Document:

EX-10.13

 Exhibit 10.13 
 CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
 EXCLUSIVE LICENSE AGREEMENT 

BETWEEN 

THE JOHNS HOPKINS UNIVERSITY 
 & 
 BIND BIOSCIENCES, INC. 

JHU Ref: # [***] 

  
  

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portions. 

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is entered into by and between THE JOHNS HOPKINS UNIVERSITY, a Maryland corporation
having an address at 3400 N. Charles Street, Baltimore, Maryland, 21218-2695 (“JHU”) and BIND Biosciences, Inc., a Delaware corporation (hereinafter the “Company”), having an address at 101 Binney Street, Cambridge, MA 02142,
with respect to the following: 
 RECITALS 
 WHEREAS, as a center for research and education, JHU is interested in licensing PATENT RIGHTS (hereinafter defined) in a manner that will benefit the public by facilitating the distribution of useful
products and the utilization of new processes, but is without capacity to commercially develop, manufacture, and distribute any such products or processes; and 
 WHEREAS, a valuable invention(s) entitled “PSMA Targeted Nanoparticles for Therapy of Prostate Cancer” (JHU Reference No. C 10180) was developed during the course of research conducted by Drs.
Samuel Denmeade, Sachin Chandran, Ronnie Mease, Martin Pomper, and Sangeeta Ray (all hereinafter, “Inventors”); and 

WHEREAS, JHU has acquired through assignment all rights, title and interest, with the exception of certain retained rights by the United
States Government, in said valuable inventions; and 
 WHEREAS, Company desires to obtain certain rights in such inventions as
herein provided, and to commercialize, research, develop, manufacture, use, sell, offer for sale and import products and processes based upon or embodying said valuable inventions throughout the world; 

NOW THEREFORE, in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 
 All references to particular Exhibits, Articles or Paragraphs shall mean the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise specified. For the purposes of this Agreement and
the Exhibits hereto, the following words and phrases shall have the following meanings: 
 1.1 “AFFILIATED
COMPANY” as used herein in either singular or plural shall mean any corporation, company, partnership, joint venture or other entity, which controls, is controlled by or is under common control with Company. For purposes of this Paragraph
1.1, control shall mean the direct or indirect ownership of at least fifty- percent (50%) of the stock or interests entitled to vote. 

  

					
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 1.2 “COMBINATION PRODUCT” shall mean any LICENSED PRODUCT sold or
used in combination with one or more active ingredients which are not LICENSED PRODUCTS. 
 1.3 “EFFECTIVE
DATE” of this Agreement shall mean the date the last party hereto has executed this Agreement. 
 1.4
“EXCLUSIVE LICENSE” shall mean a grant by JHU to Company of its entire right and interest in the PATENT RIGHTS on an exclusive basis (even as to JHU), subject to rights retained by the United States Government, if any, in
accordance with the Bayh-Dole Act of 1980 (established by P.L. 96-517 and amended by P.L. 98-620, codified at 35 USC § 200 et. seq. and implemented according to 37 CFR Part 401), and subject to the retained right of JHU to make, have made,
provide and use for its and The Johns Hopkins Health Systems’ non-commercial, nonprofit academic research purposes LICENSED PRODUCT(S), including the ability to distribute any biological material disclosed and/or claimed in PATENT RIGHTS for
non-commercial, nonprofit academic research use to non-commercial entities as is customary in the scientific community. 

1.5 “LICENSED FIELD” shall mean all fields 

1.6 “LICENSED PRODUCT(S)” as used herein in either singular or plural shall mean any process or method, material,
compositions, drug, or other product, the manufacture, use or sale of which would constitute, but for the license granted to Company pursuant to this Agreement, an infringement of a claim of PATENT RIGHTS (infringement shall include, but is not
limited to, direct, contributory, or inducement to infringe). 
 1.7 “NET SALES” shall mean gross sales
revenues and fees collected by Company, its AFFILIATED COMPANY(IES) and SUBLICENSEE(S) from the sale of LICENSED PRODUCT(S) to a reseller, distributor or final customer who will be an end user of the LICENSED PRODUCT and is not an AFFILIATED COMPANY
or SUBLICENSEE, less the following: 
 (a) customary trade, quantity or cash discounts allowed; 

(b) amounts repaid or credited by reason of rejection, refunds, returns and recalls; 

(c) any sales or other taxes or governmental charges levied on the production, sale, transportation, delivery or use of a
LICENSED PRODUCT which is paid by or on behalf of Company; and 
 (d) outbound transportation costs prepaid or
allowed and costs of insurance in transit. 

  

					
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 In the event that Company, AFFILIATED COMPANY and SUBLICENSEE(S) sells a
LICENSED PRODUCT(S) as a COMBINATION PRODUCT, the NET SALES for purposes of royalty payments on the COMBINATION PRODUCT shall be the gross sales revenues and fees collected for the COMBINATION PRODUCT less the deductions set forth in clauses
(a)-(d) above, multiplied by the proration factor that is determined as follows: 
 (i) If all components of
the COMBINATION PRODUCT were sold separately during the same or immediately preceding calendar quarter, the proration factor shall be determined by the formula [A/(A+B)], where A is the average gross sales price of all LICENSED PRODUCT components
(as applicable) during such quarter when sold separately from the other component(s), and B is the average gross sales price of the other active ingredients during such period when sold separately from the LICENSED PRODUCT components (as
applicable); or 
 (ii) If all components of the COMBINATION PRODUCT were not sold or provided separately during
the same or immediately preceding calendar quarter, the proration factor shall be determined by the parties in good faith negotiations based on the relative value contributed by each component. 

1.8 “PATENT RIGHTS” shall mean U.S. Provisional Patent Application serial no. [***], and any US utility patent
applications or patents based thereon or claiming priority thereto, and all continuations, claims of continuations-in-part applications directed to subject matter specifically described in provisional patent application [***], divisions,
re-examinations and reissues based thereon or claiming priority thereto, and any corresponding foreign patent applications and patents, and all equivalent foreign patent rights issuing, granted or registered based thereon or claiming priority
thereto, and all extensions thereof (including but not limited to supplemental protection certificates), and any inventions disclosed or claimed therein. 
 1.9 “SUBLICENSEE(S)” as used herein in either singular or plural shall mean any person or entity other than an AFFILIATED COMPANY to which Company has granted a sublicense under
this Agreement. 
 ARTICLE 2 
 LICENSE GRANT 
 2.1 Grant. Subject to the terms and conditions of
this Agreement, JHU hereby grants to Company an EXCLUSIVE LICENSE, with the right to sublicense, to make, have made, use, have used, import, have imported, offer for sale, have offered for sale, have sold and sell the LICENSED PRODUCT(S) in the
United States and worldwide under the PATENT RIGHTS in the LICENSED FIELD. This Grant shall apply to the Company and any AFFILIATED COMPANY, except that any AFFILIATED COMPANY shall not have the right to sublicense others as set forth in Paragraph
2.2 below. If any AFFILIATED COMPANY exercises rights under this Agreement, such AFFILIATED COMPANY shall be bound by all applicable terms and conditions of this Agreement, including but not limited to indemnity and insurance provisions and royalty
payments, which shall apply to the exercise of the rights, to the same 

  
  

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extent as would apply had this Agreement been directly between JHU and the AFFILIATED COMPANY. In addition, Company shall remain fully liable to JHU for all acts and obligations of its AFFILIATED
COMPANY(IES) such that acts of the AFFILIATED COMPANY shall be considered acts of the Company. 
 2.2 Sublicense. Company
may sublicense under this Agreement the EXCLUSIVE LICENSE and other granted rights. Such sublicense agreement shall: 
 (a) incorporate the terms and conditions of this Agreement sufficient to enable Company to comply with this Agreement, 

(b) be consistent with the terms, conditions and limitations of this Agreement that are applicable to such SUBLICENSEE,
and 
 (c) specifically incorporate Paragraphs 6.2 “Representations by JHU”, 7.1
“Indemnification”, 10.1 “Use of Name”, 10.4 “Product Liability” into the body of the sublicense agreement. 
 2.2.1 Copy of Sublicense. Within thirty (30) days of the issuance of any sublicense, Company shall provide JHU with a copy of the sublicense, provided that Company may redact from such copy
any confidential terms that are not necessary to determine compliance with this Agreement. 
 2.3 Government Rights. The
United States Government may have acquired a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the inventions described in PATENT RIGHTS throughout the world. The rights
granted herein are additionally subject to: (i) the requirement that any LICENSED PRODUCT(S) produced for use or sale within the United States shall be substantially manufactured in the United States (unless a waiver under 35 USC § 204 or
equivalent is granted by the appropriate United States government agency), (ii) the right of the United States government to require JHU, or its licensees, including Company, to grant sublicenses to responsible applicants on reasonable terms
when necessary to fulfill health or safety needs, and, (iii) other rights acquired by the United States government under the laws and regulations applicable to the grant/contract award under which the inventions were made. 

ARTICLE 3 

FEES, ROYALTIES, & PAYMENTS 
 3.1 License Fee. Company shall pay to JHU within thirty (30) days of the EFFECTIVE DATE of this Agreement a license fee as set forth in Exhibit A. JHU will not submit an invoice for the
license fee, which is nonrefundable and shall not be credited against royalties or other fees. 

  

					
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 3.2 Minimum Annual Royalties. Company shall pay to JHU minimum annual royalties as
set forth in Exhibit A. These minimum annual royalties shall be due following each anniversary of the EFFECTIVE DATE beginning with the first anniversary, and within [***] after the receipt of an invoice from JHU. Running royalties accrued
under Paragraph 3.3 and paid to JHU during the one year period preceding an anniversary of the EFFECTIVE DATE shall be credited against the minimum annual royalties due on that anniversary date. 

3.3 Running Royalties. Company shall pay to JHU a running royalty as set forth in Exhibit A, for each LICENSED PRODUCT(S)
sold by Company, AFFILIATED COMPANIES and SUBLICENSEE(S) whose sale infringes a valid and enforceable claim of an unexpired PATENT RIGHT or a pending claim of a PATENT RIGHT prosecuted in good faith that has not been pending for more than [***]
since such claim was presented or is the result of amending another claim pending for more than [***], based on NET SALES for the term of this Agreement. Such payments shall be made quarterly. All non-US taxes related to LICENSED PRODUCT(S) sold
under this Agreement shall be paid by Company and shall not be deducted from royalty or other payments due to JHU. 
 3.3.1 Royalty Stacking. To the extent that Company or any AFFILIATED COMPANY or SUBLICENSEE obtains a license from one or more third parties (each a “Third Party License”) under patents
that, but for such license, would be infringed by a LICENSED PRODUCT or its manufacture, use or sale, then, up to [***] of the amount of any such Third Party License royalty payments may be credited against amounts payable to JHU. However, in no
event shall any credit or adjustment provided by the prior sentence and by any adjustment for a COMBINATION PRODUCT be applied to reduce the amount payable to JHU to [***] of that amount which would otherwise have been paid or payable to JHU prior
to any credit or adjustment for the quarterly payment, and any unused credit shall be carried forward for use with future quarterly payments. 
 3.4 Sublicense Consideration. In addition to the running royalty as set forth under Paragraph 3.3, Company shall pay to JHU a percentage of consideration received for sublicenses under this
Agreement as set forth in Exhibit A. This sublicense consideration shall be due, without the need for invoice from JHU, within [***] of receipt by Company. Such consideration shall mean consideration of any kind received by the Company or
AFFILIATED COMPANIES from a SUBLICENSEE(S) for the grant of a sublicense under this Agreement, such as upfront fees or milestone fees under the PATENT RIGHTS and including any premium paid by the SUBLICENSEE(S) over Fair Market Value for stock of
the Company or an AFFILIATED COMPANY in consideration for such sublicense. However, not included in such sublicense consideration are amounts paid to the Company or an AFFILIATED COMPANY by the SUBLICENSEE(S) for running royalties on LICENSED
PRODUCT(S), product development, research work, clinical studies and regulatory approvals performed by or for the Company or AFFILIATED COMPANIES (including third parties on their behalf), each pursuant to a specific agreement including a
performance plan and commensurate budget. The term “Fair Market 

  
  

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Value” shall mean the average price that the stock in question is publicly trading at for twenty (20) days prior to the announcement of its purchase by the SUBLICENSEE(S) or if the
stock is not publicly traded, the value of such stock as determined by the most recent private financing through a financial investor (an entity whose sole interest in the Company or AFFILIATED COMPANY is financial) of the Company or AFFILIATED
COMPANY that issued the shares. 
 3.5 Patent Reimbursement. Company will reimburse JHU, within thirty (30) days of
the receipt of an invoice from JHU, for all out-of-pocket costs associated with the preparation, filing, maintenance, and prosecution of PATENT RIGHTS incurred by JHU on or before the EFFECTIVE DATE of this Agreement. Such fees amount to no more
than [***]. In accordance with Paragraph 4.1 below, Company will reimburse JHU, within thirty (30) days of the receipt of an invoice from JHU, for all reasonable third party out-of-pocket costs associated with the preparation, filing,
maintenance, and prosecution of PATENT RIGHTS incurred by JHU subsequent to the EFFECTIVE DATE of this Agreement. 
 3.6
Milestones. Company shall pay to JHU milestones as set forth in Exhibit A. These milestones shall be due, without invoice from JHU, within [***] of achievement of such milestone. 

