
Licensee.

 

12.5.1.1.
General. Subject to the remainder of this Section 12.5.1, as between the Parties, Licensee will have sole control
of and responsibility for the Prosecution and Maintenance (and all applicable Patent Costs therefor), in Licensee’s name,
all Joint Program IP Patents within the Licensee Territory, Licensee Program IP Patents and all Licensee Background Patents (collectively,
the “Licensee Controlled Patents”). Licensee will furnish to Corbus, via electronic mail or such other method
as mutually agreed by the Parties, copies of proposed filings and material documents sent to or received from patent counsel in
the course of Prosecuting and Maintaining the Licensee Controlled Patents in the Corbus Territory, and copies of material documents
filed with or received from the relevant national patent offices or other Governmental Authorities with respect to the Licensee
Controlled Patents in the Corbus Territory, and such other material documents related to the Prosecution and Maintenance of the
Licensee Controlled Patents in the Corbus Territory, in sufficient time prior to filing such document or making any payment due
thereunder to allow for review and comment by Corbus. Licensee will consider in good faith timely comments and recommendations
made by Corbus in connection with such review.

 

    	-55-

     

    

 

12.5.1.2.
Licensee Controlled Patents Abandonment. In the event that Licensee elects not to Prosecute and Maintain (or continue
to Prosecute and Maintain, including filing a Patent claiming priority to a Patent prior to its issuance), any Licensee Controlled
Patent, Licensee will notify Corbus at least ninety (90) days before any such Licensee Controlled Patent would become abandoned,
no longer available or otherwise forfeited, whereupon, at the written request of Corbus, the Parties will meet to discuss any
such decision by Licensee. Subject to, if applicable, the provisions of any in-license agreement of Licensee applicable to such
Licensee Controlled Patent, Corbus will have the right (but not the obligation), at its sole discretion, to assume the Prosecution
and Maintenance (and all applicable Patent Costs therefor) of such Licensee Controlled Patent in the name of Licensee (which right
will include the right to file additional Patents claiming priority to such Patent). Corbus will consult reasonably with Licensee
on its strategy for the Prosecution and Maintenance of all such assumed Licensee Controlled Patents. Corbus will furnish to Licensee,
via electronic mail or such other method as mutually agreed by the Parties, copies of proposed filings and material documents
sent to or received from patent counsel in the course of Prosecuting and Maintaining such assumed Licensee Controlled Patents,
and copies of material documents filed with or received from the relevant national patent offices or other Governmental Authorities
with respect to such assumed Licensee Controlled Patents, and such other material documents related to the Prosecution and Maintenance
of such assumed Licensee Controlled Patents, in sufficient time prior to filing such document or making any payment due thereunder
to allow for review and comment by Licensee. Corbus will consider in good faith timely comments and recommendations made by Licensee
in connection with such review. Licensee will sign, or will use Commercially Reasonable Efforts to have signed, all legal documents
as are reasonably necessary for Corbus to assume the Prosecution and Maintenance of such assumed Licensee Controlled Patent.

 

12.5.2.
Corbus.

 

12.5.2.1.
General. Subject to remainder of this Section 12.5.2, as between the Parties, Corbus will have sole control
of and responsibility for the Prosecution and Maintenance (and all applicable Patent Costs therefor), in Corbus’ name, all
Patents within the New Corbus IP, all Patents within the New Lenabasum IP, all Joint Program IP Patents within the Corbus Territory,
and all other Corbus Licensed Patents other than Joint Program IP Patents within the Licensee Territory. Corbus will furnish to
Licensee, via electronic mail or such other method as mutually agreed by the Parties, copies of proposed filings and material
documents sent to or received from patent counsel in the course of Prosecuting and Maintaining the Corbus Licensed Patents other
than the Joint Program IP Patents in the Licensee Territory, and copies of material documents filed with or received from the
relevant national patent offices or other Governmental Authorities with respect to such foregoing Patents in the Licensee Territory,
and such other material documents related to the Prosecution and Maintenance of such foregoing Patents in the Licensee Territory,
in sufficient time prior to filing such document or making any payment due thereunder to allow for review and comment by Licensee.
Corbus will consider in good faith timely comments and recommendations made by Licensee in connection with such review.

 

    	-56-

     

    

 

12.5.2.2.
Corbus Licensed Patents Abandonment. In the event that Corbus elects not to Prosecute and Maintain (or continue to
Prosecute and Maintain, including filing a Patent claiming priority to a Patent prior to its issuance), any Corbus Licensed Patent
(other than Joint Program IP Patents within the Licensee Territory), Corbus will notify Licensee at least ninety (90) days before
any such Corbus Licensed Patent would become abandoned, no longer available or otherwise forfeited, whereupon, at the written
request of Licensee, the Parties will meet to discuss any such decision by Corbus. Subject to, if applicable, the provisions of
any in-license agreement of Corbus applicable to such Corbus Licensed Patent, Licensee will have the right (but not the obligation),
at Licensee’s sole discretion, to assume the Prosecution and Maintenance (and all applicable Patent Costs therefor) of such
foregoing Patent in the name of Corbus (which right will include the right to file additional Patents claiming priority to such
Patent). Licensee will consult with Corbus on its strategy for the Prosecution and Maintenance of all such assumed foregoing Patents.
Licensee will furnish to Corbus, via electronic mail or such other method as mutually agreed by the Parties, copies of proposed
filings and material documents sent to or received from patent counsel in the course of Prosecuting and Maintaining such assumed
foregoing Patents, and copies of material documents filed with or received from the relevant national patent offices or other
Governmental Authorities with respect to such assumed foregoing Patents, and such other material documents related to the Prosecution
and Maintenance of such assumed foregoing Patents, in sufficient time prior to filing such document or making any payment due
thereunder to allow for review and comment by Corbus. Licensee will consider in good faith timely comments and recommendations
made by Corbus in connection with such review. Corbus will sign, or will use reasonable efforts to have signed, all legal documents
as are reasonably necessary for Licensee to assume the Prosecution and Maintenance of such assumed foregoing Patents.

 

12.5.3.
Patent Miscellaneous. Each Party hereby agrees: (a) to use Commercially Reasonable Efforts to make its employees, agents
and consultants reasonably available to the other Party (or to the other Party’s authorized attorneys, agents or representatives),
to the extent reasonably necessary to enable such Party to undertake any Prosecution and Maintenance described in this Section
12.5; and (b) to reasonably cooperate in any such Prosecution and Maintenance by the other Party.

 

12.6.
Third Party Infringement and Defense.

 

12.6.1.
Notices. Each Party will promptly report in writing to the other Party any Competitive Infringement of which such Party
(or any of its Affiliates or Sublicensees) becomes aware, and will provide the other Party with all available evidence of such
Competitive Infringement in such Party’s control; provided, however, that (a) for cases of Competitive
Infringement under Section 12.6.2.3 below, such written notice will be given within five (5) calendar days, and (b) for
cases of infringement as described in Section 12.6.2.4 below, such written notice will be given as specified in Section
12.6.2.4. Without limiting the last sentence of the definition of “Competitive Infringement,” a notice under 21
U.S.C. § 355(b)(2)(A)(iv) or 355(j)(2)(A)(vii)(IV) (however those sections may be amended) or any equivalent provision under
applicable Law outside of the United States with respect to any Patents that are the subject of this Agreement will be deemed
to describe an act of Competitive Infringement, regardless of its content. Subject to the rest of this Section 12.6, the
JCC will discuss in good faith strategies for abating such Competitive Infringement of any Licensed Product within each of the
Party’s respective Territory.

