Document:

Exhibit

Exhibit 10.4
EXECUTION VERSION

INTELLECTUAL PROPERTY LICENSE AGREEMENT
This Intellectual Property License Agreement (“this Agreement”) is effective as of October 7, 2016 (“Effective Date”), and is made by and between PuriCore, Inc., a Delaware corporation (“LICENSOR”), and Chemstar Corp., a Florida corporation (“LICENSEE”).
ARTICLE 1.    BACKGROUND
1.01    LICENSOR and LICENSEE are parties to an Asset Purchase Agreement, dated as of September 19, 2016 (the “Asset Purchase Agreement”), among Licensor, Licensee and PuriCore plc, a public limited company organized under the laws of England and Wales, which has a Closing Date on the same date as the Effective Date, pursuant to which LICENSEE is purchasing certain of LICENSOR’S assets relating to the Business.
1.02    In connection with the Asset Purchase Agreement and LICENSEE’S acquisition of the Business, LICENSOR desires to grant to LICENSEE, and LICENSEE wishes to receive, a license to certain intellectual property rights owned or controlled by LICENSOR.
ARTICLE 2.   DEFINITIONS
In this Agreement, unless indicated otherwise below, capitalized terms have the meaning set forth in the Asset Purchase Agreement. For purposes of this Agreement:
2.01    “Confidential Information” means information relating to the Contemplated Business which has not been made public and includes, without limitation, any documents, protocols, drawings, sketches, models, designs, data, memoranda, records, formulae and algorithms in hard copy form, or in electronic form, which LICENSEE receives from LICENSOR.
2.02    “Licensed Intellectual Property” means, collectively, the Licensed Patent Rights, Licensed Know-How, and the Bakhir License.
2.03    “Licensed Field” means the Business and Contemplated Business as defined in the Asset Purchase Agreement.
2.04    “Licensed Patent Rights” means LICENSOR’S interest in patents and patent applications within Seller-Owned Intellectual Property which are not Seller-Owned Intellectual Property acquired by LICENSEE pursuant to the Asset Purchase Agreement, and which have at least one claim related to the Licensed Field, as further itemized in Exhibit A, including (i) patents and patent applications that may issue from the applications, (ii) all continuations, continuations-in-part, divisions, reissues, reexaminations or extensions of the foregoing that include at least one claim relating to the Licensed Field, (iii) new applications containing at least one claim relating to the Licensed Field, and (iv) foreign counterparts containing at least one claim relating to the Licensed Field. For the avoidance of doubt, a patent or application is related to the Licensed Field when it includes at least one claim that would be infringed by activities within the Licensed Field absent this Agreement.
2.05    “Licensed Know-How” means [*].
2.06    “Bakhir License” means LICENSOR’S interest in US Patent [*] (the “Bakhir Patent”), by virtue of the Bakhir License Agreement.

Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

2.07    “Bakhir License Agreement” means that certain Exclusive Patent License Agreement by and between PuriCore, Inc. and Vitold Mikhailovich Bakhir, dated October 1, 2014, and as amended on June 22, 2016, and as further amended on September 1, 2016.
2.08    “Excluded Patents” means patents and applications that are neither acquired by nor licensed to LICENSEE pursuant to this Agreement and the Asset Purchase Agreement. Excluded Patents are not Licensed Intellectual Property, and Excluded Patents includes the patents itemized in Exhibit C.
ARTICLE 3.   GRANT OF LICENSE
3.01    LICENSOR hereby grants to LICENSEE, and LICENSEE accepts, an exclusive worldwide, royalty free, irrevocable, license, under the Licensed Patent Rights and Licensed Know-How, to make, have made, use, lease, market, promote, offer to sell, sell and import products solely for use within the Licensed Field. LICENSEE may grant sublicenses, and its sublicensees may grant sublicenses, under this Section 3.01 upon prior written notice to LICENSOR and the sublicensees acknowledgement of the terms of this Agreement.
3.02    LICENSOR hereby grants to LICENSEE, and LICENSEE accepts, an exclusive, worldwide, royalty free, sublicense under the Bakhir License, to make, have made, use, lease, market, promote, offer to sell, sell and import products solely for use within the Licensed Field. The license granted in this Section 3.02 shall be irrevocable by LICENSOR, but subject to the rights of the licensor under the Bakhir License Agreement to terminate the Bakhir License Agreement in accordance with its terms. Notwithstanding anything to the contrary, LICENSOR shall take no action to terminate the Bakhir License Agreement pursuant to Article III thereof, nor shall it knowingly take any action or fail to take any necessary action which act or failure to act would give rise to a right of the licensor under the Bakhir License Agreement to terminate the Bakhir License Agreement pursuant to the terms of Article III thereof. In the event LICENSOR receives notice under the Bakhir License Agreement alleging a material breach or default of any of LICENSOR’s obligations thereunder, LICENSOR shall promptly, and in no event later than 3 days thereafter, give written notice thereof to LICENSEE. LICENSEE agrees to be bound by Articles IV and VI of the Bakhir License Agreement, and by signature hereto agrees to use commercially reasonable efforts to practice the invention disclosed and claimed in US Patent [*] to maintain the sublicense. LICENSEE may grant sublicenses, and its sublicensees may grant sublicenses, under this Section 3.02 upon prior written notice to LICENSOR and to Vitold Makhailovich Bakhir (at the address indicated in the Bakhir License) and the sublicensees acknowledgement of the terms of this Agreement and agreement to be bound by Article IV and VI of the Bakhir License Agreement and Article 4 of this Agreement to the same extent as LICENSEE.
3.03    The licenses granted in this Article 3 are exclusive even as to LICENSOR, meaning that LICENSOR shall not itself practice the Licensed Intellectual Property in the Licensed Field.
ARTICLE 4.   CONFIDENTIALITY