3.7 Form of Payment. All payments under this Agreement shall be made in U.S. Dollars. Checks are to be made payable to “The
Johns Hopkins University”. All check payments from Company to JHU shall be sent to: 
 Director 

Johns Hopkins Technology Transfer 
 The Johns Hopkins University 
 100 N. Charles Street 

5th Floor 

Baltimore, MD 21201 
 Attn: JHU Ref No. [***] 
 or such other addressee which JHU may designate in writing from time to
time. Wire transfers may be made through: 
 [***] 
 Company shall be responsible for any and all costs associated with wire transfers. 

3.8 Late Payments. In the event that any payment due hereunder is not made when due, the unpaid portion of any payment shall
accrue interest beginning on the [***] following the due date thereof, calculated at the annual rate of the sum of (a) [***] plus (b) [***], the interest being compounded on the last day of each calendar quarter, provided however, that in
no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each late 

  
  

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payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of JHU to seek any other remedy, legal
or equitable, to which it may be entitled because of the delinquency of any payment including, but not limited to termination of this Agreement as set forth in Paragraph 9.2. 
 ARTICLE 4 
 PATENT PROSECUTION, MAINTENANCE, & INFRINGEMENT

 4.1 Prosecution & Maintenance. JHU, at Company’s expense, shall file, prosecute and maintain all
patents and patent applications within the PATENT RIGHTS and, subject to the terms and conditions of this Agreement, Company shall be licensed thereunder. Title to all such patents and patent applications shall reside in JHU. JHU shall have full and
complete control over all patent matters in connection therewith under the PATENT RIGHTS, provided however, that JHU shall (a) cause its patent counsel to timely copy Company on all official actions and written correspondence with any patent
office, and (b) allow Company an opportunity to comment and advise JHU. JHU shall consider and reasonably incorporate all comments and advice. By concurrent written notification to JHU and its patent counsel at least thirty (30) days in
advance (or later at JHU’s discretion) of any filing or response deadline, or fee due date, Company may elect not to have a patent application filed in any particular country or not to pay expenses associated with prosecuting or maintaining any
patent application or patent, including for any interference or opposition, provided that Company pays for all costs incurred up to JHU’s receipt of such notification. Failure to provide such notification can be considered by JHU to be
Company’s authorization to proceed at Company’s expense. Upon such notification, JHU may file, prosecute, and/or maintain such patent applications or patent at its own expense and for its own benefit, and any rights or license granted
hereunder held by Company, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to the PATENT RIGHTS which comprise the subject of such patent applications or patent and/or apply to the particular country, shall terminate. 

4.2 Notification. Each party will notify the other promptly in writing when any infringement of the PATENTS RIGHTS in the LICENSED
FIELD by another is uncovered or suspected. 
 4.3 Infringement. Company shall have the first right, but not the
obligation, to enforce any patent within the PATENT RIGHTS against any infringement or alleged infringement thereof in the LICENSED FIELD, and shall at all times keep JHU informed as to the status thereof. Before Company commences an action with
respect to any infringement of such patents, Company shall give careful consideration to the views of JHU and to potential effects on the public interest in making its decision whether or not to sue. Thereafter, Company may, at its own expense,
institute suit against any such infringer or alleged infringer and control and defend such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards or settlements resulting therefrom, subject to Paragraph 4.5.
However, no settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the prior written consent of JHU, which consent shall not be unreasonably withheld unless such settlement amounts to a permitted
sublicense hereunder. This right to sue for infringement shall not be used in an arbitrary or capricious manner. JHU shall reasonably cooperate in any such litigation (including, without limitation, joining such action as a party plaintiff if
necessary or desirable for initiation or continuation of such action) at Company’s expense for JHU’s out-of-pocket expenses. 

  

					
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 If Company elects not to enforce any patent within the PATENT RIGHTS, then it shall so notify JHU in writing
within six (6) months of receiving notice that an infringement exists, and if such infringement is commercially material, JHU may, in its sole judgment and at its own expense, take steps to enforce any patent and control, settle, and defend
such suit in a manner consistent with the terms and provisions hereof. 
 4.4 Patent Invalidity Suit. If a declaratory
judgment action is brought naming Company as a defendant and alleging invalidity of any of the PATENT RIGHTS, Company shall have the first right, but not the obligation, to assume responsibility for the defense of the action at its own expense. JHU
shall cooperate fully with Company in connection with any such action. If Company does not elect to assume responsibility for the defense of such action, JHU shall have the right, but not the obligation, to assume responsibility for the defense of
such action. In such event, Company shall cooperate fully with JHU in connection with any such action. 
 4.5 Recovery.
In the event that either party exercises its rights conferred in this Article 4, any recovery shall first be applied to all out-of-pocket costs and expenses incurred by the parties in connection therewith (including, without limitation, attorneys
fees). If such recovery is insufficient to cover all such costs and expenses of both parties, the controlling party’s costs shall be paid in full first before any of the other party’s costs. If after such reimbursement any funds shall
remain from such recovery, (a) if Company is the party that controlled such suit under Paragraph 4.3, Company shall pay to JHU [***] of the remaining recovery; and (b) if JHU is the party that controlled such action, JHU shall pay to
Company [***] of the remaining recovery. Company may offset a total of [***] of any expenses incurred under Sections 4.3 and 4.4 against any payments due to JHU under Article 3, provided, however, that any such offset and credit under this
Section 4.5 shall not exceed [***] of the payments otherwise payable to JHU under Article 3 in any one calendar year, with any excess credit being carried forward to future calendar years. 

ARTICLE 5 

OBLIGATIONS OF THE PARTIES 
 5.1 Reports. Company shall provide to JHU the following written reports according to the following schedules. 

(a) Company shall provide quarterly royalty reports, substantially in the format of Exhibit B (“Royalty
Reports”) and due within thirty (30) days of the end of each calendar quarter following the EFFECTIVE DATE of this Agreement. Royalty Reports shall disclose the amount of LICENSED PRODUCT(S) sold, the total NET SALES of such LICENSED
PRODUCT(S), and the running royalties due to JHU as a result of NET SALES and by Company, AFFILIATED COMPANIES and SUBLICENSEE(S) thereof. Payment of any such royalties due shall accompany such Royalty Reports. 

  
  

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 (b) Until Company, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a
first commercial sale of a LICENSED PRODUCT, or received FDA market approval, Company shall provide semiannual Diligence Reports, due within thirty (30) days of the end of every June and December following the EFFECTIVE DATE of this Agreement.
These Diligence Reports shall describe Company’s, AFFILIATED COMPANIES or any SUBLICENSEE(S)’s technical efforts towards meeting its obligations under the terms of this Agreement. 

(c) Company shall provide Annual Reports within thirty (30) days of the end of every December following the EFFECTIVE
DATE of this Agreement. Annual Reports shall include: 
 (i) evidence of insurance as required under Paragraph
10.4, or, a statement of why such insurance is not currently required, and 
 (ii) identification of all
AFFILIATED COMPANIES which have exercised rights pursuant to Paragraph 2.1, or, a statement that no AFFILIATED COMPANY has exercised such rights, and 
 (iii) notice of all FDA approvals of any LICENSED PRODUCT(S) obtained by COMPANY, AFFILIATED COMPANY or SUBLICENSEE, the patent(s) or patent application(s) licensed under this Agreement upon which such
product or service is based, and the commercial name of such product or service, or, in the alternative, a statement that no FDA approvals have been obtained. 
 5.2 Records. Company shall make and retain, for a period of three (3) years following the period of each report required by Paragraph 5.1, true and accurate records, files and books of account
containing all the data reasonably required for the full computation and verification of sales and other information required in Paragraph 5.1. Such books and records shall be in accordance with generally accepted accounting principles consistently
applied. Company shall permit the inspection of such records, files and books of account by a certified, independent public accounting firm selected by JHU and reasonably acceptance to Company during regular business hours upon ten
(10) business days’ written notice to Company. Such inspection shall not be made more than once each calendar year. All out-of-pocket costs of such inspection shall be paid by JHU, provided that if any such inspection shall reveal that an
error has been made in the amount equal to [***] or more of such payment, such costs shall be borne by Company. As a condition to entering into any such agreement, Company shall include in any agreement with its AFFILIATED COMPANIES or its
SUBLICENSEE(S) which permits such party to make, use, sell or import the LICENSED PRODUCT(S), a provision requiring such party to retain records of sales of LICENSED PRODUCT(S) and other information as required in Paragraph 5.1 and permit JHU to
inspect such records as required by this Paragraph. 

  
  

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 5.3 Efforts. Company shall exercise commercially reasonable efforts, or cause one or
more of its AFFILIATED COMPANIES or SUBLICENSEES to use commercially reasonable efforts, to develop and to introduce the LICENSED PRODUCT(S) into the commercial market as soon as practicable, consistent with sound and reasonable business practice
and judgement; thereafter, until the expiration or termination of this Agreement, Company or its AFFILIATED COMPANIES or SUBLICENSEES shall endeavor to keep LICENSED PRODUCT(S) reasonably available to the public. 

5.4 Other Products. If Company is unable or unwilling to serve or develop a potential LICENSED PRODUCT or a market or a market
territory for which there is an organization willing to be a sublicensee, Company will, at JHU’s request, attempt to negotiate in good faith a sublicense with any such sublicensee. 

5.5 Patent Acknowledgement. Company agrees that all packaging containing individual LICENSED PRODUCT(S) sold by Company,
AFFILIATED COMPANIES and SUBLICENSEE(S) of Company will be marked with the number of the applicable patent(s) licensed hereunder in accordance with each country’s patent laws. 