 

    	-57-

     

    

 

12.6.2.
Rights to Enforce.

 

12.6.2.1.
Competitive (Licensee) Infringement. As between the Parties, Licensee will have the first right (but not the obligation),
at Licensee’s sole discretion, through counsel of its choosing reasonably acceptable to Corbus, to seek to abate any Competitive
(Licensee) Infringement by enforcing any Corbus Licensed Patents or any Licensee Controlled Patents, in each case, solely in the
Licensee Territory. Licensee will pay all Patent Costs incurred by Licensee for such enforcement. If Licensee does not take steps
to abate such Competitive (Licensee) Infringement, within six (6) months of becoming aware, or receiving written notice from Corbus,
of such Competitive (Licensee) Infringement (or such shorter period of time as is required to comply with applicable Law to not
waive any statutory rights), Licensee will provide Corbus with written notice of such decision and Corbus will have the rights
set forth in Section 12.6.5.1 with respect to enforcing the Corbus Licensed Patents and the Licensee Controlled Patents
in the Licensee Territory to abate such Competitive (Licensee) Infringement.

 

12.6.2.2.
Competitive (Corbus) Infringement. As between the Parties, Corbus will have the first right (but not the obligation),
at Corbus’ sole discretion, through counsel of its choosing reasonably acceptable to Licensee, to seek to abate any Competitive
(Corbus) Infringement by, as applicable, (a) enforcing any Patents within the New Corbus IP or the New Lenabasum IP that are not
also Corbus Licensed Patents anywhere in the world and (b) enforcing any Licensee Program IP Patents or any Corbus Licensed Patents
solely in the Corbus Territory. Corbus will pay all Patent Costs incurred by Corbus for such enforcement. If Corbus does not take
steps to abate such Competitive (Corbus) Infringement, within six (6) months of becoming aware, or receiving written notice from
Licensee, of such Competitive (Corbus) Infringement (or such shorter period of time as is required to comply with applicable Law
to not waive any statutory rights), Corbus will provide Licensee with written notice of such decision and Licensee will have the
rights set forth in Section 12.6.5.1 with respect to enforcing the Licensee Controlled Patents in the Corbus Territory
to abate such Competitive (Corbus) Infringement.

 

12.6.2.3.
35 U.S.C. § 271(e)(2) Infringement. Notwithstanding anything to the contrary in this Section 12.6.2, for
a Competitive Infringement under 35 U.S.C. § 271(e)(2), the time period set forth in Section 12.6.2.1 or 12.6.2.2,
as applicable, during which a Party will have the initial right to bring a Proceeding will be shortened to a total of twenty-five
(25) days, so that, to the extent the other Party has the right, pursuant to such Section 12.6.2.1 or 12.6.2.2,
as applicable, to initiate a Proceeding, if the first Party does not initiate a Proceeding, then such other Party will have such
right if the first Party does not initiate a Proceeding within such twenty-five (25) days after such first Party’s receipt
of written notice of such Competitive Infringement.

 

12.6.2.4.
Notification of Patent Certification. If either Party becomes aware of any allegations of alleged patent invalidity,
unenforceability or non-infringement of any Patent licensed under this Agreement Covering a Licensed Product (including methods
of use thereof) pursuant to a Paragraph IV Patent Certification by a Third Party filing an Abbreviated New Drug Application, or
other similar patent certification by a Third Party, and any foreign equivalent thereof, for a Generic Product, such Party will
notify and provide the other Party with copies of such allegations. Such notification and copies will be provided to such other
Party as soon as practicable and at least within five (5) calendar days after such Party receives such certification, and will
be sent by facsimile and overnight courier to the address set forth in Section 14.10.

 

    	-58-

     

    

 

12.6.3.
Defense. As between the Parties, the Party controlling the Prosecution and Maintenance of any Patent under Section
12.5 will have the right (but not the obligation), at its sole discretion, to defend against a declaratory judgment action
or other action (such as a revocation proceeding or an opposition) challenging any such Patent (a “Third Party Action”),
other than with respect to (a) any counter-claims in any enforcement action brought by the other Party pursuant to Section
12.6.2 or (b) any action by a Third Party in response to an enforcement action brought by the other Party, which in both cases
((a) and (b)) will be controlled by such other Party. If the Party controlling such Prosecution and Maintenance of Patents under
Section 12.5 does not provide notice to the other Party of such Party’s intent to defend such Patent under this Section
12.6.3 within thirty (30) calendar days (or such shorter period of time as is required to not waive any statutory rights),
or elects not to initiate or continue any such defense (in which case it will promptly provide notice thereof to the other Party),
then (i) in the case of any of the foregoing done by Corbus with respect to any Patent under this Agreement for which Corbus is
responsible for the Prosecution and Maintenance thereof at such time in the Licensee Territory, Licensee will have the right (but
not the obligation), at its sole discretion, to defend any Corbus Licensed Patent against any such Third Party Action in the Licensee
Territory, and (ii) in the case of any of the foregoing done by Licensee with respect to any Patent under this Agreement for which
Licensee is responsible for the Prosecution and Maintenance thereof at such time in the Corbus Territory, Corbus will have the
right (but not the obligation), at its sole discretion, to defend any Licensee Controlled Patent against any such Third Party
Action in the Corbus Territory, in each case of (i) and (ii), as further set forth in Section 12.6.5.

 

12.6.4.
Cooperation Regarding Enforcement or Defense. With respect to any Competitive Infringement action or Third Party Action
identified above in Sections 12.6.2 and 12.6.3 and subject to the terms and conditions of this Section ‎12.6.4,
the Party controlling any such Competitive Infringement action or Third Party Action (the “Controlling Party”)
will keep the other Party (the “Non-Controlling Party”) reasonably informed of the status and progress of such
enforcement or defense efforts, and will reasonably consider the Non-Controlling Party’s comments on any such efforts. The
Non-Controlling Party will provide the Controlling Party with all reasonable assistance in the enforcement or defense of the applicable
Patents, as the Controlling Party may request, at such Controlling Party’s expense, including by signing or executing any
necessary documents and consenting to it being named a party to any applicable Proceedings. Where the Non-Controlling Party is
named a party or joins any applicable Proceeding, the Non-Controlling Party will have the right to be represented by counsel of
its choice at the Controlling Party’s expense.

 

12.6.5.
Withdrawal, Cooperation and Participation. With respect to any Competitive Infringement action or Third Party Action
identified above in Sections 12.6.2 and 12.6.3 and subject to the terms and conditions of this Section 12.6.5:

 

12.6.5.1.
If the Controlling Party ceases to pursue or withdraws from such action (the “Withdrawing Party”), it will
promptly notify the other Party (in sufficient time to enable such other Party to meet any deadlines by which any action must
be taken to preserve any rights in such infringement or defensive action) and (a) if Corbus is the Withdrawing Party, then Licensee
will have the right (but not the obligation) to substitute itself for Corbus in any Competitive Infringement action or Third Party
Action identified above in Section 12.6.2.2 or 12.6.3 involving the Licensee Controlled Patents in the Corbus Territory
and proceed under the terms and conditions of this Section 12.6.5, and (b) if Licensee is the Withdrawing Party, then Corbus
will have the right (but not the obligation) to substitute itself for Licensee in any Competitive Infringement action identified
above in Section 12.6.2.1 or 12.6.3 relating to the Corbus Licensed Patents or the Program IP Patents in the Licensee
Territory, and proceed under the terms and conditions of this Section 12.6.5 (Licensee or Corbus, as applicable, under
(a) or (b), the “New-Controlling Party”).

