Document:

EX-10.1

 Exhibit 10.1 
  

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 
 LICENSE AGREEMENT 

This License Agreement (“Agreement”) is made effective on the date of the last signature by and between Temple University - Of The Commonwealth
System Of Higher Education (hereinafter referred to as “TEMPLE”), a corporation organized and existing under the laws of the Commonwealth of Pennsylvania, having a principal place of business at 1801 N. Broad St, Conwell Hall Rm 401,
Philadelphia, Pennsylvania 19122 and Renovacor, Inc., (hereinafter referred to as “COMPANY”), a corporation organized and existing under the laws of the State of Delaware, having a principal place of business at 136 Knightsbridge
Road, Wynnewood, PA 19096. 
 WHEREAS, TEMPLE is the owner of the entire right and interest in the United States patent applications and patents listed in
Exhibit A attached hereto and incorporated herein by reference, and technical information pertaining to “Methods of using BAG3 technology to treat heart muscle and cardiovascular disease:” and 

WHEREAS, COMPANY desires to obtain an exclusive worldwide license under the aforementioned patent applications and patents and
non-exclusive worldwide license to technical information related thereto; 
 NOW, THEREFORE, in consideration of the
premises and of the covenants and obligations hereinafter set forth, and intending to be legally bound, the parties hereby agree as follows: 

ARTICLE 1. DEFINITIONS 
 The following
definitions shall apply throughout this Agreement: 
 1.1. “AFFILIATE” shall mean each and every business entity controlling,
controlled by or under common control with COMPANY for the purposes of manufacture, use or sale of LICENSED PRODUCT. For purposes of this definition “control” shall mean ownership, directly or indirectly, of at least fifty percent (50%) of
the voting stock. 
 1.1A. “AGREEMENT” has the meaning ascribed to it in the Recitals. 

1.1B. “COMPANY” has the meaning ascribed to it in the Recitals. 

1.2. “CONFIDENTIAL INFORMATION” shall mean any information disclosed or tangible property supplied by one party to the other pursuant
to this Agreement provided that information disclosed in writing shall be deemed CONFIDENTIAL INFORMATION only if marked “Confidential” and information disclosed orally shall be deemed CONFIDENTIAL INFORMATION only if reduced to writing
and a copy marked “Confidential” is provided to the receiving party within thirty (30) days of the date of oral disclosure. However, CONFIDENTIAL INFORMATION shall not include information that: (i) was known to the receiving
party prior to the date of disclosure by the disclosing 

 

 
  

 
party or is developed independently of information received from the disclosing party by those who have not had access to this information; or (ii) is lawfully received in good faith at any
time by the receiving party from others lawfully in possession of the same and having the right to disclose the same; or (iii) is, as of the date of receipt, in the public domain or subsequently enters the public domain other than by reason of
acts or omissions of the receiving party; or (iv) is independently developed by the receiving party, as evidenced by written records. 

1.2A. “COST OF GOODS” means (a) the fully-allocated cost of manufacturing a product (calculated in accordance with United States
Generally Accepted Accounting Principles), including the direct and indirect cost of any raw materials, packaging materials and labor (including the cost of employee benefits) utilized in such manufacturing (including formulating, filling,
finishing, labeling and packaging, as applicable) plus factory overhead costs (fixed and variable) allocated to the relevant product, in accordance with normal accounting practices for all products manufactured in the applicable facility or
(b) the amount paid for a product manufactured by a third party. 
 1.2B. “COSTS AND EXPENSES” has the meaning ascribed to it
in Paragraph 9.7. 
 “EFFECTIVE DATE” shall mean the date of last signature in this Agreement. 

1.3A. “EMA” means the European Medicines Agency, or any successor thereto. 

1.3B. “FDA” means the United States Food and Drug Administration, or any successor thereto. 

1.3. “FIELD OF USE” shall mean the diagnosis, prevention or treatment of diseases in humans. 