ARTICLE 6 

REPRESENTATIONS 
 6.1 Duties of the Parties. JHU is not a commercial organization. It is an institute of research and education. Therefore, JHU has no ability to evaluate the commercial potential of any PATENT
RIGHTS or LICENSED PRODUCT or other license or rights granted in this Agreement. It is therefore incumbent upon Company to evaluate the rights and products in question, to examine the materials and information provided by JHU, and to determine for
itself the validity of any PATENT RIGHTS, its freedom to operate, and the value of any LICENSED PRODUCTS or other rights granted. This Agreement constitutes the legal, valid and binding obligation of each party, enforceable against each party in
accordance with its terms. 
 6.2 Representations by JHU. JHU represents and warrants that to the best knowledge of the
JHU Technology Transfer Office and the inventors listed on [***] as of the EFFECTIVE DATE, it has good and marketable and sole and exclusive title in the inventions claimed under PATENT RIGHTS with the exception of certain retained rights of the
United States Government, which may apply if any part of the JHU research was funded in whole or in part by the United States Government, additionally, JHU represents and warrants that to the best knowledge of the JHU Technology Transfer Office
(i) it has the power and authority to grant the licenses provided for herein to Company; and (ii) this Agreement does not conflict with, cause a breach or default under, or violate any existing contractual obligation to any third party.
JHU does not warrant the validity of any patents or that practice under such patents shall be free of 

  
  

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infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) AGREE THAT THE PATENT RIGHTS ARE PROVIDED “AS IS”, AND THAT NEITHER
PARTY MAKES ANY REPRESENTATION OR WARRANTY WITH RESPECT TO THE PATENT RIGHTS OR ANY OTHER INTELLECTUAL PROPERTY RIGHTS OR THE PERFORMANCE OF LICENSED PRODUCT(S) INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. EACH PARTY DISCLAIMS ALL
WARRANTIES WITH REGARD TO PRODUCT(S) AND SERVICE(S) LICENSED UNDER THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ALL WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF
THIS AGREEMENT, JHU ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF JHU AND INVENTORS FOR DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL, AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND
COURT COSTS (EVEN IF JHU HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR IN CONNECTION WITH THE MANUFACTURE, USE, OR SALE OF THE PRODUCT(S) AND SERVICE(S) LICENSED UNDER THIS AGREEMENT, EXCEPT TO THE EXTENT
THAT SUCH OBLIGATIONS, LIABILITIES AND DAMAGES ARISE OUT OF JHU’S EXERCISE OF ITS RETAINED RIGHTS UNDER SECTION 1.4. COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) ASSUME ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT
AND/OR SERVICE MANUFACTURED, USED, OR SOLD BY COMPANY, ITS SUBLICENSEE(S) AND AFFILIATED COMPANIES WHICH IS A LICENSED PRODUCT(S) AS DEFINED IN THIS AGREEMENT. 
 ARTICLE 7 
 INDEMNIFICATION 

7.1 Indemnification. JHU and the Inventors will have no legal liability exposure to third parties if JHU does not license the
LICENSED PRODUCT(S), and any royalties JHU and the Inventors may receive is not adequate compensation for such legal liability exposure. Therefore, JHU requires Company to protect JHU and Inventors from such exposure to the same manner and extent to
which insurance, if available, would protect JHU and Inventors. Furthermore, JHU and the Inventors will not, under the provisions of this Agreement or otherwise, have control over the manner in which Company or its AFFILIATED COMPANIES or its
SUBLICENSEE(S) or those operating for its account or third parties who purchase LICENSED PRODUCT(S) from any of the foregoing entities, develop, manufacture, market or practice the inventions of LICENSED PRODUCT(S). Therefore, Company, AFFILIATED
COMPANY and SUBLICENSEE shall indemnify, defend with counsel reasonably acceptable to JHU, and hold JHU, The Johns Hopkins Health Systems, their present and former trustees, officers, Inventors of PATENT RIGHTS, agents, faculty, employees and
students harmless as against any judgments, fees, expenses, or other costs arising from or incidental to any product liability or other lawsuit, claim, demand or other action brought by a third party as a consequence of the practice of said
inventions by any of the foregoing indemnifying entities, whether or not JHU or said Inventors, either jointly or severally, is named as a party defendant in any such lawsuit and whether or not JHU or the Inventors are alleged to be negligent or
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		  	Page 11	  	1/12/2009

 
responsible for any injuries to persons or property. Practice of the inventions covered by LICENSED PRODUCT(S) by an AFFILIATED COMPANY or an agent or a SUBLICENSEE(S) or a third party on behalf
of or for the account of Company or by a third party who purchases LICENSED PRODUCT(S) from Company, shall be considered Company’s practice of said inventions for purposes of this Paragraph. The obligation of Company to defend and indemnify as
set out in this Paragraph shall survive the termination of this Agreement, shall continue even after assignment of rights and responsibilities to an AFFILIATED COMPANY or SUBLICENSEE, and shall not be limited by any other limitation of liability
elsewhere in this Agreement. 
 ARTICLE 8 
 CONFIDENTIALITY 
 8.1 Confidentiality. If necessary, the parties
will exchange information, which they consider to be confidential. The recipient of such information agrees to accept the disclosure of said information which is marked as confidential at the time it is sent or disclosed to the recipient, or would
reasonably be expected to be confidential information, and to employ all reasonable efforts to maintain the information secret and confidential, such efforts to be no less than the degree of care employed by the recipient to preserve and safeguard
its own confidential information. The information shall not be disclosed or revealed to anyone except employees or consultants of the recipient (or in the case of COMPANY as recipient AFFILIATED COMPANIES or actual or prospective SUBLICENSEE(S),
investors, acquirers, lenders or advisors) who have a need to know the information and who have entered into a secrecy agreement with the recipient under which such employees or others are required to maintain confidential the proprietary
information of the recipient and such employees and others shall be advised by the recipient of the confidential nature of the information and that the information shall be treated accordingly. 

The obligations of this Paragraph 8.1 shall also apply to AFFILIATED COMPANIES and/or SUBLICENSEE(S) provided such information by
Company. JHU’s, Company’s, AFFILIATED COMPANIES, and SUBLICENSEES’ obligations under this Paragraph 8.1 shall extend until three (3) years after the expiration or termination of this Agreement. 

8.2 Exceptions. The recipient’s obligations under Paragraph 8.1 shall not extend to any part of the confidential information:

  

	 	a.	that can be demonstrated to have been in the public domain or publicly known and readily available to the trade or the public prior to the date of the
disclosure; or 

  

	 	b.	that can be demonstrated, from written records to have been in the recipient’s possession or readily available to the recipient from another source not
under obligation of secrecy to the disclosing party prior to the disclosure; or 

  

	 	c.	that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized act by the recipient; or

  

					
		  	Page 12	  	1/12/2009

	 	d.	that is demonstrated from written records to have been developed by or for the receiving party without reference to confidential information disclosed by the
disclosing party. 

  

	 	e.	that is required to be disclosed by law, government regulation or court order. 

8.3 Right to Publish. JHU may publish manuscripts, abstracts or the like describing the PATENT RIGHTS and inventions contained
therein provided confidential information of Company as defined in Paragraph 8.1, is not included or without first obtaining approval from Company to include such confidential information. Otherwise, JHU and the Inventors shall be free to publish
manuscripts and abstracts or the like directed to the work done at JHU related to the licensed technology without prior approval. 
 ARTICLE 9 
 TERM & TERMINATION 

9.1 Term. The term of this Agreement shall commence on the EFFECTIVE DATE and shall continue, in each country worldwide, until the
date of expiration of the last to expire patent included within PATENT RIGHTS in that country. 
 9.2 Termination By Either
Party. This Agreement may be terminated by either party, in the event that the other party (a) files or has filed against it a petition under the Bankruptcy Act, makes an assignment for the benefit of creditors, has a receiver appointed for
it or a substantial part of its assets, or otherwise takes advantage of any statute or law designed for relief of debtors or (b) fails to perform or otherwise breaches any of its material obligations hereunder, if, following the giving of
notice by the terminating party of its intent to terminate and stating the grounds therefor, the party receiving such notice shall not have cured the failure or breach within ninety (90) days. In no event, however, shall such notice or
intention to terminate be deemed to waive any rights to damages or any other remedy which the party giving notice of breach may have as a consequence of such failure or breach. 

9.3 Termination by Company. Company may terminate this Agreement and the license granted herein, for any reason, upon giving JHU
ninety (90) days written notice. 
 9.4 Obligations and Duties upon Termination. If this Agreement is terminated,
both parties shall be released from all obligations and duties imposed or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement. Upon termination, both parties shall cease any further use of
the confidential information disclosed to the receiving party by the other party. Termination of this Agreement, for whatever reason, shall not affect the obligation of either party to make any payments for which it is liable prior to or upon such
termination. Termination shall not affect JHU’s right to recover unpaid royalties, fees, reimbursement for patent expenses, or other forms of financial compensation incurred prior to termination. Upon termination Company shall submit a final
Royalty Report to JHU and any royalty payments, fees, unreimbursed patent expenses and other financial compensation due JHU shall become payable sixty (60) days after the date of termination. Furthermore, upon termination of this Agreement, all
rights in and to the licensed technology granted by JHU shall 

  

					
		  	Page 13	  	1/12/2009

 
revert immediately to JHU at no cost to JHU. Upon termination of this Agreement, any SUBLICENSEE(S) shall become a direct licensee of JHU, provided that JHU’s obligations to SUBLICENSEE(S)
are no greater than JHU’s obligations to Company under this Agreement. Company shall provide written notice of such termination of this Agreement to each SUBLICENSEE(S) with a copy of such notice provided to JHU. 

ARTICLE 10 

MISCELLANEOUS 
 10.1 Use of Name. Company, AFFILIATED COMPANIES and SUBLICENSEE(S) shall not use the name of The Johns Hopkins University or The Johns Hopkins Health System or any of its constituent parts, such as
the Johns Hopkins Hospital or any contraction thereof or the name of Inventors in any advertising, promotional, sales literature or fundraising documents without prior written consent from an authorized representative of JHU. JHU shall not use the
name of Company, AFFILIATED COMPANIES or SUBLICENSEE(S), or any of their respective directors, officers, employees or agents, in any advertising, promotional, sales literature or fundraising documents with the prior written consent from an
authorized representative of Company. The party or third party wishing to make sure disclosure shall allow at least seven (7) business days notice of any proposed public disclosure for the other party’s review and comment or to provide
written consent. 
 10.2 No Partnership. Nothing in this Agreement shall be construed to create any agency, employment,
partnership, joint venture or similar relationship between the parties other than that of a licensor/licensee. Neither party shall have any right or authority whatsoever to incur any liability or obligation (express or implied) or otherwise act in
any manner in the name or on the behalf of the other, or to make any promise, warranty or representation binding on the other. 

10.3 Notice of Claim. Each party shall give the other or its representative immediate notice of any suit or action filed, or
prompt notice of any claim made, against them arising out of the performance of this Agreement or arising out of the practice of the inventions licensed hereunder. 
 10.4 Product Liability. Prior to initial human testing or first commercial sale of any LICENSED PRODUCT(S) as the case may be in any particular country, Company shall establish and maintain for a
reasonable time period thereafter, in each country in which Company, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or sell LICENSED PRODUCT(S), product liability or other appropriate insurance coverage in the minimum amount of [***] per claim
and will annually present evidence to JHU that such coverage is being maintained. Upon JHU’s request, Company will furnish JHU with a Certificate of Insurance of each product liability insurance policy obtained. JHU shall be listed as an
additional insured in Company’s said insurance policies. If such Product Liability insurance is underwritten on a ‘claims made’ basis, Company agrees that any change in underwriters during the term of this Agreement will require the
purchase of ‘prior acts’ coverage to ensure that coverage will be continuous throughout the term of this Agreement. 

  
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  

					
		  	Page 14	  	1/12/2009

 10.5 Governing Law. This Agreement shall be construed, and legal relations between
the parties hereto shall be determined, in accordance with the laws of the State of Maryland applicable to contracts solely executed and wholly to be performed within the State of Maryland without giving effect to the principles of conflicts of
laws. Any disputes between the parties to the Agreement shall be brought in the state or federal courts of Maryland. 
 10.6
Notice. All notices or communication required or permitted to be given by either party hereunder shall be deemed sufficiently given if mailed by registered mail or certified mail, return receipt requested, or sent by overnight courier, such as
Federal Express, to the other party at its respective address set forth below or to such other address as one party shall give notice of to the other from time to time hereunder. Mailed notices shall be deemed to be received on the third business
day following the date of mailing. Notices sent by overnight courier shall be deemed received the following business day. 
  

