Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of June 29, 2015, by and among Juno Therapeutics,
Inc., a Delaware corporation (the “Company”), Celgene Corporation, a Delaware corporation (“Celgene Corp.”) and Celgene RIVOT Ltd (“Celgene RIVOT” and together with Celgene Corp., the
“Investors”). 
 This Agreement is made pursuant to the Share Purchase Agreement, dated as of June 29, 2015, by and
among the Company and the Investors (the “Purchase Agreement”). 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants
contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Investor agree as follows: 

1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the
meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the respective meanings set forth in this Section 1: 

“Advice” shall have the meaning set forth in Section 6(e). 

“Affiliate” shall have the meaning set forth in the Voting and Standstill Agreement. 

“Celgene Group” shall have the meaning set forth in the Purchase Agreement. 

“Commission” means the Securities and Exchange Commission. 

“Common Stock” means the common stock, par value $0.001 per share, of the Company. 

“Effective Date” means the date that a Registration Statement filed pursuant to Section 2 is first declared effective by
the Commission. 
 “Effectiveness Date” means: (a) with respect to a Registration Statement that may be required
pursuant to Section 2(a) hereof, the 60th day following the Filing Date (or the 90th day following the Filing Date in the event such
Registration Statement is reviewed by the Commission), and (b) with respect to any Registration Statement that may be required pursuant to Section 2(b) hereof, the 90th day following the
date on which the Company first knows that such additional Registration Statement is required under such Section (or the 120th day following the date on which the Company first knows that such
additional Registration Statement is required in the event the additional Registration Statement is reviewed by the Commission). If an Effectiveness Date falls on a Saturday, Sunday or other date that the Commission is closed for business, the
Effectiveness Date shall be extended to the next day on which the Commission is open for business. 

 “Effectiveness Period” shall have the meaning set forth in Section 2(a).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Existing Holders” shall mean the Holders as defined in the Existing Rights Agreement. 

“Existing Rights Agreement” means any agreement entered into by the Company and existing as of the date hereof that provides
for any registration rights with respect to any of the Company’s securities. 
 “FAR Acquisition Percentage” shall
have the meaning set forth in the Purchase Agreement. 
 “Filing Date” means: (a) with respect to a Registration
Statement that may be required pursuant to Section 2(a) hereof, a date which is no later than the 20th day following receipt by the Company of a written request from a Holder that the Company
effect a registration of all or a portion of the Registrable Securities, and (b) with respect to any Registration Statement that may be required pursuant to Section 2(b) hereof, the 30th
day following the date on which the Company first knows that such additional Registration Statement is required under such Section. 

“Holder” means a holder from time to time of Registrable Securities, but only if such holder is either of the Investors or
any assignee thereof in accordance with Section 6(k). 
 “Indemnified Party” shall have the meaning set forth in
Section 5(c). 
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 

“Lock-Up Period” shall have the meaning set forth in the Voting and Standstill Agreement. 

“Losses” shall have the meaning set forth in Section 5(a). 

“Other Registration Statement” shall have the meaning set forth in Section 6(d). 

“Permitted Transferee” shall have the meaning set forth in the Voting and Standstill Agreement. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A

  
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or Rule 430B promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities
covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Reduction Securities” shall have the meaning set forth in Section 2(b). 

“register,” “registered,” and “registration” refer to a registration effected by preparing
and filing a registration statement or similar document (including any pre- or post-effective amendment or supplement thereto) in compliance with the Securities Act, and, as applicable, the declaration or ordering of effectiveness of such
registration statement or document. 
 “Registrable Securities” means (a) the Shares issued pursuant to the Purchase
Agreement, and (b) any other shares of Common Stock issued as (or issuable upon conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, in exchange for or in
replacement of the Shares; provided, however, that no shares of Common Stock shall be deemed Registrable Securities for purposes of this Agreement to the extent such shares (x) have been sold to the public through a registration
statement or pursuant to Rule 144 or (y) have been sold, transferred or otherwise disposed of by a Person in a transaction in which its rights under this Agreement were not assigned in accordance with Section 6(k). 

“Registration Statement” means each of the following: (a) a Registration Statement contemplated by Section 2(a)
hereof and (b) each additional registration statement, if any, contemplated by Section 2(b) hereof, and including, in each case, the Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre-
and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Restricted Period” shall have the meaning set forth in the Voting and Standstill Agreement. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

  
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 “SAR Termination Date” shall have the meaning set forth in the Purchase
Agreement. 
 “Second Acquisition Right” shall have the meaning set forth in the Purchase Agreement. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Selling Stockholder Questionnaire” shall have the meaning set forth in Section 2(c). 

“Shares” shall have the meaning set forth in the Purchase Agreement. 

“Shares of Then Outstanding Common Stock” shall have the meaning set forth in the Voting and Standstill Agreement. 

“Trading Day” means any day on which the Common Stock is traded on its Trading Market. 

“Underwritten Offering” shall mean a registration in which Registrable Securities are sold to an underwriter for reoffering
to the public. 
 “Voting and Standstill Agreement” shall mean the Voting and Standstill Agreement by and among the Company
and the Investors. 
 2. Registration. 

(a) Following the fifth (5th) anniversary of the exercise of the Second Acquisition
Right or, if the Second Acquisition Right expires unexercised or does not become exercisable, the fifth (5th) anniversary of the SAR Termination Date, and at any time that a Holder chooses to
sell or offer to sell any Shares of Then Outstanding Common Stock as such Holder may hold in order to reduce the beneficial ownership of the Celgene Group to the FAR Acquisition Percentage of the Shares of Then Outstanding Common Stock pursuant to
Section 3.1(B) of the Voting and Standstill Agreement, the Company shall prepare and file with the Commission a Registration Statement on Form S-3 covering the resale of all or such portion of Registrable Securities as are permitted to be sold
pursuant to Section 3 of the Voting and Standstill Agreement and are specified in a written request from a Holder to the Company not already covered by an existing and effective Registration Statement (except as provided in Section 2(b))
for an offering to be made on a continuous basis pursuant to Rule 415. If the Company is not at such time eligible for the use of Form S-3, then the Company will use its commercially reasonable efforts to prepare and file a Registration Statement on
a Form S-1 or alternative form that permits the resale of the Registrable Securities. The Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration
Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its commercially reasonable efforts to cause each Registration Statement to be declared effective under the

  
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Securities Act as soon as possible but, in any event, no later than the Effectiveness Date for such Registration Statement, and shall use its commercially reasonable efforts to keep the
Registration Statement continuously effective under the Securities Act until the earlier of (i) such time as all Registrable Securities covered by such Registration Statement have been publicly sold by a Holder or (ii) the date that all
shares of Common Stock covered by such Registration Statement cease to be Registrable Securities hereunder (the “Effectiveness Period”), subject to Section 6(c) hereof. The Company shall not be required to effect more than two
registrations pursuant to this Section 2(a) in any 12-month period; provided, that the Company will not have been deemed to effect a registration unless and until the Registration Statement requested under this Section 2(a) becomes
effective. 
 (b) Notwithstanding anything contained herein to the contrary, in the event that, following the filing of a Registration
Statement pursuant to Section 2(a) above, the Commission limits the amount of Registrable Securities that may be included and sold by a Holder in any Registration Statement, including any such Registration Statement filed pursuant to
Section 2(a) above, pursuant to Rule 415 or any other basis, the Company may reduce the number of Registrable Securities included in such Registration Statement on behalf of such Holder (such Registrable Securities so reduced, the
“Reduction Securities”). In such event the Company shall give such Holder prompt written notice of the number of such Reduction Securities. The Company shall use its commercially reasonable efforts at the first opportunity that is
permitted by the Commission to register for resale the Reduction Securities. Such new Registration Statement shall be filed on or prior to the applicable Filing Date, shall be on Form S-3 (except if the Company is not then eligible to register for
resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose) and shall contain (except if otherwise required pursuant to written comments received from the Commission upon
a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its commercially reasonable efforts to cause each such Registration Statement to be
declared effective under the Securities Act as soon as possible but, in any event, no later than the Effectiveness Date for such Registration Statement, and shall use its commercially reasonable efforts to keep such Registration Statement
continuously effective under the Securities Act during the entire Effectiveness Period, subject to Section 6(c) hereof. 
 (c) Any
Holder exercising its rights under this Section 2 agrees to furnish to the Company a completed notice and questionnaire containing such information regarding such Holder, the Registrable Securities held by such Holder and the distribution
proposed by such Holder as the Company may reasonably request and as shall be required in connection with any registration referred to in this Agreement (a “Selling Stockholder Questionnaire”) on a date that is not less than five
Trading Days prior to the date of filing of a Registration Statement. Such Holder further agrees that it shall not be entitled to be named as a selling securityholder in a Registration Statement or use the Prospectus for offers and resales of
Registrable Securities at any time, unless such Holder has returned to the Company a completed and signed Selling Stockholder Questionnaire. If such Holder of Registrable Securities returns a Selling Stockholder Questionnaire after the deadline
specified in the previous sentence, the Company shall use its commercially reasonable efforts to take such actions as are required to name such Holder as a selling security holder in the Registration Statement or any pre-effective or
post-

  
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effective amendment thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable Securities identified in such late Selling Stockholder
Questionnaire. Such Holder acknowledges and agrees that the information in the Selling Stockholder Questionnaire will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in
the Registration Statement. 
 (d) In the event that the Company is not eligible to register the resale of Registrable Securities on Form
S-3 at any time after the Company initially qualifies to use Form S-3, the Company shall (i) use commercially reasonable efforts to resume its eligibility to use Form S-3 and (ii) undertake to register any Registrable Securities pursuant
to this Section 2 on Form S-3 as soon as such form becomes available. 
 (e) Until the Company obtains a waiver from the Existing
Holders under the Existing Rights Agreement, the registration rights granted to the Investors under this Section 2 are subject to the prior, senior right of the Existing Holders, including without limitation under Sections 2.2 and 2.12 of the
Existing Rights Agreement. The Company shall use its commercially reasonable efforts to seek and obtain a waiver from the Existing Holders to allow the Investors to exercise their rights under this Section 2 without being subject to the rights
of the Existing Holders thereto. 
 (f) If Celgene RIVOT or any former Permitted Transferee that holds Registrable Securities ceases to be a
direct or indirect “wholly owned” (within the meaning of Section 1.27 of the Voting and Standstill Agreement) controlled subsidiary of Celgene Corp., then Celgene RIVOT or such former Permitted Transferee, as applicable, will cease to
have any rights under this Agreement. 
 3. Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a) Not less than three Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement
thereto, furnish to the selling Holder or Holders copies of all such documents proposed to be filed (other than those incorporated by reference). Notwithstanding the foregoing, the Company shall not be required to furnish to the Holders any
prospectus supplement being prepared and filed solely to name new or additional selling securityholders unless any such Holder is named in such prospectus supplement. The Company shall duly consider any comments made by a Holder and received by the
Company not later than two Trading Days prior to the filing of the Registration Statement, but shall not be required to accept any such comments to which it reasonably objects. 

