Document:

Exhibit 10.6

 

Certain identified information
has been excluded from the exhibit pursuant to Item 601(a)(6) of Regulation S-K due to personal privacy concerns or pursuant to Item
601(b)(10)(iv) because it is both not material and is the type of information that the registrant treats as private or confidential.
Redacted information is indicated by: [***]

 

Execution Copy

 

EXCLUSIVE LICENSE AGREEMENT

 

This Exclusive License Agreement
(this "Agreement") is made effective as of July 14, 2010 (the "Effective
Date") by and between Amorfix Life Sciences Ltd., a Canadian corporation with a principal place of business at 3403 American
Drive, Mississauga, Ontario, L4V 1T4, Canada ("Amorfix"). and Biogen Idec MA Inc., a Massachusetts corporation with a
place of business at 14 Cambridge Centre, Cambridge, MA 02142 ("Biogen Idec"). Amorfix and Biogen Idec are each hereafter
referred to individually as a "Party" and together as the "Parties."

 

WHEREAS, Amorfix is the owner of
or otherwise controls certain proprietary Licensed Patent Rights and Licensed Technology (as defined below);

 

WHEREAS, Biogen Idec desires to
obtain an exclusive license from Amorfix under such Licensed Patent Rights and Licensed Technology to develop and commercialize Licensed
Products; and

 

WHEREAS, Amorfix desires to grant
such license to Biogen Idec on the terms and subject to the conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties hereby agree as follows:

 

1.                 
DEFINITIONS

 

Capitalized terms used in this Agreement
shall have the meanings specified below or elsewhere herein.

 

1.1             
"Additional Agreements" means all agreements with Third Parties, other than Upstream Agreements, pursuant to which
Amorfix has provided or is obligated to provide any materials within the Licensed Technology or granted any rights-under the Licensed
Technology in any field, including the right to perform research or publish the results of any research relating to the Licensed Technology,
which agreements includes the agreements listed on Exhibit F.

 

1.2             
"Affiliate" means any corporation, firm, limited liability company, partnership or other entity that controls
or is controlled by or is under common control with a Party to this Agreement. For purposes of this Section 1.2, "control" means
ownership, directly or indirectly through one or more Affiliates, of fifty percent (50%) or more of the shares of stock entitled to vote
for the election of directors, in the case of a corporation, or fifty percent (50%) or more of the equity interests in the case of any
other type of legal entity, status as a general partner in any partnership, or any other arrangement whereby a party controls or has the
right to control the Board of Directors or equivalent governing body of a corporation or other entity.

 

    

     

    

 

1.3             
 "Combination Product Reduction" has the meaning set forth in Section 1.17.

 

1.4             
"Confidential Information" means with respect to a Party (the "Receiving Party"), all information
in any form (including written, visual, electronic, oral and otherwise) that is (i) disclosed by the other Party (the "Disclosing
Party") to the Receiving Party and (ii) marked "Confidential" or "Proprietary," or if disclosed not in writing,
identified as confidential or proprietary when disclosed and confirmed in writing as such within 30 days of disclosure; provided, however,
that Confidential Information shall not include information that the Receiving Party can demonstrate by written record or other suitable
documentary evidence, (a) as of the date of disclosure is demonstrably known to the Receiving Party or its Affiliates other than by virtue
of a prior confidential disclosure to such Party or its Affiliates; (b) as of the date of disclosure is in, or subsequently enters, the
public domain, through no fault or omission of the Receiving Party; (c) is obtained from a Third Party having a lawful right to make such
disclosure free from any obligation of confidentiality; or (d) is independently developed by or for the Receiving Party without reference
to or reliance upon any Confidential Information of the Disclosing Party. For greater certainty, Amorfix's Confidential Information includes
the terms of all Upstream Agreements.

 

1.5             
"Control" or "Controlled" means with respect to any Patent Rights or Technology, the possession
by a Party of the ability to grant a license or sublicense of such Patent Rights, or Technology, as provided for herein without violating
the terms of any arrangement or agreements between such Party and any Third Party.

 

1.6             
"Data" means any data, information and reports relating to the Existing Products that are part of the Licensed Technology.

 

1.7             
"First Commercial Sale" means, on a country-by-country basis, the date of the first arm's length transaction,
transfer or disposition for value by or on behalf of Biogen Idec or any Affiliate or Sublicensee of Biogen Idec to a Third Party of a
Licensed Product for end use or consumption of such Product . First Commercial Sale excludes any sale or other distribution for use in
a clinical trial or other development activity, or for compassionate use or on a named patient basis, where same has been disclosed to
Amorfix in writing.

 

1.8             
"FDA" means the United States Food and Drug Administration and any successor agency or authority thereto.

 

1.9             
"IND" means an investigational new drug application (as defined in Title 21 of the United States Code of Federal
Regulations or any successor law or regulations thereto, as amended from time to time) filed or to be filed with the FDA with regard to
any Licensed Product.

 

1.10         
"Indication" means a distinct illness, sickness, interruption, cessation or disorder of a particular bodily function,
system, tissue type or organ, or sign or symptom of any such items or conditions, regardless of the severity, frequency or route of any
treatment, dosage strength or patient class, for which Regulatory Approval is being sought and which will be referenced on any Licensed
Product labeling.

 

    2

     

    

 

1.11         
 "Indemnitee" mean an Amorfix Indemnitee or a Biogen Idec Indemnitee, as applicable.

 

1.12         
"Licensed Field" means treatment, including Theranostics, and prevention of the Indication amyotrophic lateral
sclerosis ("ALS") in humans, and such Indications as may be expanded by mutual agreement of the Parties or in accordance with
Section 2.2 (Option to Expand Licensed Field). "Licensed Field" (including any Option Indications) specifically excludes vaccines.

 

1.13         
"Licensed Patent Rights" means all Patent Rights which are Controlled by Amorfix or an Amorfix Affiliate as of
the Effective Date or become Controlled by Amorfix or an Amorfix Affiliate during the Term, that cover the research, development, manufacture,
use or sale of the Licensed Products, whether or not for commercial purposes, or that would otherwise be necessary or useful for the manufacture,
use or sale of Licensed Products. The Licensed Patent Rights as of the Effective Date include the Patent Rights listed in Exhibit A.
Exhibit A shall be updated by Amorfix by written notice to Biogen Idec on a semi-annual basis during the Term to include any additional
patents and patent applications not previously listed; however, the exclusion of a patent or patent application from Exhibit A
is not to be deemed a conclusive indication of whether that patent or application is or should be considered a "Licensed Patent Right"
for purposes of this Agreement.

 

1.14         
"Licensed Product" means any one or more of the (i) the Existing Product and (ii) Other Products, defined as follows:

 

1.14.1   
"Existing Product" means any composition that contains a monoclonal antibody (including affinity-matured derivatives
thereof), or fragment thereof, that binds to misfolded Human Superoxide Dismutase-1 (SOD-1) and is listed on Exhibit B.

 

1.14.2   
"Other Product" means any composition (other than an Existing Product) that contains a monoclonal antibody, or
fragment thereof, that binds to misfolded Human Superoxide Dismutase-1 (SOD-1) and either (i) is derived from any one or more antibodies
(or genetic materials encoding them) provided to Biogen Idec as part of the Licensed Technology, or (ii) the manufacture or sale of which
would, absent the license granted herein, infringe a Valid Claim of the Licensed Patent Rights.

 

1.15         
"Licensed Technology" means and includes all Technology, whether or not patentable, Controlled by Amorfix or its
Affiliates as of the Effective Date or which becomes Controlled by Amorfix or an Amorfix Affiliate during the Term that is necessary or
useful for the research, development, manufacture, use or sale of the Licensed Products, including antibodies identified during the Term.
The Licensed Technology includes, without limitation, the Technology listed on Exhibit C but excludes any Technology expressly excluded
on Exhibit C.

 

1.16         
"Major Market Countries" means Canada, France, Germany, Italy, Japan, Spain, the United Kingdom and the United
States of America.

 

    3

     

    

 

1.17          "Net
Sales" means the gross invoiced sales price for all Licensed Products sold by Biogen Idec, its Affiliates or Sublicensees
to Third Parties throughout the Territory during each calendar quarter, less the following amounts incurred or paid by Biogen Idec
or its Affiliates or Sublicensees during such calendar quarter with respect to sales of Licensed Products regardless of the calendar
quarter in which such sales were made:

 

(a)              trade,
cash and quantity discounts or rebates actually allowed or taken, including discounts or rebates to governmental or managed care organizations;

 

(b)              credits
or allowances actually given or made for rejection of, and for uncollectible amounts on, or return of previously sold Licensed Products
(including Medicare and similar types of rebates);

 

(c)              any
charges for insurance, freight, and other transportation costs directly related to the delivery of Licensed Product to the extent included
in the gross invoiced sales price;

 

(d)              any
tax, tariff, duty or governmental charge levied on the sales, transfer, transportation or delivery of a Licensed Product (including any
tax such as a value added or similar tax or government charge) borne by the seller thereof which is not refundable to the seller, other
than franchise or income tax of any kind whatsoever; and

 

(e)              any
import or export duties or their equivalent borne by the seller.

 

"Net Sales" shall not include sales or transfers
between Biogen Idec and its Affiliates or Sublicensees, unless the Licensed Product is consumed by the Affiliate or Sublicensee. For ease
of administration, Net Sales by Sublicensees may be calculated using the deductions set forth in the applicable sublicense agreement instead
of the deductions set forth above, so long as such deductions are commercially reasonable.

 

In the event that a Licensed Product is covered by a Valid
Claim in the country sold and is sold in combination with another active ingredient or component having independent therapeutic effect
or diagnostic utility, then "Net Sales," for purposes of determining royalty payments on the combination, shall be calculated
using one of the following methods (the "Combination Product Reduction"):

 

(a)              
By multiplying the Net Sales of the combination by the fraction A/A+B, where A is the gross selling price, during the royalty paying
period in question, of the Licensed Product sold separately, and B is the gross selling price, during the royalty period in question,
of the other active ingredients or components sold separately; or

 

(b)              
In the event that no such separate sales are made of the Licensed Product or any of the active ingredients or components in such
combination package during the royalty paying period in question, Net Sales, for the purposes of determining royalty payments shall be
calculated using the above formula where A is the commercial value, as reasonably estimated by Biogen Idec consistent with standard industry
practices, of the Licensed Product sold separately and B is the commercial value, as reasonably estimated by Biogen Idec consistent with
standard industry practices, of the other active ingredients sold separately.

 

    4

     

    

 

1.18         
 "Option Indication" means each Indication designated in writing by Biogen Idec in connection with its exercise
of an Option Right.

 

1.19         
"Patent Rights" means the rights and interests in and to issued patents and pending patent applications (including
inventor's certificates and utility models) in any country or jurisdiction within the Territory, including all provisionals, substitutions,
continuations, continuations-in-part, divisionals, supplementary protection certificates, renewals, all letters patent granted thereon,
and all reissues, reexaminations, extensions, confirmations, revalidations, registrations, patents of addition thereof, PCTs and foreign
counterparts.

 

1.20         
"Phase I Clinical Trial" means a human clinical trial, the principal purpose of which is a determination of metabolism,
pharmacokinetics and/or preliminary safety in healthy individuals or patients with the disease being studied, as further described in
21 C.F.R. §312.21(a) (including any such equivalent clinical study in any country other than the United States).

 

1.21         
"Phase II Clinical Trial" means a human clinical trial conducted on patients with the disease being studied for
the principal purpose of achieving a preliminary determination of efficacy and selection of the dose regimen(s) to be studied in a Phase
III Clinical Trial of a Licensed Product, as further described in 21 C.F.R. §312.21(b), and, if the defined end-points are met, is
sufficient to allow the conduct of such a Phase III Clinical Trial (including any such equivalent clinical study in any country other
than the United States), all in accordance with the trial protocol. For clarity: (a) to be a Phase II Clinical Trial, the protocol must
include at least one primary end-point pertaining to efficacy; and (b) if a trial is planned as a two-stage trial, in which the first
stage is a Phase I Clinical Trial, and if the defined safety endpoints are met as described in the protocol for such trial, the trial
proceeds to a second stage that meets the criteria above for a Phase II Clinical Trial, then only such second, Phase II stage of such
trial shall be deemed a Phase II Clinical Trial.

 

1.22         
"Phase III Clinical Trial" means a human clinical trial, the principal purpose of which is to establish safety
and efficacy in patients with the disease being studied, as further described in 21 C.F.R. §312.21(c) (including any such equivalent
clinical study in any country other than the United States), which is designed and intended to be of a size and statistical power sufficient
to serve as a pivotal study to support the filing of a Regulatory Approval for the Indication being studied, all in accordance with the
trial protocol.

 

1.23          
"Protected Antibodies" means the monoclonal antibodies known as 3H1 and 10E1 1C11, including affinity-matured
derivatives and fragments thereof, that bind to SOD-1; provided that 3H1 and/or 10E11C11 (and affinity-matured derivatives and fragments
thereof) may be deemed to no longer be Protected Antibodies in accordance with Section 2.4.

 

1.24         
"Qualified Study" means a well-controlled, blinded efficacy study in a standard animal model with well-accepted
endpoints showing a dose response that is relevant to one or more Option Indications identified in the protocol for such study. For purposes
of illustration, an example is set forth on Exhibit D.

 

    5

     

    

 

1.25         
 "Regulatory Approval" means all approvals, licenses, registrations or authorizations of all government agencies
in a country, necessary for the manufacture, use, storage, import, marketing and sale of a Licensed Product in such country, including
any pricing and reimbursement approvals legally or practically required to market or sell a Licensed Product in such country. With respect
to the EU, a Licensed Product shall be deemed to have received Regulatory Approval upon receipt of all regulatory approvals, marketing
authorizations and pricing and/or reimbursement approvals required in the jurisdiction in question. Further, a Licensed Product will not
be deemed to have received Regulatory Approval in the EU unless it has been approved in a Major Market Country within the EU.

 

1.26         
"Royalty Term" means, with respect to each Licensed Product, the period commencing on the Effective Date and continuing
on a country-by-country, and product-by-product basis until the later of (i) the last to expire of the Licensed Patent Rights covering
the sale of the Licensed Product in such country or (ii) ten (10) years from the First Commercial Sale in such country.

 

1.27         
"Sublicensee" means any Third Party to whom Biogen Idec grants a sublicense in writing of some or all of the rights
granted to Biogen Idec under this Agreement on terms and conditions consistent with those set out in this Agreement, provided that a copy
of the sublicense is provided to Amorfix within 30 days of its execution and delivery and that Biogen Idec may reasonably redact such
copy.

 

1.28         
"Technology" means and include any and all unpatented, proprietary ideas, inventions, discoveries, Confidential
Information, biological materials, data, results, formulae, designs, specifications, methods, processes, formulations, techniques, ideas,
know-how, technical information (including, without limitation, structural and functional information), process information, pre-clinical
information, clinical information, and any and all proprietary biological, chemical, pharmacological, toxicological, pre-clinical, clinical,
assay, control and manufacturing data and materials.

 

1.29         
"Term" means the period commencing on the Effective Date and continuing until the expiration or termination of
this Agreement in accordance with the terms hereof.

 

1.30         
"Territory" means worldwide.

 

1.31         
"Theranostics" means the testing of a human subject who has been diagnosed with or is at risk of developing
a given Indication with the goal of predicting the likelihood of success or the risk of side effects of anti-SOD 1 therapy for such Indication,
including tests for neutralizing antibodies against a therapeutic and predictive tests used in the course
of researching or developing a Licensed Product, but for greater certainty Theranostics does not include diagnostics.

 

1.32         
"Third Party" means any person or entity other than Biogen Idec, Amorfix and their respective Affiliates.

 

1.33          "Upstream
Agreement" means each agreement between Amorfix and a Third Party pursuant to which Amorfix has in-licensed or been
assigned any of the Licensed Patent Rights or any item of Licensed Technology, including the agreements listed on Exhibit E,
as amended from time to time pursuant to Section 7.1(h).

