Document:

Exhibit 10.2

 

	 	REDACTED
	 	Certain identified information, indicated by [***], has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

 

OPTION AND LICENSE AGREEMENT

FOR THE LICENSING AND DEVELOPMENT

OF [***] INHIBITORS

 

This LICENSE AND OPTION AGREEMENT FOR THE
LICENSING AND DEVELOPMENT OF [***] INHIBITORS (the “Agreement”)
is effective as of this day of October 2018 (the “Effective Date”) by and between Immunic AG, a stock corporation
organized under the laws of Germany, having a place of business at Am Klopferspitz 19, 82152 Martinsried, Germany (“Immunic”),
and Daiichi Sankyo Co., Ltd., a Japanese corporation organized under the laws of Japan, having a place of business at 1-2-58 Hiromachi,
Shinagawa-ku, Tokyo 140-8710, Japan (“DS)”; Immunic and DS are sometimes hereinafter individually referred to as a
“Party” and collectively as the “Parties”).

 

RECITALS

 

(1)          
DS has developed and owns certain technology relating to small molecules that inhibit the biological activity of [***],
as listed [***]; and

 

(2)          
DS is the owner or otherwise controls certain proprietary technology, including the patent applications filed or to be filed
by DS claiming the Subject Compounds, as listed in [***],
and any issued patents or pending patent applications resulting therefrom, all such patent rights and technology as necessary or
useful to make, use or sell Licensed Product(s) (as defined below), and related chemical, biological, and non-clinical data and
relevant information, as listed and summarized in [***];
and

 

(3)          
Immunic is interested in, either by itself or by an Affiliate, developing the Subject Compounds to appropriate form(s),
method(s) of use, mode(s) of administration or dosage(s) of one or more pharmaceutical composition(s) of the Subject Compounds
to be used in the therapy, prognosis, diagnosis and prevention of any human diseases; and

 

(4)          
Immunic and DS have discussed (under a “Bilateral Confidential Disclosure Agreement” dated November 9, 2017)
and on July 11, 2018 agreed upon an Outline of Terms, binding only to the extent as set forth therein, according to which DS grants
Immunic an exclusive option to enter into a full licensing agreement, both the option and the license in accordance with the terms
and conditions set forth herein;

 

Based on the foregoing considerations,
the Parties hereto agree as follows:

 

ARTICLE
1

INTERPRETATION AND DEFINITIONS

 

1.1.        
Interpretation Principles. As used in this Agreement, the capitalized terms listed in Section 1.2 shall have the
meanings set forth therein or in the specific Section of this Agreement, to which the respective definition refers. Unless the
context of this Agreement otherwise requires: (a) words of any gender include the other gender; (b) words using the singular or
plural number also include the plural or singular number, respectively; (c) the terms “hereof,” “herein,”
“hereby,” and derivative or similar words refer to this entire Agreement; and (d) the term “including”
means “including without limitation”.

 

    - 1 -

     

    

 

1.2.        
Definitions.

 

“Affiliate” means any
person or entity that controls, is controlled by, or is under common control with a Party. For purposes of this definition, the
term “control” means (i) the possession, directly or indirectly, of the power to direct the management or policies
of an entity, whether such control is obtained through ownership of voting securities, by contract or otherwise, or (ii) the ownership,
directly or indirectly, of at least fifty percent (50%) of the voting securities or other ownership interest of an entity. A person
or entity shall only be considered an Affiliate for so long as such control exists.

 

“BCDA” means the Bilateral
Confidential Disclosure Agreement effective between the Parties as of November 9, 2017.

 

“Business Day(s)” means
a day which is neither a Saturday nor a Sunday or a bank holiday in Martinsried, Germany or Tokyo, Japan.

 

“Combination Product”
means a product that contains a Subject Compound as an active pharmaceutical ingredient together with one or more other compounds
that are active pharmaceutical ingredient(s).

 

“Commercially Reasonable Efforts”
means those efforts, activities and measures, with respect to the efforts to be expended by the respective Party which, with respect
to any objective, are reasonable, diligent, good-faith efforts to accomplish such objective as a similarly situated (with respect
to size, stage of research and other aspects) pharmaceutical company would use to accomplish a similar objective under similar
circumstances exercising reasonable business judgement and considering the scientific, medical and commercial potential and characteristics
of the Subject Compound and Licensed Product as well as the associated risks in the development, obtaining of Regulatory Approvals
and governmental pricing and reimbursement approvals, and commercialization.

 

“Control” or “Controlled”
means with respect to any (i) item of information, including, without limitation, Know-how, or (ii) intellectual property right,
the possession (whether by ownership or license, other than pursuant to this Agreement) by a Party of the ability to grant to the
other Party access or a license as provided herein under such item or right without violating the terms of any agreement or other
arrangements with any Third Party.

 

“CTA” means a clinical
trial application to any Regulatory Authority.

 

“DS Patent Rights” means
any of the following: (a) any issued and unexpired patent, including substitutions, extensions, re-registrations, reissues, renewals,
or similar governmental grants of exclusive rights to practice an invention; (b) any patent application, including continuation,
continuation-in-part, divisional, and provisional applications that claim priority to, or common priority with a previously filed
patent application or issued patent; (c) any foreign counterparts to any of the foregoing, in each case that are necessary for
Immunic to research, develop, manufacture, use, or sell the Subject Compounds and Licensed Products for use in the Field in the
Territory. The DS Patent Rights shall include the patent rights owned or controlled by DS identified in [***].

 

“DS Technology” means
Know-how that is owned by DS or its Affiliates during the Term that is necessary or useful for Immunic to research, develop, manufacture,
seek Regulatory Approval for, and distribute the Subject Compounds and Licensed Products for use in the Field in the Territory.
The DS Technology shall include the regulatory documentation, and Know-how identified in [***].

 

“Field” means the treatment,
diagnosis, prognosis, or prevention of any disease in humans.

 

“First Commercial Sale”
means, with respect to any Licensed Product and any country of the world, the first sale by Immunic or any of its Affiliates, sub-licensees
of any Licensed Product for use in the Field in that country, after such Licensed Product has been granted Regulatory Approval
by the competent Regulatory Authorities.

 

    - 2 -

     

    

 

“IND” means an Investigational
New Drug application submitted to the United States Food and Drug Administration (the “FDA”).

 

“Know-how” means any
confidential technical information, techniques, processes, methods, data, assays, substances and materials, and other information
in a Party’s possession that is not generally available to the public.

 

“Licensed Product(s)”
means any pharmaceutical product that contains a Subject Compound as an active pharmaceutical ingredient.

 

“Net Sales” means [***]
using generally accepted accounting standards:

 

[***]

 

Notwithstanding the foregoing, Net Sales
shall not include any consideration received by lmmunic, or any of its Affiliates or sub-licensees in respect of the sale, use
or other disposition of a Licensed Product (i) solely between the foregoing parties, or (ii) in a country as part of a clinical
trial prior to the receipt of all Regulatory Approvals required to commence commercial sales of such Licensed Product in such country.

 

“Regulatory Approval”
means and includes all licenses, permits, authorizations and approvals of, and all registrations, filings and other notifications
to, any Regulatory Authority, necessary for the manufacture, production, distribution, marketing, sale and/or use of any Licensed
Product within the Field and in a particular country or region of the Territory.

 

“Regulatory Authority”
means any national, supra-national, regional, state or local regulatory agency, department, or other governmental entity in a country
in the Territory, including the United States Food and Drug Administration or any successor thereto (FDA), and the European Medicines
Agency or any successor thereto (EMA), that is responsible for regulating the manufacture, production, distribution, marketing,
sale and/or use of any Licensed Product within the Field and in a particular country or region of the Territory.

 

“Representative” means
any officer, director, employee, agent, advisor and representative.

 

“[***]”
means [***].

 

“Subject Compound(s)”
means the compounds identified and described by their respective chemical compound names in [***].

 

“Term” means the period
between the Effective Date, and: (i) Immunic’s payment of royalties accruing from its last obligation to pay royalties to
DS under Section 6.6, or (ii) this Agreement is terminated earlier under Article 11.

 

“Territory” means worldwide.

 

“Third Party” means
any entity or person other than the Parties and their respective Affiliates.

 

“Trademarks” means all
registered or unregistered trademarks, service marks, trade dress, trade names, logos, insignias, domain names, symbols, designs,
artwork, and combinations thereof, and other indicia of origin, including all applications for registration and registrations of
any such marks and renewals for any of the foregoing.

 

“Valid Claim” means
a claim of (i) any unexpired issued Patent Right that shall not have been dedicated to the public, disclaimed, nor held invalid
or unenforceable by a court or government agency of competent jurisdiction in an unappealed or unappealable decision, or (ii) of
any patent application filed in good faith being part of the DS Patent Rights that has not been cancelled, withdrawn or abandoned.

 

    - 3 -

     

    

 

ARTICLE
2

OPTION

 

2.1.        
Option Right. DS hereby grants to Immunic an exclusive option to obtain an exclusive, worldwide, royalty-bearing
license under the DS Patent Rights and DS Technology to research, develop, make, have made, use, import, offer for sale, distribute
and sell the Subject Compounds and Licensed Product(s) (the “Option Right”).

 

2.2.        
Term of Option Right. The term of the Option Right granted under Article 2.1 shall commence on the Effective Date
and shall expire [***] (the “Option Period”).
Immunic may exercise its Option Right at any time during the Option Period by giving written notice to DS. If Immunic does not
notify DS that it has exercised the Option Right before the expiration of the Option Period, such Option Right will expire, as
provided in this Section 2.2, without the need for further action by DS.

 

ARTICLE
3

RESEARCH AND DEVELOPMENT INITIATED DURING THE OPTION PERIOD

 

3.1.        
Duties of the Parties. Following the Effective Date, the Parties shall without undue delay perform the studies listed
in Exhibit D as follows:

 

(a)          
lmmunic shall use Commercially Reasonable Efforts to:

 

(i)            
at its own cost and expense, perform the studies listed in Part 1 of Exhibit D to analyze the mode of action of the
Subject Compounds, and

 

(ii)           
at DS’s cost and expense, not to exceed [***],
perform the agreed upon studies listed in Part 2 of Exhibit D that are necessary for obtaining an IND or CTA, respectively.
If Immunic reasonably anticipates that the total cost for the studies to be performed under this Section 3.1(a)(ii) will exceed
[***], it will promptly notify DS, and the Parties will
discuss in good faith whether to increase the funding for such studies. Promptly after the receipt of an invoice issued by a contract
research organization or contract manufacturing organization to Immunic for any study to be performed by Immunic under this Section
3.1(a)(ii), Immunic shall issue a corresponding invoice for all agreed upon costs and expenses to DS. DS shall reimburse Immunic
for all such costs and expenses within [***]of receiving
such invoice.

 

(b)          
DS shall use Commercially Reasonable Efforts to conduct, at its own cost and expense, the studies listed in Part 3 of Exhibit
D, including [***]; and

 

(c)          
DS shall reasonably support and assist Immunic in its due diligence efforts with respect to evaluating the Subject Compounds
and the DS Technology to determine whether to execute its Option Right.

 

3.2.        
During the Option Period, lmmunic shall have the right under the DS Patent Rights and DS Technology to carry out all activities
necessary and/or useful for the tasks assigned to Immunic pursuant to Section 3.1(a).

 

3.3.        
Any results generated by either Party or both Parties during the Option Period, including any intellectual property generated
solely by or on behalf of a Party in performing the activities described in Section 3.1(a) and Section 3.1(b) shall, subject to
the licenses granted pursuant to Articles 4 and 12, be solely owned by such Party. If and to the extent both Parties contributed
to such results, such results shall, subject to the licenses granted pursuant to Articles 4 and 12, be jointly owned by both Parties,
and the Parties shall in good faith discuss and agree upon any patent prosecution, enforcement, and defense of such jointly owned
intellectual property. In the case of results generated during the Option Period that are solely owned by one Party, if such Party
does not wish to obtain or maintain applicable intellectual property rights, it shall provide the other Party a reasonable opportunity
to obtain and/or maintain such rights.

 

    - 4 -

     

    

 

3.4.        
Technology Transfer. During the Option Period, DS shall make the DS Technology available to Immunic through an electronic
data room or other method agreed to by the Parties. Immunic shall not use any of the DS Patent Rights or DS Technology furnished
under this Agreement for any purpose other than as specifically authorized in this Agreement, or as otherwise specifically authorized
in writing by DS. DS shall use its reasonable endeavors to answer all questions received from Immunic regarding the DS Patent Rights
and DS Technology as soon as reasonably possible after receipt.