1.4A. “FIRST COMMERCIAL SALE” of LICENSED PRODUCT means any transfer for value in an arms-length transaction to an independent
third-party distributor, agent or end user in a country after obtaining all approvals or authorizations from applicable regulatory authorities required for the manufacture, importation, marketing, promotion, pricing, reimbursement and sale of the
LICENSED PRODUCT in such country. 
 1.4B. “FULLY-BURDENED BASIS” means that the research and development expenses concerning the
LICENSED PRODUCTS paid to LICENSEE by a SUBLICENSEE (as described in Paragraph 5.3) shall include facilities costs (including rent, depreciation, utilities, insurance, taxes, repairs and maintenance), freight and communications expenses, supervisory
costs and costs of administrative support, but shall not include expenses that are not primarily associated with research, pre-clinical development or development functions of LICENSEE, including
(a) salaries and benefits of executive officers (unless primarily involved in research, pre-clinical development or development activities), (b) administrative support for such officers, and (c) all
costs of the finance, purchasing, legal (including both in-house and outside counsel), business development and corporate development functions (collectively, such excluded expenses are “GENERAL CORPORATE
OVERHEAD”. 

 

 
  

 In the event that GENERAL CORPORATE OVERHEAD cannot be calculated on a LICENSED PRODUCT-by-LICENSED PRODUCT basis, such excluded expenses be calculated by multiplying: (i) the aggregate GENERAL CORPORATE OVERHEAD incurred by LICENSEE’s business
for all pharmaceutical products that shall be calculated correspondingly according to the formula set forth in this paragraph; by (ii) a fraction, (x) the numerator of which is the NET SALES for such LICENSED PRODUCT; and (y) the
denominator of which is the total NET SALES of all products of LICENSEE’s pharmaceutical business that shall be calculated correspondingly according to the formula for NET SALES under this Agreement. 

1.4C. “FULLY DILUTED BASIS” means the total number of shares of LICENSEE’s issued and outstanding common stock, assuming:
(a) the conversion of all issued and outstanding securities convertible into common stock; (b) the exercise of all issued and outstanding warrants or options, regardless of whether then exercisable; and (c) the issuance, grant, and
exercise of all securities reserved for issuance pursuant to any LICENSEE stock or stock option plan then in effect. 
 1.4D. “HUMAN
EFFICACY PROOF-OF-CONCEPT CLINICAL TRIAL” means a PHASE I EXPANSION CLINICAL TRIAL OR PHASE II CLINICAL TRIAL designed to test some measure of efficacy of the drug
in question 
 1.4E. “IND” means an investigational new drug application, as defined in the United States Federal Food, Drug and
Cosmetic Act of 1938 and applicable regulations promulgated thereunder, as amended from time to time, or any equivalent document filed with the United States Food and Drug Administration and necessary for beginning clinical trials of any product in
humans or any application or other documentation filed with any regulatory authority of a country other than the United States prior to beginning clinical trials of any product in humans in that country. 

1.4. “INVENTOR” shall mean, singly or collectively, Dr. Arthur Feldman and any other TEMPLE faculty identified on a patent
application within the PATENT RIGHTS. 
 1.5. “LICENSED PRODUCT” shall mean any product the making, using, importing or selling of
which, absent the license granted under this Agreement, would infringe (including contributory or inducement) a VALID CLAIM contained in the PATENT RIGHTS. 

1.6. LICENSED PROCESS shall mean any process or method that, absent the license granted under this Agreement, would infringe (including
contributory or inducement) a VALID CLAIM contained in the PATENT RIGHTS or uses a LICENSED PRODUCT. 

 

 
  

 1.7. “LICENSEE” shall mean COMPANY and its AFFILIATES. 

1.8. “NET SALES” shall mean [***]. 

 

 
  

 1.9. “PATENT RIGHTS” shall mean the United States patent applications and patents
listed in Exhibit A and any foreign counterparts thereof, or any continuations, continuations-in-part, divisions, re-issues,
additions, renewals or extensions thereof, and any patents (including letters patent and supplementary protection certificates) issuing therefrom. 