 

    6

     

    

 

1.34         
"Upstream Entities" means each party to an Upstream Agreement who (or which) grants a license or assigns rights
thereunder to Amorfix, or who (or which) acknowledges or gives any consent to such a license or assignment.

 

1.35         
"Valid Claim" means a claim in an issued, unexpired patent or in a pending patent application within the Licensed
Patent Rights that (a) has not been finally cancelled, withdrawn, abandoned or rejected by any administrative agency or other body of
competent jurisdiction, (b) has not been revoked, held invalid, or declared unpatentable or unenforceable in a decision of a court or
other body of competent jurisdiction that is unappealable or unappealed within the time allowed for appeal, (c) has not been rendered
unenforceable through disclaimer or otherwise, and (d) is not lost through an interference proceeding. Notwithstanding the foregoing,
if a claim of a pending patent application within the Licensed Patent Rights has not issued as a claim of a patent within the five (5)
years after the PCT filing date (or the first national filing date if no PCT was filed), such claim shall not be a Valid Claim for the
purposes of this Agreement, unless and until such claim issues as a claim of an issued patent (from and after which time the same shall
be deemed a Valid Claim subject to paragraphs (a) and (b) above).

 

1.36         
Additional Definitions. Each of the following terms shall have the meaning described in the corresponding section of this
Agreement indicated below:

 

	Term	Section	Term	Section
	Agreement	Recitals	New Data	9.5
	ALS	1.12	Notice to Partner	2.2.1(i)
	Amorfix	Recitals	Option Exercise	2.2.1(ii)
	 	 	Notice	 
	Amorfix Indemnitee	8.1,1	Option Right	2.2.1
	Ancillary Confidential Information	5.2	Party and Parties	Recitals
	Biogen Idec	 	 	 
	Biogen Idec	8.1.2	Prosecution Costs	6.2
	Indemnitee	 	 	 
	Effective Date	Recitals	Released Antibody	2.4
	Collaborators	5.3.2	Required Disclosure	5.3.2
	Developments	7.1(k)	Required Filings	6.1.2
	Indemnifying Party	8.2	Term	9.1
	Initiation	4.3.1(iii)	 	 
	Negotiation Period	2.2.1(ii)	 	 

 

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2.             GRANT
OF RIGHTS

 

2.1           License to Biogen Idec.

 

2.1.1       
Grant of License. Subject to the terms and conditions of this Agreement, Amorfix hereby grants to Biogen Idec an exclusive
license, including the right to grant sublicenses to Sublicensees, under the Licensed Patent Rights and Licensed Technology, to research,
have researched, develop, have developed, make, have made, use, have used, sell, offer for sale, have sold, import, have imported, export
and have exported, Licensed Products and to practice the Licensed Technology, in the Territory, for any and all uses within the Licensed
Field. For greater certainty, this license does not grant to Biogen Idec any right to exploit the algorithm disclosed in PCT/CA2009/001413
to identify target epitopes in any protein other than SOD1, or the epitope protection assay disclosed in W005/019828 for purposes of detecting
a target other than SOD1.

 

2.1.2       
Retained Rights.

 

(i)             Biogen
Idec agrees that Amorfix may permit academic and other not-for-profit research institutions to utilize the Licensed Patent Rights and
Licensed Technology solely for in vitro and animal studies for non-commercial research purposes (i.e., research purposes that
do not involve any use in humans and which do not use the Licensed Patent Rights or Licensed Technology in the production or manufacture
of products for sale or the performance of services for a fee), except that any use for research purposes commencing after the date of
this Agreement within the Licensed Field shall require Biogen Idec's prior approval on a case-by-case basis. Amorfix shall disclose to
Biogen Idec the identity of any entity to which it proposes to provide access (whether inside or outside the Licensed Field) to the Licensed
Patent Rights or Licensed Technology (including the provision of antibodies) after the date of this Agreement and provide a copy of the
research plan and all data and reports generated by such entity in connection with such research plan and all proposed and actual publications
relating thereto. Amorfix agrees to include the foregoing restrictions and disclosure obligations in a written agreement with the recipient
of such rights and any related materials. Notwithstanding the foregoing, Biogen Idec agrees that pursuant to the Upstream Agreements,
upstream licensors may have research rights that are retained by Amorfix on behalf of such upstream licensors on the terms and conditions
set out in the Upstream Agreements.

 

(ii)           Amorfix
shall use reasonable efforts to ensure that any intellectual  property arising from such research activities, including under
all Upstream Agreements, that is necessary or useful for the research, development, manufacture, use or sale of the Licensed Products
shall be automatically included in the rights licensed to Biogen Idec, and if, despite reasonable efforts, Amorfix is unable to do so,
Amorfix shall ensure (1) that such intellectual property is subject to at least an option in a form reasonably acceptable to Biogen Idec
and directly exercisable by Biogen Idec for an exclusive worldwide license at a reasonable rate to be negotiated in good faith and (2)
that copies of notices of new inventions be sent directly to Biogen Idec.

  

(iii)           Notwithstanding the foregoing, Amorfix shall not provide any of the Protected Antibodies, or their fragments or derivatives, or
any materials related to the production thereof, to any Third Party without the prior approval of Biogen Idec.

 

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2.2           Option
to Expand Licensed Field.

 

2.2.1          
Option Right. Amorfix hereby grants to Biogen Idec the right ("Option Right") to expand the Indications
covered by the Licensed Field on the following terms:

 

(i)                
Notice to Partner. In the event that a Qualified Study is completed for any composition that would qualify as a Licensed
Product, Amorfix shall provide notice in writing to Biogen Idec ("Notice to Partner") of the occurrence of such event.
The Notice to Partner must include a confidential data package of form, content and manner reasonably similar to that which would be provided
to a Third Party interested in acquiring rights in the applicable composition. Amorfix will provide any additional information requested
by Biogen Idec that is available concerning the Qualified Study, including its objectives, methods, key findings and outcomes. Within
ninety (90) days of the receipt of a properly submitted Notice to Partner, Biogen Idec will, if it wishes to exercise its Option Right,
designate one or more Option Indications, which shall be reasonably related to the Qualified Study, and notify Amorfix as to whether it
has elected to exercise the Option Right with respect to the applicable Option Indication(s).

 

(ii)             
Exercise of Option Right. If Biogen Idec sends notice to Amorfix of its election to exercise the Option Right with respect
to the Option Indication(s) (the "Option Exercise Notice"), the Parties shall negotiate in good faith the financial terms
for the expansion of the Licensed Field to include the Option Indication(s), including royalty rates, license fees and milestone payments
applicable thereto. The Parties agree to engage in such good-faith negotiations for a period of ninety (90) days from the date of the
Option Exercise Notice or such longer period of time as the Parties may agree to in writing (the "Negotiation Period").
During the Negotiation Period Amorfix shall not offer any rights for the Option Indication(s) to any Third Party or engage in any discussions,
negotiations or other communications with any Third Party concerning such rights. The Parties agree that the financial terms for the expansion
of the Licensed Field to include the Option Indication(s) shall reflect commercially reasonable terms reflecting the value of the market
for a Licensed Product for such Option Indication(s) and the degree of risk involved in developing a Licensed Product for the Option Indication(s).
For clarity, neither Party shall be required during the course of such negotiations to re-negotiate any non-financial provisions of this
Agreement with respect to such Option Indication(s) or any provisions with respect to any Licensed Product or Indication that is already
licensed to Biogen Idec hereunder.

 

(a)              
Upon reaching written agreement (which shall be subject to appropriate management approvals) upon such financial terms, the Parties
shall amend this Agreement in compliance with Section 11.5 (Entire Agreement; Amendment) such that the Licensed Field shall include the
Option Indication(s) and the financial terms applicable thereto shall be incorporated into this Agreement.

 

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(b)              
 In the event that the Parties do not reach a definitive agreement upon the financial terms for the Option Indication(s) prior
to the expiration of the Negotiation Period, Amorfix shall be free to offer Third Parties a license under the Licensed Patent Rights and
the Licensed Technology for the Option Indication(s), excluding any rights in the Protected Antibodies, on financial terms that are no
less favorable in the aggregate to Amorfix than the financial terms last offered in writing by Biogen Idec to Amorfix unless such less
favorable financial terms in the aggregate are also offered to Biogen Idec, which shall have a period of thirty (30) days in which to
accept such terms. Further, Amorfix will, concurrent with the offer of such terms to Biogen Idec, provide Biogen Idec with the confidential
data package that it provided to such Third Party. If Biogen Idec has not accepted such terms within thirty (30) days, Amorfix will be
free to consummate a transaction for such rights with a Third Party on such terms.

 

(iii)           
Determination Not to Proceed. If Biogen Idec elects not to exercise the Option Right, Amorfix may grant to a Third Party
a license to such Option Indication(s) under the Licensed Patent Rights and Licensed Technology, excluding any rights in the Protected
Antibodies.

 

(iv)            
Carve-Out for Alzheimer's Disease. Amorfix represents and warrants that the Indication of Alzheimer's Disease is subject
to a contract with a Third Party whereby Amorfix is not permitted to extend the Licensed Field to Alzheimer's Disease. Therefore, the
Option Right shall exclude Alzheimer's Disease; provided, however, that if such contractual restriction actually terminates or expires
for any reason, Amorfix will promptly notify Biogen Idec and, whether or not such notice is provided, the Option Right shall automatically
be deemed to apply to Alzheimer's Disease.

 

(v)              
Additional Representation and Warranties. With respect to each Notice to Partner, Amorfix covenants and warrants that the
Qualified Study will be conducted in compliance with all applicable laws and regulations and in a professional manner consistent with
industry standards, and that, to the best of its knowledge, all of the information, including any data package, in connection with the
Qualified Study will be accurate and complete in all material respects and Amorfix will not have failed to disclose any material information
or data of which it has actual knowledge that would be necessary to make such information not misleading.

 

2.2.2           
Restrictions.

 

(i)                
Unless expressly approved in writing by Biogen Idec on a case-by-case basis and subject to the remainder of this Section 2.2.2,
Amorfix may not (i) grant to any Third Party or Affiliate any rights or license under the Licensed Patent Rights or Licensed Technology
to any Indication outside of the Licensed Field, or (ii) directly or indirectly, conduct or have conducted any human clinical trial with
respect to any composition that would qualify as a Licensed Product, unless such Indication or composition, as the case may be, had been
subject to Biogen Idec's Option Right and Biogen Idec had elected not to exercise its Option Right with respect thereto or, following
Biogen Idec's exercise of its Option Right, the Parties failed to enter into a definitive agreement with respect to such composition or
Indication despite Amorfix's strict compliance with Section 2.2.1. For greater certainty, nothing in this Section 2.2 shall restrict Amorfix
from pursuing the development of vaccines in any field.

 

(ii)             
 Unless expressly approved in writing by Biogen Idec on a case-by-case basis, Amorfix and its Affiliates shall not, under any circumstances,
(x) perform any research or development work relating to a Protected Antibody, or their fragments or derivatives, for its own account
or on behalf of any Third Party, or (y) grant any right or license to any Protected Antibody, or their fragments or derivatives, to any
Third Party in any field or for any use except in connection with vaccines.

 

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2.3        
Upstream Agreements; Notifications Pertaining to Licensed Rights

 

2.3.1       
Licensed Patent Rights. Amorfix shall provide written notice of all Licensed Patent Rights Controlled by Amorfix or its
Affiliates that come under the Control of Amorfix or its Affiliates after the Effective Date during the Term. Such notice shall be provided
within ten (10) business days following the event pursuant to which such Control arises.

 

2.3.2       
Upstream Agreements and Additional Agreements. Amorfix shall promptly provide to Biogen Idec copies of any notices it receives
from any Third Party in connection with any Upstream Agreement or Additional Agreement, including without limitation, notices related
to proposed publications or other disclosures, notices of Developments or other new inventions or breaches, any assertion of an assignment
back of rights, revocation of any assignment, or the termination or threatened termination of the Upstream Agreement. Amorfix agrees to
use commercially reasonable efforts to exercise, on behalf of and in consultation with Biogen Idec, all rights available to Amorfix under
the Upstream Agreements and Additional Agreements with respect to Licensed Technology in the Licensed Field, including options to negotiate
commercial licenses under Developments or other new inventions.

 

2.4           Cessation as Protected Antibody. On or before the date that is twenty-four (24) months after the Effective Date, Biogen
Idec will notify Amorfix as to whether it has determined that a Protected Antibody(ies) is not sufficiently promising to warrant further
development as a lead candidate for the Licensed Field (a "Released Antibody"). Any such Released Antibody shall, as of the
date of such notice, no longer be deemed to be a Protected Antibody under this Agreement. For the avoidance of doubt, any designation
of a Released Antibody shall not limit or reduce any of the licenses granted to Biogen Idec under this Agreement.

 

3.             DEVELOPMENT
AND COMMERCIALIZATION OF LICENSED PRODUCTS.

 

3.1           Technology Transfer

 

3.1.1        Technology
Transfer and Assistance. Amorfix shall provide its reasonable assistance to effect the orderly transfer to Biogen Idec of the
Licensed Technology as specified in this Section 3.1.1. For this purpose, Amorfix will deliver to Biogen Idec within thirty (30)
business days after the Effective Date all items of Licensed Technology that exist in tangible form or in writing (including
electronic media) except to the extent where same is necessary or useful to Amorfix in connection with its retained rights described
in this Agreement or necessary or useful to Amorfix outside of the licenses granted hereunder, in which case Amorfix's obligation
shall be limited to provide a reasonable supply of same or copies thereof in a manner agreed upon between the parties. Amorfix will
make Dr. Neil Cashman and its other consultants and personnel available to provide answers to Biogen Idec's questions during normal
business hours, for a period of one hundred eighty (180) calendar days after the Effective Date, to assist Biogen Idec in
understanding and implementing the Licensed Technology to carry out research and development of Licensed Products as contemplated in
this Agreement.

 

    11

     

    

 

3.1.2       
Updated List. If, during the Term, Biogen Idec or Amorfix identifies any Technology Controlled by Amorfix or its Affiliates
as of the Effective Date or which becomes Controlled by Amorfix or an Amorfix Affiliate during the Term that is necessary or useful for
Biogen Idec to practice the license granted to it under this Agreement, Amorfix shall provide its reasonable assistance to promptly effect
the orderly transfer to Biogen Idec of such Licensed Technology consistent with this Section 3.1 and Exhibit C shall be updated
to include such additional Technology.

 

3.2            Commercialization

 

3.2.1       
Responsibility. From and after the Effective Date, Biogen Idec shall have full control and authority over the research,
development and commercialization of Licensed Products in the Licensed Field in the Territory. All activities relating to research, development
and commercialization under this Agreement shall be undertaken at Biogen Idec's sole cost and expense, except as otherwise expressly provided
in this Agreement.

 

3.2.2        
Diligence. Biogen Idec will, itself or through its Affiliates or Sublicensees:

 

(i)             exercise
commercially reasonable efforts to develop and commercialize Licensed Products, such reasonable efforts and diligence to be in accordance
with the efforts and resources Biogen Idec would use for a product candidate owned by it or to which it has rights, which is at a similar
stage of development and is of similar market potential as the applicable Licensed Product.

 

(ii)             During
the six-year period following the Effective Date, invest in the aggregate at least [***] US dollars (US$[***]) on research and development
of one or more Licensed Products in the Licensed Field.

 

(iii)           
Initiate the filing of an IND within six (6) years of the Effective Date; provided, however, that if an IND has not been filed
by the date that is six (6) years after the Effective Date, Biogen Idec may make the following payments to Amorfix to extend the deadline
for filing the IND by one (1) additional year beyond the then-current deadline:

 

(a)              
Within thirty (30) days of the sixth anniversary of the Effective Date: [***] US Dollars (US$[***]);

 

(b)              
Within thirty (30) days of the seventh anniversary of the Effective Date: [***] US Dollars ($[***]);

 

(c)              
Within thirty (30) days of the eighth anniversary of the Effective Date: [***] US Dollars ($[***]);

 

(d)              
 Within thirty (30) days of the ninth anniversary of the Effective Date: [***] US Dollars (US$[***]).