 

3.5.        
During the Option Period, DS shall take reasonable steps to ensure that the existence and/or the scope of the DS Patent
Rights and the DS Technology are not impaired, and shall refrain from acts that could reasonably be foreseen to impair the existence
or scope of the DS Patent Rights or the DS Technology.

 

3.6.        
If Immunic does not exercise the Option Right before the Option Period expires, the rights granted to Immunic under Section
3.2 of this Agreement shall terminate automatically upon expiration of the Option Period and Immunic shall: (a) upon a request
from DS, return or destroy all Confidential Information disclosed by DS, (b) grant, free of charge, an exclusive, royalty-free,
worldwide license to any intellectual property generated by Immunic pursuant to this Agreement, whether solely or jointly with
DS, during the Option Period to DS. with the right to grant sub-licenses, as necessary or useful to continue the development and
commercialization of products containing the Subject Compound(s), and (c) transfer all data and results related to the Subject
Compound(s) generated by Immunic during the Option Period. Thereafter, DS shall be free to further develop the Subject Compound(s)
by itself or in cooperation with any Third Party, or to license the Subject Compound(s) and/or the DS Technology to any Third Party
for further development and/or commercialization.

 

ARTICLE
4

LICENSE

 

4.1.        
License Grant. Effective as of, and subject to Immunic exercising the Option Right in accordance with Section 2.2
of this Agreement, DS hereby grants to Immunic, and Immunic hereby accepts, an exclusive license in the Field to use the DS Patent
Rights and DS Technology to develop, have developed, make, have made, manufacture, have manufactured, register, have registered,
use, have used, import, have imported, export, have exported, distribute, have distributed, market, have marketed, offer and have
offered for sale, sell and have sold, and commercialize the Subject Compounds and/or Licensed Product(s) in the Territory, in accordance
with the terms and conditions of this Agreement.

 

4.2.        
Sub-licensing.

 

4.2.1.    
Right to Sublicense. Immunic shall be entitled to sub-license (including the right to grant further sub-sublicenses,
including sub-licenses in multiple layers) all or any of its rights in the Field under this Agreement to any Affiliate or Third
Party. Any sublicense granted by Immunic shall be subject to the sub-licensing agreement containing terms and conditions that are
not less restrictive in favor of DS than, and not inconsistent with those contained in this Agreement. Notwithstanding any sub-license
it may grant, Immunic shall remain responsible for the performance of all of its duties and obligations under this Agreement, and
shall be liable to DS for any breach of the terms of this Agreement by a sublicensee.

 

4.2.2.    
Approval of Sublicensees. Following Immunic’s execution of this Agreement, and on the anniversary of
the date of the execution by lmmunic each year of the Term thereafter, Immunic shall provide DS with a list of proposed sub-licensees
for review and approval. DS shall review the list and notify Immunic of any potential sub-licensees that are not approved. If DS
does not notify Immunic that it has denied approval of a specific sub-licensee within thirty (30) days of receiving the list from
Immunic, such sub-licensee shall be deemed approved. If Immunic wishes to engage a sub-licensee that is not on the then-current
list of approved sub-licensees, it may request approval of such sub-licensee by submitting a written request to DS at any time.
If DS does not notify Immunic that it does not approve of such sub-licensee within fifteen (15) days, such sub-licensee shall be
deemed approved. Any denial of approval by DS shall be made in good faith based on reasonable concerns related to the particular
sub-licensee, and if requested, DS shall discuss its reasons with Immunic. For clarity, approval of a sub-licensee by DS under
this Section 4.2.2 does not relieve Immunic of any liability or responsibility for the acts or omissions of its sub-licensees as
otherwise provided in this Agreement.

 

    - 5 -

     

    

 

4.3.        
Documents and Declarations. DS shall execute all documents, give all required declarations required to give effect
to the licenses granted hereunder, and shall reasonably cooperate with Immunic to the extent such documents, declarations and/or
cooperation are required to record or register the licenses granted hereunder at the various patent offices in the Territory for
the benefit of Immunic.

 

ARTICLE
5

FURTHER DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS

 

5.1.        
Commercially Reasonable Efforts of Immunic. Immunic shall, following the exercise of its Option Right, use Commercially
Reasonable Efforts to, [***], develop, manufacture, register
and market Licensed Products where commercially reasonable throughout the Territory.

 

5.2.        
Manufacturing. Following the exercise of its Option Right, lmmunic shall be solely responsible for manufacturing
the Subject Compound and/or Licensed Product(s) for all clinical trials and for commercialization purposes.

 

5.3.        
Steering Committee.

 

5.3.1.    
Formation, Meetings, Procedures. The Parties shall form a joint steering committee (the “Steering
Committee”) to monitor and review their respective activities during the Option Period. The Steering Committee shall
be comprised of four (4) professionally and technically qualified representatives, two (2) from each Party. The Steering Committee
shall meet for the first time within [***] after the Effective
Date, and thereafter [***], until lmmunic exercises its
Option Right, or the Option Period expires. The meeting place of the in person meeting shall alternate between the offices of DS
in Tokyo, or at another place designated by DS, and the offices of lmmunic in Martinsried, or at another place designated by lmmunic,
or as otherwise agreed to by the Steering Committee. Steering Committee meetings may also be conducted by telephone, or by videoconference.
Each Party shall provide the other Party with written notice of its Representatives for the Steering Committee within ten (10)
Business Days after the Effective Date, and, thereafter, without undue delay upon any replacement. Each Party may invite guests
to the meetings, in order to discuss special technical or commercial topics. At least [***]
prior to each meeting of the Steering Committee, the Parties will exchange written copies of all materials, development
documentation, and data and other information, as far as reasonably required to support the activities of the Steering Committee.

 

5.3.2.    
Activities of the Steering Committee. The activities of the Steering Committee shall include: (i) the review
and discussion of the Development Plan and the progress being made in relation to the various topics listed therein, (ii) the monitoring
of DS’s, lmmunic’s, or any of its sub-licensee’s development activities regarding the Subject Compounds and any
Licensed Products, (iii) the exchange of development and safety information, (iv) sharing information by each of the Parties about
improvements to the DS Technology, and (v) coordination of activities relating to the DS Patent Rights and other IP applications
regarding joint inventions.

 

5.3.3.    
Minutes. The Steering Committee shall keep accurate and complete minutes of its meetings. The responsibility
for preparing the minutes setting forth decisions made at each Steering Committee meeting shall alternate between the Parties with
the Immunic Representatives preparing the minutes of the first Steering Committee meeting. The minutes of each meeting of the Steering
Committee shall be prepared within [***] of its completion,
and will only become official when agreed upon by all Steering Committee members. If no issue is taken with any set of minutes
within [***] of their receipt by all Steering Committee
members, they shall be deemed to have been accepted. All records of the Steering Committee shall be available at all times to each
Party.

 

    - 6 -

     

    

 

5.3.4.    
Decisions. All decisions of the Steering Committee shall be made in good faith in the best interest of the
successful and responsible development and commercialization of the Subject Compounds and the Licensed Products according to this
Agreement. The Parties shall use reasonable efforts to take decisions unanimously. In the event that the Steering Committee is
unable to agree on any matter after good faith attempts to resolve such any disagreement in a mutually acceptable fashion, then
the vote of [***]shall be decisive.

 

5.3.5.    
Joint Project Team. If Immunic exercises its Option Right, the Steering Committee shall be reconstituted as
a Joint Project Team to facilitate information sharing between the Parties. The role of the DS personnel on the Joint Project Team
shall be solely that of observers to monitor the development and commercialization of the Subject Compounds and Licensed Product(s),
and to answer questions from Immunic about the DS Technology. Meetings of the Joint Project Team can be called by either Party
on an ad hoc basis, but in no case more than once in each calendar quarter. Such meeting may be held by teleconference or videoconference.
DS personnel on the Joint Project Team may fully participate in all discussions during the meeting, but will have no authority
to make decisions related to the development or commercialization of the Subject Compounds or Licensed Products. All information
disclosed to DS personnel on the Joint Project Team shall be treated as Confidential Information under this Agreement.

 

5.4.        
Use of Names. Except as otherwise provided herein, no Party has any right, express or implied, to use in any manner
the name or other designation of the other Party, or any other trade name, trademark or logos of the other Party for any purpose
in connection with the performance of this Agreement, or otherwise. In particular, DS does not grant Immunic any license to use
any of DS’s trademarks to designate any Subject Compound or Licensed Product. Immunic shall have the sole right to select
the Trademarks used in connection with the Subject Compounds and Licensed Products, and shall own and retain all right, title and
interest in and to such Trademarks, and all goodwill associated with or attached to such Trademarks arising out of the use thereof
by Immunic, its Affiliates and any sub-licensees shall inure to the benefit of Immunic. Only Immunic will be authorized to initiate,
at its own discretion, legal proceedings against any infringement or threatened infringement of such Trademarks.

 

5.5.        
Covenant not to Compete. During the Option Period, neither Party may develop or commercialize any compound or product
that derives its intended therapeutic effect from [***] other
than the Subject Compounds. If Immunic exercises its Option Right, during the Term Immunic shall not develop or commercialize any
compound that derives its intended therapeutic effect from [***] other
than the Subject Compounds and competes with any of the Licensed Products, either on its own or with a Third Party.

 

ARTICLE
6

CONSIDERATION

 

6.1.        
Up-front Payment. In consideration for DS granting the license and rights pursuant to this Agreement, Immunic shall,
subject to its exercise of the Option Right, pay to DS a one-time-only, non-refundable, non-creditable lump sum amount of [***]
payable within [***] after the date of its exercise
of the Option Right.

 

6.2.        
Development Milestone Payments. Immunic shall make the following additional one-time-only payments to DS, each upon
the achievement of the following events by Immunic, its Affiliate, or its Third Party sub-licensee:

 

[***]

 

    - 7 -

     

    

 

6.3.        
Sales Milestone Payments. Immunic shall, in addition to the payments specified in Sections 6.1 and 6.2, pay DS the
following one time sales milestone payments on the aggregated annual Net Sales of the Licensed Products in the Territory:

 

[***]

 

For the avoidance of doubt, the term “aggregated
annual Net Sales of the Licensed Products in the Territory”, as used in this Agreement, shall mean [***].

 

6.4.        
Royalties. Immunic shall pay to DS, as further consideration for the rights and licenses granted by it under this
Agreement, royalties on Net Sales of the Licensed Products in the Territory equal to [***]
of annual Net Sales. Such royalty payments shall be determined irrespective of whether such Net Sales result from the commercialization
of the Licensed Products by Immunic or its Affiliates, or by any Third Party sub-licensees; annual Net Sales of the relevant Licensed
Product shall mean the total of all Net Sales of a particular Licensed Product anywhere in the Territory in any single calendar
year.

 

6.5.        
Royalties for Combination Product. If a Licensed Product is sold as part of a Combination Product for a single invoiced
amount (in each case, a “Combination Sale”), the Net Sales amount for the Licensed Product sold in such a Combination
Sale shall be that portion of the gross amount invoiced for such Combination Sale (less all permitted deductions) reasonably attributable
(in terms of value) to the Licensed Product included in the Combination Sale, based on the relative prices of the separate components
of the Combination Sale when sold separately in the country where such Combination Sale occurs (if such components are sold separately
in such country) or (if such components are not sold separately in such country) on such other objective and reasonable factors
agreed to by the Parties after good faith discussions.

 

6.6.        
Royalty Payment Term. Immunic’s obligation to make royalty payments terminates on a country-by-country and
Licensed Product-by-Licensed Product basis by the later of (i) the Licensed Product is no longer covered by a Valid Claim in an
issued patent within the DS Patent Rights in the relevant country, or (ii) [***]
after the First Commercial Sale of the respective Licensed Product in the relevant country; provided, however, that if the Licensed
Product:

 

(a)          
is no longer covered by a Valid Claim in an issued patent within the DS Patent Rights in the relevant country,

 

(b)          
no longer enjoys market exclusivity from legal or regulatory protections (e.g. data exclusivity) obtained by the original
holder of the Regulatory Approval in the relevant country, and

 

(c)          
one or more generic competitors enter the market in the relevant country and as a result, the prescription volume of the
Licensed Product declines by [***] or more in such country.
For the purposes of this Section 6.6(c), the decline in prescription volume shall be measured by comparing the total number of
units sold by Immunic, its Affiliates, and sub-licensees during the applicable calendar quarter against the average of the total
number of units sold by Immunic, its Affiliates, and sub-licensees during the [***]
immediately before the first sale of a product by the first generic competitor in such country, then the royalty rate shall be
reduced to [***] for Net Sales of such Licensed Product
in the relevant country.