(b) Subject to Section 6(c), (i) prepare and file with the Commission such amendments, including post-effective amendments, to each
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness

  
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Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause
the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the
Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible provide each selling Holder true and complete copies of all correspondence from and to the Commission relating to such
Registration Statement that pertains to such Holder as a selling stockholder but not any comments that would result in the disclosure to such Holder of material and non-public information concerning the Company; and (iv) comply in all material
respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 

(c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three Trading Days prior to such
filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day: (i)(A) when a Prospectus or any prospectus supplement (but only to the extent notice is required under Section 3(a)
above) or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each Holder that pertain to such Holder as a selling stockholder or to the Plan of Distribution,
but not information which the Company reasonably believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has been declared effective;
(ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to a Holder as a selling stockholder
or the Plan of Distribution; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that makes the financial statements included or incorporated by reference in a Registration Statement ineligible for inclusion or
incorporation by reference therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to
such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading; and (vi) of the
occurrence or existence of any pending development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest

  
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of the Company to allow continued availability of a Registration Statement or Prospectus; provided, that any and all of such information shall remain confidential to each Holder until such
information otherwise becomes public, unless disclosure by such Holder is required by law; provided, further, that notwithstanding such Holder’s agreement to keep such information confidential, such Holder makes no acknowledgement that
any such information is material, non-public information. 
 (d) Use its reasonable best efforts to avoid the issuance of, or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
jurisdiction, at the earliest practicable moment. 
 (e) Furnish to the selling Holder, without charge, at least one conformed copy of each
Registration Statement and each amendment thereto and all exhibits to the extent reasonably requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission;
provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the EDGAR system. 

(f) Promptly deliver to the selling Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of
prospectus) and each amendment or supplement thereto as such Persons may reasonably request. Subject to Section 6(c) hereof, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by the selling
Holder in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(g) Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holder in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of those jurisdictions within the
United States as such Holder reasonably requests in writing to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to
enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then
so qualified or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 
 (h) Cooperate with the
selling Holder to facilitate the timely delivery of the Registrable Securities in book-entry form to a transferee pursuant to the Registration Statements, free, to the extent permitted by the Purchase Agreement and under applicable law, of all
restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such name as such Holder may request. 

(i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or
amendment, including a post-effective 

  
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amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other
required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading. 

(j) If required by the FINRA Corporate Financing Department or any similar entity, promptly effect a filing with FINRA pursuant to FINRA Rule
5110 with respect to the public offering contemplated by resales of securities under the Registration Statement (an “Issuer Filing”), and pay the filing fee required by such Issuer Filing. 

(k) Following expiration of the Restricted Period, if requested by the selling Holder, the Company shall use its reasonable efforts to engage
an underwriter with respect to the sale of the Registrable Securities under the Registration Statement and in connection therewith: 
 (i)
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of the Underwritten Offering pursuant to which such Registrable Securities are being offered; 

(ii) use reasonable efforts to obtain: (A) at the time of effectiveness of the Registration Statement covering such Registrable
Securities, a “cold comfort letter” from the Company’s independent certified public accountants covering such matters of the type customarily covered by “cold comfort letters” as the underwriters may reasonably request; and
(B) at the time of any underwritten sale pursuant to such Registration Statement, a “bring-down comfort letter,” dated as of the date of such sale, from the Company’s independent certified public accountants covering such matters
of the type customarily covered by “bring-down comfort letters” as the underwriters may reasonably request; 
 (iii) in
connection with any Underwritten Offering, use reasonable efforts to obtain an opinion or opinions addressed to the underwriter or underwriters in customary form and scope from counsel for the Company; and 

(iv) use reasonable efforts to participate, to the extent requested by the managing underwriter, in efforts extending for no more than two
(2) days scheduled by such managing underwriter and reasonably acceptable to the Company’s senior management, to sell the Registrable Securities being offered pursuant to such Required Registration (including participating during such
period in customary “roadshow” meetings with prospective investors). 
 4. Registration Expenses. All fees and expenses
incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts and selling commissions) shall be borne by the Company whether or not any Registrable Securities are sold
pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to
filings required to be made with the Trading Market on which the Common Stock is then listed for trading, and (B)

  
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in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing prospectuses if the printing of prospectuses is
reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and disbursements of counsel for the Company,
(v) Securities Act liability insurance, if the Company so desires such insurance, (vi) reasonable fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this
Agreement and (vii) reasonable legal fees and expenses of one legal counsel for the Holders, up to a maximum of $10,000 per Registration Statement. In addition, the Company shall be responsible for all of its internal expenses incurred in
connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and
the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any underwriting, broker or similar commissions of the
Holders or any legal fees or other costs of the Holders (except as set forth in clause (vii)). 
 5. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, partners, members, stockholders and employees of such Holder, each Person who controls such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and
the officers, directors, agents, partners, members, stockholders and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact
contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto (it being understood that each Holder has approved Annex A hereto for this purpose), or arising out of or relating to
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they
were made) not misleading or any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities law or any rule or regulation promulgated thereunder applicable to the Company relating to any such
registration, qualification or compliance, except to the extent, but only to the extent, that (1) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder
furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and
expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that each Holder has approved Annex A
hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(vi), the use by such Holder of an outdated or defective Prospectus after such Holder has received written

  
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notice from the Company that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice (as defined below) or an amended or supplemented Prospectus, but only if
and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify each Holder promptly of the institution,
threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 

(b) Indemnification by Holder. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents, partners, members, stockholders or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) for so long
as the prospectus delivery requirements of the Securities Act apply to sales by such Holder, such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact
contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent that, (1) such untrue
statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement
thereto (it being understood that each Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(vi), the use by such Holder of an outdated or
defective Prospectus after such Holder has received written notice from the Company that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the
extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any Holder hereunder be greater in amount
than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it 

  
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shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely
prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the
Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including
any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not
have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys
at any time for all Indemnified Parties pursuant to this Section 5(c). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release
of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 All fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying
Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 

(d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of
public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to
reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, 

  
 12 

 
access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 5(d) was determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in
the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder
from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to
the Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement. 
 6.
Miscellaneous. 
 (a) Remedies. In the event of a breach by the Company or by any Holder, of any of their obligations under
this Agreement, such Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under
this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agree that, in the
event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as
applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration Statement. 

(c) Furnishing of Information. The Company may require each selling Holder to furnish to the Company a certified statement as to
(i) the number of shares of Common Stock beneficially owned by such selling Holder and any Affiliate thereof, (ii) any FINRA affiliations, (iii) any natural persons who have the power to vote or dispose of the common stock and
(iv) any other information as may be requested by the Commission, FINRA or any state securities commission. 

  
 13 

 (d) Subsequent Registration Rights. Without the written consent of the Holder of a
majority of the then outstanding Registrable Securities, the Company shall not file any registration statement covering the resale of any Company securities held by any Person (other than any of the Holders) (an “Other Registration
Statement”) unless prior to or concurrently with the filing of such Other Registration Statement, a Registration Statement required by Section 2(a) hereof is or has been filed with, and declared effective by, the Commission;
provided, that this Section 6(d) shall not prohibit the Company from fulfilling its obligations under any Existing Rights Agreement. 

(e) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies
of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies
of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 

(f) Piggy-Back Registrations. If at any time following the Effectiveness Date with respect to a Registration Statement filed pursuant
to Section 2(a) hereof and continuing through the applicable Effectiveness Period, except as contemplated by Section 2(b) hereof, there is not an effective Registration Statement covering all of the Registrable Securities and the Company
shall determine to prepare and file with the Commission a registration statement (other than a post-effective amendment to an existing registration statement) relating to an offering for its own account or the account of others under the Securities
Act of any of its equity securities, other than a registration statement on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in connection with the stock option or other employee benefit plans, then the Company shall send to the Holders a written notice of such determination and, if within 10 days after
the date of such notice, any Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered; provided, however, that the
Company shall not be required to register any Registrable Securities pursuant to this Section 6(f) that are the subject of a then effective Registration Statement; and provided further that the Company shall only be required to register
any Holder’s Registrable Securities pursuant to this Section 6(f) to the extent that the inclusion of such Registrable Securities will not reduce the amount of securities to be registered on such registration statement by any holders with
registration rights provided in any Existing Rights Agreement. A registration under this Section 6(f) shall not constitute a registration for purposes of Section 2(a). 

  
 14 

 (g) Reports Under the Exchange Act. With a view to making available to the Holders the
benefits of Rule 144 and any other rule or regulation of the Commission that may at any time permit the Holders to sell securities of the Company to the public without registration, the Company agrees, for so long as the Holders hold
(i) all or any portion of the Shares issued pursuant to the Purchase Agreement, and (ii) any other shares of Common Stock issued as (or issuable upon conversion or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, in exchange for or in replacement of the Shares, to use its commercially reasonable efforts to: 

(A) make and keep public information available, as those terms are understood and defined in Rule 144, at all times on and after the
date hereof; 
 (B) file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (or obtain extensions in respect thereof and file within the applicable grace period); and 
 (C)
furnish to each Holder, so long as the Holder owns (1) all or any portion of the Shares issued pursuant to the Purchase Agreement, and (2) any other shares of Common Stock issued as (or issuable upon conversion or exercise of any warrant,
right or other security which is issued as) a dividend or other distribution with respect to, in exchange for or in replacement of the Shares, forthwith upon request (x) a written statement by the Company that it has complied with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act and (y) such other information as may be reasonably requested to avail such Holder of any rule or regulation of the Commission that permits the selling of any such
securities without registration. 
 (h) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a
written instrument signed by the Company and the Holder of a majority of the then outstanding Registrable Securities. The Company shall provide prior notice to the Holders of any proposed waiver or amendment. No waiver of any default with respect to
any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. 
 (i) Termination of
Registration Rights. For the avoidance of doubt, it is expressly agreed and understood that (i) in the event that there are no Registrable Securities outstanding as of a Filing Date, then the Company shall have no obligation to file, caused
to be declared effective or to keep effective any Registration Statement hereunder (including any Registration Statement previously filed pursuant to this Agreement) and (ii) all registration rights granted to the Holders hereunder (including
the rights set forth in Sections 6(d) and 6(f)), shall terminate in their entirety effective on the first date on which there shall cease to be any Registrable Securities outstanding. If not previously terminated pursuant to the foregoing sentence,
it is expressly agreed and understood that all registration rights granted to the Holders pursuant to this Agreement shall terminate as to each Holder on the earlier of (A) 36 cumulative months (which need not be consecutive) during which one
or more Registration Statements continues to be effective, or (B) the expiration of the Effectiveness Period. Additionally, the Company will have the unilateral right to terminate this Agreement in its entirety in accordance

  
 15 

 
with Section 2.2 of the Voting and Standstill Agreement upon written notice to any Investor. In the event that the Company determines that the registration rights granted to the Holders
hereunder have terminated as to any Holder, it shall notify such Holder of such determination, which notice shall set forth in reasonable detail the basis for such determination; provided, that the failure to provide any such notice shall not
affect whether any Registrable Securities are outstanding or whether the registration rights granted to such Holder hereunder have terminated. For the avoidance of doubt, it is expressly agreed and understood that the Company’s determination of
whether such registration rights shall have terminated shall not be deemed to be conclusive or determinative of such matter. 
 (j)
Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile, electronic mail, by first-class registered or certified airmail, or nationally recognized overnight express
courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: 

if to the Company, to: 
 Juno
Therapeutics, Inc. 
 Attention: General Counsel 

307 Westlake Avenue N., Suite 300 

Seattle, Washington 98109 

E-mail: [omitted] 
 with a copy
(which shall not constitute notice) to: 
 Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Facsimile: (650) 463-2600 

Attention: Robert A. Koenig 
 or to such other
Person at such other place as the Company shall designate to the Investor in writing; 
 if to either Investor, to: 

Celgene Corporation 
 86 Morris
Avenue 
 Summit, New Jersey 07901 

Facsimile: [omitted] 

Attention: Senior Vice President, Business Development 

  
 16 

 with a copy to: 

Celgene Legal 
 86 Morris
Avenue 
 Summit, New Jersey 07901 

Facsimile: [omitted] 

Attention: General Counsel 

with a copy (which shall not constitute notice) to: 

Dechert LLP 
 1900 K Street, NW

 Washington, DC 20006 

Facsimile: (202) 261-3333 

Attention: David E. Schulman 
 or to such other
Person at such other place as any Investor shall designate to the Company in writing; and 
 if to any other Person who is then a registered
Holder, to the address of such Holder as it appears in the stock transfer books of the Company, or to such other place as such Holder shall designate to the Company in writing. 