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Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

4.01    LICENSEE acknowledges the proprietary and confidential nature of the Licensed Know-How, and agrees that such Licensed Know-How shall be Confidential Information and subject to the following restrictions on disclosure.
4.02    Except as hereafter specifically authorized in writing by LICENSOR, LICENSEE will not disclose Confidential Information to a third party. These obligations of non-disclosure do not apply to any Confidential Information which LICENSEE can demonstrate by reliable written evidence:
(a)    was generally available to the public at the time of disclosure to LICENSEE; or
(b)    was already in the possession of LICENSEE at the time of the disclosure, other than pursuant to a confidential disclosure agreement between the parties and not due to any unauthorized act by LICENSEE; or
(c)    was developed by LICENSEE prior to the disclosure; or
(d)    LICENSEE is required by law to disclose.
4.03    These obligations of non-disclosure will not continue to apply to any Confidential Information which LICENSEE can demonstrate by reliable written evidence:
(a)    has become generally available to the public other than through a breach of this agreement by LICENSEE after disclosure; or
(b)    has been acquired by LICENSEE on a non-confidential basis from any third party having a lawful right to disclose it to LICENSEE.
4.04    All Confidential Information will be clearly marked as confidential by LICENSOR and, if not in written or tangible form when disclosed, will be indicated as confidential upon disclosure and then summarized in writing and so marked as confidential within 30 days after disclosure to LICENSEE.
ARTICLE 5.   PATENT PROSECUTION
5.01    LICENSOR, at LICENSOR’S expense shall file, prosecute and maintain all patents and patent applications within the Licensed Patent Rights. LICENSOR shall have control over all patent matters; provided, however, that if LICENSOR elects to abandon any patent application (except for purposes of filing a continuation application) or patent in any country, LICENSOR shall notify LICENSEE in writing at least [*] prior to any filing or payment due date or any other deadline that requires action to avoid loss of rights, and thereafter, LICENSEE shall have the right to control the filing, prosecution, and/or maintenance of such patent application or patent in such country at its own expense, and for its own benefit within the Licensed Field.
ARTICLE 6.   INFRINGEMENT
6.01    LICENSOR and LICENSEE agree to notify each other promptly of each infringement or possible infringement of the Licensed Intellectual Property within the Licensed Field of which either party becomes aware.
6.02    LICENSOR shall have the first right to prosecute any action necessary to protect rights under the Licensed Intellectual Property. In the event that LICENSOR, or with respect to the Bakhir License the licensor thereunder, declines or does not, within six (6) months after being notified in writing by 

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Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

