Document:

Prepared by R.R. Donnelley Financial -- EX-10.12

 Exhibit 10.12 

Execution Copy 
  

 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed
separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

TERMINATION AND LICENSE AGREEMENT 

This Termination and License Agreement (the “Agreement”) is made and entered into as of May 24, 2013 (the
“Effective Date”) by and between Merck Sharp & Dohme Corp., a New Jersey corporation with a principal place of business at One Merck Drive, Whitehouse Station, NJ 08889 (“Merck”) and Scynexis, Inc., a
Delaware corporation with a principal place of business at 3501 C Tricenter Boulevard, Durham, NC 27713 (“Scynexis”) (each individually a “Party” and, collectively, the “Parties”). 

RECITALS 
 WHEREAS,
Scynexis and Merck have expressed the mutual intent to terminate the 2002 Agreement (as defined herein); 
 WHEREAS, Scynexis desires to
continue the development and commercialization of a certain Program Compound (as defined herein); and 
 WHEREAS, Merck desires to grant
Scynexis an exclusive, worldwide, royalty-bearing license under Program Compound Patent Rights (as defined herein) in the Field (as defined herein) and certain other rights with respect to such Program Compound as described herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements contained in this Agreement, and for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Scynexis and Merck agree as follows: 
 ARTICLE
1 
 DEFINITIONS 

All capitalized terms in this Agreement shall have the following meanings: 

1.1. “2002 Agreement” shall mean the Research Collaboration and License Agreement, dated June 1, 2002, by and between
Scynexis and Merck, and as subsequently amended by the Parties on April 14, 2003, June 2, 2003, January 1, 2006 and January 1, 2008. 

1.2. “Affiliate” shall mean (i) any corporation or business entity of which fifty percent (50%) or more of the
securities or other ownership interests representing the 

  
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equity, the voting stock or general partnership interest are owned, controlled or held, directly or directly, by Merck or Scynexis; or (ii) any corporation or business entity which, directly
or indirectly, owns, controls or holds fifty percent (50%) (or the maximum ownership interest permitted by law) or more of the securities or other ownership interests representing the equity, the voting stock or, if applicable, the general
partnership interest, of Merck or Scynexis. 
 1.3. “Agreement” shall have the meaning set forth in the preamble. 

1.4. “Calendar Quarter” shall mean the respective periods of three (3) consecutive calendar months ending on
March 31, June 30, September 30 and December 31. 
 1.5. “Calendar Year” means a period of
twelve (12) consecutive calendar months ending on December 31. 
 1.6. “Claims” shall have the meaning given such
term in Section 7.1. 
 1.7. “Clinical Trial” shall mean either a Phase I Clinical Trial, a Phase II Clinical Trial or
a Phase III Clinical Trial, as the case may be. 
 1.8. “Combination Product” means either: (a) any pharmaceutical
product containing Program Compound and at least one other active ingredient that is not a Program Compound; or (b) any combination of a Program Compound and another pharmaceutical product that contains at least one other active ingredient that
is not a Program Compound where such products are not formulated together but are sold together as a single product and invoiced as one product. All references to Product in this Agreement shall be deemed to include Combination Product. 

1.9. [*]. 
 1.9A.
“Control,” “Controls” or “Controlled by” shall mean, with respect to any intellectual property right, that the applicable Party owns or has a license to such item or right and has the ability to
grant to the other Party access to, and/or a license or sublicense under, such item or right as provided for in this Agreement without violating the terms of any agreement with any Third Party existing at the time such Party would be required
hereunder to grant the other Party such access or license or sublicense (as applicable). 
 1.10. “Effective Date” shall
have the meaning set forth in the preamble. 
 1.11. “Field” shall mean the treatment and prevention of diseases,
infections or other disorders in humans. 
  
 [*] = Certain confidential information
contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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 1.12. “Filing” of an NDA means the acceptance by a regulatory authority of
an NDA for filing, if applicable, or the date of filing if the applicable regulatory jurisdiction does not have an “acceptance” process or requirement. 

1.13. “First Commercial Sale” shall mean, with respect to Product, the first sale for end use or consumption of such Product
in a country after all required approvals, including marketing and pricing approvals, have been granted by the governing health authority of such country. 

1.14. “IND” means the investigational new drug application numbered 107,521 for Program Compound as submitted to FDA prior to
the Effective Date. 
 1.15. “Initiation” shall mean, with respect to a milestone event as set forth in Section 5.1,
the administration of the first dose to a patient or subject in a Clinical Trial. 
 1.16. “Major Market” shall mean any
one of the following countries: United States, Japan, the United Kingdom, France, Germany, Italy or Spain. 
 1.17. “Major European
Market” shall mean any one of the following countries: the United Kingdom, France, Germany, Italy or Spain. 
 1.18.
“Marketing Approval” shall mean any and all approvals (including price and reimbursement approvals), licenses, registrations, or authorizations of the United States, European Union or any country, federal, state or local regulatory
agency, department, bureau or other government entity that is necessary for the manufacture, use, storage, import, transport and/or sale of a Product for human use in such jurisdiction and following which the Product may be legally sold in such
jurisdiction. 
 1.19. “Materials” shall consist of the Prototype Materials and other materials set forth in Schedule
1.19 attached hereto. 
 1.20. “Merck” shall have the meaning set forth in the preamble. 

1.21. “Merck FDA Letter” means the letter from Merck to FDA, duly executed by Merck, to be filed with FDA no later than one
(1) business day following the Effective Date with regard to the transfer of the IND from Merck to Scynexis, the form of which is attached hereto as Schedule 1.21. 

1.22. [RESERVED] 
 1.23.
“Merck Indemnitees” shall have the meaning set forth in Section 7.3. 
 1.24. “Merck Know-How” shall
mean any Merck information and materials, including but not limited to, discoveries, improvements, processes, formulas, data, inventions, know-how and trade secrets, patentable or otherwise, which are not generally 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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known and are set forth in the IND, Program Documentation and Materials, including [*]. 

1.25. “Merck Patent Rights” shall consist of Program Compound Patent Rights, Merck Process Patent Rights and Other Compound
Patent Rights. 
 1.26. “Merck Process Patent Rights” shall mean those Patent Rights that as of the Effective Date and
during the term of the Agreement (a) are Controlled by Merck and/or its Affiliates and (b) claim or cover any cell line, starting material or intermediate used for making the Program Compound or the process for making Program Compound or
an intermediate thereof, including without limitation, the Patent Rights set forth in Schedule 1.26 attached hereto. 
 1.27.
“Merck Released Claims” shall have the meaning set forth in Section 7.1. 
 1.28. “NDA” shall mean a
New Drug Application, Marketing Application Authorization or similar application or submission for marketing approval of a Product filed with a regulatory authority in a country. 

1.29. “Net Sales” shall mean the gross invoice price of Product sold by Scynexis, its Affiliates or sublicensees (which term
does not include distributors) to the first independent third party after deducting, if not previously deducted, in the amount invoiced or received: 

a) trade and quantity discounts; 

b) returns, rebates and allowances; 

c) charge backs and other amounts paid on sale or dispensing of Products; 

d) retroactive price reductions that are actually allowed or granted; 

e) sales commissions paid to distributors and/or selling agents; 

f) [*] bad debt, sales or excise taxes, early payment cash discounts, transportation and insurance charges and additional special
transportation, custom duties, and other governmental charges; and 
 g) the standard inventory cost of devices or delivery systems used for
dispensing or administering Product which accompany Product as it is sold. 
 With respect to sales of Combination Products, Net Sales shall
be calculated [*]. In the event that Product is sold only as a Combination Product, Net Sales shall be 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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calculated on the basis of the invoice price of the Combination Product multiplied by a fraction, the numerator of which shall be the [*] of Program Compound in the Product and the denominator of
which shall be the [*] of all of the active ingredients in the Combination Product. [*] shall be determined in accordance with Scynexis’ regular accounting methods. In the event that Product is sold only as a Combination Product and either
Party reasonably believes that the calculation set forth in this Paragraph does not fairly reflect the value of the Product relative to the other active ingredients in the Combination Product, the Parties shall negotiate, in good faith, other means
of calculating Net Sales with respect to Combination Products. 
 1.30. [RESERVED] 

1.31. “Other Compound Patent Rights” shall mean the Patent Rights set forth in Schedule 1.31 attached hereto. 

1.32. “Party” or “Parties” shall have the meaning set forth in the preamble. 

1.33. “Patent Rights” shall mean any and all patents or patent applications in the Territory (which for the purposes of this
Agreement shall be deemed to include certificates of invention, applications for certificates of invention, divisions, continuations, continuations-in-part, reissues, renewals, extensions, supplementary protection certificates, utility, models and
the like of any such patents and patent applications and foreign equivalents thereof). 
 1.34. “Payment” shall have the
meaning set forth in Section 3.8(c). 
 1.35. “Phase I Clinical Trial” shall mean a human clinical trial relating to
Product (in any country) that would satisfy the requirements of US 21 CFR 312.21(a) involving patients or normal volunteers, which are closely monitored, to obtain initial safety information, and if possible, early indication of effectiveness. 

1.36. “Phase II Clinical Trial” shall mean a human clinical trial relating to Product (in any country) that would satisfy the
requirements of US 21 CFR 312.21(b) involving patients with the disease or condition or interest, which are closely monitored, to evaluate effectiveness as well as common short-term side effects and risks. 

1.37. “Phase III Clinical Trial” shall mean controlled or uncontrolled human clinical trial relating to Product (in any
country) that would satisfy the requirements of US 21 CFR 312.21(c) involving patients with the disease or condition or interest, the results of which could be used to establish safety and efficacy of the Product as a basis for a Marketing Approval.

 1.38. “Program Compound” shall mean MK-3118 (also known as SCY-078), a semi-synthetic derivative of the natural product
enfumafungin and a potent inhibitor of the synthesis of the fungal cell wall polymer b-(1,3)-D-glucan. Chemical Name: [*] 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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 1.39. “Program Compound Patent Rights” shall mean the Patent Rights set
forth in Schedule 1.39 attached hereto. 
 1.40. “Product” shall mean any pharmaceutical preparation in final form,
including all dosage forms, formulations and line extensions thereof, for any and all uses in the Field, including without limitation any Combination Product, comprising Program Compound (i) for sale by prescription, over-the-counter or any
other method; or (ii) for administration to human patients in a Clinical Trial. 
 1.41. “Program Documentation” shall
mean the information, data and records relating to Program Compound as set forth in Schedule 1.41 attached hereto. 
 1.42.
“Proprietary Information” shall mean all Merck Know-How, Scynexis Know-How, and all other scientific, clinical, regulatory, marketing, financial and commercial information or data, whether communicated in writing, electronically or
orally, which is provided by one Party to the other Party in connection with this Agreement. 
 1.43. “Prototype Materials”
shall consist of the Materials specifically identified as “Prototype Materials” in Schedule 1.19 attached hereto. 
 1.44.
“Scynexis” shall have the meaning set forth in the preamble. 
 1.45. “Scynexis FDA Letter” means the
letter from Scynexis to FDA, duly executed by Scynexis, to be filed with FDA no later than one (1) business day following the Effective Date with regard to the transfer of the IND from Merck to Scynexis, the form of which is attached hereto as
Schedule 1.45. 
 1.46. “Scynexis Know-How” shall mean any Scynexis information and materials, including but not
limited to, discoveries, improvements, processes, formulas, data, inventions, know-how and trade secrets, patentable or otherwise, which are not generally known and are set forth in any written progress reports provided by Scynexis to Merck. 

1.47. “Scynexis Released Claims” shall have the meaning set forth in Section 7.2. 

1.48. “Taxes” shall have the meaning set forth in Section 5.7. 

1.49. “Territory” shall mean all of the countries in the world. 

1.50. “Third Party Claim” shall have the meaning set forth in Section 7.4(b). 

1.51. “Valid Patent Claim” means a claim of an issued and unexpired patent included within the Merck Patent Rights, which has
not been revoked or held 
  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed with the time allowed for appeal, and which has not been
disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise. 
 ARTICLE 2 

TERMINATION OF 2002 AGREEMENT 

2.1. Termination of the 2002 Agreement. Merck and Scynexis hereby agree to terminate the 2002 Agreement as of the Effective Date and
agree that all rights and obligations of the Parties set forth in the 2002 Agreement shall be extinguished except as otherwise provided in this Agreement. 

2.2. Transfer of IND. 

(a) Merck hereby transfers all right, title and interest in and to the IND to Scynexis as of the Effective Date. 

(b) Scynexis and Merck shall file the Scynexis FDA Letter and the Merck FDA Letter, respectively, with the FDA within one (1) business
day after the Effective Date. Scynexis shall be responsible for the payment of any filing or similar fees payable to the FDA with respect to the transfer of the IND and the Program Compound to the Scynexis. 

2.3. Transfer of Program Documentation. 

(a) Merck shall provide to Scynexis the Program Documentation on or prior to the Effective Date. 

(b) Scynexis acknowledges and agrees that it has received from Merck the Program Documentation as of the Effective Date. 

2.4. Transfer of Materials 

(a) Merck shall transfer to Scynexis, free of charge, the Materials within sixty (60) days of the Effective Date. 

(b) Merck shall use commercially reasonable efforts to arrange and conduct the shipment of the Materials in a manner commensurate with the
care and maintenance requirements of the Materials. Within [*] of delivery of the Materials, Scynexis shall confirm due receipt thereof in writing, which confirmation shall be conclusive evidence of the discharge of Merck’s obligations
hereunder. If no written confirmation is provided within the required time period, then Scynexis shall be deemed to have received the Materials and Merck’s obligations fully discharged. 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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 (c) Merck shall hold title to and risk of loss and damage to the Materials under this
Agreement, until tender to Scynexis at Scynexis’ offices, or designated facility at which time, title and risk of loss and damage to the Materials shall transfer to Scynexis. No right or interest in any know-how or any other intellectual
property rights of Merck shall be otherwise transferred by the transfer of the Materials. 
 (d) Scynexis acknowledges and agrees that the
Materials are experimental and are supplied to Scynexis “as is.” (I) NO REPRESENTATION, CONDITION OR WARRANTY WHATSOEVER IS MADE OR GIVEN BY OR ON BEHALF OF MERCK; AND (II) ALL OTHER CONDITIONS AND WARRANTIES WHETHER ARISING BY
OPERATION OF LAW OR OTHERWISE ARE HEREBY EXPRESSLY EXCLUDED, INCLUDING ANY CONDITIONS AND WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. Scynexis agrees to rely solely upon its own opinion of the
Materials with regard to their safety and suitability for any purpose. 
 2.5. Use and Maintenance of Prototype Materials. 

(a) Scynexis shall maintain proof of usage and disposition of the Prototype Material until [*], including implementation of validated controls
to track inventory, distribution, and actual use of such Prototype Material. 
 (b) Scynexis shall use the Prototype Material for the sole
and exclusive purpose of development, testing or product evaluation to support clinical development of Program Compound, in accordance with subheading 9817.85.01 of the Harmonized Tariff Schedule of the United States and applicable laws. 

