Document:

EX-4.28

 Exhibit 4.28 

LICENSE AGREEMENT 
 THIS Agreement is
entered into this 6th day of October, 2015 (“Effective Date”) between DUKE UNIVERSITY, a nonprofit educational and research institution organized under the laws of North Carolina (“DUKE”), having a place of business at Durham,
North Carolina 27710, and Medifocus Inc., a corporation organized under the laws of Ontario, Canada (“Licensee”) having its principal office at 10240 Old Columbia Road, Suite G, Columbia Maryland, 21046 (collectively “Parties”
and individually “Party”). 
 RECITALS 

WHEREAS, DUKE owns certain Patents (defined below) relating to an invention (“the invention”) described in Duke Office of Licensing &
Ventures File #1519, entitled “ A Method For Selective Expression of Therapeutic Genes in Cancer Cells by Hyperthermia”, which was invented by Inventors (defined below), and DUKE has the right to grant licenses under the Patents (defined
below). 
 WHEREAS, it is understood that the United States Government (through any of its agencies or otherwise) funded research, during the course of or
under which the Invention was conceived or made, the United States Government is entitled, as of right, under the provisions of 35 U.S.C. § 200-212 and applicable regulations of Chapter 37 of the Code of Federal Regulations. 

WHEREAS, DUKE desires to have its Patents developed and commercialized to benefit the public and is willing to grant a license to the Licensee for that
purpose. 
 WHEREAS, Licensee desires to obtain a license under the Patents upon the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein, and for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 TERMS AND CONDITIONS

 ARTICLE 1 – DEFINITIONS 

For the purposes of this Agreement, the terms and phrases below have the following definitions: 

1.1 “Affiliate” means any corporation or non-corporate entity that controls, is controlled by or is under the common control with a party. A
corporation or a non-corporate entity, as applicable, is deemed to be in control of another corporation if (a) it owns or directly or indirectly controls at least 50% of the voting stock of the other corporation or (b) in the absence of
ownership of at least 50% of the voting stock of a corporation, or in the case of a non-corporate entity, if it possesses directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation or
non-corporate entity, as applicable. 
 1.2 “Change of Control of Licensee” means, with respect to the Licensee, any merger or other
transaction or series of related transactions (i) that results in the holders of voting securities of the Licensee outstanding immediately prior thereto failing to continue to represent (either by

  
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remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the
Licensee or such surviving entity outstanding immediately after such merger or transaction or series of transactions, or (ii) in which a Third Party acquires all or substantially all of the Licensee’s business or assets, whether by merger,
acquisition, sale or otherwise. 
 1.3 “Distributor” means a Third Party that, pursuant to a written distribution agreement between such
Third Party and Licensee (“Distribution Agreement”), resells Licensed Products to End-Users (as permitted under the terms of the license granted in this Agreement. 

1.4 “End-User” shall mean a person or entity who acquires a Licensed Product, directly or indirectly from the Licensee, solely for personal
or internal use and not for resale. 
 1.5 “Field of Use” means any aspect of cancer therapy. 

1.6 “Inventors” means Chuan-Yuan Li. 
 1.7
“Know-how” means any research information, technical information, technical data, or other information that is (a) generated at DUKE by or under the direct supervision of one of the inventors, before the Effective Date or
otherwise owned by DUKE; and (b) that is necessary for the practice of the Licensed Methods or for the use or production of the Licensed Products, and that is not covered by the Patents. Know-how does not include any inventions, technology,
cell lines, biological materials, compounds, probes, sequences, or methods or any uses thereof (i) that are patented, (ii) that patentable but unpatented, or (iii) for which patent applications are pending. Further, Know-how does not
include any research information, technical information, technical data or other information or any uses of any of the foregoing that DUKE cannot provide to Licensee because of other legal obligations of DUKE, such as those arising out of sponsored
research, clinical research, material transfer, license, option to license, confidentiality, or other agreements. 
 1.8 “Licensed Method”
means any method that, without the license granted hereunder, would infringe one or more Valid Claim. 
 1.9 “Licensed Product” means any
product or part thereof that: 
 (a) without the license granted hereunder would infringe one or more of the Valid Claims of the
Patents, or 
 (b) is manufactured by using a Licensed Method or that, when used, practices a Licensed Method. 

1.10 “Licensed Service” means any service that is (a) provided by Licensee to a Third Party and (b) that utilizes Licensed Product
or Licensed Method. 
 1.11 “Net Sales” 

(a) Means the monies invoiced by Licensee or its sublicensees for: (i) the Sale of Licensed Product(s) to Third Parties, or
(ii) for the provision of Licensed Services to a Third Party. 

  
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 (b) Net Sales shall not include the cost of trade discounts (not to exceed ten percent
(10%) of the invoiced price); credits or allowance given for rejected or returned products; freight; insurance; value added, use, or sales taxes stated on the invoice; or customs duties, tariffs and governmental charges actually imposed on the
transfer or transport of Licensed Products across borders. No allowance or deduction shall be made for commissions or fees for collection or cost of goods, by whatever name known. 

(c) If a Licensed Product is sold in a kit or is combined with any products or components that are not Licensed Products
(“Combination Product(s)”), Net Sales for the purposes of determining royalties of a Combination Product shall be calculated by multiplying Net Sales of the Combination Product by the fraction A/(A+B)(“Multiplier”), where A is
the fair market value of the Licensed Product if sold separately and B is the fair market value of the other product(s) or component(s) in the Combination Product if sold separately. If the fair market value of A or B is not known, Licensee will
negotiate in good faith calculate the Multiplier, in accordance with reasonable and customary standards of the industry. Notwithstanding the foregoing, the royalty rate on Net Sales paid to Licensor a Combination Product shall in no event be less
than 1.25%. 
 (d) Licensed Products and Licensed Services are considered “sold” when billed out or invoiced or, in the
event such Licensed Services are not billed out or invoiced, when the consideration for provision of the Licensed Services is received by the Licensee. 

1.12 “Non-Commercial Research Purposes” means the use of the Invention and/or the Know-How for non-commercial academic research purposes or
other non-commercial not-for profit scholarly purposes, where “non-commercial” means not involving the use of the Invention to perform services for a fee or for the production or manufacture of products for Sale to Third Parties. 

1.13 “Patent(s)” means (a) the patents and patent applications listed in Appendix A (hereafter referred to as “Patent
Applications”); (b) any patent issuing from any such Patent Application, including any reissue, reissuance, or confirmation of a patent from a post grant proceeding, reexamination, or extension; and (c) any U.S., foreign, and
international non-provisional applications claiming priority at any time to the Patent Applications, including any division, substitution, continuation, continuations-in-part containing claims enabled by the specification of the Patent Applications,
or national and regional phase applications. Notwithstanding the foregoing, the Patents do not include those patents and/or patent applications that, during the term of this Agreement, cease to be Patents pursuant to Article 6.1 or 6.4. 

1.14 “Sale” means the act of selling, leasing, or otherwise transferring, providing, or furnishing for use for any consideration.
Correspondingly, “Sell” means to make or cause to be made a Sale, and “Sold” means to have made or caused to be made a “Sale.” 

1.15 “Territory” means Worldwide. 
 1.16
“Third Party” means any individual or entity that is not a Party to this Agreement. 
 1.17 “Valid Claim” means with respect
to any country any claim of a pending Patent Application or issued and unexpired Patent that has not been held unpatentable, invalid, or unenforceable by a court or other government agency of competent jurisdiction in a decision over which no appeal
can or has been taken and has not been admitted to be invalid or 

  
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unenforceable through reissue, re-examination, disclaimer or otherwise; provided, however, that if the holding of such court or agency is later reversed by a court or agency with overriding
authority, the claim shall be deemed a Valid Claim with respect to Net Sales made after the date of such reversal. 
 1.18 Interpretations of Terms and
Phrases. 
 (a) Words denoting a singular number include the plural and vice versa. 

(b) Certain other defined terms have the meanings given them elsewhere in this Agreement. 

(c) References to “$” or “Dollars” refer to U.S. Dollars. 

ARTICLE 2 – LICENSE 
 2.1
Exclusive License Under the Patents. Subject to the terms and conditions of this Agreement, DUKE grants to Licensee and Licensee accepts from DUKE an exclusive, worldwide, royalty-bearing license (with the right to grant sublicenses under
Section 2.3) under the Licensed Patents for the Field of Use in the Territory to: 
 (a) use the Licensed Methods to make
Licensed Products; 
 (b) make, have made, import, use and/or otherwise commercialize Licensed Products; 

(c) sell and offer for sale Licensed Products; 

(d) sell, use, provide and/or otherwise commercialize Licensed Services. 

2.2 Non-Exclusive License Under the Know-how. Subject to the terms and conditions of this Agreement, DUKE grants to Licensee and Licensee accepts from
DUKE, a non-exclusive worldwide, royalty-bearing license (with the right to grant sublicenses under Section 2.3) to use Know-how for the Field of Use in the Territory to: 

(a) use the Licensed Methods to make Licensed Products; 

(b) make, have made, import, use and/or otherwise commercialize Licensed Products; 

(c) sell and offer for sale Licensed Products; 

(d) sell, use, provide and/or otherwise commercialize Licensed Services. 

2.3 Right to Grant Sublicenses. Licensee shall have the following rights to grant sublicenses (“Sublicense Grant”): 

(a) Sublicense Rights to Patents. Licensee shall have the exclusive right to grant written sublicenses to a Third Party
(“Sublicensee(s)”) under the Patents within the scope of the license granted in Section 2.1. 
 (b) Sublicense
Rights to Know-how. If a sublicense is granted to a specific Third Party pursuant to Article 2.3(a)(i), Licensee shall have the non-exclusive right to grant a written sublicense to the Know-how within the scope of the license granted in
Section 2.2 but only in connection with a sublicense granted under Section 2.3(b). 