LICENSEE of any such infringement, commence legal action or terminate the infringement, LICENSEE shall have the right, but not the obligation, to commence any legal action or to take such steps as LICENSEE may deem desirable to terminate such infringement at its own expense (but subject to any rights to reimbursement from the licensor under the Bakhir License). LICENSOR shall cooperate with any such legal action, including by providing prompt access to all necessary documents and rendering reasonable assistance in response to requests by LICENSEE, and, if applicable, by exercising its rights under the Bakhir License as necessary for any such legal action relating thereto. LICENSEE may require LICENSOR to initiate or join in any suit contemplated by this Section 6.02 if necessary to avoid dismissal of the suit. If LICENSOR is made a party to any such suit, LICENSEE will reimburse and indemnify LICENSOR for its costs, expenses, or fees which it incurs as a result of its joinder. In all cases, LICENSEE agrees to keep LICENSOR reasonably apprised of the status and progress of any litigation involved the Licensed Intellectual Property. In furtherance of LICENSEE’S rights under this Section 6.02, and without limiting the foregoing, LICENSOR hereby assigns to LICENSEE LICENSOR’S rights under Article V of the Bakhir License (including, without limitation, its rights to reimbursement from the licensor) as and to the extent necessary or desirable for LICENSEE to exercise its rights under this Section 6.02.
6.03    LICENSEE may, in any legal action for infringement of the Licensed Intellectual Property by a third party, ultimately enjoin infringement and collect for its use, damages, profits, and awards of whatever nature recoverable for such infringement; and settle any claim or suit for damages or a declaratory judgment involving the Licensed Intellectual Property, including the granting of further licenses or sublicenses, provided that LICENSEE does not concede invalidation of any Licensed Intellectual Property, without LICENSOR’S prior written consent.
6.04    LICENSOR has a continuing right to intervene in a suit initiated by LICENSEE under Section 6.02 or in a declaratory judgment action involving the Licensed Intellectual Property brought against LICENSEE. If LICENSOR chooses to intervene, LICENSOR will be responsible for its litigation expenses and will be entitled to all recoveries which it obtains for itself as a result of its intervention.
ARTICLE 7.   LICENSOR’S REPRESENTATIONS AND WARRANTIES
7.01    LICENSOR represents and warrants that: (a) it is the sole and exclusive legal and beneficial owner, and has sole and exclusive control, of the entire right, title and interest in and to the Licensed Intellectual Property, and is the record owner of all patent applications and issued patents that are the Licensed Patent Rights constituting Seller-Owned Intellectual Property; (b) it has not previously granted any licenses, agreements or other permissions to any third party with respect to the Licensed Intellectual Property which would interfere with LICENSEE’s use and enjoyment of the rights granted under this Agreement; (c) the Licensed Intellectual Property is free and clear of any and all encumbrances, liens, or title defects; (d) there is no pending or threatened litigation against LICENSOR in connection with the Licensed Intellectual Property; and (e) the performance by LICENSOR hereunder does not and will not violate any contracts or commitments to which LICENSOR is bound.
ARTICLE 8.   TERM AND TERMINATION
8.01    This Agreement will continue in full force and effect until the last to expire of the Licensed Patent Rights.
ARTICLE 9.   MODIFICATION / ASSIGNABILITY
9.01    This License Agreement may be amended, supplemented, or modified by the terms of the Asset Purchase Agreement, but may not otherwise be amended, supplemented or modified except in a written instrument duly executed by each of the parties hereto.

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Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

9.02    This License Agreement may be assigned in whole or in part by either party and their permitted assignees without the consent of the other party, provided the assigning party gives written notice thereof to such other party, and with regard to assignment of the Bakhir License in whole or in part, such notice to include notice to Vitold Makhailovich Bakhir in accordance with the terms of the Bakhir License, along with a written acknowledgement from the assignee that it shall be bound by the terms of this Agreement and the Bakhir License to the same extent as the assigning party.
ARTICLE 10.   APPLICABLE LAW; JURISDICTION
10.01    This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflicts of laws rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the substantive laws of any jurisdiction other than the State of Delaware, except that all questions concerning the construction or effect of patents will be decided in accordance with the laws of the country in which the particular patent concerned has been granted.
10.02    Each party hereto irrevocably submits to the exclusive jurisdiction of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery shall decline to accept jurisdiction over a particular matter, in which case, in any Delaware state or federal court within the State of Delaware), for the purposes of any action arising out of this Agreement or any transaction contemplated hereby or thereby, and agrees to commence any such action only in such courts. Each party further agrees that service of any process, summons, notice or document by registered mail to such party’s respective address set forth in the Asset Purchase Agreement shall be effective service of process for any such action. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any action arising out of this Agreement or the transactions contemplated hereby in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action brought in any such court has been brought in an inconvenient forum. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.
ARTICLE 11.   MISCELLANEOUS
11.01    No license or right is granted by implication or otherwise with respect to any patent application or patent owned by either party, unless specifically set forth in this Agreement.
11.02    Any term or provision of this Agreement may be waived at any time by the party entitled to the benefit thereof by a written instrument duly executed by such party. Neither the failure nor the delay by any party hereto in exercising any right, power, or privilege hereunder shall operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege shall preclude any other or further exercise of any such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no waiver that may be given by a party hereto shall be applicable except in the specific instance for which it was given and (b) no notice to or demand on one party hereto shall be deemed to be a waiver of any obligation of such party or the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement.
11.03    If any provision of this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other

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Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

provision hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.
11.04    This Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.
11.05    All notices hereunder shall be given in the manner and at the addresses set forth in the Asset Purchase Agreement.
11.06    This Agreement may be executed in two or more counterparts (delivery of which may occur via facsimile or email), each of which shall be binding as of the date first written above, and, when delivered, all of which shall constitute one and the same instrument. A facsimile signature or electronically scanned copy of a signature shall constitute and shall be deemed to be sufficient evidence of a party’s execution of this Agreement, without necessity of further proof. Each such copy (or facsimile) shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

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Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

The parties have caused this Agreement to be executed by their duly authorized representatives on the dates indicated below.
	