(k) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of
each of the parties and shall inure to the benefit of the Holders. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holder of a majority of the then outstanding Registrable Securities (other
than by merger or consolidation or to an entity which acquires the Company including by way of acquiring all or substantially all of the Company’s assets). The rights of the Holders hereunder, including the right to have the Company register
Registrable Securities pursuant to this Agreement, may be assigned by any Holders to a Permitted Transferee of such Holder, but only if (i) such Holder agrees in writing with such Permitted Transferee to assign such rights and related
obligations under this Agreement, and for such Permitted Transferee to assume such obligations, and a copy of such agreement is furnished to the Company, (ii) the Company is furnished with written notice of the name and address of such
Permitted Transferee and the securities with respect to which such registration rights are being transferred or assigned, (iii) such Permitted Transferee agrees in writing with the Company to be bound by all of the provisions contained herein
and (iv) such Permitted Transferee is an “accredited investor,” as that term is defined in Rule 501 of Regulation D. 
 (l)
Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts
have been signed by each party hereto and delivered to the other party. 
 (m) Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York. 

  
 17 

 (n) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of
any remedies provided by law. 
 (o) Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (p) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 [signature pages follow] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the day and year first above written. 
  

			
	COMPANY:
	
	JUNO THERAPEUTICS, INC.
		
	By:		/s/ Hans Bishop
	Name:		Hans Bishop
	Title:		Chief Executive Officer

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the day and year first above written. 
  

			
	INVESTORS:
	
	CELGENE CORPORATION
		
	By:		/s/ Robert J. Hugin
	Name:		Robert J. Hugin
	Title:		Chief Executive Officer
	
	CELGENE RIVOT LTD.
		
	By:		/s/ Kevin Mello
	Name:		Kevin Mello
	Title:		Director

 ANNEX A 

PLAN OF DISTRIBUTION 
 We
are registering the shares of common stock issued to the selling stockholders to permit the resale of these shares of common stock by the holders of the shares of common stock from time to time after the date of this prospectus. We will not receive
any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock. 

The selling stockholders and any of their transferees, donees, pledgees or other successors in interest may, from time to time, sell all or a
portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or
broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares of common stock may be sold on any national securities exchange or quotation service on which the
securities may be listed or quoted at the time of sale, in the over-the-counter market or in transactions otherwise than on these exchanges or systems or in the over-the-counter market and in one or more transactions at fixed prices, at prevailing
market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions. The selling stockholders may use any one
or more of the following methods when selling shares: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange or otherwise; 

 

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

  
 A-1 

 The selling stockholders also may resell all or a portion of the shares in open market
transactions in reliance upon Rule 144 under the Securities Act, as permitted by that rule, or Section 4(a)(1) under the Securities Act, if available, rather than under this prospectus, provided that they meet the criteria and conform to
the requirements of those provisions. 
 Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to
participate in sales. If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of
discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal. Such commissions will be in amounts to be
negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction will not be in excess of a customary brokerage commission in compliance with FINRA Rule 2440 (and any successor); and in the case of a
principal transaction a markup or markdown in compliance with FINRA IM-2440-1. 
 In connection with sales of the shares of common stock or
otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The
selling stockholders may also sell shares of common stock short and if such short sale shall take place after the date that the registration statement of which this prospectus is a part is declared effective by the Commission, the selling
stockholders may deliver shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of common stock to
broker-dealers that in turn may sell such shares, to the extent permitted by applicable law. The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as
supplemented or amended to reflect such transaction). Notwithstanding the foregoing, the selling stockholders have been advised that they may not use shares registered on the registration statement of which this prospectus forms a part to cover
short sales of our common stock made prior to the date the registration statement, of which this prospectus forms a part, has been declared effective by the Commission. 

The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by
them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under
Rule 424(b)(3) or other applicable provision of the Securities Act, as amended, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this
prospectus. The selling stockholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of
this prospectus. 

  
 A-2 

 The selling stockholders and any broker-dealer or agents participating in the distribution of the
shares of common stock may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities Act in connection with such sales. In such event, any commissions paid, or any discounts or concessions allowed to, any
such broker-dealer or agent and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Selling stockholders who are “underwriters” within the meaning of
Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities of, including but not limited to, Sections 11, 12 and 17 of the
Securities Act and Rule 10b-5 under the Securities Exchange Act of 1934, as amended, or the Exchange Act. 
 Each selling stockholder
has informed us that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the common stock. Upon our being notified in writing by a selling
stockholder that any material arrangement has been entered into with a broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a
supplement to this prospectus will be filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing: 
  

	 	•	 	the name of each such selling stockholder and of the participating broker-dealer(s), 

  

	 	•	 	the number of shares involved, 

  

	 	•	 	the price at which such the shares of common stock were sold, 

  

	 	•	 	the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, 

  

	 	•	 	that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, and 

 

	 	•	 	other facts material to the transaction. 

 In no event shall any broker-dealer receive fees,
commissions and markups, which, in the aggregate, would exceed eight percent (8%). 
 Under the securities laws of some states, the shares
of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or
an exemption from registration or qualification is available and is complied with. 
 There can be no assurance that any selling stockholder
will sell any or all of the shares of common stock registered pursuant to the registration statement, of which this prospectus forms a part. 

Each selling stockholder and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act,
as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit 

  
 A-3 

 
the timing of purchases and sales of any of the shares of common stock by the selling stockholder and any other participating person. Regulation M may also restrict the ability of any person
engaged in the distribution of the shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person
or entity to engage in market-making activities with respect to the shares of common stock. 
 We will pay all expenses of the registration
of the shares of common stock pursuant to the registration rights agreement, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws; provided,
however, that each selling stockholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against certain liabilities, including some liabilities under the Securities Act, in
accordance with a registration rights agreement, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that may
arise from any written information furnished to us by the selling stockholders specifically for use in this prospectus, in accordance with the related registration rights agreements, or we may be entitled to contribution. 

  
 A-4Exhibit 10.1

 

RESEARCH AND LICENSE AGREEMENT

 

Made in Jerusalem this 25th
day of June 2015 (the "Effective Date"), by and between:

 

YISSUM RESEARCH DEVELOPMENT COMPANY
OF THE HEBREW UNIVERSITY OF JERUSALEM, LTD., of Hi Tech Park, Edmond J. Safra Campus, Givat Ram, Jerusalem 91390, Israel (“Yissum”)
of the one part; and

 

IMMUNE
PHARMACEUTICALS LTD., of 8 Shaul Hamelech
Blvd., Amot Mishpat Building, Suite 294, Tel Aviv, 64732; (the “Company"), of the second part; 

 

(Yissum and the Company, collectively, may
be referred to as the "Parties").

 

		WHEREAS:	the rights and title to all inventions and research results of scientists of the University (as
defined below) vest solely with Yissum; and

 

		WHEREAS:	the Company has represented to Yissum that the Company's management is experienced in the development
of products similar to those to be based on the inventions and research that are the subject of this Agreement; and that, either
by itself or through third parties, it has the financial capacity and the strategic commitment to facilitate the development, production,
marketing and distribution of products; and

 

		WHEREAS:	the Company wishes to obtain a license from Yissum for the development and commercialization of
certain inventions and research results of Yissum; and

 

		WHEREAS:	Yissum agrees to grant the Company such a license, all in accordance with the terms and conditions
of this Agreement.

 

NOW THEREFORE THE PARTIES DO HEREBY
AGREE AS FOLLOWS:

 

		1.	Interpretation and Definitions

 

		1.1.	The preamble and appendices annexed to this Agreement constitute an integral part hereof and shall
be read jointly with its terms and conditions.

 

		1.2.	In this Agreement, unless otherwise required or indicated by the context, the singular shall include
the plural and vice-versa, the masculine gender shall include the female gender, and the use of the word "or"
shall mean "and/or".

 

		1.3.	The headings of the sections in this Agreement are for the sake of convenience only and shall not
serve in the interpretation of the Agreement.

 

    	 

    	 

    

 

		1.4.	In this Agreement, the following capitalized terms shall have the meanings appearing alongside
them, unless provided otherwise:

 

		1.4.1.	“Affiliate” shall mean any person, organization or other legal entity which
controls, or is controlled by, or is under common control with, the Company. Control shall mean the holding of fifty percent
(50%) or more of (i) the issued share capital or (ii) the voting rights or (iii) the right to elect or appoint directors.

 

		1.4.2.	“Development Plan” shall mean the written plan and timetable, and any amendments
thereof, produced by the Company, which sets forth how the Company intends to develop, manufacture, market and sell Products arising
from the Licensed Technology, as more fully described in Section 5 of this Agreement.

 

		1.4.3.	“Development Results” shall mean the results of activities carried out by the
Company or by third parties at the direction of the Company (other than Research or any other activities conducted by the Researcher
or any other University employee) pursuant to the Development Plan, including any invention, patent or patent application, product,
material, method, process, technique, know-how, data, information or other result which do not form part of the Licensed Technology,
discovered in the course of or arising from the performance of the Company’s development work pursuant to section ‎5,
below, including any regulatory filing filed, or approval obtained, by the Company, an Affiliate or Sublicensee in respect of the
Products, as well as any information, material, results, devices and know-how arising therefrom. 

 

		1.4.4.	"Field" shall mean topical delivery of Amiket, a combination of amytriptine and
ketamine for the treatment of pain, only by means of biodegradable nanoparticles. For the avoidance of doubt, the Field does not
involve any mechanism for delivery except topical of Amiket and each of its components or drugs of the same class.

 

		1.4.5.	“First Commercial Sale” shall mean the first sale of a Product by the Company,
an Affiliate or a Sublicensee after receipt of all governmental and other regulatory approvals required to market and sell the
Product have been obtained in the country in which such Product is sold. Sales for purposes of testing the Product and samples
in reasonable quantities purposes shall not be deemed a First Commercial Sale.

 

		1.4.6.	“Generic Competition” shall mean, with respect to a particular Product in a
country, when (a) one or more Generic Product(s) with respect to such Product are being marketed in such country; and (b) there
is no Licensed Patent or Exclusivity in respect of such Product in such country.

    	 

    	 

    

  

		1.4.7.	“Generic Product” shall mean a product that (a) would have infringed one of
the claims of a Licensed Patent had such Licensed Patent been in force in such country; (b) is legally marketed in such country
by an entity other than the Company, its Affiliates and/or Sublicensees; and (c) results in the reduction in volume of annual sales
of such Product in such country by the Company, its Affiliates and/or Sublicensees by at least thirty percent (30%).