  
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 (c) Restrictions on Sublicense Grant. Licensee shall have the right to grant
sublicenses pursuant to the Sublicense Grant provided that: 
 (i) notice of any sublicense or modification of an existing sublicense shall
be submitted to DUKE within at least thirty (30) after execution of any such sublicense or modification. Such notice shall include the name of the Sublicensee and whether the Sublicensee is considered a small entity under 37 C.F.R § 1.27.
Licensee shall promptly provide a copy of the sublicense or modified sublicense to DUKE upon the request of DUKE; from the execution of the sublicense 
  

	 	a)	each Sublicensee shall agree to be bound by all the obligations, terms, and conditions that obligate, bind, or affect Licensee under this Agreement; 

 

	 	b)	each sublicense will indicate in writing that the Sublicensee owes DUKE the same obligations as if the Sublicensee were the Licensee with respect to the record keeping and audit rights provisions under Articles 5.3 and
5.4; 

  

	 	c)	the terms and conditions of any sublicense shall be no less favorable to DUKE than this agreement; 

  

	 	d)	each sublicense shall be subject to termination with the termination of this Agreement, and each sublicense shall so state; 

  

	 	e)	sublicensee may not sublicense any rights under this Agreement; 

  

	 	f)	Licensee shall be and remain responsible for the performance by each sublicensee of all obligations under this Agreement and the sublicense; 

 

	 	g)	Licensee shall agree to ascertain, compute and audit all Nest Sales of a sublicense; 

  

	 	h)	any failure by Licensee to fulfill its obligations with respect to the oversight and supervision of its sublicensees shall be, and be deemed to be, a breach of this Agreement by Licensee; and 

 

	 	i)	within thirty (30) days of the execution, modification, or termination of any sublicense, Licensee must deliver to DUKE a true and correct copy of that sublicense as executed, modified, or terminated.

 2.4 No Other Rights. Except as expressly provided herein, the license granted hereunder does not confer any other rights upon
Licensee by implication, estoppel, or otherwise as to any technology or intellectual property (for example, but not limited to, know-how, patent applications, and patents) held by DUKE. 

  
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 2.5 Reservations of Rights to DUKE.  

(a) Notwithstanding anything to the contrary in this Agreement, DUKE retains the right to practice or license any invention, product,
or method covered by the Patents for its own educational, research and clinical purposes without restriction and without payment of royalties or other fees, including the right: 

 

	 	a)	to provide licenses to the Patents to governmental laboratories and to other non-profit or not-for-profit institutions; and 

  

	 	b)	to perform research for non-commercial purposes without restriction and without payment of royalties or other fees. 

(b) DUKE will not knowingly grant any for-profit party any rights to the Patents in the Field of Use, which are licensed to Licensee
under this Agreement. It is understood and acknowledged that nothing in this Agreement may be construed to restrict DUKE from using any rights provided by the Patents outside the Field of Use and/or Territory as it see fit (which shall include, but
shall not be limited to, the licensing of rights under the Patents to any Third Party). 
 (c) Nothing in this Agreement restricts
DUKE from using the Know-how as it sees fit (which shall include, but shall not be limited to, licensing, sharing or communicating the Know-how to any Third Party). 

2.6 Reservation of Rights to the U.S. Government. The provisions of Articles 2.1, 2.2, and 2.3 or any other provisions of this Agreement
notwithstanding, Licensee’s rights and license are subject to the rights of the U.S. Government pursuant to any funding agreement between DUKE and the Government. The parties agree that, notwithstanding any use of descriptive terms such as
“exclusive” in this Agreement, the U.S. Government has certain rights in the Patents as set forth in 37 CFR 401. Licensee agrees to comply with all obligations resulting from such government rights, including, but not limited to, the
requirement that any products sold in the United States based upon such technology must be substantially manufactured in the United States to the extent required by 35 U.S.C. Sec. 204. 

2.7 Favored Customer Conditions for Sales and Services to DUKE. Licensee will sell Licensed Products and Licensed Services to Duke for research,
clinical, educational, and other noncommercial purposes on a most favored customer basis. 
 2.8 Compliance with Laws. Licensee shall comply with,
and shall cause its sublicensees to comply with, all laws applicable in light of this Agreement. Each sublicense agreement shall require the sublicensee to comply with all such applicable laws. 

ARTICLE 3 – LICENSE FEE AND ROYALTIES 

3.1 Initial Fee. On the Effective Date, Licensee must pay to DUKE a non-refundable, non-creditable lump sum license fee of US$20,000. 

  
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 3.2 Running Royalty. 

(a) Calculation of Running Royalty. At the times and in the manner set forth in this Agreement, Licensee must pay to DUKE
a non-refundable, and non-creditable running royalty on Net Sales of Licensed Products, and Licensed Services (“Running Royalty”). The Running Royalty is calculated as follows: 

 

	 	a)	percent (2.5%) of Net Sales for Licensed Products during the term where granted patent is active; 

With respect to the calculation of Net Sales for a Combination Product, notwithstanding the calculation formation for Net Sales of Combination Products found
in the definition of Net Sales, the monies paid on the Net Sales for Combination Products shall not be less than 1.25% of the Net Sales of the Combination Product without using the Multiplier formula in the 

Know-How Running Royalty. If at any time during the term of this Agreement, there are no Valid Claims that cover a Licensed Product, for any:

 (a) products Sold that were made by or for the Licensee using the Know-How licensed hereunder to the Licensee (“Know-How
Licensed Product”); 
 Licensee must pay to DUKE a non-refundable, non-creditable running royalty of one percent (1%) of Net Sales for Know-How
Licensed Products. For the purposes of interpreting this provision alone the definition of Net Sales under Article 1.11 will be modified to replace the term “Licensed Product” with “Know-How Licensed Product” and “Licensed
Services” with “Know-How Licensed Services”. The Term for “Know-How Running Royalty shall expire 10 years from the date of the last to expire Valid Claim within the Patent Rights. 

 

	 	a)	definition of Net Sales. 

 (b) Stacking of Running Royalty. In the event
that (a) Licensee is a party to a license agreement with any Third Party, which license is required for the manufacture, use and/or sale of a Licensed Product or performance and/or sale of a Licensed Service and (b) Licensee’s
aggregate running royalty obligation (to DUKE and all such Third-Party licensors) on such Licensed Product or Licensed Service exceeds 10% of Net Sales, then in such event, the amount of running royalty obligation paid to all such parties will be
decreased proportionately so that the total running royalty obligation is reduced to 10% of Net Sales, provided, however, that such proportionate reduction of running royalties payable to DUKE (“DUKE Reduction”) shall apply only if a
proportionate royalty reduction on terms that are similar in all material respects to DUKE Reduction also applies to all such Third Party licensors, and provided further that the running royalty rate payable to DUKE shall in no event be reduced to
less than fifty percent (50)% of Net Sales. Nothing herein, however shall be construed as reducing the minimum annual royalties dues and payable as set forth in Article 3.6. 

(c) Valid Claims. The royalty payment obligation under Section 3.2(a) shall be due, on a country-by-country and
License Product-by-License Product or Licensed Service-by-Licensed Service basis only for Sales in those countries where there is a Valid Claim. 
 3.3
Royalties on Other Income. Licensee shall pay to DUKE 15 percent (15%) of all non-Running Royalty income received by Licensee as a result of its license to the Patents granted hereunder (“Other Income”). “Other Income”
shall include any advance payments or fees. For purposes of clarity, the obligations under this term expire when the last valid claim to Patent Rights expires. 

  
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 3.4 Milestone Payments. Licensee must pay to DUKE the non-refundable, non-creditable milestone payments
set forth in Appendix B (hereafter, “Performance Milestone Fees”). Each Performance Milestone Fee is due and payable within thirty (30) days of Licensee’s achievement of the relevant milestone. 

3.5 Application of Payments by DUKE. Notwithstanding reports, correspondence, or other communications from Licensee, it is understood that DUKE will
apply any amounts received from Licensee in accordance with its policies and procedures in effect at the time of receipt. 
 3.6 Payments Due in
Full. All payments due hereunder shall be paid in full, without deduction of taxes or other fees that may be imposed by any government or other entity. 

3.7 Deadlines for Payments and Late Payments. Licensee must make all payments due to DUKE under this Agreement on or before the date set forth by the
terms of this Agreement or within 30 days of any invoice date on invoices received from DUKE, whichever is earlier. If Licensee fails to pay any amount due to DUKE during the aforementioned time period, then the payments set forth in this Agreement
will bear interest until payment is made in full. Interest will be calculated on the balance due at a per annum rate of 4% above the prime rate in effect at the Wachovia Bank (N.A.) (or its successors, as the case may be) on the due date of the
payment(s) in question. Amounts due are compounded monthly until the Licensee meets the full financial obligation due at the time of the next payment or invoice due date. In no event, however, may any interest calculation hereunder exceed
18% per annum (or 1.5 % per month). The payment of such interest does not foreclose DUKE from exercising any other rights it may have as a consequence of the lateness of the payment, including termination in accordance with Article 10.3
herein. 
 3.8 Payment in U.S. Funds. All payments due to DUKE under this Agreement must be paid in United States Dollars in Durham, North Carolina,
or at such place as DUKE may reasonably designate consistent with the laws and regulations controlling in any foreign country. If any currency conversion is required in connection with such payments due, such conversion must be made by using the
exchange rate prevailing at Wachovia Bank (N.A.) (or its successor, as the case may be) on the last business day of the reporting period to which such payments relate. 