 

    	-59-

     

    

 

12.6.5.2.
The Withdrawing Party will cooperate with the New-Controlling Party controlling any such action (as may be reasonably requested
by the New-Controlling Party), including, at the New-Controlling Party’s sole cost and expense, (a) providing access to
relevant documents and other evidence, (b) using reasonable efforts to make its Affiliates and its and its Affiliates’ licensees
and Sublicensees and all of their respective employees, subcontractors, consultants and agents available at reasonable business
hours and for reasonable periods of time, but only to the extent relevant to such action, and (c) if reasonably necessary, by
being joined as a party, subject to, for this clause (c), the New-Controlling Party agreeing to indemnify such Withdrawing Party
for its involvement as a named party in such action and paying those Patent Costs incurred by such Withdrawing Party in connection
with such joinder. The New-Controlling Party controlling any such action will keep the Withdrawing Party reasonably updated with
respect to any such action, including providing copies of all materials documents received or filed in connection with any such
action.

 

12.6.5.3.
The Withdrawing Party will have the right to consult with the New-Controlling Party regarding any such action controlled by
such New-Controlling Party, in each case at such Withdrawing Party’s sole cost and expense. If the Withdrawing Party elects
to so be involved, the New-Controlling Party will provide such Withdrawing Party and its counsel with an opportunity to consult
with the New-Controlling Party and its counsel regarding the prosecution of such action (including reviewing the contents of any
material correspondence, legal papers or other documents related thereto), and the New-Controlling Party will take into account
reasonable and timely requests and comments of the Withdrawing Party regarding such enforcement or defense. However, nothing in
this Section 12.6.5.3 will limit the New-Controlling Party’s ability to prosecute any such action.

 

12.6.6.
Settlement. With respect to any Competitive Infringement or Third Party Action identified above in this Section
12.6, the Controlling Party of such action will have the right to settle or otherwise dispose of such action on such terms
and conditions as such Party will determine in its sole discretion, including by granting a license or sublicense to a Third Party
under the rights granted to such Party in Section 7; provided that, notwithstanding the foregoing, no such
settlement or other disposition will (a) impose any monetary restriction or obligation on or admit fault of the other Party, or
(b) adversely affect the other Party’s rights under this Agreement to any such Patent then being enforced or defended, in
each case ((a) and (b)) without the prior written consent of the other Party, not to be unreasonably withheld, conditioned or
delayed.

 

12.6.7.
Damages. Unless otherwise agreed by the Parties, all monies recovered upon the final judgment or settlement of any
action described in this Section 12.6 will be used first to reimburse the Controlling Party for its Patent Costs arising
from the action, with the balance of any such recovery to be divided as follows:

 

12.6.7.1.
for any applicable action initiated in the Controlling Party’s Territory, (a) if Corbus was the Controlling Party, [*],
and (b) if Licensee was the Controlling Party, [*]; and

 

12.6.7.2.
for any applicable action not initiated in the Controlling Party’s Territory, then the balance of any
such recovery will be allocated [*] percent ([*]%) to the controlling Party and [*] percent ([*]%) to the other Party.

 

    	-60-

     

    

 

12.7.
Patent Extensions. With respect to any election for patent term restoration or extension, supplemental protection certificate
or any of their equivalents, (a) Licensee will have the sole and exclusive right to make any such decision relating to any Licensee
Controlled Patents that are not Joint Program IP Patents, (b) Corbus will have the sole and exclusive right to make any such decision
relating to any Patents within the Corbus Licensed Technology that are not Joint Program IP Patents, and (c) Licensee and Corbus
together will make such decision relating to any Joint Program IP Patents, in each case of (a), (b) and (c) with respect to any
Licensed Product, provided that notwithstanding the foregoing clauses (a) and (b), each Party will use reasonable
efforts to obtain any such patent term restoration or extension, supplemental protection certificate or any of their equivalents
available for the Patents subject to the enforcement rights specified in Section 12.6.2 with respect to any Licensed Product;
and further provided, however, that no Party will be required to use any such reasonable efforts in a manner inconsistent
with any term or condition of this Section 12.7 if any such item could impair the applicable Patent (including its enforcement
potential) or the ability to obtain any such patent term restoration or extension, supplemental protection certificate or any
of their equivalents for any other pharmaceutical product. Upon the written request by a Party, the other Party will reasonably
cooperate with the implementation of such requesting Party’s decisions made in a manner consistent with this Section
12.7.

 

12.8.
Patent Listings. With respect to any filings of Patents made with Regulatory Authorities for any Licensed Product,
including as required or allowed in connection with, in the United States, the FDA’s Orange Book, or, outside of the United
States, other international equivalents, but subject to Section 12.6.2.3, (a) the Parties will list any such Patents as
may be required by applicable Laws with respect to any such filings for Licensed Products made with Regulatory Authorities in
their respective Territory, and (b) otherwise (i) Licensee will have the sole and exclusive right to make any such decision whether
to list any Licensee Background Patents, Licensee Program IP Patents and Joint Program IP Patents with respect to any Licensed
Product in filings made with Regulatory Authorities in the Licensee Territory, and (ii) Corbus will have the sole and exclusive
right to make any such decision whether to list any Joint Program IP Patents and any Corbus Licensed Patents that are not Joint
Program IP Patents with respect to any Licensed Product in filings made with Regulatory Authorities in the Corbus Territory, provided
that notwithstanding the foregoing clauses (b)(i) and (ii), each Party will use Commercially Reasonable Efforts to make
any such listing if available for the Patents subject to the enforcement rights specified in Section 12.6.2 with respect
to any Licensed Product; and further provided, however, that no Party will be required to use any
such Commercially Reasonable Efforts in a manner inconsistent with any term or condition of this Section 12.8 if any such
item could impair the applicable Patent (including its enforcement potential) or the ability to list such Patent for any other
pharmaceutical product. Upon the request by a Party, such other Party will reasonably cooperate in the implementation of such
requesting Party’s decisions made in a manner consistent with this Section 12.8.

 

12.9.
Third Party Rights. Notwithstanding the foregoing provisions of this Section 12, each Party’s rights and
obligations with respect to any Patent under this Section 12 will be subject to any Third Party rights and obligations
(including under any in-license of a Party applicable to such Party’s licensed intellectual property rights hereunder).

 

12.10.
Common Interest. All information exchanged between the Parties regarding the Prosecution and Maintenance, and enforcement
and defense, of Patents under this Section 12 will be deemed Confidential Information of the disclosing Party. In addition,
the Parties acknowledge and agree that, with regard to such Prosecution and Maintenance, and enforcement and defense, the interests
of the Parties as collaborators and licensor and licensee are to obtain the strongest patent protection possible, and as such,
are aligned and are legal in nature. The Parties agree and acknowledge that they have not waived, and nothing in this Agreement
constitutes a waiver of, any legal privilege concerning the Patents under this Section 12, including privilege under the
common interest doctrine and similar or related doctrines. Notwithstanding anything to the contrary contained herein, to the extent
a Party has a good faith belief that any information required to be disclosed by such Party to the other Party under this Section
12 is protected by attorney-client privilege or any other applicable legal privilege or immunity, such Party will not be required
to disclose such information, and the Parties will in good faith cooperate to agree upon a procedure (including entering into
a specific common interest agreement, disclosing such information on a “for counsel eyes only” basis or similar procedure)
under which such information may be disclosed without waiving or breaching such privilege or immunity.

 

    	-61-

     

    

 

12.11.
Trademarks.

 

12.11.1.
Licensed Products Trademarks.

 

12.11.1.1.
Subject to Section 12.11.1.3, the Parties agree to use Commercially Reasonable Efforts to use the trademark EMPRELVIA®
(the “Existing Trademark”) with each Licensed Product being Commercialized in the Licensee Territory and the
Corbus Territory. As between the Parties, Corbus will own all right, title, and interest in and to the Existing Trademark and
all goodwill associated therewith worldwide. Further, as between the Parties, Corbus will own all rights to any Internet domain
names incorporating the Existing Trademark or any variation or part of such Existing Trademark used as its URL address or any
part of such address.