 

		1.4.8.	“Know-How” shall mean any information, ancillary materials, results, devices
and/or know-how in the Field, developed by the Researcher at the University prior to the execution of this Agreement, that is solely
and directly related to the Licensed Patents but not appearing in the Licensed Patents, , and belonging to Yissum.

 

		1.4.9.	“Licensed Patents” shall mean the patent application currently entitled: NANOPARTICLES
FOR DERMAL AND SYSTEMIC DELIVERY OF DRUGS (Yissum’s Ref: 3451) and all patent applications or registered patents, any patent
application that claims priority therefrom; all divisions, continuations, continuations-in-part, re-examinations, reissues, substitutions,
or extensions, including European Supplementary Protection Certificates (“SPCs”), and any and all patents issuing from,
and inventions, methods, processes, and other patentable subject matter disclosed or claimed in, any and all of the foregoing,
all to be listed on Appendix A, as may be updated by the Parties in writing from time to time, as applicable. 

 

		1.4.10.	“Licensed Technology” shall mean the Know-How, the Licensed Patents, Yissum’s
share in any Joint Patents and the Research Results.

 

		1.4.11.	"Net Sales" shall mean

 

		(a)	the gross sales price invoiced for sales, leases or other transfers of Products by the Company,
an Affiliate or Sublicensee to a third party who will be an end user of the Products; or

 

		(b)	the fair market value of non-monetary consideration received in connection with such sales, leases
or transfers;

 

after deduction of: (i) all
commercially reasonable trade, quantity, or cash discounts and credits by reason of rejection, return, price adjustment, rebates,
recalls and unaffiliated third party agents' commissions; (ii) commercially reasonable quantities of samples used for promotional
purposes, clinical trials purposes and/or compassion clinical experiments; and (iii) sales taxes, (including VAT, customs, duties
or other governmental charges levied on the production, sale, transportation, import or export, delivery or use of a Product, but
specifically excluding income tax); provided that such deductions shall be directly related to the sale of Products
that were awarded within the regular running of the business of the Company, Affiliate or Sublicensee. For the sake of clarity,
any payment or rebate received by the Company, Affiliate or Sublicensee from any governmental agency directly in relation to sales
shall be considered as Net Sales.

 

    	 

    	 

    

 

In the event of sales made through
a distributor or marketing agent, the sales made by such distributors or marketing agent shall be deemed gross sales of the Company
for the purposes of this Agreement and amounts paid by the Company to such distributor or marketing agent as commissions or marketing
fees for such sales shall be deducted from such gross sales, provided that such deductions shall not exceed fifteen percent (15%)
of the gross sales price of the Products.

 

In the event of sales or deductions
not made at "arms length", then for the purpose of calculation of Royalties (as defined below) to Yissum, Net Sales shall
be calculated in accordance with arms length prices for sale of Products to end users and arm’s length deductions, to be
determined by the current market conditions, or in the absence of such conditions, according to the assessment of a independent
appraiser to be selected by the Parties.

 

		1.4.12.	“Product” shall mean any product, product component, production supplement,
process or service (a) that comprises, contains, incorporates or developed using the Licensed Technology or the Development Results
or any part thereof , or that uses the Licensed Technology or the Development Results as a basis for subsequent modifications that
are standard in drug development or drug delivery, including, without limitation, the construction of pro-drugs, and modified compounds
based on the Licensed Technology that work essentially in a physiologically analogous manner to the Licensed Technology; or (b)
that, but for the License granted in this Agreement, would infringe any Valid Claim of a Licensed Patent.

 

		1.4.13.	“Research” shall mean the research funded by the Company to be conducted by
or under the supervision of the Researcher pursuant to the Research Program.

 

		1.4.14.	“Research Fee” shall mean the total amount set out in section 2 below and in
Appendix B, plus any applicable taxes and withholding, for funding by the Company of a particular Research Program, such amount
being inclusive of all overhead unless expressly stated otherwise.

    	 

    	 

    

  

		1.4.15.	“Research Period” shall mean the period set out in section 2 below or in Appendix
B for conducting a particular Research Program, or as otherwise agreed in writing between the Parties.

 

		1.4.16.	“Research Program” shall mean the program to be arrived by the Researcher and
Company, under which the Research shall carried out and conducted by the Researcher, as per Appendix B. 

 

		1.4.17.	“Researcher” shall mean Prof. Simon Benita, or, in the event that Prof. Simon
Benita is no longer an employee or consultant of the University, such other person as determined and appointed from time to time
by Yissum, whose appointment shall be subject to the Company's prior written approval, to supervise and to perform the Research,
if applicable. 

 

		1.4.18.	“Research Results” shall mean the results of the Research, including any patent
applications and patents (which shall be added to the list of Licensed Patents set forth on Appendix A), information, material,
results, devices or know-how arising from the Research.

 

		1.4.19.	“Sublicense” shall mean any grant by the Company or its Affiliates of any of
the rights granted under this Agreement or any part thereof; including the right to develop, manufacture, market, sell or distribute
the Licensed Technology or any Product.

 

		1.4.20.	“Sublicense Consideration” shall mean any non-sales related proceeds or consideration
or benefit of any kind whatsoever, other than royalties on Net Sales, that the Company or an Affiliate may receive from a Sublicensee
as a direct result of the grant of a Sublicense or an option to obtain such Sublicense, and other than any direct equity financing
at market value or reimbursement of R&D costs actually expended by the Company, received by the Company from a Sublicensee.

 

		1.4.21.	“Sublicensee” shall mean any third party to whom the Company or an Affiliate
shall grant a Sublicense or option to obtain such Sublicense. For the sake of clarity, Sublicensee shall include any other third
party to whom such rights shall be transferred, assigned, or who may assume control thereof by operation of law or otherwise.

 

		1.4.22.	“Territory” shall mean Worldwide.

 

		1.4.23.	“University” shall mean the Hebrew University of Jerusalem and each of its branches.

 

    	 

    	 

    

 

		1.4.24.	"Valid Claim" shall mean a claim (a) of any issued, unexpired patent which has
not been revoked or held unenforceable or invalid by a decision of a court or governmental agency of competent jurisdiction from
which no appeal can be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and which has
not been disclaimed, denied or admitted to be invalid or unenforceable through reexamination, reissue, disclaimer or otherwise,
or (b) of any patent application that has not been cancelled, rejected, withdrawn or abandoned.

 

		2.	Research

 

		2.1.	The Company hereby undertakes to finance performance of the Research in accordance with the Research
Program or any amendment thereof.

 

		2.2.	The Research shall be conducted
                                         by and under the supervision of the Researcher. Should the Researcher be unable to complete
                                         the Research during the Research Period, for any reason, Yissum shall notify the Company
                                         of the identity of a suitable replacement researcher. If the Company does not object
                                         to the replacement researcher on reasonable grounds within twenty (20) days of this notification,
                                         the substitute researcher shall be deemed acceptable to the Company. Alternatively, the
                                         Company shall have the right to terminate Research, provided that (i) no monies paid
                                         to Yissum for the Research pursuant to the schedule set forth in section 2.3, below,
                                         will be refundable; and (ii) the Company shall be responsible for the payment of any
                                         accrued fees and expenses due to Yissum based on work duly performed up to the date of
                                         termination and those irrevocable commitments entered into by Yissum prior to having
                                         received the Company's written notice of termination, and (iii) the Company shall not
                                         bear any liability for such termination.

 

		2.3.	As compensation to Yissum for
                                         the performance of the Research described in Appendix B during the 12 (twelve) month
                                         period beginning on October 1, 2015 or at such other time as mutually agreed in writing
                                         between the parties (with the start of the Research being conditioned on the receipt
                                         of the first quarterly advance payment), the Company shall pay Yissum (subject to any
                                         earlier termination of the Research pursuant to section 2.2 above) as follows:

 

		2.3.1.	For such 12 (twelve) months
                                         of Research, the Company shall pay Yissum the Research Fee of four hundred thousand US
                                         Dollars ($400,000) (inclusive of overhead), plus VAT and any other applicable taxes.

 

		2.4.	Each Research Program shall be paid for during the applicable Research Period in quarterly advance
equal installments;. For the avoidance of doubt, the Company hereby agrees that the Research Program will not begin until the receipt
by Yissum of the first payment installment, and Yissum hereby agrees that no payment of Research Fees shall be made by the Company
prior to the execution of this Agreement.

    	 

    	 

    

 

		2.5.	Yissum shall have the right of first offer to conduct any additional research external to the Company
not included in the Research Program, which may be required by the Company to develop a Product, provided that there are employees
of the University competent and available to perform such additional research; provided further, that the Company may ultimately
decide to conduct the research internally or to select another external partner based on economic, regulatory or any other scientific
or business reasons.

 

		2.6.	For the avoidance of doubt, nothing herein shall prevent Yissum or the University or the Researcher
from obtaining further finance or grants from other entities for research regarding the Licensed Technology, provided that such
entities shall not be granted rights in the Research or Research Results prejudicial to the rights granted to the Company in this
Agreement, provided further, that the Company has been informed of such finance with sufficient prior notice and has not withheld
consent for strategic reasons.

 

		2.7.	The Research Results shall automatically be included in the Licensed Technology.

 

		2.8.	Within sixty (60) days of the end of each six (6) months of the Research Program, Yissum shall
present the Company with a written report from the Researcher summarizing the results, progress, significant findings and/or major
issues of the Research during the preceding six (6) months.

 

		2.9.	Nothing contained in this Agreement shall be construed as a warranty on the part of Yissum that
any results or inventions will be achieved by the Research, or that the Research Results, if any, are or will be commercially exploitable.
Yissum makes no warranties whatsoever as the commercial or scientific value of the Research Results.

 

		2.10.	The Company and the Researcher represent that any consulting-like agreement executed between the
Company and Researcher prior to the Effective Date, and/or any grant of benefits of any kind by the Company to the Researcher prior
to the Effective Date have been disclosed to Yissum. Furthermore, should the Company choose to (i) retain the services of the Researcher
or any other employee of the University as a consultant in connection with the Research or the License; or (ii) grant any benefit,
including but not limited to, cash payments or securities of any kind, to the Researcher or any other employee of the University,
it shall do so only through a written agreement executed between the Company and Yissum. Any consulting agreement will require,
among other things, that any intellectual property rights generated under such agreement will be governed by the terms of this
Agreement.

 

    	 

    	 

    

 

		3.	The License

 

		3.1.	Subject to the full performance by the Company of its obligations
in accordance with this Agreement, Yissum hereby grants the Company an exclusive license, with a right to sublicense as provided
for herein below, to make commercial use of the Licensed Technology, in order to develop, manufacture, market, distribute or sell
a Product, all within the Field and the Territory only, subject to and in accordance with the terms and conditions of this Agreement
(the “License”).

 

		3.2	Notwithstanding the provisions of section 3.1, above, Yissum,
on behalf of the University, shall retain the right (i) to make, use and practice the Licensed Technology for the University's
own internal research, educational and clinical purposes; (ii) to license or otherwise convey to other academic and not-for-profit
research organizations, for no charge other than
shipping fees, the Licensed Technology for use in non-commercial research; and (iii) to license or otherwise convey to any organization
the Licensed Technology, or any part thereof, for research and development relating to commercial applications outside the Field.