(c) Scynexis shall not sell to a third party the Prototype Material or any derivatives of such Prototype Material, including Product. In
addition, Scynexis shall not incorporate the Prototype Material into other products or materials for sale by Scynexis or a third party. 

(d) If requested by Merck or U.S. Customs, Scynexis shall provide a specific end use statement for the Prototype Material in the form attached
hereto as Schedule 2.5. Such statement shall be provided within [*] of Scynexis’ receipt of such request from Merck or U.S. Customs. 

(e) Upon the written request of Merck and not more than [*], Scynexis shall permit Merck or its designee to have access during normal business
hours to such records and personnel of Scynexis as may be reasonably necessary to verify Scynexis’ compliance with the terms and conditions of this Section 2.5. 

2.6. Except as otherwise set forth in this Article 2, Merck shall have no obligations to Scynexis, its Affiliates or sublicensees to take any
actions or provide any information, documentation, materials or assistance after the Effective Date. For clarity, 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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Merck shall not be required to respond to any requests by Scynexis, its Affiliates or sublicensees for information, documentation, materials or assistance with regard to any research,
development, regulatory, manufacturing, marketing or commercialization matter related to Program Compound or Product. 
 ARTICLE 3

 LICENSE GRANTS, DEVELOPMENT AND COMMERCIALIZATION 

3.1. License Grants by Merck. 

(a) Exclusive License. Merck hereby grants to Scynexis an exclusive (even as to Merck), royalty-bearing license under Merck’s
interest in the Program Compound Patent Rights, with a right to grant and authorize sublicenses, to research, develop, make, have made, use, offer to sell, sell and/or import the Product for use in the Field in the Territory during the Term. 

(b) Non-Exclusive License. Merck hereby grants to Scynexis a non-exclusive, royalty-bearing license under the Merck Process Patent
Rights and Merck Know-How, with a right to grant and authorize sublicenses, to research, develop, make, have made, use, offer to sell, sell and/or import the Product for use in the Field in the Territory during the Term. Further, Merck covenants not
to grant any license to a third party under the Merck Process Patent Rights and/or Merck Know-How to research, develop, make, have made, use, offer to sell, sell and/or import the Product for use in the Field in the Territory during the Term. 

3.2. License Grant by Scynexis. Scynexis hereby grants to Merck an exclusive (even as to Scynexis), fully paid-up, perpetual license
under Scynexis’ interest in the Program Compound Patent Rights, with a right to grant and authorize sublicenses, to research, develop, make, have made, use, offer to sell, sell and/or import the Product for use outside of the Field in the
Territory; provided, however, if Scynexis accepts assignment of the Program Compound Patent Rights pursuant to Section 3.6(a) then the license granted in this Section 3.2 shall be terminated. 

3.3. Merck Retained Rights. The Parties acknowledge and agree that Merck and its Affiliates, and their respective sublicensees, shall
retain the rights under the Program Compound Patent Rights to research, develop, make, have made, use, offer to sell, sell and/or import Program Compound and other products outside of the Field in the Territory; provided, however, if Scynexis
accepts assignment of the Program Compound Patent Rights pursuant to Section 3.6(a) then all Retained Rights references herein shall be extinguished. 

3.4. No Implied Licenses. Except as specifically set forth in this Agreement, neither Party shall acquire any license or other
intellectual property interest, by implication or otherwise, in any Proprietary Information disclosed to it under this 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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Agreement or under any patent rights, know-how or other intellectual property owned or controlled by the other Party or its Affiliates. 

3.5. Sublicenses. Merck and Scynexis shall each have the right to sublicense any or all of the licenses granted to a Party hereunder.
Each Party shall be responsible for ensuring that the performance by any of its sublicensees hereunder that are exercising rights under a sublicense hereunder is in accordance with the applicable terms of this Agreement (applicable to the
sublicensed activities), and the grant of any such sublicense shall not relieve a Party of its obligations under this Agreement (except to the extent they are performed by any such sublicensee(s) in accordance with this Agreement). 

3.6. Prosecution and Enforcement of Merck Patent Rights. 

(a) Merck shall prosecute and maintain the Merck Patent Rights in the Territory. Notwithstanding the foregoing, in the event that Merck
determines it no longer wishes to prosecute and maintain some or all of the Merck Patent Rights in the Territory, Merck shall offer to assign such Merck Patent Rights to Scynexis. Scynexis shall have [*] from receipt of written notice from Merck to
accept or decline the assignment of such Merck Patent Rights. Upon acceptance, the Parties shall execute the necessary instruments effecting the assignment. Scynexis hereby acknowledges and agrees that good and valuable consideration for the
assignment of such Merck Patent Rights from Merck to Scynexis shall consist of Scynexis’ obligations to make the milestone and royalty payments to Merck as set forth in Article 5 and that such obligations of Scynexis shall remain in full force
and effect following the assignment of Merck Patent Rights. In the event that Scynexis declines to accept the assignment of the Merck Patent Rights or fails to respond to Merck’s written notice within the [*] notice period, Merck shall have the
right to assign any or all of the Merck Patent Rights to a third party or otherwise abandon such Merck Patent Rights in whole or in part. Upon acceptance of the assignment of such Merck Patent Rights and/or the expiration of the [*] notice period,
Merck shall no longer be obligated to perform the activities set forth in subsections (b) through (i) below; provided however, notwithstanding the foregoing, in the event that Scynexis has accepted assignment of any Program Compound Patent
Rights pursuant to this Section 3.6(a) and a third party should seek to invalidate or render unenforceable any such Program Compound Patent Right, Merck shall offer reasonable assistance to Scynexis (or its licensees) to the extent that such
assistance is required as a result of Merck being the original joint owner of such Program Compound Patent Right, at no charge except for reimbursement of reasonable out-of-pocket expenses incurred in rendering such assistance. 

(b) Without prejudice to the duties of Merck above, Merck shall give notice to Scynexis of the grant, lapse, revocation, surrender,
invalidation or abandonment of any Merck Patent Rights. 
  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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 (c) Merck shall inform Scynexis of any request for, or filing or declaration of, any
interference, opposition, invalidation, reexamination, reissue proceeding, post-grant review, inter partes review, derivation proceeding or other similar administrative proceeding or administrative appeal thereof, relating to Merck Patent Rights
within [*] of learning of such event. Merck shall keep Scynexis informed of developments in any such action or proceeding, including, consultation and approval of any settlement, the status of any settlement negotiations and the terms of any offer
related thereto. Merck shall bear the expense of any of the foregoing relating to Merck Patent Rights. 
 (d) Each Party shall promptly
report in writing to each other Party during the term of this Agreement any infringement of any of the Merck Patent Rights in the Field in the Territory by a third party of which it becomes aware. The Parties shall thereafter consult and cooperate
fully to determine a course of action, including but not limited to the commencement of legal action by either or both Merck and Scynexis, to terminate any infringement of the Merck Patent Rights. However, Merck, upon written notice to Scynexis,
shall have the first right to initiate and prosecute such legal action at its own expense and in the name of Merck and Scynexis or to control the defense of any declaratory judgment action relating to the Merck Patent Rights. Merck shall promptly
inform Scynexis if its elects not to exercise such first right and Scynexis shall thereafter have the right to either initiate and prosecute such action or to control the defense of such declaratory judgment action in the name of Scynexis and, if
necessary, Merck. Each Party shall have the right to be represented by counsel of its own choice. 
 (e) In the event that Merck determines
to initiate an infringement or other appropriate suit anywhere in the world against such third party in accordance with subsection (d) hereof, Merck shall provide Scynexis with an opportunity to make suggestions and comments regarding such suit
and shall promptly notify Scynexis of the commencement of such suit. Merck shall keep Scynexis promptly informed of, and shall from time to time consult with Scynexis regarding, the status of any such suit and shall provide Scynexis with copies of
all documents filed in, and all material written communications relating to, such suit. Merck shall select counsel who shall be reasonably acceptable to Scynexis. Merck shall, except as provided below, pay all expenses of the suit, including,
without limitation, attorneys’ fees and court costs. If necessary, Scynexis shall join as a party to the suit but shall be under no obligation to participate except to the extent that such participation is required as the result of being a
named party to the suit. Scynexis shall have the right to participate and be represented in any suit by its own counsel at its own expense. Merck shall not settle any such suit involving rights of Scynexis without obtaining the prior written consent
of Scynexis, which consent shall not be unreasonably withheld. 
 (f) In the event that Scynexis (or its sublicensee) determines to initiate
an infringement or other appropriate suit anywhere in the world against such third party in accordance with subsection (d) hereof, Scynexis (or its sublicensee) shall have the 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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sole and exclusive right to select counsel and shall pay all expenses of the suit, including without limitation attorneys’ fees and court costs. If necessary, Merck shall join as a party to
the suit and shall participate only to the extent that such participation is required as a result of its being a named party to the suit or being the holder of any patent at issue or being the owner of any Merck Patent Rights at issue. At
Scynexis’ request, Merck shall offer reasonable assistance to Scynexis (or its sublicensees) in connection therewith at no charge except for reimbursement of reasonable out-of-pocket expenses incurred in rendering such assistance. Without
limiting the generality of the preceding sentence, Merck shall cooperate fully in order to enable Scynexis (or its sublicensees) to institute any action hereunder. Merck shall have the right to be represented in any such suit by its own counsel at
its own expense. 
 (g) Any recovery obtained by either or both Merck and Scynexis in connection with or as a result of any action
contemplated by this section, whether by settlement or otherwise, shall be shared in order as follows: 
 (i) the Party which initiated and
prosecuted the action shall recoup all of its costs and expenses incurred in connection with the action; 
 (ii) the other Party shall then,
to the extent possible, recover its costs and expenses incurred in connection with the action; and 
 (iii) the amount of any recovery
remaining shall then be [*]. 
 h) Merck shall inform Scynexis of any certification regarding any Merck Patent Rights it has received
pursuant to either 21 U.S.C. §§355(b)(2)(A)(iv) or (j)(2)(A)(vii)(IV) or its successor provisions or any similar provisions in a country in the Territory other than the United States and shall provide Scynexis with a copy of such
certification within [*] of receipt. Scynexis’ and Merck’s rights with respect to the initiation and prosecution of any legal action as a result of such certification or any recovery obtained as a result of such legal action shall be as
defined in Sections 3.6(d)-(g) hereof; provided, however, that Merck shall exercise its first right to initiate and prosecute any action and shall inform Scynexis of such decision within [*] of receipt of the certification, after which time
Scynexis shall have the right to initiate and prosecute such action. 
 i) The Parties shall cooperate with each other in obtaining patent
term restoration or supplemental protection certificates or their equivalents in any country in the Territory in the Field for the Compound Patent Rights. In the event that elections with respect to obtaining such patent term restoration are to be
made, Scynexis shall have the right to direct the election and Merck agrees to abide by such election. 
 3.7. Development and
Commercialization. 
  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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 (a) Scynexis, at its sole cost and expense, shall have the sole discretion to research,
develop, manufacture and commercialize the Product either alone or together with a third party. 
 (b) Within [*] following the end of each
Calendar Year, Scynexis shall provide to Merck a written progress report which shall describe the development and commercialization activities for the Product, including without limitation, any updates regarding sublicensees involved in the
development and/or commercialization of the Product. 
 3.8. Compliance with Law and Ethical Business Practices. 

(a) Each Party shall perform its obligations under this Agreement in compliance with the requirements of applicable law, including without
limitation, with respect to the Prototype Materials, the applicable provisions of the Tariff Suspension and Trade Act of 2000 and any subsequent amendments. 

(b) Scynexis acknowledges that Merck’s corporate policy requires that Merck’s business must be conducted within the letter and
spirit of the law, including the U.S. Foreign Corrupt Practices Act. By signing this Agreement, Scynexis agrees to conduct the activities contemplated herein in a manner which is consistent with both applicable law and business ethics. 

(c) Without limitation of the foregoing, Scynexis warrants that none of its employees, agents, officers or other members of its management are
officials, officers, agents, representatives of any government or international public organization. Scynexis shall not make any payment, either directly or indirectly, of money or other assets (hereinafter collectively referred as a
“Payment”), to government or political party officials, officials of international public organizations, candidates for public office, or representatives of other businesses or persons acting on behalf of any of the foregoing where
such Payment would constitute violation of any applicable law. 
 ARTICLE 4 

CONFIDENTIALITY AND PUBLICATION 

4.1. Nondisclosure Obligation. All Proprietary Information disclosed by one Party to the other Party hereunder shall be maintained in
confidence by the receiving Party and shall not be disclosed to any third party or used for any purpose except as set forth herein, without the prior written consent of the disclosing Party, except to the extent that such Proprietary Information:

 (a) is known by the receiving Party at the time of its receipt, and not through a prior disclosure by the disclosing Party, as documented
by the receiving Party’s business records; 
  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 13 

 

 
  

 (b) is in the public domain by use and/or publication before its receipt from the disclosing
Party, or thereafter enters the public domain through no fault of the receiving Party; 
 (c) is subsequently disclosed to the receiving
Party by a third party who may lawfully do so and is not under an obligation of confidentiality to the disclosing Party; and 
 (d) is
developed by the receiving Party independently of Proprietary Information received from the disclosing Party, as documented by the receiving Party’s business records. 

Any combination of features or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are
published or available to the general public or in the rightful possession of the receiving Party unless the combination itself and principle of operation are published or available to the general public or in the rightful possession of the
receiving Party. 
 4.2. Permitted Disclosures. Notwithstanding Section 4.1, each Party shall be permitted to disclose
Proprietary Information of the other Party, if such Proprietary Information: 
 (a) is disclosed by the receiving Party (or its Affiliates
or sublicensees) to governmental or other regulatory agencies in order to obtain patents or to gain or maintain approval to conduct clinical trials or to market Product, but such disclosure may be only to the extent reasonably necessary to obtain
patents or authorizations; 
 (b) is disclosed by receiving Party (or its Affiliates) to its sublicensees, agent(s), consultant(s), and/or
other third parties for the research and development, manufacture, marketing and/or sale of Program Compound or Product (or for such third parties to determine their interest in performing such activities) in accordance with this Agreement
(including the exercise of licenses granted to a Party hereunder) on the condition that such third parties agree to be bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use
provisions contained in this Agreement; provided, however, that the term of confidentiality may be limited to [*]; or 
 (c) is required to
be disclosed by law or court order, provided that notice is promptly delivered to the disclosing Party in order to provide such Party with an opportunity to challenge or limit the disclosure requirement. 

4.3. Publication. As between the Parties, Scynexis shall have the right to publish results of any research or development activities
conducted by or on behalf of Scynexis with respect to any Product, and Merck (and its Affiliates) shall have no right to do so. 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 14 

 

 
  

 4.4. Publicity; Use of Names. 

(a) Merck agrees that Scynexis may issue a press release upon execution of this Agreement in the form attached hereto as Schedule 4.4.