 

12.11.1.2.
If the JSC determines that the Existing Trademark is suited for use in the Licensee Territory, Corbus shall at its own cost
and expense apply for the registration of the Japanese character (katakana) mark corresponding to the English character mark (EMPRELVIA®;
International registration Number 1363931) in the Licensee Territory. Corbus shall be responsible for the registration, maintenance
and defense of the Existing Trademark for use in connection with the sale or marketing of Licensed Products in the Field in the
Licensee Territory, and the fees and expenses incurred in connection therewith for the Existing Trademark applicable to Licensed
Products in the Licensee Territory shall be the responsibility of Corbus. Corbus and Licensee will enter into a separate trademark
license agreement containing commercially reasonable and customary terms and conditions pursuant to which Corbus will grant to
Licensee an exclusive, royalty-free, sublicensable (in accordance with Section 7.1.1.4) license to use the Existing Trademark(s)
with the Licensed Products to Commercialize such Licensed Products in the Licensee Territory.

 

12.11.1.3.
In the event that (a) the PMDA or the MHLW rejects the use of the Existing Trademark with the Licensed Products in the Licensee
Territory or (b) the JSC determines in its reasonable discretion that the Existing Trademark is not suited for use in the Licensee
Territory, the Parties, promptly and working together, will develop and propose, and the JSC will review and approve, the use
of an alternative Trademark with the Licensed Products to Commercialize such Licensed Products in the Licensee Territory (the
“Alternate Trademark”). The Alternate Trademark may be a Trademark developed by one Party with respect to the
Commercialization of Licensed Products in such Party’s Territory, but may not include other Trademarks Controlled by such
Party unless otherwise agreed by the JSC. Following the JSC’s approval of the Alternate Trademark, and except where such
approved Alternate Trademark is a Trademark Controlled by Corbus, in which case, the Parties will enter into the same license
arrangement described in Section 12.11.1.2, as between the Parties, Licensee will own all right, title, and interest (including
all applications for registration and registrations) in and to the Alternate Trademark, but subject to Corbus’ rights under
Sections 13.7.2.3 and 13.7.3.4 and all goodwill associated therewith worldwide, and Licensee will own also all rights
to any Internet domain names incorporating the Alternate Trademark or any variation or part thereof used as its URL address or
any part of such address.

 

    	-62-

     

    

 

12.11.2.
Trademark Infringement. In the event either Party becomes aware of any infringement of the Existing Trademark or the
Alternate Trademark, as applicable, by a Third Party, such Party will promptly notify the other Party, and the Parties will consult
with each other and jointly determine the best way to prevent such infringement, including by the institution of legal proceedings
against such Third Party. Notwithstanding the foregoing, the Party owning such Trademark retains the sole and exclusive right
(but not obligation) to seek to abate any such infringement.

 

12.11.3.
No Other Trademark Rights. For the avoidance of doubt, except as expressly permitted by this Agreement or as otherwise
agreed in writing by the Parties, neither Party will have any right to use the other Party’s or the other Party’s
Affiliates’ Trademarks, corporate names or logos in connection with Development, Manufacturing, or Commercialization of
Licensed Products.

 

	13.	TERM
    AND TERMINATION

 

13.1.
Term. This Agreement will be effective as of the Effective Date and, unless terminated earlier, this Agreement will
continue on a Licensed Product-by-Licensed Product basis until the date on which the Royalty Term has expired in the Licensee
Territory for such Licensed Product and will finally expire upon the expiration of the Royalty Term for the final Licensed Product
(the “Term”). Upon expiration of the Royalty Term for a Licensed Product in the Licensee Territory or upon
expiration of this Agreement, all licenses granted from one Party to the other Party in Section 7 with respect to such
Licensed Product will become fully-paid, irrevocable and perpetual.

 

13.2.
Termination by Licensee for Convenience. At any time following the second (2nd) anniversary of the date
of the First Commercial Sale of the first Licensed Product in either of the Initial Indications in the Licensee Territory, Licensee
may terminate this Agreement in its entirety, for any reason or no reason upon one hundred and eighty (180) days’ prior
written notice to Corbus.

 

13.3.
Termination by Licensee for Safety Concern or Clinical Failure. At any time, Licensee will have the right to terminate
this Agreement in its entirety in the event of (a) a Safety Concern or (b) a Clinical Failure, in each case of (a) or (b), upon
ninety (90) days’ prior written notice to Corbus, provided that, during such ninety (90) day period, Licensee
will consult with Corbus in respect of measures to overcome the Safety Concern or Clinical Failure, as applicable, and avoid termination
of this Agreement.

 

13.4.
Termination for Material Breach.

 

13.4.1.
Material Breach.

 

13.4.1.1.
Subject to Section 13.4.2, Corbus will have the right to terminate this Agreement in its entirety upon delivery of
written notice to Licensee in the event of any material breach by Licensee of any material terms and conditions of this Agreement,
provided that such termination will not be effective if such breach has been cured within thirty (30) days after
written notice thereof is given by Corbus to Licensee specifying the nature of the alleged breach (or, if such default cannot
be cured within such thirty (30) day period, within ninety (90) days after such notice if Licensee commences actions to cure such
default within such thirty (30) day period and thereafter diligently continues such actions, but fails to cure the default by
the end of such ninety (90) days); provided, however, that to the extent such material breach involves the
failure to make a payment when due, such breach must be cured within thirty (30) days after written notice thereof is given by
Corbus to Licensee.

 

    	-63-

     

    

 

13.4.1.2.
Subject to Section 13.4.2, Licensee will have the right to terminate this Agreement in its entirety upon delivery of
written notice to Corbus in the event of any material breach by Corbus of any material terms and conditions of this Agreement,
provided that such termination will not be effective if such breach has been cured within thirty (30) days after
written notice thereof is given by Licensee to Corbus specifying the nature of the alleged breach (or, if such default cannot
be cured within such thirty (30) day period, within ninety (90) days after such notice if Corbus commences actions to cure such
default within such thirty (30) day period and thereafter diligently continues such actions, but fails to cure the default by
the end of such ninety (90) days); provided, however, that to the extent such material breach involves the
failure to make a payment when due, such breach must be cured within thirty (30) days after written notice thereof is given by
Licensee to Corbus.

 

13.4.2.
Disputed Breach. If the alleged breaching Party disputes in good faith the existence or materiality of a breach specified
in a notice provided by the other Party in accordance with Section 13.4.1 and such alleged breaching Party provides the
other Party notice of such dispute within such thirty (30) day period, as applicable, then the non-breaching Party will not have
the right to terminate this Agreement under Section 13.4.1 unless and until the dispute resolution process set forth in
Section 14.3 has been completed (including the tolling and cure periods set forth therein).

 

13.5.
Termination for Insolvency. If, at any time during the Term (a) a case is commenced by or against either Party under
Title 11, United States Code, as amended, or analogous provisions of applicable Law outside the United States (the “Bankruptcy
Code”) and, in the event of an involuntary case under the Bankruptcy Code, such case is not dismissed within sixty (60)
days after the commencement thereof, (b) either Party files for or is subject to the institution of bankruptcy, liquidation or
receivership proceedings (other than a case under the Bankruptcy Code), (c) either Party assigns all or a substantial portion
of its assets for the benefit of creditors, (d) a receiver or custodian is appointed for either Party’s business, or (e)
a substantial portion of either Party’s business is subject to attachment or similar process; then, in any such case ((a),
(b), (c), (d) or (e)), the other Party may terminate this Agreement upon written notice to the extent permitted under applicable
Law.