 

6.7.        
Third-Party License Payments.

 

6.7.1.    
Notification. If Immunic, its Affiliates, or its sub-licensees reasonably believe that one or more of them
is/are required to obtain and maintain a license to Third Party patent rights, or a license of other proprietary rights owned or
controlled by a Third Party in order to research, develop, manufacture, use, import, offer for sale, distribute or sell a Licensed
Product in the Field, Immunic shall notify DS of such circumstance before executing any license agreement with the Third Party.
The Parties shall meet promptly and discuss the necessity of obtaining the proposed license and the terms of proposed Third Party
license agreement. Immunic shall have the final decision making authority regarding whether to execute the Third Party license
agreement, but shall consider in good faith the comments, concerns, and objections raised by DS.

 

    - 8 -

     

    

 

6.7.2.    
Payment Offset. Immunic shall be entitled to offset [***]
of the amounts paid to all Third Party licensor(s) under the applicable license(s) from the amounts to be paid to DS
under this Agreement. The amounts paid to all Third Party licensors in a particular country during [***]
may be offset against the royalties otherwise payable to DS for Net Sales of Licensed Products in that country for [***].
[***].

 

6.7.3.    
Minimum Royalty Payment. During any calendar quarter in which royalties are due to DS and a payment offset
under Section 6.7.2 of this Agreement is claimed by Immunic, the aggregated amount of the offset for all Third Party license payments
in a country shall not reduce the royalties paid to DS below [***].

 

6.8.        
Payments to DS.

 

6.8.1.    
Payment Method. All payments due to DS under this Agreement will be made in US Dollars by bank wire transfer
in immediately available funds to an account designated by DS. Immunic shall be responsible for paying all transfer and other fees
related to completing all bank wire transfers required under this Agreement. Within [***],
DS will provide Immunic all information necessary to make such bank wire transfers. Thereafter, any change to such bank wire transfer
information will be transmitted to Immunic by a notice in accordance with Section 13.3.

 

6.8.2.    
Currency Exchange. In the event that any Net Sales subject to royalty payments according to this Agreement
are calculated in any currency other than US Dollars, for purposes of calculating payments payable by Immunic under Section 6.5,
and Section 6.6 of this Agreement, such Net Sales shall be converted into US Dollars at the rate of exchange between the currency
in which such Net Sales and licensing payments were received and the US Dollar prevailing at Federal Reserve Bank of New York,
at noon on the last banking day of the calendar quarter in which such Net Sales have been effected.

 

6.8.3.    
Payments for Milestone Events. Immunic shall inform DS of the occurrence of a milestone event without undue
delay, however, no later than within [***] following [***].
Milestone payments are payable within [***] after Immunic’s
receipt of an invoice issued by DS for such milestone payment.

 

6.8.4.    
Royalty Payments. Payment of royalties under Section 6.5, and Section 6.6 of this Agreement shall be paid
on a [***] basis. Each payment by Immunic under Section
6.5, and Section 6.6 shall be paid within [***]. Within
[***], Immunic will deliver a report specifying in the aggregate
and on a country-by-country basis the following information for such calendar quarter: (a) total gross invoiced amount from sales
of each Product by Immunic, its Affiliates, and its Sublicensees; (b) amounts deducted by category (e.g., normal and customary
trade, cash and other discounts, allowances and credits actually allowed and taken directly with respect to sales of the Product)
from gross invoiced amounts to calculate Net Sales; [***].

 

6.8.5.    
Taxes. All payments by Immunic to DS are exclusive of value added tax, which shall, if applicable, be invoiced
separately. The Parties shall use reasonable efforts to obtain any available exemptions from withholding taxes and to assist each
other in that regard. Any tax paid or required to be withheld by Immunic on behalf of DS on account of any upfront, milestone,
royalty or other payments payable to DS under this Agreement will be deducted from the amount of such payments otherwise due. To
the extent that Immunic is able to do so, Immunic will secure and send to DS proof of any such taxes withheld and paid by Immunic
on behalf of DS, and will, at DS’s request, provide reasonable assistance to DS in recovering or crediting, as applicable,
such taxes. Immunic shall use Commercially Reasonable Efforts to enable DS to take advantage of any applicable legal provision
or tax treaty with the object of paying the sums due to DS without imposing or withholding any tax.

 

6.8.6.    
Late Payments. In the event of any delay in effecting any payment due to DS under this Agreement by the due
date, Immunic shall pay DS, in addition to the overdue amount, interest calculated on a daily basis on the overdue payment, from
the day after such payment was due to the date of actual payment, at a rate of [***]
as applicable from time to time.

 

    - 9 -

     

    

 

6.9.        
Book Keeping and Auditing. For the Term and for [***],
Immunic shall maintain complete and accurate books and records of account, in accordance with generally accepted account principles,
of all transactions and other business activities conducted pursuant to this Agreement that are necessary to confirm the accuracy
of all payments by Immunic to DS under this Article 6. Upon reasonable written notice to Immunic, DS, or a certified public accountant
designated by DS and reasonably acceptable to Immunic, shall have the right to audit such books and records of account of Immunic
(provided always that in the case of review by a certified public accountant, the relevant public accountant enters into an appropriate
confidentiality agreement with Immunic), in order to confirm the accuracy and completeness of all such payments. DS shall bear
all costs and expenses incurred in connection with any such audit; provided, however, that if any such audit reveals an inaccuracy
of [***] or more based on the amount of payments actually
due during the audited period, then, in addition to paying the full amount of such underpayment, plus accrued interest, Immunic
shall reimburse DS all such reasonable costs and expenses incurred with the audit.

 

ARTICLE
7

DS PATENT RIGHTS

 

7.1.        
Ownership. Immunic hereby acknowledges that DS is, as of the Effective Date, the owner of all of the DS Patent Rights,
and Immunic shall acquire no rights, title or interest whatsoever in or to any of the DS Patent Rights other than the licenses
granted to it under this Agreement. Immunic shall not utilize any of the DS Patent Rights for any purpose whatsoever, except as
specifically authorized in this Agreement. Immunic shall not in its own name register, or attempt to register, any of the DS Patent
Rights, or otherwise assert any ownership rights with respect to any of the DS Patent Rights, in any country within the Territory.

 

7.2.        
Obligation to Prosecute and Maintain. During the Option Period, DS shall, at its sole expense, be responsible for
prosecuting and maintaining the patents and the patent applications comprised within the DS Patent Rights. If Immunic exercises
its Option Right, then thereafter Immunic shall be responsible, at its sole expense and using counsel of its choice, for prosecuting
and maintaining the DS Patent Rights claiming the Subject Compounds. DS shall take all steps, and execute all documents and authorizations
that are necessary to transfer such responsibility to Immunic and DS shall reasonably support Immunic in the prosecution and maintaining
of such DS Patent Rights. DS shall remain responsible for prosecuting and maintaining the other patent rights claiming DS Technology
that are licensed to Immunic.

 

7.3.        
Information and Consultation. During the Option Period, DS shall keep Immunic reasonably informed of and shall consult
with Immunic on an ongoing basis regarding the prosecution and maintenance of the DS Patent Rights containing claims that cover
the Subject Compounds, and of any actions that are required to be taken in relation thereto. In particular, DS shall provide Immunic
with a copy of material communications from any patent authority in the Territory regarding the DS Patent Rights, and shall, to
the extent reasonably practical, provide Immunic with drafts of any material filings or responses to be made to such patent authorities
a reasonable amount of time in advance of submitting such filings or responses.

 

7.4.        
Abandonment of Patent Rights. In the event that DS elects not to continue prosecuting or maintaining any of the DS
Patent Rights, DS shall notify Immunic in writing [***] before
any relevant deadline relating to or any public disclosure of the relevant DS Patent Rights. Upon receipt of a notice from DS indicating
that it intends to cease prosecuting or maintaining any of the DS Patent Rights, Immunic shall have the right to continue, at its
own expense, prosecution or maintenance (as the case may be) of the relevant DS Patent Rights and DS shall at the request and cost
of Immunic do all such acts and execute all such documents as may be necessary to (i) transfer title to the relevant DS Patent
Rights to Immunic and (ii) assist Immunic with the prosecution and maintenance of the relevant DS Patent Rights until such times
as Immunic’s title as proprietor of the relevant DS Patent Rights has been registered at all of the appropriate patent offices.

 

    - 10 -

     

    

 

7.5.        
Third Party Infringement of DS Patent Rights.

 

7.5.1.    
Notification. If either Immunic or DS becomes aware of any activity that it believes represents an infringement
of any of the DS Patent Rights, the Party obtaining such knowledge shall promptly advise, to the extent that such information is
available to the respective Party, the other of all relevant facts and circumstances relevant to the potential infringement. Immunic
and DS shall thereafter consult and cooperate fully to determine a course of action, including but not limited to the commencement
of legal action to enjoin any infringement of the relevant DS Patent Rights. However, Immunic shall have the first right, but not
the obligation, to bring, defend, or maintain any suit or action, in its own name, against any actual, threatened, or suspected
infringement of any of the DS Patent Rights in the Territory.

 

7.5.2.    
Controlling Party. If Immunic decides to exercise such right and so to bring, defend or maintain any such
suit or action in its own name and at its own expense, Immunic shall be responsible for taking all actions, in the courts, administrative
agencies, or otherwise, including a settlement, to prevent or enjoin any and all such infringements and other unauthorized uses
of the DS Patent Rights, and DS shall take no action with respect to any such infringement or unauthorized use of the Patent Rights,
without the prior written authorization of Immunic; provided, however, that Immunic shall not take any action or agree to any settlement
that impairs, diminishes, limits, or forfeits any DS Patent Rights without written consent from DS, such consent not to be unreasonably
withheld or delayed. DS shall provide, at the request and cost of Immunic, such assistance as Immunic shall reasonably request
in connection with any action to prevent or enjoin any such infringement or unauthorized use of any of the DS Patent Rights.

 

7.5.3.    
Damage Awards. Any damage award or settlement payments, made in connection with any action relating to infringement
of the DS Patent Rights in the Territory, whether obtained by judgment, settlement or otherwise shall be allocated (i) first, to
the Parties to recover their respective reasonable costs and expenses incurred in connection with the action, and (ii) second,
the amount of any recovery remaining shall then be allocated between DS and Immunic depending on the economic effect of the infringement
action on the commercialization of the Subject Compounds and/or the Licensed Products by Immunic or its sub-licensees under the
license granted to Immunic.

 

7.6.        
Transfer of Title to DS Patent Rights. If Immunic desires to transfer, all or a substantial part of the DS Patents
Rights licensed to Immunic under this Agreement to a Third Party, and the proposed Third Party transferee requires that Immunic
hold title to the DS Patents as a condition to consummating the proposed transaction, Immunic may request discussions with DS to
determine the feasibility of transferring title to the DS Patent Rights from DS to Immunic. Any request from Immunic shall include
a detailed description of the circumstances underlying the request and a timeline for DS to make its decision. After making such
request, Immunic shall promptly provide all information and answer any questions reasonably requested by DS. DS shall have the
sole discretion to decide whether to transfer title to any DS Patent Rights to Immunic, and if undertaken, the scope of the transfer,
and any conditions that must be satisfied before such transfer of title is completed. All decisions by DS regarding whether to
transfer title, the scope of the transfer, and the conditions for the transfer are final and undisputable, and therefore not subject
to the dispute resolution procedure provided in Section 13.5 of this Agreement, or as provided under any other laws or regulations.

 

ARTICLE
8

CONFIDENTIALITY

 

8.1.        
Confidentiality Obligations. All information disclosed by one Party to the other Party pursuant to this Agreement
and all information disclosed pursuant to the BCDA shall be “Confidential Information” of the disclosing Party
for all purposes hereunder. Each Party agrees that, for the Term and for [***]
thereafter, such Party shall, and shall ensure that its, its Affiliates’, and its sub-licensees’ Representatives
shall, keep completely confidential (using at least the same standard of care as it uses to protect proprietary or confidential
information of its own, but in no event less than reasonable care) and not publish or otherwise disclose, and not use for any purpose
except as expressly permitted hereunder, any Confidential Information of the other Party. The foregoing obligations shall not apply
to any information disclosed by a Party hereunder to the extent that the receiving Party can demonstrate with competent evidence
that such information:

 

    - 11 -

     

    

 

(i)            
was already known to the receiving Party or its Affiliates, other than under an obligation of confidentiality, at the time
of disclosure;

 

(ii)           
was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving
Party;

 

(iii)          
became generally available to the public or otherwise part of the public domain after its disclosure to the receiving Party
other than through any act or omission of the receiving Party, its Affiliates, or its sub-licensees in breach of this Agreement
or the BCDA;

 

(iv)         
was subsequently lawfully disclosed on a non-confidential basis to the receiving Party or its Affiliates by a Third Party
other than in contravention of a confidentiality obligation of such Third Party to the disclosing Party; or

 

(v)          
was independently developed by the receiving Party without use of the Confidential Information of the disclosing Party,
as established by contemporaneous written records of the receiving Party.