 

		4.	Term of the License

 

			The License shall end, if not earlier terminated pursuant to the provisions of this Agreement,
on a country-by-country, Product-by-Product basis, upon the later of: (i) the date of expiration of the last Valid Claim included
in the Licensed Technology that covers the particular Product; (ii) the end of any exclusivity on the Product granted by a regulatory
or government body; or (iii) the end of a period of 15 years from the date of the First Commercial Sale of the particular Product.
Should the periods referred to in subsections (i) or (ii) expire prior to 15 years from the date of the First Commercial Sale in
a particular country or countries, the license in that country or those countries shall be deemed a license to the Know-How. At
the end of the later of the periods set forth above, the Company shall have a fully-paid non-exclusive license to the Licensed
Technology. The Company shall have an irrevocable option to obtain an exclusive license to the Licensed Technology by agreeing
to pay Yissum fifty percent (50%) of the consideration set forth in section 7.2 and 7.5, below. 

 

		5.	Development and Commercialization

 

		5.1.	The Company undertakes, at its own expense, to use its best efforts to carry out the development,
regulatory, manufacturing and marketing work necessary to develop and commercialize Products in accordance with a written plan
and timetable for the development and the commercialization of Products a copy of which is attached to this Agreement as Appendix
C. The Development Plan may be modified from time to time by the Company as reasonably required in order to achieve the commercialization
goals set forth above, upon Yissum’s approval, which shall not be unreasonably denied, conditioned or delayed. All terms
and conditions of the License and this Agreement shall apply to the modified Development Plan and subsequent Development Results.

    	 

    	 

    

 

		5.2.	The Parties shall establish a steering committee (the “Committee”) to oversee
the exercise of the License including the Company’s development efforts. Each Party shall be entitled to designate two representatives
to the Committee (the “Representatives”), which shall meet at least once every six (6) months. The Representatives
shall be bound by the confidentiality arrangements set out in this Agreement. The Company shall consult with Yissum, via Yissum's
Representatives, in respect of significant decisions related to the exercise of the License. For the avoidance of doubt, the Committee
shall be a forum for the exchange of information between the Parties with respect to the foregoing matters, shall act only in an
advisory capacity and shall not have decision-making powers.

 

The
Company shall (i) prepare and provide to Yissum via Yissum's Representatives with periodic written reports (“Development
Reports”) not less than once per every six (6) months from the Effective Date concerning
all material activities undertaken in respect of the exercise of the License, (ii) keep Yissum informed via Yissum's Representatives
on a timely basis concerning all material activities and changes to the Development Plan undertaken in respect of the exercise
of the License, and (iii) at Yissum's reasonable request, from time to time, provide Yissum with further information relating to
the Company’s activities in exercise of the License. The Development Reports shall include a summary of the Development Results
and any other related work performed by or on behalf of the Company or by or on behalf of any Affiliate or Sublicensee during the
six month period prior to the report. Development Reports shall also set forth a general assessment regarding the achievement of
any milestones; the projected – or actual – completion date of the development of a Product and the marketing thereof;
sales forecasts, if any have been made in the regular course of the Company's business; a description of any corporate transaction
involving the Products or the Licensed Technology; and shall detail all proposed changes to the Development Plan, including the
reasons therefore. 

 

		5.3.	The Company shall pursue the development and registration of commercially reasonable indications
or uses of the Product in the Field.

 

In the event that the Company
shall decide not to pursue the development of a particular indication or use of the Product, the Company shall use its best commercial
efforts to sublicense the particular indication or use of the Product.

 

		5.4.	Upon completion of the development of any Product, the Company undertakes to perform all commercially
reasonable actions necessary to maximize Net Sales of such Product on a regular and consistent basis. Payments of the License Maintenance
Fee as set forth in section ‎7, below, shall not release the Company from its obligation as stated in this section. 

    	 

    	 

    

 

If the Company
shall not commercialize the Products within a reasonable time frame, unless such delay is caused by (i) the requirements of a
regulatory authority; (ii) force majeure; or (iii) unless the Company and Yissum have agreed in writing to amend the Development
Plan, Yissum shall notify the Company in writing of the Company's failure to meet its obligations of diligence and shall allow
the Company ninety (90) days to cure its failure of diligence. The Company's failure to cure within such ninety (90) day period
to Yissum's reasonable satisfaction shall be a material breach of this Agreement.

 

		6.	Sublicenses

 

		6.1.	of the Sublicense, which approval shall not be unreasonably withheld, conditioned or delayed. For
the avoidance of doubt, an agreement with a subcontractor in which the Company must grant the subcontractor the right to make use
of the Licensed Technology on behalf of the Company, and for which use the Company is required to pay or otherwise compensate the
subcontractor shall not be considered a Sublicense for purposes of this section 6.1.

 

		6.2.	Upon submission of its request to obtain the written consent of Yissum to a Sublicense, the Company
shall fully disclose and submit to Yissum all documentation relating to the Sublicense, adequately disclose to Yissum any other
business connection which it now has or is in the process of forming with the Sublicensee which may reasonably effect the decision
of the Company regarding terms and conditions of the Sublicense; and shall notify Yissum in writing, whether a proposed Sublicensee
is an Affiliate or is otherwise related to the Company. In addition, the Company shall provide Yissum with an executed copy of
the Sublicense (or Sublicense amendment, as the case may be) within ten (10) days of its execution. 

 

		6.3.	If the Company is unable or unwilling to serve or develop a potential market or market territory
for which there is another party willing to be a sublicensee, the Company will, at Yissum's request, negotiate in good faith a
sublicense with such party. 

 

		6.4.	Any Sublicense shall be dependent on the validity of the License and shall terminate upon termination
of the License.

 

		6.5.	The Company shall ensure that any Sublicense shall include material terms that bind the Sublicensee
to observe the terms of this Agreement, including, but not limited to, section 14, below, the breach of which terms shall be a
material breach resulting in the prompt termination of the Sublicense. In such an event, the Company undertakes to take all reasonable
steps to enforce such terms upon the Sublicensee, including the termination of the Sublicense. In all cases, the Company shall
immediately notify Yissum of any breach of the material terms of a Sublicense, and shall copy Yissum on all correspondence with
regard to such breach.

    	 

    	 

    

 

 

		6.6.	The Company shall require any Sublicensee to provide it with royalty reports that include at least
the detail that the Company is required to produce pursuant to section 8.2, below. Upon request, the Company shall produce such
reports to Yissum.

 

		6.7.	Any act or omission of the Sublicensee which is not promptly remedied by the Company or the Sublicensee
and which would have constituted a breach of this Agreement by the Company had it been an act or omission of the Company, and which
the Company has not made best efforts to promptly cure, including termination of the Sublicense, shall constitute a breach of this
Agreement by the Company.

 

		6.8.	For the avoidance of any doubt it is hereby declared that under no circumstance whatsoever shall
a Sublicensee be entitled to grant the Sublicense or any part thereof to any third party.

 

		7.	License Considerations

 

In
consideration for the grant of the License, the Company shall pay Yissum the following considerations throughout the term of the
License:

 

		7.1.	3% (three percent) on all Products except that with respect to
a particular Product: (a) if there is Generic Competition in a particular country with respect to such Product, then the Royalties
for that particular country and Product will be reduced to 1.5%; and (b) if there is no Licensed Patent in force anywhere in the
world, then the Royalties will be reduced to 1.5% world-wide (collectively: the “Royalties”).

 

 

		7.2.	An annual license maintenance fee, to be paid by the Company to Yissum beginning on the fifth year
anniversary of the Effective Date and each anniversary thereafter (the "License Maintenance Fee") within 30 (thirty)
days after the end of each calendar year. The annual License Maintenance Fee shall be thirty thousand US Dollars ($30,000)
in the first year, and shall increase each year by thirty percent (30%) of the immediately preceding year recent year each year
(i.e. $39,000 in the second year, $50,700 in the third year, $65,910 for the fourth year etc.) up to a maximum of one hundred thousand
US Dollars ($100,000) per year The License Maintenance Fee is non-refundable, but may be credited each year against Royalties payable
on account of Net Sales and/or Milestone Payments due within the same calendar year in which the Annual Maintenance Fee was paid.

 

		7.3.	The Company shall pay Yissum the following amounts (collectively: the “Milestone Payments”)
in connection with the achievement of the following milestones (whether by the Company or a Sublicensee) (collectively: the “Milestones”):

 

    	 

    	 

    

  

	Milestone	 	Payment
	Upon IND/IMPD (EU equivalent to IND) submission	 	Sixty thousand US dollars ($60,000)
	Upon first patient enrolled in Phase I	 	Ninety thousand US dollars ($90,000)
	Upon first patient enrolled in Phase II.	 	Two hundred and fifty thousand US dollars ($250,000)
	Upon first patient enrolled in Phase III	 	Five hundred thousand US dollars ($500,000)
	Upon FDA acceptance of an IND	 	Four hundred thousand US dollars ($400,000)
	Upon each of EMEA acceptance of an MAA	 	Two hundred thousand US dollars ($200,000)
	Upon First Commercial Sale in the US	 	Two million US dollars ($2,000,000)
	Upon First Commercial Sale in EU	 	One million US dollars ($1,000,000)

 

In the event that for any of
the above milestones the Company receives consideration from a Sublicensee for the particular milestone achievement, then the Company
shall pay Yissum the higher (not both) of: (a) the amount of the particular Milestone Payment; or (b) the amount of the Sublicense
Fees that are due for such Sublicensee Consideration paid to the Company.

 

		7.4.	Sublicense fees in the amounts of:

12% (twelve percent) of any
non-sales related consideration, except any direct equity financing at market value or reimbursement of R&D costs actually
expended by the Company, received by the Company from a Sublicense or an option to receive a Sublicense for Products and/or Licensed
Technology (collectively: “Sublicense Fees”)

 

		8.	Reports and Accounting

 

		8.1.	The Company shall give Yissum written notice of any Milestone achieved, Sublicense Consideration
received or First Commercial Sale made within 30 days of such event.

 

		8.2.	One (1) month after the end of each calendar quarter commencing from the earlier of (i) the First
Commercial Sale by the Company or an Affiliate; or (ii) the grant of a Sublicense or receipt of Sublicense Consideration, the Company
shall furnish Yissum with a quarterly report ("Periodic Report") detailing the total sales effected or Sublicense
Consideration received during the preceding quarter and the total Royalties and Sublicense Fees due to Yissum in respect of that
period. Once the events set forth in sub-section (i) or (ii), above, have occurred, Periodic Reports shall be provided to Yissum
whether or not Royalties and Sublicense Fees are payable for a particular calendar quarter. The Periodic Reports shall contain
full particulars of all sales made by the Company, Affiliates or Sublicensees and of all Sublicense Consideration received, including
a breakdown of the number and type of Products sold, discounts, returns, the country and currency in which the sales were made,
invoice dates and all other data enabling the Royalties and Sublicense Fees payable to be calculated accurately.