 

13.6.
Patent Challenge. Either Party has the right to terminate this Agreement upon written notice to the other Party in
the event that the other Party or any of its Affiliates or Sublicensees directly or indirectly challenges in a legal or administrative
proceeding the patentability, enforceability or validity of any Patents within the Corbus Licensed Technology (with respect to
a challenge brought by Licensee), any Patents within the Licensee Licensed Technology (with respect to a challenge brought by
Corbus), or any Joint Program IP Patents (with respect to a challenge brought by either Party ), as the case may be (each, a “Patent
Challenge”); provided that (a) this Section 13.6 will not apply to any such Patent Challenge that is first made
by a Party or any of its Affiliates or Sublicensees in defense of a claim of patent infringement brought by the other Party under
the applicable Patent, (b) with respect to any Third Party that becomes an Affiliate of a Party during the Term as a result of
a Change of Control of such Party or acquisition by such Party, this Section 13.6 will not apply to any Patent Challenge
involving such Third Party if such proceeding was initiated before the signing of the definitive document(s) whereby such Third
Party becomes such an Affiliate, and (c) with respect to any non-Affiliate Sublicensee, a Party will not have the right to terminate
this Agreement under this Section 13.6 if the other Party (i) causes such Patent Challenge to be terminated or dismissed
(or in the case of ex-parte proceedings, multi-party proceedings, or other Patent Challenges in which the challenging party
does not have the power to unilaterally cause the Patent Challenge to be withdrawn, causes such Sublicensee to withdraw as a party
from such Patent Challenge and to cease actively assisting any other party to such Patent Challenge), or (ii) terminates such
Sublicensee’s sublicense to the Patents being challenged by the Sublicensee, in each case, within ninety (90) days of the
terminating Party’s notice to the other Party under this Section 13.6.

 

    	-64-

     

    

 

13.7.
Consequences of Termination or Expiration. Upon termination
or expiration of this Agreement, the following shall apply (in addition to any other rights and obligations under this Section
13.7 or otherwise under this Agreement with respect to such termination):

 

13.7.1.
Winding Down of Activities. If there are any on-going Development or Commercialization activities at termination or
expiration of this Agreement, the Parties shall negotiate in good faith and adopt a plan to wind-down such activities in an orderly
fashion or, at the continuing Party’s election, promptly transition such activities from the non-continuing Party to the
continuing Party or its designee, with due regard for patient safety and the rights of any subjects that are participants in any
Clinical Studies of the Licensed Products, and take any actions it deems reasonably necessary or appropriate to avoid any human
health or safety problems and in compliance with all applicable Laws.

 

13.7.2.
Termination for Breach or Insolvency. In the event that this Agreement is terminated by a Party pursuant to Section
13.4 or 13.5:

 

13.7.2.1.
any and all rights and licenses granted by the non-terminating Party to the terminating Party under this Agreement shall remain
in effect and, if necessary, be converted into transferable, fully paid, perpetual, royalty-free license, with the right to sublicense,
and any licenses granted by the terminating Party to the non-terminating Party will terminate,

 

13.7.2.2.
to the extent permitted by applicable Laws, Licensee (if it is the non-terminating Party), shall transfer to Corbus its entire
right, title and interest in all Regulatory Materials in the Licensee Territory,

 

13.7.2.3.
Licensee (if it is the non-terminating Party) shall assign to Corbus all right, title and interest in and to those trademarks
used exclusively with Licensed Products in the Licensee Territory (excluding any such trademarks that include, in whole or part,
any corporate name or logo of Licensee or its Affiliate or Sublicensee), and

 

13.7.2.4.
the Right of Reference granted to the non-terminating Party in Section 5.4 will terminate.

 

13.7.3.
Termination by Licensee for Convenience or Safety Concern or Clinical Failure. In the event this Agreement is terminated
by Licensee pursuant to Section 13.2 or 13.3, Licensee will:

 

13.7.3.1.
if Corbus so requests, and to the extent permitted under Licensee’s or such Affiliate’s obligations to such Third
Parties, transfer to Corbus any Third Party agreements relating to the Development, Manufacture or Commercialization of the Licensed
Products to which Licensee or any of its Affiliates is a party, subject to any required consents of such Third Party,

 

13.7.3.2.
transfer to Corbus any inventory of the Licensed Products owned by Licensee or its Affiliates as of the effective date of
termination at the actual price paid by Licensee for such supply,

 

13.7.3.3.
to the extent permitted by applicable Laws, transfer to Corbus its entire right, title and interest in all Regulatory Materials
in the Licensee Territory, and

 

    	-65-

     

    

 

13.7.3.4.
assign to Corbus all right, title and interest in and to those trademarks used exclusively with Licensed Products in the Licensee
Territory (excluding any such trademarks that include, in whole or part, any corporate name or logo of Licensee or its Affiliate
or Sublicensee).

 

13.7.4.
Return of Confidential Information. Upon expiration or termination of this Agreement, except to the extent that the
either Party retains a license under this Agreement, each Party will promptly return all records and materials in its possession
or control containing or comprising the other Party’s Confidential Information. Each Party shall have the right to maintain
one copy of such records in its files for archive purposes; provided that such copy is maintained in accordance
with the surviving confidentiality obligations of this Agreement.

 

13.8.
Other Remedies. Termination or expiration
of this Agreement for any reason shall not release either Party from any liability or obligation that already has accrued prior
to such expiration or termination, nor affect the survival of any provision hereof to the extent it is expressly stated to survive
such termination. Termination or expiration of this Agreement for any reason shall not constitute a waiver or release of, or otherwise
be deemed to prejudice or adversely affect, any rights, remedies or claims, whether for damages or otherwise, that a Party may
have hereunder or that may arise out of or in connection with such termination or expiration.

 

13.8.1.
Dissolution of Committees. All Committees will be dissolved as of the effective date of such termination, provided
that, for any surviving provisions requiring action or decision by any of the Committees or an Executive Officer, each Party will
appoint representatives to act as its Committee members or Executive Officer, as applicable.

 

13.8.2.
Termination of Rights and Obligations. Except as set forth in this Section 13.8 and Section 13.9, all
rights and obligations of the Parties under this Agreement will terminate as of the effective date of such termination.

 

13.9.
Effect of Expiration or Termination; Survival.

 

13.9.1.
Expiration or termination of this Agreement for any reason will not relieve the Parties of any liability or obligation which
accrued hereunder prior to the effective date of such termination or expiration, nor preclude either Party from pursuing all rights
and remedies it may have hereunder or at Law or in equity, with respect to any breach of this Agreement. For the avoidance of
doubt, termination of this Agreement will not affect any SDEA, which will continue to survive so long as any Licensed Products
thereunder are being Commercialized.

 

13.9.2.
Subject to the termination consequences set forth in Sections 13.7 and 13.8 and any Sections referenced therein),
the following provisions will survive expiration or termination of this Agreement for any reason: Sections 5.4, 7,
8.7.3 (until the third anniversary of such expiration or termination), 9 (until the fifth anniversary of such expiration
or termination), 11, 12, 13 and 14.