3.9 Foreign Restrictions on Payments. If at any time legal restrictions prevent the prompt remittance of part or all royalties by Licensee with respect
to any country where a Licensed Product is sold or a Licensed Service provided, Licensee shall convert the amount owed to DUKE into United States funds and shall pay DUKE directly from its U.S. source of funds for the amount impounded. Licensee
shall then pay all future royalties due to DUKE from its U.S. source of funds so long as the legal restrictions of this paragraph still apply. 
 3.10
Foreign Exchange. The rate of exchange to be used in computing the amount of currency equivalent in Dollars of Net Sales invoiced in other currencies shall be made at the monthly rate of exchange utilized by Licensee, in accordance with GAAP,
fairly applied and as employed on a consistent basis. 
 3.11 Government Imposed Royalty Restrictions. In the event that any of the royalties and
payments to DUKE provided for in this Agreement are higher than the maximum royalties permitted by the law or regulations of a particular country, the royalty payable for sales in such a country shall equal to the maximum permitted royalty under
such law or regulations. Written notice of any such restrictions shall be provided to DUKE within thirty (30) days of discovering that such royalties are approaching or have reached the maximum amount. Licensee shall provide Company with
written documentation regarding the laws or regulations establishing such maximum. 

  
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 3.12 Delivery of payments. All payments due to DUKE under this Agreement must cite “DUKE File #
1519”, and must be made payable to “Duke University.” If payments are made by wire, the wiring instructions below must be followed. Payments made by check, as well as reports due to DUKE in accordance with Articles 5.1 and 5.2 must be
sent to DUKE at the following address: 
 For delivery via nationally/internationally recognized courier: 

DUKE UNIVERSITY 
 2812
Erwin Road, Suite 306 
 Durham, NC 27705 

919-681-7584 

Attention: Agreement Manager 
 For
delivery via the U.S. Postal Service: 
 DUKE UNIVERSITY 

BOX 90083 
 Durham, NC
27708 
 Attention: Agreement Manager 

Bank Wire or ACH Payment Instructions: 
  

			
	Bank:	  	Wells Fargo Bank, N.A.
		  	301 S. Tryon Street
		  	Charlotte, NC 28282, USA
	ABA #:	  	121000248 (Domestic wires only)
	Swift Code:	  	WFBIUS6S (Foreign wires only)
	Beneficiary:	  	Duke University Concentration Account
	Account #:	  	202374-0253053
	Attention:	  	Office of Licensing & Ventures, 919-681-7583*

  

	*	This data must appear to ensure payment is credited to your account. 

 Note: All related fees are the
responsibility of the payer. 
 Licensee’s contact information regarding invoices and payments: 

Name: Jennifer
D’Andrea                                       
                                         

 Institution: Medifocus
Inc.                                         
                                         
       
 Address: 10240 Old Columbia Road, Suite G Columbia, MD
21046                                        
                    

                                         
                                         
                   

  
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 Phone number:
410-290-5734                                       
                                         

 Fax number:
410-290-7255                                       
                                         
                 
 Email:
jdandrea@medifocusinc.com                                     
                                         
                   
 ARTICLE 4 –
DEVELOPMENT AND COMMERCIALIZATION 
 4.1 Commercialization Efforts of Licensee. Licensee will use commercially reasonable efforts to bring
Licensed Products and/or Licensed Services to market. The parties agree that the development and commercialization milestones schedule established in attached Appendix C is reasonable (“Commercialization Schedule”). Modifications to the
Commercialization Schedule must be expressly approved by DUKE in writing, such approval not to be unreasonably withheld. 
 4.2 Meetings on
Commercialization Efforts. DUKE has the right to one meeting per year with Licensee to discuss the development and commercialization of the Patents at a mutually acceptable time and place. 

ARTICLE 5 – REPORTS AND RECORDS 

5.1 Royalty Reports. 
 (a) In
addition to the reports required under Article 5.2, Licensee must render to DUKE before February 28th and August 31st of each year a
written royalty report (“Royalty Report”) detailing activities as set forth in Article 5.1(b) that occurred during each of the prior six-month periods ending December 31st and
June 30th (each a “Royalty Period”). 
 (b) Each Royalty Report
shall be substantially in the format provided in Appendix D and should show for the applicable Royalty Period: 
  

	 	a)	the invoice amounts and Net Sales of Licensed Products and Licensed Services Sold; 

  

	 	b)	the number of each type of Licensed Product or Licensed Service sold, and the country where they were sold; 

  

	 	c)	the Running Royalties, in U.S. Dollars, payable hereunder with respect to such sales of Licensed Products and Licensed Services; 

  

	 	d)	the method used to calculate the Running Royalty owed by Licensee to DUKE; 

  

	 	e)	the amounts of any Other Income received; 

  

	 	f)	the type, description, and source of any Other Income received; 

  

	 	g)	the royalties in U.S. Dollars due on Other Income; 

  
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	 	h)	the method used to calculate the royalties on the Other Income owed by Licensee to DUKE; 

  

	 	i)	if no sales of Licensed Products or Licensed Service have been made or no Other Income received, a statement to that effect. 

(c) Simultaneously with the submission of a Royalty Report, Licensee must provide to DUKE the payments due to DUKE on the Running
Royalties and royalties from Other Income for the applicable Reporting Period. 
 5.2 Progress Reports. During the term of this Agreement, Licensee
shall submit annual progress reports to DUKE by February 28th of each year. The progress reports shall discuss the progress and results, as well as ongoing plans, with respect to the
development and commercialization of the technology of the Patents and/or the status of development of each Licensed Product or Licensed Service. The report must provide information at least sufficient to meet DUKE’s government reporting
requirements and additionally must include descriptions of Licensee’s plans and commercially reasonable estimated timeframes for testing, development, governmental approvals, and marketing/sale of each Licensed Product or Licensed Service. 

5.3 Record Keeping. Licensee must keep full, true, and accurate books of accounts and other records containing all particulars necessary to properly
ascertain and verify the amounts payable to DUKE hereunder, including, but not limited to, records showing the manufacturing, Sales, use, sublicense, and other disposition of Licensed Products or Licensed Services. In addition, Licensee shall
maintain documentation evidencing that Licensee is in fact pursuing development of Licensed Products and Licensed Services as required herein. Such documentation may include, but is not limited to, invoices for studies advancing development of
Licensed Products and Licensed Services, laboratory notebooks, internal job cost records, and filings made to the Internal Revenue Department to obtain tax credit, if available, for research and development of Licensed Products and Licensed
Services. These books of account must be kept at Licensee’s principal place of business or the principal place of business of the appropriate division of Licensee to which this Agreement relates. These books and the supporting data must be open
and available for inspection and copying by DUKE or its designee(s) at all reasonable times for the life of the Agreement and for a minimum of three (3) years following the end of the Agreement. 

5.4 Audit Rights. DUKE shall have the right, from time to time and at reasonable times during normal business hours, through an independent certified
public accountant selected by DUKE, to examine the records of Licensee for purposes of determining any amounts due under this Agreement. Such examination and verification shall not occur more than once each calendar year. If any such examination and
verification reveals an underpayment by Licensee to DUKE of more than 5% for any quarter examined, Licensee shall immediately pay DUKE the amount of such underpayment plus interest (in accordance with Article 3.10) and shall reimburse DUKE for all
reasonably third-party expenses incurred in the examination and verification of the records by the independent certified public accountant. 

ARTICLE 6 – PATENTS 
 6.1 Patent
Prosecution. Conditioned upon Licensee’s fulfillment of their obligations under Article 6.3 DUKE will apply for, prosecute, and maintain during the term of this Agreement, the Patents in the United States and in the foreign countries listed
in Appendix A hereto in accordance with this Article 6.1 and Article 6.5. 

  
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 6.2 Licensee must inform DUKE in writing any foreign countries in which Licensee desires patent
protection, and Appendix A will be amended in writing to reflect those designations. DUKE and/or its other licensees of the Patents may elect to seek patent protection in countries not so designated by Licensee, in which case DUKE and/or such other
licensees of the Patents are responsible for all expenses attendant thereto. In such instances, such patent applications will not be Patents (Appendix A shall be deemed to be so amended accordingly, if necessary), and Licensee forfeits all rights
under this Agreement to such patent applications and any resulting patents. 
 6.3 Licensee Participation in Patent Prosecution. Licensee will be
given reasonable opportunities to advise DUKE, regarding the filing, prosecution, and maintenance of the Patents and will cooperate with DUKE in such filing, prosecution, and maintenance. At Licensee’s request and expense, Licensee shall be
provided with copes of all prosecution documents relating to the Patents so that Licensee may have the opportunity to offer comments and remarks thereon, such comments and remarks to be given due consideration by DUKE. Notwithstanding anything to
the contrary in this Agreement, however, all decisions with respect to the filing, prosecution, and maintenance of the Patents are reserved solely to DUKE. 

6.4 Licensee Assumption of Patent Prosecution. Licensee shall have the right to assume primary responsibility for all activities associated with the
prosecution of the Patents under this Agreement, provided that it first provides DUKE with written notice of its desire to assume such responsibilities and obtains DUKE’s written approval of the legal counsel that Licensee shall retain for such
purposes, such approval not to be unreasonably withheld, conditioned or delayed. It is understood and agreed that in the event Licensee assumes such responsibilities, it shall keep DUKE advised as to the status of the Patents by providing DUKE, in a
timely manner, with copies of all official documents and correspondence relating to the prosecution, maintenance, and validity of the Patents. Licensee shall consult with DUKE in such prosecution and maintenance, shall diligently seek advice of DUKE
on all matters pertaining to the Patents, and shall diligently seek reasonably strong and broad claims under the Patents. All decisions with respect to the prosecution of the Patents by Licensee pursuant to this Article 6.3 shall be made by
Licensee, subject to the approval of DUKE, such approval not to be unreasonably withheld or delayed. 
 (a) Licensee shall not
abandon prosecution of any Patents or any of the claims of the Patents without first notifying DUKE no less than sixty (60) days prior to abandonment of Licensee’s intention and reason therefore, providing DUKE with reasonable opportunity
to assume responsibility for prosecution and maintenance of the appertaining Patents (which thereafter shall be subject to the provisions of Article 6.1 and 6.2 as regards status as Patents and Licensee’s rights therein). 