 

    	 

    	 

    

 

		8.3.	On the date prescribed for the submission of each Periodic Report, the Company shall pay the Royalties
and Sublicense Fees due to Yissum for the reported period. The Company shall pay Yissum each of the Milestone Payments
within one (1) month after the end of the calendar quarter in which the applicable Milestone was achieved. All payments under this
Agreement shall be computed and paid in US dollars, using the appropriate foreign exchange rate reported in the Wall Street Journal
on the last working day of the calendar quarter. Payment of Value Added Tax – or of any analogous foreign tax, charge or
levy (if charged), applicable to the sale of Products shall be added to each payment in accordance with the statutory rate in force
at such time. All payments shall be made without withholding of taxes. Payments may be made by check or by wire transfer to the
following account:

 

Name of Bank:

Bank Key:

Bank's address:

Branch:

Bank account Number:

Swift Code:

IBAN:

 

		8.4.	The Company shall keep, and shall require its Affiliates and Sublicensees to keep, full and correct
books of account in accordance with Generally Accepted Accounting Principles as required by international accounting standards
enabling the Royalties and Sublicense Fees and Milestone Payments to be calculated accurately. Starting from the first calendar
year after the First Commercial Sale, or the first grant of a Sublicense, whichever occurs first, an annual report, authorized
by a certified public accountant, shall be submitted to Yissum within 90 days of the end of each calendar year, detailing Net Sales
and Sublicense Consideration, Royalties and Sublicense Fees, both due and paid (the “Annual Reports”).
The Annual Reports shall also include the Company's sales and royalty forecasts for the following calendar year, if available.

 

The Company
shall, and shall require and cause its Affiliates and Sublicensees to, retain the such books of account for five (5) years after
the end of each calendar year during the period of this Agreement, and, if this Agreement is terminated for any reason whatsoever,
for five (5) years after the end of the calendar year in which such termination becomes effective.

 

    	 

    	 

    

 

		8.5.	Yissum will either (i) allow the Company a credit against future Royalties or Sublicense Fees to
be paid for Royalties or Sublicense Fees previously paid on account of Net Sales or Sublicense Consideration, as appropriate, that
were reported as bad debts in the Company's annual audited financial statements; or (ii) if such bad debts are recorded by the
Company in its annual audited financial statement after the Company's obligation to pay Royalties and/or Sublicense Fees has ceased,
Yissum shall repay any Royalties or Sublicense Fees received on account of Net Sales and/or Sublicense Fees that were reported
as bad debts by the Company.

 

		8.6.	Yissum shall be entitled to appoint not more than two (2) representatives who must be independent
certified public accountants or such other professionals as appropriate (the “Representatives”) to inspect once
annually during normal business hours the Company’s, its Affiliates’ and Sublicensee's books of account, records and
other relevant documentation to the extent relevant or necessary for the sole purpose of verifying the performance of the Company’s
payment obligations under this Agreement, the calculation of amounts due to Yissum under this Agreement and of all financial information
provided in the Periodic Reports, provided that Yissum shall coordinate such inspection with the Company, Affiliate and Sublicensee
(as the case may be) in advance. In addition, Yissum may require that the Company, through the Representatives, inspect during
normal business hours the books of account, records and other relevant documentation of any Sublicensees, to the extent relevant
or necessary for the sole purpose of verifying the performance of the Company’s payment obligations under this Agreement,
the calculation of amounts due to Yissum under this Agreement and of all financial information provided in the Periodic Reports,
and the Company shall cause such inspection to be performed. The Parties shall reconcile any underpayment or overpayment within
thirty (30) days after the Representatives deliver the results of the audit. Any underpayment shall be subject to interest in accordance
with the terms of section 8.7, below. In the event that any inspection as aforesaid reveals any underpayment by the Company to
Yissum in respect of any year of the Agreement in an amount exceeding five percent (5%) of the amount actually paid by the Company
to Yissum in respect of such year, then the Company shall pay the cost of such inspection.

 

		8.7.	Any sum of money due Yissum which is not duly paid on time shall bear interest from the due date
of payment until the actual date of payment at the rate of LIBOR plus five percent (5%).

 

		9.	Ownership

 

		9.1.	All rights in the Licensed Technology shall be solely owned by Yissum, and the Company shall hold
and make use of the rights granted pursuant to the License solely in accordance with the terms of this Agreement. 

 

		9.2.	All rights in the Development Results shall be solely owned by the
Company, except to the extent that an employee of the University, including, but not limited to, the Researcher, together with
an inventor of the Company, are properly considered an inventor of a patentable invention arising from the Development Results,
in which case such ownership shall be held jointly by the Company and Yissum, as appropriate.

 

    	 

    	 

    

 

		9.3.	Notwithstanding, Yissum will have the exclusive right to license such jointly owned Development
Results outside the Field upon the prior written approval of the Company (which approval shall not be unreasonably withheld), provided
that for all cases not covered by section 15.4 below, Yissum shall pay the Company eighteen percent (18%) of any Net Proceeds (as
such term is defined in section 15.4 below) received by Yissum from any third party in connection with such jointly owned Development
Results outside the Field. For the avoidance of doubt it is stated that should such third party consideration be paid for the jointly
owned Development Results together with other information, materials, know-how or technology, the Company’s 18% share shall
be from the amount of consideration apportioned only to the jointly owned Development Results.

 

		10.	Patents

 

		10.1.	Within sixty (60) days of the execution of this Agreement, the Company shall reimburse Yissum for
all previous, documented, not yet reimbursed expenses and costs (if any) relating to the registration and maintenance of the Licensed
Patents listed in Appendix A, where evidence of all such expenses and costs in the form of invoices and documents shall
be provided to the Company upon its request (the “Historical Patent Costs”). Should the Company exercise its
right pursuant to Section 10.8 below, prior to the payment of Historical Patent Costs, in respect to any of the Licensed Patents,
then the Company shall not be liable to pay the relevant portion of the Historical Patent Costs in respect thereto to Yissum.

 

		10.2.	Yissum, in consultation with the Company, shall be responsible for the filing, prosecution and
maintenance of the Licensed Patents and Joint Patents (as defined below) in the Territory, at the Company’s expense (the
“Ongoing Patent Costs”). Each application and every patent registration shall be made and registered in the
name of Yissum or, if an employee of the Company has an inventive part in a particular invention, jointly in the name of Yissum
and the Company (the “Joint Patents”). For the avoidance of doubt it is stated that where patents arise from
the Development Results, such patents shall be registered in the name of the Company, unless an employee of the University and
a representative of the Company are properly to be considered an inventor, in which case the patents shall be Joint Patents registered
jointly in the names of the Company and Yissum. The Company agrees to have Yissum's patent counsel directly bill the Company for
such expenses and shall directly pay such bills in accordance with patent counsel's directions. 

 

    	 

    	 

    

			

  

		10.3.	Subject to the above, the Parties shall consult and make every effort to reach agreement in all
respects relating to the manner of making applications and registering the patents, including the time of making the applications,
the countries where applications will be made and all other particulars relating to the registration and maintenance of the Licensed
Patents. Notwithstanding the foregoing, Yissum reserves the sole right to make all final decisions with respect to the preparation,
filing, prosecution and maintenance of such patent applications and patents. 

 

		10.4.	The Parties shall assist each other in all respects relating to the preparation of documents for
the registration of any patent or any patent-related right upon the request of the other Party. Both Parties shall take all appropriate
action in order to assist the other to extend the duration of a Licensed Patent or obtain any other extension obtainable under
law, to maximize the scope of the protection afforded by the Licensed Patents.

 

		10.5.	The Company shall give Yissum immediate notice of any approach made to it by a patent examiner
or attorney in connection with any matter that is the subject matter of this Agreement. The Company shall only reply to such approaches
after consultation with Yissum and subject to its consent. 

 

		10.6.	The Company, its Affiliates and Sublicensees shall mark all products covered by one or more of
the Licensed Patents with patent numbers (or the legend "patent pending") in accordance with the statutory requirements
in the country or countries of manufacture, use and sale. The Company shall ensure that its Sublicensee complies with the provisions
of this section.

 

		10.7.	If at any time during the term of this
Agreement the Company decides that it is undesirable, as to one or more countries, to prosecute or maintain any patents or patent
applications within the Licensed Patents, it shall give at least sixty (60) days written notice thereof to Yissum, and upon the
expiration of the sixty (60) day notice period (or such longer period specified in the Company's notice) 
the Company shall be released from its obligations to bear the expenses to be incurred thereafter as to such patent(s) or patent
application(s). Thereafter, such patent(s) or application(s) shall be deleted from the Licensed Technology and Yissum shall be
free to grant rights in and to such patents or patent applications in such countries to third parties, without further notice or
obligation to the Company, and the Company shall have no rights whatsoever to exploit such patents or patent applications.

 

		10.8.	Upon the execution of this Agreement, the Company shall execute a letter of assignment concerning
its interest in any Joint Patents that will provide that such interest will be irrevocably and automatically assigned to Yissum
in the event that (i) the Company passes a resolution for voluntary winding up or a winding up application is made against it and
not set aside within sixty (60) days; or (ii) a receiver or liquidator is appointed for the Company; or (iii) the Company enters
into winding up or insolvency or bankruptcy proceedings; or (iv) the Company ceases operations; or (v) the Company fails to pay
the expenses of the prosecution or maintenance of any Joint Patents ; provided that in any such events Yissum shall pay the Company
as required by section 15.4 below.

 

    	 

    	 

    

 

		10.9.	The foregoing does not constitute an obligation or warranty on the part of Yissum that any patent
or patent registration application will indeed be made or registered or be registerable in respect of the Licensed Technology or
any part thereof, nor shall it constitute an obligation, warranty, or declaration on the part of Yissum that a registered patent
will afford due protection. For the avoidance of doubt, the provisions of this Agreement and of Appendix A do not constitute a
representation or warranty on the part of Yissum regarding the validity of or the protection afforded by any of the patents or
patent registration applications detailed in Appendix A, and Yissum hereby expresses that it has made no examination as to the
validity of the Licensed Patents..

 

		11.	Patent Rights Protection

 

		11.1.	The Company and Yissum shall each inform the other promptly in
writing of any alleged infringements by a third party of the Licensed Patents or Joint Patents (as the case may be) in the Territory,
together with any available written evidence of such alleged infringement.

 

		11.2.	The Company, its Affiliate or Sublicensee shall have the right
to prosecute in its own name and at its own expense any infringement of such Licensed Patents or Joint Patents (as the case may
be). Before the Company, its Affiliate or its Sublicensee commences an action with respect to any infringement, the Company shall
give careful consideration to the views of Yissum in making its decision whether or not to sue and, if relevant, make these views
known to its Affiliate or Sublicensee. The Company (or its Affiliate or Sublicensee, where relevant) shall keep Yissum reasonably
apprised of all developments in the action and shall seek Yissum's input and approval on any substantive submissions or positions
taken in the litigation regarding the scope, validity or enforceability of the Licensed Patents or Joint Patents (as the case may
be).

 

		11.3.	If the Company, its Affiliate or its Sublicensee elects to commence
an action as described above and Yissum is a legally indispensable party to such action, Yissum, at the Company's expense, may
be joined as a co-plaintiff. Regardless of whether Yissum is a legally indispensable party, Yissum, to the extent permitted by
law, and at its own cost, may elect to join the action as a co-plaintiff and shall jointly control the action with the Company,
its Affiliate or its Sublicensee. Irrespective of whether Yissum joins the action it shall provide reasonable cooperation to the
Company, its Affiliate or its Sublicensee. The Company shall reimburse Yissum for any costs it incurs as part of an action brought
pursuant to this section where Yissum has not elected to join the action as a co-plaintiff.