 

    	-66-

     

    

 

	14.	MISCELLANEOUS

 

14.1.
Assignment.

 

14.1.1.
General. Except as provided in this Section 14.1.1, this Agreement may not be assigned or otherwise transferred,
nor may any right or obligation hereunder be assigned or transferred, by either Party without the prior written consent of the
other Party. Notwithstanding anything in this Section 14.1.1 to the contrary, Licensee may assign this Agreement and its
rights and obligations hereunder in whole or in part (a) to an Affiliate without Corbus’ prior written consent, or (b) to
a party that acquires, by or otherwise in connection with, a merger, sale of assets, reorganization or otherwise, all or substantially
all of the business of Licensee to which the subject matter of this Agreement relates (i) with Corbus’ prior written consent
for any such assignment occurring before the first Regulatory Approval by the MHLW for a Licensed Product for either of the Initial
Indications has been obtained (the “Regulatory-Approval Trigger Date”), and (ii) with Corbus’ prior written
consent for any such assignment occurring after the Regulatory-Approval Trigger Date unless such party is a Qualified Assignee.
In addition, Corbus’ prior written consent, not to be unreasonably withheld, shall be required for any assignment of this
Agreement by Licensee to an Affiliate that is not a Japanese legal entity. Notwithstanding anything in this Section 14.1.1
to the contrary, Corbus may, without Licensee’s prior written consent, assign this Agreement and its rights and obligations
hereunder in whole or in part to an Affiliate or to a party that acquires, by or otherwise in connection with, a merger, sale
of assets, reorganization or otherwise, all or substantially all of the business of Corbus to which the subject matter of this
Agreement relates. Any permitted successor or assignee of any rights or obligation under this Agreement must expressly assume
the performance thereof. Notwithstanding any permitted assignment, the assigning Party will remain responsible for the performance
by its assignee of any obligation hereunder so assigned. An assignment to an Affiliate will terminate, and all rights so assigned
will revert to the assigning Party, if and when such Affiliate ceases to be an Affiliate of the assigning Party. Any purported
assignment in violation of this Section 14.1.1 will be void.

 

14.1.2.
Securitization. Notwithstanding anything to the contrary in Section 14.1.1 or elsewhere in this Agreement,
Corbus may assign to a Third Party its right to receive the milestone payments and the royalty payments owed under Section
8 (such assignment, a “Securitization Transaction”) without the prior written consent of Licensee. Further,
in connection with a contemplated Securitization Transaction, Corbus may disclose to such Third Party the Confidential Information
of Licensee (including the royalty reports contemplated under Section 8.7.2), without the prior written consent of Licensee,
to the extent reasonably necessary to enable such Third Party to evaluate the Securitization Transaction opportunity (provided
that such Third Party is under obligations of confidentiality and non-use with respect to such Confidential Information
that are no less stringent than the terms of Section 9.1), and to allow such Third Party to exercise its rights under this
Section 14.1.2. As part of any consummated Securitization Transaction, Corbus may assign, without the prior written consent
of Licensee, its right to receive the royalty reports and to conduct audits under Section 8.7.3 to the counterparty in
such Securitization Transaction, and to allow such counterparty to exercise its rights under such Sections.

 

14.2.
Governing Law. The Agreement will be construed and the respective rights of the Parties determined in accordance with
the substantive Laws of the State of New York, USA, notwithstanding any provisions of New York Law or any other Law governing
conflicts of laws to the contrary.

 

14.3.
Arbitration.

 

14.3.1.
Disputes. Except as otherwise expressly set forth in this Agreement, including Section 2.5.1, disputes of any
nature arising under, relating to, or in connection with this Agreement (“Disputes”) will be resolved pursuant
to this Section 14.3.

 

14.3.2.
Dispute Escalation. In the event of a Dispute between the Parties, the Parties will first attempt to resolve such Dispute
by negotiation and consultation between themselves. In the event that such Dispute is not resolved on an informal basis within
twenty (20) days from receipt of the written notice of a Dispute, any Party may, by written notice to the other, have such Dispute
referred to the Executive Officers (or their designee, which designee is required to have decision-making authority on behalf
of such Party), who will attempt to resolve such Dispute by negotiation and consultation for a twenty (20) day period following
receipt of such written notice.

 

    	-67-

     

    

 

14.3.3.
Full Arbitration. Except as otherwise expressly set forth in this Agreement, in the event the Parties have not resolved
such Dispute within twenty (20) days of receipt of the written notice referring such Dispute to the Executive Officers, either
Party may at any time after such twenty (20) day period submit such Dispute to be finally settled by arbitration administered
in accordance with the procedural rules of the International Chamber of Commerce (the “ICC”) in effect at the
time of submission, as modified by this Section 14.3. The arbitration will be governed by the Laws of the State of New
York. The arbitration will be heard and determined by three (3) arbitrators who are retired judges or attorneys with at least
ten (10) years of relevant experience in the pharmaceutical and biotechnology industry, each of whom will be impartial and independent.
Each Party will appoint one (1) arbitrator and the third (3rd) arbitrator will be selected by the two (2) Party-appointed arbitrators,
or, failing agreement within thirty (30) days following appointment of the second arbitrator, by the ICC. Such arbitration will
take place in San Francisco, California, USA. The arbitration award so given will, absent manifest error, be a final and binding
determination of the Dispute, will be fully enforceable in any court of competent jurisdiction, and will not include any damages
expressly prohibited by Section 11.4. Fees, costs and expenses of arbitration are to be divided by the Parties in the following
manner: Licensee will pay for the arbitrator it chooses, Corbus will pay for the arbitrator it chooses, and the Parties will share
payment for the third arbitrator. Except in a proceeding to enforce the results of the arbitration or as otherwise required by
Law, neither Party nor any arbitrator may disclose the existence, content or results of any arbitration hereunder without the
prior written consent of both Parties.

 

14.3.4.
Expedited Arbitration.

 

14.3.4.1.
If a Party exercises its right under this Agreement to refer a dispute to expedited arbitration (an “Expedited Dispute”),
then the Parties will follow the expedited dispute resolution process in this Section 14.3.4 (and not the dispute resolution
process in Section 14.3.3 of this Agreement) (“Expedited Arbitration”). The Parties agree and acknowledge
that any good faith dispute under Expedited Arbitration will not be deemed to be a material breach of this Agreement.

 

14.3.4.2.
The Expedited Dispute will be submitted to fast-track, binding arbitration in accordance with the following:

 

(a)
Arbitration will be conducted in San Francisco, California, USA, under the rules of the ICC for the resolution of commercial disputes
in the most expedited manner permitted by such rules. The Parties will appoint a single arbitrator to be selected by mutual agreement.
If the Parties are unable to agree on an arbitrator, the Parties will request that the ICC select the arbitrator. The arbitrator
will be a professional in business or licensing experienced in the valuation of biopharmaceutical products with at least ten (10)
years of experience in the pharmaceutical and life sciences industries, including the conduct of development and commercialization
collaborations. The cost of the arbitration will be borne equally by the Parties. Except in a proceeding to enforce the results
of the arbitration or as otherwise required by applicable Laws, neither Licensee nor Corbus nor any arbitrator may disclose the
existence, content or results of any arbitration hereunder without the prior written agreement of Licensee and Corbus.

 

    	-68-

     

    

 

(b)
Within thirty (30) days after such matter is referred to arbitration, each Party will provide the arbitrator with a proposal and
written memorandum in support of its position regarding the Expedited Dispute, as well as any documentary evidence it wishes to
provide in support thereof (each a “Brief”) and the arbitrator will provide each Party’s Brief to the
other Party after it receives it from both Parties. The Parties agree and acknowledge that the Harmonization Principle will serve
as a guiding principle for each Party’s Brief and for the arbitrator’s determination.

 

(c)
Within thirty (30) days after a Party submits its Brief, the other Party will have the right to respond thereto. The response
and any material in support thereof will be provided to the arbitrator and the other Party.