 

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3.3             
Status Reports. During the Term, Biogen Idec shall provide Amorfix on or before January 31st of each year with an annual
written report summarizing in reasonable detail its progress in developing and commercializing Licensed Products during the prior calendar
year.

 

4.            PAYMENTS
AND ROYALTIES

 

4.1            License
Fee. On the Effective Date, Biogen Idec shall pay Amorfix a non-creditable, non-refundable license fee in the amount of [***] US
Dollars ($[***]) payable by wire transfer.

 

4.2           Payment
of Royalties; Royalty Rates; Minimum Royalties

 

4.2.1       
Royalty Payments. Subject to the other terms of this Agreement (including the remainder of this Section 4.2), commencing
on the date of the First Commercial Sale of each Licensed Product in each country in the Territory and continuing for the duration of
the Royalty Term in such country, Biogen Idec shall pay to Amorfix a royalty on Net Sales in such country as follows:

 

(i)               For
Existing Products,

 

(a)                
if there is a Valid Claim that covers the Existing Product in the country where such Existing Product is sold,

 

[***]%       <$300M
Net Sales in calendar year

 

[***]%       $300M
- $700M Net Sales in calendar year

 

[***]%       >$700M
Net Sales in calendar year;

 

(b)                
if there are no Valid Claims then in force that cover the  Existing Product in the country
where such Existing Product is sold, but a Valid Claim covering the Existing Product has been issued and remains in force in all of the
Major Market Countries,

 

[***]%       <$300M
Net Sales in calendar year

 

[***]%       $300M
- $700M Net Sales in calendar year

 

[***]%       >$700M
Net Sales in calendar year;

 

(c)                
if (x) there are no Valid Claims then in force that cover the Existing Product in the country where such Existing Product is sold,
and (y) in at least one (1) of the Major Market Countries there are no Valid Claims that have been issued and remain in force covering
the Existing Product, [***] percent ([***]%).

 

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(ii)            For Other Products,

 

(a)              
 if there is a Valid Claim that covers the Other Product in the country where such Other Product is sold,

 

[***]%       <$300M
Net Sales in calendar year

 

[***]%       $300M
- $700M Net Sales in calendar year

 

[***]%       >$700M
Net Sales in calendar year;

 

(b)              
if there are no Valid Claims then in force that cover the Other Product in the country where such Other Product is sold, but a
Valid Claim covering the Other Product has been issued and remains in force in all of the Major Market Countries,

 

[***]%       <$300M
Net Sales in calendar year

 

[***]%       $300M
- $700M Net Sales in calendar year

 

[***]%       >$700M
Net Sales in calendar year;

 

(c)              
if (x) there are no Valid Claims then in force that cover the Other Product in the country where such Other Product is sold, and
(y) in at least one of the Major Market Countries, there are no Valid Claims that have been issued and remain in force covering the Other
Product, [***] percent ([***]%).

 

(iii)          Annual
Net Sales, and the royalty steps indicated above, will be determined on a calendar year and product-by-product basis, and the rates above
shall be applicable to the incremental portion of Net Sales as set forth above.

 

4.2.2       
Royalty Offset. Solely with respect to Licensed Products that are covered by Valid Claims in the country where sold, the
royalty paid to Amorfix hereunder shall be reduced by fifty percent (50%) of the amount of any royalty that Biogen Idec or any Affiliate
or Sublicensee pays to a Third Party for intellectual property that is necessary or useful to the research, development, manufacture,
use or sale of the Licensed Products.

 

4.2.3       
Reduction Cap. In no event may the aggregate reduction on the royalty rate under Section 4.2.2 and the Combination Product
Reduction reduce the applicable royalty rate to less than fifty percent (50%) of the royalty rate that would otherwise have applied.

 

4.2.4 One Royalty. Only
one royalty shall be payable to Amorfix hereunder for each sale of a Licensed Product.

 

4.3           Milestone
Payments.

 

4.3.1       
Payment. Subject to the other terms and conditions of this Agreement, Biogen Idec shall make the following payments to Amorfix
within thirty (30) days of the initial occurrence of each of the following events by Biogen Idec or its Affiliates or Sublicenses:

 

    14

     

    

 

	Development
    and Regulatory Milestones applicable solely to

    Familial ALS (where the clinical trial patient entry criteria 

    includes only familial forms of ALS)	 	Payment

 

	A.	Initiation of Phase 1 Clinical Trial	 	US$[***]
	 	 	 	 
	B.	Initiation of Phase 2 Clinical Trial	 	US$[***]
	 	 	 	 
	C.	Initiation of Phase 3 Clinical Trial	 	US$[***]
	 	 	 	 
	D.	U.S. Regulatory Approval	 	US$[***]
	 	 	 	 
	E.	EU Regulatory Approval	 	US$[***]

 

	Development and Regulatory
    Milestones applicable to	 	Payment
	sporadic forms of ALS	 	 

 

	A.	Initiation of Phase 1 Clinical Trial	 	US$[***]
	 	 	 	 
	B.	Initiation of Phase 2 Clinical Trial	 	US$[***]
	 	 	 	 
	C.	Initiation of Phase 3 Clinical Trial	 	US$[***]
	 	 	 	 
	D.	U.S. Regulatory Approval	 	US$[***]
	 	 	 	 
	E.	EU Regulatory Approval	 	US$[***]

 

	Commercial Milestones	Payment
	 	 
	The first time that global annual Net Sales of Licensed Products	US$[***]
	exceed US$100,000,000	 
	 	 
	The first time that global annual Net Sales of Licensed Products	US$[***]
	exceed US$500,000,000	 

  

(i)               Except with respect to the Commercial Milestones, if the Licensed Product achieving a milestone is an Other Product, then the payment
amount for such milestone shall be reduced by fifty percent (50%).

 

(ii)             
It is hereby acknowledged and agreed that any milestone payment shall be made only once, with respect to the first achievement
of the relevant milestone for the first Licensed Product, regardless of how many times such milestones are achieved by Licensed Products
and regardless of how many times a particular Licensed Product achieves such milestones.

 

(iii)           
"Initiation" of a clinical trial means the date the first patient is dosed with the relevant Licensed Product.

 

(iv)             For
greater certainty, (A) if Biogen Idec or its Affiliates or Sublicensees achieve more than one milestone in the same occurrence (for
example, if both familial and sporadic forms of ALS are covered by the achievement of a milestone, or if both Commercial Milestones
are achieved in the same year), Biogen Idec shall make the payment for each such achieved milestone, and (B) with respect to Option
Indications, the parties will negotiate milestones in accordance with Section 2.2.1.

 

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4.3.2       
Determination that Payments are Due. Biogen Idec shall promptly (and in any event within thirty (30) business days) provide
Amorfix with written notice upon its achievement of each of the milestones set forth in Section 4.3.1.

 

4.4            Payment
Terms.

 

4.4.1       
Payment of Royalties and Milestones. Unless otherwise expressly provided, Biogen Idec shall make any milestone, license
or royalty payments owed to Amorfix hereunder in arrears on a calendar quarterly basis, within sixty (60) days from the end of each quarter
in which such payment accrues. Each payment shall be accompanied by a report for each country in the Territory in which sales of Licensed
Products occurred in the calendar quarter covered by such statement, specifying: the gross sales (if available) and Net Sales in each
country's currency; the applicable royalty rate under this Agreement; the royalties payable in each country's currency, including an accounting
of deductions taken in the calculation of Net Sales in accordance with Biogen Idec's accounting practices; and any details with respect
to the achievement of milestones; in each case in sufficient detail to allow the accuracy of the calculation hereunder to be confirmed;
the applicable exchange rate to convert from each country's currency to United States Dollars under this Section 4.4; and the royalties
payable in United States Dollars.

 

4.4.2       
Accounting. All payments hereunder shall be made in the United States in United States dollars. Conversion of foreign currency
to United States dollars shall be made at the average monthly conversion rate existing in the United States (as reported on the OandA
website, www.oanda.com, or any successor website address thereto) during the
applicable calendar quarter, If the OandA website ceases to be made available to the public, then the rate of exchange to be used shall
be that reported on in The Wall Street Journal, or such other recognized exchange rate website as the Parties may agree or in such other
business publication of national circulation in the United States as the Parties agree.

 

4.4.3       
Tax Withholding; Restrictions on Payment. All payments hereunder shall be made free and clear of any taxes, duties, levies,
fees or charges, except for withholding taxes (to the extent applicable). Biogen Idec shall make any applicable withholding payments due
on behalf of Amorfix and shall provide Amorfix upon request with such written documentation regarding any such payment as available to
Biogen Idec relating to an application by Amorfix for a foreign tax credit for such payment with the Canadian tax authority, or if Amorfix
is not then domiciled in Canada, the tax authority of the primary country in which Amorfix is domiciled for purposes of income tax.

 

4.5            Records
Retention; Review.

 

4.5.1        Royalties.
Commencing as of the date of First Commercial Sale of the first Licensed Product hereunder, Biogen Idec and its Affiliates and
Sublicensees shall keep for at least three (3) years from the end of the calendar year to which they pertain complete and accurate
records of sales by Biogen Idec or its Affiliates and Sublicensees, as the case may be, of each Licensed Product, in sufficient
detail to allow the accuracy of the payments hereunder to be confirmed. Commencing on the date of this Agreement, Biogen Idec and
its Affiliates shall keep for at least three (3) years from the end of the calendar year to which they pertain accurate records of
the commercialization and development of each Licensed Product in sufficient detail to allow the accuracy of milestone payments
hereunder, as well as compliance with obligations under Section 3.2.2(ii) and (iii), to be confirmed.

 

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4.5.2       
Review. Subject to the other terms of this Section 4.5.2, at the request of Amorfix, which shall not be made more frequently
than once per calendar year during the Term, upon at least thirty (30) days' prior written notice from Amorfix, and at the expense of
Amorfix (except as otherwise provided herein), Biogen Idec shall permit an independent certified public accountant reasonably selected
by Amorfix and reasonably acceptable to Biogen Idec to inspect (during regular business hours) the relevant records required to be maintained
by Biogen Idec under this Section 4.5. In every case the accountant must have previously entered into a confidentiality agreement with
both Parties substantially similar to the provisions of Article 5 and limiting the disclosure and use of such information by such accountant
to authorized representatives of the Parties and the purposes germane to this Section 4.5. Results of any such review shall be binding
on both Parties absent manifest error. Each Party agrees to treat the results of any such accountant's review of the other Party's records
under this Section 4.5 as Confidential Information of the other Party subject to the terms of Article 5. If any review reveals a deficiency
in the calculation and/or payment of royalties by Biogen Idec, then (a) Biogen Idec shall promptly pay Amorfix the amount remaining to
be paid, and (b) if such underpayment is by five percent (5%) or more, Biogen Idec shall pay the reasonable out-of-pocket costs and expenses
incurred by Amorfix in connection with the review.

 

4.6            Certain
Financial Adjustments. The Parties acknowledge that if Amorfix's rights to any Licensed Technology terminates for any reason, including
a termination by an Upstream Entity of an Upstream Agreement, Biogen Idec should not have to pay in the aggregate milestone payments
or royalties exceeding the milestone payments or royalties set forth in this Agreement for all such Licensed Technology (and Technology
that was formerly Licensed Technology). Therefore the Parties agree that, notwithstanding anything else and without limiting any remedies
of Biogen Idec, the milestone payments and royalty paid to Amorfix hereunder for the research, development, manufacture, use or sale
of a Licensed Product shall be reduced by the amount of any milestone payment or royalty that Biogen Idec or any Affiliate or Sublicensee
pays to an Upstream Entity for any intellectual property that would have been licensed to Biogen Idec under this Agreement were it not
for such changed circumstance.

 

5.             TREATMENT OF CONFIDENTIAL INFORMATION

 

5.1            Confidential
Obligations. Amorfix and Biogen Idec each recognize that the other Party's Confidential Information constitutes highly valuable and
proprietary confidential information. Amorfix and Biogen Idec each agree that during the Term and for five (5) years thereafter, it will
keep confidential, and will cause its employees, consultants (including without limitation, academic collaborators, CROs and manufacturers),
professional advisors, Affiliates and, in the case of Biogen Idec, Sublicensees to keep confidential, all Confidential Information of
the other Party. Neither Amorfix nor Biogen Idec nor any of their respective employees, consultants, Affiliates or, in the case of Biogen
Idec, Sublicensees, shall use Confidential Information of the other Party for any purpose whatsoever other than exercising any rights
granted to it or reserved by it hereunder. Without limiting the foregoing, each Party may disclose information to the extent such disclosure
is reasonably necessary to (a) file and prosecute patent applications and/or maintain patents which are filed or prosecuted in accordance
with the provisions of this Agreement, or (b) file, prosecute or defend litigation in accordance with the provisions of this Agreement
or (c) comply with applicable laws, regulations or court orders; provided, however, that if a Party is required to make any such disclosure
of the other Party's Confidential Information in connection with any of the foregoing, it will give reasonable advance notice to the
other Party of such disclosure requirement and will use reasonable efforts to assist such other Party in efforts to secure confidential
treatment of such information required to be disclosed.

 

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5.2              Limited
Disclosure and Use. Each Party may disclose the other Party's Confidential Information to any of its officers, employees,
consultants, agents or Affiliates, or in the case of Biogen Idec, Sublicensees, if and only to the extent necessary to carry out its
rights and responsibilities under this Agreement. Such disclosures shall be limited to the maximum extent possible consistent with
such rights and responsibilities and shall only be made to the extent any such persons receiving the other Party's Confidential
Information are bound by written confidentiality obligations to maintain the confidentiality thereof and not to use such
Confidential Information except as expressly permitted by this Agreement. Amorfix and Biogen Idec each agree not to disclose or
transfer the other Party's Confidential Information to any Third Parties under any circumstance without the prior written approval
from the other Party (such approval not to be unreasonably withheld), except as otherwise required by
law, and except as otherwise expressly permitted under this Section 5.2 or elsewhere in this Agreement. Each Party shall take such
action, and shall cause its Affiliates, and in the case of Biogen Idec, Sublicensees, to take such action, to preserve the
confidentiality of each other's Confidential Information as it would customarily take to preserve the confidentiality of its own
Confidential Information, using, in all such circumstances, not less than reasonable care. Each Party, upon the request of the other
Party, will return all the Confidential Information disclosed or transferred to it by the other Party pursuant to this Agreement,
including all copies and extracts of documents and all manifestations in whatever form, within sixty (60) days of such request or,
if earlier, the termination or expiration of this Agreement; provided however, that a Party may retain (a) any Confidential
Information of the other Party relating to any license which expressly survives such termination and (b) one (1) copy of all other
Confidential Information in inactive archives solely for the purpose of establishing the contents thereof. With respect to
Confidential Information in electronic form on non-removable media, a party's obligation to return it consists of an obligation to
notify the disclosing party of it, provide a copy thereof to the disclosing party in a reasonable form, and thereafter delete it,
and for this purpose a party will be deemed to have deleted it when it executes a commercially reasonable application- or operating
system-level "delete" function thereupon, notwithstanding that same may be forensically or through backup systems
recoverable, provided that the party thereafter does not commit or permit any such recovery. Notwithstanding the foregoing, Amorfix
acknowledges that Biogen Idec, as of the Effective Date hereof, possesses confidential information of its own and of third parties
relating to potential therapies and treatments for ALS, including but not limited to monoclonal antibodies and fragments thereof,
including such antibodies and fragments specific for the SOD-1 protein ("Ancillary Confidential
Information"), and that Biogen Idec may continue to acquire Ancillary Confidential Information during the term of this
Agreement. Nothing in this Article 5 shall prevent Biogen from using such Ancillary Confidential Information for any purpose.

 

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5.3            Publicity.