 (b) Except as otherwise expressly set forth in Section 4.2 or this Section 4.4, no disclosure of the existence, or the terms,
of this Agreement may be made by either Party. Neither Party shall use the name, trademark, trade name or logo of the other Party, its Affiliates or their respective employee(s) in any publicity, promotion, news release, disclosure or regulatory
submission relating to this Agreement or its subject matter, without the prior express written permission of the other Party. Notwithstanding the foregoing, Scynexis shall have the right to disclose the existence and terms of this Agreement to
potential capital investors (including, but not limited to, potential purchasers of the stock and/or assets of Scynexis) and to sublicensees, who shall be bound by confidentiality and non-use obligations that substantially are no less stringent than
those confidentiality and non-use provisions contained in this Agreement; provided, however, that the term of confidentiality may be limited to three (3) years. 

ARTICLE 5 
 PAYMENTS;
ROYALTIES AND REPORTS 
 5.1. Milestone Payments. In consideration for the licenses granted herein and subject to the terms and
conditions of this Agreement, Scynexis shall pay to Merck the following milestone payments: 
 (a) [*] ($[*]) dollars upon Initiation of the
first Phase II Clinical Trial for Product; 
 (b) [*] ($[*]) dollars upon Initiation of the first Phase III Clinical Trial for Product; 

(c) [*] ($[*]) dollars upon first filing of a NDA or foreign equivalent in a Major Market; 

(d) [*] ($[*]) dollars upon Marketing Approval in the United States; 

(e) [*] ($[*]) dollars upon Marketing Approval in Japan; 

(f) [*] ($[*]) dollars upon the first Marketing Approval in a Major European Market; 

The foregoing milestone payments will be non-refundable, but will be creditable against future royalties payable. Scynexis shall notify Merck in writing
within [*] upon the achievement of each milestone, such notice to be accompanied by payment of the appropriate milestone payment within [*]. 

5.2. Royalties. In consideration for the licenses granted herein and subject to the terms and conditions of this Agreement, Scynexis
shall pay to Merck royalties on a country-by-country basis in an amount equal to: 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 15 

 

 
  

 (a) [*] percent ([*]%) of Net Sales for the initial [*] ($[*]) dollars of sales of Product in
the Territory in a Calendar Year by Scynexis, its Affiliates or sublicensees; 
 (b) [*] percent ([*]%) of Net Sales for sales between [*]
($[*]) dollars and [*] ($[*]) of sales of Product in the Territory in a Calendar Year by Scynexis, its Affiliates or sublicensees; 
 (c)
[*] percent ([*]%) of Net Sales for sales over [*] ($[*]) of sales of Product in the Territory in a Calendar Year by Scynexis, its Affiliates or sublicensees. 

Royalties on Product at the rate set forth above shall be effective as of the date of First Commercial Sale of Product in a country with a Valid Patent Claim
claiming the manufacture, use or sale of such Product and shall continue until the earlier of (i) expiration of the last-to-expire Valid Patent Claim claiming the manufacture, use or sale of such Product or (ii) ten (10) years from the
First Commercial Sale of such Product in such country. As [*], in those countries of the Territory where there are [*], such royalties shall be paid at [*] percent ([*]%) of the rates set forth above effective from the date of First Commercial Sale
of Product in such country for a period of [*] thereafter. 
 5.3. All royalties are subject to the following conditions: 

(a) that only one royalty shall be due with respect to the same unit of Product; 

(b) that no royalties shall be due upon the sale or other transfer among Scynexis, its Affiliates and sublicensees, but in such cases the
royalty shall be due and calculated upon Scynexis’ or its Affiliate’s or its sublicensee’s Net Sales to the first independent third party; and 

(c) no royalties shall accrue on the disposition of Product in reasonable quantities by Scynexis, Affiliates or its sublicensees as samples
(promotion or otherwise) or as donations (for example, to non-profit institutions or government agencies for a non-commercial purpose). 

5.4. It is understood by the parties that Scynexis may sell Product(s) to an independent third party (such as a retailer or wholesaler) and
may subsequently perform services relating to Product(s) and other products under a managed pharmaceutical benefits contract or other similar contract. In such cases, it is agreed by the Parties that Net Sales shall be based on [*]. 

5.5. The Parties acknowledge that during the term of this Agreement, Scynexis’ sales practices for the marketing and distribution of
Product may change to the extent to which the calculation of the payment for royalties on Net Sales may become impractical or even impossible. In such event the parties agree to meet and 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 16 

 

 
  

 
discuss in good faith new ways of compensating Merck to the extent currently contemplated under Section 5.2. 

5.6. In those cases where Scynexis sells bulk Compound rather than Product in packaged form to an independent third party, the royalty
obligations of this Section 5 shall be [*]. 
 5.7. If a compulsory license is granted to a third party with respect to Product in any
country in the Territory with a royalty rate lower than the royalty rate provided by Section 5.2, then the royalty rate to be paid by Scynexis on Net Sales in that country under Section 5.2 shall be [*]. 

5.8. In the event that one or more patent licenses from other third parties are required by Scynexis, its Affiliates and sublicensees in order
to develop, make, have made, use or sell Program Compound or Product (hereinafter “Third Party Patent Licenses”), any consideration actually paid under such Third Party Patent Licenses by Scynexis, its Affiliates or sublicensees,
for sale of such Program Compound or Product in a country for such Calendar Quarter shall be creditable against the royalty payments due Merck by Scynexis with respect to the sale of such Products in such country. Notwithstanding the foregoing, in
no event shall any amount owed to Merck be reduced by more than [*] percent ([*]%) as a result of such Third Party Patent Licenses. 
 5.9.
In the event a [*] is sold in a country, then the royalty rate to be paid by Merck on Net Sales in that country under Section 5.2 shall be reduced by [*] percent ([*]%) in such country. 

5.10. Reports; Payment of Royalty. During the term of this Agreement following the First Commercial Sale of a Product, Scynexis shall
furnish to Merck a quarterly written report for the Calendar Quarter showing the Net Sales of all Products subject to royalty payments sold by Scynexis, its Affiliates and sublicensees in the Territory during the reporting period and the royalties
payable under this Agreement. Reports shall be due on the [*] day following the close of each Calendar Quarter. Royalties shown to have accrued by each royalty report shall be due and payable on the date such royalty report is due. Scynexis shall
keep complete and accurate records in sufficient detail to enable the royalties payable hereunder to be determined. 
 5.11. Audits.

 (a) Upon the written request of Merck and not more than once in each Calendar Year, Scynexis shall permit an independent certified public
accounting firm of nationally recognized standing selected by Merck and reasonably acceptable to Scynexis, at Merck’s expense, to have access during normal business hours to such of the records of Scynexis as may be reasonably necessary to
verify the accuracy of the royalty reports hereunder for any year ending not more than [*] prior to the date of such 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 17 

 

 
  

 
request. The accounting firm shall disclose to Merck only whether the royalty reports are correct or incorrect and the specific details concerning any discrepancies. No other information shall be
provided to Merck. 
 (b) If such accounting firm correctly concludes that additional royalties were owed during such period, Scynexis shall
pay the additional royalties within [*] days of the date Merck delivers to Scynexis such accounting firm’s written report so correctly concluding. The fees charged by such accounting firm shall be paid by Merck. Notwithstanding the foregoing,
in the event that the verification discloses an underpayment to Merck of more than [*] percent ([*]%) of the amount due and at least [*] ($[*]) dollars, Scynexis shall promptly reimburse Merck the fees and costs of the representative, and reasonable
costs incurred by Merck in respect of the audit. 
 (c) Scynexis shall include in each sublicense granted by it pursuant to this Agreement a
provision requiring the sublicensee to make reports to Scynexis and to keep and maintain records of sales made pursuant to such sublicense to the same extent required of Scynexis under this Agreement. 

(d) Merck shall treat all financial information subject to review under this Section 5.5 (or under any sublicense agreement) in
accordance with the confidentiality and non-use provisions of this Agreement, and shall cause its accounting firm to enter into an acceptable confidentiality agreement with Scynexis, its Affiliates and/or sublicensees obligating it to retain all
such information in confidence pursuant to such confidentiality agreement. 
 5.12. Payments and Exchange Rate. All payments to be
made by Scynexis to Merck under this Agreement shall be made in United States Dollars and may be paid by bank wire transfer in immediately available funds to the account designated in writing by Merck. In the case of sales outside the United States,
the rate of exchange to be used in computing the monthly amount of currency equivalent in United States Dollars due Merck shall be made at the monthly rate of exchange utilized by Scynexis in its worldwide accounting system (or such other globally
accepted standard as Scynexis may choose from time-to-time), prevailing on the third to the last business day of the month preceding the month in which such sales are recorded by Scynexis. 

5.13. Income Tax Withholding. Merck shall be liable for all income and other taxes (including interest) (“Taxes”)
imposed upon any payments made by Scynexis to Merck under this Article 5 (“Agreement Payments”). If applicable laws, rules or regulations require the withholding of Taxes, Scynexis shall make such withholding payments and shall
subtract the amount thereof from the Agreement Payments. Scynexis shall submit to Merck appropriate proof of payment of the withheld Taxes as well as the official receipts within a reasonable period of time. Scynexis shall provide Merck reasonable
information in its possession in order to allow Merck to obtain the 
  
 [*] = Certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 18 

 

 
  

 
benefit of any present or future treaty against double taxation which may apply to the Agreement Payments. 

5.14. Third Party Licenses. Notwithstanding anything to the contrary herein (including Section 5.7), but subject to the provisions
of 5.8, Scynexis shall be solely responsible for satisfying all costs and payments of any kind (including all upfront fees, annual payments, milestone payments and royalty payments) (i) arising under any license or other grant of rights from a
third party to Scynexis (or any of its Affiliates) and/or (ii) otherwise arising as a result of the exercise by Scynexis of any licenses under this Agreement. 

5.15. Late Fees. If Scynexis fails to pay in full any undisputed sum payable under this Agreement within [*] after the end of the
period specified for payment, the amount outstanding shall bear interest at a per annum rate of prime as reported in the Wall Street Journal [*] or the maximum rate allowable by applicable law, whichever is less. 

ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 

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

 (a) such Party is duly organized and validly existing under the laws of the state of its organization and has full corporate power and
authority to enter into this Agreement and to perform its obligations hereunder; and 
 (b) the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized by the necessary corporate actions of such Party. This Agreement has been duly executed by such Party. This Agreement and any other documents contemplated hereby
constitute valid and legally binding obligations of such Party enforceable against it in accordance with their respective terms, except to the extent that enforcement of the rights and remedies created thereby is subject to bankruptcy, insolvency,
reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors. 
 6.2.
Additional Merck Representations and Warranties. Merck represents and warrants to Scynexis that as of the Effective Date: 
 (a) all
issued patents contained within the Merck Patent Rights are in full force and effect and to the best of Merck’s knowledge, the Merck Patent Rights and Merck Know-How exist and are not invalid or unenforceable, in whole or in part; 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 19 

 

 
  

 (b) it has the full right, power and authority to enter into this Agreement, to perform the
activities hereunder, and to grant the licenses granted hereunder; 
 (c) it (and its Affiliates) has not previously (i) assigned,
transferred, conveyed or otherwise encumbered its right, title and/or interest in any Merck Patent Rights, or (ii) otherwise granted any rights to any third parties that would conflict with the rights granted to Scynexis hereunder, and, to the
best of Merck’s knowledge, there is no unauthorized use, infringement or misappropriation of any Merck Patent Rights; 
 (d) it jointly
owns with Scynexis the Program Compound Patent Rights, all of which are free and clear of any liens, charges and encumbrances; 
 (e) it
owns the Merck Process Patent Rights, all of which are free and clear of any liens, charges and encumbrances; and 
 (f) to its Knowledge,
except as disclosed on Schedule 6.2 attached hereto, it has provided a copy of all material information relating to safety and efficacy data from assays or test procedures that Merck considers to be non-proprietary for the Program Compound. 

6.3. Disclaimers. Merck does not make any representation or warranty, and specifically disclaims any warranty: 

(a) that the Program Compound will be useful to Scynexis for any purpose whatsoever; and more specifically Merck makes no representations or
warranties concerning the manufacturing process, or the efficacy, safety or adequacy of the Program Compound for the purpose of researching, developing, manufacturing, marketing or selling the Product before or after the Effective Date; 

(b) concerning the efficacy or safety for human use of Program Compound, whether in the formulation heretofore manufactured or in the form of
any other hydrates, solvates, salts, polymorphic forms (different crystal forms) of Program Compound or any derivatives thereof; 
 (c)
concerning the accuracy, completeness or utility of the Program Documentation for any purpose, including without limitation, the research and development of Program Compound or Product; or 

(d) concerning any legal and regulatory requirements that must be satisfied by Scynexis before Scynexis will be able lawfully to manufacture,
market and sell the Product in the Territory. 
 6.4. SCYNEXIS ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS AND
WARRANTIES CONTAINED IN THIS 
  
 [*] = Certain confidential information contained in
this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 20 

 

 
  

 
AGREEMENT, MERCK HAS MADE NO REPRESENTATION OR WARRANTY WHATSOEVER AND SCYNEXIS HAS NOT RELIED ON ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, EXCEPT THOSE EXPRESSLY SET FORTH IN THIS
AGREEMENT. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, SCYNEXIS ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, MERCK IS PROVIDING THE IND, PROGRAM DOCUMENTATION AND MATERIALS ON AN “AS IS, WHERE IS”
BASIS WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES AS TO THE FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY OR CONDITION OF THE ASSETS OR AS TO THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF ANY PERSON OR AS TO ANY OTHER MATTER. 

ARTICLE 7 
 RELEASE AND
INDEMNIFICATION 
 7.1. Merck Release. Merck (on behalf of itself and its successors or assigns, past and present officers,
directors, employees, agents and representatives) freely and voluntarily releases, relinquishes and forever discharges Scynexis and its parent, affiliates, subsidiaries, successors and assigns, past and present officers, directors, employees, agents
and representatives, from and against any and all claims, demands, causes of action, complaints, arbitrations, suits, judgments, demands, obligations or liabilities, damages, rights, costs, loans, debts and expenses of any kind or nature (including
attorneys’ fees and expenses), in law or equity, whether known or unknown, disclosed or undisclosed (“Claims”), that Merck now has or ever has had as of the Effective Date based on, by reason of, or arising out of the 2002
Agreement (the “Merck Released Claims”). In addition, Merck represents and warrants that it has not heretofore assigned or transferred, or purported to have assigned or transferred to any entity or person, any of the Released
Claims, or any amount of money related thereto. 
 7.2. Scynexis Release. Scynexis (on behalf of itself and its successors or
assigns, past and present officers, directors, employees, agents and representatives) freely and voluntarily releases, relinquishes and forever discharges Merck and its parent, affiliates, subsidiaries, successors and assigns, past and present
officers, directors, employees, agents and representatives, from and against any and all Claims that Scynexis now has or ever has had as of the Effective Date based on, by reason of, or arising out of the 2002 Agreement, including any and all
activities related to the research and development of Program Compound (the “Scynexis Released Claims”). In addition, Scynexis represents and warrants that it has not heretofore assigned or transferred, or purported to have assigned
or transferred to any entity or person, any of the Scynexis Released Claims, or any amount of money related thereto. 
 7.3.
Indemnification. Scynexis shall indemnify and hold Merck and its Affiliates and their respective officers, directors, agents and employees (“Merck 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 21 

 

 
  

 
Indemnitees”) harmless from and against any Claims arising under or related to this Agreement against them to the extent arising or resulting from: 

(a) the research, development and commercialization of Program Compound and Product by Scynexis, its Affiliates, sublicensees or third parties
acting on Scynexis’ behalf; 
 (b) the breach of this Agreement by Scynexis; or 

(c) the negligence or willful misconduct of Scynexis in regard to its performance, or non-performance, under this Agreement. 