1.10A. “PHASE I CLINICAL TRIAL” means for the purpose of obtaining regulatory approval a study in humans the purpose of which is
preliminary determination of safety of a Product in healthy individuals or patients that would satisfy the requirements of 21 C.F.R. 312.21(a). 

1.10B. “PHASE I EXPANSION CLINICAL TRIAL” means a study in humans the purpose of which is further determination of safety and
preliminary determination of signs of efficacy of a LICENSED PRODUCT in patients of defined disease parameters after the initial completion of a Phase 1 dose escalation study. 

1.10C. “PHASE II CLINICAL TRIAL” means for the purpose of obtaining regulatory approval a study in humans of the safety, dose range
and efficacy of a LICENSED PRODUCT that is prospectively designed to generate sufficient data to commence a Phase III Clinical Trial that would satisfy the requirements of 21 C.F.R. 312.21(b). 

1.10D. “PHASE III CLINICAL TRIAL” means a controlled study in humans of the efficacy and safety of a LICENSED PRODUCT that is
prospectively designed to demonstrate statistically whether such LICENSED PRODUCT is effective and safe for use in a particular indication in a manner sufficient to obtain regulatory approval to market such LICENSED PRODUCT that would satisfy the
requirements of 21 C.F.R. 312.21(c). 
 1.10E. “QUALIFIED FINANCING” has the meaning ascribed to it in Paragraph 4.1. 

1.10F. “REGULATORY APPROVAL” means, for any country, those authorizations by the appropriate national, supra-national, regional,
state or local regulatory agency, department, bureau, commission, council or other governmental entity with authority over (a) the distribution, importation, exportation, manufacture, production, use, storage, transport, clinical testing or
sale of a LICENSED PRODUCT, including the FDA and the EMA, or (b) setting the price and/or reimbursement for a LICENSED PRODUCT, in such country. 

 

 
  

 1.10. “SALE” shall mean any transaction for which consideration is received by
LICENSEE or by its SUBLICENSEES for the sale, lease, license, transfer or other disposition of LICENSED PRODUCT or LICENSED PROCESS or for use or license of LICENSED PRODUCT or LICENSED PROCESS by LICENSEE or by its SUBLICENSEE. 

1.11. “SUBLICENSEE” shall mean a third party which is granted a sublicense under any of the rights granted by TEMPLE to LICENSEE
under this Agreement, including but not limited to any sublicensee of LICENSEE, any sublicensee of a sublicensee of LICENSEE, and so on. 

1.11A. “SUBLICENSE CONSIDERATION” has the meaning ascribed to it in Paragraph 5.3. 

1.11B. “SUBSCRIPTION AGREEMENT” has the meaning ascribed to it in Paragraph 4.1. 

1.11C. “SUCCESSFUL COMPLETION” shall mean a clinical trial milestone means that LICENSEE, or a SUBLICENSEE, and/or a regulatory
authority (e.g., FDA in US), as the case may be, has determined that the clinical trial does not need to be repeated and that additional clinical data is not required with respect thereto in order to initiate the next clinical trial or file a BLA,
as the case may be. 
 1.12. “TECHNICAL INFORMATION” shall mean any research data, designs, formulae, process information, and any
other data or information pertaining to any invention claimed in the PATENT RIGHTS which is (a) disclosed by Dr. Arthur Feldman under Paragraph 

3.4 or (b) contained in a pending application for PATENT RIGHTS, which is necessary or useful to LICENSEE in furtherance of the
development, manufacture or commercialization of LICENSED PRODUCT. TECHNICAL INFORMATION shall also include the assays, reagents and materials listed in Exhibit A. 

1.13A. “TEMPLE” has the meaning ascribed to it in the Recitals. 