(b) Licensee’s obligations under this Article 6.3 shall include, without limitation, an obligation to inform DUKE in a timely
manner (no less than sixty (60) days prior to the appertaining filing deadlines) that Licensee will not pursue patents in any non-U.S. country so that DUKE may pursue such patents if it so desires. In such case, upon the date of such filing of
such patent applications by DUKE, such patents and patent applications shall not be considered Patents, Licensee shall be deemed to have forfeited all rights under this Agreement to such patent 

  
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applications and resulting patents, and Appendix A shall be deemed to be so amended. For avoidance of doubt, it is understood that Licensee shall assume direct and full responsibility for payment
of expenses it incurs as a result of its assumption of responsibility for prosecution of Patents under this Article 6.3. 
 6.5 Payment of Costs for
Patent Prosecution and Maintenance. During the term of this Agreement, payment of all fees and costs relating to the filing, prosecution, and maintenance of the Patents are the responsibility of Licensee, whether such fees and costs were
incurred before or after the Effective Date; provided, however, that if Duke licenses the Patents to any Third-Party, Licensee shall pay no more than a pro rata share of such costs based on the number of such third-parties. Licensee must pay all
such fees and costs within thirty (30) days of receipt of an invoice for the same, and failure to pay such invoice within such 30-day period is a default hereunder for which DUKE may terminate this Agreement in accordance with Article 10.3.

 6.6 Withdrawal of Support for Patent Prosecution and Maintenance. If Licensee provides DUKE with written notification that it will no longer
support the filing, prosecution, or maintenance of a specified patent(s) and/or patent application(s) within the Patents, then Licensee’s responsibility for fees and costs related to the filing, prosecution, and maintenance of such subject
Patents will terminate sixty (60) days after DUKE’s receipt of such written notification. At that time, such patents and/or patent applications will no longer be included in the Patents (and Appendix A is deemed to be so amended
accordingly), and Licensee surrenders all rights under this Agreement to such patents, patent applications, and any patent or patent applications arising therefrom. 

6.7 Patent Marking. To the extent reasonably practical, Licensee must mark any Licensed Product, and/or Licensed Service Sold in the United States
and/or their containers, labels, and/or other packaging with all applicable United States patent numbers. All Licensed Products or Licensed Services shipped to or Sold in other countries must be marked in such a manner as to conform with the patent
laws and practices of the country of manufacture or sale. 
 ARTICLE 7 – INFRINGEMENTS OF THIRD PARTY RIGHTS 

7.1 If DUKE or Licensee is charged with infringement of a patent by a Third Party or is made a party in a civil action as a result of Licensee’s
or a sublicensee’s practice of the Patents or Know-how under this Agreement, Licensee: 
 (a) must notify DUKE, to the extent
that DUKE has not been notified, of the existence of the charge or action and must keep DUKE informed of the material status of the charge or action (if DUKE is not a party; if the suit involves any declaratory judgment action or defense alleging
the invalidity or non-infringement of the Patents then Article 8.5 will apply; 
 (b) must defend and/or settle any such charge or
action; 
 (c) must assume all costs, expenses, damages, and other obligations for payments incurred as a consequence of such charge
and/or action; 
 (d) must indemnify and hold DUKE harmless from any and all damages, losses, liability, and costs resulting from the
charge and/or action brought against DUKE; 

  
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 must use Licensee’s best efforts to secure from any such Third Party a covenant not to sue DUKE or any of
its faculty, students, employees or agents for any historic and/or ongoing research, educational, or clinical efforts conducted at DUKE that relate to the Patents and/or Know-how. 

7.2 Assistance of DUKE. At Licensee’s or its sublicensee’s expense, DUKE at its sole discretion will give Licensee or its sublicensee
assistance in the defense of any such infringement charge or lawsuit as may be reasonably required. 
 7.3 Conditions on Settlement and Grant of Rights
to Patents. To the extent that any suit as handled under Article 7.1 involves a settlement, consent judgment, or voluntary final disposition involving: (i) the granting of rights to the Patents to a Third Party, (ii) the invalidity or
enforcement of the Patents, or (iii) any stipulated interpretation of the Patents, no such settlement, consent judgment, or voluntary final disposition may be entered into without the written consent of DUKE. 

ARTICLE 8 – INFRINGEMENT OF DUKE’S PATENTS BY THIRD PARTIES 

8.1 Licensee’s Right to Enforce. If Licensee becomes aware of any alleged infringement of the Patents by a Third Party, Licensee shall, during the
term of this Agreement, have the right, but not the obligation, to either: 
 (a) resolve the infringement by sublicensing the
Patents to the alleged infringer or by other means if permitted under this Agreement, or 
 (b) prosecute or defend at its own
expense an action to resolve the infringement. In the event Licensee prosecutes such infringement, Licensee may, for such purposes, request to use the name of DUKE as party plaintiff. DUKE, at its sole discretion, may agree to become a party
plaintiff, and all costs associated therewith shall be borne by Licensee. If DUKE becomes a Party plaintiff, DUKE shall have the right to approve the counsel with primary responsibility for the enforcement. 

In the event that Licensee does not take any action to abate infringement against a party after become aware of infringing activity of the party within six
(6) months from being aware of such infringing activity, DUKE shall have the right, but not the obligation, to institute an action against the infringing party. 

8.2 Recovery of Damages and Costs. 

(a) In the event DUKE undertakes the enforcement and/or defense of the Patents by litigation, including any declaratory judgment
action, DUKE may use the name of Licensee as a party plaintiff in any such suit without expense to Licensee. The total cost of any such infringement action commenced or defended solely by DUKE shall be borne by DUKE. Any recovery of damages by DUKE
for any infringement shall be applied first in satisfaction of any unreimbursed expenses and attorneys’ fees of DUKE relating to the suit, and second toward reimbursement of Licensee’s reasonable expenses, including reasonable
attorneys’ fees, relating to the suit. Any balance remaining from such recovery shall be distributed with DUKE receiving one-hundred percent (100%) 

  
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 (b) In the event that Licensee undertakes the enforcement and/or defense of the Patents by
litigation, including any declaratory judgment action pursuant to Article 8.2(b), the total cost of any such action commenced or defended solely by Licensee shall be borne by Licensee. Any recovery of damages by Licensee as a result of such action
shall be applied first in satisfaction of any unreimbursed expenses and attorneys’ fees of Licensee relating to the action, and second in satisfaction of unreimbursed legal expenses and attorneys’ fees of DUKE, if any, relating to the
action. If applicable, Licensee shall receive an amount equal to its lost profits or a reasonable royalty on Sales of the infringer (whichever measure of damages the court shall have applied), less a reasonable approximation of the royalties that
Licensee would have owed to DUKE on Net Sales that were lost to the infringer, which amount shall be promptly paid by Licensee to DUKE. Any balance remaining from such recovery shall be distributed between Licensee and DUKE with Licensee receiving
Eight-five (85%) and DUKE receiving fifteen (15%). 
 8.3 Cooperation of the Parties. If a Party undertakes an infringement suit against a Third
Party as permitted under this Agreement, upon that Party’s reasonable request, the other Party shall provide the first Party with such assistance and information as may be useful to the first Party in connection with that Party’s taking
action against an infringer. Such information and assistance includes having the cooperating Party’s employees testify when required and making available, for example, relevant records, papers, information, samples, and specimens. At all times,
the cooperating Party shall have the right to select and to utilize independent counsel to advise the cooperating Party regarding the action. 
 8.4
Declaratory Judgment or Invalidity Action Against the Patents. In the event that a declaratory judgment action or any other action or defense alleging invalidity of the Patents is brought against Licensee or its sublicensee, DUKE shall have the
right, but not the obligation, within thirty (30) days after the commencement of such action, to intervene and assume control of the defense of the action at DUKE’s own expense. No settlement, consent judgment, or other voluntary final
disposition of any suit subject to this Article 8.5 may be entered into without the written consent of DUKE. 
 8.5 Patent Invalidity. Any of the
foregoing notwithstanding, if at any time during the term of this Agreement any of the Patents are held invalid or unenforceable in a decision that is not appealable or is not appealed within the time allowed, Licensee shall have no further
obligations to DUKE with respect to its future use or Sale of any Licensed Product or Licensed Service covered solely by such Patents, including the obligation of paying royalties, as of the date of final decision from which no further appeals can
be taken (“Date of Invalidity”). The Licensee will not, however, be relieved from paying any royalties owed on Sales or activities that occurred before such a Date of Invalidity. Licensee shall be obligated to pay the full amount of
royalties due hereunder to the extent that a Licensed Product or Licensed Service falls within the scope of any other Valid Claim of any Patents that have not been held invalid. For avoidance of doubt, it is understood and agreed that in the case of
an invalidity finding of a Patent, Licensee shall not have any damage claim or any claim for refund or reimbursement against DUKE for any amounts previously paid to DUKE under this Agreement. 

8.6 Termination of this Agreement shall not extinguish a Party’s obligation to pay fees and costs that have accrued as of the date of termination.

  
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 ARTICLE 9 – GOVERNMENT CLEARANCE, PUBLICATION, EXPORT 

9.1 Government Clearance. To the extent any government clearance is required, Licensee must use its commercially reasonable efforts to have the
Licensed Products and/or Licensed Services cleared for marketing in those countries in which Licensee intends to sell Licensed Products and/or Licensed Services. To accomplish these clearances at the earliest possible date, Licensee agrees to file
or have filed any necessary data with appropriate government agencies. 
 9.2 Assignment of any Government Clearance at Termination. If this
Agreement terminates in accordance with Articles 10.2, 10.3, or 10.4, Licensee must, within 45 days following such termination and at its own expense, assign to DUKE its full interest and title in 

(a) all market clearance applications described in Article 9.1 (including all data and documentation relating thereto) and 

(b) all data, and all documentation related to the data, that could relate to market clearance applications, including, but not limited
to, all in vitro and in vivo pre-clinical data, pharmacology data, toxicology data, human data and the like. Notwithstanding anything to the contrary in this Agreement, once received by DUKE in accordance with this Article 9.2, such
information and data is not the confidential information of Licensee under Article 11 but instead is the confidential information of DUKE. It remains subject to the restrictions of Article 11. 