7.4. Indemnification Procedure. 

(a) Each Merck Indemnitee shall provide Scynexis with prompt written notice of any Claims or the discovery of a fact upon which such Merck
Indemnitee intends to base a request for indemnification under Section 7.3 (it being understood and agreed, however, that the failure to give notice as provided in this Section 7.4 shall not relieve Scynexis of any such indemnification
obligations except and only to the extent that Scynexis is actually materially prejudiced as a result of such failure to give notice). 

(b) Each Party shall furnish promptly to the other Party copies of all papers and official documents received in respect of any Claims
resulting from or arising out of any Claim by a third party against a Merck Indemnitee (a “Third Party Claim”). The Merck Indemnitee shall reasonably cooperate as requested by and at the expense of Scynexis in the defense of any
Third Party Claims. 
 (c) Within [*] after receipt of such notification as set forth in subsection (a), Scynexis may, upon written notice
thereof to the Merck Indemnitee, assume control of the defense of any Third Party Claim with counsel reasonably satisfactory to the Merck Indemnitee. The Merck Indemnitee shall provide Scynexis with all information in its possession and all
assistance reasonably necessary to enable Scynexis to carry on the defense of any such Third Party Claim. If Scynexis does not assume control of such defense, the Merck Indemnitee shall control such defense. The Party not controlling such defense
may participate therein at its own expense. The Party controlling such defense shall keep the other Party advised of the status of the Third Party Claim and the defense thereof and shall consider recommendations made by the other Party with respect
thereto. The Merck Indemnitee shall not agree to any settlement of any Third Party Claim without the prior written consent of Scynexis, which shall not be unreasonably withheld, delayed or conditioned. Scynexis shall not agree to any settlement of
any Third Party Claim or consent to any judgment in respect thereof that does not include a complete and unconditional release of the Merck Indemnitee from all liability with respect thereto or that imposes any liability or obligation on the Merck

  
 [*] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 22 

 

 
  

 
Indemnitee without the prior written consent of the Merck Indemnitee; provided, however, Scynexis may agree to a settlement of such action, suit, proceeding or Third Party Claim or consent
to any judgment in respect thereof with prior written notice to the Merck Indemnitee but without the consent of the Merck Indemnitee where the only liability to the Merck Indemnitee is the payment of money and Scynexis makes such payment. 

7.5. Insurance. Scynexis shall, at its sole expense, maintain in effect at all times during the period of the Agreement insurance
coverage with minimum limits as follows: (a) commercial general liability – occurrence form general aggregate (including contractual liability) of $[*]; (b) combined bodily injury/property damage each occurrence of $[*];
(c) products liability (including bodily injury and financial loss) of $[*]; and (d) excess liability – umbrella form of $[*]. Upon receipt of a written request from Merck, Scynexis shall deliver to Merck an insurer or insurer’s
agent signed certificate of insurance, as evidence that policies providing such coverage and limits of insurance are in full force and effect and with insurers, having an AM Best (A-) or higher rating. These certificates of insurance shall provide
that not less than [*] advance notice shall be given in writing to Scynexis of any cancellation, termination, or material alteration of said insurance policies. Merck (including its Affiliates) and their respective officers, directors and employees
should be added as additional insureds on the commercial general liability policies and Scynexis’ insurers shall waive all rights of subrogation against Merck. Scynexis’ insurance shall be primary with no contribution by Merck insurance.
All deductibles or self-insured retentions are the responsibility of Scynexis. 
 ARTICLE 8 

TERM AND TERMINATION 
 8.1.
Term and Expiration. This Agreement shall be effective as of the Effective Date and unless terminated earlier pursuant to Sections 8.2, the term of this Agreement shall continue in full force and effect until expiration of all royalty
obligations hereunder (“Term”). Upon expiration of this Agreement due to expiration of all royalty obligations hereunder, Scynexis’ licenses pursuant to Section 3.1 shall become fully paid-up, perpetual licenses. 

8.2. Termination for Cause. 

(a) Cause for Termination. This Agreement may be terminated at any time during the term of this Agreement upon written notice by a
Party if the other Party is in breach of its material obligations hereunder by causes and reasons within its control and has not cured such breach within [*] after written notice requesting cure of such breach; provided, however, in the event of a
good faith dispute with respect to the existence of such breach, the [*] cure period shall be tolled until such time as the dispute is resolved pursuant to Section 9.6. Notwithstanding the foregoing, any [*] failure by 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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[*] to [*] in Section [*] shall [*] under such Section and [*] under this Agreement shall consist of [*] to [*] within the [*] cure period or such other period as mutually agreed by the Parties.

 (b) Effect of Termination for Cause. 

(i) if [*] terminates this Agreement under Section 8.2, [*] as of the effective date of such termination; 

(ii) if [*] terminates this Agreement under Section 8.2, [*] as of the effective date of such termination. 

8.3. Effect of Expiration or Termination; Survival. Expiration or termination of this Agreement shall not relieve the Parties of any
obligation accruing prior to such expiration or termination. Each Party shall pay all amounts then due and owing as of the expiration or termination date. Any expiration or termination of this Agreement shall be without prejudice to the rights of
either Party against the other accrued or accruing under this Agreement prior to expiration or termination. The provisions of Article 4 shall survive the expiration or termination of this Agreement and shall continue in effect for [*] following
termination or expiration. The provisions of Article 1 (as necessary for the interpretation of other surviving provisions); [*] Sections 6.3 and 6.4; Article 7; Article 8; and Article 9 shall survive any expiration or termination of this Agreement.

 ARTICLE 9 

MISCELLANEOUS 
 9.1.
Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached the Agreement for failure or delay in fulfilling or performing any term of the Agreement when such failure
or delay is caused by or results from causes beyond the reasonable control of the affected Party including, but not limited to, fire, floods, embargoes, war, acts of war (whether war be declared or not), insurrections, riots, civil commotion,
strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority or the other Party. The affected Party shall notify the other Party of such force majeure circumstances as soon as
reasonably practical. 
 9.2. Assignment. The Agreement may not be assigned or otherwise transferred, nor, except as expressly
provided hereunder, may any right or obligations hereunder be assigned or transferred, by either Party without the consent of the other Party, such consent not to be unreasonably withheld; provided, however, that a Party may at any
time during the Term assign the Agreement and its rights and obligations hereunder to an Affiliate or in connection with the transfer or sale of all or substantially all of its assets related to the Product or the business, or in the event of its
merger or 
  
 [*] = Certain confidential information contained in this document, marked
by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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consolidation or change in control or similar transaction. Any permitted assignee shall assume all obligations of its assignor under the Agreement. 

9.3. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affect the
substantive rights of the Parties. The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the
purposes of this Agreement. 
 9.4. Notices. All notices or other communications which are required or permitted hereunder shall be
in writing and sufficient if delivered personally, sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows: 
  

			
	if to Scynexis, to: 	  	Scynexis, Inc.
		  	3501 C Tricenter Boulevard
		  	Durham, NC 27713
		  	Attn: Director, Business Development
		  	Fax: (919) 544-8697
		
	with a copy to: 	  	Scynexis Chemistry & Automation, Inc.
		  	3501 C Tricenter Boulevard
		  	Durham, NC 27713
		  	Attn: President & CEO
		  	Fax: (919) 544-8697
		
	if to Merck, to: 	  	Merck Sharp & Dohme Corp.
		  	One Merck Drive (WS 2A-50)
		  	P.O. Box 100
		  	Whitehouse Station, NJ 08889-0100
		  	Attn: Chief Licensing Officer
		  	Fax: (908) 735-1201
		
	with a copy to:	  	Merck Sharp & Dohme Corp.
		  	One Merck Drive (WS 3A-65)
		  	P.O. Box 100
		  	Whitehouse Station, NJ 08889-0100
		  	Attn: Office of Secretary
		  	Fax: (908) 735-1246

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 25 

 

 
  

 or to such other address as the Party to whom notice is to be given may have furnished to the other Party in
writing in accordance herewith. Any such communication shall be deemed to have been given when delivered if personally delivered or sent by facsimile on a business day, on the business day after dispatch if sent by nationally-recognized overnight
courier and on the third business day following the date of mailing if sent by mail. 
 9.5. Applicable Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of New Jersey and the United States without reference to any rules of conflict of laws or renvoi. 

9.6. Dispute Resolution. The Parties shall negotiate in good faith and use reasonable efforts to settle any dispute, controversy or
claim arising from or related to this Agreement or the breach thereof. If the Parties do not fully settle, and a Party wishes to pursue the matter, each such dispute, controversy or claim that is not an “Excluded Claim” shall be
finally resolved by binding arbitration in accordance with the Commercial Arbitration Rules and Supplementary Procedures for Large Complex Disputes of the American Arbitration Association (“AAA”), and judgment on the arbitration
award may be entered in any court having jurisdiction thereof. The arbitration shall be conducted by a panel of three persons experienced in the pharmaceutical business. Within [*] after initiation of arbitration, each Party shall select one person
to act as arbitrator and the two Party-selected arbitrators shall select a third arbitrator within [*] of their appointment. If the arbitrators selected by the Parties are unable or fail to agree upon the third arbitrator, the third arbitrator shall
be appointed by the AAA. The place of arbitration shall be New York, New York. Either Party may apply to the arbitrators for interim injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved. Either Party
also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any injunctive or provisional relief necessary to protect the rights or property of that Party pending the arbitration award. The arbitrators shall
have no authority to award punitive or any other type of damages not measured by a Party’s compensatory damages. Each Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrators’ and any
administrative fees of arbitration. Except to the extent necessary to confirm an award or as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of an arbitration without the prior written
consent of both Parties. In no event shall an arbitration be initiated after the date when commencement of a legal or equitable proceeding based on the dispute, controversy or claim would be barred by the applicable New York statute of limitations.
As used in this Section, the term “Excluded Claim” shall mean a dispute, controversy or claim that concerns (a) the validity or infringement of a patent, trademark or copyrights, including without limitation the Merck Patent
Rights; or (b) any antitrust, anti-monopoly or competition law or regulation, whether or not statutory. 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 26 

 

 
  

 9.7. Entire Agreement. This Agreement constitutes the entire understanding of the
Parties with respect to the subject matter hereof. All express or implied agreement and understandings, either oral or written, heretofore made are expressly merged in and made a part of this Agreement. This Agreement may be amended, or any term
thereof modified, only by a written instrument duly executed by both Parties hereto. 
 9.8. Headings. The captions to the several
Articles and Sections hereof are not a part of this Agreement, but are merely guides or labels to assist in locating and reading the several Articles and Sections hereof. 

9.9. Independent Contractors. It is expressly agreed that Scynexis and Merck shall be independent contractors and that the relationship
between the two Parties shall not constitute a partnership, joint venture or agency. Neither Scynexis nor Merck shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be
binding on the other, without the prior consent of the other Party. 
 9.10. Waiver. The waiver by either Party hereto of any right
hereunder or the failure to perform or of a breach of the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether of a similar nature or otherwise. 

9.11. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 9.12. Waiver of Rule of Construction. Each Party has had the
opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

  
 [*] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 27 

 

 
  

 IN WITNESS WHEREOF, the Parties have duly executed this Agreement to be effective as of the
Effective Date. 
  

									
	MERCK SHARP & DOHME CORP.	 		 	SCYNEXIS, INC.
					
	By:	 	 /s/ Roger J. Pomerantz
	 		 	By:	 	 /s/ Yves Ribeill

		 	Roger J. Pomerantz, M.D., F.A.C.P.	 		 		 	Yves Ribeill
		 	Senior Vice President	 		 		 	President and CEO
		 	Head of Worldwide Licensing & Acquisitions	 		 		 	

 [SIGNATURE PAGE TO TERMINATION AND LICENSE AGREEMENT] 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.19 

MATERIALS 
 [*] 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.21 

Form of Merck Letter to be Submitted to FDA 
  

 
 John Farley, M.D., M.P.H., Acting Director 

Food and Drug Administration 
 Center for Drug Evaluation and
Research 
 Division of Anti-Infective Products 
 5901-B
Ammendale Road 

			
	Beltsville, MD 20705-1266	  	Serial No.

 Dear Dr. Farley: 

IND 107,521: MK-3118 

Transfer of Ownership of IND 
 Reference is
made to the subject Investigational New Drug (IND) application for MK-3118 for the treatment of fungal infections, which was submitted on January 12, 2010 (Serial No. 0000). 

This letter and the attached signed form FDA 1571 serve as notification of the change in ownership of this IND from Merck Sharp & Dohme Corp, a
subsidiary of Merck & Co, Inc. (Merck) to SCYNEXIS, Inc. The change in ownership becomes effective on 24-05-2013. 
 The new sponsor’s contact
information is: 
 Katyna Borroto-Esoda 
 Director, Clinical
Affairs 
 SCYNEXIS, Inc. 
 3501C Tricenter Boulevard 

Durham, NC 27713 
 Tel: 919-237-4431 

Fax: 919-544-8697 
 Email: Katyna.Borroto-Esoda@scynexis.com 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 Pursuant to the provisions in 21 CFR 312, Section 312.50, all rights and responsibilities associated
with the subject Investigational New Drug application have been transferred to SCYNEXIS, Inc. In addition, the complete IND record has been forwarded to SCYNEXIS, Inc. 

This submission is being submitted in accordance with the current FDA Guidance Documents for the electronic common technical document. This submission is
being transmitted through the FDA’s electronic submission gateway. Merck has taken precautions to ensure that the contents are free of computer viruses (McAfee Agent, McAfee, Inc.), and we authorize the use of anti-virus software, as
appropriate. 
 We consider the information included in this submission to be a confidential matter, and request that the Food and Drug Administration not
make its content, public without first obtaining the written permission of Merck. 
 In my absence questions concerning the content of this submission
should be directed to Laurie MacDonald (267) 305-5540. 
  

	
	 Sincerely,

	
	 Donnette D. Staas, Ph.D.