1.13. “VALID CLAIM” shall mean (i) a claim of an issued patent, which claim has not expired and has not been held unenforceable,
unpatentable or invalid by unappealable decision of a court or other governmental agency of competent jurisdiction; or (ii) a claim of a pending patent application, which claim has not been formally terminated or abandoned, without right of
appeal, without issuance of a patent, or which has not been in active prosecution for more than ten (10) years without issuance of a patent. For purposes of clarification, if a claim in an application has been pending for more than seven
(7) years from its filing date, and a patent subsequently issues containing such claim, then upon issuance of the patent, the claim shall thereafter be considered a VALID CLAIM. 

 

 
  

 ARTICLE 2. CONFIDENTIALITY 

2.1. The party receiving CONFIDENTIAL INFORMATION from the other party pursuant to this Agreement (“RECEIVING PARTY”) shall:
(i) hold all such CONFIDENTIAL INFORMATION in strict confidence; (ii) not use said CONFIDENTIAL INFORMATION except as provided in this Agreement; and (iii) not disclose, directly or indirectly, said CONFIDENTIAL INFORMATION to others
except with the prior written consent of the disclosing party. The RECEIVING PARTY shall use at least the same degree of care to maintain CONFIDENTIAL INFORMATION secret as the RECEIVING PARTY uses in maintaining secret its own confidential
information, but always at least a reasonable degree of care. The RECEIVING PARTY shall restrict disclosure of CONFIDENTIAL INFORMATION solely to those of its employees and consultants having a need to know such CONFIDENTIAL INFORMATION in order to
accomplish the purposes of this Agreement. The RECEIVING PARTY may also disclose CONFIDENTIAL INFORMATION to the extent such disclosure is (a) made in response to a valid and final order or subpoena of a court of competent jurisdiction or other
governmental body of a country or any political subdivision thereof of competent jurisdiction; provided, that RECEIVING PARTY provides the other party with prior written notice of such disclosure (if practicable) in order to permit the other party
to seek a protective order or other confidential treatment of such CONFIDENTIAL INFORMATION; and provided further that any CONFIDENTIAL INFORMATION so disclosed will be limited to that information that is legally required to be disclosed in such
response to such court or governmental order or subpoena; (b) otherwise required by applicable law; provided, that RECEIVING PARTY provides the other party with prior written notice of such disclosure (if practicable) in order to permit the
other party to seek a protective order or confidential treatment of such CONFIDENTIAL INFORMATION; and provided further that any CONFIDENTIAL INFORMATION so disclosed will be limited to that information that is legally required by applicable law to
be disclosed. 
 2.2. Notwithstanding any of the provisions of Paragraph 2.1, LICENSEE (as a RECEIVING PARTY) shall be entitled, without
TEMPLE’s prior written approval, to disclose any CONFIDENTIAL INFORMATION of TEMPLE: (i) to the United States Food and Drug Administration (FDA) or any other national, supra-national, regional, state or local regulatory agency, department,
bureau, commission, council or other governmental entity, but only to the extent required by law or regulation to obtain approval to test or market LICENSED PRODUCT or LICENSED PROCESS; (ii) to agents, consultants, independent contractors,
subcontractors, sublicensees and prospective sublicensees of LICENSEE to whom such disclosure is reasonably necessary or useful in connection with such LICENSEE’s activities as contemplated in this Agreement provided that, prior to any such
disclosure, the recipient shall be bound by written confidentiality obligations that are at least as strict as those of LICENSEE under this Agreement; and (iii) to collaborators, potential collaborators, contract research organizations,
business partners, investors, potential investors, acquirors, potential acquirors, lenders and potential lenders provided that, prior to any such disclosure, the recipient shall be bound by written confidentiality obligations that are at least as
strict as those of LICENSEE under this Agreement. 