		
	LICENSEE:

	 
	 

	PURICORE, INC.

	 
	 

	By:
	/s/ Marella Thorell

	Name:
	Marella Thorell

	Title:
	Chief Operating Officer and Chief Financial Officer

	
		
	LICENSOR:

	 
	 

	CHEMSTAR CORP.

	 
	 

	By:
	/s/ Dan Barney

	Name:
	Dan Barney

	Title:
	Chief Executive Officer

[Signature Page to IP License Agreement]
Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

EXHIBIT A
Licensed Patent Rights
[*]

Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

EXHIBIT B
Licensed Know-How
[*]

Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.

EXHIBIT C
Excluded Patents
[*]

Certain portions of this exhibit denoted by [*] have been redacted pursuant to a request for confidential treatment that the registrant has filed with the SEC.Exhibit

Exhibit 10.6

	
		
	DATED
	September 20, 2017

ORBIMED PRIVATE INVESTMENTS VI, LP
and
REALM THERAPEUTICS
and
NPLUS1 SINGER ADVISORY LLP

	
			
	 
	 
	 

	 
	RELATIONSHIP AGREEMENT
relating to
REALM THERAPEUTICS PLC

	 

	 
	 
	 

 

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Index
	
				
	Clause No.
	Page No.

	1.
	Definitions and interpretation
	1
	

	2.
	Condition precedent and duration
	3
	

	3.
	Conduct of transactions and relationships
	4
	

	4.
	Takeover Code
	5
	

	5.
	Procedure on conflict.
	5
	

	6.
	Announcements and confidentiality
	6
	

	7.
	Capacity
	7
	

	8.
	Notices and other communications
	7
	

	9.
	Remedies and waivers
	8
	

	10.
	Invalidity
	8
	

	11.
	Entire agreement
	9
	

	12.
	Miscellaneous
	9
	

	13.
	Governing law and jurisdiction
	9
	

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	THIS DEED is made on
	September 20, 2017

BETWEEN
		
	(1)
	ORBIMED PRIVATE INVESTMENTS VI, LP (a Delaware limited partnership (the "Shareholder");

		
	(2)
	REALM THERAPEUTICS PLC (registered in England with company number 05789798) whose registered office is at Cannon Place, 78 Cannon Street, London EC4N 6AF (the "Company"); and 

		
	(3)
	NPLUS1 SINGER ADVISORY LLP (registered in England with number OC364131), whose registered office is at One Bartholomew Lane, London, EC2N 2AX (the "Nomad"). 

INTRODUCTION
		
	(A)
	The Company intends to undertake a fundraising whereby securities of the Company (the "Units") will be offered for subscription, with each Unit consisting of (i) one new Ordinary Share ("New Ordinary Shares"); and (ii) one warrant to purchase 0.40 of an Ordinary Share (the "Warrants"). The New Ordinary Shares are proposed to be admitted to trading on the AIM market operated by the London Stock Exchange plc and Ordinary Shares arising from exercise of Warrants will also be admitted to trading in due course. 

		
	(B)
	The Shareholder will, on Admission be the beneficial owners of, in aggregate, approximately twenty-one and ninety-one hundredths per cent. (21.91%) of the total number of votes capable of being cast on a poll at general meetings of the Company (assuming all the Warrants are exercised). 

		
	(C)
	The Shareholder and the Company wish to regulate the relationship between them to ensure that: 

		
	(a)
	all transactions, agreements, relationships and arrangements entered into between the Shareholder’s Group and the Company's Group will only be made on an arm's length basis and on normal commercial terms; and 

		
	(b)
	with effect from Admission, the Company will be capable at all times of carrying on its business independently of the Shareholder’s Group. 

AGREED TERMS
1.    Definitions and interpretation
		
	1.1
	In this deed (including the introduction) the following words and expressions have the following meanings, except as otherwise provided or where the context otherwise requires: 

"Act" means the Companies Act 2006; 
"Admission" means the admission of the New Ordinary Shares to trading on AIM becoming effective in accordance with the AIM Rules; 
"AIM" means the AIM market operated by the London Stock Exchange plc; 
"AIM Nomad Rules" means the AIM Rules for Nominated Advisers published by the London Stock 

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Exchange; 
"AIM Rules" means the AIM Rules for Companies published by the London Stock Exchange;
"Articles" means the articles of association of the Company from time to time; 
"Associate" means in relation to a person:
		
	(a)
	a person who is his associate and the question of whether a person is an associate of another shall be determined in accordance with: 

		
	(i)
	section 435 of the Insolvency Act 1986 (whether or not an associate as so defined); and 