	 Director

	 Global Regulatory Affairs

  
 [*] = Certain confidential information contained
in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.26 

MERCK PROCESS PATENT RIGHTS 
  

															
	 Merck

Reference
	 	 Country
	 	 Application
Number
	 	 Filing

Date
	 	 Publication
Number
	 	 Patent

Number
	 	 Issue

Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
								
	 Merck

Reference
	 	 Country
	 	 Application
Number
	 	 Filing

Date
	 	 Publication
Number
	 	 Patent

Number
	 	 Issue

Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.31 

OTHER COMPOUND PATENT RIGHTS 
  

													
	 Merck Reference
	 	 Country
	 	 Application Number
	 	 Filing Date
	 	 Patent Number
	 	 Issue Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]
							
	 Merck Reference
	 	 Country
	 	 Application Number
	 	 Filing Date
	 	 Patent Number
	 	 Issue Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

													
	 Merck Reference
	 	 Country
	 	 Application Number
	 	 Filing Date
	 	 Patent Number
	 	 Issue Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.39 

PROGRAM COMPOUND PATENT RIGHTS 
  

													
	 Merck Reference
	 	 Country
	 	 Application Number
	 	 Filing Date
	 	 Patent Number
	 	 Issue Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

													
	 Merck Reference
	 	 Country
	 	 Application Number
	 	 Filing Date
	 	 Patent Number
	 	 Issue Date
	 	 Status

	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]	 	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.41 

PROGRAM DOCUMENTATION 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

					
		 	 SCHEDULE 1.41

PROGRAM DOCUMENTATION
	  	

  

							
	 Source Area
	  	 Additional Information
	  	 Suggested Mode
of Transfer-
Electronic or
Paper
	  	 Completion
Date

	[*]	  	[*]	  	[*]	  	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

					
		 	 SCHEDULE 1.41

PROGRAM DOCUMENTATION
	  	

  

					
	 Source Area
	  	 Scynexis Questions/Comments
	  	 Merck Response

	[*]	  	[*]	  	[*]

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 1.45 

Scynexis Letter to be Submitted to FDA 
  

 
 May 28, 2013 
 John
Farley, M.D., M.P.H., Acting Director 
 Food and Drug Administration 

Center for Drug Evaluation and Research 
 Division of
Anti-Infective Products 
 5901-B Ammendale Road 

			
	Beltsville, MD 20705-1266	  	Serial No.            

 Dear Dr. Farley: 

IND 107,521: MK-3118 

Transfer of Ownership of IND 
 Reference is
made to the subject Investigational New Drug (IND) application for MK-3118 for the treatment of fungal infections, which was submitted on January 12, 2010 (Serial No. 0000). Reference is also made to the letter dated [xx-xx-2013] from Merck
Sharp & Dohme Corp. with regard to IND 107,521 (Serial # YYYY, see attached). 
 This letter and the attached signed form FDA 1571 serve as
confirmation of the acceptance by SCYNEXIS, Inc. of the transfer of ownership of the aforementioned IND from Merck Sharp & Dohme Corp, a subsidiary of Merck & Co, Inc. (Merck) to SCYNEXIS, Inc. The change in ownership becomes
effective on 24-05-2013. 
 The contact information for SCYNEXIS, Inc. is: 

Katyna Borroto-Esoda 
 Director, Clinical Affairs 

SCYNEXIS, Inc. 
 3501C Tricenter Boulevard 

Durham, NC 27713 
 Tel: 919-237-4431 

Fax: 919-544-8697 
 Email: Katyna.Borroto-Esoda@scynexis.com 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 Pursuant to the provisions in 21 CFR 312, Section 312.50, all rights and responsibilities associated
with the subject Investigational New Drug application are hereby accepted by SCYNEXIS, Inc. 
 We consider the information included in this submission to be
a confidential matter, and request that the Food and Drug Administration not make its content, public without first obtaining the written permission of Scynexis, Inc. 

In my absence questions concerning the content of this submission should be directed to Yves Ribeill at yves.ribeill@scynexis.com or 919-544-8602. 

 

	
	Sincerely,
	
	Katyna Borroto-Esoda
	Director, Clinical Affairs
	SCYNEXIS, Inc.

  
 [*] = Certain confidential information contained
in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 2.5 

Specific End Use Statement for Prototype Material 

[To be printed on Scynexis company letterhead] 
 Port Director

 United States Customs and Border Protection 
  

			
	Re:	  	MK-3118, a semi-synthetic derivative of the natural product enfumafungin

 Dear Customs Officer: 
 Please
be advised that the material referenced above imported by Merck Sharp & Dohme Corp. is pharmaceutical active ingredient to be used exclusively by Scynexis, Inc. for pharmaceutical-related research, development, product evaluation, testing
and quality control purposes. The merchandise is imported in normal non-commercial quantities in accordance with industry practice, and will not be sold after importation or incorporated into other products that are sold. For these reasons the
merchandise is being entered under Heading 9817.85.01. Based on General Rules of Interpretation 3(c) the underlying classification of the material is 2935.00.7500. 
  

	
	Very truly yours,
	
	Name
	Title
	Location
	Phone

  
 [*] = Certain confidential information contained in this
document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 4.4 

FORM OF PRESS RELEASE 

SCYNEXIS Gains Worldwide Rights to Novel Antifungal Compound 

—First Oral Glucan Synthase Inhibitor Ready to Enter Phase II Trials— 

Research Triangle Park, NC (DATE) – SCYNEXIS, Inc. announced today that Merck, known as MSD outside the United States and Canada, has decided to return
to SCYNEXIS all development and commercialization rights for the novel antifungal compound, MK-3118, an oral glucan synthase inhibitor being developed for the treatment of systemic fungal diseases. This decision was made following a review and
prioritization of Merck’s infectious disease portfolio. 
 In 2002, SCYNEXIS and Merck announced an exclusive license and research agreement focused on
antifungal discovery and development of treatments for invasive fungal infections such as Candida and Aspergillus. MK-3118 is the first compound developed under the agreement to have completed Phase I studies and be ready to enter
Phase IIb studies. 
 “We have enjoyed a successful collaboration with our Merck colleagues and will continue to advance the clinical development of
MK-3118, now SCY-078, to help a growing and under-served patient population,” said Yves Ribeill, PhD, president and chief executive officer, SCYNEXIS. “The addition of this anti-fungal platform to our portfolio expands our pipeline and
positions SCYNEXIS as a leading anti-infective company.” 
 “Working together, we have made good progress in advancing MK-3118 to this clinical
stage,” said Roger Pomerantz, senior vice president and head, Worldwide Licensing and Knowledge Management, Merck. “Merck continues to advance its infectious disease pipeline and remains committed to delivering medicines in this important
therapeutic area.” 
 Under the terms of the agreement, SCYNEXIS will receive all rights to MK-3118, including a transfer from Merck to SCYNEXIS of the
pre-clinical, IND and Phase I data packages. The company plans to progress the clinical development while simultaneously evaluating new partnership opportunities. Merck will be eligible to receive milestones and royalties. 

Data on this novel compound have been presented at the 49th and 50th Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) and published in multiple journals including the May 2012 issue of Bioorganic & Medicinal Chemistry Letters
and the November 2012 issue of the Journal of Antimicrobial Chemotherapy. 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 About SCY-078 (formerly MK-3118) 

SCY-078/MK-3118 is the first oral glucan synthase inhibitor being developed for the treatment of systemic fungal diseases. SCY-078/MK-3118 is a semi-synthetic
derivative of the natural product enfumafungin—a structurally distinct class of glucan synthase inhibitors. Glucan synthase inhibitors have been very effective in treating invasive fungal infections in a hospital setting, but are currently only
available as an intravenous dosing option. 
 About SCYNEXIS 

SCYNEXIS delivers innovative solutions to solve the toughest problems in drug discovery and development for our pharmaceutical, global health and life science
partners. Our contract research and development services include Integrated Pharmaceutical Solutions, Discovery Research and Integrated Parasitology. We have successfully delivered preclinical and clinical drug candidates to our customers across all
major therapeutic indications and have developed our own proprietary cyclophilin inhibitor programs for the treatment of a broad range of diseases, including HCV, HBV and inflammation. For more information, visit www.scynexis.com. 

 
 [*] = Certain confidential information contained in this document, marked by brackets,
has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 

 
  

 SCHEDULE 6.2 

[*] 
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.Prepared by R.R. Donnelley Financial -- EX-10.13

 Exhibit 10.13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 Dated 10 June 2005 

(1) SCYNEXIS, Inc. 
 -
and - 
 (2) C-CHEM AG 
  

 
 Agreement for
the Assignment of Patents and Know How 
 concerning Cyclosporin Derivatives 

 
  

  
 1 

 THIS AGREEMENT is made the 10th day of June 2005 

BETWEEN:- 
  

	(1)	SCYNEXIS, Inc., a corporation incorporated under the laws of Delaware having its principal place of business at 3501C Tricenter Boulevard, Durham, North Carolina, 27713, United States of America
(“Scynexis”); and 

  

	(2)	C-CHEM AG, a company incorporated under the laws of Switzerland having its principal place of business at Bundesplatz 12, CH-6300 Zug, Switzerland (“C-CHEM”). 

BACKGROUND:- 
  

	(A)	C-CHEM has developed or acquired inventions and know-how concerning cyclosporine derivatives, and owns certain patents relating to such inventions. 

 

	(B)	C-CHEM and Scynexis entered into an Option Agreement dated 17 February 2004 under which C-CHEM granted Scynexis an option to obtain an assignment of the entire right, title and interest in such
inventions, know-how and patents (the “Option Agreement”). 

  

	(C)	Pursuant to the Option Agreement, C-CHEM is willing to assign and Scynexis wishes to receive such assignment of C-CHEM’s inventions, know-how, and patents concerning cyclosporin derivatives in accordance with
and subject to the provisions of this Agreement. 

 THE PARTIES AGREE AS FOLLOWS:- 

 

	1.	Definitions 

 In this Agreement the following words and expressions shall have the
following meanings:- 
  

					
	1.1.	 	 “Affiliate”	  	means any company or other legal entity which, now or hereafter, directly or indirectly, owns or controls, is owned or controlled by or is under common ownership or control with a party to this Agreement. In the case of legal
entities having stock and/or shares, ownership or control shall exist through the direct or indirect ownership and/or control of more than fifty percent of the voting stock or shares. In the case of any other legal entity, ownership and/or control
shall exist through the ability to directly or indirectly control the management and/or business of the legal entity;

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2 

					
	1.2.	 	“Ancillary Rights”	  	any copyrights, design rights, database rights and/or similar rights that subsist in the Documentation;
			
	1.3.	 	“Assignment”	  	the patent assignment to be executed by C-CHEM and Scynexis on the Commencement Date;
			
	1.4.	 	“Commencement Date”	  	the date of this Agreement as written at the start of this Agreement;
			
	1.5.	 	“Compound”	  	means a Compound [*] or a Compound [*];
			
	1.6.	 	“Compound [*]”	  	any compound, whose manufacture, sale or use falls within the scope of a Valid Claim of [*]. Included are any and all compounds [*];
			
	1.7.	 	“Compound [*]”	  	any compound, whose manufacture, sale or use falls within the scope of a Valid Claim of [*]. Included are any and all compounds, [*];
			
	1.8.	 	“Documentation”	  	the documents and files (whether in paper, electronic or other form) (1) in the possession or control of C-CHEM containing the Know How and/or (2) contained in the prosecution files for the Patents and any original title
documents relating to the Patents including the original patent office filing receipts, original renewal certificates;
			
	1.9.	 	“Holding Party”	  	the party that under the provisions of Clauses 14.1 and 14.2, does not own the Confidential Material concerned;
			
	1.10.	 	“Information”	  	data, results, know-how, show-how, software, algorithms, inventions, designs, trade secrets, plans, forecasts, analyses, evaluations, research, technical information, concepts, techniques, processes, business information,
financial information, business plans, strategies, customer lists, marketing plans, or other information whether oral, in writing, in electronic form or in any other form;
			
	1.11.	 	“Inventions”	  	the inventions described in the Patents:
			
	1.12.	 	“Inventors”	  	[*];
			
	1.13.	 	“Know How”	  	the Information in the possession of and/or controlled by C-CHEM that was disclosed to Scynexis as part of Scynexis’ due diligence process in the year 2004, which Information is described in Schedule 2.
			
	1.14.	 	“Licensee”	  	any third party to whom Scynexis has granted a licence

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3 

							
		 		    	under the Patents;
			
	1.15.	 	“Net Sales Value”	    	the gross amount invoiced by or on behalf of Scynexis and any sublicensee for Product sold to third parties other than Licensees, less the following deductions, determined in accordance with Scynexis’ standard
accounting methods:
				
		 		    	(i)	  	trade and quantity discounts;
				
		 		    	(ii)	  	 amounts repaid or credited by reasons of defects, rejection recalls, returns, shortages, rebates and allowances of goods or because of
retroactive price reductions;

				
		 		    	(iii)	  	chargebacks and other amounts paid on sale or dispensing of such Product, including sales commissions paid to distributors and/or selling agents;
				
		 		    	(iv)	  	amounts payable resulting from governmental (or agency thereof) mandated rebate programes;
				
		 		    	(v)	  	third-party cash rebates and chargebacks related to sales of the finished Product;
				
		 		    	(vi)	  	tariffs, duties, excise, sales, value-added and other taxes;
				
		 		    	(vii)	  	retroactive price reductions allowed or granted;
				
		 		    	(viii)	  	cash discounts for timely payment;
				
		 		    	(ix)	  	delayed ship order credits;
				
		 		    	(x)	  	discounts pursuant to indigent patient programs and patient discount programs, including, without limitation, “Together Rx” and coupon discounts;
				
		 		    	(xi)	  	freight, postage and insurance charges;
				
		 		    	(xii)	  	any other amounts included in the Product’s gross invoice that should be credited for reasons substantially equivalent to those listed above;
			
	 1.16.
	 	 “Owning Party”
	    	the party that owns the Confidential Material concerned as specified in Clauses 14.1 and 14.2;

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4 

							
	 1.17.
	 	 “Patents”
	    	means:
				
		 		    	(a)	  	the patents and patent applications listed in Schedule 1 as LÜCH-1 and E11-1,
				
		 		    	(b)	  	any and all foreign counterparts, and any patents and patent applications anywhere in the world claiming, or entitled to claim, priority from any of the patents and patent applications listed in Schedule 1, and any patents issued or
issuing on any of such applications,
				
		 		    	(c)	  	any provisional and non-provisional applications anywhere in the world, including certificates of invention and applications for certificates of invention, claiming Inventions and any patents issued or issuing on any such
applications,
				
		 		    	(d)	  	any continuations, divisions, continuations-in-part, re-examinations, renewals, supplementary protection certificates, patents of addition, utility models of any of the foregoing and any patents issued or issuing thereon,
and
				
		 		    	(e)	  	any reissues and extensions of any of the foregoing;
			
	 1.18.
	 	 “Personnel”
	    	means in respect of a party, its officers, employees, consultants, agents, representatives, contractors and advisors;
			
	 1.19.
	 	 “Products”
	    	means any product containing a Compound;
			
	 1.20.
	 	 “Quarter”
	    	the quarterly periods ending 31 March, 30 June, 30 September and 31 December; and
			
	 1.21.
	 	 “Valid Claim”
	    	any claim contained in a subsisting granted Patent that has not been held invalid or unenforceable by a final decision of a court or other government agency of competent jurisdiction that is unappealable or has not been
appealed within the time allowed for appeal and which has not been admitted to be invalid or unenforceable through reissue disclaimer or otherwise.