											
	If to Company:	  	BIND Biosciences, Inc.	  		  		  	
		  	101 Binney Street	  		  		  	
		  	Cambridge, MA 02142	  		  		  	
		  	Attn: Legal	  		  		  		  	
					
	If to JHU:	  	Technology Transfer	  		  		  	
		  	Johns Hopkins University	  		  		  	
		  	100 N. Charles Street	  		  		  	
		  	5th Floor	  		  		  		  	
		  	Baltimore, MD 21201	  		  		  	
		  	Attn: Director	  		  		  		  	

 10.7 Compliance with All Laws. In all activities undertaken pursuant to this Agreement, both JHU
and Company covenant and agree that each will in all material respects comply with applicable Federal, state and local laws and statutes, as may be in effect at the time of performance and applicable valid rules, regulations and orders thereof
regulating such activities. 
 10.8 Successors and Assigns. Neither this Agreement nor any of the rights or obligations
created herein, except for the right to receive any remuneration hereunder, may be assigned by either party, in whole or in part, without the prior written consent of the other party, except that either party shall be free to assign this Agreement
in connection with any merger, consolidation or sale of all or substantially all of its assets or that portion of its business to which this Agreement relates without the consent of the other party. This Agreement shall bind and inure to the benefit
of the successors and permitted assigns of the parties hereto. 
 10.9 No Waivers; Severability. No waiver of any breach
of this Agreement shall constitute a waiver of any other breach of the same or other provision of this Agreement, and no waiver shall be effective unless made in writing. Any provision hereof prohibited by or unenforceable under any applicable law
of any jurisdiction shall as to such jurisdiction be 

  

					
		  	Page 15	  	1/12/2009

 
deemed ineffective and deleted herefrom without affecting any other provision of this Agreement. It is the desire of the parties hereto that this Agreement be enforced to the maximum extent
permitted by law, and should any provision contained herein be held by any governmental agency or court of competent jurisdiction to be void, illegal and unenforceable, the parties shall negotiate in good faith for a substitute term or provision
which carries out the original intent of the parties. 
 10.10 Entire Agreement; Amendment. Company and JHU acknowledge
that they have read this entire Agreement and that this Agreement, including the attached Exhibits constitutes the entire understanding and contract between the parties hereto and supersedes any and all prior or contemporaneous oral or written
communications with respect to the subject matter hereof, all of which communications are merged herein. It is expressly understood and agreed that (i) there being no expectations to the contrary between the parties hereto, no usage of trade,
verbal agreement or another regular practice or method dealing within any industry or between the parties hereto shall be used to modify, interpret, supplement or alter in any manner the express terms of this Agreement; and (ii) this Agreement
shall not be modified, amended or in any way altered except by an instrument in writing signed by both of the parties hereto. 

10.11 Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy
accruing to any party hereto, shall impair any such right, power or remedy to such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or in any similar breach or default be deemed a waiver of
any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any
provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies either under this Agreement or by law or otherwise afforded to any party shall be
cumulative and not alternative. 
 10.12 Force Majeure. If either party fails to fulfill its obligations hereunder (other
than an obligation for the payment of money), when such failure is due to an act of God, or other circumstances beyond its reasonable control, including but not limited to fire, flood, civil commotion, riot, war (declared and undeclared),
revolution, or embargoes, then said failure shall be excused for the duration of such event and for such a time thereafter as is reasonable to enable the parties to resume performance under this Agreement, provided however, that in no event shall
such time extend for a period of more than one hundred eighty (180) days. 
 10.13 Further Assurances. Each party
shall, at any time, and from time to time, prior to or after the EFFECTIVE DATE of this Agreement, at reasonable request of the other party, execute and deliver to the other such instruments and documents and shall take such actions as may be
required to more effectively carry out the terms of this Agreement. 
 10.14 Survival. All representations, warranties,
covenants and agreements made herein and which by their express terms or by implication are to be performed after the expiration and/or termination hereof, or are prospective in nature, shall survive such expiration and/or termination, as the case
may be. This shall include Paragraphs 3.7 (Late Payments), 5.2 (Records), and Articles 6, 7, 8, 9, and 10. 

  

					
		  	Page 16	  	1/12/2009

 10.15 No Third Party Beneficiaries. Nothing in this Agreement shall be construed as
giving any person, firm, corporation or other entity, other than the parties hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof 

10.16 Headings. Article headings are for convenient reference and are not a part of this Agreement. All Exhibits are incorporated
herein by this reference. 
 10.17 Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which when taken together shall be deemed but one instrument. 
 [remainder of this page
intentionally left blank] 

  

					
		  	Page 17	  	1/12/2009

 IN WITNESS WHEREOF, this Agreement shall take effect as of the EFFECTIVE DATE when it has
been executed below by the duly authorized representatives of the parties. 
  

							
	THE JOHNS HOPKINS UNIVERSITY	 		 	BIND BIOSCIENCES, INC
			
	 /s/ Wesley D. Blakeslee
	 		 	 /s/ Glenn Batchelder

	Wesley D. Blakeslee	 		 	Name:	 	Glenn Batchelder
	Executive Director	 		 	Title:	 	CEO
	Johns Hopkins Technology Transfer	 		 	
			
	 2/17/09
	 		 	 Glenn Batchelder

	(Date)	 		 	(Date)

 EXHIBIT A. LICENSE FEE & ROYALITIES. 
 EXHIBIT B. SALES & ROYALTY REPORT FORM. 

 EXHIBIT A 
 LICENSE FEE & ROYALTIES 
  

	1.	License Fee: The license fee due under Paragraph 3.1 is [***]. 

  

	2.	Minimum Annual Royalties: The minimum annual royalty pursuant to Paragraph 3.2 is [***]. If Company, an AFFILATED COMPANY or SUBLICENSEE has [***]. Running
royalties paid to JHU during the one year period preceding an anniversary shall be credited against the minimum annual royalties due on that anniversary date. 

 

	3.	Royalties: The running royalty rate payable under Paragraph 3.3 is [***]. If any LICENSED PRODUCT is covered by more than one of the PATENT RIGHTS, multiple
royalties shall not be due hereunder. 

  

	4.	Sublicense consideration: The percent sublicense consideration payable under Paragraph 3.4 is: 

[***] 
 in all
other cases [***]. 
  

	5.	Milestones: The milestone payments pursuant to Paragraph 3.6 are: 

 [***] 
 Each milestone payment shall be paid for the first LICENSED PRODUCT to
achieve such milestone. Each milestone payment shall be payable only once; the total maximum milestones payable under this Agreement shall be [***] U.S. dollars. The term “Major Market Country” shall include each of the United States,
United Kingdom, Germany, France, Italy and Japan. 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

 EXHIBIT B 
 QUARTERLY SALES & ROYALTY REPORT 
 FOR LICENSE AGREEMENT BETWEEN
                     AND 

THE JOHNS HOPKINS UNIVERSITY DATED 
  

 
 FOR PERIOD OF
                     TO                     

 TOTAL ROYALTIES DUE FOR THIS PERIOD $
                     
  

													
	 PRODUCT ID
	 	 PRODUCT

NAME
	 	 *JHU

REFERENCE
	  	
1ST
COMMERCIAL
SALE DATE
	  	 TOTAL
 NET
 SALES
	  	 ROYALTY
RATE
	  	 AMOUNT

DUE

		 		 		  		  		  		  	
		 		 		  		  		  		  	
		 		 		  		  		  		  	
		 		 		  		  		  		  	
		 		 		  		  		  		  	

  

	*	Please provide the JHU Reference Number or Patent Reference 

 This report format is to be used to report quarterly royalty statements to JHU. It should be placed on Company letterhead and accompany any royalty payments due for the reporting period. This report shall
be submitted even if no sales are reported. 

 Jacqueline M. Flood, B.S. 
 Agreement Management Coordinator 
 Johns Hopkins Technology Transfer 

100 N. Charles Street, 5th Floor 

Baltimore, MD 21201 
 (410) 516-5435 / FAX
(410) 516-4411 
 Email: jflood@jhmi.edu 
 JHTT Website: http://www.techtransfer.jhu.edu 
 February 19, 2009 

Via Fedex 
 Marybeth Whitney

 Bind Biosciences 
 64 Sidney Street
– 5th Floor 
 Cambridge, MA 02139 
  

	Re:	Exclusive License Agreement between The Johns Hopkins University and Bind Biosciences, Inc. 

	    	JHU Ref. [***] 

 Dear Ms. Whitney,

 Please find enclosed an executed original of the above referenced Exclusive License Agreement signed by JHU for your files. 

Should you have any questions regarding this Agreement, please do not hesitate to contact Keith Baker, Senior Director at (410) 516-4563.

  

	
	Sincerely,
	
	Jacqueline M. Flood, B.S.
	Agreement Management Coordinator

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

 FIRST AMENDMENT TO 
 LICENSE AGREEMENT 
 This First Amendment to License Agreement (this
“Amendment”), effective as of January 1, 2013 is entered into by and between THE JOHNS HOPKINS UNIVERSITY, a Maryland corporation having an address at 3400 N. Charles Street, Baltimore, Maryland, 21218-2695 (“JHU”), and BIND
Therapeutics, Inc., a Delaware corporation (formerly BIND Biosciences, Inc. and hereinafter the “Company”), having an address at 325 Vassar Street, Cambridge, MA 02139, and amends the License Agreement effective as of February 17,
2009 (the “License Agreement”). 
 WHEREAS, COMPANY and JHU wish to amend certain provisions of the License Agreement.

 NOW THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged, COMPANY and JHU hereby
agree as follows. 
 1. The first sentence in Section 2.2 of the License Agreement is hereby amended as follows: 

“Company may sublicense under this Agreement through multiple tiers the EXCLUSIVE LICENSE and other granted rights.” 

2. A new sentence is added to the end of Section 10.4 of the License Agreement as follows: 
 “JHU hereby confirms and agrees that a Sublicensee who has a market capitalization (together with its affiliates) of at least [***] and who regularly maintains a program of self- insurance shall be
entitled to maintain a program of self-insurance instead of the coverage required by this Section 10.4. To the extent that such Sublicensee does self-insure, such Sublicensee shall be liable as a self-insurer for the risks that would have been
covered by the insurance described in this Section 10.4.” 
 3. Section 10.6 of the License Agreement shall be amended to reflect
the updated addresses and contacts set forth for such party below: 
  

	
	If to Company:
	
	BIND Therapeutics, Inc.
	325 Vassar Street
	Cambridge, MA 02139
	Attention: President
	Tel: 617-491-3400
	Fax: 617-491-0351

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

	
	If to JHU:
	
	Technology Transfer
	Johns Hopkins University
	100 N. Charles Street
	5th Floor
	Baltimore, MD 21201
	Attention: Director

 4. Capitalized terms that are used but not otherwise defined herein shall have the meanings given to such terms in the
License Agreement. Except as specifically modified or amended hereby, all other terms and conditions of the License Agreement shall remain unchanged and in full force and effect. 
 IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed under seal by their duly authorized representatives. 

 

									
	THE JOHNS HOPKINS UNIVERSITY	 		 	BIND THERAPEUTICS, INC.
			
	 /s/ Wesley D. Blakeslee
	 		 	 /s/ Scott Minick

	By:	 	Wesley D. Blakeslee, J.D.	 		 	By:	 	Scott Minick
	Title:	 	Executive Director	 		 	Title:	 	President & CEO
		 	Johns Hopkins Technology Transfer	 		 		 	
		 	4/4/2013EX-10.14

 Yale Confidential 
 Exhibit 10.14 
 CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS
DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
 EXCLUSIVE LICENSE AGREEMENT 
 THIS AGREEMENT (the
“Agreement”) by and between YALE UNIVERSITY, a corporation organized and existing under and by virtue of a charter granted by the general assembly of the Colony and State of Connecticut and located in New Haven, Connecticut
(“YALE”), and BIND Biosciences, Inc., a corporation organized and existing under the laws of the State of Delaware, and with principal offices located in 64 Sidney Street, Cambridge, Massachusetts 02139 (“LICENSEE”) shall be
effective on the date of final execution below (“EFFECTIVE DATE”). 
 1. BACKGROUND 

 

	1.1	In the course of research conducted under YALE auspices, [***] at YALE (the “INVENTOR”), has produced inventions pertaining to [***]; the
“INVENTION”). 

  

	1.2	INVENTOR has assigned to YALE of all INVENTOR’S right, title and interest in and to the INVENTION and any resulting patents. 

 

	1.3	YALE wishes to have the INVENTION and any resulting patents commercialized to benefit the public good. 

 

	1.4	LICENSEE has represented to YALE to induce YALE to enter into this Agreement that it shall act diligently to develop and commercialize the LICENSED PRODUCTS for public
use as described in this Agreement. 

  

	1.5	YALE is willing to grant a license to LICENSEE, subject to the terms and conditions of this Agreement. 

 

	1.6	In consideration of these statements and mutual promises, YALE and LICENSEE agree to the terms of this Agreement. 

2. DEFINITIONS 
 The
following terms used in this Agreement shall be defined as set forth below: 
  

	2.1	“AFFILIATE” shall mean any entity or person that directly or indirectly controls, is controlled by or is under common control with LICENSEE. For purposes of
this definition, “control” means possession of the power to direct the management of such entity or person, whether through ownership of more than fifty percent (50%) of voting securities, by contract or otherwise.