 

(d)
The arbitrator will have the right to meet with the Parties as necessary to inform the arbitrator’s determination and to
perform independent research and analysis. Within thirty (30) days of the receipt by the arbitrator of both Parties’ responses
(or expiration of the thirty (30) day period if any Party fails to submit a response), the arbitrator will deliver his/her decision
regarding the Expedited Dispute in writing; provided that the arbitrator will select one of the resolutions proposed
by the Parties.

 

14.3.5.
Injunctive Relief. Notwithstanding the dispute resolution procedures set forth in this Section 14.3, in the
event of an actual or threatened breach of this Agreement, the aggrieved Party may seek provisional equitable relief (including
restraining orders, specific performance or other injunctive relief), without first submitting to any dispute resolution procedures
hereunder. Any claim for such equitable relief shall be submitted to the United States District Court for the Southern District
of New York or any New York State court sitting in New York City so long as one of such courts has subject matter jurisdiction
over such claim, and each Party hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any proceeding with respect to any such claim and irrevocably waives, to the fullest extent permitted
by Law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding in any such court or
that any such proceeding brought in any such court has been brought in an inconvenient forum. Process in any such proceeding may
be served on either Party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting
the foregoing, each Party agrees that service of process on such Party in accordance with Section 14.10 shall be deemed
effective service of process on such Party. Each of the Parties hereby irrevocably waives any and all right to trial by jury in
any such proceeding.

 

14.3.6.
Tolling. The Parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel and
laches), as well as all time periods in which a Party must exercise rights or perform obligation hereunder, will be tolled once
the dispute resolution procedures set forth in this Section 14.3 have been initiated and for so long as they are pending,
and the Parties will cooperate in taking all actions reasonably necessary to achieve such a result. In addition, during the pendency
of any Dispute under this Agreement initiated before the end of any applicable cure period, including under Section 13.4,
(a) this Agreement will remain in full force and effect, (b) the provisions of this Agreement relating to termination for material
breach with respect to such Dispute will not be effective, (c) the time periods for cure under Section 13.4 as to any termination
notice given prior to the initiation of arbitration will be tolled, (d) any time periods to exercise rights or perform obligations
will be tolled, and (e) neither Party will issue a notice of termination pursuant to this Agreement based on the subject matter
of the arbitration, until the arbitral tribunal has confirmed the material breach and the existence of the facts claimed by a
Party to be the basis for the asserted material breach; provided, that if such breach can be cured by (i) the payment
of money, the defaulting Party will have an additional ten (10) days within its receipt of the arbitral tribunal’s decision
to pay such amount or (ii) the taking of specific remedial actions, the defaulting Party will have a reasonably necessary period
to diligently undertake and complete such remedial actions within such reasonably necessary period or any specific timeframe established
by such arbitral tribunal’s decision before any such notice of termination can be issued. Further, with respect to any time
periods that have run during the pendency of the dispute, the applicable Party will have a reasonable period of time or any specific
timeframe established by such arbitral tribunal’s decision to exercise any rights or perform any obligations affected by
the running of such time periods.

 

    	-69-

     

    

 

14.4.
Entire Agreement; Amendments. This Agreement, together with any applicable supply agreement (and related quality agreements)
between the Parties, and SDEA, contains the entire understanding of the Parties with respect to the subject matter hereof, and
supersedes all previous arrangements with respect to the subject matter hereof, whether written or oral, including, effective
as of the Effective Date, the Mutual Nondisclosure Agreement between Corbus and Licensee, dated as of June 19, 2018 (provided
that all information disclosed or exchanged under such agreement will be treated as Confidential Information disclosed hereunder).
This Agreement may be amended, or any term or condition hereof modified, only by a written instrument duly-executed by authorized
representatives of both Parties. Any term or condition of this Agreement may be waived if, but only if, such waiver is in writing
and signed by an authorized representative of the Party against whom the waiver is to be effective. The Schedules attached hereto
may be amended, or any term or condition hereof modified, only by a written instrument duly-executed by authorized representatives
of both Parties.

 

14.5.
Severability. If any provision hereof should be held invalid, illegal or unenforceable in any respect in any jurisdiction,
the Parties will substitute, by mutual consent, valid provisions for such invalid, illegal or unenforceable provisions, which
valid provisions in their economic effect are sufficiently similar to the invalid, illegal or unenforceable provisions that it
can be reasonably assumed that the Parties would have entered into this Agreement with such valid provisions. In case such valid
provisions cannot be agreed upon, the invalid, illegal or unenforceable nature of one or several provisions of this Agreement
will not affect the validity of this Agreement as a whole, unless the invalid, illegal or unenforceable provisions are 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, illegal or unenforceable provisions.

 

14.6.
Headings. The captions to the Sections hereof are not a part of this Agreement, but are merely for convenience to assist
in locating and reading the several Sections hereof.

 

14.7.
Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review,
drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement will be
construed against the drafting Party will not apply.

 

14.8.
Interpretation. Except where the context expressly requires otherwise, (a) the use of any gender herein will be deemed
to encompass references to either or both genders, and the use of the singular will be deemed to include the plural (and vice
versa); (b) the words “include”, “includes” and “including” will be deemed to be followed
by the phrase “without limitation” and will not be interpreted to limit the provision to which it relates; (c) the
word “shall” will be construed to have the same meaning and effect as the word “will”; (d) any definition
of or reference to any agreement, instrument or other document herein will be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein); (e) any reference herein to any Person will be construed to include the Person’s
successors and assigns; (f) the words “herein”, “hereof” and “hereunder”, and words of similar
import, will be construed to refer to this Agreement in each of their entirety, as the context requires, and not to any particular
provision hereof; (g) all references herein to Sections or Schedules will be construed to refer to Sections or Schedules of this
Agreement, and references to this Agreement include all Schedules hereto and any capitalized terms used but not defined in any
Schedules shall have their respective meanings as defined in this Agreement; (h) the word “notice” means notice in
writing (whether or not specifically stated) and will include notices, consents, approvals and other written communications contemplated
under this Agreement; (i) provisions that require that a Party, the Parties or any committee hereunder “agree,” “consent”
or “approve” or the like will require that such agreement, consent or approval be specific and in writing, whether
by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging); (j) references to any
specific Law or article, section or other division thereof, will be deemed to include the then-current amendments thereto or any
replacement or successor Law thereof; and (k) the term “or” will be interpreted in the inclusive sense commonly associated
with the term “and/or”.

 

    	-70-

     

    

 

14.9.
No Implied Waivers; Rights Cumulative. No failure on the part of Corbus or Licensee to exercise, and no delay in exercising,
any right, power, remedy or privilege under this Agreement, or provided by statute or at Law or in equity or otherwise, will impair,
prejudice or constitute a waiver of any such right, power, remedy or privilege or be construed as a waiver of any breach of this
Agreement or as an acquiescence therein, nor will any single or partial exercise of any such right, power, remedy or privilege
preclude any other or further exercise thereof or the exercise of any other right, power, remedy or privilege.

 

14.10.
Notices. All notices which are required or permitted hereunder will be in writing and sufficient if delivered personally,
sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized
overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

	 	If
    to Corbus, to:	 	Corbus
                                         Pharmaceuticals, Inc.

        500
        River Ridge Drive, Second Floor

        Norwood,
        MA 02062, USA

        Attention:
        Yuval Cohen Ph.D.

        Facsimile
        No.: 1-617-963-0102

         

	 	With
    a copy to (which will not constitute notice):	 	Goodwin
                                         Procter LLP

        100
        Northern Avenue

        Boston,
        Massachusetts 02210, USA

        Attention:
        Stuart Cable and Karen A. Spindler

        Facsimile
        No.: 1-617-523-1231

         

	 	If
    to Licensee, to:	 	Kaken
                                         Pharmaceutical Co., Ltd.