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5 

	2.	Patents 

  

	2.1.	On the Commencement Date, C-CHEM shall assign to Scynexis all right, title and interest in the Patents by executing an assignment of the Patents in the form set out in Schedule 3. 

 

	2.2.	C-CHEM shall at the request of Scynexis promptly do all acts and execute all documents as may be necessary or desirable to vest in Scynexis all right, title and interest in the Patents and to record Scynexis as the
proprietor of the Patents in any country. 

  

	2.3	C-CHEM shall at the request of Scynexis agree in good faith a fair, reasonable and appropriate apportionment of the consideration payable under this Agreement in respect of the assignment of each Patent.

  

	2.4.	C-CHEM will perform the assignment of the Patents, i.e. communicate with the corresponding patent attorneys and patent offices, collect the necessary documents and signatures and bear all arising internal costs, and
Scynexis will bear all external costs, i.e. fees from external patent attorneys and patent offices. 

  

	2.5.	C-CHEM shall not and shall procure that its Affiliates and Personnel shall not, challenge, oppose or otherwise dispute (or directly or indirectly assist any third party to challenge, oppose or otherwise dispute) the
ownership, validity and/or scope of any of the Patents. 

  

	3.	Know How and Documentation 

  

	3.1.	With effect from the Commencement Date, C-CHEM assigns to Scynexis all right, title and interest in the Know How. Scynexis and its Personnel shall have the full unfettered and exclusive worldwide right to disclose and
use the Know How for any purpose whatsoever. 

  

	3.2.	Within 15 days of the Commencement Date, C-CHEM shall transfer and deliver to Scynexis in good order the Documentation. 

  

	3.3.	With effect from the Commencement Date, all right, title and interest in the Documentation and the Ancillary Rights shall vest in Scynexis. C-CHEM shall at the request of Scynexis promptly do all acts and execute all
documents as may be necessary or desirable to vest in Scynexis all right, title and interest in the Documentation and the Ancillary Rights. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6 

	4.	Non-Exclusive Licence Grant 

 In the event the development, making, having made, use, or
sale of Products by Scynexis, its Affiliates or Licensees would infringe any other intellectual property which C-CHEM owns at the Commencement Date or has the rights to license (other than the Patents, Know How, Documentation and Ancillary Rights),
C-CHEM hereby grants to Scynexis, a non-exclusive, world-wide, royalty-free, sub-licensable license under such other intellectual property solely for Scynexis, and its Affiliates and Licensees to develop, make, have made, use and sell Products. 

 

	5.	Technology Transfer 

  

	5.1.	C-CHEM shall respond promptly to reasonable enquiries made by Scynexis in respect of the Patents and the Know How provided that C-CHEM shall not be required to carry out any further research or experiment, in order to
respond to any such enquiry. 

  

	5.2.	C-CHEM shall procure that Personnel of C-CHEM and/or its Affiliates who have knowledge of the Patents and the Know How are available for telephone discussions, and meetings with Scynexis at the C-CHEM facilities, and
facilitate to its best efforts meetings with the Inventors and with C-CHEM’s patent counsel, as and when reasonably required by Scynexis. 

  

	5.3.	C-CHEM shall as and when reasonably requested by Scynexis, provide copies of any documents or files in the possession or control of C-CHEM or its Affiliates that may reasonably assist Scynexis with its understanding of
the Patents and the Know How provided that C-CHEM shall not be required to provide copies of any documents or files in breach of a duty of confidence owed to a third party. 

 

	6.	Payments 

  

	6.1.	In consideration of the assignment and transfer of the Patents, the Know How, the Documentation and the Ancillary Rights and subject to the provisions of this Clause 6, Scynexis shall pay to C-CHEM the following
amounts, such amounts to be non refundable and non creditable against any subsequent payments due under this Agreement; 

  

	 	6.1.1.	the sum of three hundred thousand United States dollars (US 300,000) within [*] after the Commencement Date; and 

  

	 	6.1.2.	the following milestone payments which shall be paid within [*] after the date that the milestone is obtained: 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7 

					
	 	  	 Milestone
	  	 Milestone Payment

			
	 1.
	  	[*]	  	 Two hundred thousand United States dollars
  

(US $200,000).

			
	 2.
	  	[*]	  	 [*] United States dollars
  

(US $[*]).

			
	 3.
	  	[*]	  	 [*] United States dollars
  

(US $[*]).

 and 
  

	 	6.1.3.	a royalty of [*] of the Net Sales Value of all Products as defined in 1.19 sold by Scynexis or any Affiliate of Scynexis that fall within the scope of one or more Valid Claims in the country in which the sale took
place; and 

  

	 	6.1.4.	a royalty of [*] of the Net Sales Value of all Products as defined in 1.19 sold by a Licensee that fall within the scope of one or more Valid Claims in the country in which the sale took place. 

 

	6.2.	In no circumstances shall Scynexis be required to pay C-CHEM a royalty in respect of a Product under both Clauses 6.1.3 and 6.1.4. 

  

	6.3.	If a compulsory license is granted to a third party with respect to a Product in any country with a royalty rate lower than the royalty rate provided in Clause 6.1.4 then: 

 

	 	6.3.1	the royalty rate to be paid to C-CHEM in respect of sales [*] in that country shall be [*]; and 

  

	 	6.3.2	the royalty rate in respect of sales of Products [*] in such country shall be [*]. 

  

	6.4.	If laws, rules or regulations require withholding of taxes imposed upon the payments set forth in this Agreement, [*] such withholding payments from the payments due to C-CHEM set forth in this Clause 6. C-CHEM shall
execute any documentation reasonably necessary to allow Scynexis to reduce or eliminate any such withholding taxes. 

  

	6.5.	No royalties shall be payable under the Agreement on the sale or transfer among Scynexis, its Affiliates or Licensees, but in such cases the royalty shall be due and calculated upon Scynexis’ or its
Affiliate’s or Licensee’s Net Sales Value to the first independent third party. 

  

	6.6.	No royalties shall be payable under this Agreement on the disposition of Products by Scynexis, its Affiliates and Licensees as samples (promotional or otherwise) or as donations (for example, to non-profit institutions
or government agencies for a non-commercial purpose). 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8 

	6.7.	The royalties described in Clauses 6.1.3. and 6.1.4. shall be reduced if and to the extent Scynexis can demonstrate to C-CHEM that Scynexis or its Affiliates or Licensees or distributors have not been able to actually
collect royalties despite having undertaken commercially reasonable enforcement activities. 

  

	6.8.	In the event the Product is sold in a finished dosage form containing the Product in combination with one or more other active ingredients (a “Combination Product”), the Net Sales Value of the Product, for the
purposes of determining royalty payments, shall be determined by multiplying the Net Sales Value (as defined above) of the Combination Product by the fraction, A/(A+B) where A is [*] in the particular country of the Product when sold separately in
finished form and B is the [*] in that country of the other product(s) sold separately in finished form. In the event that such average sale price cannot be determined for both the Product and the other product(s) in combination, the Net Sales Value
for purposes of determining royalty payments shall be agreed by the parties based on the relative value contributed by each component. 

  

	7.	Payment Terms 

  

	7.1.	Starting from when the first Product is put on the market for commercial sale in a country covered by a Patent then in force, within [*] of the end of each subsequent Quarter, Scynexis shall; 

 

	 	7.1.1.	provide C-CHEM with a royalty statement for that Quarter setting out the royalties payable in respect of sales of Products made during that Quarter under Clause 6; and 

 

	 	7.1.2.	pay the sums due to C-CHEM as set forth in such royalty statement. 

  

	7.2.	All sums payable under this Agreement shall be paid in US Dollars by direct transfer to C-CHEM’s bank account, details of which C-CHEM shall notify to Scynexis as and when necessary. 

 

	7.3.	If Products are sold or supplied by Scynexis, its Affiliates and/or Licensees in a currency other than US Dollars, the royalties payable in respect of such sales under this Agreement shall be first determined in the
currency of invoice and then converted into US Dollars at the average daily open market currency rate as quoted in the Wall Street Journal for the Quarter in which such sales took place. 

 

	7.4.	If Scynexis fails to pay any sum due under this Agreement in full by the due date for payment then C-CHEM may, without prejudice to any other right or remedy available to C-CHEM, charge interest on any outstanding
amount on a daily basis at a rate equivalent to the London Inter-Bank Offer Rate (6 months) [*]. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 9 

	8.	Records and Audits 

  

	8.1.	Scynexis shall keep at its normal place of business records and books of account showing the quantity, description and value of all Products sold by Scynexis and its Affiliates in each country for a period of [*] after
the sale took place. 

  

	8.2.	Scynexis shall make its records and books of account available for inspection during normal business hours by an independent professional accountant appointed by C-CHEM for the purpose of verifying the accuracy of any
royalty-statement provided by Scynexis to C-CHEM pursuant to Clause 7.1 in the previous [*] provided that the accountant enters into a binding confidentiality agreement with Scynexis in the form reasonably requested by Scynexis. 

 

	8.3.	C-CHEM shall be entitled to have inspections carried out pursuant to Clause 8.2 [*] on giving Scynexis [*] written notice prior to each inspection. 

 

	8.4.	C-CHEM shall bear the cost of carrying out the inspections referred to in Clause 8.3 unless there is a shortfall of more than [*] in any royalty statement provided by Scynexis, in which case Scynexis shall promptly pay
to C-CHEM the accountants’ reasonable fees for making the relevant inspection. 

  

	9.	Representations and Warranties 

  

	9.1.	Each party represents and warrants to the other that it has the legal right and power to enter into this Agreement and to fully perform its obligations hereunder. 

 

	9.2.	C-CHEM represents and warrants to Scynexis that as of the Commencement Date: 

  

	 	9.2.1.	the Patents set out in Schedule 1 exist and, to the best of C-CHEM’s knowledge, are not invalid or unenforceable in whole or in part; 

 

	 	9.2.2.	to the best of C-CHEM’s knowledge, the Inventors have not assigned the Inventions or any rights relating thereto, to any employer, former employer or other entity, and have not entered into any obligation to assign
the Inventions or any rights relating thereto, to any employer, former employer or other entity; 

  

	 	9.2.3.	C-CHEM has not previously assigned, transferred, conveyed or otherwise encumbered its right, title and interest in the Patents, Inventions or the Know How, and C-CHEM has not granted any license, waiver, non-assertion
undertakings, options or other rights relating to the Patents, the Inventions or the Know How nor is it under any obligation to do so; 

  

	 	9.2.4.	 C-CHEM is the sole and exclusive owner of the Patents, the Inventions and the Know How, all of which are free and clear of any liens, charges and
encumbrances, and no other person, corporation or other private entity or governmental entity or subdivision thereof has, or to the best of C-CHEM’s 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 10 

	 	
knowledge, will have any claim of ownership or any rights with respect to the Patents and the Know How; 

 

	 	9.2.5.	to the best of C-CHEM’s knowledge, the practice of the Inventions disclosed in the Patents and Know How does not interfere with or infringe any intellectual property rights owned or possessed by any third
party [*]; 

  

	 	9.2.6.	there are no notices of infringement against C-CHEM, or claims, judgments or settlements against or owned by C-CHEM, or pending or threatened claims or litigation, relating to the Patents, Inventions or Know
How; 

  

	 	9.2.7.	to the best of C-CHEM’s knowledge, there are presently no third parties which are infringing the Patents; 

  

	 	9.2.8.	Schedule 1 lists all of the Patents in existence at the Commencement Date; 

  

	 	9.2.9.	all payments due in respect of the prosecution, maintenance and renewal of the Patents have been paid in full; 

  

	 	9.2.10.	C-CHEM does not have in its possession or control any compounds relating to Invention; 

  

	 	9.2.11.	C-CHEM has disclosed to Scynexis all reasonably relevant information concerning the Patents and Know How; 

  

	 	9.2.12.	C-CHEM does not own, or have a license or right to use, any intellectual property relating to cyclosporin or cyclosporin derivatives, other than the Patents and Know-How; 

 

	 	9.2.13.	attached hereto as Schedule 4 is a true, valid and complete copy of a resolution of the Board of Directors of C-CHEM, signed by Dr. Daniel Zimmermann, the sole Director of C-CHEM, approving this Agreement and the
transaction described herein; 

  

	 	9.2.14.	attached hereto as Schedule 5 is a true, valid and complete copy of a Shareholder resolution of C-CHEM, signed by Dr. Daniel Zimmermann, the sole shareholder of C-CHEM, approving this Agreement and the transaction
described herein; 

  

	 	9.2.15.	attached hereto as Schedule 6 is a true and complete copy of an extract of the Companies’ Register (Handelsregister) of C-CHEM setting forth the company details of C-CHEM; 

 

	 	9.2.16.	the [*] in accordance with its terms [*] described therein, and that [*] does not now have, and will not have in the future, any assignment, license, waiver, non-assertion, option or other right relating to the Patents,
the Inventions or the Know How: 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 11 

	 	9.2.17.	the [*], had the sole purpose to discuss possible collaborative strategies. No confidential information, documents or samples were [*]; and 

 

	 	9.2.18.	C-CHEM has not granted, pursuant to the [*], or any other agreement, commitment or undertaking; any assignment, license, waiver, non-assertion, option or other right relating to the Patents, the Inventions or the Know
How to bioLeads, nor is it under any obligation to do so in the future. 

  

	9.3.	In respect of Clause 9.2 above, Scynexis confirms that [*]. 

  

	9.4.	The parties acknowledge that C-CHEM will be responsible for paying to the Inventors and any other third parties any compensation that the Inventors or such third parties shall be owed in connection with making,
conceiving, or developing the Inventions, Patents, and Know-How and that Scynexis shall not have any responsibility therefor. Should the Inventors or any third party claim they are entitled to such compensation, Scynexis shall be entitled to pay
over any compensation due to C-CHEM pursuant to Clause 6 hereof into an escrow account maintained at a reputable bank or law firm, pending resolution of such claims. 

 

	10.	Limitation of Liability and Indemnity 

 10.1. Scynexis shall assume all risks associated with the
research, development, manufacture, use and supply of the Compounds and/or Products by Scynexis and its Affiliates and Licensees and shall be responsible for all third party claims relating to such Compounds and/or Products including, but not
limited to claims based on product liability laws. Scynexis shall fully indemnify, and at all times keep C-CHEM, its Affiliates and their Personnel fully indemnified, against any and all liability, damages, claims, proceedings and/or expenses
(including legal expenses and expert’s fees) arising out of or in connection with:- 
  

	 	10.1.1.	any research, development, manufacture, use, distribution or supply of the Compounds and/or the Products by Scynexis or its Affiliates or Licensees; and/or 

 

	 	10.1.2.	any possession or use by a third party of the Compounds and/or the Products manufactured and/or supplied by or on behalf of Scynexis, or its Affiliates or Licensees; and/or 

 

	 	10.1.3.	a breach of any of the warranties and representations given by Scynexis, pursuant to Clause 9.1. 