		
	(ii)
	to the extent not covered by the Insolvency Act 1986, in the Listing Rules of the Financial Conduct Authority; and 

		
	(b)
	any group undertaking (as defined in section 1161 of the Companies Act 2006) of that person; 

"Board" means the board of directors of the Company as constituted from time to time;
"Company's Group" means the Company and any other body corporate which is from time to time its subsidiary undertaking (as defined in section 1162 of the Act);
"Company's Nominated Adviser" means the Nomad or such other nominated adviser as appointed by the Company from time to time;
"Controlling Shareholder" means any person who is entitled to exercise, or control the exercise of, fifteen per cent. (15%) issued share capital (not including any treasury shares of the Company), which for the avoidance of doubt, shall include any non-voting shares capable of conversion into voting shares, or parallel non-voting ADSs capable of conversion into voting ADSs, if issued and as applicable;
"Directors " mean the directors of the Company from time to time and "Director" means any one of them;
"Independent Directors" means a Director who is determined by the then current Directors (having taken advice from the Company's Nominated Adviser) to be independent in character and judgment from any Shareholder's Group and in relation to whom the then current Directors determines that there are no relationships or circumstances which are likely to affect, or could appear to affect, his judgment in relation to his role as a director of the Company;
"London Stock Exchange" means the London Stock Exchange plc;
"Member of the Company's Group" means a person within the Company's Group;
"Member of the Shareholder's Group" means, in relation to a Shareholder, a person within that Shareholder's Group;
"Ordinary Shares" means ordinary shares of 10 pence each in the capital of the Company from 

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time to time;
"Shareholder's Group" means, in relation to a Shareholder, that Shareholder and each of that Shareholder's Associates from time to time;
"subsidiary undertaking" and "parent undertaking" have the meanings given in section 1162 of the Companies Act 2006; and
"Takeover Code " means the UK City Code on Takeovers and Mergers as amended, supplemented or replaced from time to time.
		
	1.2
	In this deed: 

		
	(a)
	reference to: 

		
	(i)
	any statute or statutory provision includes a reference: 

		
	(A)
	to that statute or statutory provision as from time to time consolidated, modified, re-enacted (with or without modification) or replaced by any statute or statutory provision; and 

		
	(B)
	any subordinate legislation made under the relevant statutory provision, 

except to the extent that any such consolidation, modification or re-enactment coming into force after the date of this deed would increase or extend the liability of a party under this deed;
		
	(ii)
	the singular includes the plural and vice versa and any gender includes other genders; 

		
	(iii)
	the "introduction" or to a "clause" is a reference to the Introduction or the relevant clause of or to this deed; 

		
	(iv)
	a person includes all forms of legal entity including an individual, company, body corporate (wherever incorporated or carrying on business), unincorporated association, governmental entity and a partnership and, in relation to a party who is an individual, his legal personal representative(s); and 

		
	(v)
	"this deed" includes this deed as amended or supplemented from time to time; 

		
	(b)
	the words "include" and "including" are to be construed as being by way of illustration or emphasis only and are not to be construed so as to limit the generality of any words preceding them; 

		
	(c)
	the words "other" and "otherwise" are not to be construed as being limited by any words preceding them; and 

		
	(d)
	the headings to clauses are to be ignored in construing this deed. 

		
	2.
	Condition precedent and duration

		
	2.1
	The obligations of the parties under this deed will become unconditional upon Admission taking 

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place. 
		
	2.2
	The obligations and restrictions of the Shareholder pursuant to this deed shall continue in full force and effect, in relation to a Shareholder, for so long as any Member of the Shareholder's Group (whether individually or collectively) is a Controlling Shareholder and will automatically terminate in relation to any Shareholder upon: 

(a)    that Shareholder and each Member of the Shareholder's Group (whether individually or collectively) ceasing to be a Controlling Shareholder; or
(b)the Ordinary Shares ceasing to be admitted to AIM. 
		
	3.
	Conduct of transactions and relationships 

		
	3.1
	The Shareholder undertakes to the Company and the Nomad that the Shareholder shall, and shall procure (so far as it is able to do so) that each of the Shareholder's Associates shall: 

		
	(a)
	conduct all transactions, agreements and relationships (whether contractual or otherwise, but including, for the avoidance of doubt, any variations or amendments to any such transactions, agreements and relationships, or any decision to terminate, enforce, release or take any other action in relation to any such transactions, agreements and relationships) with any Member of the Company's Group on arm's length terms and on a normal commercial basis, including in accordance with the related party rules set out in the AIM Rules and any other applicable laws, regulations and stock exchange rules; 

		
	(b)
	exercise its voting rights and all other rights and powers so as to ensure that each Member of the Company's Group is at all times capable of carrying on its business and making decisions independently of the Shareholder's Group; 