 

5.3.1       
By Biogen Idec. Biogen Idec shall not disclose to any Third Party the existence or terms or any other matter of fact regarding
this Agreement without the prior written consent of Amorfix; provided, however, that Biogen Idec may make such a disclosure
(a) to the extent required by law or by the requirements of any nationally recognized securities exchange, quotation system or over-the-counter
market on which Biogen Idec has its securities listed or traded, or (b) to any acquirers, potential acquirers, investors, prospective
investors, lenders and other potential financing sources who are obligated to keep such information confidential. In the event that Biogen
Idec is required or wishes to make a disclosure that is subject to Section 5.3.1, Biogen Idec shall make reasonable efforts to provide
Amorfix with notice beforehand and to coordinate with Amorfix with respect to the wording and timing of any such disclosure. Once any
press release or any other written statement is approved for disclosure by Amorfix, Biogen Idec may make subsequent public disclosure
of the contents of such statement without the further approval of Amorfix.

 

5.3.2       
By Amorfix. Amorfix shall not disclose to any Third Party, whether orally, in writing or in any other manner, the existence
or terms or any other matter of fact regarding this Agreement without the prior written consent of Biogen Idec; provided, however,
that Amorfix may make such a disclosure to the extent required by law or by the requirements of any nationally recognized securities exchange,
quotation system or over-the-counter market on which Amorfix has its securities listed or traded (each of the foregoing, a "Required
Disclosure"). In the event that a Required Disclosure must be made, Amorfix shall use its best efforts to provide Biogen Idec
with notice beforehand and to coordinate with Biogen Idec with respect to the wording and timing of the Required Disclosure. With respect
to proposed disclosures that are not Required Disclosures, Biogen Idec shall not unreasonably withhold its consent to any such proposed
disclosure, provided that the disclosure is made only to Amorfix's acquirers, potential acquirers, investors, prospective investors, lenders
and other potential financing sources who are obligated to keep such information confidential. For clarity, other than Required Disclosures
and disclosures that meet the requirements of the preceding sentence, Biogen Idec shall have sole discretion to grant or withhold consent
to all other disclosures proposed by Amorfix. Amorfix acknowledges and agrees that, notwithstanding Biogen Idec's rights of review pursuant
to this Section 5.3.2, Biogen Idec shall have no liability in connection with the content of any Required Disclosure or any other disclosure
by Amorfix, and Amorfix shall be solely responsible for ensuring that its disclosures comply with all applicable laws and the requirements
of each securities exchange, quotation system or over-the-counter market on which Amorfix has its securities listed or traded. Once any
press release or any other written statement is approved for disclosure by Biogen Idec, Amorfix may make subsequent disclosures of the
contents of such statement without the further approval of Biogen Idec.

 

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5.3.3        Without
restricting the generality of the foregoing, Biogen Idec acknowledges that Neil R. Cashman, University Health Network and The
Governing Council of the University of Toronto has retained certain rights to conduct research regarding the Licensed Technology and
the Licensed Patent Rights both in the Licensed Field and outside of the Licensed Field, and that Amorfix itself has retained rights
to conduct research regarding the Licensed Technology and the Licensed Patent Rights in the Licensed Field under the Research
Program and outside of the Licensed Field. If Amorfix or any of Neil R. Cashman, Steve Plotkin, Will Guest, Avi Chakrabarrty and
Rishi Rakhit (the "Collaborators") desires to make a publication (including without limitation any oral disclosure
made without obligation of confidentiality) of any results of the Research Program or any other results of the research regarding
the Licensed Technology and the Licensed Patent Rights, Amorfix or such Collaborator shall provide Biogen Idec with a copy of the
proposed written publication at least sixty (60) days prior to submission for publication, or an outline of such oral disclosure at
least thirty (30) days prior to presentation. Biogen Idec shall have the right (a) to propose modifications to the publication for
patent reasons, and (b) to request a reasonable delay in publication in order to protect patentable information. If Biogen Idec
requests such a delay, Amorfix or such Collaborator shall delay submission or presentation of the publication for a period of ninety
(90) days to permit the preparation and filing of patent applications acceptable to Biogen Idec. Upon the expiration of such sixty
(60) day period (in the case of proposed written disclosures) or thirty (30) day period (in the case of proposed written
disclosures) from receipt by Biogen Idec, Amorfix or such Collaborator, as the case may be, shall be free to proceed with the
written publication or the presentation, respectively, unless Biogen Idec has requested the delay described above.

 

5.4             
Use of Name. Neither Party shall employ or use the name of the other Party in any promotional materials or advertising
without the prior express written permission of the other party.

 

6.           PROVISIONS
CONCERNING THE FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

 

6.1            Patent Filing, Prosecution and Maintenance of Licensed Patent Rights. Subject
to the other terms of this Section 6.1, Amorfix shall have the right to control preparing, filing, prosecuting, obtaining and maintaining,
using patent counsel reasonably acceptable to Biogen Idec, all Licensed Patent Rights throughout the Territory.

 

6.1.1        Amorfix
shall consult with Biogen Idec in good faith regarding the preparation, filing, prosecution and maintenance of all Licensed Patent
Rights. Amorfix: (x) will provide Biogen Idec with a copy of any proposed patent application within the Licensed Patent Rights and
any response or submission to any patent office for review and comment at least twenty (20) calendar days prior to the initial
filing or response deadline, and (y) will keep Biogen Idec reasonably informed of the status of such filing, prosecution and
maintenance, including, without limitation: (A) by providing Biogen Idec with copies of all material communications received from or
filed in patent office(s) with respect to such filing, and (B) to the extent not covered in subclause (x), by providing Biogen Idec,
a reasonable time prior to taking or failing to take any action that would materially affect the scope or validity of any such
filing, with prior written notice of such proposed action or inaction so that Biogen Idec has a reasonable opportunity to review and
comment. If Amorfix determines not to prosecute any claim or Patent Right within the Licensed Patent Rights, then Amorfix shall
provide Biogen Idec with written notice of such decision at least ninety (90) calendar days prior to the deadline for filing any
such prosecution action for any claim or Patent Right or the date on which the abandonment of any such claim or Patent Right would
become effective. In such event, Biogen Idec shall have the right, but not the obligation, at its expense, to control the
preparation, filing, prosecution and maintenance of such claim or Patent Right. Biogen Idec's right to assume such control shall not
relieve Amorfix of its obligations pursuant to Section 6.1.2. In furtherance of the foregoing requirements, Amorfix shall instruct
and ensure that its outside patent counsel forward to Biogen Idec at the same time that it forwards to Amorfix a copy of all
correspondence received from or sent to any patent office relating to the Licensed Patent Rights, and Biogen Idec and Amorfix each
agree to enter into a reasonable commonality of interest agreement if deemed advisable by Amorfix's or Biogen Idec's outside patent
counsel.

 

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6.1.2       
Subject to Section 6.1.1, Amorfix shall (i) file patent applications for and diligently prosecute certain core claims identified
in writing by Biogen Idec in all Major Market Countries designated by Biogen Idec in writing from time to time and shall consider in good
faith such filing and prosecution for all non-Major Market Countries designated by Biogen Idec in writing from time to time, and (ii)
apply for, or as applicable, cooperate with Biogen Idec or its Affiliates or Sublicensees' applications for, patent term extensions, supplementary
protection certificates and their respective equivalents in all Major Market Countries as directed in writing by Biogen Idec and shall
consider in good faith such applications for all non-Major Market Countries as directed in writing by Biogen Idec (collectively, all of
(i) and (ii) are the "Required Filings").

 

6.2           Reimbursement
of Patent Costs. Biogen Idec shall reimburse Amorfix for fifty percent (50%) of its reasonable, documented out-of-pocket costs for
the prosecution and maintenance of the Licensed Patent Rights ("Prosecution Costs"); provided that Biogen Idec
shall have no obligation to reimburse for the preparation, filing, prosecution or maintenance of patents or patent applications for countries
other than the Major Market Countries or with respect to any Required Filings unless otherwise expressly agreed by Biogen Idec; provided
further that, if Amorfix grants any licenses under the Licensed Patent Rights to any Third Party outside of the Licensed Field, Biogen
Idec shall pay only a pro rata share of fifty percent (50%) of such Prosecution Costs. For purposes of illustration, if Amorfix grants
two (2) licenses under the Licensed Patent Rights in addition to the license granted under this Agreement, Biogen Idec shall reimburse
Amorfix for sixteen and two-thirds percent (16.67%) of the Prosecution Costs. Notwithstanding the foregoing, if Biogen Idec wishes to
pursue a Required Filing that is not desired by any other licensees of Amorfix, Biogen Idec shall pay fifty percent (50%) of such Prosecution
Costs provided that Amorfix's written agreement with each such non-contributing licensee stipulates that such licensee shall have no
license under any patents that issue from such Required Filings in the absence of a pro rata contribution to the applicable Prosecution
Costs.

 

6.3           Notice
of Infringement. If, during the Term, Amorfix learns of any actual, alleged or threatened infringement by a Third Party of any Licensed
Patent Rights under this Agreement, Amorfix shall promptly notify Biogen Idec and Amorfix and shall provide Biogen Idec with available
evidence of such infringement.

 

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6.4              Infringement
of Patent Rights. Biogen Idec shall have the first right (but not the obligation), at its own expense and with legal counsel of
its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of the
Licensed Patent Rights in the Licensed Field. Amorfix shall have the right, at its own expense, to be represented in any such action
by counsel of Amorfix's own choice; provided, however, that under no circumstances shall the foregoing affect the right of Biogen
Idec to control the suit as described in the first sentence of this Section 6.4. If Biogen Idec does not file any action or
proceeding against any such material infringement within six (6) months after the later of (i) either Party's notice to the other
under Section 6.3 above, or (ii) a written request from Amorfix to take action with respect to such infringement, then Amorfix shall
have the right (but not the obligation), at its own expense, to bring suit (or take other appropriate legal action) against such
actual, alleged or threatened infringement, with legal counsel of its own choice, but shall not be permitted to settle any such suit
without the prior consent of Biogen Idec, which consent shall not be unreasonably withheld. Any damages, monetary awards or other
amounts recovered, whether by judgment or settlement, pursuant to any suit, proceeding or other legal action taken under this
Section 6.4, shall applied as follows:

  

6.4.1 First, to
reimburse the Parties for their respective costs and expenses (including reasonable attorneys' fees and costs) incurred in prosecuting
such enforcement action;

 

6.4.2 Second, to Biogen Idec
in reimbursement for lost profits (net of royalties) associated with Licensed Products and to Amorfix in reimbursement for lost royalties
owing hereunder based on such lost sales;

 

6.4.3 Third, if the proceeding is
filed by Biogen Idec (regardless of whether Amorfix is joined as a necessary party), any amounts remaining shall be allocated eighty percent
(80%) to Biogen Idec and twenty percent (20%) to Amorfix, or if the proceeding is filed by Amorfix (regardless of whether Biogen Idec
is joined as a necessary party), any amounts remaining shall be allocated eighty percent (80%) to Amorfix and twenty percent (20%) to
Biogen Idec.

 

6.5            The Parties agree that if a Party brings any such action or proceeding hereunder, the other Party agrees to be joined as party
plaintiff(s) if necessary to prosecute such action or proceeding, and to give the Party bringing such action or proceeding reasonable
assistance and authority to file and prosecute the suit; provided, however, that neither Party shall be required to transfer any right,
title or interest in or to any property to the other Party or any Third Party to confer standing on a Party hereunder.

 

7.                 
REPRESENTATIONS AND WARRANTIES

 

7.1             
Amorfix Representations. Amorfix represents, warrants and covenants to Biogen Idec that:

 

(a)              
the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized
by all appropriate Amorfix corporate action;

 

(b)               this
Agreement is a legal and valid obligation binding upon Amorfix and enforceable in accordance with its terms, and the execution, delivery
and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to which Amorfix is
a party or by which it is bound;

 

    22

     

    

 

(c)              
Amorfix has the full right and legal capacity to grant the rights granted to Biogen Idec hereunder without violating the rights
of any Third Party;

 

(d)              
To the best of Amorfix's knowledge, the Licensed Patent Rights have been properly filed and prosecuted and Amorfix is the sole
owner or exclusive licensee of the Licensed Patent Rights and Licensed Technology;

 

(e)              
Amorfix is not aware of any Third Party patent, patent application or other intellectual property rights that would be infringed
(i) by practicing any process or method or by making, using or selling any composition which is claimed or disclosed in, or which constitutes,
Licensed Technology, or (ii) by making, using, offering for sale, selling or importing Licensed Products;

 

(f)               
Except for Patent Rights and Technology licensed to Amorfix under the Upstream Agreements, Amorfix is not aware of any intellectual
property of any Third Party that was utilized or incorporated into the Licensed Technology transferred to Biogen Idec pursuant to Section
3.1;

 

(g)              
Amorfix is not aware of any infringement or misappropriation by a Third Party of the Licensed Technology;

 

(h)              
Exhibit E contains a complete list of all Upstream Agreements as of the Effective Date, and Amorfix has supplied to Biogen
Idec a complete and correct copy of each Upstream Agreement and all amendments thereto, and, during the Term, Amorfix shall not agree
to any amendment of any Upstream Agreement without the prior written consent of Biogen Idec, which consent (a) will not be unreasonably
withheld, conditioned or delayed if such amendments do not materially affect Biogen Idec, the Licensed Technology or the Licensed Patent
Rights in an adverse manner, and (b) in any event will be given or withheld within forty-five (45) days of Amorfix's notice to Biogen
Idec thereof;

 

(i)                 Amorfix
is not in default of any obligation under any Upstream Agreement, and Amorfix shall perform its obligations under each Upstream Agreement,
and keep each Upstream Agreement in full force and effect, throughout the Term;

 

(j)                Exhibit
F contains a complete list as of the Effective Date of all Additional Agreements, and Amorfix has supplied to Biogen Idec a complete
and correct copy of each such agreement and all amendments thereto;

 

(k)              
As of the Effective Date, no Developments (as defined in the material transfer agreements within the Additional Agreements) or
other inventions relating to the Licensed Technology have arisen under any of the Additional Agreements that are not subject to the license
granted to Biogen Idec pursuant to Section 2.1.

 

(I)               Amorfix
has clearly identified and disclosed in writing to Biogen Idec, on or before the Effective Date, all Improvements by UHN (as defined
in the UHN Agreement) that have arisen on or before the Effective Date, and has duly exercised its option under the UHN Agreement to
include such Improvements by UHN under the licenses granted therein; and

 

(l)                
To the best of Amorfix's knowledge, the Data is accurate and complete in all material respects and Amorfix has not failed to disclose
any material information or data that would be necessary to make such Data not misleading.

 

    23

     

    

 

7.2             
Biogen Idec Representations. Biogen Idec covenants, represents and warrants to Amorfix that:

 

(a)              
the execution and delivery of this Agreement and the performance of the transactions contemplated hereby have been duly authorized
by all appropriate Biogen Idec corporate action; and

 

(b)              
this Agreement is a legal and valid obligation binding upon Biogen Idec and enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by the Parties does not conflict with any agreement, instrument or understanding to which Biogen
Idec is a party of or by which it is bound.

 

7.3             
No Warranties.

 

7.3.1       
Nothing in this Agreement is or shall be construed as:

 

(a)              
a warranty or representation by either Party as to the validity or scope of any patent application or patent licensed hereunder;

 

(b)              
a warranty or representation by either Party that anything made, used, sold or otherwise disposed of under any license granted
pursuant to this Agreement is or will be free from infringement of patents, copyrights, and other rights of Third Parties.

 

7.3.2       
Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR OF NON-INFRINGEMENT
OF ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES, OR AS TO THE SUCCESS OR LIKELIHOOD OF SUCCESS OF THE RESEARCH,
DEVELOPMENT OR COMMERCIALIZATION OF LICENSED PRODUCTS UNDER THIS AGREEMENT, OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES.