  

	10.2.	C-CHEM shall fully indemnify and at all times keep Scynexis, its Affiliates and their Personnel fully indemnified, against any and all liability, damages, claims, proceedings, expenses (including legal expenses and
expert’s fees) arising out of or in connection: 

  

	 	10.2.1.	with a breach of any of the warranties and representations given by C-CHEM pursuant to Clauses 9.1 and 9.2 and/or 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 12 

	 	10.2.2.	with any claims of the Inventors or any other third parties for any compensation that the Inventors or such third parties claim they are owed in connection with making, conceiving, or developing the Inventions, Patents,
and Know-How. 

 However, in no event shall [*] arising out of or in connection with this Agreement [*]. 

10.3. Where in this Agreement a party (the “Party Giving the Indemnity”) gives an indemnity to the other party (the “Party Receiving the
Indemnity”), such indemnity shall be subject to the following conditions:- 
  

	 	10.3.1.	the Party Receiving the Indemnity shall notify the Party Giving the Indemnity of any claim or action covered by the relevant indemnity (a “Claim”) within [*] of becoming aware of the Claim; 

 

	 	10.3.2.	the Claim does not arise as a consequence of any breach of this Agreement by the Party Receiving the Indemnity and/or from any negligence or misconduct by the Party Receiving the Indemnity; 

 

	 	10.3.3.	the Party Giving the Indemnity is given sole conduct of the defence and settlement of any Claim; 

  

	 	10.3.4.	the Party Receiving the Indemnity does not at any time prejudice the defence of the Claim; and 

  

	 	10.3.5.	the Party Receiving the Indemnity provides the Party Giving the Indemnity (at the cost of the Party Giving the Indemnity) with such assistance, documents, authority and information as the Party Giving the Indemnity may
reasonably require in relation to the Claim and the defence or settlement of the Claim. 

  

	10.4.	Neither party shall be liable for any punitive, special, consequential or indirect loss or damage arising out of this Agreement or any breach of it. 

 

	10.5.	In addition to the indemnification remedy described above, in the event that Scynexis is determined by a court, government agency, arbitrator or other body to be liable for any payments to the Inventors or any third
party for compensation in connection with the Inventions, Patents, and Know-How, Scynexis will be entitled to withhold a corresponding amount from any pending or future payments due to C-CHEM by Scynexis pursuant to Clause 6 hereof.

  

	11.	Infringements 

  

	11.1.	C-CHEM shall promptly notify Scynexis with such details as it has in its possession of any infringements of the Patents as and when it becomes aware of such infringement. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 13 

	11.2.	C-CHEM shall provide Scynexis with such assistance as Scynexis may reasonably request in connection with any proceedings against infringers of the Patents. Scynexis shall reimburse all C-CHEM’s reasonable
out-of-pocket expenses of providing such assistance, supported by the appropriate proof of payment. 

  

	12.	Maintenance of the Patents 

  

	12.1.	Subject to this Clause 12, Scynexis shall maintain the Patents in force until the end of their lifetime. 

  

	12.2.	If Scynexis does not wish to continue to pay the renewal fees or other fees in respect of a Patent, then Scynexis shall promptly notify C-CHEM of this intention at least [*] before the corresponding action must be
taken. 

  

	12.3.	If C-CHEM notifies Scynexis that it wishes to acquire the Patent notified to C-CHEM pursuant to Clause 12.2 then Scynexis shall promptly assign to C-CHEM all of Scynexis’ right, title and interest in the Patent and
C-CHEM shall grant to Scynexis a non-exclusive licence (together with the right to grant sub-licences) under the Patent to research, develop, manufacture, import, market, use, sell and supply products and to perform any other act that would infringe
the Patent were it not for this licence. This license shall be [*]. 

  

	12.4.	C-CHEM shall provide Scynexis with such assistance as Scynexis may reasonably request in connection with any proceedings where the validity of the Patents is at issue. Scynexis shall reimburse all of C-CHEM’s
reasonable out-of-pocket expenses of providing such assistance, supported by the appropriate proof of payment. 

  

	13.	Exploitation 

 Scynexis shall undertake reasonable commercial efforts to develop and
commercialise a Product having regard to the size and profitability of the potential market for the Product, the risks associated with the development of the Product and any adverse factors that may become apparent during the development of the
Product. 
  

	14.	Confidential Material 

  

	14.1.	In this Agreement, “Confidential Material” owned by Scynexis shall, subject to Clause 14.3, mean the Know How and all Information disclosed by Scynexis or any of its Affiliates to C-CHEM or any of its
Affiliates on or after the Commencement Date. 

  

	14.2.	In this Agreement, “Confidential Material” owned by C-CHEM shall, subject to Clause 14.3, mean all Information disclosed by C-CHEM or any of its Affiliates to Scynexis or any of its Affiliates on or after the
Commencement Date excluding the Know How. 

  

	14.3.	In this Agreement, “Confidential Material” shall not include any information or materials which the Holding Party can prove:- 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 14 

	 	14.3.1.	is or becomes public knowledge through no improper conduct on the part of the Holding Party, its Affiliates and/or their respective Personnel; 

 

	 	14.3.2.	is already lawfully possessed by the Holding Party and/or its Affiliates without any obligations of confidentiality or restrictions on use prior to the Holding Party first receiving it from the Owning Party provided
that this exception shall not apply in the case of the Know How and/or 

  

	 	14.3.3.	is obtained subsequently by the Holding Party and/or its Affiliates from a third party without any obligations of confidentiality and such third party is in lawful possession of such information or materials and not in
violation of any contractual or legal obligation to maintain the confidentiality of such information or materials. 

  

	14.4.	The Holding Party shall treat all Confidential Material owned by the other party as secret and confidential and shall not use, copy or disclose to any third party any Confidential Material owned by the other party
except that:- 

  

	 	14.4.1.	Scynexis may use and disclose Confidential Material owned by C-CHEM and/or its Affiliates as reasonably necessary to exploit the Patents and the Know How; 

 

	 	14.4.2.	C-CHEM may use and disclose Confidential Material owned by Scynexis as reasonably necessary to enforce its rights under this Agreement provided that C-CHEM shall not disclose information concerning development and/or
sales of the Products without the prior written consent of Scynexis. 

  

	 	14.4.3.	the Holding Party may disclose Confidential Material owned by the other party to those of its officers and employees and Affiliates to whom such disclosure is reasonably necessary (and only disclose that part of the
Confidential Material owned by the other party whose disclosure is reasonably necessary) provided that the Holding Party shall remain responsible for procuring that its officers and employees do not further disclose and/or use the Confidential
Material owned by the other party for any other purpose; and/or 

  

	 	14.4.4.	after giving written notice to the Owning Party, the Holding Party may disclose any part of the Confidential Material owned by the other party solely to the extent that it is legally required to do so pursuant to an
order of a court of competent jurisdiction or governmental authority provided that the Holding Party shall use its best endeavours to limit such disclosure and to provide the Owning Party with an opportunity to make representations to the relevant
court or governmental authority. 

  

	14.5.	 All documents, materials and other items (including items in electronic form), and any intellectual property rights therein, provided by the Owning
Party to the Holding Party 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 15 

	 	
containing Confidential Material shall remain the absolute property of the Owning Party. 

  

	14.6.	The Holding Party shall at all times maintain documents, materials and other items (including items in electronic form) containing Confidential Material owned by the other party and any copies thereof, in a secure
fashion by taking reasonable measures to protect them from theft and unauthorised copying, disclosure and without prejudice to the foregoing shall exercise at least the same degree of care to prevent unauthorized disclosure and/or use of the
Confidential Material owned by the other party as the Holding Party exercises in respect of its own confidential material of like importance. 

  

	14.7.	The Holding Party shall notify the Owning Party immediately if the Holding Party becomes aware of any unauthorised use or disclosure of, or any unauthorised access to or of any theft or loss of any copies of any
Confidential Material owned by the other party. 

  

	14.8.	The provisions of this Clause 14 shall continue for [*] and shall, for the avoidance of doubt, survive termination or expiry of this Agreement. 

 

	15.	Expiry and Termination 

  

	15.1.	Unless terminated earlier in accordance with the provisions of Clause 15.2 or 15.3 or 15.4, this Agreement shall expire when no Valid Claims remain. 

 

	15.2.	C-CHEM may terminate this Agreement forthwith by giving Scynexis immediate written notice of termination if an entry of a decree or order by a court of competent jurisdiction is made:- 

 

	 	15.2.1.	appointing a custodian, receiver, liquidator, assignee or trustee of Scynexis; or 

  

	 	15.2.2.	ordering the winding up or liquidation of the affairs of Scynexis. 

  

	15.3.	The Agreement can be terminated by Scynexis alone in its sole discretion, at any time, by thirty (30) days written notice to C-CHEM. 

 

	15.4.	In the event of any breach of any term or condition of this Agreement by either party, the non-breaching party shall give 60 (sixty) days written notice to the breaching party to correct such breach and the damages
arisen therefrom, along with a written explanation regarding the breach and such damages and how they should be corrected. In the event the breach and the damages arisen are not corrected within the sixty-day period, the non-breaching party shall
have the right to immediately terminate this Agreement by written notice of termination. 

  

	16.	Consequences Of Expiry Or Termination 

  

	16.1.	 On expiry of this Agreement, Scynexis shall have a fully paid-up, royalty free, world-wide, exclusive licence, and the right to grant sub-licences,
under the Know-How and Ancillary Rights to research, develop, manufacture, import, market, use, sell, and 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 16 

	 	
supply products and to perform any other act that would infringe the Know Flow and/or Ancillary Rights were it not for this licence. 

 

	16.2.	On expiry or termination of this Agreement for any reason:- 

  

	 	16.2.1.	Scynexis shall within [*] of the date of termination or expiry pay to C-CHEM all sums due to it under this Agreement in respect of the period up to and including the date of termination including any royalties payable
on Products sold prior to or on the date of termination; 

  

	 	16.2.2.	any rights or remedies of each of the parties arising from any breach of this Agreement shall continue to be enforceable; 

  

	 	16.2.3.	the following provisions shall continue in full force and effect: Clause 1 (Definitions), Clause 4 (Non-Exclusive License Grant), Clause 6 (Payment) in respect of Royalties payable pursuant to Clause 16.2.1, Clause 14
(Confidential Material), Clause 16 (Consequences of Expiry or Termination) and Clause 17 (General). 

  

	16.3.	On termination of this Agreement by C-CHEM pursuant to Clause 15.2 or 15.4, or by Scynexis pursuant to Clause 15.3, Scynexis shall promptly reassign the Patents, the Know How and the Ancillary Rights, and immediately
return the Documentation to C¬CHEM and: 

  

	 	16.3.1.	Scynexis shall, and shall procure that its Affiliates shall, forthwith cease all activities which would require a licence under the Patents save that Scynexis and its Affiliates shall be entitled to sell and dispose of
any stock of Products or Compounds in existence on or prior to the date of termination of the Agreement; and 

  

	 	16.3.2.	in the event that Scynexis has sublicensed the Patents to one or more Licensee(s), C-CHEM shall grant to each Licensee a licence on terms equivalent to the licence agreement between such Licensee and Scynexis, provided
however that the terms of the license between such Licensee and C-CHEM are not less favourable to C-CHEM than the licence terms contained in the present Agreement. 

 

	17.	General 

 Interpretation 

 

	17.1.	In this Agreement:- 

  

	 	17.1.1.	“including” means including without limitation; “include” and “includes” shall be construed accordingly. 

 

	 	17.1.2.	the headings are for convenience only and shall not affect the interpretation of this Agreement. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 17 

 Notices 
  

	17.2.	Any notice or other communication given under this Agreement shall be in writing in English and shall be:- 

  

	 	17.2.1.	delivered by hand or by courier ; or 

  

	 	17.2.2.	sent by pre-paid airmail; or 

  

	 	17.2.3.	sent by fax (confirmed by pre-paid airmail placed in the post on or on the day after the date of transmission); 

to the address or the fax number set out below or to such other address or fax number as may from time to time be notified to the other party
in writing. 
  

			
	SCYNEXIS, Inc.	  	C-CHEM AG
	Attn: General Counsel	  	Attn: Dr. Daniel Zimmermann
	3501-C TriCenter Boulevard	  	Bundesplatz 12
	Durham NC 27713	  	CH-6300 Zug
	United States of America	  	Switzerland
	Fax: 1 919 544 8697	  	Fax: 41 61 426 95 21

  

	17.3.	Any notice given under Clause 17.2 shall be deemed to have been received:- 

  

	 	17.3.1.	on the date of delivery if delivered by hand or by courier prior to 5:00 pm on a business day, otherwise on the next business day following the date of delivery; 

 

	 	17.3.2.	on the fourth business day from and including the day of posting in the case of pre-paid airmail; or 

  

	 	17.3.3.	on the next business day following the day of transmission in the case of facsimile (confirmed by pre-paid first class post/airmail as provided above). 

 

	17.4.	In Clause 17.3 business day shall mean a day that is not Saturday, Sunday and/or a public holiday in the country to which the notice is sent. 

Severability 
  

	17.5.	If any provision of this Agreement is declared by any judicial or other competent authority to be void, voidable, illegal or otherwise unenforceable then the remaining provisions of this Agreement shall continue in full
force and effect. The judicial or other competent authority making such determination shall have the power to limit, construe or reduce the duration, scope, activity and/or area of such provision, and/or delete specific words or phrases as necessary
to render, such provision enforceable. 

 Waiver 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 18 

	17.6.	Failure or delay by either party to exercise any right or remedy under this Agreement shall not be deemed to be a waiver of that right or remedy, or prevent it from exercising that or any other right or remedy on that
occasion or on any other occasion. 

 Entire Agreement 

 

	17.7.	This Agreement and the Assignment constitute the entire agreement and understanding of the parties relating to the subject matter of this Agreement and supersede all prior oral or written agreements, representations,
understandings or arrangements between the parties relating to the subject matter of this Agreement, including the Option Agreement. 

  

	17.8.	No provision of this Agreement shall operate to:- 

  

	 	17.8.1.	exclude any provision implied into this Agreement by law and which may not be excluded by law; or 

  

	 	17.8.2.	limit or exclude any liability, right or remedy to a greater extent than is permissible under law including in relation to (1) death or personal injury caused by the negligence of a party to this Agreement or
(2) fraudulent misrepresentation or deceit. 

  

	17.9.	No change shall be made to this Agreement except in writing in the English language signed by the duly authorised representatives or directors of both parties. 

Relationship of the Parties 
  

	17.10.	Nothing in this Agreement shall create, evidence or imply any agency, partnership or joint venture between the parties. 

  

	17.11.	Neither party shall act or describe itself as the agent of the other party nor shall either party have or represent that it has any authority to make commitments on behalf of the other. 