		
	(c)
	not take any action or allow any omission to occur which prevents or restricts any Member of the Company’s Group from carrying on its business for the benefit of its shareholders as a whole and independently of the Shareholder’s Group; 

		
	(d)
	exercise its voting rights and all other rights and powers in such a manner so as to procure (to the extent possible by the exercise of such voting rights) that: 

		
	(i)
	there will always be a majority of Independent Directors on the Board and any committee of the Board; and 

		
	(ii)
	where any matters involving an actual or potential conflict of interest between the Company and the Shareholder are to be discussed, one or more Independent Directors shall be present; 

		
	(e)
	not exercise any of its voting or other rights and powers to procure any amendment to the Articles which would be inconsistent with this deed; 

		
	(f)
	not propose any resolution of the shareholders of the Company for the cancellation of the Company’s admission to trading on AIM, for the disapplication of any rights of pre-emption attaching to any shares in the capital of the Company or to vary or alter the share capital of the Company (but, subject to the remainder of this deed, nothing in this clause 3.1(f) shall 

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preclude a Shareholder or the Shareholder's Associates from otherwise voting on any such resolution if proposed by the Company); and 
		
	(g)
	so far as it is within his control observe the provisions of this deed (as if they were a party to it as a Shareholder). 

		
	3.2
	The Shareholder undertakes to the Nomad and the Company (and undertakes to procure that its Associates shall) abstain from voting at any general meeting in respect of any resolution concerning any contract, arrangement or transaction solely between the Company or any Member of the Company’s Group and any Member of the Shareholder’s Group including, without limitation, any resolution required pursuant to the AIM Rules for Companies including, but not limited to, any required by Rule 13 of the AIM Rules for Companies (Related party transactions).

		
	3.3
	The Company shall (and shall exercise all powers vested in it to procure, that each other Member of the Company's Group shall) conduct all transactions, agreements and relationships (whether contractual or otherwise) with the Shareholder and any Member of the Shareholder's Group on arm's length terms and on a normal commercial basis and in accordance with the related party rules set out in the AIM Rules. 

		
	3.4
	In the event that any Shareholder or any of its Associates shall cease to be a Controlling Shareholder by virtue of a transfer of shares or through any other transaction or arrangement ("Transaction") and one of its Associates shall be or become a Controlling Shareholder ("New Controlling Shareholder") then, prior to any such Transaction taking effect, the Shareholder shall procure that the New Controlling Shareholder shall enter into a deed in a form acceptable to the Independent Directors to be bound by the provisions of this deed. 

		
	4.
	Takeover Code 

The Shareholder undertakes to the Company and the Nomad that it shall not, and shall, to the extent within its control, procure that no member of the Shareholder’s Group nor any party acting in concert (as defined in the Takeover Code) with any of them without the prior consent of a majority of the Independent Directors: 
		
	(a)
	acquire or offer to acquire shares in, or any other interest in, the relevant securities (as defined in the Takeover Code) of the Company or any other derivative or contract referenced thereto, where such acquisition would result in a mandatory takeover offer requirement arising pursuant to Rule 9 of the Takeover Code; 

		
	(b)
	make an offer for all or any part of the share capital of the Company; 

		
	(c)
	announce or take any action which, under the Takeover Code or otherwise, would require any takeover, merger, consolidation or share exchange or similar transaction involving securities of the Company; or 

		
	(d)
	enter into an agreement relating to shares in or any other interest in the relevant securities (as defined in the Takeover Code) in the share capital of the Company or any derivative or contract referenced thereto, for the express purpose of taking any of the action prevented by this clause 4. 

		
	5.
	Procedure on conflict 

7

		
	5.1
	The Shareholder shall (and shall exercise all powers vested in them to procure, so far as it is properly able, that each Associate shall) provide as soon as reasonably practicable to the Company any information in its (or any of its Associate's) possession or control which the Company reasonably requests for the purposes of ensuring that it is satisfied that all transactions and relationships between any Member of the Company's Group and any Member of the Shareholder's Group are at arm's length and on a normal commercial basis. 

		
	5.2
	The Company and the Shareholder agree that any dispute between any Member of the Company's Group and any Member of the Shareholder's Group relating to any such existing or proposed transaction, arrangement or agreement between any Member of the Company's Group and any Member of the Shareholder's Group shall be resolved by a decision of the majority of the Independent Directors. 

		
	5.3
	In event of conflict between the provisions of this deed and the articles of association of the Company, the provisions of this deed shall prevail as between the parties to this deed to the extent permitted by applicable law and regulation. 

		
	6.
	Announcements and confidentiality

		
	6.1
	No party shall make (or in the case of the Company, permit any other Member of the Company's Group or in the case of a Shareholder, permit any of its Associates to make) any announcement or press release concerning the subject matter of this deed, save as required under the AIM Rules and in accordance with the AIM Nomad Rules. 