 

 
  

 2.3. The RECEIVING PARTY shall, upon written request by the disclosing party, promptly return
all written materials or samples of tangible property received hereunder, with the exception that one copy of said written materials may be retained by the RECEIVING PARTY solely for archival purposes. In the alternative, the RECEIVING PARTY shall
destroy all materials and confirm such destruction in writing. 
 2.4. With the exception of TECHNICAL INFORMATION provided pursuant to
Paragraph 3.4 (in the case of LICENSEE as a RECEIVING PARTY) and reports delivered pursuant to Paragraphs 6.2, 6.3, and 7.2 (in the case of TEMPLE as a RECEIVING PARTY) neither party shall be required to receive any CONFIDENTIAL INFORMATION from the
other party and neither party, as a disclosing party, shall be required to disclose its CONFIDENTIAL INFORMATION to the other party except as provided in Paragraphs 3.4, 6.2, 6.3 and 7.2, as applicable. The terms and provisions of this Agreement
shall be considered the CONFIDENTIAL INFORMATION of both parties. 
 2.5. Notwithstanding any other provision of this Agreement, it is
recognized by LICENSEE that TEMPLE, through the INVENTOR, shall have the right to publish or present publicly the results of any research concerning the PATENT RIGHTS or TECHNICAL INFORMATION. However, TEMPLE and the INVENTOR agree to notify
LICENSEE in writing of any such proposed publication or presentation thirty (30) days before submission. Should LICENSEE, within thirty (30) days of such notification, advise TEMPLE and the INVENTOR in writing that it wishes TEMPLE to file
one or more patent applications pertaining to information contained in the proposed publication or presentation, TEMPLE shall delay submission until after TEMPLE has made such filing. LICENSEE may also request deletion of sensitive information from
the proposed publication, and TEMPLE agrees to give good faith consideration to such a request. 
 ARTICLE 3. GRANT OF LICENSE RIGHTS 

3.1. TEMPLE hereby grants to LICENSEE (i) an exclusive license under PATENT RIGHTS and (ii) a
non-exclusive license under the TECHNICAL INFORMATION, with the right to grant sublicenses through multiple tiers, to make, have made, use, sell, offer for SALE and import LICENSED PRODUCT or LICENSED PROCESS
in all countries of the world in the FIELD OF USE. 
 3.2. Notwithstanding the preceding license grant, TEMPLE shall retain rights to
practice the PATENT RIGHTS for non-commercial educational and research purposes only, and shall be free to grant these rights to other non-profit educational and
research institutions. 

 

 
  

 3.3. The parties acknowledge that inventions in PATENT RIGHTS may have resulted from United
States Government funding, and agree that their rights and obligations under this Agreement shall be subject to TEMPLE’s obligations to the United States Government under Title 35 Sections 200-204 of the
United States Code and the implementing regulations, if any, which arise out of the receipt by TEMPLE of research funding from the United States Government, in which case LICENSEE agrees that LICENSED PRODUCT sold in the United States under this
Agreement shall be manufactured substantially in the United States. 
 3.4. At LICENSEE’s request prior to execution of this Agreement,
TEMPLE, acting through Dr. Feldman, shall use reasonable efforts to disclose/transfer to LICENSEE, within thirty (30) days after the EFFECTIVE DATE, any TECHNICAL INFORMATION beyond that disclosed in the patent applications for the PATENT
RIGHTS which is then known to Dr. Feldman and which he reasonably believes is necessary or useful for LICENSEE in furtherance of the development, manufacture or marketing of LICENSED PRODUCT. 

ARTICLE 4. EQUITY 
 4.1. In
consideration of the license granted to LICENSEE under the terms of this Agreement, on the EFFECTIVE DATE, LICENSEE shall issue to TEMPLE a number of shares of common stock equal to [***] of the of the stock of LICENSEE on a FULLY DILUTED BASIS as
of the EFFECTIVE DATE. All shares issued to TEMPLE shall be issued pursuant to a Stock Subscription Agreement between LICENSEE and the recipient of the shares in substantially the form attached as Exhibit C (the “SUBSCRIPTION AGREEMENT”).
TEMPLE shall also become party to the Additional Transaction Documents (as defined in the SUBSCRIPTION AGREEMENT). 
 4.2. Reserved. 