 

Notwithstanding the
definition of “Confidential Information” above and any licenses granted to such information, all results generated
by either Party pursuant to Article 3 shall be deemed Confidential Information of such Party.

 

8.2.        
Authorized Disclosure. A Party may disclose the Confidential Information of the other Party to the extent such disclosure
is reasonably necessary in the following instances:

 

(i)            
Filing or prosecuting or maintaining Patent Rights as expressly permitted under this Agreement;

 

(ii)           
Submissions to a Regulatory Authority and request for Regulatory Approvals relating to the Licensed Products as provided
for in the Development Plan or otherwise permitted under this Agreement;

 

(iii)          
Prosecuting or defending litigation or arbitration as permitted under this Agreement;

 

(iv)         
Disclosure, in connection with the performance of this Agreement, to Affiliates, Representatives, sub-licensees, research
collaborators, or subcontractors, each of whom prior to such disclosure must be bound by obligations of confidentiality and nonuse
equivalent or greater in scope to those set forth in this Article 8.

 

Further, a Party may
disclose the other Party’s Confidential Information to the extent such disclosure is required by valid court order or legal
process, provided that, to the extent consistent with such order or process, such Party gives the other Party advance notice of
such required disclosure, limits the disclosure to that actually required, and cooperates in the other Party’s attempts to
obtain a protective order or confidential treatment of the information required to be disclosed.

 

8.3.        
Confidentiality of Agreement Terms. Each Party acknowledges that the terms of this Agreement shall be treated as
Confidential Information of the other Party. Notwithstanding the foregoing, such terms may be disclosed by a Party to investment
bankers, investors, and potential investors or acquirers, solely in the context of a potential transaction and for the limited
purpose of evaluating such potential transaction. In addition, a copy of this Agreement and any ad hoc announcement pertaining
hereto may be filed by a Party with the Securities and Exchange Commission and/or any applicable securities exchange as required
by applicable laws or stock exchange regulations. In connection with any such filing, such Party shall provide the other Party
a reasonable opportunity to review the proposed filing to identify and request the removal of sensitive financial and trade secret
information, and shall endeavor to obtain confidential treatment of economic and trade secret information, if included. In any
event, the Parties agree to take all reasonable action to avoid disclosure of Confidential Information except as permitted hereunder.

 

    - 12 -

     

    

 

ARTICLE
9

WARRANTIES AND LIABILITIES

 

9.1.        
Mutual Representations and Warranties. The Parties represent and warrant that they have the full right and authority
to enter into this Agreement and that they have no obligations or commitments inconsistent with this Agreement.

 

9.2.        
Warranties of DS. DS warrants and represents that:

 

(i)            
as of the Effective Date, it owns the right, title and interest in the DS Patent Rights and owns or has the right to license
the DS Technology;

 

(ii)           
as of the Effective Date, it does not own or otherwise control any patent rights other than the DS Patent Rights which are
necessary or reasonably useful for or directed to the development, manufacture or commercialization of the Subject Compounds;

 

(iii)          
it has the right to grant the licenses contained herein;

 

(iv)         
as of the Effective Date, it is not aware of any claim or threatened claim that any of the DS Patent Rights is invalid or
that the development of the Subject Compounds would infringe any intellectual property rights of any Third Party;

 

(v)          
as of the Effective Date, it is not aware of any Third Party having any right, title or interest in or to any of the DS
Patent Rights or the DS Technology.

 

9.3.        
Disclaimer. DS makes no representation or warranty and specifically disclaims any guarantee that the development
of the Subject Compound(s) and/or Licensed Products will be successful, in whole or in part. DS expressly disclaims any warranties
or conditions, express, implied, statutory or otherwise with respect to any of the DS Patent Rights or DS Technology, except as
set forth in Section 9.2, including any warranty of merchantability or fitness for a particular purpose.

 

9.4.        
Limitation of Liability. The Parties’ liability in case of simple negligence shall be excluded. Except in case
of gross negligence or willful misconduct, neither Party shall be liable to the other Party for any indirect, punitive or consequential
damages or loss of profits, whether based on contract or tort, or arising under applicable law or otherwise.

 

ARTICLE
10

INDEMNIFICATION AND INSURANCE

 

10.1.      
DS’s Indemnification Obligations. DS shall defend, indemnify and hold Immunic harmless against [***].

 

DS indemnification obligation under this
Section 10.1 shall be subject to each of the following conditions: (i) Immunic shall furnish DS with written notice of any such
Claims and Liabilites for which it will seek indemnification within [***]
of the date on which Immunic receives notice thereof; (ii) subject to DS confirming in writing that its indemnification
obligation will apply to the relevant Claims and Liabilities, DS shall thereafter be solely responsible for investigating, defending,
settling and discharging such Claims and Liabilities, provided that DS shall not settle or discharge any Claims and Liabilities
in a manner that admits fault or liability by Immunic without first obtaining consent from Immunic; and (iii) Immunic shall at
DS’s costs furnish DS with all assistance reasonably requested by DS or its counsel. Immunic’s failure to comply with
its obligations pursuant to this Section 10.1 shall not constitute a breach of this Agreement nor relieve DS of its indemnification
obligations pursuant to this Section 10.1, except to the extent, if any, that DS’s defense of the claim, action or proceeding
was materially impaired thereby.

 

    - 13 -

     

    

 

10.2.      
Immunic’s Indemnification Obligations. Immunic shall defend, indemnify and hold DS harmless against [***]

 

Immunic’s indemnification
obligation under this Section 10.2 shall be subject to each of the following conditions: (i) DS shall provide Immunic with written
notice of any such Claims and Liabilities for which it seeks indemnification within [***]
after DS receives notice thereof; (ii) subject to Immunic confirming in writing that its indemnification obligation
will apply to such Claims and Liabilities, Immunic shall be solely responsible for investigating, defending, settling and discharging
such Claims and Liabilities, provided that Immunic shall not settle or discharge any Claims and Liabilities in a manner that admits
fault or liability by DS or materially affects the scope of the DS Patent Rights without first obtaining consent from DS; and (iii)
DS shall at Immunic’s cost provide Immunic with all assistance reasonably requested by Immunic or its counsel. DS’s
failure to comply with its obligations pursuant to this Section 10.2 shall not constitute a breach of this Agreement nor relieve
Immunic of its indemnification obligations, except to the extent, if any, that Immunic’s defense of the claim, action or
proceeding was materially impaired thereby.

 

10.3.      
Insurance. Both Parties shall, at their sole cost and expense, obtain and maintain in full force and effect during
the continuance of this Agreement and thereafter in accordance with Section 10.5 of this Agreement, a policy of commercial general
liability insurance with coverage adequate in relation to the risks attached to the activities conducted by the respective Party.
The Parties hereby specifically acknowledge and agree that the insurance coverage limits set forth in this Section 10.4 shall not
be construed to create any limit on each Party’s liability hereunder and/or indemnification obligation under Sections 10.1
and 10.3 of this Agreement.

 

10.4.      
Survival. DS’s indemnification obligation under Section 10.1, Immunic’s indemnification obligation under
Section 10.2, and the Parties’ obligation to maintain general liability insurance under Section 10.3 shall survive for fifteen
(15) years after the expiration or termination of this Agreement.

 

ARTICLE
11

TERM AND TERMINATION

 

11.1.      
Expiration. This Agreement shall expire at the end of the Term without the need for further action by either Party.
Thereafter, Immunic shall retain an irrevocable, fully paid-up and royalty free right to use the DS Technology in the Field. For
clarity, termination under Section 11.2 through 11.4 of this Agreement shall not be considered an “expiration”, and
the foregoing right to use DS Technology thereafter shall not apply.

 

11.2.      
Termination by Immunic for Convenience. Immunic may terminate this Agreement at any time before it pays the first
development milestone payment for Regulatory Approval in the United States, the European Union, or Japan, as provided in Section
6.2(iii) — (v), by giving written notice to DS not less than [***]
before the date on which the termination is to become effective. After paying the first development milestone payment
for Regulatory Approval in the United States, the European Union, or Japan, Immunic may terminate this Agreement, as a whole or
on a country-by-country basis, at any time by giving written notice to DS not less than [***]
before the date on which the termination is to become effective. Any written notice by Immunic to DS to the effect that
Immunic decided to finally discontinue the development and/or commercialization of the Licensed Products in all countries in the
Territory shall be deemed to constitute notice of termination according to the foregoing sentence of this Section 11.2.

 

    - 14 -

     

    

 

11.3.      
Termination for Breach. In the event that either Party (the “Breaching Party”) commits a material
breach or default of any of its obligations hereunder, the other Party (the “Non-Breaching Party”) may give
the Breaching Party written notice of such material breach or default, and request that such material breach or default be cured
as soon as reasonably practicable. If the Breaching Party fails to cure such breach or default within ninety (90) calendar days
after the date of the Non-Breaching Party’s notice or, if such breach or default is not capable to be cured within such ninety
(90) day period, fails to make good faith efforts to cure such breach or default within a reasonable period of time after such
ninety (90) day period, the Non-Breaching Party may terminate this Agreement by giving written notice of termination to the Breaching
Party. If it is not possible for the Breaching Party to cure the alleged breach, despite good faith efforts, this Agreement may
be terminated by the Non-Breaching Party effective immediately upon giving written notice to the Breaching Party. Termination of
this Agreement in accordance with this Section 11.3 shall not affect or impair the Non-Breaching Party’s right to pursue
any remedy, in law or in equity, including seeking injunctive relief and the right to recover damages, for harm suffered or incurred
by the Non-Breaching Party as a result of such breach or default.

 

11.4.      
Termination in Case of Insolvency. If a Party files a voluntary petition, or if an involuntary petition is granted
against such Party and appeal proceedings are not commenced within a period of ten (10) Business Days from the date of such petition
under the bankruptcy provisions of applicable law, or if such Party is declared insolvent, undergoes voluntary or involuntary dissolution,
or makes an assignment for the benefit of its creditors, or fails or is unable to pay its debts as they come due, or suffers the
appointment of a receiver or trustee over all, or substantially all, of its assets or properties, and whether or not any of the
aforesaid acts be the outcome of a voluntary act of that Party, such Party shall provide the other Party with prompt written notice
and the Parties shall mutually discuss in good faith the effects of any of the foregoing on this Agreement and any reasonable consequences
such as amendments to or a termination of this Agreement.

 

ARTICLE
12

CONSEQUENCES OF TERMINATION

 

12.1.      
Sell Off. Except as set forth in Sections 12.3 and 12.4 hereof, immediately upon the termination of this Agreement
for any reason, Immunic shall cease all manufacturing, producing, distributing, marketing and selling all Licensed Products, provided,
however, that, if this Agreement is terminated for any reason other than a breach by Immunic, Immunic shall have the right to distribute
and sell its existing inventory of Licensed Products for not more than one (1) year after the date of expiration or termination,
subject to lmmunic’s continuing obligation to make all payments required under Article 6 of this Agreement that accrue as
a result of the sale of such existing inventory.

 

12.2.      
Accrued Payment Claims. Termination or expiration of this Agreement shall not relieve Immunic of its obligations
to pay all royalties and other amounts payable to DS which have accrued prior to, but remain unpaid as of, the date of expiration
or termination, or that accrue thereafter.

 

12.3.      
Continued Rights and Obligations of DS. Except as otherwise specifically provided in this Agreement, upon expiration
or termination of this Agreement for any reason whatsoever, DS shall have no further obligations to Immunic.

 

12.4.      
Continued Rights and Obligations of Immunic. Except as otherwise specifically provided in this Agreement, upon expiration
or termination of this Agreement for any reason whatsoever, Immunic shall have no further obligations to DS.

 

12.5.      
Substitution of Sub-licenses. Upon termination of this Agreement for any reason, all sub-licensees that are granted
sublicenses by Immunic pursuant to this Agreement, and are not in material breach of the terms of such sublicense shall have the
right to obtain equivalent licenses directly from DS, unless the respective sublicense agreement contains terms which are reasonably
unacceptable to DS. Further, if this Agreement is terminated by Immunic pursuant to Section 11.2 or by DS pursuant to Section 11.3
or Section 11.4, DS shall not have any obligation to negotiate or execute a substitute license with an existing Immunic sub-licensee,
but any negotiations undertaken by DS shall be conducted in good faith with the intention of agreeing upon commercially reasonable
terms and conditions. DS shall not be required to negotiate a substitute license agreement if the sub-licensee is in material breach
under the sublicense Agreement.