9.3 Publication. It is understood and agreed that the right of publication of the Patents resides in the Inventors and other staff and students of
DUKE. Licensee may also publish and/or co-author any publication on the Patents in accordance with academic custom. 
 9.4 Government Restrictions.
This Agreement is subject to all of the United States laws and regulations controlling the export of technical data, computer software, laboratory prototypes, and other commodities and technology. It is understood that DUKE is subject to United
States laws and regulations controlling the export of technical data, computer software, laboratory prototypes, and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979) and that DUKE’s
obligations under this Agreement are contingent on compliance with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the cognizant agency of the United States
Government and/or written assurances by Licensee that Licensee will not export data or commodities to certain foreign countries without prior approval of such agency. DUKE makes no promise or representation that a license is not required nor that,
if required, it will be issued. 
 9.5 Compliance with Governmental Obligations. In exercising its rights in this Agreement, Licensee shall fully
comply, at its own expense, with all governmental regulations and requests directed to it, and will provide all information and assistance necessary to comply with the governmental requests. Failure to take necessary action and to comply with said
requirements and requests shall be considered a breach of this agreement. DUKE disclaims any obligations or liabilities arising under the license provisions of this agreement if Licensee is charged in a governmental action for not complying with or
fails to comply with any governmental regulations. 

  
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 ARTICLE 10 – DURATION AND TERMINATION 

10.1 Term. This Agreement is effective upon the Effective Date, and unless sooner terminated in accordance with any of its provisions, this Agreement
remains in full force and effect for 10 years, or the life of the last-to-expire of the Patents, whichever comes last. (“Term”). 
 10.2
Termination at Will by Licensee. Licensee may terminate this Agreement by giving DUKE written notice at least three (3) months prior to such termination. Upon termination, Licensee must terminate the manufacture, use, practice, and Sale of
Licensed Products and Licensed Services. It is understood that Licensee remains responsible for the timely payment of all amounts due DUKE under this Agreement through the effective date of the termination. 

10.3 Termination for Breach or Other Wrongful Acts. 

(a) By giving written notice of termination to the other Party, either Party may immediately terminate this Agreement for fraud,
willful misconduct, or illegal conduct by the other Party. 
 (b) Except for the types of breaches described in Article 10.3(a), if
either Party fails to fulfill any of its obligations under this Agreement, including, but not limited to, the failure to make any payment when due, the non-breaching Party may terminate this Agreement by giving written notice to the breaching party
as described in Article 10.3 (c). 
 (c) Any notice of termination must contain a reasonably adequate description of the event or
occurrence constituting a breach of the Agreement. For breaches described in Article 10.3(b), the Party receiving notice of the breach will have the opportunity to cure that breach within thirty (30) days of receipt of notice. If the breach is
not cured within that time, the termination will be effective as of the 31st day after receipt of notice. A Party’s right to cure a breach will apply only to the first two (2) breaches
properly noticed under the terms of this Agreement, regardless of the nature of those breaches. Any subsequent breach or any uncured breach by that Party will entitle the other Party to terminate this Agreement by written notice. 

10.4 Termination Due to Bankruptcy. This Agreement may be terminated immediately by either Part upon written notice should the other party: (i) be
declared bankrupt, become insolvent or enter into liquidation; (ii) make an assignment for the benefit of creditors if proceedings for voluntary bankruptcy are instituted on behalf of the affected Party; or (iii) take such other action
that may indicate impending financial difficulty. 
 10.5 Effect of Termination on Financial Obligations. Neither expiration nor termination of this
Agreement removes or diminishes any financial obligations to DUKE that Licensee has incurred under this Agreement before and as of the effective date of termination or expiration. 

10.6 Effect of Termination on Data and Licensed Products. 

(a) Upon the termination of this Agreement, Licensee may notify DUKE within thirty (30) days of the amount of Licensed Products
that Licensee has on hand, and Licensee may then Sell that amount of Licensed Products, but no more; provided, however, that Licensee pay DUKE any fees, royalties, or other financial consideration as provided for in this Agreement. 

  
 - 17 - 

 10.7 Effect of Termination on Sublicenses. Upon termination of this Agreement, any sublicenses granted by
Licensee under the Patents shall remain in effect, provided that: (a) the sublicense is assigned to DUKE; (b) the sublicensing agreement requires the sublicensee to thereafter pay DUKE any consideration that would have been due to
Licensee; (c) upon termination of this Agreement, Licensee informs the sublicensee of the foregoing obligations; (d) the sublicense agrees to the assignment in writing to DUKE; and (e) Licensee remains responsible for all other
obligations. If any terms of such sublicense agreements are inconsistent with DUKE’s policies and/or practices, or are otherwise unacceptable to DUKE, such terms will be renegotiated between DUKE and the sublicensee. Sublicensee must contact
DUKE within thirty (30) days of termination of this Agreement to initiate a discussion with DUKE concerning any potential renegotiations that may be needed. Any sublicense executed by Licensee must contain language to implement this Article
10.9. 
 ARTICLE 11 – CONFIDENTIALITY 

11.1 Confidential Information. Except as set forth in Article 11.2 below, “Confidential Information” means all non-public, confidential, or
proprietary information disclosed before, on or after the Effective Date, by either Party (a “Disclosing Party”) to the other Party (a “Recipient”) or its Affiliates, or to any of such Recipient’s or its Affiliates’
employees, officers, directors, partners, shareholders, agents, attorneys, accountants, or advisors (collectively, “Representatives”). Confidential Information must be disclosed in writing or in another tangible medium and must be clearly
marked “CONFIDENTIAL.” Information disclosed orally must be summarized and reduced to writing and communicated to the other party within thirty (30) days of such disclosure. The terms and conditions of this Agreement are considered
Confidential Information. 
 11.2 Exclusions from Confidential Information. Except as required by applicable federal, state, or local law or
regulation, the term “Confidential Information” as used in this Agreement shall not include information that: 
 (a) at the
time of disclosure is, or thereafter becomes, generally available to and known by the public other than as a result of, directly or indirectly, any violation of this Agreement by the Recipient or any of its Representatives; 

(b) at the time of disclosure is, or thereafter becomes, available to the Recipient on a non-confidential basis from a Third Party,
provided that such Third Party is not and was not prohibited from disclosing such Confidential Information to the Recipient by a legal, fiduciary or contractual obligation to the Disclosing Party; 

(c) was known by or in the possession of the Recipient or its Representatives, as established by documentary evidence, before being
disclosed by or on behalf of the Disclosing Party pursuant to this Agreement; 
 (d) is approved for release by prior written
authorization of the Disclosing Party; or 
 (e) was or is independently developed by the Recipient, as established by documentary
evidence, without reference to or use of, in whole or in part, any of the Disclosing Party’s Confidential Information. 

  
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 11.3 Recipient Obligations. The Recipient shall: 

(a) protect and safeguard the confidentiality of all such Confidential Information with at least the same degree of care as the
Recipient would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of care; 

(b) not use the Disclosing Party’s Confidential Information, or permit it to be accessed or used, for any purpose other than the
purpose of this Agreement or otherwise in any manner to the Disclosing Party’s detriment; 
 (c) not disclose any such
Confidential Information to any person or entity, except to the Recipient’s Representatives who: 
  

	 	a)	need to know the Confidential Information to assist the Recipient, or act on its behalf, in relation to the purpose of this Agreement or to exercise its rights under the Agreement; 

 

	 	b)	are informed by the Recipient of the confidential nature of the Confidential Information; and 

  

	 	c)	are subject to confidentiality duties or obligations to the Recipient that are no less restrictive than the terms and conditions of this Agreement; and 

(d) be responsible for any breach of this Agreement caused by any of its Representatives. 

11.4 Required Disclosure. Any disclosure by the Recipient or its Representatives of any of the Disclosing Party’s Confidential Information
pursuant to applicable federal, state or local law, regulation or a valid order issued by a court or governmental agency of competent jurisdiction (a “Legal Order”) shall be subject to the terms of this Section. Before making any such
disclosure, the Recipient shall provide the Disclosing Party with: (a) prompt written notice of such requirement so that the Disclosing Party may seek, at its sole cost and expense, a protective order or other remedy, and (b) reasonable
assistance, at the Disclosing Party’s sole cost and expense, in opposing such disclosure or seeking a protective order or other limitations on disclosure. If, after providing such notice and assistance as required herein, the Recipient remains
subject to a Legal Order to disclose any Confidential Information, the Recipient (or its Representatives or other persons to whom such Legal Order is directed) shall disclose no more than that portion of the Confidential Information which, on the
advice of the Recipient’s legal counsel, such Legal Order specifically requires the Recipient to disclose. The details of that advice shall be confidential and privileged at the sole discretion of Recipient. 

11.5 Disclosure to Collaborators. Notwithstanding the foregoing, Licensee may use and disclose any Confidential Information related to the Patents and
Know-how to investors, prospective investors, employees, consultants and agents with a need to know, collaborators, prospective collaborators and other third parties in the chain of manufacturing and distribution, but if and only if Licensee obtains
from each such recipient a written confidentiality agreement, the provisions of which are at least as protective of DUKE’s Confidential Information as those provided in this Article 11. 

11.6 Confidentiality of Patent Information. Notwithstanding anything to the contrary in this Agreement, all information relating to filing,
prosecution, maintenance, defense, infringement, and the like regarding the Patents (no matter how disclosed) is the Confidential Information of DUKE and subject to the provisions of this Article 11. 