  

	2.2	“CONFIDENTIAL INFORMATION” shall mean all information disclosed by one party to the other during the negotiation of or under this Agreement in any manner,
whether orally, visually or in tangible form, that relates to LICENSED PATENTS or the 

  

 

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 -1-

 Yale Confidential 

 

	 	
Agreement itself, unless such information is subject to an exception described in Article 8; provided, however, that CONFIDENTIAL INFORMATION that is disclosed in tangible form
shall be marked “Confidential” at the time of disclosure and CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be identified as confidential at the time of disclosure and subsequently reduced to writing, marked
confidential and delivered to the other party within thirty (30) days of such disclosure. CONFIDENTIAL INFORMATION shall include, without limitation, materials, know-how and data, technical or non-technical, trade secrets, inventions, methods
and processes, whether or not patentable. Notwithstanding any other provisions of this Article 2.2, CONFIDENTIAL INFORMATION of LICENSEE that is subject to Article 8 of this Agreement is limited to information that LICENSEE supplies pursuant to
LICENSEE’s obligations under Articles 4, 7, 9, and II of this Agreement, unless otherwise mutually agreed to in writing by the parties. Notwithstanding any other provisions of this Article 2.2, CONFIDENTIAL INFORMATION of YALE that is subject
to Article 8 of this Agreement is limited to information that directly relates to the LICENSED PATENTS, unless otherwise mutually agreed to in writing by the parties. 

 

	2.3	“EARNED ROYALTY” is defined in Article 6.1. 

  

	2.4	“EFFECTIVE DATE” is defined in the introductory paragraph of this Agreement. 

 

	2.5	“FIELD” shall mean the use of LICENSED PRODUCTS containing a polymer and a therapeutic agent for the treatment of cancer. Notwithstanding the foregoing, the
FIELD shall specifically exclude the use of LICENSED PRODUCTS: (i) for the treatment of brain cancer; (ii) for therapeutic or prophylactic cancer vaccines, including where such vaccines incorporate an adjuvant but not an antigen; and
(iii) for therapeutic or prophylactic vaccines for infectious diseases or allergies. 

 Upon the initiation of
pre-IND toxicology studies with GMP material for a LICENSED PRODUCT (each a “CLINICAL DEVELOPMENT CANDIDATE”) in one of the following fields, LICENSEE has an option to expand the FIELD to include one of the below fields by written
notification to YALE, and subject to any third party rights already granted prior to the date of such notification. The fields are: 1) cardiovascular disease, 2) inflammation (including using non-steroidal anti-inflammatory drugs); and 3) autoimmune
disorders. LICENSEE shall pay a one-time option exercise fee of [***] for the addition of each such field to the FIELD (the “Option Exercise Fee”). Upon notice to YALE and payment of the Option Exercise Fee, the FIELD shall be
automatically expanded to include such additional field. 
 During the TERM, YALE shall inform LICENSEE if any third party makes
an offer for a license to the LICENSED PATENTS in any of these fields, in which case a) LICENSEE shall have [***] to exercise its option and pay the Option Exercise Fee to include such field in the FIELD, provided that LICENSEE has a CLINICAL
DEVELOPMENT 
  
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 -2-

 Yale Confidential 

 

	 	
CANDIDATE in such field; or b) in cases where LICENSEE does not have a CLINICAL DEVELOPMENT CANDIDATE in such field, LICENSEE shall have thirty (30) days to negotiate in good faith for terms
under which such field may be included in the FIELD, and YALE will consider all such offers in good faith. 

“FIRST SALE” shall mean the first sale to a third party of any LICENSED PRODUCT or LICENSED METHOD that has been approved by the
relevant regulatory authority for sale in that country. 
  

	2.6	“IND” shall mean an investigational new drug application filed with the United States Food and Drug Administration prior to beginning clinical trials in
humans in the United States or any comparable application filed with regulatory authorities in or for a country or group of countries other than the United States. 

 

	2.7	“INVENTION” and “INVENTOR” are defined in Article 1.1. 

 

	2.8	“INSOLVENT” shall mean that LICENSEE (i) has ceased to pay its debts in the ordinary course of business, (ii) is insolvent as defined by the United
States Federal Bankruptcy Law, as amended from time to time, or (iii) has commenced bankruptcy, reorganization, receivership or insolvency proceedings, or any other proceeding under any Federal, state or other law for the relief of debtors.

  

	2.9	“LICENSE” refers to the license granted under Article 3.1. 

  

	2.10	“LICENSED METHODS” shall mean any method, procedure, service or process the practice of which, in the absence of a license from YALE, would infringe a VALID
CLAIM of a LICENSED PATENT. 

  

	2.11	“LICENSED PATENTS” shall mean the United States or foreign patent application(s) and patents(s) listed in Appendix A and owned or co-owned by YALE during the
term of this Agreement, together with any continuations, divisionals, and continuations-in-part, to the extent the claims of any such patent or patent application are directed to subject matter specifically described in the patent applications
listed on Appendix A; any reissues, re-examinations, or extensions thereof, or substitutes therefor; and the relevant international equivalents of any of the foregoing. Appendix A is incorporated into this Agreement. 

 

	2.12	“LICENSED PRODUCTS” shall mean any product (including any apparatus or kit) or component part thereof, the manufacture, use or sale of which, in the absence
of a license from YALE, would infringe a VALID CLAIM of a LICENSED PATENT. 

  

	2.13	“LICENSED TERRITORY” shall mean worldwide. 

  

	2.14	“NDA OR BLA” shall mean either a New Drug Application or Biologics License Application filed with the U.S. Food and Drug Administration to obtain marketing
approval for a LICENSED PRODUCT in the United States, or any comparable application filed with regulatory authorities in or for a country or group of countries other than the United States. 

  
 -3-

 Yale Confidential 

 

	2.15	“NET SALES” shall mean: 

  

	 	(a)	gross invoice price from the sale, lease or other transfer or disposition of the LICENSED PRODUCTS or LICENSED METHODS, or from services performed using LICENSED
PRODUCTS or LICENSED METHODS, by LICENSEE, SUBLICENSEES or AFFILIATES to third parties, except as set forth in Article 2.16(b), less the following deductions, provided they actually pertain to the disposition of the LICENSED PRODUCTS or LICENSED
METHODS and are separately invoiced: 

  

	 	(i)	all discounts, credits and allowances on account of returns; 

  

	 	(ii)	customary trade, quantity or cash discounts to the extent actually allowed and taken; 

 

	 	(iii)	amounts actually repaid or credited by reason of rejection or return of any previously sold, leased or otherwise transferred LICENSED PRODUCTS or refunded for
previously performed LICENSED METHODS; 

  

	 	(iv)	customary freight charges; and 

  

	 	(v)	sales, value added or similar taxes, customs duties or other similar governmental charges levied on the production, sale, transportation, delivery or use of a LICENSED
PRODUCT or practice of a LICENSED METHOD, but not including income taxes. 

 No deductions shall be made for any
other costs or expenses, including but not limited to commissions to independents, agents or those on LICENSEE’s, SUBLICENSEE’s or an AFFILIATE’s payroll or for the cost of collection. 

 

	 	(b)	“NET SALES” shall not include the gross invoice price for LICENSED PRODUCTS or LICENSED METHODS sold to, or services performed using LICENSED PRODUCTS or
LICENSED METHODS for, any AFFILIATE unless such AFFILIATE is an end-user of any LICENSED PRODUCT or LICENSED METHOD, in which case such consideration shall be included in NET SALES at the average selling price charged to a third party during the
same quarter. 

  

	2.16	“PATENT CHALLENGE” shall mean a challenge in a court of law or a governmental office responsible for the issuance of patents, to the validity, patentability,
enforceability, and/or non-infringement of any of the LICENSED PATENTS. 

  

	2.17	“PHASE I CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of which may include determining the pharmaco-kinetics, toxicity,
absorption, metabolism, or safe dosage range in healthy subjects or patients with the disease target being studied as required in 21 C.F.R §312 and as practiced according to the standards of the pharmaceutical industry.

  
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	2.18	“PHASE III CLINICAL TRIAL” shall mean expanded controlled and uncontrolled human clinical trials pursuant to a randomized study with endpoints agreed upon by
regulatory bodies for regulatory approval performed after PHASE II CLINICAL TRIAL(S) evidence suggesting effectiveness of a LICENSED PRODUCT has been obtained, and intended to gather additional information about effectiveness and safety that is
needed to evaluate the overall benefit-risk relationship for a LICENSED PRODUCT and to provide an adequate basis for labeling of a LICENSED PRODUCT, as required by 21 C.F.R §312 or a LICENSED METHOD that is being tested in the first patient in
a clinical trial of a LICENSED PRODUCT or a LICENSED METHOD according to the standards of the pharmaceutical industry for a Phase III clinical trial and prior to the filing of an NDA or comparable request for marketing approval.

  

	2.19	“PIVOTAL TRIAL” shall mean a controlled human clinical trial to evaluate the safety and efficacy of a LICENSED PRODUCT or LICENSED METHOD in which data are
sufficient to form the basis for the filing of an NDA. A PIVOTAL TRIAL may not necessarily be a PHASE III CLINICAL TRIAL. 

  

	2.20	“REASONABLE COMMERCIAL EFFORTS” shall mean documented efforts that are consistent with those utilized by companies of similar size and type, and for a product
of similar market potential at a similar stage of its product life and a similar probability of technical success. 

  

	2.21	 “SUBLICENSE INCOME” shall mean consideration in any form, except as further defined below, received by LICENSEE or an AFFILIATE (if such
AFFILIATE has the right to sublicense) in consideration for a grant to any third party or parties of a sublicense or other right, license, privilege or immunity from suit to make, have made, use, sell, have sold, distribute, import or export
LICENSED PRODUCTS or to practice LICENSED METHODS, but excluding consideration received by LICENSEE (a) in the form of EARNED ROYALTIES; (b) in reimbursement of LICENSEE’s and its AFFILIATES’ actual, documented cost to perform
research, development, commercialization or similar services or activities conducted for such LICENSED PRODUCT; (c) in reimbursement of documented, out-of-pocket patent expenses for the LICENSED PATENTS; or (d) in consideration of the
purchase of any securities of such party or its affiliates at a price equal to the then fair market value of such securities. SUBLICENSE INCOME shall include without limitation any license signing fee, license maintenance fee, unearned portion of
any minimum royalty payment received by LICENSEE, equity, distribution or joint marketing fee, research and development funding in excess of LICENSEE’s cost of performing such research and development, funding received for reimbursement of
LICENSEE’s patent expenses that is in excess of such expenses, and any consideration received for an equity interest in, extension of credit by or other investment in LICENSEE to the extent such consideration exceeds the fair market value of
the equity or other interest as determined by an independent appraiser mutually agreeable to the parties. In case an extension of credit or loan to LICENSEE by a third party is forgiven in whole or in part by the third party, such amount shall
constitute SUBLICENSE INCOME. Notwithstanding anything in this definition, SUBLICENSE INCOME shall not include any income or consideration received by a LICENSEE or an AFFILIATE from a third party if LICENSEE or

  
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AFFILIATE, in good faith, provides a sublicense or other right, license, privilege or immunity from suit to the LICENSED PATENTS in conjunction with other intellectual property rights or products
owned or controlled by LICENSEE or its AFFILIATES that are required by a SUBLICENSEE for the manufacture, use or sale of a LICENSED PRODUCT. For the avoidance of doubt, in the event that LICENSEE or an AFFILIATE sublicenses the LICENSED PATENTS in
conjunction with other intellectual property rights or products owned or controlled by LICENSEE or its AFFILIATES, then all milestones, royalties, and other payments due for such a LICENSED PRODUCT that is being developed, manufactured, or sold by a
SUBLICENSEE shall be paid to YALE on the same financial terms as if developed, manufactured, or sold by LICENSEE. 

  

	2.22	“SUBLICENSEE” shall mean any third party that is not an AFFILIATE that is sublicensed by LICENSEE or an AFFILIATE or another SUBLICENSEE to make, have made,
use, sell, offer for sale, have sold, import or export any LICENSED PRODUCT or to practice any LICENSED METHOD. 

  

	2.23	“TERM” is defined in Article 3.4. 

  

	2.24	“VALID CLAIM” shall mean a pending, issued or unexpired claim of a LICENSED PATENT so long as such claim shall not have been irrevocably abandoned or declared
to be invalid in an unappealable decision of a court or other authority or competent jurisdiction and in the case of a pending claim, so long as such patent claim has not been pending for more than 7 years. 