        20th
        Floor, Bunkyo Green Court, 28-8, Honkomagome 2-chome, Bunkyo-ku, Tokyo 113-8650, Japan

        Attention:
        Kiyoshi Inoguchi, Ph. D.

        Head
        of Business Development

        Facsimile
        No.: 81-3-5977-5131

         

	 	With
    a copy to (which will not constitute notice):	 	Jones
                                         Day

        Kamiyacho
        Prime Place

        1-17,
        Toranomon 4-chome, Minato-ku

        Tokyo
        105-0001, Japan

        Attention:
        Scott Jones and Benjamin Lang

        Facsimile
        No.: 81-3-5401-2725

 

or
to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance
herewith. Any such notice will be deemed to have been given: (a) when delivered if personally delivered on a Business Day (or
if delivered or sent on a non-Business Day, then on the next Business Day); (b) on the Business Day of receipt if sent by overnight
courier or facsimile; or (c) on the Business Day of receipt if sent by mail.

 

    	-71-

     

    

 

14.11.
Compliance with Export Regulations. Neither Party will export any technology licensed to it by the other Party under
this Agreement except in compliance with U.S. export Laws and regulations.

 

14.12.
Force Majeure. Neither Party will be held liable to the other Party nor be deemed to have defaulted under or
breached this Agreement for failure or delay in performing any obligation under this Agreement to the extent that such failure
or delay is caused by or results from causes beyond the reasonable control of the affected Party, potentially including embargoes,
war, acts of war (whether war be declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances,
fire, earthquakes, floods, or other acts of God. The affected Party will notify the other Party of such force majeure circumstances
as soon as reasonably practical, and will promptly undertake all reasonable efforts necessary to cure such force majeure circumstances
and resume performance of its obligations hereunder.

 

14.13.
Independent Parties. It is expressly agreed that Corbus and Licensee will be independent contractors and that the relationship
between Corbus and Licensee will not constitute a partnership, joint venture or agency. Corbus will not have the authority to
make any statements, representations or commitments of any kind, or to take any action, which will be binding on Licensee, without
the prior written consent of Licensee, and Licensee will not have the authority to make any statements, representations or commitments
of any kind, or to take any action, which will be binding on Corbus, without the prior written consent of Corbus.

 

14.14.
Expenses. Except as otherwise provided herein, all fees, costs and expenses (including any legal, accounting and banking
fees) incurred in connection with the preparation, negotiation, execution and delivery of this Agreement and to consummate the
transactions contemplated hereby will be paid by the Party hereto incurring such fees, costs and expenses.

 

14.15.
Counterparts. The Agreement may be executed in two or more counterparts, including by facsimile or PDF signature pages,
each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

14.16.
Binding Effect; No Third Party Beneficiaries. As of the Effective Date, this Agreement will be binding upon and inure
to the benefit of the Parties and their respective permitted successors and permitted assigns. Except as expressly set forth in
this Agreement, no Person other than the Parties and their respective Affiliates and permitted assignees hereunder will be deemed
an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement.

 

14.17.
Further Assurances. The Parties agree to reasonably cooperate with each other in connection with any actions required
to be taken in furtherance of their respective obligations under this Agreement, including (a) furnishing to each other such further
information; (b) executing and delivering to each other such other documents; and (c) doing such other acts and things (including
working collaboratively to correct any clerical, typographical, or other similar errors in this Agreement), all as the other Party
may reasonably request for the purpose of carrying out the intent of this Agreement.

 

[THE
REMAINDER OF THIS PAGE HAS BEEN LEFT INTENTIONALLY BLANK]

 

    	-72-

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

 

	Corbus
    Pharmaceuticals, Inc.	 	Kaken
    Pharmaceutical Co., Ltd.
	 	 	 
	BY:	/s/
    Yuval Cohen, Ph. D.	 	BY:	/s/
    Tetsuo Onuma
	NAME:	Yuval
                                         Cohen, Ph. D.

        
	 	NAME:	Tetsuo
    Onuma
	TITLE:	CEO	 	TITLE:
    	President
    and Representative Director

 

[Signature
Page to the Collaboration and License Agreement]

 

    	 

     

    

 

Schedule
1.1.14

“Bioequivalency”

 

[*]

 

    	 

     

    

 

Schedule
1.1.26

CMC
Work Plan

 

[*]

 

    	 

     

    

 

Schedule
1.1.32

Licensee’s
products that would be deemed “Competing Products” existing on the Effective Date

 

[*]

 

    	 

     

    

 

Schedule
1.1.43

Corbus
Licensed Patents

 

[*]

 

    	 

     

    

 

Schedule
1.1.94

Lenabasum

[*]

 

    	 

     

    

 

Schedule
3.2.1

Global
Development Plan

 

[*]

 

    	 

     

    

 

Schedule
3.2.2

Initial
Indications Development Plan

 

[*]

 

    	 

     

    

 

Schedule
6.1

Supply
Agreement Material Terms

 

1.
Corbus shall supply, and Licensee agrees to purchase from Corbus, [*] under the terms and conditions provided in the Supply Agreement.

 

2.
Licensee shall secure and maintain the Marketing Authorization and other regulatory registration and/or approval necessary for
Corbus to sell and distribute the Licensed Products in the Territory. Licensee shall be responsible for performing all requirements
and duties under all laws, rules, orders and regulations including but not limited to, the Pharmaceutical Affairs Law, the Antitrust
Law and any anti-corruption related regulations in the Territory and the promotion code prevailing in the pharmaceutical industry.

 

3.
[*]

 

4.
Any Licensed Product supplied by Corbus shall be received by Licensee subject to inspection and performance testing by Licensee,
in accordance with Licensee’s quality assurance program in effect at the time of delivery, to ensure that the Licensed Product
meets the specifications and otherwise complies with the warranties provided in the Supply Agreement. In regard to any defect,
shortage or delay of the Licensed Product as delivered, Licensee shall make a claim against Corbus within thirty (30) days after
receipt by Licensee of the Licensed Product. Notwithstanding the previous sentence, Licensee shall notify Corbus of latent defects
within thirty (30) days of discovery.

 

5.
In the event of a claim pursuant to the previous paragraph, Licensee and Corbus agree to mutually investigate all rejects to establish
root cause, determine appropriate disposition of the material, and make mutually agreeable arrangements for the return, replacement,
or disposal as applicable. [*].

 

6.
Corbus and Licensee shall determine any packaging and/or package design and wording Licensee intends to use in connection for
the Commercialization of the Licensed Products in the Territory and stated in the Supply Agreement.

 

7.
Audit Rights. Licensee shall have the right to audit, on an annual basis (once per Year) and at its expense (except as provided
below), the records maintained by Corbus and its Affiliates related to the calculation of the Manufacturing Price (excluding,
for clarity, any records not in Licensee’s possession or control) and the accuracy of the Supply Transfer Price charged
by Corbus to Licensee hereunder.

 

8.
Back-Up Royalties. If, at any time during the applicable Royalty Term for a Licensed Product in an Initial Indication, the Supply
Agreement is terminated or is otherwise no longer in effect, then, with respect to such Licensed Product, Licensee will make non-refundable,
non-creditable royalty payments in [*] to Corbus at a royalty rate to be agreed upon by the Parties.

 

9.
[*].

 

    	 

     

    

 

Schedule
9.3.1

Press
Release of Each Party

 

[See
following pages]

 

    	 

     

    

 

Schedule
10.2

Exceptions
to Representations and Warranties

 

 

[*]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]