  
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 11.7 Term of Confidentiality. Confidential Information shall remain subject to the terms of this Article
11 for a period of five (5) years after the expiration or termination of this Agreement. 
 ARTICLE 12 – NOTICES 

12.1 It is a sufficient giving of any notice, request, report, statement, disclosure or other communication hereunder if the party giving the same:

  

	 	(a)	hand delivers such communication; 

  

	 	(b)	mails such communication, postage prepaid, first class, certified mail; or 

  

	 	(c)	sends such communication, shipping prepaid, by national/international courier service 

 to the other Party at
the address given below or as stated in Article 3.14, in the case of payments and reports due in accordance with Article 3.1, 3.2, 3.4, 3.5, 3.7, 3.7, 5.1, 5.2, and 6.3. 
  

					
	DUKE	  	Licensee	  	
		
	For delivery via the U.S. Postal Service	  	
			
	DUKE UNIVERSITY	  	  
	  	
	Office of Licensing & Ventures	  		  	
	Box 90083	  	  
	  	
	Durham, NC 27708	  	  
	  	
	Attention: Agreement Manager	  	  
	  	
		
	For delivery via nationally/internationally recognized courier	  	
			
	DUKE UNIVERSITY	  		  	
	Office of Licensing & Ventures	  		  	
	2812 Erwin Road, Suite 306	  		  	
	Durham, NC 27705	  		  	
	Attn: Agreement Manager	  		  	

 12.2 Date of Notice. The date of giving any such notice, request, report, statement, disclosure, or other
communications, and the date of making any payment hereunder required (provided such payment is received), is the date of the U.S. postmark of such envelope if marked or the actual date of receipt if not marked or if delivered otherwise. 

12.3 Obligation to Report Small Entity Status. Licensee shall notify University immediately if, at any time during the term of this Agreement,
Licensee, its Affiliates or any of its sublicensees does not qualify as a “small entity” as under section 1.27, as amended, of the Consolidated Patent Rules of the United States Patent and Trademark Office. 

  
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 ARTICLE 13 – ASSIGNMENT 

13.1 No Assignment Without Consent of DUKE. This Agreement is binding upon and inures to the benefit of the respective successors of the Parties. This
Agreement may not be assigned by Licensee or be subject to a Change of Control of Licensee without the prior written consent of DUKE. 
 13.2 Required
Conditions Before Assignment. Before any assignment, the following additional conditions must be met: 
 (a) Licensee must give
Duke thirty (30) days prior written notice of the assignment, including the new assignee’s contact information; 
 (b) The
new assignee must agree in writing to DUKE to be bound by this Agreement; and 
 ARTICLE 14 – INDEMNITY, INSURANCE, REPRESENTATIONS,
STATUS 
 14.1 Indemnification of DUKE. DUKE, and its trustees, officers, employees, students, and agents (collectively, “DUKE
Indemnitees”) will be indemnified, defended by counsel acceptable to DUKE, and held harmless by Licensee from and against any claim, liability, cost, expense, damage, deficiency, loss or obligation, of any kind or nature (including, without
limitation, reasonable attorneys’ fees and other costs and expenses of defense) (hereinafter referred to as “Claim” or “Claims”) based upon, arising out of, or otherwise relating to Licensee’s activities under this
Agreement, including, but not limited to, any cause of action relating to product liability, Licensee’s use of the Patents and/or Know-how, and/or Licensee’s exercise of the license granted herein. The previous sentence will not apply to
any Claim that is determined with finality by a court of competent jurisdiction to result solely from the gross negligence or willful misconduct of a DUKE Indemnitee. 

14.2 Insurance. Licensee must maintain in force at its sole cost and expense with licensed and reputable insurance companies general liability
insurance and products liability insurance coverage in amounts reasonably sufficient to protect against liability under Article 14.1 above. DUKE has the right to ascertain from time to time that such coverage exists, such right to be exercised in a
reasonable manner. Licensee shall provide DUKE with written evidence of such insurance upon request of DUKE. Licensee shall provide DUKE with written notice at least fifteen (15) days before the cancellation, non-renewal or material change in
such insurance; if Licensee does not obtain replacement insurance providing comparable coverage before the expiration of such fifteen (15) day period, DUKE shall have the right to terminate this Agreement effective at the end of such fifteen
(15) day period without notice or any additional waiting periods. 
 14.3 LIMITATION OF WARRANTIES. DUKE MAKES NO WARRANTIES OF ANY KIND. IN
PARTICULAR, THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS OF THE PATENTS OR KNOW-HOW FOR A PARTICULAR PURPOSE, NOR IS THERE A WARRANTY THAT THE USE OF THE PATENTS AND/OR KNOW-HOW, OR USE, MANUFACTURE OR SALE OF THE
LICENSED PRODUCTS OR LICENSED SERVICES WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS. IN ADDITION, NOTHING IN THIS 

  
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AGREEMENT MAY BE DEEMED TO BE A REPRESENTATION OR WARRANTY BY DUKE OF THE VALIDITY OF ANY OF THE PATENTS OR THE ACCURACY, SAFETY, EFFICACY, OR USEFULNESS, FOR ANY PURPOSE, OF THE PATENTS,
KNOW-HOW, LICENSED PRODUCTS OR LICENSED SERVICES. DUKE HAS NO OBLIGATION, EXPRESS OR IMPLIED, TO SUPERVISE, MONITOR, REVIEW OR OTHERWISE ASSUME RESPONSIBILITY FOR THE PRODUCTION, MANUFACTURE, TESTING, MARKETING OR SALE OF ANY LICENSED PRODUCT OR
LICENSED SERVICE. DUKE HAS NO LIABILITY WHATSOEVER TO LICENSEE OR ANY THIRD PARTIES FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE, SUSTAINED BY, OR ANY DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY INCURRED BY
OR IMPOSED UPON LICENSEE OR ANY OTHER PERSON OR ENTITY, ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM: (A) THE PRODUCTION, USE, PRACTICE, LEASE, OR SALE OF ANY LICENSED PRODUCT OR LICENSED SERVICE; (B) THE USE OF THE PATENTS
AND/OR KNOW-HOW; OR (C) ANY ADVERTISING OR OTHER PROMOTIONAL ACTIVITIES WITH RESPECT TO ANY OF THE FOREGOING. 
 14.4 License to Third Party Rights
Responsibility of Licensee. Notwithstanding anything to the contrary in this Agreement, it is understood and agreed that it shall be the responsibility of Licensee to secure rights to any Third Party intellectual property rights that may be
required to practice the rights granted to the Patents under this Agreement and to exercise any and all of the rights granted under Article 2. 
 14.5
Independent Contractors. The relationship of the Parties is that of independent contractors, and nothing herein shall be construed as establishing one Party, or any of its employees as the agent, legal representative, joint venture partner,
employee, or servant of another Party. Except as set forth herein, no Party shall have any right, power or authority to assume, create or incur any expense, liability or obligation, express or implied, on behalf of another Party. No Party shall hold
itself out as being the agent, legal representative, joint venture partner, employee, or servant of another Party or as having authority to represent or act for another party in any capacity whatsoever, except as authorized herein. 

ARTICLE 15 – USE OF A PARTY’S NAME 

15.1 Use of Parties names. Neither Party may, without the prior written consent of the other Party: 

(a) use in any publication, advertising, publicity, press release, promotional activity or otherwise, any trade-name, personal name,
trademark, trade device, service mark, symbol, image, icon, or any abbreviation, contraction or simulation thereof owned by the other Party; or 

(b) use the name or image of any employee or agent of the other Party in any publication, publicity, advertising, press release,
promotional activity or otherwise; or 
 (c) represent, either directly or indirectly, that any product or service of the other Party
is a product or service of the representing Party or that it is made in accordance with or utilizes the information or documents of the other Party. 

  
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 ARTICLE 16 – SEVERANCE AND WAIVER 

16.1 Severability. Each clause of this Agreement is a distinct and severable clause, and if any clause is deemed illegal, void, or unenforceable, the
validity, legality or enforceability of any other clause or portion of this Agreement will not be affected. 
 16.2 No Waiver. The failure of a Party
in any instance to insist upon the strict performance of the terms of this Agreement is not a waiver or relinquishment of any of the terms of this Agreement, either at the time of the Party’s failure to insist upon strict performance or at any
time in the future, and such terms will continue in full force and effect. 
 ARTICLE 17 – TITLES 

17.1 Titles. All titles and article headings contained in this Agreement are inserted only as a matter of convenience and reference. They do not
define, limit, extend or describe the scope of this Agreement or the intent of any of its provisions. 
 ARTICLE 18 – SURVIVAL OF
TERMS 
 18.1 Survival. Upon termination of this Agreement, the following provisions shall survive the termination of this Agreement. The
provisions of Articles 1 (DEFINITIONS), 3 (LICENSE FEE and ROYALTIES (for any royalties or payments that accrued during the Term of the Agreement)), 5.1 (Royalty Reports (for any royalties or payments that accrued during the Term of the Agreement ),
5.3 (Record Keeping), 5.4 (Audit Rights), 6.4 (Payment of Costs for Patent Prosecution and Maintenance (for costs accrued during the Term of the Agreement), 7 (INFRINGEMENT OF THIRD PARTY RIGHTS), 9.2 (Assignment of any Government Clearance at
Termination), 9.4 (Government Restrictions), 10.5 (Termination Due to Lack of Commercial Development), 10.6 (Challenge of Patents by Licensee), 10.7 (Effect of Termination on Financial Obligations), 10.8 (Effect of Termination on Data and Licensed
Products), 10.9 (Effect of Termination on Sublicenses), 12 (Notices), 14 (INDEMNITY, INSURANCE, REPRESENTATIONS, STATUS), 15 (USE OF A PARTY’S NAME), 16 (SEVERANCE AND WAIVER), 17 (TITLES), 18 (SURVIVAL OF TERMS), 19 (GOVERNING LAW), and 20
(ENTIRE UNDERSTANDING). The provisions of Article 11 shall survive any termination of this Agreement for a period of five (5) years after the Term of this Agreement. In addition, any other provisions of this Agreement that by their nature are
intended to extend beyond the Term of this Agreement shall also survive any termination of this Agreement and continue in full force and effect as needed. 