 

    - 15 -

     

    

 

12.6.      
Termination by Immunic for Convenience or by DS for Immunic’s Breach or Insolvency. If this Agreement is terminated
by Immunic in its entirety (i.e. not only on a country-by-country basis) pursuant to Section 11.2 or by DS pursuant to Section
11.3, or Section 11.4, Immunic shall, upon a request from DS (to be exercised by written notice within ninety (90) calendar days
after the effective date of termination), and at no cost to DS, deliver to DS or its designee: (a) all development data and any
other relevant information controlled by Immunic regarding the Subject Compounds and Licensed Products, and (b) all Regulatory
Approvals granted to Immunic prior to the effective date of termination. DS shall be entitled to use such development data and
Regulatory Approvals to continue development and commercialization of the Subject Compounds and/or Licensed Products solely in
the Field. If Immunic terminates this Agreement for convenience pursuant to Section 11.2 or DS terminates this Agreement for Immunic’s
insolvency pursuant to Section 11.4, DS’ right to use such development data and Regulatory Approvals shall be without further
obligation to Immunic.

 

ARTICLE
13

GENERAL PROVISIONS

 

13.1.      
Assignment. Subject to the other terms of this Agreement, neither Party shall have the right or the power to assign
this Agreement or any of its rights or obligations under this Agreement, without the prior written authorization of the other Party,
such written authorization not to be unreasonably withheld or delayed; provided, however, that the prior written authorization
of the other Party shall not be required for a Party to assign this Agreement or any of its rights or obligations hereunder to
an Affiliate. Any permitted assignment hereunder by either Party, whether to an Affiliate pursuant to this Section 13.1, or pursuant
to the prior written authorization of the other Party, shall not relieve such Party of any of its obligations under this Agreement,
including, but not limited to, Immunic’s obligation to make upfront, milestone and royalty payments pursuant to Sections
6.1 through 6.6 with respect to any and all Net Sales derived by any of the Immunic’s assignees or sub-licensees from the
distribution, marketing and sale of any of the Licensed Products.

 

13.2.      
Force Majeure. Neither Party shall be liable for any failure to perform, or any delay in the performance of, any
of its obligations under this Agreement to the extent that such Party’s performance is prevented by the occurrence of an
event of force majeure. For purposes of this Section 13.2, an event of force majeure shall mean and include, war, civil war, insurrection,
rebellion, civil unrest, fire, flood, earthquake, adverse weather conditions, strike, lockout, labor unrest, unavailability of
supplies, materials or transportation, acts of the public enemy, and, in general, any other cause or condition beyond the reasonable
control of the Party whose performance is affected thereby. In the event that a Party’s performance is affected by the occurrence
of any event of force majeure, that Party shall furnish immediate written notice thereof to the other Party. If the affected Party
reasonably believes that the event of force majeure will continue for more than one hundred eighty (180) calendar days, the Parties
shall discuss in good faith actions that may be taken to mitigate or relieve its effects.

 

13.3.      
Notices. All notices, reports and other communications between the Parties under this Agreement shall be sent by
registered mail, postage prepaid and return receipt requested, or by facsimile, with a confirmation copy sent by registered mail
or courier, addressed as follows:

 

To:         DS

 

Daiichi Sankyo Co., Ltd.

 

[***]

 

To:         IMMUNIC

 

Immunic AG

 

[***]

 

    - 16 -

     

    

 

13.4.      
Governing Law. This Agreement shall be governed by, and interpreted in accordance with the laws of the Federal Republic
of Germany without reference to conflicts of laws principles. The validity of the intellectual property rights shall be subject
to an evaluation under the law of the country in which the intellectual property rights were applied for or have been issued.

 

13.5.      
Dispute Resolution. Any dispute relating to the validity, performance, construction or interpretation of this Agreement,
which cannot be resolved amicably between the Parties, shall be submitted to arbitration in accordance with the Rules of the International
Chamber of Commerce (ICC). Unless otherwise agreed to by the Parties, each Party shall appoint one (1) neutral arbitrator, and
the two appointed arbitrators shall mutually agree upon the appointment of a third arbitrator to serve as the chairperson of the
arbitration panel. The decision of the arbitrators shall be final and binding upon the Parties and enforceable in any court of
competent jurisdiction. All arbitration proceedings initiated under this Section 13.5 shall be conducted in the English language
in Zurich, Switzerland. Each Party shall have the right to seek preliminary and permanent injunctive relief in any court of competent
jurisdiction, in order to prevent or enjoin any misappropriation, misuse, unauthorized disclosure or infringement of any of the
patent rights and/or the Confidential Information of either Party.

 

13.6.      
Independent Contractors. The Parties each acknowledge and agree that their relationship under this Agreement is that
of independent contractors. Nothing contained in this Agreement is intended implicitly or explicitly, nor is to be construed, as
creating or constituting a partnership, joint venture, employment, or any form of agency relationship between them. Neither Party
has any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party
or to bind the other Party to any contract, agreement or undertaking with any Third Party.

 

13.7.      
Headings. The captions to the several Sections and Articles of this Agreement are not a part of this Agreement, but
are included merely for convenience of reference only and shall not affect its meaning or interpretation.

 

13.8.      
Counterparts. This Agreement may be executed in any number of identical counterparts, each of which shall be deemed
an original and all of which together shall constitute one and the same instrument.

 

13.9.      
Severability. If any provision of this Agreement is determined by any court or administrative tribunal of competent
jurisdiction to be invalid or unenforceable, the Parties shall negotiate in good faith a replacement provision that, to the maximum
extent permitted by applicable law, is equivalent in effect to such invalid or unenforceable provision. Unless otherwise provided
in this Agreement the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of the other provisions of this Agreement.

 

13.10.   
Entire Agreement and Amendments. This Agreement, including all Exhibits attached hereto, constitutes the entire Agreement
between the Parties, and supersedes all prior agreements, understandings and communications between the Parties, with respect to
the subject matter hereof, including the BCDA which shall remain in force until the Effective Date and then terminate with effect
ex nunc. No modification or amendment of this Agreement shall be binding upon the Parties unless in writing and executed
by the duly authorized representative of each of the Parties; this shall also apply to any change of this clause.

 

13.11.   
No Waiver. The failure by either Party to assert any of its rights, including, the right to terminate this Agreement
due to a breach or default by the other Party, shall not be deemed to constitute a waiver by that Party of its right to enforce
each and every provision of this Agreement at a later time.

 

13.12.   
Press Releases. Each Party shall give notice to the other Party prior to issuing any press release relating to this
Agreement within due time to allow for reasonable consideration. The Party issuing the press release shall give due consideration
and weight to any comments or concerns raised by the other Party and shall, if requested, remove any information that the other
Party deems to be its Confidential Information. Notwithstanding the foregoing, neither Party shall issue a press release announcing
the execution of this Agreement outside of a joint press release prepared jointly by the Parties. A draft of a joint press release
shall be provided by Immunic.

 

    - 17 -

     

    

 

In Witness whereof, this Agreement has
been signed by the Parties hereto on September 27, 2018 at 1-2-58 Hriomachi, Shinagawa-ku, Tokyo 140-8710, Japan and on October
____, 2018 at Am Klopferspitz 19, 82152 Martinsried, Germany, in two (2) originals, each Party acknowledging receipt of one original.

 

	Daiichi Sankyo Co., Ltd.
	By:	/s/ Takashi Fukuoka
	Name:  	Takashi Fukuoka
	Title:	Vice President, Venture Science Laboratories
	Immunic AG
	By:	/s/ Dr. Daniel Vitt  
	Name:	Dr. Daniel Vitt 
	Title:	CEO

 

 

- 18 -Exhibit 10.3

 

	 	REDACTED
	 	Certain identified information, indicated by [***], has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed.

 

 

 

ASSET PURCHASE AGREEMENT

 

 

by and
between

 

		1.	4SC AG, with registered seat at Am Klopferspitz 19a, 82152 Martinsried, Germany, registered
in the commercial register of the local court of Munich under HRB 132917, represented by its management board [and supervisory
board]

 

- “4SC” or “Seller”
-

 

and

 

		2.	Immunic AG (currently Blitz 16-571 AG), with registered seat at Am Klopferspitz 19, 82152
Planegg-Martinsried, Germany, registered in commercial register of the local court of Munich under HRB 223333, represented by its
management board [and supervisory board]

 

- “Immunic” or “Purchaser”
-

 

- 4SC and Immunic hereinafter
also referred to as “Parties” and each as “Party” -

 

     

     

    

 

Table of Content

 

	RECITALS	3
	Section 1 	Option to the Sale and Transfer of Assets	3
	Section 2 	Sale and Transfer of Panoptes Agreements	6
	Section 3 	Option Right of Purchaser	6
	Section 4 	Excluded Assets and Agreements; No Transfer of Employment Relationships and No Transfer of Insurance Agreements	7
	Section 5	 Purchase Price	7
	Section 6	 Warranties	13
	Section 7 	Additional Provisions on Transfer of Sold Assets and Sold Agreements	15
	Section 8 	Non-Compete, Non-Solicitation, Confidentiality	15
	Section 9 	Miscellaneous	16

 

     

     

    

 

RECITALS

 

WHEREAS, 4SC is an
innovative biotech company with a strong focus on research and development listed on the Prime Standard of the Frankfurt Stock
Exchange since December 2005.

 

WHEREAS, 4SC discovers
and develops targeted small molecule drugs for the treatment of cancer and autoimmune diseases in indications with a high unmet
medical need and major economic potential. 4SC’s product pipeline comprises promising drug programs at various stages of
clinical development, as well as early-stage research projects. Certain results of those research projects are the products [***]
(collectively “Sold Projects”) which comprise a number of patents, patent applications, know-how and project
related materials.

 

WHEREAS, 4SC (through
the Seller’s 100% subsidiary 4SC Discovery GmbH) has entered into a Patent and Know How Assignment Agreement as well as a
separate Patent License Agreement with Panoptes Pharma GmbH, each on July 2, 2013, in regards to certain know-how and patent rights
relating to developing and commercializing the chemical compound [***]
(collectively “Panoptes Agreements”). The Panoptes Agreements are attached hereto as Annex R.

 

WHEREAS, Immunic intends
to acquire from 4SC and 4SC intends to sell to Immunic certain assets, in particular the Sold Projects, and related rights in accordance
with the terms and conditions of this asset purchase agreement (hereinafter “APA”).

 

NOW THEREFORE, the Parties
agree as follows:

 

Section 1

Option to the Sale and Transfer of Assets

 

		1.	The Seller hereby sells to the Purchaser, with economic effect as from the date of payment of Tranche
1 (as defined in Section 5 below) (the “Effective Date”), the assets described in this Section para. 1 lit.
(a) through lit. (c) irrespective of how they are shown in the balance sheets of the Seller and whether or not they have to be
shown in such balance sheets (together the “Sold Assets”), if and to the extent the respective Sold Asset is
owned by the Seller:

 

		(a)	The (i) rights to all patent applications and patents listed in Annex 1 hereto, and
any and all reissues, substitutions, continuations, divisions, continuations-in-part applications, as well as patents granted on
the aforementioned patent applications and/or patents and (ii) the right to apply for and register trademarks on the Sold Projects
and/or Sold Assets (altogether “Sold IP”).

 

		(b)	Any and all know-how pertaining or relating exclusively to the Sold Projects as listed in Annex
2 hereto (altogether “Sold Know-How”). The term “know-how” includes but is not limited to
all specifications, results and reports of preclinical and clinical studies and all other documentation containing any data relating
to the application for regulatory approval and registrations dossiers. It shall further include secret and confidential information
in tangible form, contained in documents, materials, correspondence and other records (whether in hardcopy or in electronic format),
including process descriptions and operating instructions, all written research documents, tabulations, experimental reports, specimen,
drawings and plans, as well as to all intangible information pertaining or relating exclusively to the Sold Projects. In case the
tangible or intangible information does not pertain to the Sold Projects exclusively and cannot be easily separated, i.e. in case
of laboratory notebook (Laborjournale), such information shall not be part of the Sold Know-How, but the Seller shall undertake
all reasonable efforts to provide Purchaser with copies of the relevant information in the laboratory notebook relating to the
Sold Projects to the extent that the Purchaser requires such information for the reasonable defense against third party claims
or the reasonable enforcement of Sold-IP and/or Sold Know-How against third parties. The historic clinical studies, where, for
the avoidance of doubt, the Seller remains official sponsor, shall also not be part of the Sold Know-How and solely para. 9 below
shall apply to such studies and the information contained therein (collectively: the “Historic Clinical Studies”).