4.3. Reserved. 
 ARTICLE 5.
PAYMENTS 
 5.1. (a) In consideration of the license granted to LICENSEE under the terms of this Agreement, LICENSEE shall pay TEMPLE,
commencing with the FIRST COMMERCIAL SALE of LICENSED PRODUCT in any country, royalties by country for the most recent three-month period then ended with respect to LICENSED PRODUCT or LICENSED PROCESS covered by a VALID CLAIM of PATENT RIGHTS equal
to [***] of NET SALES. LICENSEE shall pay TEMPLE royalties with respect to NET SALES of LICENSED PRODUCT or LICENSED PROCESS that is not covered by a VALID CLAIM of PATENT RIGHTS in the country where the sale is made but is covered by a VALID CLAIM
of PATENT RIGHTS in another country at a rate equal to [***] of NET SALES. 

 

 
  

 (b) LICENSEE shall pay royalties with respect to each LICENSED PRODUCT or LICENSED PROCESS on
a country by country basis (i) until the expiration or revocation or complete rejection of the last to expire or to be revoked or to be completely rejected of any VALID CLAIM covering such LICENSED PRODUCT or LICENSED PROCESS in the country in
which the LICENSED PRODUCT or LICENSED PROCESS is sold, or (ii) if no VALID CLAIM exists in the country where the sale is made, until 10 years from the FIRST COMMERCIAL SALE of such LICENSED PRODUCT or LICENSED PROCESS in such country. 

(c) If LICENSEE, in its reasonable judgment, elects to pay one or more third parties for patented technology to avoid infringement by a
LICENSED PRODUCT or a LICENSED PROCESS or the manufacture of a LICENSED PRODUCT of such third party patent(s), LICENSEE may, beginning from the date of such third party license, deduct 50% of the amounts paid to such third party under such licenses
from the amounts payable to TEMPLE, provided that such deductions shall in the aggregate reduce by no more than 50% the royalties otherwise due TEMPLE with respect to such LICENSED PRODUCT or LICENSED PROCESS. 

5.2. In further consideration of the license granted to LICENSEE under the terms of this Agreement, LICENSEE shall pay to TEMPLE, within thirty
(30) days of the EFFECTIVE DATE and on or before each anniversary of the EFFECTIVE DATE thereafter, a non-refundable administrative fee of [***]. This administrative fee payment shall not be creditable
against any other payments due to TEMPLE under the terms of this Agreement. 
 5.3. In further consideration of the license granted to
LICENSEE under the terms of this Agreement, LICENSEE shall pay to TEMPLE a percentage of all consideration, which LICENSEE receives from its SUBLICENSEES, including but not limited to option or sublicense fees, option or sublicense maintenance fees
and milestone payments but excluding any consideration for: (a) royalties on products sales paid to LICENSEE by a SUBLICENSEE based upon NET SALES by the SUBLICENSEE (royalties on product sales by SUBLICENSEES will be treated as if LICENSEE
made the sale of such product); (b) equity investments in LICENSEE stock by a SUBLICENSEE up to the amount of the fair market value of the equity purchased on the date of the investment; (c) research and development expenses concerning the
LICENSED PRODUCTS paid to LICENSEE by a SUBLICENSEE in a bona fide transaction calculated on a FULLY BURDENED BASIS; (d) loan proceeds paid to LICENSEE by a SUBLICENSEE in an arm’s length, full recourse debt financing; and
(e) reimbursement of out-of-pocket patent prosecution and maintenance expenses for PATENT RIGHTS paid by LICENSEE (collectively, “SUBLICENSE
CONSIDERATION”). The applicable percentage of SUBLICENSE CONSIDERATION payable to TEMPLE shall be (i) [***] if the sublicense is entered into prior to filing of the first IND for the LICENSED PRODUCT or LICENSED PROCESS; (ii) [***] if the
sublicense is entered into after 