 

8.                 
INDEMNIFICATION; INSURANCE

 

8.1             
Indemnification.

 

8.1.1        Biogen
Idec Indemnity. Biogen Idec shall indemnify, defend and hold harmless Amorfix, its Affiliates and its and their respective
directors, officers, employees, stockholders and agents and all of their respective successors, heirs and assigns (the
 "Amorfix Indemnitees") from and against any liability, damage, loss or expense (including reasonable attorneys'
fees and expenses of litigation) incurred by or imposed upon such Amorfix Indemnitees, or any of them, in connection with any Third
Party claims, suits, actions, demands or judgments, including, without limitation, personal injury and product liability matters, to
the extent arising out of (a) the development, testing, production, manufacture, supply, promotion, import, sale or use by any
person of any Licensed Product (or any component thereof) manufactured or sold by or on behalf of Biogen Idec or any Affiliate or
Sublicensee under this Agreement, (b) any material breach of this Agreement by Biogen Idec, its Affiliates or its Sublicensees, or
(c) the gross negligence or willful misconduct on the part of Biogen Idec or any Affiliate or Sublicensee, in any such case under
this Section 8.1.1, except to the extent of Amorfix's responsibility therefor under Section 8.1.2 below.

 

    24

     

    

 

8.1.2       
Amorfix Indemnity. Subject to Section 8.1.1 above, Amorfix shall indemnify, defend and hold harmless Biogen Idec, Sublicensees,
its and their Affiliates and its and their respective directors, officers, employees, and agents, and all of their respective successors,
heirs and assigns (the "Biogen Idec Indemnitees") from and against any liability, damage, loss or expense (including
reasonable attorneys' fees and expenses of litigation) incurred by or imposed upon such Biogen Idec Indemnitees, or any of them, in connection
with any Third Party claims, suits, actions, demands or judgments, including, without limitation, personal injury and product liability
matters (but excluding any patent infringement matters, which are governed by Article 6 above), to the extent arising out of (a) any material
breach of this Agreement by Amorfix, or (b) the gross negligence or willful misconduct on the part of Amorfix.

 

8.2            Indemnification Procedures. In the event that any Indemnitee is seeking indemnification under Section 8.1 above from a Party
(the "Indemnifying Party"), the other Party shall notify the Indemnifying Party of such claim with respect to such Indemnitee
as soon as reasonably practicable after the Indemnitee receives notice of the claim, and the Party (on behalf of itself and such Indemnitee)
shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including the right to settle the claim
solely for monetary consideration) and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim.
The indemnification obligations under Article 8 shall not apply to (a) any harm suffered to the extent directly resulting from any delay
in notice to the Indemnifying Party hereunder or (b) amounts paid in settlement of any claim, demand, action or other proceeding if such
settlement is effected without the consent of the Indemnifying Party. The Indemnifying Party shall not unreasonably withhold or delay
its consent to a settlement solely for monetary consideration that is proposed by the Indemnitee. The Indemnitee, its employees and agents,
shall reasonably cooperate with the Indemnifying Party and its legal representatives in the investigation of any claim, demand, action
or other proceeding covered by Section 8.1.

 

8.3            Insurance.

 

8.3.1        Biogen
Idec Insurance. Biogen Idec shall, either itself or, if Biogen Idec does not directly commercialize Licensed Products, through
its Sublicensees, maintain insurance during the Term and for a period of at least three (3) years after the last commercial sale of
a Licensed Product in the Licensed Field in the Territory under this Agreement, or, if development of Licensed Products ceases prior
to Regulatory Approval, three (3) years after termination of such development, 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, Biogen Idec, and, as applicable, its Sublicensees, shall maintain product and clinical trial liability
insurance of at least Five Million ($5,000,000) per occurrence on a worldwide basis. Notwithstanding the foregoing, Biogen Idec, or,
as applicable, its Sublicensees, may satisfy the obligations of this Section 8.3 through a program of self-insurance, provided it
has assets and earnings sufficient to cover the potential indemnified losses contemplated in Section 8.1. Biogen Idec will further
ensure compliance with all foreign local clinical trial liability insurance requirements that may apply with respect to Licensed
Product(s). Upon request, Biogen Idec shall provide Amorfix with evidence of the existence and maintenance of such insurance
coverage.

 

    25

     

    

 

8.3.2       
Amorfix Insurance. Amorfix shall maintain insurance during the Term and for a period of at least three (3) years after the
expiration or termination of this Agreement with a reputable, solvent insurer in an amount appropriate to meet its potential liabilities
under Section 8.2 or otherwise under this Agreement, and in no event less than at least Five Million ($5,000,000) per occurrence on a
worldwide basis. Upon request, Amorfix shall provide Biogen Idec with evidence of the existence and maintenance of such insurance coverage.

 

9.              TERM AND TERMINATION

 

9.1             Term;
Expiration. The term of this Agreement ("Term") shall expire upon the expiration of the final payment obligation under
Article 4 above. Upon the expiration of the Royalty Term in a given country on a product-by-product basis (but for clarity, not upon
the early termination of this Agreement), the licenses and rights granted by Amorfix under this Agreement will continue on an irrevocable,
fully paid-up, royalty-free basis in such country, and upon the expiration (but for clarity, not upon the early termination of this Agreement)
of the Term, the licenses and rights granted by Amorfix under this Agreement will continue on an irrevocable, fully paid-up, royalty-free
basis throughout the world.

 

9.2             Termination
for Breach. Subject to the other terms of this Agreement, this Agreement and the rights and options granted herein may be terminated
by either Party upon any material breach by the other Party of any material obligation or condition, effective forty-five (45) days after
giving written notice to the breaching Party of such termination in the case of a payment breach and one hundred twenty (120) days after
giving written notice to the breaching Party of such termination in the case of any other breach, which notice shall describe such breach
in reasonable detail. The foregoing notwithstanding, if such default or breach is cured or remedied or shown to be non-existent within
the aforesaid forty-five (45) or one hundred twenty (120) day period, the notice shall be automatically withdrawn and of no effect. Furthermore,
if either Party gives notice of the initiation of proceedings pursuant to Section 10 during the applicable termination notice period,
no termination shall take effect during the pendency of such proceedings.

 

9.3             Voluntary
Termination. Biogen Idec shall have the right to terminate this Agreement at any time upon ninety (90) days' written notice to Amorfix.

 

9.4             Termination
for Bankruptcy. In the event that either Party files for protection under bankruptcy laws, makes an assignment for the benefit
of creditors, appoints or suffers appointment of a receiver or trustee over its property, files a petition under any bankruptcy or
insolvency act or has any such petition filed against it which is not discharged within sixty (60) days of the filing thereof, then
the other Party may terminate this Agreement effective immediately upon written notice to such Party.

 

    26

     

    

 

9.5             Effects of Termination. Upon any termination of this Agreement by Amorfix pursuant to Sections 9.2 (Termination for
Breach) or 9.4 (Termination for Bankruptcy) or by Biogen Idec pursuant to Section 9.3 (Voluntary Termination), as of the effective date
of such termination all relevant licenses and sublicenses granted by Amorfix to Biogen Idec hereunder shall terminate automatically, Biogen
Idec shall return all Confidential Information of Amorfix as required by Section 5, Biogen Idec shall return all Licensed Technology and
Data that were originally provided by Amorfix to Biogen Idec in a manner consistent with the manner in which Amorfix is required to deliver
under Section 3.1, and Biogen Idec shall deliver to Amorfix copies of Data, or at Biogen Idec's discretion a report summarizing the Data,
generated during the term of this Agreement by Biogen Idec or its Sublicensees based specifically on the Existing Products ("New
Data"). Biogen Idec and its Sublicensees provide such New Data on an "AS IS" basis without any warranties of any
kind, including any warranty of non-infringement. Amorfix understands and agrees that such New Data may have been produced with the use
of Third Party intellectual property and that Biogen Idec and its Sublicensees are not granting any rights under any Third Party intellectual
property, unless otherwise expressly agreed by Biogen Idec. Notwithstanding the foregoing, except in the case of termination by Biogen
Idec pursuant to Section 9.3 (Voluntary Termination), (a) no such termination of this Agreement shall be construed as a termination of
any valid sublicense of any Sublicensee hereunder, and thereafter each such Sublicensee shall be considered a direct licensee of Amorfix,
provided that (i) such Sublicensee is then in full compliance with all terms and conditions of its sublicense, (ii) all accrued payments
obligations to Amorfix have been paid, and (iii) such Sublicensee agrees in writing to assume all applicable obligations of Biogen Idec
under this Agreement. Upon any termination of this Agreement by Biogen Idec pursuant to Section 9.2 (Termination for Breach), all licenses
and option rights granted by Amorfix to Biogen Idec hereunder shall continue in full force and effect as if this Agreement had not been
terminated, provided that Biogen Idec continues to make all payments due hereunder that would have been due hereunder if this Agreement
had not been terminated.

 

9.6             
Remedies. Except as otherwise expressly set forth in this Agreement, the termination provisions of this Article 9 are in
addition to any other relief and remedies available to either Party at law.

 

9.7             
Surviving Provisions. Notwithstanding any provision herein to the contrary, the rights and obligations of the Parties set
forth in Articles and Sections 1 (Definitions), 5 (Treatment of Confidential Information), 8 (Indemnification), 9.4 (Effects of Termination),
9.5 (Remedies), 9.6 (Surviving Provisions), 10 (Disputes) and 11 (Miscellaneous) as well as any rights or obligations otherwise accrued
hereunder (including any accrued payment obligations), shall survive the expiration or termination of the Term. Without limiting the generality
of the foregoing, Biogen Idec shall have no obligation to make any milestone or royalty payment to Amorfix that has not accrued prior
to the effective date of any termination of this Agreement, but shall remain liable for all such payment obligations accruing prior to
the effective date of such termination.

 

    27

     

    

 

10.           
DISPUTES

 

Any dispute, controversy or claim initiated
by either Party arising out of. resulting from or relating to this Agreement, or the performance by either Party of its obligations under
this Agreement, whether before or after termination of this Agreement, shall be subject to the sole jurisdiction of, and venue in, the
U.S. federal courts of competent jurisdiction located within Boston, Massachusetts, USA., if available, and otherwise the state courts
of competent jurisdiction located within Boston, Massachusetts, USA. Biogen Idec and Amorfix each irrevocably consent to the jurisdiction
of such courts, irrevocably waive any objection based on inconvenience of forum, and agree that process may be served in the manner provided
herein for giving notices or otherwise as allowed by Massachusetts or applicable federal law. Notwithstanding the foregoing, either Party
shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain
from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to protect the rights or property
of such Party.

 

11.            MISCELLANEOUS

 

11.1         
Notification. All notices, requests and other communications hereunder shall be in writing, shall be addressed to the receiving
party's address set forth below or to such other address as a party may designate by notice hereunder, and shall be either (i) delivered
by hand, (ii) made by facsimile transmission (to be followed with written fax confirmation), (iii) sent by private courier service providing
evidence of receipt, or (iv) sent by registered or certified mail, return receipt requested, postage prepaid. The addresses and other
contact information for the parties are as follows:

 

If to Amorfix:           Amorfix

 

3403 American Drive

Mississauga, Ontario

L4V 1T4 Canada

 

Attention:             Robert Gundel, PhD, MBA

President
 & CEO Facsimile: [***]

 

Phone: [***]

 

With a copy to:

 

Lang Michener LLP

1500-1055 West Georgia Street

PO Box 11117

Vancouver, BC V6E 4N7

Attention: Gary C. Floyd

Facsimile: [***]

 

    28

     

    

 

If to Biogen Idec:

 

Biogen Idec MA Inc.

14 Cambridge Center

Cambridge MA 02142

Attention:

Susan Alexander, Esq.

General Counsel

Facsimile: [***]

Phone: [***]

 

With a copy to (which shall not constitute notice hereunder):

 

Biogen Idec MA Inc.

14 Cambridge Center

Cambridge MA 02142

Attention: Head of Business Development

Facsimile: [***]

Phone: [***]

 

All notices, requests and other communications hereunder
shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of
such party set forth above, (ii) if made by telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged
by the recipient, (iii) if sent by private courier, on the day such notice is delivered to the recipient, or (iv) if sent by registered
or certified mail, on the fifth (5th) business day following the day such mailing is made.

 

11.2         
Language. The parties hereto have requested that this Agreement and any related documents be drafted in English. Les
parties aux presentes ont exige que le present contrat et tous les documents qui s 'y rattachent soit rediges en anglais. Any translation
of this Agreement or any part hereof into a language other than English is for convenience only, and only the original English language
version of this Agreement, as it may be amended from time to time as permitted herein, shall have legal effect.

 

11.3         
Governing Law. This Agreement will be construed, interpreted and applied in accordance with the laws of the Commonwealth
of Massachusetts (excluding its body of law controlling conflicts of law). The UN Convention for the International Sale of Goods shall
not apply to this Agreement.

 

11.4         
Limitations. Except as expressly set forth in this Agreement, neither Party grants to the other Party any right or license
to any of its intellectual property.

 

11.5         
Entire Agreement; Amendment. This is the entire Agreement between the Parties with respect to the subject matter hereof
and supersedes all prior representations, understandings and agreements between the Parties with respect to the subject matter hereof,
unless otherwise expressly agreed by the Parties. No modification shall be effective unless in writing with specific reference to this
Agreement and signed by the Parties.

 

    29

     

    

 

11.6         
 Waiver. The terms or conditions of this Agreement may be waived only by a written instrument executed by the Party waiving
compliance. The failure of either Party at any time or times to require performance of any provision hereof shall in no manner affect
its rights at a later time to enforce the same. No waiver by either Party of any condition or term shall be deemed as a continuing waiver
of such condition or term or of another condition or term.

 

11.7         
Headings. Article, section and subsection headings are inserted for convenience of reference only and do not form part of
this Agreement.

 

11.8         
Assignment. Neither this Agreement nor any right or obligation hereunder may be assigned, delegated or otherwise
transferred, in whole or part, by either Party without the prior express written consent of the other; provided, however, that either
Party may, without the written consent of the other but upon written notice to the other, assign this Agreement in its entirety to its
Affiliates, or in connection with the transfer or sale of all or substantially all of such Party's assets
or business related to this Agreement, or in the event of its merger, consolidation, change in control or similar transaction. Amorfix
shall not assign or otherwise transfer to any Affiliate or any Third Party ownership of any of the Licensed Patent Rights or Licensed
Technology unless such Affiliate or Third Party agrees in writing to be bound by this Agreement and an executed copy of such agreement
is provided to Biogen Idec. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment
in violation of this Section 11.8 shall be void. The terms and conditions of this Agreement shall be binding upon and inure to the benefit
of the permitted successors and assigns of the parties.

 

11.9         
Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement,
and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the
reasonable control of such Party (excluding a lack of credit, cash or financing), provided that the Party so affected (a) notifies the
other Party as soon as practicable in the circumstances of the occurrence of, and expected duration of, such event or circumstance, and
(b) uses its reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder as soon as commercially
practicable.

 

11.10     
Construction. The Parties hereto acknowledge and agree that: (i) each Party and its counsel reviewed and negotiated the
terms and provisions of this Agreement and have contributed to its revision; (ii) the rule of construction to the effect that any ambiguities
are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (iii) the terms and provisions
of this Agreement shall be construed fairly as to all Parties hereto and not in favor of or against any Party, regardless of which Party
was generally responsible for the preparation of this Agreement. In this Agreement: (a) the word "including" shall be deemed
to be followed by the phrase "without limitation" or like expression; (b) the singular shall include the plural and vice
versa; (c) masculine, feminine and neuter pronouns and expressions shall be interchangeable, and (d) all references to dollars or
$ are to United States dollars, whether or not so expressly stated.

 

    30

     

    

 

11.11      Severability. If
any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are deemed
unenforceable under then current applicable law from time to time in effect during the Term hereof, it is the intention of the
Parties that such provision(s) be deemed to be severed from this Agreement and the remainder of this Agreement shall not be affected
thereby. The Parties hereto agree to renegotiate any such severed provision in good faith in order to provide a reasonably
acceptable, valid alternative to the severed provision, it being the intent of the Parties that the basic purposes of this Agreement
are to be effectuated.