 

    1 

     

    

 

		(c)	A copy of the existing quality management reports relating to the Sold Assets and Sold Projects
as listed in Annex 3.

 

		2.	Subject to Section 1 para. 6 below, the Seller hereby transfers to the Purchaser the ownership
of all Sold Assets. To the extent the Seller only has an expectancy right (Anwartschaftsrecht) to the Sold Assets, the Seller
hereby transfers to the Purchaser such expectancy rights to the Sold Assets. This transfer is particularly performed as follows:

 

		(a)	The Seller shall transfer to the Purchaser its possession of the tangible Sold Assets. To the extent
that such Sold Assets are located on real estate or in buildings that are in the Seller’s possession, transfer of possession
shall take place by performing such possession on behalf of Purchaser and by granting the Purchaser access to the respective real
estate or buildings (Besitzmittlungsverhältnis).

 

		(b)	All documents, materials and information which form part of the Sold Know-How shall be transferred
to the Purchaser in the same way as described under lit. (a) above. The delivery of each of the documents shall be noted in a report
that is established for this purpose and signed by both Parties.

 

		(c)	Seller shall procure that within 6 months after the Purchaser has exercised its option right set
forth in Section 3 below, the intangible Sold Know-How is transferred to Purchaser as follows: Within such period, the Seller undertakes
to introduce the Purchaser’s employees into the Sold Know-How. This introduction shall be provided in the form of meetings,
taking place at the offices of Purchaser in Martinsried or any other venue agreed by the Parties, and shall be free of cost for
Purchaser, to the extent that it does not exceed 24 man-days. For the avoidance of doubt, this introduction relates solely to data
created prior to the Effective Date; any forward looking support or other services with respect to the future usage or development
of the Sold Assets, except for the processing of the COMPONENT study data related to the Sold Projects to prepare an audit and
inspection ready trial master file in accordance with ICH (International Council for Harmonisation of Technical Requirements for
Pharmaceuticals for Human Use) GCP (good clinical practice) guidelines, will be invoiced on the basis of service and/or development
agreements yet to be concluded. The Parties acknowledge that Dr. Manfred Gröppel as main possessor of the intangible Sold
Know-How is likely to join the Purchaser.

 

		3.	To the extent that Sold Assets are in possession of third parties, the Seller (i) hereby transfers
to the Purchaser the Seller’s repossession claims, and (ii) if Seller’s repossession claim against any third party
is not transferable, hereby undertakes to instruct the third party at issue in writing to hold possession of the relevant Sold
Asset in its possession to the benefit of the Purchaser and to hand it over to the Purchaser upon the latter’s request.

 

		4.	If and to the extent further declarations have to be made or actions have to be taken to transfer
any Sold Assets to the Purchaser, the Seller shall, to the extent reasonably required, make such declarations or take such actions
without undue delay upon request of the Purchaser. Any and all costs and expenses in connection with the transfer of the Sold Assets
to the Purchaser, in particular without limitation any and all fees and expenses of the patent offices, shall be borne by the Purchaser
with the exception of (i) internal administration costs of the Seller and (ii) payments to be rendered under or in connection with
the German Inventing Employee Act (Gesetz über Arbeitnehmererfindungen) with respect solely to the Sold Assets.

 

    2 

     

    

 

		5.	Unless explicitly specified otherwise in this APA, the Parties assume that none of the Sold Assets
is in the possession by anybody else than the Seller. If it turns out that such assumption is wrong, the Seller shall be obliged
to transfer upon Purchaser’s request the possession of any such assets, rights or claims or to procure the transfer of the
possession of any such assets, rights or claims to the Purchaser without undue delay and at no additional costs to the Purchaser.

 

		6.	The transfer of the Sold Assets to the Purchaser pursuant to paras. 2 to 5 above shall be subject
to the condition precedent (aufschiebende Bedingung) of the payment of [***].

 

		7.	The Purchaser shall, on a product-by-product basis, in case of a development of the Sold Projects
[***], for the registration of the transfer of the Sold
IP regarding such product with the respective official registries (“IP Registration”). In the event that a third party
takes legal action against, or relating to, the Sold IP, or Purchaser intends to take legal action against a third party based
on the Sold IP, the Purchaser shall [***] apply for IP Registration
of the Sold IP to the extent affected by such legal action, and shall use best efforts to procure that such third party acknowledges
the Purchaser as party (as the case may be plaintiff or defendant) in a court of law or proceedings before a patent office. Should
such third party not acknowledge the Purchaser as such party, Seller agrees to support Purchaser in such legal action as reasonably
required, and Purchaser shall reimburse Seller [***]. In
the event of a disposal of the Sold Assets in whole or in part (and individually or as part of a disposal of more than [***]
of all assets of Purchaser), the Purchaser shall procure that the respective acquirer applies as soon as practicable,
but in any event not later than six months after such disposal, for IP Registration of the Sold IP (in case of a partial disposal,
to the extent that the Sold IP is disposed of). The Purchaser shall prepare and deliver all reasonably requested documentation
and Seller shall give all reasonably requested declarations and make all necessary signatures that the Purchaser reasonably requires
for the IP Registration, and Purchaser and Seller agree to promptly after the Effective Date transfer formal ownership in sold
IP directly to Purchaser by separate agreements as in Annex X, as well as by preparation of forms and declarations which may be
required by the respective official registries. The Purchaser shall bear all costs related to such registration.

 

		8.	The Purchaser undertakes to use commercially reasonable efforts to develop and commercialize, by
itself or via licensees, the Sold Projects until market approval for at least one Product (as defined hereafter) in the European
Union and the US, provided that, in the event of a disposal of the Sold Assets in whole or in part (and individually or as part
of a disposal of more than [***] of all assets of Purchaser),
the Purchaser shall use best efforts to procure that the respective acquirer agrees to assume the obligation in this para. 8 as
well.

 

		9.	With effect as from the Effective Date and subject to the condition precedent (aufschiebende
Bedingung) of the payment of [***], the Seller hereby
grants (i) a non-exclusive license for the use of the Historic Clinical Studies to the extent that they solely relate to the Sold
Projects and (ii) a right of possession (Besitzrecht) of such studies (to the extent that such studies are in tangible form),
both with the proviso that the Purchaser shall undertake all reasonable efforts to provide the Seller with copies of the relevant
Historic Clinical Studies, and provide Seller access to the originals thereof, to the extent that the Seller requires such studies
for (a) the reasonable defense against third party claims or (b) for any correspondence with public authorities (notably regulatory
authorities), in particular to comply with information requests from such authorities. If Purchaser does not comply with its obligations
under the preceding sentence, the Seller shall be entitled to terminate the aforementioned license for the use and the right of
possession of the Historic Clinical Studies and request return of the Historic Clinical Studies. For the avoidance of doubt, the
Seller retains ownership of any and all Historic Clinical Studies.

 

    3 

     

    

 

Section 2

Sale and Transfer of Panoptes Agreements

 

		1.	The Seller hereby sells to the Purchaser the rights and obligations of the Seller arising out of
the Patent License Agreement with Panoptes Pharma GmbH dated July 2, 2013 (the “Sold Agreement”) by way of assumption
of contract with full discharge of the Seller (Vertragsübernahme mit schuldbefreiender Wirkung), to the extent that
the Seller’s 100% subsidiary 4SC Discovery GmbH (“4SC Discovery”) is counterparty to the Sold Agreement,
with effect as from the Effective Date. For the avoidance of doubt, the rights and obligations arising out of the Patent and Know
How Assignment Agreement with Panoptes Pharma GmbH dated July 2, 2013 are not sold and shall remain with the Seller / 4SC Discovery.

 

		2.	The sale pursuant to Section 2.1 extends to all present and future rights and obligations of the
Seller under the Sold Agreement as from the Effective Date.

 

		3.	Subject to the condition precedent (aufschiebende Bedingung) of the payment of [***],
the Seller hereby transfers to the Purchaser, and the Purchaser hereby accepts the transfer of, the Sold Agreement in accordance
with the provisions set forth above by way of an assumption of contract with full discharge of the Seller. The Purchaser acknowledges
and agrees that the transfer of the Sold Agreement may require the consent of the respective contractual partners or of other third
parties in order to become effective, and that the Seller does not guarantee in any way that such consents will be given. Section
7 below remains unaffected.

 

		4.	The Purchaser hereby assumes the Sold Agreement with the effect of fully discharging the Seller’s
obligations (Vertragsübernahme mit schuldbefreiender Wirkung) subject to the condition precedent (aufschiebende
Bedingung) of the payment of [***], and, if required,
any third party consent as set out in Section 7 below, and shall indemnify and hold harmless the Seller from and against [***].

 

		5.	With effect as from the Effective Date, the Purchaser hereby assumes, and agrees to pay, perform
and discharge when due, all liabilities and obligations arising from or under the Sold Agreement (whether actual or contingent,
known or unknown). These liabilities are hereby assumed by the Purchaser with full discharge of the Seller (mit schuldbefreiender
Wirkung) subject to the condition precedent (aufschiebende Bedingung) of the payment of [***],
and, if required, any third party consent as set out in Section 7 below; pending such consent, the Purchaser assumes these liabilities
as direct debtor (Schuldbeitritt).

 

Section 3

Option Right of Purchaser

 

		1.	The’ Purchaser shall be entitled to accept the sale and transfer of the Sold Assets and the
Sold Agreement as set forth in Section 1 and Section 2 above by written declaration to be addressed to Seller by fax ((+49-89-700763-2600)
or email (kathleen.masch-wiest@4sc.com) until no later than [***]
(“Option Term”).

 

		2.	In case the Purchaser does not fully accept the sale and transfer of the Sold Assets and the Sold
Agreement as set forth in Section 1 and Section 2 within the Option Term, this APA in total shall become null and void, with the
exception of Section 7 para. 4 sentence 2, Section 8 para. 2 and Section 9 below which shall survive any termination of this APA.

 

    4 

     

    

 

Section 4

Excluded Assets and Agreements; No Transfer of

Employment Relationships and No Transfer of Insurance Agreements

 

		1.	The Seller does not sell and the Purchaser does not acquire any assets, agreements or offers that
are not expressly referred to in Sections 1 and 2 above.

 

		2.	The Purchaser does not assume any obligations from the Seller unless these (i) are expressly referred
to in this APA, (ii) result from the Sold Agreement or (iii) are directly attached to any Sold Asset.

 

		3.	The Parties assume that no obligations (of whatever nature) from the Seller vis-a-vis public
authorities, administrative entities and other public entities, no matter in which jurisdiction, from or in connection with taxes
or violations of legal provisions, will be transferred to the Purchaser by operation of law following the consummation of the transactions
contemplated herein. If, contrary to the Parties’ assumption, any such obligation should be transferred to the Purchaser,
the Seller shall indemnify and hold harmless the Purchaser from any such obligation and related costs incurred by the Purchaser.

 

		4.	The Parties assume that no employment relationships will be transferred to the Purchaser by operation
of law following the consummation of the transactions contemplated herein. If, contrary to the Parties’ assumption, any employment
relationship should be transferred to the Purchaser, the Seller shall indemnify and hold harmless the Purchaser from any costs,
losses, expenses and/or other negative consequences resulting from such transfer of the respective employment relationships or
the obligations towards any transferred employee unless the Purchaser explicitly agrees to assume such transferred employment relationship
and continues to employ such transferred employee. However, given that Dr. Manfred Gröppel is considering joining the Purchaser
in the course of, or following the consummation of the transactions contemplated herein, the Purchaser acknowledges that no liability
of the Seller whatsoever shall result from the transfer of Dr. Manfred Gröppel’s employment relationship to the Purchaser.

 

		5.	The Parties assume that no insurance agreements will be transferred to the Purchaser by operation
of law following the consummation of the transactions contemplated herein. If, contrary to the Parties’ assumption, any insurance
agreements should be transferred to the Purchaser, the Seller shall indemnify and hold harmless the Purchaser from any costs, losses,
expenses and/or other negative consequences resulting from such transfer or the obligations of the Purchaser towards the relevant
insurance company unless the Purchaser is legally compelled to enter into such insurance or otherwise agrees to assume such transferred
insurance agreements and continues such insurance agreements.