		
	6.2
	Save as required in connection with Admission, each party undertakes to the others that it shall use all reasonable endeavours to ensure that any information of a secret or confidential nature received by it from any other party ("Confidential Information") shall be treated as confidential by it and its officers, employees, advisers, representatives and agents and shall not be disclosed to any third party. 

		
	6.3
	Nothing in this clause prevents any announcement being made or any Confidential Information being disclosed: 

		
	(a)
	with the written approval of the other parties, which in the case of any announcement shall not be unreasonably withheld or delayed; or 

		
	(b)
	to the extent required by law or by the London Stock Exchange or any other competent regulatory body, but a party required to disclose any Confidential Information or make any announcement shall promptly notify the other parties where practicable and lawful to do so, before disclosure occurs and co-operate with the other parties regarding the timing and content of such disclosure or announcement or other action which the other parties may reasonably elect to take to challenge the validity of such requirement. 

		
	6.4
	Nothing in this clause prevents disclosure of Confidential Information by any party: 

		
	(a)
	to the extent that the information is in or comes into the public domain (which includes the summary of the terms of this deed in the circular to be published by the Company in connection with the issue of New Ordinary Shares and Warrants) other than as a result of a breach of any undertaking or duty of confidentiality by that party; 

8

		
	(b)
	to that party's professional advisers, auditors or bankers, but before any disclosure to any such person, the relevant party shall procure that the relevant person is made aware of the terms of this clause and shall use its reasonable endeavours to procure that such person adheres to those terms as if it were bound by the provisions of this clause; 

		
	(c)
	received in good faith by the recipient from a third party that is not knowingly used or disclosed to others by the recipient party in breach of this clause; or 

		
	(d)
	which is an investment manager as part of the regular investment updates provided to the investors in funds managed by that investment manager, but before any disclosure to any such investor, the investment manager shall procure that the relevant investor is made aware of the terms of this clause and shall ensure that such investors have signed a substantially similar confidentiality obligation. 

		
	6.5
	The Shareholder shall, and shall procure that each of its Associates shall, provide all reasonable cooperation and information which the Company may reasonably require and comply with all other requests which the Company may reasonably make in connection with any announcement which the Company is required to make pursuant to the AIM Rules as a result of any transaction or other relationship entered into between the Company's Group and any Member of the Shareholder's Group.

		
	6.6
	The Shareholder acknowledges that all directors of the Company owe fiduciary duties to the Company and shall be obliged to act and vote on all matters pertaining to the Board in what they perceive to promote the success of the Company. 

		
	7.
	Capacity 

The Shareholder warrants and represents to the other parties that the Shareholder has the power to enter into this agreement and to exercise the Shareholder's rights and perform the Shareholder's obligations hereunder and all corporate and other action required to authorise the Shareholder's execution of this deed and the Shareholder's performance of its obligations hereunder has been duly taken. 
		
	8.
	Notices and other communications 

		
	8.1
	Where this agreement provides for the giving of notice or the making of any other communication, such notice or communication shall not (unless otherwise expressly provided) be effective unless given or made in writing in accordance with the following provisions of this clause. 

		
	8.2
	Any notice or communication to be given or made under or in connection with this deed may be: 

		
	(a)
	delivered or sent by post to the address of the Shareholder (marked for the attention of General Counsel) or the Nomad (marked for the attention of Aubrey Powell) as set out on page 1 of this deed and to the Company (marked for the attention of Marella Thorell) at 267 Great Valley Parkway, Malvern, Pennsylvania, 19355 United States of America (such addresses being referred to below as the "Postal Address" of the relevant party); or 

		
	(b)
	sent by email to: 

Shareholder:    Legal@OrbiMed.com

9

Company:    mthorell@realmtx.com
Nomad:        aubrey.powell@n1singer.com
		
	8.3
	Any notice or other communication so delivered or sent shall (subject to the provisions of clause 8.5(c)) be deemed to have been served when received except that if it is received between 5.30 p.m. on a Relevant Day and 9.00 a.m. on the next Relevant Day it shall be deemed to have been served at 9.00 a.m. on the second of such Relevant Days. 

		
	8.4
	Where any party has given notice to another party of any different address (postal or email) to be used for the purposes of this clause then such different address (postal or email) shall be substituted for that shown above. 

		
	8.5
	For the purposes of this clause: 

		
	(a)
	"Relevant Day" means any day other than a Saturday, Sunday or a day which is a public holiday at the Postal Address of the receiving party; 

		
	(b)
	any reference to a time is to the time at the Postal Address of the receiving party; 

		
	(c)
	reference to an email being received shall mean receipt at a server located in any office of the corporate body or partnership which receipt shall, notwithstanding the provisions of clause 8.3, and in the absence of evidence of earlier receipt, be deemed to have occurred 48 hours after sending unless the sender within 24 hours of sending the email received an error message indicating failure to deliver; and 

		
	(d)
	"electronic communication" has the same meaning as in the Electronic Communications Act 2000. 