 

    	 

    	 

    

 

		11.4.	If the Company, its Affiliate or its Sublicensee does not bring
an action against an alleged infringer pursuant to section 11.2, above, or has not commenced negotiations with said infringer for
discontinuance of said infringement within ninety (90) days after learning of said infringement, Yissum shall have the right, but
not the obligation, to bring an action for such infringement. If the Company has commenced negotiations with said infringer for
the discontinuance of said infringement with such ninety (90) day period, the Company shall have an additional period of ninety
(90) days from the end of the first ninety (90) day period to conclude its negotiations before Yissum may bring an action for said
infringement. 

 

		11.5.	No settlement, consent judgment or other voluntary disposition
of an infringement suit may be entered without the consent of Yissum, which consent shall not be unreasonably withheld, conditioned
or delayed. For the avoidance of doubt, should Yissum bring an action as set forth in section 11.4, above, it shall have the right
to settle such action by licensing the Licensed Technology or Joint Patents (as the case may be), or part of it, to the alleged
infringer.

 

		11.6.	Any award or settlement payment resulting from an action initiated
with this section ‎11 shall be utilized, first to effect reimbursement of documented out-of-pocket expenses incurred by both
Parties in relation to such legal action, and thereafter shall be paid to the Company and shall be deemed Sublicense Consideration
received under this Agreement.

 

		11.7.	If either Party commences an action and then decides to abandon
it, such Party will give timely notice to the other Party. The other Party may continue the prosecution of the suit after both
Parties agree on the sharing of expenses.

 

		11.8.	The Company shall use its best efforts at its own expense to defend any action, claim or demand
made by any entity against the Company or Yissum in connection with rights in the Licensed Technology or the Licensed Patents relating
thereto or Joint Patents (as the case may be). Each Party shall notify the other immediately upon learning of any such action,
claim or demand as aforesaid.

 

		12.	Confidentiality

 

		12.1.	Each Party warrants and undertakes that during the term of this Agreement and subsequent thereto,
it shall maintain full and absolute confidentiality, and shall also be liable for its officers or employees or representatives
maintaining absolute confidentiality, concerning all information, details and data which, via disclosure by the other Party, is
in or comes to its knowledge or that of its officers, employees, representatives or any person acting on its behalf directly or
indirectly relating to the Research, the Licensed Technology, Yissum, the University, the Researcher and their employees or the
Company. Each Party undertakes not to convey or disclose anything in connection with the foregoing to any entity without the prior
written permission of the disclosing Party.

 

    	 

    	 

    

 

		12.2.	The obligation contained in this section shall not apply to: (i) information which is in the public
domain as of the date of this Agreement or hereafter comes into the public domain through no fault of the receiving Party, its
officers, employees, representatives or persons acting on its behalf; (ii) information which the receiving Party can establish
by competent proof was already in its possession at the time of its receipt and was not acquired directly or indirectly from the
other party, and (iii) information received from third parties who were lawfully entitled to disclose such information.

 

		12.3.	Notwithstanding the above, the receiving party may disclose details and information to its officers,
employees, representatives or persons acting on its behalf, Affiliates and Sublicensees, as necessary for the performance of its
obligations pursuant to this Agreement, provided that it procures that such parties execute a confidentiality agreement substantially
similar in content to this section 12.

 

		12.4.	Without prejudice to the foregoing, the Company shall not mention the name of the University or
Yissum, unless required by law, in any manner or for any purpose in connection with this Agreement, the subject of the Research
or any matter relating to the Licensed Technology, without obtaining the prior written consent of Yissum.

 

		12.5.	Yissum shall procure that the Researcher and any other person connected with it with regard to
the License execute a confidentiality agreement, or are otherwise bound by confidentiality and non-disclosure obligations, substantially
similar in content to this section 12.

 

		12.6.	As a precondition to any Sublicense, the Company shall ensure that the Sublicensee procures that
the Sublicensee's officers, employees, representatives or persons acting on the Sublicensee's behalf are bound by a written confidentiality
agreement, or are otherwise bound by confidentiality and non-disclosure obligations, substantially similar in content to this section
12.

 

		12.7.	The provisions of this section shall be subject to permitted publications pursuant to section 13,
below.

 

		12.8.	The provisions of this Section 12 shall in no event prevent the Company, its Affiliates and Sublicensees
from disclosing any Licensed Technology to regulatory authorities or other governmental agencies in support of any application
for regulatory approvals or any amendments thereof for Licensed Products and whenever required under any applicable law, nor will
they prevent the Company from disclosing the terms hereof in the course of due diligence inquiries by potential investors, subject
to execution of standard confidentiality undertakings, nor will prevent Yissum from actualizing its rights set out in sections
9.3 and/or 15.5 of this Agreement. A disclosure by the receiving Party of confidential information in response to a valid order
by a court or other governmental body, or as otherwise required by law, and to such extent necessary, shall not be considered to
be a breach of this Agreement, provided, however, that the receiving Party shall provide the disclosing Party with prompt prior
written notice such order or requirement.

 

    	 

    	 

    

 

		13.	Publications

 

		13.1.	Yissum shall ensure that no publications in writing, in scientific journals or orally at scientific
conventions relating to the Research ,the Licensed Technology in the Field, the Development Plan, the Development Results or the
Product, which are subject to the terms and conditions of this Agreement, are published by it or its Researcher, without first
seeking the written consent of the Company.

 

		13.2.	The Company undertakes to reply to any such request for publication by Yissum within 45 days of
its receipt of a request in connection with the publication of articles in scientific journals, and within 7 days of its receipt
of a request in connection with article abstracts. The Company may only decline such an application upon reasonable grounds, which
shall be fully detailed in writing.

 

		13.3.	Should the Company decide to object to publication as provided in sub-section 13.2, publication
shall be postponed for a period of not more than three (3) months from the date the publication was sent to the Company to enable
the filing of patent applications (or other intellectual property rights protection) or the removal of the Company’s confidential
information, after which publication will be automatically permitted.

 

		13.4.	The provisions of this section shall not prejudice any other right, which Yissum has pursuant to
this Agreement or at law.

 

		13.5.	For the avoidance of doubt, the provisions of this section in connection with the prohibition against
publication shall not apply to internal publication made in the University for the Researcher and University employees provided
that such persons are subject to written obligations of confidentiality substantially similar to those set forth in section 12.

 

    	 

    	 

    

 

		14.	Representations, Liability and Indemnity

 

		14.1.	TO THE EXTENT PERMITTED BY THE APPLICABLE LAW, YISSUM MAKES NO
WARRANTIES OF ANY KIND WITH RESPECT TO THE LICENSED TECHNOLOGY. IN PARTICULAR, YISSUM MAKES NO EXPRESS OR IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE USE OF THE LICENSED TECHNOLOGY WILL NOT INFRINGE ANY PATENT, COPYRIGHT,
TRADEMARK OR OTHER RIGHTS OF ANY THIRD PARTY. IN ADDITION, NOTHING IN THIS AGREEMENT MAY BE DEEMED A REPRESENTATION OR WARRANTY
BY YISSUM AS TO THE VALIDITY OF ANY OF THE PATENTS OR THEIR REGISTRABILITY OR OF THE ACCURACY, SAFETY, EFFICACY, OR USEFULNESS,
FOR ANY PURPOSE, OF THE LICENSED TECHNOLOGY. YISSUM HAS NO OBLIGATION, EXPRESS OR IMPLIED, TO SUPERVISE, MONITOR, REVIEW OR OTHERWISE
ASSUME RESPONSIBILITY FOR THE PRODUCTION, MANUFACTURE, TESTING, MARKETING OR SALE OF ANY PRODUCT OR SERVICE. YISSUM SHALL HAVE
NO LIABILITY WHATSOEVER TO THE COMPANY OR TO ANY THIRD PARTY FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE,
SUSTAINED BY THE COMPANY OR BY ANY THIRD PARTY, FOR ANY DAMAGE ASSESSED OR ASSERTED AGAINST THE COMPANY, OR FOR ANY OTHER LIABILITY
INCURRED BY OR IMPOSED UPON THE COMPANY OR ANY OTHER PERSON OR ENTITY, ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM (i)
THE PRODUCTION, MANUFACTURE, USE, PRACTICE, LEASE, OR SALE OF ANY PRODUCT OR SERVICE; (ii) THE
USE OF THE LICENSED TECHNOLOGY; OR (iii) ANY ADVERTISING OR OTHER PROMOTIONAL ACTIVITIES WITH RESPECT TO ANY OF THE FOREGOING.

 

		14.2	The Company shall be liable for any loss, injury or damage whatsoever caused to its employees or
to any person acting on its behalf or to the employees of Yissum or to any person acting on its behalf or the Researcher and his/her
team, or to any third party by reason of the Company's acts or omissions pursuant to this Agreement or by reason of any use made
of the Licensed Technology, the Development Results or any Product, except where such loss, injury or damage resulted from the
gross negligence or willful misconduct of Yissum or any of its employees, including the Researcher and his/her team.

 

		14.3	The Company undertakes to compensate, indemnify, defend and hold harmless Yissum or any person
acting on its behalf or any of its employees, consultants or representatives or the University or the Researcher and his/her team
(herein referred to as “Indemnitees”) against any liability including, without limitation, product liability,
damage, loss or expenses, including reasonable legal fees and litigation expenses, incurred by or imposed upon the Indemnitees
by reason of its acts or omissions or which derive from the use, development, manufacture, marketing, sale or sublicensing of any
Product or Licensed Technology, except where such liability resulted from the gross negligence or willful misconduct of Indemnitees.

 

    	 

    	 

    

 

		14.4	The Company shall procure and maintain, at its sole cost and
expense, policies of comprehensive general liability insurance in amounts not less than (i) $5,000,000 per incident and $5,000,000
annual aggregate during the period that any Product is being tested in clinical trials prior to commercial sale; and (ii) $10,000,000
per incident and $20,000,000 annual aggregate during the period that any Product is being commercially distributed or sold. Such
policy shall name the Indemnitees as additional insureds. Such comprehensive general liability insurance shall provide (i) product
liability coverage and (ii) broad form contractual liability coverage for the Company's indemnification obligations under this
section 14. If the Company elects to self-insure all or part of the limits described above (including deductibles or retentions
which are in excess of a $250,000 annual aggregate), such self-insurance program shall include assets or reserves which have been
actuarially determined for the liabilities associated with this Agreement and must be reasonably acceptable to Yissum.

 

The
minimum amounts of insurance coverage required above shall not be construed to create a limit of the Company's liability with respect
to its indemnification obligations under this section 14. 

 

		14.5	The Company shall provide Yissum with written evidence of such insurance upon request. The Company
shall provide Yissum with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in
such insurance. If the Company does not obtain replacement insurance providing comparable coverage within such fifteen (15) day
period, Yissum shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice
or any additional waiting periods.

 

		14.6	The Company shall maintain, at its own expense, liability insurance as set forth in section 14.4,
above, beyond the expiration or termination of this Agreement as long as a Product relating to or developed pursuant to this Agreement
is being commercially distributed or sold by the Company, an Affiliate or a Sublicensee.