 

Section 5

Purchase Price

 

		1.	Subject to the condition precedent (aufschiebende Bedingung) that Purchaser accepts the
sale and transfer of the Sold Assets and the Sold Agreement as set forth in Section 1 and Section 2 above in accordance with Section
3 above (the date of such acceptance the “Exercise Date”), Purchaser shall pay to Seller a purchase price consisting
of the following components:

 

		(a)	[***] (“Tranche
1”);

 

		(b)	[***] (“Tranche
2”);

 

		(c)	an amount equal to [***]
for a period ending upon [***]; provided that the aforementioned
percentage of the aggregate Net Sales is, on a country-by-country and product-by-product basis, reduced from [***]
(“Tranche 3”); and

 

    5 

     

    

 

		(d)	a further amount equal to [***].

 

		2.	“Net Sales” shall mean with respect to any substance and/or product that has
been developed using Sold Assets or is covered by the Sold IP and/or Sold Know-How or is otherwise stemming from the Sold Projects
(“Product”) for any period, the total (gross) amount billed or invoiced on sales of such Product during such
period by (i) the Purchaser; (ii) its affiliates within the meaning of §§ 15 et seq. of the German Stock Corporation
Act (AktG) (“Affiliates”) or (iii) licensees of the Purchaser and/or its Affiliates worldwide to third
parties (including wholesalers) in bona fide arm’s length transactions, less the following deductions, in each case related
specifically to the Product and actually allowed and taken by such third parties and not otherwise recovered by or reimbursed to
the Purchaser, its Affiliates or their respective licensees:

 

		(i)	trade, cash and quantity discounts (other than price discounts granted at the time of invoicing which have been already included
in the gross amount invoiced);

 

		(ii)	taxes on sales (such as sales, value added, or use taxes) to the extent added to the sale price and set forth separately as
such in the total amount invoiced (but not including taxes assessed against the income derived from such sale);

 

		(iii)	amounts repaid or credited by reason of rejections, defects, return goods allowance, recalls or returns, or because of retroactive
price reductions, including rebates or wholesaler charge backs;

 

		(iv)	freight, insurance, and other transportation charges to the extent added to the sale price and set forth separately as such
in the total amount invoiced, as well as any fees for services provided by wholesalers and warehousing chains related to the distribution
of such Product;

 

		(v)	cost of collections or for commissions paid to independent sales agencies of Purchaser, its Affiliates or their respective
licensees;

 

		(vi)	deductions to gross invoice price of Product imposed by Regulatory Authorities or other governmental entities (where such deductions
are imposed based on published and independently verifiable regulatory standards); and

 

		(vii)	standard inventory costs of devices or delivery systems sold as unit with the Product and used for dispensing or administering
or delivering the Product, provided that they are directly related to the respective sold product.

 

No deductions shall be made for the cost
of collections or for commissions paid to regular employees of Purchaser, its Affiliates or their respective licensees.

 

If a Product is sold in form of a combination
product, then Net Sales for such combination product shall be determined on a country-by-country basis by mutual agreement of the
Parties in good faith taking into account the perceived relative value contributions of the Product and the other ingredient or
component in the combination product, as reflected in their respective market prices. In case of disagreement, an independent expert
agreed upon by both Parties within thirty (30) days following the first commercial sale in the specific country or, failing such
agreement, an independent expert designated by the Industrie- und Handelskammer für München und Oberbayern at
its earliest convenience, shall determine such relative value contributions and such determination shall be final and binding upon
the Parties.

 

    6 

     

    

 

If a Product is sold as part of a bundled
transaction (i.e. a scenario in which a number of transactions for an assortment of goods, services, and intangibles are combined),
the amount to be included in Net Sales shall be determined based on the pro rata allocation of the amount invoiced for all products
included in such bundled transaction, based on the average per unit net sales price (calculated for the calendar quarter being
reported) for such Product and the average per unit net sales price (calculated for the calendar quarter being reported) for every
other product included in such bundled transaction and the number of units of Product and every other product included in such
bundled transaction.

 

Net Sales shall not include transfers or
dispositions for no profit, for charitable, promotional, evaluation, pre-clinical, clinical, regulatory, or governmental purposes
or as commercial samples to the extent such transfers and dispositions are in line with international standards and applicable
form. Net Sales shall include the amount or fair market value of all other consideration received by the Purchaser or its Affiliates
or their respective licensees in respect of the Product, whether such consideration is in cash, payment in kind, exchange or other
form. Net Sales shall not include sales between or among the Purchaser, its Affiliates, or their respective licensees. Subject
to the above, Net Sales shall be calculated in accordance with the standard internal policies and procedures of the Purchaser,
its Affiliates, or their respective licensees, which must be in accordance with IFRS or the generally accepted accounting principles
as practiced in the United States (US-GAAP).

 

		3.	“Exit” shall mean (i) any sale of more than [***]
of all shares in the Purchaser in a single transaction or a series of related transactions to one or more third parties;
(ii) the disposal (including by way of licenses) of in aggregate more than [***]
of all assets of Purchaser to one or more third parties (according to their fair value and irrespective of whether such
assets may be shown in the Purchaser’s financial statements under applicable generally accepted accounting principles); (iii)
a share swap, contribution, merger, other transformation or take-over of Purchaser, if the shareholding in the new entity by the
current shareholders of the Purchaser following the merger is less than 50 %; (iv) the liquidation of the Purchaser; or (v) the
direct or indirect (via a holding company) listing of the Purchaser and/or the Purchaser’s shares and/or the public offering
of the Purchaser’s shares or a secondary offering of the Purchaser’s shares on a stock exchange (the “IPO”);
provided, however, that in the event that not all shares in or assets of the Purchaser are included in the Exit, then each subsequent
sale, disposal, share swap, contribution, merger, other transformation or take-over of shares in or assets of the Purchaser not
included in the initial Exit shall also be considered to be an “Exit” and the Seller shall be entitled [***].
The following shall be considered the “Proceeds”: (i) In case of a sale of shares in the Purchaser: The total
purchase price received by the shareholders of the Purchaser as consideration for the relevant shares in the Purchaser; (ii) in
case of a disposal of assets of the Purchaser: The total purchase price or other consideration (including upfront, milestone, earn-out
and royalty payments) received by the Purchaser as consideration for the relevant assets of the Purchaser; (iii) in case of a share
swap, contribution, merger, other transformation or take-over: The total number of shares of the receiving or surviving legal entity
received by the shareholders of the Purchaser as consideration for the relevant shares in the Purchaser; (iv) in case of a liquidation:
The cash proceeds resulting from the liquidation (Liquidationserlös) remaining after satisfaction of all liabilities
of the Purchaser; and (v) in case of an IPO: The fully-diluted pre-money valuation of the Purchaser in such IPO. If and to the
extent that the Proceeds do not consist of cash, but rather of a consideration in kind (e.g. shares), the Seller shall receive
[***] in such consideration in kind and (in case of a mixed
consideration, e.g. cash and shares) in the same ratio as the shareholders of the Purchaser, provided that [***].
With respect to the amount of any substituting payment in cash as well as in all other cases in which the value of a consideration
in kind is relevant, to the extent that the consideration in kind consists of shares in companies listed on a stock exchange, the
share price fixed at the stock exchange at the time and date that the transfer of the consideration in kind to the shareholders
of the Purchaser takes effect shall be conclusive, and in all other cases, the fair market value of such consideration in kind
at the time and date of the consummation of the Exit shall be conclusive, which shall be determined with binding effect on both
Parties by the Purchaser’s auditor in accordance with the IDW-guidelines. In case of an !PO, the Seller shall receive [***].

 

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		4.	The Tranches set forth in para. 1 above shall be due and payable as follows:

 

		(a)	Tranche 1 within [***].

 

		(b)	Tranche 2 within [***].

 

		(c)	Tranche 3 shall be paid [***].

 

		(d)	Tranche 4 within [***].

 

		5.	Each payment on Tranche 3 or Tranche 4 shall be accompanied by a statement from the Purchaser in
sufficient detail to allow for the calculation of the payments due hereunder, [***].

 

		6.	Each of the Tranches set forth in para. 1 above shall be transferred to the following account of
Seller: [***]

 

		7.	Any payments to be made under this APA shall be made in EUR free of costs and charges by irrevocable
wire transfer of immediately available funds.

 

		8.	Unless otherwise provided herein, each of the Parties shall pay interest on any amounts becoming
due and payable to the other Party under this APA as from [***].

 

		9.	No Party shall be entitled to

 

		(a)	set-off any rights and claims it may have against the other Party, against any rights or claims
which the other Party may have under or in connection with this APA, or

 

		(b)	refuse to perform any obligation it may have under or in connection with this APA on the grounds
that it has a right of retention,

 

except as (i) explicitly permitted
herein or (ii) except for claims undisputed by the respective other Party or (iii) in respect of claims resulting from a final
and non-appealable court judgement or court settlement or by a final arbitral award obtained in accordance with this APA.

 

		10.	Until [***], the Purchaser
shall, and the Purchaser shall procure that its Affiliates and their respective licensees, maintain complete and accurate books
and records of account, in accordance with generally accepted accounting principles, of all transactions and other business activities
relevant for the payments under this APA, sufficient to confirm the accuracy of all reports and payments furnished by Purchaser
to Seller under this Section 5. Upon Seller’s written notice to Purchaser, during normal business hours and not more than
once every calendar year, a certified public accountant designated by Seller and reasonably acceptable to Purchaser shall have
the right to audit such books and records of account of the Purchaser, its Affiliates and their respective licensees (provided
always that such certified public accountant enters into an appropriate confidentiality agreement with Purchaser and its Affiliates),
in order to confirm the accuracy and completeness of all such reports and all such payments. Such certified public accountant may
disclose to Seller only whether such reports and payments are correct or incorrect and the specific details concerning any discrepancies.
No other information shall be provided to Seller. Seller shall bear all costs and expenses incurred by it in connection with any
such audit; [***].

 

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		11.	In the event of a disposal of the Sold Assets by the Purchaser to a third party in whole or in
part (and individually or as part of a disposal of more than [***]
of all assets of Purchaser), the Purchaser shall procure that the acquirer assumes all of the obligations of Purchaser
under this APA, in particular without limitation the obligations to pay the purchase price under this Section 5 and the book keeping
and auditing obligations under para. 10 above, it being understood that for the obligations of the Purchaser under Section 1 para.
8, only Section 1 para. 8 shall be relevant; following such disposal of the Sold Assets, any reference to the Purchaser, its Affiliates
and their respective licensees in this Section 5, in particular without limitation in the definition of Net Sales, shall henceforth
refer to such acquirer, its Affiliates and their respective licensees mutatis mutandis. The same shall apply in the event of a
universal transaction (Gesamtrechtsnachfolge).

 

		12.	In addition to the purchase price, the Purchaser shall reimburse the Seller for [***].
The relevant costs and expenses up to the date hereof are set forth in Annex 4 hereto, and the further costs and
expenseS incurred after the date hereof up until the Effective Date shall be agreed upon by the Purchaser in advance and documented
by the Seller in the same format and submitted to the Purchaser as of the Effective Date. Such reimbursement shall be due and payable
concurrently with Tranche 1, i.e. the Purchaser shall not be obligated to reimburse the Seller in case it does not accept the sale
and transfer of the Sold Assets and Sold Projects pursuant to Section 3.

 

		13.	All payments due to the terms of this APA are expressed to be exclusive of VAT or similar indirect
taxes (e.g. goods and service tax). VAT/indirect taxes shall be added to the payments due to the terms of this APA if legally applicable.
Withholding taxes, if any, shall be borne by Seller.

 

Section
6

Warranties

 

		1.	The Seller hereby represents and warrants in the form of independent undertakings pursuant to §
311 para. 1 German Civil Code (selbständiges Garantieversprechen gem. § 311 Abs. 1 BGB) to the Purchaser that
the statements set forth in this Section 6 para. 1 (collectively “Warranties” and each a “Warranty”)
are true and correct as of the date hereof:

 

		(a)	The Seller does validly exist under the law of the Federal Republic of Germany. The execution and
performance by the Seller of this APA are within the Seller’s power and authority, do not violate the articles of association
or

 

by-laws of the Seller and have
been duly authorized by all necessary corporate and other actions and required approvals on the part of the Seller.

 

		(b)	The execution and performance of this APA by the Seller require no approval or consent by any governmental
authority and do not violate any applicable law or decision by any court or governmental authority binding on the Seller.

 

		(c)	The Seller is the lawful owner of the Sold Assets. The Seller is fully entitled to transfer the
Sold Assets which are free and clear of any liens, encumbrances or any other third party rights, in particular the assets are not
subject to any pledges or other security rights of any third party and have not been subject to any execution proceedings (Zwangsvollstreckung),
unless explicitly disclosed in Section 1 para. 1. The Seller has not granted any license with regard to the Sold Assets to any
third party.