		
	9.
	Remedies and waivers

		
	9.1
	The single or partial exercise of any right, power or remedy provided by law or under this deed shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy. 

		
	9.2
	The rights, powers and remedies provided in this deed are cumulative and not exclusive of any rights, powers and remedies provided by law. 

		
	9.3
	In deciding whether to enforce this deed against the Shareholder, the Company shall consult with the Company's Nominated Adviser. 

		
	9.4
	Without prejudice to any other rights and remedies which any party may have, each party acknowledges and agrees that damages would not be an adequate remedy for any breach by any party of this deed and any party shall be entitled to seek the remedies of injunction, specific performance and other equitable relief (and none of the parties shall contest the appropriateness or availability thereof), for any threatened or actual breach of any such provision of this deed by any party and no proof of special damages shall be necessary for the enforcement by any party of the rights under this deed. 

		
	10.
	Invalidity 

10

If at any time any provision of this deed is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect or impair: 
		
	(a)
	the legality, validity or enforceability in that jurisdiction of any other provision of this deed; or 

		
	(b)
	the legality, validity or enforceability under the law of any other jurisdiction of that or any other provision of this deed. 

		
	11.
	Entire agreement 

This deed constitutes the entire agreement between the parties about the subject matter of this deed and supersedes all earlier understandings and agreements between the parties and all earlier representations by any party about such subject matter. 
		
	12.
	Miscellaneous 

		
	12.1
	Each party shall bear its own costs incurred in connection with this deed. 

		
	12.2
	This deed may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same document. 

		
	12.3
	This deed may only be varied in writing signed by or on behalf of each of the parties. 

		
	12.4
	The parties do not intend that any term of this deed should be enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to this deed. 

		
	13.
	Governing law and jurisdiction

		
	13.1
	This deed, and any non-contractual rights or obligations arising out of or in connection with it or its subject matter, shall be governed by, and construed in all respects in accordance with English law. 

		
	13.2
	The parties agree to submit to the exclusive jurisdiction of the courts of England and Wales. 

11

The parties to this deed have executed and delivered this deed as a deed on the date shown on the first page.
	
			
	EXECUTED as a deed by 
ORBIMED PRIVATE
INVESTMENTS VI, LP
in the presence of:
	)
)
)
)
	/s/ Carl Gordon

	 
	 
	Carl Gordon, Member of the Managing Member of the General Partner of OrbiMed Private Investments VI, LP

	 
	 
	 

	(Witness signature)
	 
	/s/ Andrew So

	 
	 
	 

	(Witness name)
	 
	Andrew So

	 
	 
	 

	(Witness address)
	 
	601 Lexington Avenue

	 
	 
	NY, NY 10027

	 
	 
	 

	(Witness occupation)
	 
	Asst. General Counsel

	 
	 
	 

	EXECUTED as a deed by 
REALM THERAPEUTICS PLC acting by a director
in the presence of:
	)
)
)
)
	/s/ Marella Thorell

	 
	 
	 

	(Witness signature)
	 
	/s/ John Alexander Martin

	 
	 
	 

	(Witness name)
	 
	John Alexander Martin

	 
	 
	 

	(Witness address)
	 
	225 Hun Road

	 
	 
	Princeton, NJ 08540

	 
	 
	 

	(Witness occupation)
	 
	CEO, Realm Therapeutics

	 
	 
	 

	EXECUTED as a deed by 
NPLUS1 SINGER ADVISORY LLP acting by a director 
in the presence of:
	)
)
)
)
	/s/ Aubrey Powell

	 
	 
	Director, Corporate Finance

	 
	 
	 

	(Witness signature)
	 
	/s/ James Maxwell

	 
	 
	 

	(Witness name)
	 
	James Maxwell

	 
	 
	 

	(Witness address)
	 
	1 Bartholomew Lane

	 
	 
	London EC2N 2AX

	 
	 
	 

	(Witness occupation)
	 
	ACA

	 
	 
	 

12

Schedule 1
Accredited Investors Purchasing Pursuant to Regulation D
OrbiMed Private Investments VI, LP
Biotechnology Value Fund, LP
Biotechnology Value Fund II, LP
Investment 10, LLC
Biotechnology Value Trading Fund OS, LP
MSI BVF SPV LLC
RA Capital Healthcare Fund, L.P.
Blackwell Partners LLC - Series A

13

Schedule 2
Non-U.S. Persons Purchasing Pursuant to Regulation S
Abingworth Bioequities Master Fund Ltd
Polar Capital Funds Plc - Biotechnology Fund

14

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