 

		15	Termination of the Agreement

 

		15.1	Without prejudice to the Parties’ rights pursuant to this Agreement or at law, either Party
may terminate this Agreement by written notice to the other in any of the following cases:

 

		15.1.1	Immediately upon such written notice, if: (i) the other Party passes a resolution for voluntary
winding up or a winding up application is made against it and not set aside within 60 days; or (ii) a receiver or liquidator is
appointed for the other Party; or (iii) the other Party enters into winding up or insolvency or bankruptcy proceedings. Each of
the Parties undertakes to notify the other within seven days if any of the abovementioned events occur.

 

			

		15.1.2	Upon breach of this Agreement, where such breach has not been remedied within thirty (30) days
from the breaching Party's receipt of the written notice.

 

    	 

    	 

    

 

		15.2	In addition to the above, and without prejudice to Yissum’s rights pursuant to this Agreement
or at law, Yissum shall be entitled to terminate this Agreement immediately upon written notice to the Company in the following
circumstances:

 

		15.2.1	Unauthorized early termination by the Company of the Research Program or failure to pay the Research
Fee as set forth in section 2.3., above.

 

		15.2.2	Non-performance or a delay of over than 90 days in the performance of the Development Plan.

 

		15.2.3	If an attachment is made over the Company's assets or if execution proceedings are taken against
the Company and the same are not set aside within 60 days of the date the attachment is made or the execution proceedings are taken.

 

		15.2.4	Uncured lapse of insurance coverage under section 14 above;

 

		15.2.5	Failure to defend against third party claims as required under section ‎11 above;

 

		15.2.6	A claim by the Company, made in any forum, claiming that one or more of the Licensed Patents are
invalid or unenforceable; or

 

		15.3	Upon termination of this Agreement for any reason other than the expiration of its term, the License
shall terminate, the Licensed Technology and all rights included therein shall revert to Yissum, and Yissum shall be free to enter
into agreements with any other third parties for the granting of a license or to deal in any other manner with such right as it
shall see fit at its sole discretion.

 

			The Company shall return or transfer to Yissum, within 14 days of termination of the License,
                                                                             all material, in soft or hard copy, relating to the Licensed Technology or Products connected with the License, and it may
                                                                             not make any further use thereof. In case of termination as set out herein, the Company will not be entitled to any
                                                                             reimbursement of any amount paid to Yissum under this Agreement. Yissum shall be entitled to conduct an audit in order to
                                                                             ascertain compliance with this provision and the Company agrees to allow access to Yissum or its representatives for this
                                                                             purpose.

 

		15.4	Upon the termination of the Agreement for any reason other than the expiration of its term or the
uncured breach by Yissum (as set forth in section 15.1.2 above), the Company shall transfer and assign to Yissum all of the Development
Results (including, for the avoidance of doubt, the Company's rights and title in and to the Joint Patents) and any information
and documents, in whatever form, relating thereto. The Company shall fully cooperate with Yissum to effect such transfer and assignment
and shall execute any document and perform any acts required to do so.

 

    	 

    	 

    

 

			In the event that the Development Results transferred and assigned to Yissum as set forth in
                                                                              this sub-section 15.4 shall be licensed to a third party and shall generate license fees and/or royalties and/or Sublicense
                                                                              fees to Yissum, then subject to the Company having complied and continuing to comply with all its obligations under this
                                                                              Agreement which remain in existence following termination of the License as aforesaid, Yissum shall pay to the Company 25%
                                                                              (twenty-five percent) of the Net Proceeds actually received by Yissum in respect of such license to third party, until such
                                                                              time as the Company shall have received, in aggregate, the full amount of the documented capital investment actually expended
                                                                              out-of-pocket by the Company in order to generate the Development Results, less any amounts received or receivable by the
                                                                              Company from third parties in connection with the Licensed Technology or Development Results prior to the transfer and
                                                                              assignment of the Development Results to Yissum, as certified by external independent auditors agreed upon by the Parties
                                                                              (the “Development Reimbursement”). Yissum shall pay to the Company amounts, if any, payable under this
                                                                              sub-section 15.4, within ninety (90) days of receipt of the relevant Net Proceeds.

 

			For the purpose of this section, “Net Proceeds” means royalties or license
                                                                              fees actually received by Yissum in respect of such license with a third party (excluding funds for research and/or
                                                                              development at the University or payments for the supply of services) after deduction of all costs, fees and
                                                                              expenses incurred by Yissum in connection with such license (including, without limitation, patent costs, and all attorneys
                                                                              fees and expenses and other costs and expenses in connection with the negotiation and conclusion of such license).

 

		15.5	Notwithstanding the foregoing, neither the termination of this Agreement for any reason nor the
expiration of the License shall release the Company from its obligation to carry out any financial or other obligation which it
was liable to perform prior to the Agreement's termination or the License's expiration. In the event that the Company terminates
this Agreement, it shall be required to continue paying all Ongoing Patent Expenses for those Licensed Patents in existence on
the date of notice of such termination, including expenses incurred by reason of examinations and extensions, for six (6) months
following the effective date of such termination.

 

			In addition, sections 7, 8, 9, 12, 14, 15, 16, 17 and 18 shall survive the termination of
                                                                             this Agreement to the extent required to effectuate the intent of the Parties as reflected in this Agreement.

 

		16	Law

 

			The provisions of this Agreement and everything concerning the relationship between the Parties
in accordance with this Agreement shall be governed by Israeli law and jurisdiction shall be granted only to the appropriate court
in Jerusalem.

 

    	 

    	 

    

 

		17	Arbitration

 

		17.1	Notwithstanding and in addition to the provisions of section 16, above, all differences of opinion
and disputes arising between the Parties in connection with the Agreement or its interpretation or its performance or breach, shall
be referred for the decision of a single arbitrator, whose identity shall be determined by mutual consent of the Parties.

 

		17.2	Should the Parties not reach agreement as to the identity of the arbitrator within 14 days of request
by either Party for the appointment of an arbitrator, the arbitrator shall be appointed by the Chairman of the Jerusalem District
Committee of the Israel Bar Association on the application of either of the Parties.

 

		17.3	The arbitration shall be held in Israel. The proceedings before and all documents submitted to
such arbitrator shall be in the English language. The arbitrator shall not be bound by the civil procedure regulations and laws
of evidence but shall base his/her decision on the substantive law of Israel and shall give grounds for his/her decision. The arbitrator
shall be empowered to grant temporary injunctions and orders, which shall be enforceable in foreign jurisdictions, in accordance
with section 16, above.

 

		17.4	The decision of the arbitrator shall be final and binding upon the Parties, and shall be enforceable
in foreign jurisdictions.

 

		17.5	The execution of this Agreement shall constitute the execution of an Arbitration Agreement.

 

		18	Miscellaneous

 

		18.1	Relationship of the Parties. It is hereby agreed and declared between the Parties that they
shall act in all respects relating to this Agreement as independent contractors and there neither is nor shall there be any employer-employee
or principal-agent relationship or partnership relationship between the Company (or any of its employees) and Yissum. Each Party
will be responsible for payment of all salaries and taxes and social welfare benefits and any other payments of any kind in respect
of its employees and officers, regardless of the location of the performance of their duties, or the source of the directions for
the performance thereof.

 

		18.2	Assignment. The Parties may not transfer or assign or endorse their rights or duties or
any of them pursuant to this Agreement to another, without the prior written consent of the Party, which consent shall not be unreasonably
denied, conditioned or delayed; provided that the Company may transfer or assign or endorse such rights to a party acquiring all
of the business to which this Agreement relates and provided that the assignee acknowledges in writing the terms and conditions
of this Agreement and agrees to be bound by such terms and conditions.

 

    	 

    	 

    

 

		18.3	No waiver. The failure or delay of a Party to the Agreement to claim the performance of
an obligation of the other Party shall not be deemed a waiver of the performance of such obligation or of any future obligations
of a similar nature.

 

		18.4	Representation by Legal Counsel. Each Party represents that it has been represented
by legal counsel in connection with this Agreement and acknowledges that it has participated in drafting this Agreement. In interpreting
and applying the terms and provisions of this Agreement, the Parties agree that no presumption shall exist or be implied against
the Party which drafted such terms and provisions.

 

		18.5	Legal Costs. Each Party shall bear its own legal expenses involved in the making of this
Agreement. 

 

		18.6	Disclosure of Agreements with Researcher. The Company shall disclose to Yissum any existing
agreement or arrangement of any kind with the Researcher and or any representative of the Researcher, and shall not enter into
any such agreement or arrangement without the prior written consent of Yissum.

 

		18.7	Taxes. Monetary amounts mentioned in this agreement do not include Value Added Tax (VAT)
or any other taxes or withholding. Value Added Tax, if due, on any and all payments due or payable by one Party to another Party
pursuant to the terms hereof shall be paid by the paying Party against submission of appropriate tax invoice. Any withholding or
other taxes shall be borne by the Company and not reduce the amounts that would otherwise have been paid Yissum.

 

		18.8	Force Majeure. Neither Party shall be held liable or responsible to the other Party nor
be deemed to have defaulted under or breached the Agreement for failure or delay in fulfilling or performing any term of this Agreement
to the extent, and for so long as, such failure or delay is caused by or results from causes beyond the reasonable control of the
affected Party including but not limited to fires, earthquakes, floods, embargoes, wars, acts of war (whether war is declared or
not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or
delays in acting by any governmental authority or other Party provided that the nonperforming Party uses commercially reasonable
efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch
whenever such causes are removed. The Party affected by such circumstances shall promptly notify the other Party in writing when
such circumstances cause a delay or failure in performance and when they cease to do so.

 

    	 

    	 

    

 

		18.9	Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original.

 

		18.10	Binding Effect. This Agreement shall be binding upon the Parties once executed by both Parties
and shall enter into force and become effective as of the later of the signature dates.

 

		18.11	Entire Agreement. This Agreement constitutes the full and complete agreement between the
Parties and supersedes any and all agreements or understandings, whether written or oral, concerning the subject matter of this
Agreement, and may only be amended by a document signed by both Parties.

 

		19	Notices

 

All notices and communications
pursuant to this Agreement shall be made in writing and sent by facsimile or by registered mail or served personally at the following
addresses:

 

Yissum

Yissum Research Development
Company

of the Hebrew University of
Jerusalem,

P.O. Box 39135,

Jerusalem 91390

Israel

 

The Company – Immune
Pharmaceuticals Ltd.

 

8 Shaul Hamelech Blvd.

Amot Mishpat Building, Suite 294

Tel Aviv 64732

Israel

 

or such other address furnished
in writing by one Party to the other. Any notice served personally shall be deemed to have been received on the day of service,
any notice sent by registered mail as aforesaid shall be deemed to have been received seven days after being posted by prepaid
registered mail. Any notice sent by facsimile shall be deemed to have been received by the next business day after receipt of confirmation
of transmission.

 

    	 

    	 

    

 

IN WITNESS THE HANDS OF THE PARTIES

 

	YISSUM	THE
    COMPANY 

 

	By:	/s/ Yaacov Michlin 	 	By:	/s/ Daniel Teper	 
	 	 	 	 	 	 
	Name: Yaacov Michlin  	 	Name: Daniel Teper	 
	 	 	 	 
	Title: Chief Executive Officer	 	Title: Chief Executive Officer	 
	 	 	 	 	 	 
	Date: June 28, 2015 	 	Date: June 29, 2015	 

  

	By:	/s/ Ariela Markel 	 
	 	 	 
	Name: Ariela Markel 	 
	 	 	 
	Title: VP Licensing, Biotechnology 	 
	 	 	 
	Date: June 28, 2015

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]