 

		(d)	To the knowledge of the Seller, none of the Sold IP is subject to any judgment, injunction, order
or decree which materially restricts the use thereof and no third party has challenged or threatened to challenge any Sold IP.
The Seller does not know of, or of any basis for, any claim for revocation, amendment, opposition or rectification or any challenge
to ownership or entitlement in respect of any of the Sold IP. The Seller has not licensed any intellectual property rights necessary
for the exploitation of the Sold Projects from any third parties. The Seller explicitly does not provide any representation and
warranty as to the patentability or validity of any of the Sold IP, for the commercial exploitability or the fitness for any purpose
of any of the Sold IP and for the non-infringement of any third party right by any of the Sold IP or its use.

 

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		(e)	To the knowledge of the Seller, Seller has undertaken all appropriate means to keep the Sold Know-How
secret, in particular by concluding appropriate confidentiality agreements and by limiting the access to the Sold Know-How to the
personal/third party contractors to the extent reasonably required.

 

		(f)	Seller is not aware of any circumstances that have infringed the confidentiality of the Sold Know-How.

 

		(g)	The Seller explicitly does not provide any representation and warranty as to the confidentiality
of the Sold Know-How, for the commercial exploitability or the fitness for any purpose of any of the Sold Know-How and for the
non-infringement of any third party right by the use of the Sold Know-How.

 

		2.	If and to the extent that any of the Warranties is incorrect, the Seller shall be liable to put
the Purchaser into the same position the Purchaser would be in, had the respective Warranty been correct or had the respective
breach not occurred (Naturalrestitution). If and to the extent that the Seller fails to put the Purchaser into the
position it would be in without such breach of Warranty within one month from notification of such breach, the Purchaser shall
be entitled to claim monetary damages in cash (Schadensersatz in Geld).

 

		3.	Any claims of the Purchaser pursuant to the afore-mentioned para. 2 (the “Warranty Claims”)
shall be limited as follows:

 

		(a)	Warranty Claims arising from a breach of Warranty pursuant to para. 1 lit. (a) through lit. (c)
(including) above (collectively “Title Warranties”) shall become time-barred under the statute of limitations
(verjähren) three years after the Exercise Date. The limitation period (Verjährungsfrist) for all other
Warranty Claims shall be 18 months after the Exercise Date.

 

		(b)	The Seller shall not be liable for any Warranty Claims unless and until the amount of the individual
Warranty Claim exceeds [***] (the “De Minimis Amount”)
and unless and until the aggregate amount of all Warranty Claims which individually exceed the De Minimis Amount exceeds [***],
in which event all of such Warranty Claims which individually exceed the De Minimis Amount shall be recoverable under this APA.

 

		(c)	The total liability of the Seller for any and all Warranty Claims shall in the aggregate be limited
to an amount equal to [***] of the amounts actually received
by the Seller as purchase price under Section 5 above, except for any and all Warranty Claims related to the breach of any of the
Title Warranties that shall be limited to an amount of [***]
of the amounts actually received by the Seller as purchase price under Section 5 above.

 

		(d)	The Purchaser may not assert Warranty Claims if and to the extent that it had knowledge of the
facts or circumstances on which the claim is based when this APA was concluded. § 442 (1) sentence 2 German Civil Code (BGB)
and § 377 German Commercial Code (HGB) shall not apply. A possible knowledge of Dr. Manfred Gröppel shall neither
be attributed (zugerechnet) to the Purchaser nor to the Seller within this Section 6.

 

		(e)	Warranty Claims may only be asserted against the Seller once for one and the same loss, even if
this arises from a breach of more than one Warranty.

 

		(f)	Moreover, the Seller shall not be liable to the extent that (i) the Purchaser failed to fulfil
its duty to avoid or mitigate the loss pursuant to § 254 German Civil Code (BGB), or (ii) the Warranty Claim is attributable
to an amendment to legal provisions which was made after this APA was signed.

 

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		4.	The Parties agree that the rights and remedies which the Purchaser may have in relation to Warranty
Claims are limited to the rights and remedies expressly provided for in this APA which shall apply in lieu of all other rights
and remedies that would be available to the Purchaser under statutory law in relation to Warranty Claims. Except as expressly provided
for otherwise in this APA, any and all other rights and remedies of any legal nature which the Purchaser may have against the Seller
with respect to Warranty Claims shall be hereby expressly waived and excluded, in particular, without limitation, any statutory
rights and remedies based on a breach of a representation and warranty as well as claims based on a frustration of contract (Störung
der Geschäftsgrundlage, § 313 German Civil Code (BGB)), voidance of the APA (Anfechtung), rescission
of the APA (Rücktritt), reduction of the purchase price (Minderung), supplementary performance (Nacherftüllung)
and other claims for defects according to § 437 German Civil Code (BGB), compensation for expenses (Aufwendungsersatz),
culpa in contrahendo (Verschulden bei Vertragsverhandlungen, § 311 German Civil Code (BGB)), breach of
contract (§§ 280 to 282 German Civil Code (BGB)) and rights and remedies based on tort (§§ 823 et
seq. German Civil Code (BGB)). For the avoidance of doubt, the Seller’s liability is not excluded or limited
with respect to claims for willful misconduct (Vorsatz) and willful deceit (arglistige Täuschung).

 

		5.	Except as expressly provided for otherwise in this APA, the Warranties shall be exhaustive and
the Seller does not assume any express or implied guarantees, representations, warranties, indemnities or similar instruments of
any kind in addition to the Warranties.

 

Section 7

Additional Provisions on Transfer of Sold Assets and Sold Agreements

 

		1.	If the transfer of any Sold Assets or the Sold Agreement (including obligations) hereunder depends
on the consent of a third party, the Parties shall cooperate in good faith and jointly endeavor to obtain such consent without
undue delay; in this context the Parties shall disclose to the third party the scope according to which the Purchaser assumes the
rights and obligations of the Seller.

 

		2.	Until the required consent pursuant to para. 1 above has been obtained in relation to any Sold
Asset or the Sold Agreement, the Parties shall, to the extent legally permissible, treat each other with effect from the Effective
Date as if the transfer of the Sold Asset or Sold Agreement hereunder had already become effective as of the Effective Date. Consequently,
until such consent is given, the Seller shall, via its 100% subsidiary 4SC Discovery, act vis-à-vis third parties
(im Auβenverhältnis) as owner of the relevant asset, party to the relevant agreement or offer, or debtor of the
relevant obligation, as the case may be, but shall, to the extent legally permissible, in the internal relationship with the Purchaser
(im Innenverhältnis) act for the Purchaser’s account, but only in accordance with and on the prior written instruction
of Purchaser. Consequently, with effect as from the Effective Date, the Purchaser shall indemnify and hold harmless the Seller
from and against any and all costs, losses, proceedings, claims, demands and expenses resulting from or relating to the relevant
Sold Agreement as the Seller may reasonably require.

 

		3.	The Purchaser acknowledges that Panoptes Pharma GmbH has signaled that it will not grant its consent
to the transfer to the Sold Agreement, that therefore a transfer of the Sold Agreement will probably not be possible, and that
the Sold Agreement does not encompasses the possibility to grant a sub-license or to otherwise transfer the license granted thereunder
to a third party.

 

		4.	The Seller shall procure that its 100% subsidiary 4SC Discovery does not terminate the Sold Agreement
unless there is good cause (wichtiger Grund), and furthermore that a potential acquirer of 4SC Discovery also assumes the
Seller’s obligations under this APA if and to the extent that they relate solely to 4SC Discovery.

 

		5.	Until the expiry of the Option Term, Seller shall reasonably participate in and support the due
diligence process of Purchaser and its advisors in regard to the Sold Assets or Sold Agreement and any and all rights and obligations
pertaining to them in order to facilitate a financing of Purchaser. Any reasonable out-of-pocket expenses, in particular travel
expenses, of the Seller resulting therefrom shall be reimbursed by the Purchaser, provided that Purchaser has granted its prior
approval to such expenses.

 

    11 

     

    

 

Section 8

Non-Compete, Non-Solicitation, Confidentiality

 

		1.	For a period of [***] following
the Effective Date the Seller shall refrain, and shall procure that its Affiliates refrain, from engaging, itself or through Affiliates,
in research and/or development activities as well as service activities in the field of [***]
(any of such business activities a “Competing Activity”), provided that any other research and/or development
activities as well as service activities, in particular, without limitation, the service activities performed by the Seller or
any of its Affiliates at the date of this APA, shall not be deemed a Competing Activity, and further provided that, for the avoidance
of doubt, Panoptes Pharma GmbH shall not be considered an Affiliate for the purposes of this Section 8 and any activities conducted
by Panoptes Pharma GmbH shall not be a Competing Activity;

 

		2.	In the case of a breach by the Seller of the obligations set forth in para. 1 above, the damages
and losses of the Purchaser for which the Seller shall be liable as a result thereof shall include any damages suffered by Purchaser
or any of its Affiliates. In addition to any other remedies available to the Purchaser under this APA or applicable law, the Seller,
as the case may be, shall pay to the Purchaser irrespective of fault a penalty of [***]
for each individual breach by the Seller, as the case may be, of any of its obligations set out in para. 1 above. If
a breach continues for more than ten business days, such continuation shall be regarded as a new and separate breach within the
meaning of this para. 2. The Purchaser shall not be deemed to have waived the requirement of the Seller, and the Seller shall not
be deemed to be relieved of its obligation, to comply with the obligations of para. 1 above by the Purchaser accepting payment
of such penalty or seeking any other remedy available to which the Purchaser may be entitled under this APA or applicable law.

 

		3.	For a period of [***] the
Seller shall refrain, and shall procure that its Affiliates refrain, from soliciting or attempting to solicit the employment of
[***] as future director, officer or key employee of Purchaser,
it being understood that the Seller’s right to enter into service agreements with [***]
as (external) advisor or consultant shall remain unaffected.

 

		4.	The Seller shall keep the Sold Know-How confidential during the Option Term and after the Exercise
Date, unless otherwise provided in this APA. The Seller undertakes to exercise all reasonable efforts to ensure that the duty of
confidentiality regarding the Sold Know-How laid down in this APA is observed by all its Affiliates and all its employees.

 

		5.	Each Party undertakes to maintain secrecy of the confidential information and the confidential
know-how disclosed by the other Party before the Effective Date and shall only use this information for the purpose of this APA.
Each Party shall be allowed to disclose confidential information of the other Party to its employees, senior executives or advisers
and its subsidiaries only if and to the extent to which these employees, senior executives, advisers and subsidiaries need to know
this information for the purpose of this APA. The Parties undertake to exercise all necessary efforts to ensure that the duty of
confidentiality laid down in this APA are observed by such employees, senior executives, advisers or subsidiaries.

 

		6.	The Parties understand and agree that in the case of a breach by the Seller of its obligations
in this Section 8, the remedies available to the Purchaser under this APA may not be sufficient to indemnify the Purchaser fully
against all damage, and that therefore the Purchaser shall be entitled to enforce any claims for specific performance (Unterlassungs-
and Beseitigungsansprüche) by injunctive relief (einstweiliger Rechtsschutz).

 

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Section 9

Miscellaneous

 

		1.	The Parties are aware and agree that the transfer of the Sold Assets is subject to German law.
This APA shall be interpreted exclusively consistent with German law and usage of terminology. This includes, without limitation,
the legal concepts and terms contained in this APA, the English translations of which may not be identical with the original German
terms in their respective legal understanding.

 

		2.	Should any provision of this APA, or any provision incorporated into this APA in the future, be
or become invalid or unenforceable, the validity or enforceability of the other provisions of this APA shall not be affected thereby.
The invalid or unenforceable provision shall be deemed to be substituted by a suitable and equitable provision which, to the extent
legally permissible, comes as close as possible to the intent and purpose of the invalid or unenforceable provision. The same shall
apply if (i) the Parties have unintentionally failed to address a certain matter in this APA (Regelungslücke); in this
case a suitable and equitable provision shall be deemed to have been agreed upon which comes as close as possible to that the Parties,
in light of the intent and purpose of this APA, would have agreed upon if they had considered the matter; or (ii) any provision
of this APA is invalid because of the scope of any time period or performance stipulated herein; in this case the Parties shall
be deemed to have agreed upon a legally permissible time period or performance which comes as close as possible to the stipulated
time period or performance.

 

Planegg-Martinsried, this __May 15, 2016

 

	/s/ Enno Spillner Vorstand	/s/ Manfried Groeppel
	
        4SC AG

        CEO
	
        Immunic AG

        COO

 

 

13

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