 

11.12     
Status. Nothing in this Agreement is intended or shall be deemed to constitute a partner, agency, employer-employee, or
joint venture relationship between the Parties.

 

11.13      
No Set-Off. Except as expressly set out in this Agreement, any payment obligation under this Agreement is absolute
and unconditional and is not affected by any circumstance, including without limitation any set-off, compensation, counterclaim, recoupment,
defense or other right that a Party may have against the other Party or anyone else for any reason at all.

 

11.14     
Section 365(n). All licenses granted under this Agreement are deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy
Code, licenses of right to "intellectual property" as defined in Section 101 of such Code and any equivalent foreign legislation.
The Parties agree that Biogen Idec may fully exercise all of its rights and elections under the U.S. Bankruptcy Code and any foreign equivalent
thereto in any country having jurisdiction over a Party or its assets.

 

11.15     
Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all such
other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

11.16     
Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

 

[Remainder of page
intentionally left blank; Signature Page Follows]

 

    31

     

    

 

IN WITNESS WHEREOF, the Parties
have executed this Agreement as of the date first set forth above.

 

	BIOGEN IDEC MA INC.	 	AMORFIX LIFE SCIENCES LTD. 
	 	 	 
	By:	 	 	By:	 
	 	 	 
	Title: 	VP, Discovery Neuroloy	 	Title: 	Authorized
                                            Director

 

    32

     

    

  

Exhibit A

 

Licensed Patent Rights

 

[Intentionally omitted]

 

    33

     

    

 

Exhibit B

 

Existing Product

 

[Intentionally omitted]

 

    34

     

    

 

Exhibit C

 

Licensed Technology

 

[Intentionally omitted]

 

    35

     

    

 

Exhibit D

 

Qualified Study Example

 

THE FOLLOWING QUALIFIED STUDY EXAMPLE IS CONFIDENTIAL
INFORMATION OF BIOGEN IDEC.

   

[Intentionally omitted]

 

    36

     

    

 

Exhibit E

 

Upstream Agreements

 

[Intentionally omitted]

 

    37

     

    

 

Exhibit F

 

Additional Agreements

 

[Intentionally omitted]

 

    38Exhibit 10.7

 

Certain identified information has been
excluded from the exhibit pursuant to Item 601(a)(6) of Regulation S-K due to personal privacy concerns or pursuant to Item 601(b)(10)(iv) because
it is both not material and is the type of information that the registrant treats as private or confidential. Redacted information is
indicated by: [***]

 

UNIVERSITY HEALTH NETWORK LICENSE AGREEMENT

 

This Agreement made as of the 4th day of April 2006
(the “Effective Date”) between the following Parties:

 

UNIVERSITY
HEALTH NETWORK an Ontario corporation incorporated by special statute under the Toronto Hospital Act, 1997, having a
principal office at 610 University Ave 7-504 Toronto, Ontario M5G 2M9

 

(hereinafter referred to as “UHN”)

 

-AND-

 

AMORFIX
LIFE SCIENCES INC. a Canada corporation with offices located at 3080 Yonge St., Suite 6020 Toronto, Ontario, M4N 3M1,
Canada

 

(hereinafter referred to as the “Licensee”)

 

BACKGROUND:

 

WHEREAS
Neil Cashman (“Cashman”) while employed at the University of Toronto (“UT”) together with Avi Chakrabarrty and
Rishi Rakhit, coinventors from UHN (“UHN-Coinventors”), have invented an SOD1 exposed dimer interface antibody (“Technology”),
and have filed a US Provisional Patent application through UHN entitled “Methods and Compositions for Detecting Amyotrophic Lateral
Sclerosis” on December 2nd, 2005 (the “Patent”) attached as Schedule A; and

 

WHEREAS
Cashman disclosed the Technology to UT by way of an invention disclosure form, attached as Schedule B, (“UT Invention Disclosure”)
on February 14, 2006; and

 

WHEREAS
Cashman in the UT Invention Disclosure defined his inventive contributions and participation in the creation of the Technology (“Cashman-IP);
and

 

WHEREAS
subject to reserved rights by UT to use the Cashman-IP for teaching and administrative purposes and under UT Invention Policy, UT on March 29,
2006 approved for Cashman to sell the rights to Cashman-IP to the Licensee; and

 

WHEREAS
UHN owns a portion of the Technology (“UHN-IP”), as defined in UHN Invention Disclosure dated November 16, 2005; and

 

WHEREAS
Licensee, subject to approval by Toronto Stock Venture Exchange, wishes to commercialize, develop, manufacture, market, distribute and
sell products which may be derived in whole or in part from the practice of the Technology and therefore desires to obtain a license to
UHN’s ownership rights in the Technology; and

 

    1 

     

    

 

WHEREAS
UHN is willing to grant a license under the terms and conditions set forth hereinafter.

  

NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration for the mutual promises, representations, covenants and agreements
of the Parties contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows.

 

ARTICLE 1.0
- INTERPRETATION

 

		1.1	Defined Terms. For the purposes of this Agreement, unless the context otherwise requires, the following
terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

 

		(a)	“Agreement” means this agreement and all Schedules attached hereto, and the terms “herein”,
 “hereunder”, “hereto” and such similar expressions shall refer to this Agreement;

 

		(b)	“Confidential Information” of a party means any and all information of a Party and/or
any of its affiliates (in this definition called the “Disclosing Party”) which has or will come into the possession or knowledge
of the other Party and/or any of its affiliates (in this definition called the “Recipient Party”) in connection with or as
a result of entering into this Agreement including information concerning the Disclosing Party’s past, present and future customers,
suppliers, technology, markets, research and business. For the purposes of this definition, “Confidential Information” includes
any and all Intellectual Property, Technology, Product, commercial, research, scientific, customer, or market information, analyses or
conclusions drawn or derived therefrom, this Agreement and information developed or disclosed hereunder, or any Party’s raw materials,
processes, formulations, analytical procedures, methodologies, products, samples, specimens, functions, Know-how, data, patents, copyrights,
trade secrets, processes, techniques, programs, designs, formulae, marketing, advertising, financial, commercial, sales or programming
materials, written materials, compositions, drawings, diagrams, computer programs, studies, work in progress, visual demonstrations, ideas,
concepts, and other data, in oral, written, graphic, electronic, or any other form or medium whatsoever;

 

		(c)	“Contract Year” means each successive twelve calendar month period during the term
of this Agreement. The first Contract Year shall begin on the Effective Date of this Agreement. The last Contract Year shall end on the
day this Agreement expires, or is earlier terminated;

 

		(d)	“First Commercial Sale” means the first sale of a Licensed Product and Services using
the Technology in the Territory (as hereinafter defined), by Licensee or its affiliates (or their sub-licensee(s)) to any third party
as evidenced by an invoice or other relevant document to such third party;

 

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		(e)	“Funded Research” means a pending Sponsored Research Agreement (“SRA”)
between UHN and Licensee to develop Improvements by UHN at a gross estimated budget of $200,000, excluding the 30% institutional overhead
costs.

 

		(f)	“Gross Revenue” means gross amount invoiced by Licensee or others on its behalf for
all Products and Services using the Technology. Any Products and Services used by the Licensee or by a non-arms-length third Party shall
be deemed to be invoiced for the fair market value of the Product or Service. Gross Revenue does not include any Products or Services
used by Licensee or non-arms-length third party prior to the First Commercial sale in a given territory;

 

		(g)	“Including” means including without limitation;

 

		(h)	“Improvements by UHN” means any and all improvements related to Amyotrophic Lateral
Sclerosis (ALS), whether patentable or not, arising from a Funded Research agreement by Amorfix (“Funded Research”) to the
Technology developed at UHN by or under the direction of Avi Chakrabarrty after the date of this Agreement;

 

		(i)	“Intellectual Property” mean inventions, discoveries, written material, compounds,
patentable and unpatentable information, Know-how, trade secrets, copyright, designs, plant breeders’ rights, integrated circuit
topographies, ideas (including but not limited to any computer software), formulae, algorithms, concepts, proprietary data, techniques,
instructions, processes, expert opinions, information, Materials, program listings, flow charts, logic diagrams, manuals, specifications,
instructions, or any copies of the foregoing in any medium, or the expression thereof;

 

		(j)	“Intellectual Property Rights” means any rights in Intellectual Property, including
ALS-related rights arising from the Funded Research, any regular or provisional patent applications filed in the U.S., Canada or any other
jurisdiction, divisions, continuations, patents issuing thereon or renewals, or reissues, and any and all patents and patent applications
in other countries corresponding thereto for the Technology;

 

		(k)	“Know-how” means any information pertaining to the Technology which is not disclosed
in a patent or published patent application. Know-how, as used herein, includes trade-secrets;

 

		(l)	“License” shall have the meaning provided in Section 2.1;

 

		(m)	“Materials” means any materials pertaining to the Technology which is disclosed and/or
provided to the Licensee;

  

		(n)	“Net Sales” means the Gross Revenue received by the Licensee net of standard industry
discounts, refunds, returns, written-off bad debts and taxes, all as determined from the books and records of the Licensee, or its parent
and subsidiaries, maintained in accordance with Canadian generally accepted accounting principles consistently applied;

 

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		(o)	“Notice” shall have the meaning provided in Section 13.0;

 

		(p)	“Parties” means UI-IN and the Licensee collectively and “Party” means each
individually;

 

		(q)	“Product” means any product that includes, in whole or in part, the Technology and/or
is manufactured using the Technology;

 

		(r)	“Publication” means any means of making available to the public information by way
of speech, talk, paper, drawing, photograph, printed work, tape, video recording or other electronic means, or any other disclosure given
or distributed;

 

		(s)	“Quarter Yearly Period” means each successive three calendar month period during the
term of this Agreement ending January 31, April 30, July 31 and October 31 of each Contract Year. The first and last
Quarter Yearly Periods may be less than three calendar months and will commence on the Effective Date of this Agreement and terminate
on the date this Agreement expires or is earlier terminated respectively;

 

		(t)	“Service” means any service provided using, in whole or in part, the Technology;

 

		(u)	“Technology” means all allowed claims in Intellectual Property in and to the invention
described in and/or listed in Schedule “A” and all Intellectual Property Rights related to or arising therefrom, excluding
Improvements by UHN and Improvements by Licensee; and,

 

		(v)	“Territory” means the World.

 

		1.2	Sections and Headings. The division of this Agreement into articles, sections and subsections and
the insertion of headings are for reference purposes only and shall not affect the interpretation of this Agreement. Unless otherwise
indicated, any reference herein to a particular article, section, subsection or Schedule refers to the specified article, section or subsection
of or Schedule to this Agreement.

 

		1.3	Number, Gender and Persons. In this Agreement, words importing the singular number shall include
the plural and vice versa, words importing gender shall include all genders and words importing persons shall include individuals, corporations,
partnerships, associations, trusts, unincorporated organizations, governmental bodies and other legal or business entities.

 

		1.4	Currency. All monetary amounts in this Agreement are in Canadian funds.

 

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		1.5	Schedules. The following Schedules are annexed to and form part of this Agreement:

 

Schedule A – Patent

Schedule B - UT Invention Disclosure

Schedule C Considerations

 

		1.6	Accounting Principles. Any reference in this Agreement to generally accepted accounting principles
refers to generally accepted accounting principles as approved from time to time by the Canadian Institute of Chartered Accountants or
any successor institute.

 

		1.7	Best of Knowledge. “To the best of the knowledge” or “to the knowledge”,
unless otherwise qualified hereunder means a statement of the declarent’s knowledge of the actual facts or circumstances to which
such phrase relates without having made any inquiries or investigations in connection with such facts and circumstances.

 

ARTICLE 2.0
- GRANT OF RIGHTS

 

		2.1	Licensee. Subject to the terms and conditions of this Agreement, UHN grants to Licensee an exclusive,
license in any and all its rights to the Technology, including to manufacture, have manufactured, sell or have sold, and use the Technology,
and to produce and reproduce work in the Technology or any substantial part thereof in the Territory, unless otherwise restricted by law
(the “License”). The License will only be transferable by the Licensee with the whole business of the Licensee.

 

		2.2	Buyout Option. Licensee is granted a buyout option where UHN shall assign its commercial rights
to the Technology to Licensee in exchange for a lump sum payment. The monetary amount is defined in Schedule C. Briefly, the buyout amount
is $180,000 less any previous milestone payment(s) for diagnostic righs and $800,000 less any previous milestone payment(s) for
ALS-related therapeutic rights. Licensee shall pay UHN at the time of the execution of the assignment documents. This buyout option for
the diagnostic shall terminate upon the first diagnostic Product approval in Canada, USA, Europe or Japan and the option for the therapeutic
applications shall terminate upon initiation of the first Phase III clinical trial in any jurisdiction.

 

		2.3	Restriction. The License granted to the Licensee under Section 2.1and the assignment under
Section 2.2 herein is subject to UHN’s retention of its rights to use the Technology and Improvements by UHN without charge
solely for research, scholarly publication, educational or other non-commercial use, subject to the Confidential Information provisions
of this Agreement.

 

		2.4	Improvements by UHN. UHN will notify the Licensee, in writing, of all ALS- related
                                                                                                                                  Improvements related to the Technology or arising from the Funded Research within fourteen (14) days from the date of a UHN
                                                                                                                                  Invention Disclosure (“Notice of Disclosure”). Licensee will have sixty (60) days after receiving the written Notice of
                                                                                                                                  Disclosure to notify UHN its intent, in writing, to license
said improvement (.”Notice of Intent”) If UHN does not receive a Notice of Intent within sixty (60) days, UHN will be free
to dispose of the Improvement by UHN as it sees fit. After a Notice of Intent has been received, an Amendment shall be made such that
these Improvements will be included under the definition of Technology and terms hereunder. In the event that the technologies that are
not ALS-related arose from Funded Research, Licensee shall have the first right of refusal to negotiate a new license within sixty (60)
days from a written notice of UHN Invention Disclosure. Any such license shall be on terms and conditions that are consistent with other
such licenses within the industry and satisfactory to UHN.

 

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		2.5	Sublicenses. The Licensee shall have the right to grant sublicenses or cross-licenses that are
consistent with and no less favorable than the terms of this Agreement and that the sublicensee consents to be bound by the terms and
obligations of this Agreement as if it were a Party hereto.

 

		2.6	Technology Milestones and Best Efforts.

 

		(a)	Licensee shall use best efforts to meet the following technical milestones for development of the Technology:

 

Year
2:

Develop assay to determine presence of DSE (“DSE” defined in the Patent as SED epitope) in human Cerebro-Spinal Fluid (“CSF”)

 

Year
3:

Develop assay to determine presence of DSE in human blood

 

Year
4:

Submit CSF or blood DSE assay for FDA regulatory evaluation

 

		2.7	Failure to meet the milestones as set out in Section 2.6(a) or pay milestone payments due under
Schedule C may result in termination of this Agreement, at UHN’s option and upon sixty (60) days notice to the Licensee.

 

		2.8	The Licensee shall use best efforts to develop, commercialize and/or market the Technology licensed herein
and to maximize Net Sales.

 

ARTICLE 3.0
- CONSIDERATION

 

		3.1	Consideration. In consideration of the License granted herein, Licensee agrees to make payments
to UHN according to Schedule C.

 

		3.2	Date of Sale. Products and Services will be deemed sold 60 days after product is shipped by Licensee
and invoiced

 

		3.3	Interest. All monies payable to UHN by Licensee hereunder and not paid when due bear interest at
the prime rate of interest quoted by the Bank of Canada, plus [***]% ([***] percent) per annum until the date paid
to UHN. UHN will be entitled to that interest in addition to any other rights or remedies available to it in respect to default in payment
by Licensee.

 

		3.4	Withholdings. In the event that the Licensee is required by any law to withhold and/or make payments
to tax authorities in respect of any payments payable by Licensee to UHN under this Agreement, the liability of Licensee under this Agreement
shall be to that extent satisfied, and such amounts shall be deemed to have been paid to UT-IN on their due dates, provided that Licensee
shall furnish to URN acceptable evidence of such payments.