3. LICENSE GRANT AND TERM 
  

	3.1	Subject to all the terms and conditions of this Agreement, YALE hereby grants to LICENSEE an exclusive license, under the LICENSED PATENTS, with the right to sublicense
through multiple tiers, to make, have made, use, have used, offer for sale, have offered for sale, sell, have sold, import, have imported, export or have exported LICENSED PRODUCTS, and to practice any LICENSED METHOD, within the FIELD in the
LICENSED TERRITORY (the “LICENSE”). 

  

	3.2	To the extent that any invention included within the LICENSED PATENTS has been funded in whole or in part by the United States government, the United States government
retains certain rights in such invention as set forth in 35 U.S.C. §200-212 and all regulations promulgated thereunder, as amended, and any successor statutes and regulations (the “Federal Patent Policy”). As a condition of the
license granted hereby, LICENSEE acknowledges and shall comply with all aspects of the Federal Patent Policy applicable to the LICENSED PATENTS, including the obligation that LICENSED PRODUCTS used or sold in the United States he manufactured
substantially in the United States. Nothing contained in this Agreement obligates or shall obligate YALE to take any action that would conflict in any respect with its past, present or future obligations to the United States Government under the
Federal Patent Policy with respect to the LICENSED PATENTS. 

  
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	3.3	The LICENSE is expressly made subject to YALE’s reservation of the right, on behalf of itself and all other non-profit academic research institutions, to make, use
and practice the LICENSED PATENTS and LICENSED METHODS for research, clinical, teaching or other non-commercial purposes, and not for purposes of commercial development, use, manufacture or distribution. Nothing in this Agreement shall be construed
to grant by implication, estoppel or otherwise any licenses under patents of YALE other than the LICENSED PATENTS. 

  

	3.4	Unless terminated earlier as provided in Article 13, the term of this Agreement (the “TERM”) shall commence on the EFFECTIVE DATE and shall automatically
expire, on the date on which the last of the claims of the patents described in the LICENSED PATENTS expire. 

  

	3.5	Except as expressly provided in this Agreement, under no circumstances will LICENSEE, as a result of this Agreement, obtain any interest in or any other right to any
technology, know-how, patents, patent applications, materials or other intellectual or proprietary property of YALE. 

 4. SUBLICENSES 
  

	4.1	Any sublicense granted by LICENSEE shall include incorporate the terms of this agreement sufficient for LICENSEE to comply with this Agreement. LICENSEE will provide
YALE with a copy of each Sublicense Agreement (and all amendments thereof) promptly after execution. LICENSEE shall also include provisions in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT CHALLENGE against YALE or
assists another party in bringing a PATENT CHALLENGE against YALE (except as required under a court order or subpoena) then LICENSEE shall terminate the sublicense. LICENSEE shall remain responsible for the performance of all SUBLICENSEES under any
such sublicense as if such performance were carried out by LICENSEE itself, including, without limitation, the payment of any royalties or other payments provided for hereunder, regardless of whether the terms of any sublicense provide for such
amounts to be paid by the SUBLICENSEE directly to YALE. A breach of this provision shall constitute a material breach that is subject to Article 3.1(b). 

  

	4.2	LICENSEE shall pay royalties to YALE on NET SALES of SUBLICENSEES based on the same royalty rate as apply to NET SALES by LICENSEE and its AFFILIATES, regardless of the
royalty rates payable by SUBLICENSEES to LICENSEE under a sublicense agreement. In addition, LICENSEE shall pay to YALE [***] of any SUBLICENSE INCOME. 

 

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	4.3	LICENSEE agrees that it has sole responsibility to promptly: 

  

	 	(a)	provide YALE with a copy of any amendments to sublicenses granted by LICENSEE under this Agreement and to notify YALE of termination of any sublicense; and

  

	 	(b)	include summaries of SUBLICENSEE progress in accordance with Section 9. 

 

	 	(c)	provide copies of sales reports provided to LICENSEE from the SUBLICENSEE in accordance with Section 9. 

 

	4.4	LICENSEE shall negotiate in good faith a sublicense to the LICENSED PATENTS on commercially reasonable terms with any interested third parties, excluding only third
party products that are in direct competition with a LICENSED PRODUCT that has been disclosed to YALE and is identified by LICENSEE as a LICENSED PRODUCT subject to this Agreement. 

 

	4.5	LICENSEE shall be permitted to sublicense the LICENSE to its AFFILIATES on an AFFILIATE by AFFILIATE basis upon receipt by YALE of written notice from LICENSEE, but
such sublicense rights to an AFFILIATE shall not flow automatically and shall only occur upon such written notice to YALE. 

  

	5.	LICENSE ISSUE FEE; LICENSE MAINTENANCE FEE; MILESTONE PAYMENTS 

  

	5.1	LICENSEE shall pay to YALE, within 14 days of the EFFECTIVE DATE, a non-refundable license issue fee of [***]. 

 

	5.2	During the TERM of this Agreement, LICENSEE agrees to pay to YALE an annual license maintenance fee (“LMF”) commencing on the each anniversary of the
EFFECTIVE DATE according to the following schedule: 

  

					
	 Anniversaries of the EFFECTIVE DATE by Calendar Year
	  	LMF	 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 

 The LMF above may be credited against any EARNED ROYALTIES payable under Article 6.1, or SUBLICENSE INCOME payable under
Section 5.4, in the same calendar year. 
  

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	5.3	LICENSEE shall pay the following milestone fees to YALE for each LICENSED PRODUCT developed by LICENSEE, its AFFILIATES or SUBLICENSEES: 

 

	 	(a)	[***] 

  

	 	(b)	[***] 

  

	 	(c)	For each additional LICENSED PRODUCT: 

  

	 	i.	[***] 

  

	 	ii.	[***] 

  

	 	iii.	[***] 

 [***]
shall not be viewed as additional or different products for the purposes of paying milestones. 
  

	5.4	The milestone royalties set forth in Article 5.3 shall not be credited against EARNED ROYALTIES payable under Article 6.1. 

6. EARNED ROYALTIES; MINIMUM ROYALTY PAYMENTS 
  

	6.1	During the TERM of this Agreement, as partial consideration for the LICENSE, LICENSEE shall pay to YALE an earned royalty of [***] percent ([***]%) on worldwide
cumulative NET SALES of LICENSED PRODUCTS or LICENSED METHODS by LICENSEE or its SUBLICENSEES or AFFILIATES (“EARNED ROYALTY”). 

  

	6.2	LICENSEE shall pay all EARNED ROYALTIES accruing to YALE within [***] from the end of each calendar quarter (March 31, June 30, September 30 and
December 31), beginning in the first calendar quarter in which NET SALES occur. Unless YALE requests otherwise, LICENSEE shall report all EARNED ROYALTIES and other payments accruing to YALE on a quarterly basis, but shall defer payments
accruing to YALE that do not, in total, [***] 

  

	6.3	All EARNED ROYALTIES and other payments due under this Agreement shall be paid to YALE in United States Dollars. If overdue, the royalties and any other payments due
under this Agreement shall bear interest until payment at a per annum rate [***] on the due date. The payment of such interest shall not foreclose YALE from exercising any other right it may have as a consequence of the failure of LICENSEE to make
any payment when due. 

 7. DUE DILIGENCE 

 

	7.1	LICENSEE, on its own behalf or through its AFFILIATES or SUBLICENSEES, shall use REASONABLE COMMERCIAL EFFORTS, within [***] after the EFFECTIVE DATE of this Agreement,
develop and commercialize one or more LICENSED PRODUCTS and LICENSED METHODS. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
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	7.2	Within thirty (30) days of each anniversary of the EFFECTIVE DATE of this Agreement, LICENSEE shall provide a written report to YALE, indicating LICENSEE’s
progress and problems to date in the development and commercialization of LICENSED PRODUCTS, and a forecast and schedule of major events required to market the LICENSED PRODUCTS. Such report shall clearly indicate which of LICENSEE’s products
are LICENSED PRODUCTS and/or CLINICAL DEVELOPMENT CANDIDATES, as appropriate. Within thirty (30) days following any assignment by LICENSEE pursuant to Article 17.6, the assignee shall provide YALE with an updated and revised copy of the report.

  

	7.3	LICENSEE shall immediately notify YALE if at any time LICENSEE (a) abandons or suspends its research, development or marketing of the LICENSED PRODUCTS and or
LICENSED METHODS, or its intent to research, develop and market such products or methods, or (b) fails to comply with its due diligence obligations under this Article for a period exceeding [***]. 

 

	7.4	LICENSEE agrees that YALE shall be entitled to terminate this Agreement in accordance with Article 13, subject to the terms thereof but subject to a ninety
(90) day and not a sixty (60) day cure period, upon the occurrence of any of the following, after written notice and a failure of LICENSEE to cure: 

 

	 	(a)	LICENSEE has failed to: 

  

	 	(i)	[***] 

  

	 	(ii)	[***] 

  

	 	(iii)	[***] 

  

	 	(iv)	[***] 

 Notwithstanding the
foregoing in this Article 7.3, if LICENSEE has not employed REASONABLE COMMERCIAL EFFORTS in developing and selling LICENSED PRODUCTS or LICENSED METHODS within the TERRITORY, then YALE may, at its sole discretion, terminate this LICENSE pursuant to
Article 13 herein. 
  

	7.5	It is the desire of both YALE and LICENSEE to make LICENSED PRODUCTS available in the developing world, and it is the parties’ common desire for LICENSEE to
develop LICENSED PRODUCTS that are clinically and economically suited for use in those areas. To that end, the parties shall use commercially reasonable efforts, when 

 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
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possible under good business practice, to facilitate the availability of LICENSED PRODUCTS in low and lower middle-income countries at locally affordable prices, under reasonable circumstances
and terms to improve access to such LICENSED PRODUCTS in such countries, provided that failure to do so after due consideration in good faith shall not be treated as a breach of this Agreement by LICENSEE. Solely by way of example, the parties may
mutually agree: 

  

	 	(a)	LICENSEE may use reasonable efforts to seek approval for LICENSED PRODUCTS in low-income and lower-middle-income countries (as defined by the World Bank).

 8. CONFIDENTIALITY AND PUBLICITY 

 

	8.1	Subject to the parties’ rights and obligations pursuant to this Agreement, YALE and LICENSEE agree that during the term of this Agreement and for ten
(10) years thereafter, each of them: 

  

	 	(a)	will keep confidential and will cause their AFFILIATES and, in the case of LICENSEE, its SUBLICENSEES, to keep confidential, CONFIDENTIAL INFORMATION disclosed to it by
the other party, by taking whatever action the party receiving the CONFIDENTIAL INFORMATION would take to preserve the confidentiality of its own CONFIDENTIAL INFORMATION, which in no event shall be less than reasonable care; and

  

	 	(b)	will only disclose that part of the other’s CONFIDENTIAL INFORMATION to its officers, employees, consultants or agents (or, with respect to LICENSEE, its
AFFILIATES and SUBLICENSEES and their respective officers, employees, consultants and agents) that is necessary for those officers, employees, consultants or agents who need to know to carry out its responsibilities under this Agreement; and

  

	 	(c)	will not use the other party’s CONFIDENTIAL INFORMATION other than as expressly set forth in this Agreement or disclose the other’s CONFIDENTIAL INFORMATION
to any third parties (other than, with respect to LICENSEE, its AFFILIATES and SUBLICENSEES and their respective officers, employees, consultants and agents) under any circumstance without advance written permission from the other party except to
bona fide potential and actual investors, and then only under a written agreement with terms of confidentiality and non-use substantially the same as those contained herein; and 

 

	 	(d)	will, within sixty (60) days of termination of this Agreement, return or destroy all the CONFIDENTIAL INFORMATION disclosed to it by the other party pursuant to
this Agreement except for one copy which may be retained by the recipient for monitoring compliance with this Article 8. 

  
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	8.2	The obligations of confidentiality described above shall not pertain to that part of the CONFIDENTIAL INFORMATION that: 

 

	 	(a)	was known to the recipient prior to the disclosure by the disclosing party; or 

 

	 	(b)	is at the time of disclosure or has become thereafter publicly known through no fault or omission attributable to the recipient; or 

 

	 	(c)	is rightfully given to the recipient from sources independent of the disclosing party; or 

 

	 	(d)	is independently developed by the receiving party without use of or reference to the CONFIDENTIAL INFORMATION of the other party; or 

 

	 	(e)	is required to be disclosed by law, rule or regulation in the reasonable opinion of recipient’s attorney, but only after the disclosing party is given prompt
written notice and an opportunity to seek a protective order. 