 

 
  

 
the filing of the first IND for a LICENSED PRODUCT or LICENSED PROCESS but prior to the completion of the first HUMAN EFFICACY PROOF OF CONCEPT CLINICAL TRIAL for a LICENSED PRODUCT or LICENSED
PROCESS; and (iv) [***] if the sublicense is entered into after completion of the first HUMAN EFFICACY PROOF OF CONCEPT CLINICAL TRIAL for a LICENSED PRODUCT or LICENSED PROCESS. 

5.4. LICENSEE shall pay TEMPLE the following milestone payments within forty five (45) days following the occurrence of each of the
milestone events listed below. Milestones shall be due for the first LICENSED PRODUCT that achieves the particular milestone regardless of the number of LICENSED PRODUCTS that achieve such milestone; provided that if the first LICENSED PRODUCT does
not achieve any milestone(s), such non-achieved milestones shall be paid on any subsequent LICENSED PRODUCT that achieves such milestone. In the event that a milestone payment is received by LICENSEE from a
SUBLICENSEE for attaining any of the milestones listed below, LICENSEE shall pay to TEMPLE an amount equal to the greater of (i) the amount due under Paragraph 5.3 in respect of the applicable milestone, or (ii) the applicable milestone
payment listed immediately below: 
  

					
	 Milestone Event
	  	Payment	 
	 (1) Regulatory Approval for the LICENSED PRODUCT in the U.S. or in France, Germany, Italy or the
U.K
	  	$	[***]	 
	 (2) First Commercial Sale of LICENSED PRODUCT in the U.S. or in France, Germany, Italy or the
U.K.
	  	$	[***]	 
	 (3) first achievement of NET SALES in a calendar year of at least $50,000,000
	  	$	[***]	 
	 (4) first achievement of NET SALES in a calendar year of at least $250,000,000
	  	$	[***]	 
	 (5) first achievement of NET SALES in a calendar year of at least $1,000,000,000
	  	$	[***]	 

 The Milestone payments are non-refundable and non-creditable. LICENSEE shall provide TEMPLE with prompt written notice upon each occurrence of a milestone event, but in no event will such notice be given to TEMPLE more than thirty (30) days after LICENSEE
becomes aware of the achievement of such milestone. 

 

 
  

 ARTICLE 6. DUE DILIGENCE AND REPORTING 

6.1. LICENSEE shall use commercially reasonable efforts to develop and bring to market, at least one LICENSED PRODUCT or LICENSED PROCESS for
commercial use and to effect its commercialization as soon as practicable, in a manner consistent with the efforts normally used by similarly situated biotechnology companies with respect to a product to which such companies hold similar rights
which is of similar market potential at a similar stage in the development or life of such product, taking into account issues of safety, efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the product, the
regulatory structure involved, profitability of the product and other relevant commercial factors; thereafter, during the term of this Agreement, LICENSEE shall use such commercially reasonable efforts to keep LICENSED PRODUCT reasonably available
to the public. 
 6.2. The development and commercialization of LICENSED PRODUCT shall be made substantially according to the plan outlined
in Exhibit B, which is attached hereto and is incorporated herein by reference. A determination of LICENSEE’S satisfaction of its diligence obligations shall be made with reference to LICENSEE’s satisfaction in a timely manner of the
following milestones: (i) COMPANY shall have a signed term sheet for a QUALIFIED FINANCING on or before the date that is 6 months after the EFFECTIVE DATE, (ii) COMPANY shall complete a dose-ranging study of a LICENSED PRODUCT in an animal
study within 24 months after the closing of a QUALIFIED FINANCING, (iii) COMPANY shall file an IND for a LICENSED PRODUCT within 4 years after the closing of a QUALIFIED FINANCING. 