ARTICLE 19 – GOVERNING LAW 
 19.1
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of North Carolina without giving effect to any choice or conflict of law provision or rule (whether of the State of North Carolina
or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of North Carolina. 

  
 - 23 - 

 ARTICLE 20 – ENTIRE UNDERSTANDING 

20.1 Entire Understanding. This Agreement represents the entire understanding between the parties, and supersedes all other agreements, express or
implied, between the parties concerning the subject matter hereof, and is not subject to any change or modification except by the execution of a written instrument subscribed to by authorized representatives of the parties. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the dates set forth below. 

 

									
	DUKE UNIVERSITY	 		 	LICENSEE
					
	By:	 	 /s/ Rose Ritts
	 		 	By:	 	 /s/ Augustine Cheung

	Name:	 	Rose Ritts, Ph.D.	 		 	Name:	 	Augustine Cheung, Ph.D.
	Title:	 	 Executive Director, Office of Licensing &

Ventures, Duke University
	 		 	Title:	 	Chief Executive Offer
	Date:	 	Oct 6, 2015	 		 	Date:	 	Oct 6, 2015

  
 - 24 - 

 APPENDICES 

APPENDIX A—PATENTS 
 APPENDIX B—MILESTONE FEES 

APPENDIX C—DEVELOPMENT SCHEDULE 
 APPENDIX D—ROYALTY
REPORT FORM 

  
 - 25 - 

 Appendix A – PATENTS 

Duke File number: 1519 
 Title: Method for Selective Expression
of Therapeutic Genes By Hyperthermia 
 Application number: 10/172,399 

Patent number: 7,183,262 

  
 - 26 - 

 Appendix B – MILESTONE FEES 

$25,000 for submission of each IND/IDE 
 $50,000
for completion of first successful Phase I study 
 $75,000 for completion of first successful Phase II study 

$125,000 for completion of first successful Phase III study 

$225,000 for approval of first NDA 

  
 - 27 - 

 Appendix C – DEVELOPMENT SCHEDULE 

Development Time Table and Budget for Medifocus’ Gene Therapy Construct 

(Estimate prepared by THYX, Shenzhen China) 

GLP Toxicity Test: 12 months to complete 

R&D CMC: 12-18 months to complete 

Pharmacology: 6-12 months 

CLP & Pharmacology Tracking Service (throughout) 

NIFDC detection of cell bank and products (ongoing) 

IND Filing to CFDA (12 months) 

Tracking, Review and Information Services 

Submission of Phase I to CFDA (9-12 months) 

CFDA phase I review process (6 months) 

Phase II submission (18-24 months) 

CFDA phase II review process (6 months to 1 year) 

Phase III submission (18-24 months) 

CFDA approval (1-2 year after phase III completion) 

Estimate total budget leading to phase I submission 

Total estimated development time to CFDA approval              6-8 years 

  
 - 28 - 

 Appendix D – ROYALTY REPORT FORM 

ROYALTY REPORT for period ending
                     
 Duke File #
             
  

																									
	Country	 	Product        	 	 Sales in

    <Month>    
	 	 Sales in

    <Month>    
	 	 Sales in

    <Month>    
	 	 Sales in

    <Month>    
	 	 Sales in

    <Month>    
	 	 Sales in

    <Month>    
	 	
    TOTAL    

GROSS
 SALES
	 	
    Reductions    

to Sales
	 	
    TOTAL    

NET
 SALES
	 	
    % Royalty    

Due
	 	
TOTAL

    ROYALTY    

DUE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 		 		 		 		 		 		 	 
	
SubTOTAL x Country  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 		 		 		 		 		 		 	 
	
SubTOTAL x Country  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 		 		 		 		 		 		 	
	
GRAND TOTAL
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 		 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 		 		 		 		 		 		 		 		 		 		 		 	
	
ROYALTIES PAID    
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 - 29 -EX-4.29

 Exhibit 4.29 

Medifocus Inc. 
 Code of
Ethics and Business Conduct for Directors, Officers and Employees 
 (Adopted by Action of the Board of Directors Date: December 16,
2015) 
 Introduction 
 This Code of Ethics and Business
Conduct provides general guidance concerning a wide range of business practices and procedures. It does not purport to cover every issue that may arise. Instead, it sets out basic principles that apply to Medifocus’ directors, officers, and
employees. We also expect that others acting as our agents and representatives, including consultants, will comply with the terms of this Code. 
 In some
cases, we may already have adopted more specific policies covering some of the subjects addressed by this Code, and we may adopt additional, specific policies in the future. Where we have adopted or later adopt a policy in a particular area or
covering a particular subject, all Medifocus employees are required to comply with the terms of that specific policy in addition to this Code. In the case of a conflict between the terms of any such policy and this Code, the terms of this Code shall
prevail. 
 If a policy contained in this Code conflicts with any law or governmental regulation, such law or regulation governs and you must comply with
it. However, if this Code conflicts with a local custom or business practice, the Code must govern your actions. If you have any questions or doubts about these conflicts or the applicability or application of the Code in particular circumstances,
you should ask your supervisor how to handle the situation. 
 All of our personnel must conduct themselves in accordance with the terms of the Code and
must seek to avoid even the appearance of improper behavior. Anyone who violates the standards in this Code will be subject to disciplinary action up to and including termination. If you are in a situation that you believe may violate or lead to a
violation of this Code, follow the guidelines described under the heading “Compliance” in this Code. 
 By: The Board of Directors,
Medifocus Inc. 
 Date: December 16, 2015 

  
 Page 1 of 8

 Governing Principles 
  

	1.	Treat in an Ethical Manner Those to Whom We Have an Obligation 

 We are committed to honesty, just
management, fairness, providing a safe and healthy environment and respecting the fundamental dignity due each individual. 
 For the communities in which
we live and work, we are committed to observing sound environmental business practices and to acting generally as responsible neighbors. 
 For our
stockholders, we are committed to pursuing sound growth and earnings objectives and to exercising prudence in the use of our resources. 
 For our suppliers
and partners, we are committed to fair competition and the sense of responsibility required in building and maintaining sound business relationships. 
  

	2.	Promote a Positive, Open Work Environment 

 All employees deserve a workplace where they feel respected,
satisfied, and appreciated. We respect cultural diversity and will not tolerate harassment or discrimination of any kind—especially involving race, color, religion, gender, age, national origin, disability, and veteran or marital status.
Providing an environment that supports honesty, integrity, respect, trust, responsibility, and citizenship permits us the opportunity to achieve excellence in our workplace. While everyone who works for the Company must contribute to the creation
and maintenance of such an environment, our management personnel assume special responsibility for fostering a work environment that is free from the fear of retribution and will bring out the best in each of us. Supervisors are expected to use care
and forethought in words and conduct to avoid placing, or seeming to place, pressure on subordinates that could cause them to deviate from acceptable ethical behavior. 
  

	3.	Protect Yourself, Your Fellow Employees and the World in Which We Live 

 We are committed to providing a
safe and healthy work environment and to observing environmentally sound business practices. Each of us is responsible for compliance with environmental, health and safety laws and regulations. 

 

	4.	Obey the Law 

 Compliance with law, both in letter and in spirit, is the foundation of this
Company’s ethical standards. All personnel must respect and obey the laws of the cities, states, and countries in which we do business. The Company and its personnel are subject to all applicable governmental laws, rules, and regulations,
including those of the U.S. Securities and Exchange Commission (SEC). Although not all personnel are expected to know the details of all of these laws, it is important to know enough to determine when to seek advice from supervisors or other
appropriate personnel. Compliance with the law does not, however, comprise our entire ethical responsibility. Rather, it is a minimum, absolutely essential condition for performance of our duties. 

  
 Page 2 of 8

 Specific Policies and Guidelines 

Strictly Comply with Applicable Laws, Rules and Regulations 
  

	1.	Do Not Engage in Speculative or Insider Trading 

 Personnel who have access to confidential information
are not permitted to use or share that information for any purpose other than the conduct of our business. Both federal law and Company policy prohibit our directors, officers and employees, directly or indirectly through their families or others,
from purchasing or selling our stock while in possession of material, non-public information about the Company. This same prohibition also applies to trading in the stock of other public companies on the basis of material, non-public information
that you acquire in the course of your employment with us or that others acquire in the course of their employment and pass along to you. 
 Material,
non-public information is any information that could reasonably be expected to affect the price of a stock. All non- public information about the Company should be considered confidential. If a director, officer or employee is considering buying or
selling stock in whole or in part on the basis of inside information, such information should be considered material as well. 
 Two simple rules provide
invaluable guidance and protection in this area— 
  

	 	•	 	Don’t ever use non-public information for personal gain; and 

  

	 	•	 	Do not pass along non-public information to anyone who does not need the information to do his or her job. 

  

	2.	Enable Prompt, Accurate, Fair and Complete Public Disclosure 

 As a public company, it is our policy to
ensure that the information in our public communications, including SEC filings and stockholders communications, is full, fair, timely, accurate, and understandable. All personnel involved in the Company’s disclosure process are responsible for
furthering and supporting this policy. Our Chief Executive Officer and Chief Financial Officer are particularly charged with maintaining familiarity with the disclosure requirements applicable to Medifocus, and any other officer, director or
employee who has a supervisory role in our disclosure process is obligated to discharge his or her obligations diligently. 
 The securities laws are
vigorously enforced. Violations may result in severe penalties including significant fines against the Company. There may also be sanctions against individual employees, including substantial fines and prison sentences. 

  
 Page 3 of 8

 Our Chief Executive Officer and Chief Financial Officer are required to certify the accuracy of reports filed
with the SEC in accordance with the Sarbanes-Oxley Act of 2002. Officers who knowingly or willfully make false certifications may be subject to criminal penalties or sanctions, including fines and imprisonment. 