  

	8.3	Except as required by law or by the requirements of any nationally recognized securities exchange, quotation system or over-the-counter market on which such party has
its securities listed, neither party may publicly disclose the financial terms of this Agreement except to bona fide potential and actual investors without the prior written consent of the other party, such consent not to be unreasonably
withheld or delay, but LICENSEE shall be allowed to disclose this Agreement and its financial terms under written terms of confidentiality substantially the same as those contained herein. 

9. REPORTS, RECORDS AND INSPECTIONS 
  

	9.1	LICENSEE shall, within thirty (30) days after the calendar year in which NET SALES first occur, and within thirty (30) days after each calendar quarter (March
31, June 30, September 30 and December 31) thereafter, provide YALE with a written report detailing the NET SALES and uses, if any, made by LICENSEE, its SUBLICENSEES and AFFILIATES of LICENSED PRODUCTS and LICENSED METHODS
during the preceding calendar quarter and calculating the payments due pursuant to Article 6. NET SALES of LICENSED PRODUCTS or LICENSED METHODS shall be deemed to have occurred on the date of invoice for such LICENSED PRODUCTS or LICENSED METHODS.
Each such report must include: 

  

	 	(a)	the number of LICENSED PRODUCTS manufactured, sold, leased or otherwise transferred or disposed of, and the amount of LICENSED METHODS sold, by LICENSEE, SUBLICENSEES
and AFFILIATES; 

  

	 	(b)	a calculation of NET SALES for the applicable reporting period in each country, including the gross invoice prices charged for the LICENSED PRODUCTS and LICENSED
METHODS and any permitted deductions made pursuant to Article 2.15; 

  

	 	(c)	a calculation of total royalties or other payment due, including any exchange rates used for conversion; and 

 

	 	(d)	names and addresses of all SUBLICENSEES and the type and amount of any SUBLICENSE INCOME received from each SUBLICENSEE. 

  
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	9.2	LICENSEE, AFFILIATES and its SUBLICENSEES shall keep and maintain complete and accurate records and books containing an accurate accounting of all data in sufficient
detail to enable verification of EARNED ROYALTIES and other payments under this Agreement LICENSEE shall preserve such books and records for three (3) years after the calendar year to which they pertain. Such books and records shall be open to
inspection by an independent certified public accountant selected by YALE, at YALE’s expense, during normal business hours at a time reasonably acceptable to LICENSEE, for the purpose of verifying the accuracy of the reports and computations
rendered by LICENSEE. Such inspections shall not occur more than once per year. Prior to any such inspection, such accountant shall agree in writing to maintain all information obtained through such inspection as CONFIDENTIAL INFORMATION of LICENSEE
in accordance with the terms of this Agreement, and shall not use CONFIDENTIAL INFORMATION of LICENSEE for any purpose other than conducting the inspection. In the event LICENSEE underpaid the amounts due to YALE with respect to the audited period
by more than [***], LICENSEE shall pay the reasonable, out-of- pocket cost of such accountant, together with the deficiency not previously paid, within thirty (30) days of receiving notice thereof from YALE. 

 

	9.3	Annually, LICENSEE shall provide YALE with LICENSEE’s financial statements for the preceding fiscal year including or a summary of such statements.

 10. PATENT PROTECTION 
  

	10.1	LICENSEE shall be responsible for all future costs of filing, prosecution and maintenance of all United States patent applications contained in the LICENSED PATENTS
after the EFFECTIVE DATE. Any and all such United States patent applications, and resulting issued patents, shall remain the property of YALE. If YALE enters into any license agreements with third parties to any of the LICENSED PATENTS, then the
patent expenses in this Article 10 shall be shared equally amongst LICENSEE and such third party licensees according to the formula I/N, where N = the total number of licensees (including LICENSEE) to the applicable LICENSED PATENTS. Any third
parties which have already entered into a license with YALE for the LICENSED PATENTS or any portion of them are listed in Appendix B. YALE shall update Appendix B within 60 days of a license of the LICENSED PATENTS. 

 

	10.2	After the EFFECTIVE DATE, LICENSEE shall be responsible for all future costs of filing, prosecution and maintenance of all foreign patent applications, and patents
contained in the LICENSED PATENTS in the countries outside the United States in the LICENSED TERRITORY selected by YALE and agreed to by LICENSEE or requested by LICENSEE. All such applications or patents shall remain the property of YALE. If

  
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
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YALE enters into any license agreements with third parties to any of the LICENSED PATENTS, then the patent expenses in this Article 10 shall be shared equally amongst LICENSEE and such third
party licensees according to the formula I/N, where N = the total number of licensees (including LICENSEE) to the applicable LICENSED PATENTS. LICENSEE acknowledges that YALE shall not file any such applications in low or lower-middle income
countries, as designated by the World Bank (www.worldbank.org). 

 If LICENSEE does not agree to pay the
expenses of filing, prosecuting or maintaining a LICENSED PATENT in any country outside the United States, or fails to pay the expenses of filing, prosecuting or maintaining a LICENSED PATENT in the United States, then LICENSEE’s rights under
this Agreement shall terminate automatically with respect to that LICENSED PATENT in that country. 
  

	10.3	The costs mentioned in Articles 10.1 and 10.2 shall include, but are not limited to, any taxes, annuities, working fees, maintenance fees, renewal and extension
charges. Payment of such costs shall be made, at YALE’s option, either directly to patent counsel or by reimbursement to YALE. In either case, LICENSEE shall make payment directly to the appropriate party within thirty (30) days of
receiving its invoice. All patent applications under the LICENSED PATENTS shall be prepared, prosecuted, filed and maintained by independent patent counsel chosen by YALE and reasonably acceptable to LICENSEE. Said independent patent counsel shall
be ultimately responsible to YALE. YALE shall instruct patent counsel to keep both YALE and LICENSEE fully informed of the progress of all patent applications and patents, and to give both YALE and LICENSEE reasonable opportunity to comment on the
type and scope of useful claims and the nature of supporting disclosures. YALE shall give due consideration in good faith to all LICENSEE requests or instructions. YALE will not finally abandon any patent application for which LICENSEE is bearing
expenses without LICENSEE’s consent. YALE shall have no liability to LICENSEE for damages, whether direct, indirect or incidental, consequential or otherwise, allegedly arising from its good faith decisions, actions and omissions in connection
with such prosecution. 

  

	10.4	If commercially feasible, LICENSEE shall mark, and shall require AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS with the numbers of all patents included in
LICENSED PATENTS that cover the LICENSED PRODUCTS to the extent required by applicable law. Without limiting the foregoing, all LICENSED PRODUCTS shall be marked in such a manner as to conform with the patent marking notices required by the law of
any country where such LICENSED PRODUCTS are made, sold, used or shipped, including, but not limited to, the applicable patent laws of that country. 

 11. INFRINGEMENT AND LITIGATION 
  

	11.1	Each party shall promptly notify the other in writing in the event that it obtains knowledge of infringing activity by third parties, or is sued or threatened with an
infringement suit, in any country in the LICENSED TERRITORY as a result of activities that concern the LICENSED PATENTS and shall supply the other party with documentation of the infringing activities that it possesses. 

  
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	11.2	During the TERM of this Agreement: 

  

	 	(a)	LICENSEE shall have the first right, but not the obligation, to defend the LICENSED PATENTS against infringement, validity or enforceability challenges or interference
in the FIELD and in the LICENSED TERRITORY by third parties. This right and obligation includes bringing any legal action for infringement and defending any counter claim of invalidity or action of a third party for declaratory judgment for
non-infringement, invalidity, unenforceability or non-interference. If, in the reasonable opinion of LICENSEE’s counsel, YALE is required to be a named party to any such suit for standing purposes, LICENSEE may join YALE as a party;
provided, however, that (i) YALE shall not be the first named party in any such action, (ii) the pleadings and any public statements about the action shall state that the action is being pursued by LICENSEE and that LICENSEE
has joined YALE as a party; and (iii) LICENSEE shall keep YALE reasonably apprised of all developments in any such action. LICENSEE may settle such suits solely in its own name and solely at its own expense and through counsel of its own
selection; provided, however, that no settlement shall be entered without YALE’s prior written consent, such consent not to be unreasonably withheld or delayed. LICENSEE shall bear the expense of such legal actions. Except as
described above or for providing reasonable assistance, at the request and expense of LICENSEE (which shall include being joined as a party as set forth above), YALE shall have no obligation regarding the legal actions described in Article 11.2
unless required to participate by law. However, YALE shall have the right to participate in any such action through its own counsel and at its own expense. Any recovery arising from an enforcement of the LICENSED PATENTS shall first be applied to
LICENSEE’s out of pocket expenses and second shall be applied to YALE’s out of pocket expenses, including legal fees. YALE shall recover [***] of any excess recovery over those expenses arising from the enforcement of the LICENSED PATENTS.
If intellectual property other than the LICENSED PATENTS is part of the enforcement action and the recovery, then YALE shall recover [***] of the recovery fairly allocated to the LICENSED PATENTS, as determined by an independent third party
appraiser. 

  

	 	(b)	In the event LICENSEE fails to initiate and pursue or participate in the actions described in Article(a) within [***] of (a) notification of infringement from YALE
or (b) the date LICENSEE otherwise first becomes aware of an infringement, whichever is earlier, and provided such infringement results in a material reduction in royalties that would otherwise be payable to YALE, or in the opinion of
YALE’s patent counsel would result in a potential loss of material rights under the LICENSED PATENTS, YALE shall have the right to initiate such legal action at its own expense . In such case, LICENSEE shall provide 

 
  

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reasonable assistance to YALE if requested to do so. YALE may settle such actions solely through its own counsel. Any recovery shall be retained by YALE. YALE may convert the grant of the LICENSE
herein to a non-exclusive license in the country where such legal action is taken upon written notice to LICENSEE. 

  

	 	(c)	Notwithstanding the foregoing, neither LICENSEE nor YALE shall take any action to enforce the LICENSED PATENTS, in low or lower-middle income countries, where such
action is intended to prevent the sale of LICENSED PRODUCTS in any such countries. However, LICENSEE and/or YALE may take such action in any such country, provided that such action is intended to prevent the manufacturing, use or sale of LICENSED
PRODUCTS for export to countries that are not low-income or lower-middle countries. 

 12. USE OF YALE’S
NAME 
  

	12.1	LICENSEE shall not use the name “Yale” or “Yale University,” nor any variation or adaptation thereof, nor any trademark, tradename or other
designation owned by YALE, nor the names of any of its trustees, officers, faculty, students, employees or agents, for any purpose without the prior written consent of YALE in each instance, except that LICENSEE may state that it has licensed from
YALE one or more of the patents and/or patent applications comprising the LICENSED PATENTS. 

 13.
TERMINATION 
  

	13.1	YALE shall have the right to terminate this Agreement upon written notice to LICENSEE in the event LICENSEE: 

 

	 	(a)	fails to make any payment due and payable pursuant to this Agreement unless LICENSEE shall make all such payments (and all interest due on such payments under Article
6.4) within the thirty (30) day period after receipt of written notice from YALE; or 

  

	 	(b)	commits a material breach of any other provision of this Agreement which is not cured (if capable of being cured) within the sixty (60) day period after receipt of
written notice thereof from YALE (or a ninety (90) day cure period for Article 7 as described above), or upon receipt of such notice if such breach is not capable of being cured; or 

 

	 	(c)	fails to obtain or maintain adequate insurance as described in Article 14.2, whereupon YALE may terminate this Agreement upon thirty (30) days written notice to
LICENSEE, unless LICENSEE reinstates such insurance within such time period. 

  

	 	(d)	If LICENSEE or any of its AFFILATES brings a PATENT CHALLENGE against YALE, or assists others in bringing a PATENT CHALLENGE against YALE (except as required under a
court order or subpoena), then YALE may immediately terminate this Agreement. 

  

	 	(e)	If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE (except as required under a court order or subpoena), then YALE may
send a written demand to LICENSEE to terminate such sublicense, If LICENSEE fails to so terminate such sublicense within thirty (30) days after YALE’s demand, YALE may immediately terminate this Agreement. 