 

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		3.5	Royalty Report. The Licensee shall prepare a report (the “Royalty Report”), setting
out the Gross Revenue, the number of Products manufactured, and Services rendered, an itemized statement of all costs and disbursements
and the Net Sales, if any, for the relevant period. For so long as the Gross Revenue of the Licensee is less than $10,000 in any consecutive
12-month period, the Licensee shall prepare one Royalty Report for every 12-month period. If no payments are due for any reporting period,
then the Royalty Report shall so state. Once the Gross Revenue of the Licensee is at least $10,000 in any consecutive 12-month period,
the Licensee shall prepare a Royalty Report for each Quarter Yearly Period. Royalty Reports are due within thirty (30) days of the end
of the reporting period being reported.

 

		3.6	Complete Records. The Licensee shall keep true and accurate records and hooks of account containing
all data reasonably required for the computing of an verification of all payments owed by Licensee to UHN hereunder, including records
for Gross Revenue, the number of Products manufactured and Services rendered, costs/disbursements, Net Sales in accordance with generally
accepted accounting principles. Such records shall be maintained by the Licensee for at least six (6) years from the date of the
payment to which such records are relevant.

 

		3.7	Inspection of Records. The records specified in this Agreement shall be available for inspection
to UHN or its duly appointed auditor for the sole purpose of verifying payments owed under this Agreement, during normal business hours
at the principal place of business of the Licensee, upon reasonable notice to the Licensee. The costs of any such inspection shall be
borne by UHN unless the report of an auditor shows that the Royalty Report was understated by more than five percent (5%), in which case
the costs of the examination shall be paid by the Licensee.

 

		3.8	Discrepancy in Records. In the event the said inspection conducted under Section 3.7 herein
reveals any underpayment of royalties due to UHN, Licensee will promptly pay UHN the full amount of that underpayment together with interest
thereon at the rate of interest referred to in Section 3.3 herein.

 

		3.9	Patent Expiry. Subject to earlier termination as set forth in the Agreement, payment of royalties
shall cease in any one country on the date when the last of the patents issued on the Technology expires in such country.

 

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ARTICLE 4.0
- WARRANTIES AND COVENANTS

 

		4.1	UHN Warranties. UHN represents and warrants to the Licensee that:

 

		(a)	UHN is duly incorporated and organized and validly existing under the laws of Ontario and has all requisite
corporate power and authority to enter into and perform its obligations under this Agreement;

 

		(b)	UHN has taken all necessary corporate action, steps and proceedings to approve or authorize, validly and
effectively, the execution and delivery of this Agreement;

 

		4.2	Licensee Warranties. The Licensee represents and warrants to UHN that:

 

		(a)	the Licensee is duly incorporated and organized and validly existing under the laws of Canada and has
all the requisite corporate power and authority to enter into and perform its obligations under this Agreement;

 

		(b)	the Licensee has taken all necessary corporate action, steps and proceedings to approve or authorize,
validly and effectively, the execution and delivery of this Agreement and the performance of its obligations hereunder and to cause all
necessary meetings of directors and shareholders of the Licensee to be held for such purposes;

 

		(c)	the execution and delivery of this Agreement by the Licensee and the performance of its obligations hereunder
shall not result in either a breach or violation of any of the provisions of, or constitute a default under, or conflict with or cause
the acceleration of any obligation of the Licensee under:

 

		(d)	any agreement to which the Licensee is a party or bound by;

 

		(e)	any of the terms and provisions of the constating documents or by-laws, or resolutions of the board of
directors (or any committee thereof), of the Licensee;

 

		(f)	any judgment, decree, order or award of any court, governmental body or arbitrator having jurisdiction
over the Licensee;

 

		(g)	any license, permit, approval, consent or authorization held by the Licensee; or

 

		(h)	any applicable law, statute, ordinance, regulation or rule;

 

		4.3	Limited Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET OUT IN THIS AGREEMENT:

 

		(a)	URN EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED OR EXPRESS WARRANTIES AND MAKES NO EXPRESS OR IMPLIED WARRANTIES
OF MERCHANTABILITY, SAFETY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE TECHNOLOGY;

 

		(b)	UHN DOES NOT WARRANT OR REPRESENT THAT ISSUED PATENTS, OR PENDING PATENT APPLICATIONS WILL ISSUE, OR WHEN
ISSUED WILL BE VALID, OR THAT THE PRACTICE OF ANY TECHNICAL INFORMATION OR KNOW-HOW DISCLOSED TO LICENSEE PURSUANT TO THIS AGREEMENT DOES
NOT CONSTITUTE INFRINGEMENT OF RIGHTS OF PERSONS NOT PARTIES HERETO. NOTWITHSTANDING THE FOREGOING, UHN WARRANTS THAT IT HAS NOT KNOWINGLY
GRANTED RIGHTS ESSENTIALLY SIMILAR TO THIS LICENSE TO PERSONS NOT PARTIES HERETO-;

 

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		(c)	UHN SHALL NOT BE LIABLE TO THE LICENSEE FOR ANY DAMAGE, INCLUDING ANY DIRECT, INDIRECT, SPECIAL
OR CONSEQUENTIAL DAMAGE SUFFERED BY THE LICENSEE RESULTING FROM THE USE OF THE TECHNOLOGY LICENSED HEREIN. FURTHER, UHN MAKES NO REPRESENTATION
THAT THE TECHNOLOGY LICENSED HEREIN IS FREE FROM DEFECT OR LIABILITY OF INTELLECTUAL PROPERTY INFRINGEMENT; AND

 

		(d)	UHN’S ENTIRE LIABILITY TO THE LICENSEE FOR DAMAGES OR ALLEGED DAMAGES HEREUNDER, WHETHER IN CONTRACT,
TORT OR ANY OTHER LEGAL THEORY, IS LIMITED TO, AND WILL NOT EXCEED AN AMOUNT EQUAL TO THE SUM OF TOTAL ROYALTIES PAID BY THE LICENSEE
TO UHN IN THE MOST RECENT 4 CONSECUTIVE QUARTER YEARLY PERIODS UNDER SECTION 3.1(I) HEREOF.

 

		4.4	Licensee Covenants. The Licensee covenants and agrees for the benefit of UHN that it shall:

 

		(a)	exercise the License granted herein in accordance with all applicable laws, statutes, ordinances, regulations,
guidelines and rules, including, all applicable statutes and regulations and applicable guidelines set forth by the Canadian Institutes
of Health Research (CIHR), National Institutes of Health (NIH) or other governmental agencies where applicable;

 

		(b)	ensure that all employees, consultants, sublicensees, and any other persons having access to the subject
matter of this Agreement are aware of any and all obligations under this Agreement, including any and all confidentiality obligations,
and have agreed to be legally bound by them;

 

		(c)	cause to be applied to pertinent papers denoting any Products or Services that same are produced or rendered
under license from UHN;

 

		(d)	cause to be applied to Products and Services where appropriate any markings required by applicable government
statutes and laws to maintain continued validity and enforcement of Intellectual Property
Rights and will confirm to UHN that such markings are required and if so, will confirm that same are being adhered to;

 

		(e)	include terms and conditions in any agreement with its customers in connection with the Products and/or
Services relating to the Technology limitations of representations, warranties and conditions, limits of liability and indemnities from
its customers and users which extend the benefit of such provisions to UHN; and

 

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ARTICLE 5.0
- MANAGEMENT OF INTELLECTUAL PROPERTY RIGHTS

 

		5.1	Registration by UHN. UHN shall partially own all applications and registrations for Intellectual
Property Rights for the Technology, as defined in UHN Invention Disclosure and own all rights to Improvements made solely by UHN. Licensee
shall be responsible for the preparation, filing, prosecution and maintenance of patent applications.

 

		5.2	Patent Cooperation. The Licensee shall have the right to identify any process, use or products
relating to the Technology arising out of the Licensee’s Development Program, and/or any jurisdiction in which, in the opinion of
the Licensee, a patent is necessary, and UHN shall, upon receipt of such request from the Licensee, take all reasonable steps to cooperate
with the Licensee in the applications and filing of patents, provided that the Licensee pays all costs of applying for, registering, and
maintaining any such patents in any jurisdiction in which the Licensee determines that a patent is required.

 

		5.3	Information to UHN. Licensee will keep the UHN promptly informed of all patent applications and
registrations by Licensee filed in accordance with Section 5.1 and 5.2 hereof, and the UHN shall have the right to comment on such
applications within the timeframes of the patent filing process and deadlines. Licensee will endeavor to use all such comments of the
UHN where practical and reasonable to modify such applications.

 

		5.4	Cooperation and Notice. Each Party shall cooperate with the other Party fully in the preparation,
filing, prosecution and maintenance of any applications and registrations for Intellectual Property Rights under Article 5 hereof,
including executing all papers and instruments required in order to enable either Party to apply for, to prosecute and to maintain applications
and registrations in any country. Each Party shall provide to the other prompt notice as to all matters which come to its attention and
which may affect the preparation, filing, prosecution or maintenance of any such applications or registrations, and shall at all times
keep the other fully and promptly informed of all developments in the preparation, filing, prosecution and maintenance of any such applications
or registrations.

 

		5.5	Costs. The Licensee as of the Effective Date, shall assume all prior and future costs associated
with the filing, maintenance, and prosecution of Intellectual Property Rights licensed to it under this Agreement, including for all patent
and patent applications. Licensee will reimburse UHN for any and all such actual and reasonable documented costs incurred by UHN prior
to the date of this Agreement (the “Prior Patent Costs”).

 

		5.6	Infringement. If any infringement or threatened infringement of the Intellectual Property Rights
under this Agreement is perceived by UHN or Licensee, the said Party will immediately notify the other Party giving particulars thereof.
The Parties shall co-operate fully in the enforcement of any Intellectual Property Rights. Licensee shall have carriage and authority
over the commencement, conduct and settlement of any infringement action against a third party, however; Licensee shall consult with UHN
prior to such decisions. The Parties shall agree on any course of action taken.The Licensee shall be responsible for all reasonable costs,
including legal fees, disbursements and awards by the Court against UHN or the Licensee pertaining to the enforcement of any Intellectual
Property Rights. Any monies awarded to Licensee as result of any action or settlement shall first go to reimburse the Licensee for the
costs. Any remainder monies shall then be treated as Net Sale income and UHN shall receive a royalty according to rates defined in Schedule
C.

 

		5.7	No Actions. Licensee agrees not to knowingly take any action which would jeopardize the obtaining
or maintaining of UHN’s Intellectual Property Rights relating to the Technology.

 

		5.8	No Challenges. The Licensee shall not challenge the validity of any of UHN’s Intellectual
Property Rights under this Agreement.

 

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ARTICLE 6.0
- CONFIDENTIAL INFORMATION

 

		6.1	Confidentiality. The Licensee shall take all proper measures, and at least the same measures as
it takes in respect of its own Confidential Information, to keep confidential the Confidential Information of UHN. The Licensee will ensure
that everyone having access to the Confidential Information is under a legal obligation to maintain such Confidential Information in confidence
and is duly informed of this obligation. The Licensee will neither use nor disclose to any other party any of the Confidential Information
except as expressly permitted hereunder.

 

		6.2	Exceptions. The above obligations of confidentiality set forth in this section, shall not apply
to information and materials which:

 

		(a)	are part of the public domain, or becomes part of the public domain without breach of Section 6.1
herein;

 

		(b)	are obtained from a third party who is not under a duty of confidentiality respecting the Confidential
Information and the third party has a legal right to disclose it;

 

		(c)	are required to be disclosed by law or an order of a court, tribunal, or government agency, but the receiving
Party shall promptly notify the disclosing Party and give the disclosing Party a reasonable opportunity to seek a confidentiality order
or the like;

 

		(d)	identified in writing as no longer constituting Confidential Information, by the Party whose Confidential
Information it is to the Party to which it was disclosed; or

 

		(e)	already known at the time of disclosure thereof to the Party to which it is disclosed, such that Party
can show by written records was so already known.

 

		6.3	Disclosure to Advisors. Notwithstanding the confidentiality obligations herein, each Party shall
be permitted to disclose the terms of this Agreement without the prior written consent of the other Party to advisors, shareholders, investors,
potential investors, underwriters and others on a need to know basis under circumstances that reasonably ensure the confidentiality thereof,
or to the extent required by law.

 

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ARTICLE 7.0
- PUBLICATION

 

		7.1	Publications. At the request of UHN or Licensee respectively, the Licensee or UHN shall acknowledge
the contribution and ownership of UHN and/or Licensee to the Technology, Improvements by UHN or Improvements by Licensee, as the
case may be. No Publication by a Party shall disclose the Confidential Information of the other Party without prior written consent of
that Party.

 

ARTICLE 8.0
- TERMINATION

 

		8.1	Term. Except as otherwise specifically provided for herein or mutually agreed to by the Parties,
this Agreement and all the rights and obligations hereunder shall remain in full force and effect until the expiry of the last patent
issued on any of the Technology under License in this Agreement.

 

		8.2	Events of Termination. This Agreement shall terminate:

 

		(a)	at least one day prior to the occurrence of any of the following events:

 

		(i)	the Licensee files a voluntary petition in bankruptcy or insolvency or shall petition for reorganization
under any bankruptcy law, or makes a general assignment for the benefit of creditors, or otherwise acknowledges insolvency or is adjudged
bankrupt;

 

		(ii)	the Licensee shall consent to an involuntary petition in bankruptcy or if a receiving order is given against
it under the Bankruptcy and Insolvency Act (or such other equivalent Act in the respective jurisdiction); or

 

		(iii)	the appointment of a receiver or other similar representative for the Licensee by a court of competent
jurisdiction;

 

		(b)	at the discretion of UHN, UHN can immediately effect termination of this Agreement upon notice to
                                                               the Licensee, if the Licensee materially breaches any of its obligations under this Agreement including payment of royalties and
                                                               other considerations as required under Section 3.1,
and fails to, refuses to, or cannot remedy the breach within hundred and twenty (120) days after being given written notice thereof by
UHN in accordance with Section 13 hereof; or

 

		(c)	at the end of the Term as defined in Section 8.1 or earlier if by mutual consent under Section 8.3

 

		8.3	Termination by Mutual Consent. UHN and the Licensee may terminate this Agreement at any time by
mutual consent, which consent shall be evidenced by a written agreement duly executed by both Parties.

 

		8.4	Obligations on Insolvency. In the event that this Agreement is terminated for insolvency as described
in Section 8.2, the License and any sublicenses or cross-licenses granted in accordance with this Agreement will be automatically
terminated, and all rights of use of the Technology and Intellectual Property granted by UHN to the Licensee, or granted by the Licensee
by way of sublicenses to sublicensees or cross-licenses to cross-licensees, shall revert to UHN. Notwithstanding exercise of the Buyout
Option under section 2.2, UHN-IP and Improvements by UHN shall not in any manner form part of the assets of the Licensee or the assets
of any cross-licensee or sublicensee of the Licensee.

 

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ARTICLE 9.0
- EVENTS UPON TERMINATION/POST-TERMINATION

 

	9.1	Post-Termination. In the event
of termination of this Agreement:

 

		(a)	Notwithstanding provisions of section 2.2, the Licensee shall cease and desist any use of the subject
matter licensed under this Agreement and within thirty (30) days upon the request of UHN and in its sole discretion, destroy or return
to UHN all of UHN’s property, including all UHN-IP and Confidential Information belonging to UHN, and cease to make, use, sell,
or reproduce any or otherwise benefit from the UHN-IP or Improvements made solely by UHN. The Licensee; however, is entitled to keep one
copy for archival purpose;

 

		(b)	the Licensee shall within thirty (30) days of the termination, pay UHN all payments pursuant to Article 3
hereunder due by the day of termination;

 

		(c)	all sublicenses or cross-licenses granted by the Licensee in relation to the UHN-IP and/or Improvements
by UHN shall terminate;

 

		(d)	each Party shall take all necessary steps in a prudent business manner to effect the orderly termination
of this Agreement; and

 

		(e)	the Licensee, and any sublicensees or cross-licensees, may continue to sell any existing stock of any
Products manufactured or Services offered under License at fair market value and pay UHN royalties according to Article 3 herein.