Assignment 
  

	17.12.	Neither party shall assign, delegate or transfer this Agreement, or assign, delegate, transfer, sub-contract or charge, any of its rights or obligations under hereunder, other than to an Affiliate or successor, without
the prior written consent of the other party, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, Scynexis may assign, delegate, transfer, sub-contract or charge this Agreement, or any of its rights or obligations
relating thereto, in connection with the sale of all or substantially all of the assets to which this Agreement relates. 

Publicity 
  

	17.13.	 C-CHEM shall not and shall procure that its respective Personnel and Affiliates shall not, make any announcement, or comment upon, or originate any
publicity, or 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 19 

	 	
otherwise provide any information to any third party (other than its legal advisors and auditors) concerning this Agreement including the existence of this Agreement, the terms of this Agreement,
the performance of this Agreement and/or any dispute or disagreement relating to this Agreement, without the prior written consent of the Scynexis. 

Force Majeure 
  

	17.14.	If the performance by a party of its obligations under this Agreement is prevented, restricted, delayed or interfered with by any circumstances beyond the reasonable control of that party, its licensees, contractors and
subcontractors, then that party shall, upon giving prompt notice to the other party specifying the circumstances and obligations concerned, be excused from such performance to the extent of such prevention, restriction, delay or interference.

 Law and Jurisdiction 
  

	17.15.	This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of North Carolina (excluding its choice of law rules) and the parties irrevocably accept the exclusive
jurisdiction of the federal and state courts of the state of North Carolina in respect thereof. 

 AGREED by the parties through their
duly authorised representatives on the date written at the top of the first page of this Agreement:- 
  

									
	For and on behalf of C-CHEM AG	 		 	For and on behalf of SCYNEXIS, Inc.
					
	Signed:	 	 /s/ Daniel Zimmermann
	 		 	Signed:	 	 /s/ Brian Schwab

					
	Full Name:	 	 Daniel Zimmermann
	 		 	Full Name:	 	 Brian Schwab

					
	Title:	 	 Sole Board Member
	 		 	Title:	 	 Chief Licensing Officer and General Counsel

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 20 

 Schedule 1 

The Patents 
 [*]

  

							
	[*]	  	[*]	  	[*]	  	[*]

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 21 

 Schedule 1 

The Patents 
 [*]

  

							
	[*]	  	[*]	  	[*]	  	[*]

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 22 

 Schedule 2 

The Know How 
 [*]

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 23 

 Schedule 3 

Assignment of the Patents 

Dated 10 June 2005 

(1) C-CHEM AG 
 - and -

 (2) SCYNEXIS, Inc. 
  

 
 Patent
Assignment 
  
  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 24 

 THIS ASSIGNMENT is made the 10th day of June 2005

 BETWEEN:- 
  

	(1)	SCYNEXIS, Inc. a corporation incorporated under the laws of Delaware having its principal place of business at 3501C Tricenter Boulevard, Durham, North Carolina, 27713, United States of America
(“Scynexis”); and 

  

	(2)	C-CHEM AG a company incorporated under the laws of Switzerland having its principal place of business at Bundesplatz 12, CH-6300 Zug, Switzerland (“C-CHEM”). 

BACKGROUND:- 
  

	(A)	C-CHEM is the owner of the Patents set out in the Appendix (the “Patents”). 

  

	(B)	C-CHEM is willing to assign the Patents to Scynexis, and Scynexis wishes to receive the-assignment of the Patents, in accordance with the provisions of this Assignment. 

THE PARTIES AGREE AS FOLLOWS:- 

Assignment 
  

	1.	C-CHEM hereby assigns to Scynexis irrevocably and absolutely with full title guarantee all right, title and interest in the Patents, including but not limited to:- 

 

	 	1.1	the right in relation to infringements of the Patents and any patents resulting from the Patents, to recover and take all such proceedings as may be necessary for the recovery of damages or otherwise, including, without
limitation, the right to recover damages for past infringements; 

  

	 	1.2	the right to apply for and the right to be granted patent, or other protection anywhere in the world in respect of the inventions disclosed in the Patents; 

 

	 	1.3	all rights to claim priority anywhere in the world on the basis of the Patents; and 

 the right
to apply for extensions, renewals and Supplementary Protection Certificates in respect of the Patents and any patents resulting from the Patents. 

Further Assurances 
  

	2.	C-CHEM shall free of charge, as and when requested by Scynexis, do all acts and execute all documents as may be reasonably necessary or desirable to give full effect to the provisions of this Assignment.

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 25 

 Law 
  

	3.	This Assignment shall be governed by the law of the State of North Carolina. 

 AGREED by the parties
through their duly authorised representatives on the date written at the top of the first page of this Agreement:- 
  

									
	For and on behalf of C-CHEM AG	 		 	For and on behalf of SCYNEXIS, Inc.
					
	Signed:	 	 /s/ Daniel Zimmermann
	 		 	Signed:	 	 /s/ Brian Schwab

					
	Full Name:	 	 Daniel Zimmermann
	 		 	Full Name:	 	 Brian Schwab

					
	Title:	 	 Sole Board Member
	 		 	Title:	 	 Chief Licensing Officer and General Counsel

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 26 

 Appendix 

The Patents 
 [*]

  

							
	[*]	  	[*]	  	[*]	  	[*]

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 27 

 [*] 
  

							
	[*]	  	[*]	  	[*]	  	[*]

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 28 

 Schedule 4 

C-CHEM AG Board of Directors Resolution 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 29 

									
		 	 Beschluss des Verwaltungsrats

der
 C-Chem AG

Bundesplatz 12, 6300 Zug
	  		 		 	 Resolution of Board of Directors

of
 C-Chem AG

Bundesplatz 12, 6300 Zug

	  

I.      
	 	  
 Traktanden:
	  		 	  

I.      
	 	  
 Agenda

					
		 	Verkauf und Uebertragung aller Patente der C-Chem AG (der „Verkauf”) gemaess dem Entwurf des “Agreement for the Assignment of Patents and Know How concerning Cyclosporin Derivatives” zwischen C-Chem AG and
Scynexis, Inc. P.O. Box 12878, Research Triangle Park, NC 27709-2878, USA, (der ,,Kaufvertrag”)	  		 		 	Sale and assignment of all patents of C-Chem AG (the “Sale”) pursuant to the draft of the Agreement for the Assignment of Patents and Know How concerning Cyclosporin Derivatives between C-Chem AG and Scynexis, Inc. P.O.
Box 12878, Research Triangle Park, NC 27709-2878, USA, (the “Sales Agreement”)
					
		 	Dem Verwaltungsrat liegt der Entwurf des Kaufvertrages vor.	  		 		 	The Board of Directors has been presented with the draft of the Sales Agreement
					
		 	Die ausserordentliche Generalversammlung der C-Chem AG vom 26. Mai 2005 hat den Kaufvertrag genehmigt und den Verwaltungsrat mit der Durchführung des Verkaufs beauftragt.	  		 		 	The extraordinary general assembly of the shareholders of C-Chem AG of 26th May 2005 has approved the Sales Agreement, and has authorized the Board of Directors to execute
the Sales transaction.
					
		 	Beantragt ist ein Beschluss des Verwaltungsrates der C-Chem AG, wonach der Verkauf und der Kaufvertrag zu genehmigen ist und Dr. Daniel Zimmermann mit der Durchführung des Verkaufs und der Unterzeichnung des Kaufvertrags
betraut wird.	  		 		 	Motion for a resolution by the Board of Directors of C-Chem AG that approves the sale and Sales Agreement, and that authorizes Dr. Daniel Zimmermann to consummate the Sale and sign the Sales Agreement.
	  

II.     
	 	  
 Beschluss
	  		 	  

II.     
	 	  
 Resolution

					
		 	Der Verwaltungsrat genehmigt den Verkauf und den Kaufvertrag und ermaechtigt Dr. Daniel Zimmermann mit der Durchführung des Verkaufs und der Unterzeichnung des Kaufvertrags der massgeblich dem beiliegenden Entwurf
entspricht.	  		 		 	The Board of Directors approves the Sale and the Sales Agreement, and that authorizes Dr. Daniel Zimmermann to consummate the Sale and sign the Sales Agreement that corresponds to the attached draft in all material
respects.

  

	26.	Mai 2005 

  

	
	 /s/ D. Zimmermann

	Dr. Daniel Zimmermann
	Einziges Mitglied des Verwaltungsrates
	(Sole Member of the Board of Directors)

 Beilage (Attachment): Entwurf Kaufvertrag Scynexis, Inc. (Draft of Sales Agreement Scynexis, Inc.) 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 29-A 

 Schedule 5 

C-CHEM AG Shareholder Resolution 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 30 

					
	 NOTARIELLES PROTOKOLL

der
 ausserordentlichen
Generalversammlung
 der

C-Chem AG
 Bundesplatz 12,
6300 Zug
 vom 26. Mai 2005
 in
Basel, Picassoplatz 8
	  		  	 MINUTES

of
 extraordinary general assembly
of shareholders
 of
 C-Chem
AG
 Bundesplatz 12, 63 00 Zug

of 26 May 2005
 in Basel,
Picassoplatz 8

	  
 Heute habe ich, Andreas Miescher, öffentlicher Notar des Kantons
Basel-Stadt, an der ausseror-dentlichen Generalversammlung der C-Chem AG, in Zug, abgehalten in meinem Büro, teilgenommen, und das nachfolgende Protokoll in öffentlicher Urkunde aufgenommen:
	  		  	  
 Today I, Andreas Miescher, Notary Public of the Canton of Basel-Stadt,
have been present at the extraordinary general assembly of Chem, in Zug, which took place in my office and kept the following minutes in a notarial act:

	  
 Anwesend:

Dr. Daniel Zimmermann (VR-Mitglied)
	  		  	  
 Present:

Dr. Daniel Zimmermann (Member of Board of Directors)

	  
 Dr. Daniel Zimmermann eröffnet die Versammlung und übernimmt
den Vorsitz. Der instrumentierende Notar wird mit der Führung des Protokolls betraut. Dr. Zimmermann stellt fest und der instrumentierende Notar bestaetigt, dass sämtliche Aktien der Gesellschaft wie folgt anwesend sind:
	  		  	  
 Dr. Daniel Zimmermann opens the general assembly and acts as
chairperson. The undersigned Notary is charged with keeping the minutes. Dr. Zimmermann determines and the undersigned Notary confirms that all shares of the company are present as follows:

  

											
	 Aktionär

(Shareholder)
	  	 Art

(Class of shares)
	  	Anzahl Aktien
(Number of
Shares)	 	  	in %	 
	 Dr. Daniel Zimmermann

als Aktionär / as shareholder
	  	 Inhaberaktien
 (Common bearer
shares)
	  	 	50	  	  	 	50	% 
	 Dr. Daniel Zimmermann

als Aktionär / as shareholder
	  	 Inhaber-Vorzugsaktien
 (Preferred bearer
shares)
	  	 	50	  	  	 	50	% 
		  		  	  
	  
	 	  	  
	  
	 
		  	 Total
	  	 	100	  	  	 	100	% 
		  		  	  
	  
	 	  	  
	  
	 

  

					
	Der Vorsitzende stellt entsprechend fest, dass sämtliche Aktionäre der C-Chem AG anwesend oder vertreten sind und die Versammlung damit als Universalversammlung gemäss Artikel 701 OR beschlussfähig ist.	  		  	The chairperson accordingly determines that all shareholders of C-Chem AG are present or represented, and that the assembly is able to make valid resolutions as a “Universal Assembly” pursuant to Article 701 of the Code of
Obligations.
	  
 Da gegen die den Anwesenden bekannte Traktandenliste sowie gegen die
obigen Feststellungen keine Einwendungen erhoben werden, werden die folgenden Traktanden behandelt:
	  		  	  
 Since no objections are raised against the agenda known to all present
and against the above determinations, the following agenda items will be discussed:

			
	 Verkauf und Uebertragung aller Patente der C-Chem AG (der „Verkauf”) gemaess dem Entwurf des “Agreement for the Assignment of Patents and
Know How concerning
	  		  	 Sale and assignment of all patents of C-Chem AG (the “Sale”) pursuant to the draft of the Agreement for the Assignment of Patents and Know How
concerning

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 30A 

					
	 Cyclosporin Derivatives” zwisehen C-Chem AG and Scynexis, Inc. P.O. Box 12878, Research Triangle Park, NC 27709-2878, USA, (der
„Kaufvertrag”)
	 		 	 Cyclosporin Derivatives between C-Chem AG and Scynexis, Inc. P.O. Box 12878, Research Triangle Park, NC 27709-2878, USA, (the “Sales
Agreement”)

	  
 Die Versammlung nimmt Kenntnis vom Entwurf des Kaufvertrages, der
vorgelegt wird und vom Antrag des Verwaltungsrates, den Verkauf und den Kaufvertrag zu genehmigen und den Verwaltungsrat mit der Durchführung des Geschäftes zu betrauen.
	 		 	  
 The assembly takes note of the draft of the Sales Agreement which is
being presented and of the motion of the Board of Directors to approve the Sale and the Sales Agreement, and to authorize the Board of Directors with the execution of the Sale transaction.

	  
 Die Versammlung genehmigt einstimmig den Verkauf und den Abschluss des
Kaufvertrages,der massgeblich dem beiliegendenEntwurf entspricht, und betraut den Verwaltungsrat mit der Durchführung des Geschäfts.
	 		 	  
 The Assembly approves unanimously the Sale and the Sales Agreement that
corresponds to the attached draft in all material respects, and authorizes the Board of Directors to consummate the Sale transaction.

	  
 Diverses
	 		 	  
 Various

			
	Keine weiteren Geschäfte.	 		 	No other business.
	  
 Nach Bchandlung sämtlicher Traktanden schliesst der Vorsitzende
die Versammlung. Er bestätigt, __ss während der ganzen Dauer sämtliche Aktien v__treten waren und dass kein Widerspruch gegen di__ Durchführung dieser Versammlung erhoben wu__e.
	 		 	  
 After discussion of and resolution on all agenda items, the chairperson
closes the assembly. He confirms that during the entire duration of the assembly, all shares have been represented, and that no objection was raised against the holding of the assembly.

 Urku__dlich dessen wurde dieses notarielle Protokoll nach Lesung und Genehmigung vom Vorsit__den. und von mir, dem
Notar, unter Beisetzung meines amtlichen. Siegels hiemach unterzeich__t. In Witness whereof these Notarial Minutes have been, after lecture and approval, signed by the Chairperson and by me, the notary public, who affixed the official seal.

 Basel, den 26 (sechsundzwanzigsten) Mai 2005 (zweitausendundfünf)/Basel, this 26th
(twenty-sixth) day of May 2005 (two thousand and five) 
  

	
	Der Vorsitzende (Chairperson)
	
	 /s/ D. Zimmermann

	Dr. Daniel Zimmermann
	Einziges Mitglied des Verwaltungs
	(Sole Member of the Board of Directors)
	
	Für das Protokoll (for the Minutes):
	
	 /s/ Andreas Miescher

	Andreas Miescher, Notar

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 30B 

 Schedule 6 

C-CHEM AG Extract from Companies Register 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 31 

  
 

 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 31A 

  
 

 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 31B

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