  
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	13.2	This Agreement shall terminate upon written notice to LICENSEE in the event LICENSEE shall cease to carry on its business or becomes INSOLVENT, or a petition in
bankruptcy is filed against LICENSEE and is consented to, acquiesced in or remains undismissed for sixty (60) days, or LICENSEE makes a general assignment for the benefit of creditors, or a receiver is appointed for LICENSEE and remains in
place for more than sixty (60) days. 

  

	13.3	LICENSEE shall have the right to terminate this Agreement upon written notice to YALE: 

 

	 	(a)	at any time on a country-by-country basis upon sixty (60) days written notice to YALE, provided LICENSEE has paid YALE all amounts due to YALE throughout the
effective date of termination; or 

  

	 	(b)	in the event YALE commits a material breach of any of the provisions of this Agreement and such breach is not cured (if capable of being cured) within the sixty
(60) day period after receipt of written notice thereof from LICENSEE, or upon receipt of such notice if such breach is not capable of being cured. 

  

	13.4	Upon termination of this Agreement, for any reason, all rights and licenses granted to LICENSEE under the terms of this Agreement are terminated. Sublicenses granted
prior to termination shall survive to the extent provided for in the applicable sublicense agreement, subject to the written confirmation of SUBLICENSEES that they will comply with the terms of this Agreement respecting their sublicenses, and
provided that YALE shall receive all payments that would otherwise be due from SUBLICENSEES to LICENSEE to the extent attributable to the LICENSED PATENTS, and further provided that YALE shall not assume any additional restrictions, obligations or
responsibilities beyond those contained herein. Notwithstanding the foregoing, following termination of this Agreement, LICENSEE shall have the right to continue to sell any inventory existing at the time of such termination for [***] after such
termination; provided that LICENSEE continues to make payments as required under Article 6. Within sixty (60) days of the effective date of termination LICENSEE shall return to YALE: 

 

	 	(a)	the last report required under Article 7 or Article 9; and 

  

	 	(b)	all payments incurred up to the effective date of termination. 

 

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portions. 

  
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	13.5	Termination of this Agreement shall not affect any rights or obligations accrued prior to the effective date of such termination and specifically LICENSEE’s
obligation to pay all royalties and other payments specified by Article 5 and Article 6 up until the date of termination. The following provisions shall survive any expiration or termination: 

Articles 2, 4 and 8, the preservation and inspection obligations of Article 9, Article 12, this Article 13.5, Article 14, Article 15,
Article 16.1, and Article 17. The parties agree that claims giving rise to indemnification may arise after the TERM or termination of the LICENSE granted herein. 
  

	13.6	The rights provided in this Article 13 shall be in addition and without prejudice to any other rights which the parties may have with respect to any default or breach
of the provisions of this Agreement. 

  

	13.7	Waiver by either party of one or more defaults or breaches shall not deprive such party of the right to terminate because of any subsequent default or breach.

 14. INDEMNIFICATION; INSURANCE NO WARRANTIES 

 

	14.1	LICENSEE shall defend, indemnify and hold harmless YALE, its trustees, directors, officers, employees, and agents and their respective successors, heirs and assigns
against any and all third party claims, demands, damages, judgments, and losses, including without limitation reasonable legal expenses and attorneys’ fees, arising out of any theory of liability (including without limitation tort, warranty, or
strict liability) or the death, personal injury, or illness of any person or out of damage to any property related in any way to the production, manufacture, sale, use, lease, or other disposition or consumption or advertisement of the LICENSED
PRODUCTS or LICENSED METHODS by LICENSEE, its AFFILIATES, SUBLICENSEES or any other transferees; or in connection with any statement, representation or warranty of LICENSEE, its AFFILIATES, SUBLICENSEES or any other transferees with respect to the
LICENSED PRODUCTS or LICENSED METHODS. Such indemnification shall not apply to the extent such claim, demand, damage, judgment, or loss is due to the gross negligence or intentional misconduct of YALE. 

 

	14.2	During the TERM, LICENSEE shall purchase and maintain in effect and shall require its SUBLICENSEES, except for those SUBLICENSEES whose market value is in excess of
[***] and which have instituted a policy of self-insurance, to purchase and maintain in effect a policy of commercial, general liability insurance to protect YALE. upon the earlier of (a) the date of FIRST SALE of any LICENSED PRODUCT or
LICENSED METHOD or (b) the date any LICENSED PRODUCT, or LICENSED METHOD is tested or used on humans. Such insurance shall: 

  

	 	(a)	list “YALE, its trustees, directors, officers, employees and agents” as additional insureds under the policy, and provide that YALE shall receive thirty
(30) days’ written notice prior to any cancellation or material change; 

  

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	 	(b)	provide that such policy is primary and not excess or contributory with regard to other insurance YALE may have; 

 

	 	(c)	be endorsed to include product liability coverage in amounts no less than [***]; and 

 

	 	(d)	be endorsed to include contractual liability coverage for LICENSEE’s indemnification under Article 14.1; and 

 

	 	(e)	by virtue of the minimum amount of insurance coverage required under Article 14.2(c), not be construed to create a limit of LICENSEE’s liability with respect to
its indemnification under Article 14.1. 

  

	14.3	Upon YALE’s request, LICENSEE shall furnish a Certificate of insurance and a copy of the current Insurance Policy to YALE. 

 

	14.4	YALE represents that, to the best of its knowledge (i) in the case of YALE, YALE’s Office of Cooperative Research has received no written notice of
infringement of any claim with respect to the LICENSED PATENTS and that such LICENSED PATENTS have been filed; (ii) other than certain rights retained by the US government described in Section 3.2, YALE owns all right, title and interest
in the LICENSED PATENTS; (iii) YALE has not licensed to any third party other than those listed in Appendix B and (iv) YALE has the right and authority to grant such licenses and rights to LICENSEE. 

 

	14.5	YALE agrees that during the Term it shall not sell, assign or transfer ownership of the LICENSED PATENTS, other than to an affiliate or patent holding company owned by
or acting as an agent for YALE, and other than as to LICENSED PATENTS as to which the license granted hereunder has been terminated pursuant to the terms of this Agreement. 

 

	14.6	Except as expressly set forth in this Agreement: 

  

	 	(a)	YALE MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS OR WARRANTIES THAT ANY CLAIMS OF THE LICENSED PATENTS, ISSUED OR PENDING, ARE VALID, OR THAT THE
MANUFACTURE, USE, SALE OR OTHER DISPOSAL OF THE LICENSED PRODUCTS, OR PRACTICE OF THE LICENSED METHODS DOES NOT OR WILL NOT INFRINGE UPON ANY PATENT OR OTHER RIGHTS NOT VESTED IN YALE. 

 

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	 	(b)	YALE MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS AND WARRANTIES WHATSOEVER WITH RESPECT TO THE LICENSED PATENTS, LICENSED PRODUCTS AND LICENSED METHODS,
EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. LICENSEE SHALL MAKE NO STATEMENTS, REPRESENTATION OR WARRANTIES WHATSOEVER TO ANY THIRD PARTIES THAT ARE INCONSISTENT WITH
SUCH DISCLAIMER BY YALE. 

  

	 	(c)	EXCEPT FOR LICENSEE’S LIABILITY UNDER SECTION 8.1, IN NO EVENT SHALL ANY PARTY, THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR
INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. IN NO
EVENT SHALL YALE, OR ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES, BE LIABLE FOR DAMAGES IN EXCESS OF AMOUNTS YALE HAS RECEIVED FROM LICENSEE UNDER THIS LICENSE. 

15. NOTICES 
  

	15.1	Any monetary payment, notice or other communication required by this Agreement (a) shall be in writing, (b) may be delivered personally or sent by reputable
overnight courier with written verification of receipt or by registered or certified first class United States Mail, postage prepaid, return receipt requested, (c) shall be sent to the following addresses or to such other address as such party
shall designate by written notice to the other party, and (d) shall be effective upon receipt: 

  

			
	 FOR YALE:

Managing Director
 YALE UNIVERSITY
 Office of Cooperative Research

433 Temple Street
 New Haven, CT 06511
	 	 FOR LICENSEE:
 BIND Biosciences, Inc.
 325 Vassar Street

Cambridge, MA 02139
 Attention: Scott Minick

 16. LAWS, FORUM AND REGULATIONS 

 

	16.1	Any matter arising out of or related to this Agreement shall be governed by and in accordance with the substantive laws of the State of New York, without regard to its
conflicts of law principles, except where the federal laws of the United States are applicable and have precedence, and for any matter relating to the scope, validity, enforceability or infringement of any LICENSED PATENTS, which shall be governed
by and in accordance with the substantive laws of the jurisdiction in which the applicable LICENSED PATENTS have force. Any dispute arising out of or related to this Agreement shall be brought in a court of competent jurisdiction in the State of New
York. 

  
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	16.2	LICENSEE shall comply with all foreign and United States federal, state, and local laws, regulations, rules and orders applicable to the testing, production,
transportation, packaging, labeling, export, sale and use of the LICENSED PRODUCTS and practice of the LICENSED METHODS. In particular, LICENSEE shall be responsible for assuring compliance with all United States export laws and regulations
applicable to this LICENSE and LICENSEE’s activities under this Agreement. 

 17. MISCELLANEOUS

  

	17.1	This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, successors and permitted assigns.

  

	17.2	This Agreement constitutes the entire agreement of the parties relating to the LICENSED PATENTS, LICENSED PRODUCTS and LICENSED METHODS, and all prior representations,
agreements and understandings, written or oral, are merged into it and are superseded by this Agreement. 

  

	17.3	The provisions of this Agreement shall be deemed separable. If any part of this Agreement is rendered void, invalid, or unenforceable, such determination shall not
affect the validity or enforceability of the remainder of this Agreement unless the part or parts which are void, invalid or unenforceable shall substantially impair the value of the entire Agreement as to either party. 

 

	17.4	Paragraph headings are inserted for convenience of reference only and do not form a part of this Agreement. 

 

	17.5	No person not a party to this Agreement, including any employee of any party to this Agreement, shall have or acquire any rights by reason of this Agreement. Nothing
contained in this Agreement shall be deemed to constitute the parties partners with each other or any third party. 

  

	17.6	This Agreement may not be amended or modified except by written agreement executed by each of the parties. This Agreement is personal to LICENSEE and shall not be
assigned by LICENSEE without the prior written consent of YALE. Notwithstanding the foregoing, LICENSEE may assign this Agreement to an AFFILIATE or in connection with any merger, acquisition, reorganization, consolidation or transfer of all or
substantially all of its stock, assets or business. Any attempted assignment in contravention of this Article 17.6 shall be null and void and shall constitute a material breach of this Agreement. 

 

	17.7	LICENSEE, or any SUBLICENSEE or assignee, will not create, assume or permit to exist any lien, pledge, security interest or other encumbrance on this Agreement or any
sublicense, without YALE’s prior written consent, which consent shall not be unreasonably withheld. 

  
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	17.8	The failure of any party hereto to enforce at any time, or for any period of time, any provision of this Agreement shall not be construed as a waiver of either such
provision or of the right of such party thereafter to enforce each and every provision of this Agreement. 

  

	17.9	This Agreement may be executed in any number of counterparts and any party may execute any such counterpart, each of which when executed and delivered shall be deemed
to be an original and all of which counterparts taken together shall constitute but one and the same instrument. Facsimile or PDF delivery of this Agreement by either party shall be legal, valid and binding. 

Signature Page Follows 

  
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 IN WITNESS to their Agreement, the parties have caused this Agreement to be executed in duplicate
originals by their duly authorized representatives. 
  

									
	YALE UNIVERSITY	 		 	BIND BIOSCIENCES, INC.
					
	By:	 	 /s/ E. Jonathan Soderstrom
	 		 	By:	 	 /s/ Scott Minick

				
	E. Jonathan Soderstrom, Ph.D.	 		 	Name:	 	 Scott Minick

			
	Managing Director	 		 	
				
	Office of Cooperative Research	 		 	Title:	 	 President and CEO

					
	Date:	 	 2 December 2012
	 		 	Date:	 	 1/31/13

  
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 Appendix A 

LICENSED PATENTS 
  

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

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
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 Appendix B- Existing Licensees 

[***] 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions.

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