 

	9.2	Survival. The Parties agree the provisions of Articles 1, 4, 6, 7, 8, 9, 10, 11, 12, 13, 14 in
their entirety and Sections 3.2-3.8 shall remain in force and effect after the termination of this Agreement, until such time as the Parties
mutually agree to the release of the obligations contained therein.

 

ARTICLE 10.0
- INDEMNIFICATION

 

	10.1	Indemnification. The Licensee for and in consideration of and as a condition to the granting of
this License, agrees to indemnify, save harmless, and defend UHN, its directors, officers, researchers, inventors, employees, students,
and agents, against any and all claims, suits, losses, damages, costs, fees, and expenses (including reasonable legal expenses), resulting
from and arising out of this Agreement including but not limited to any product liability and Intellectual Property infringement or alleged
infringement claims and any damages, losses, or liabilities, whatsoever with respect to death or injury to any person and damage to any
property arising from this Agreement and the License granted herein, including the manufacture, design, distribution, offer for sale,
of Products, materials, processes, information, or Technology produced in the course of or used in the results of any subject matter arising
under this Agreement.

 

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ARTICLE 11.0
- INSURANCE

 

	11.1	(a) 	Licensee Insurance. No later than thirty (30) days prior
to the first use of Technology in humans, the Licensee, at Licensee’s expense, shall obtain and maintain appropriate general liability
and product liability insurance (the “Licensee Insurance”) at an overall level, incident level, and deductible amount as
are standard in the industry at such time (but in no case will the incident level be less than two (2) million and the overall level
be less than two (2) million) naming both the Licensee and UHN as co-insured. The Licensee shall provide to UHN a Certificate of
Insurance evidencing compliance with this provision within thirty (30) days prior to such first use and, in no event, shall the Licensee
use the Technology in humans prior to the delivery to UHN of the Certificate of Insurance. The Licensee shall, at its own expense, obtain
and maintain from the date required by this 11.1 (a) until the end of the Term of this Agreement (as described in Article 8
hereof) and for a period of six (6) years thereafter, the Licensee Insurance.

 

		(b)	Sublicensees’ Insurance. The Licensee shall ensure that all approved sublicensees or cross-licensees,
at the sublicensees’, cross-licensees’ or Licensee’s expense, obtain and maintain appropriate liability insurance at
a level commensurate with the Licensee Insurance, naming both the Licensee and UHN as co-insured. The Licensee shall provide to UHN a
Certificate of Insurance evidencing compliance with this provision, within thirty (30) days prior to the first use of the Technology in
humans under any sublicense or cross-license agreement. The Licensee shall ensure that in no event, shall the sublicensee or cross-licensee
use the Technology in humans under this or any sublicense or cross-license agreement prior to the delivery to UHN of the Certificate of
Insurance. The Licensee shall ensure that sublicensees or cross-licensees, as the
case may be and at no expense to UHN, obtain and maintain from the date required in by this Section 11.1 (b) until the end of
the Term of this Agreement and for a period of six (6) years thereafter, a policy of appropriate liability insurance at a level commensurate
with the Licensee Insurance.

 

		(c)	Qualified Insurance. All insurance policies required in accordance with this Section 11.1
shall be obtained from a qualified insurance company licensed to do business in the jurisdictions governed by this Agreement.

 

		(d)	Notice. All insurance policies required in accordance with this Section 11.1 shall provide
for fifteen (15) business days written notice by the insurer to the Licensee and UHN by registered or certified mail in the event of any
modification, cancellation or termination of such insurance policy.

 

		(e)	Copy of Policy. The Licensee shall, on written request, provide UHN with a copy of the insurance
policy in force at the time of the request and this provision shall survive the termination or expiration of this Agreement.

 

		(f)	Incomplete Insurance. In the event the Licensee is unable to obtain the insurance coverage required
by this Article, or if any portion of the Licensee Insurance or other required coverage is cancelled and not immediately replaced, the
Licensee shall promptly inform UHN and UHN may at its sole option maintain such insurance as it reasonably considers necessary, at the
expense of the Licensee. If UHN is unable or unwilling to secure such insurance as it reasonably considers necessary and the Licensee
continues to use the Technology in humans, then UHN shall be free to terminate this Agreement in accordance with Section 8.2(b) hereof.

 

    14

     

    

 

ARTICLE 12.0
- DISPUTE RESOLUTION

 

In the event of any dispute, controversy or claim
among the Parties arising out of or in connection with this Agreement, or the breach thereof, or in respect of any defined legal relationship
associated therewith or derived therefrom, the Parties agree to resolve the dispute in accordance with the following procedures:

 

	12.1	(a)	Good Faith Negotiations. A Party may notify the other Party in writing that a dispute has
arisen. The Parties will, in the first instance, attempt to resolve the dispute, controversy, claim or allegation of breach by entering
into good faith negotiations. The Parties shall meet to attempt, in good faith, to resolve the dispute by negotiation, either directly
or through the assistance of such advisors as they may engage.

 

		(b)	If, within seven (7) days, the Parties do not reach agreement on the resolution of the dispute, the
Parties agree to proceed to mediation as set out in Section 12.2 below.

 

	12.2	(a)	Mediation. Subject to Section 12.1, the Parties shall mediate their dispute before
a mediator who is a member of Ontario’s Mandatory Mediation Program Roster of mediators. If the Parties fail to agree on a mediator
within fourteen (14) days after the decision to proceed to mediation, either Party may apply to a court of competent jurisdiction to appoint
an appropriately qualified mediator.

 

		(b)	Mediation shall be carried out by the mediator within twenty-one (21) days of the mediator’s appointment.

 

	12.3	(a)	Arbitration. Subject to Sections 12.1 and 12.2, if the Parties fail to resolve their dispute
within seven (7) days of the start of the mediation, the Parties will appoint an arbitrator who will conduct an arbitration of the
dispute. If the Parties cannot agree on a mutually acceptable arbitrator within seven (7) days of the decision to proceed to arbitration,
either Party may apply to a court of competent jurisdiction to appoint an appropriately qualified arbitrator.

 

		(b)	The arbitration shall be conducted in accordance with the Arbitration Act, 1991 (Ontario) and the arbitrator
shall also be empowered to hear injunctive proceedings in accordance therewith.

 

		(c)	Notwithstanding Section 12.4 below, the arbitrator may include in its award an order as to the payment
of the costs of the proceedings and reasonable counsel fees. Any Party ordered to pay costs may avail itself of any procedure for the
taxing of costs, provided, however, that the Parties specifically agreed that the officer taxing such costs need not be bound by any statutory
scale of costs.

 

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		(d)	The arbitrator will make its decision in writing within fifteen (15) days of the hearing and, unless the
Parties otherwise agree, the arbitrator’s reasons will be set out in the award. The award shall be final and binding on the Parties
and shall not be subject to any appeal although either Party may request clarification of the award and the arbitrator’s reasons.

 

		(e)	The Parties consent to the award of the arbitrator being entered in any court having jurisdiction for
the purposes of enforcement. In addition, if it appears to any Party that the arbitrator lacks the power to give effective interim relief,
such Party may apply to any appropriate court for such relief.

 

		(f)	All matters in dispute, all claims, submissions, evidence and findings, and the award itself shall be
kept confidential by the arbitrator, and no information regarding any of the foregoing will be released to any third party or otherwise
made public without the written consent of the Parties, except as otherwise contemplated herein and except for such information which
is not Confidential Information.

 

		(g)	The Parties may with mutual consent, expand or abridge the time periods provided for in this Section 12.

 

	12.4	(a)	General. Subject to the immediately following sentence, the expenses of the mediation or
arbitration shall be borne equally by the Parties{ unless otherwise determined by}. Notwithstanding the foregoing, the mediator or arbitrator
may include in his or her award an order as to the payment of the costs of the proceedings and reasonable counsel or other advisor fees.
Any party ordered to pay costs may avail itself of any procedure for the taxing of costs, provided, however, that the parties specifically
agree that the officer taxing such costs need not be bound by any statutory scale of costs.

 

		(b)	All meetings and hearings will be in private unless the Parties otherwise agree.

 

		(c)	Any Party may be represented at any meetings or hearings by legal counsel or any other advisor.

 

	12.5	Termination under Article 8.2 and/or for inadequate insurance under Article 11 shall not be
subject to Article 12.

 

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ARTICLE 13.0
- NOTICE

 

	13.1	Notice. All Notices which are required or permitted to be given hereunder including judicial payment
notices must be in writing. All such Notices must be sent as follows:

 

to UHN:

 

		Attention :	Bob McArthur

Director, Research Business Development Office

University Health Network

101 College Street -- Suite 150

Heritage Building — MaRS Centre

Toronto, Ontario M5G 1L7

 

Telephone No.: [***]

Facsimile No.: [***]

 

and to Licensee:

 

		Attention:	Dr. George Adams

President and CEO

Amorfix Life Sciences Ltd.

3080 Yonge Street, Suite 6020

Toronto, M4N 3N1

 

Telephone No.: [***]

Facsimile No.: [***]

email: [***]

 

or to such other address as the recipient may
have designated by Notice given in accordance with this Section. Any such Notice may be delivered by hand, by registered mail, or sent
by facsimile and will be deemed to have been delivered on the date of delivery if delivered by hand, five (5) days after mailing
if sent by registered mail, or on the first business day following the date of sending, if sent by telecopy.

 

ARTICLE 14.0
- GENERAL

 

	14.1	Entire Agreement. The Parties hereto acknowledge that this Agreement and its Schedules, together
with Ancillary Agreements, set forth the entire agreement and understanding of the Parties hereto as to the subject matter hereof, and
supersedes all prior discussions, agreements and writings in respect hereto.

 

	14.2	General Assurances. The Parties hereto agree to do all such things and to execute such instruments
and documents as may be necessary or desirable in order to carry out the provisions and intent of this Agreement.

 

	14.3	Enure to Benefit. This Agreement shall enure to the benefit of and be binding upon the respective
Parties hereto and, where the context admits or requires, their respective permitted successors or assigns.

 

	14.4	Assignment. This Agreement cannot be assigned, sold, transferred or encumbered in any manner by
the Licensee (1) without the expressed written consent of UHN, which consent will not be unreasonably withheld, or (2) with
the whole business of the Licensee.

 

    17

     

    

 

	14.5	No Use of Names. The Licensee shall not use the name trade-mark or trade-name of UHN in connection
with any products, publicity, promotion news release, advertising or similar public statements or otherwise without the prior written
consent of UHN.

 

	14.6	No Joint Venture. Each Party is and will remain at all times independent of each other. The Parties
are not and shall not be considered to be joint venturers, partners or agents of each other and neither of them shall have the power to
bind or obligate the other except as set forth in this Agreement. The Parties mutually covenant and agree that neither shall they, in
any way, incur any contractual or other obligation in the name of the other, nor shall they have liability for any debts incurred by the
other. No representation will be made or acts taken by any of the Parties which could establish any apparent relationship of agency, joint
venture, partnership or employment.

 

	14.7	Waiver. No amendment, supplement or waiver of any provision of this Agreement shall be binding
on any Party unless consented to in writing by such Party. No waiver of any provision of this Agreement shall constitute a waiver of any
other provision, nor shall any waiver constitute a continuing waiver unless otherwise expressly provided. Further, no failure or delay
by any Party in exercising any right or remedy shall operate as a waiver thereof, nor shall any single or partial exercise or waiver of
any right or remedy preclude its further exercise or the exercise of any other right or remedy.

 

	14.8	Time of the Essence. Time is of the essence in this Agreement and of each and every term and condition
hereof.

 

	14.9	Joint Preparation. This Agreement shall be deemed to be jointly prepared by the Parties, and any
ambiguity herein shall not be construed for or against any party.

 

	14.10	Governing Law. This Agreement shall be governed by the laws of the Province of Ontario and the
laws of Canada and shall be treated as an Ontario contract. Each Party subject to Article 12.0 irrevocably and unconditionally submits
to the non-exclusive jurisdiction the courts of such Province and all courts competent to hear appeals therefrom in connection with any
matters arising under this Agreement.

 

	14.11	Severability of Provisions. In the event that any provisions of this Agreement are determined to
be invalid or unenforceable by a court of competent jurisdiction in any jurisdiction, the remainder of the Agreement shall remain in full
force and effect without said provision in said jurisdiction and such determination shall not affect the validity or enforceability of
such provision or the Agreement in any other jurisdiction. The Parties shall in good faith negotiate a substitute clause for any provision
declared invalid or unenforceable, which shall most nearly approximate the intent of the Parties in entering this Agreement.

 

	14.12	Force Majeure. In the event that any one of the Parties is prevented from fulfilling any of its
obligations herein by acts of God, war, strikes, riots, storms, fires, governmental orders or restrictions or any other cause beyond its
control, the payment of royalties, or the applicable pro rata portion thereof, shall be suspended during the full period of any such prevention,
but payment of royalties which has accrued for payment prior to, or after such cause shall not be excused.

 

    18

     

    

 

	14.13	Counterparts. This Agreement may be executed in counterparts each of which shall be deemed an original
but all of which together shall constitute one and the same instrument.

 

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

 

UNIVERSITY HEALTH NETWORK (UHN)

 

	Per:	     /s/
    Christopher Paige 	 
	 	Name:
    Dr. Christopher Paige 	 
	 	Title:
    Vice President Research	 
	 	 
	AMORFIX
    LIFT SCIENC	 
	 	 
	Per:	     /s/
    George Adams 	 
	 	Name:
    Dr. George Adams 	 
	 	Title: 
    President and CEO	 

 

    19

     

    

 

SCHEDULE
A

(Technology)

 

[Intentionally omitted]

 

    20

     

    

 

Schedule B

 

UT Invention Disclosure

 

[Intentionally omitted]

 

    21

     

    

 

Schedule C

 

Milestone Payments

 

	Diagnostic	Payment
	Upfront fee upon signing of UHN-IP rights and inclusion of any Improvement developed by UHN under Funded Research for diagnostic use	$[***]
	a. Detection of Disease Specific Epitope in CSF (“DSE” defined in the Patent as SED epitope in CSF samples in humans)	$[***]
	b. Detection of DSE epitope in blood samples	$[***]
	c. First product approval in Canada, USA, Europe or Japan	$[***]
	Therapeutic	 
	Upfront fee upon inclusion of any Improvement developed by UHN under Funded Research for therapeutic use	$[***]
	a. Completion of Phase I studies	$[***]
	b. Completion of Phase II studies	$[***]
	c. Completion of Phase III studies	$[***]
	d. First product approval in Canada, USA, Europe or Japan	$[***]

 

Buyout Payments under section 2.2

 

	Diagnostic	Payment
	Upon signing of this Agreement	$[***]
	a. Detection of Disease Specific Epitope in CSF (“DSE” defined in the Patent as SED epitope in CSF samples in humans)	$[***]
	b. Detection of DSE epitope in blood samples	$[***]
	Therapeutic	 
	Upon signing of this Agreement	$[***]
	a. Completion of Phase I studies	$[***]
	b. Completion of Phase II studies	$[***]

 

Royalty

 

	Application of 

Technology or 

Improvements from 

Funded Research	Percent Royalty rate from Net Sales received by the Licensee or 

sublicensees in each Quarter Yearly Period for all Products and 

Services sold. Each payment shall be made within thirty (30) 

days of the end of each Quarter Yearly Period; and, 
	Diagnostic	[***]%
	Therapeutic	[***]%

 

    22

     

    

 

SCHEDULE “A”

 

Patent Description

 

Title: Methods and Compositions for Detecting Amyotrophic Lateral Sclerosis

 

Patent application: [***]

 

SCHEDULE “B”

 

Invention Disclosure

 

SCHEDULE “C”

 

Cashman Assignment to University

 

SCHEDULE “D”

 

University Assignment to Cashman

 

    23

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