 

	3.	Comply with All Prohibitions on and Limitations of Gifts and Payments 

 The federal Foreign Corrupt
Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. It is our Company policy strictly to prohibit any illegal payments
to government officials of any country. 
 In addition, there are a number of laws and regulations regarding business gratuities that may be accepted by
U.S. government personnel. The promise, offer or delivery to an official or employee of the U.S. government of a gift, favor or other gratuity in violation of these rules would not only violate Company policy but could also be a criminal offense.
State and local governments, as well as foreign governments, may have similar rules. The Company’s Chief Financial Officer can provide guidance to you in this area. 

Safeguard Company Resources 
  

	1.	Protect Confidential and Proprietary Information 

 In carrying out the Company’s business,
directors, officers, and employees often learn confidential information about the Company, its customers and prospective customers, suppliers and prospective suppliers, competitors and others. Company personnel must maintain the confidentiality of
all information entrusted to them, except where disclosure is authorized or legally required. 
 Confidential information includes all non-public
information concerning the Company, including its business, plans, prospects, and financial results and condition, as well as any non-public information provided by a third party with the expectation that such information would be kept confidential
and used only for the business purpose for which it was provided. The obligation to preserve confidential information continues even after employment ends. 

The obligation of personnel to protect the Company’s resources includes the obligation to protect its proprietary information. Proprietary information
includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, designs, databases, records, salary information, and any unpublished
financial or business data. Unauthorized use or distribution of this information would violate Company policy. It could also be illegal and result in civil or even criminal penalties. 

  
 Page 4 of 8

	2.	Preserve Corporate Opportunities 

 Our directors, officers, and employees owe a duty to advance
Medifocus’ legitimate business interests as and when the opportunity arises. Therefore, Company personnel are prohibited from taking for themselves personally (or directing to a third party), opportunities that are discovered through the use of
corporate property, information, or position without the express, prior, written consent of the Board of Directors. 
 Sometimes the line between personal
and Company benefits is difficult to draw and both personal and Company benefits may be derived from certain activities. Given these ambiguities, our personnel should ensure that any use of Company property or information that is not solely for the
benefit of the Company be approved in advance by more senior management, the Audit Committee or the Board of Directors. 
  

	3.	Conserve Company Assets 

 Personal use of Company property must always be in accordance with corporate
policy. Proper use of Company property, information resources, materials, facilities, and equipment is your responsibility. Use and maintain these assets with the utmost care and respect, guarding against waste and abuse, and never borrow or remove
Company property without management’s permission. 
  

	4.	Maintain Accurate and Complete Business and Financial Records 

 We must maintain honest and accurate
business and financial records in order to make responsible business decisions and to comply with our obligations under various laws, rules, and regulations to which we are subject. For example if you are permitted to use a business expense account,
it must be documented and recorded accurately. If you are not sure whether a particular expense is legitimate, ask your supervisor. 
 All of the
Company’s books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect the Company’s transactions, and must conform both to applicable legal requirements and to the Company’s
system of internal controls. There are absolutely no circumstances under which transactions should not be fully and fairly characterized and recorded or under which records of transactions, once made and approved in accordance with our internal
procedures, should be altered. 
 Business records and communications that you believe to be confidential may nonetheless become public. Therefore, we
should exercise care and good sense in our writings and should avoid exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people or companies. This applies equally to written communications, including e-mail, internal
memos, and formal reports. 
 Records should always be retained or destroyed according to the Company’s record retention policies. In accordance with
those policies, in the event of litigation or a governmental investigation, immediately halt any destruction of potentially related documents and immediately consult the Company’s Chief Financial Officer. 

  
 Page 5 of 8

	5.	Avoid Conflicts of Interest 

 Our directors, officers, and employees have an obligation to give their
complete loyalty to the best interests of the Company. Our personnel should avoid any action that may involve, or that even may appear to involve, a conflict of interest with the Company. A “conflict of interest” exists when a
person’s private interest interferes in any way with the interests of the Company. A conflict situation can arise when a director, officer or employee, takes actions or has interests that may make it more difficult to perform his or her Company
work objectively and effectively. Conflicts of interest may also arise when a director, officer or employee, or any member of his or her family, receives personal benefits as a result of his or her position in the Company. 

Our personnel should not have any financial or other business relationships with suppliers, customers, or competitors that could impair, or even could appear
to impair, the independence of any judgment they may need to make on behalf of the Company. Conflicts of interest may arise in many different ways and may take on many different forms, so you should always be looking for them. However, here are some
of the ways a conflict of interest could arise: 
  

	 	•	 	Employment by a competitor, or potential competitor, no matter what the nature or extent of the employment, while employed by us. 

  

	 	•	 	Acceptance of gifts, payments, or services from anyone seeking to do business with us. 

  

	 	•	 	Placement of business with a firm owned or controlled by any of our directors, officers, or employees or a family member of any of them. 

 

	 	•	 	Ownership of, or substantial interest in, a competitor, customer, or supplier. 

  

	 	•	 	Acting as a consultant to a customer or supplier (or, of course, a competitor). 

 Conflicts of interests may
not always be clear-cut, so if you have a question, you should consult with higher levels of management or the Company’s Chief Financial Officer. Any director, officer or employee who becomes aware of a conflict or potential conflict should
bring it to the attention of a supervisor, manager or other appropriate personnel or consult the procedures described under the heading “Compliance” later in this Code. Disclosure of any potential conflict is the key to full compliance
with this policy. 
 Compete Fairly and Ethically for Business Opportunities 

We seek success by competing fairly and honestly. We seek advantage through superior performance and not through unethical or illegal business practices.
Acquiring or using confidential, proprietary information, possessing or using trade secret information that was obtained without the owner’s consent, or inducing such disclosures by past or present employees of other companies, or any other
form of industrial espionage is prohibited. Our personnel should respect the rights of and deal fairly with the Company’s customers, suppliers, and competitors. It is impermissible to take unfair business advantage of anyone through
manipulation, concealment, abuse of privileged information, misrepresentation or any other intentional, unfair, or unethical practice. 

  
 Page 6 of 8

 The purpose of business entertainment and gifts is to create goodwill and foster sound, productive working
relationships, not to gain unfair advantage. The sale and marketing of our products should always be free from even the perception that favorable treatment was sought, received, or given in exchange for the furnishing or receipt of business
courtesies. Our officers, directors, and employees will neither give nor accept business courtesies that constitute, or could reasonably be perceived to constitute, unfair business inducements, bribes or kickbacks, violate any law, regulation, or
policy of the Company, or could cause embarrassment to or reflect negatively on the Company’s reputation. 
 Compliance 

You should feel free to talk to supervisors or other appropriate personnel about observed behavior that you believe may be illegal or unethical and about the
best course of action in a particular situation. It has been the policy of the Company not to allow retaliation for reports of misconduct made in good faith by our personnel. This policy is also mandated by the newly adopted Sarbanes-Oxley Act of
2002, which requires protection of whistleblowers. 
 We must all work to ensure prompt and consistent action against violations of this Code. However, in
some situations it may be difficult to know right from wrong. Since we cannot anticipate every situation that will arise, it is important that we have a process for addressing each situation. These are the principles and steps to keep in mind: 

 

	 	•	 	Make sure you have all the facts. In order to reach informed, principled conclusions, we must be as fully informed as possible. 

  

	 	•	 	Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper and why, in particular, does it make me feel uncomfortable? This will enable you to focus on the specific question(s) facing
you, and the available alternatives. Use your good judgment and common sense. If something makes you uncomfortable because it seems unethical or improper, it probably is. 

 

	 	•	 	Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem, keeping in mind the tenets of
confidentiality and respect for others set forth in this Code. 

  

	 	•	 	Discuss the problem with your supervisor. This is the basic guidance for all situations. In many cases, your supervisor will be more knowledgeable about the question and will appreciate being brought into the
decision-making process. Remember that it is your supervisor’s responsibility to help solve problems. In the rare case where it may not be appropriate to discuss an issue with your immediate supervisor, or where you do not feel comfortable
approaching your immediate supervisor with your question, you may discuss it with our Chief Financial Officer or contact the Audit Committee. 

  
 Page 7 of 8

	 	•	 	Always ask first, act later. If you are unsure of what to do in any situation, seek guidance before you act. 

  

	 	•	 	Familiarize yourself with our Whistleblower Policy. This Policy provides protection for those employees who raise concerns regarding accounting, auditing matters, the reporting of fraudulent financial information and
other matters in an effort to ensure open and effective lines of communication. 

  

	 	•	 	If you become aware of an action or failure to take action that you believe is or will result in a violation of this Code, you must report such action or failure to act either to your immediate supervisor, the Chief
Financial Officer or the Audit Committee pursuant to our Whistleblower Policy. 

 Board Oversight; Waiver 

Our Board of Directors has charged the Audit Committee with enforcement of this Code of Business Conduct and Ethics. Any waiver of this Code for directors or
executive officers must be approved by our Board of Directors and will be disclosed promptly in a SEC Form 8-K within five days and/or as otherwise required by law or the rules of any stock exchange on which our stock trades. 

Enforcement; Disciplinary Measures 
 The Company will
consistently enforce this Code of Ethics and Business Conduct through appropriate disciplinary means. Potential violations of the Code promptly will be reported to the Audit Committee. Pursuant to procedures adopted by it, the Audit Committee will
determine whether violations of the Code have occurred and, if so, will determine the disciplinary measures to be taken against any director, officer, employee, or agent of the Company who has violated the Code. Disciplinary measures, which may be
invoked at the discretion of the Audit Committee include, but are not limited to, counseling, oral or written reprimands, warnings, probation or suspension without pay, demotions, reductions in salary, termination of employment and restitution.
Persons subject to disciplinary measures include, in addition to each actual violator, others involved in the wrongdoing such as: 
  

	 	•	 	individuals who fail to use reasonable care to detect a violation; 

  

	 	•	 	individuals who, if requested to divulge information, withhold material information regarding a violation; and 

  

	 	•	 	supervisors who approve or condone violations or attempt to retaliate against those reporting violations or violators. 

  
 Page 8 of 8

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