6.3. On or before September 30 of each year during the term of this Agreement, LICENSEE shall provide to TEMPLE a written report detailing
LICENSEE’s efforts during the previous year and plans for the current year, relating to the development, regulatory approval, manufacturing and marketing of LICENSED PRODUCT. If progress differs in any substantive manner from that anticipated
in the plan of Exhibit B, LICENSEE shall explain in the report the reasons for the difference. 
 ARTICLE 7. STATEMENTS AND REMITTANCES 

7.1. LICENSEE shall keep and maintain complete books and records containing an accurate accounting in sufficient detail of all data required to
enable verification of earned royalties and other payments due hereunder. 
 7.2. Within sixty (60) days after the end of each calendar
quarter, LICENSEE shall remit to TEMPLE a statement of NET SALES by LICENSEE and by its SUBLICENSEES on account for such quarter, which statement shall be accompanied by the payment due to TEMPLE pursuant to Paragraph 5.1 on account of NET SALES for
such quarter. Payments due to TEMPLE pursuant to Paragraph 5.3 on account of consideration received by LICENSEE from SUBLICENSEES during any calendar quarter shall be paid by LICENSEE to TEMPLE within sixty (60) days of the end of such calendar
quarter. Milestone payments due to TEMPLE pursuant to Paragraph 5.4 upon achieving the therein listed milestones shall be paid by LICENSEE to TEMPLE within sixty (60) days of the end calendar quarter in which the milestone has been achieved.

 

 
  

 7.3. The financial statements of LICENSEE and of its SUBLICENSEES shall be audited annually
by an independent certified public accountant. TEMPLE shall have the right to retain, at its own expense, an independent certified public accountant of its own selection to whom LICENSEE shall make no unreasonable objection, to examine the books and
records of LICENSEE and its SUBLICENSEES relating to the SALE of LICENSED PRODUCT or use or sublicense of LICENSED PROCESS for the purpose of verifying the amount of royalty payments due. Such examination of books and records of LICENSEE and its
SUBLICENSEES shall take place during regular business hours during the term of this Agreement and for two (2) years after its termination, provided however, that such an examination shall not take place more than once a year and shall not cover
records for more than the preceding three (3) years, and provided that such accountant shall report to TEMPLE only as to the accuracy of the royalty statements and payments. If such accountant shall find an underpayment to TEMPLE, presentation
of a written statement substantiating the underpayment shall be provided to LICENSEE. If LICENSEE is not in agreement with the findings of the accountant selected by TEMPLE, then LICENSEE shall so notify TEMPLE in writing within thirty
(30) days of receipt by LICENSEE of said findings, in which case the parties shall jointly appoint, within a further period of thirty (30) days, an independent certified public accountant to validate, at LICENSEE’s expense,
TEMPLE’s accountant’s findings, and the decision of said independent accountant shall be final. If said independent accountant verifies that an underpayment has occurred, the amount due and interest (accruing at the prevailing Prime Rate
from the date payment was due through the date of actual payment to TEMPLE) shall be paid to TEMPLE within thirty (30) days. Should such underpayment represent more than [***] of the royalties due TEMPLE, LICENSEE shall reimburse TEMPLE for the
cost of the examination by TEMPLE’s accountant that disclosed such underpayment. 
 7.4. All payments due to TEMPLE under this Agreement
shall be made in United States dollars and shall be sent by LICENSEE to TEMPLE to the attention of “Business Manager” at the address shown in Paragraph 15.7. If LICENSEE receives NET SALES or other payments in currency other than United
States dollars, payments due to TEMPLE on account of such NET SALES or other payments shall be converted into United States dollars at the conversion rate for the foreign currency as published in the eastern edition of The Wall Street Journal as of
the last business day of the calendar quarter in which such payment is received by LICENSEE. However, TEMPLE shall have the right, upon giving written notice to LICENSEE, to receive royalty payments on account of NET SALES within a particular
country in the local currency if permitted by law and subject to TEMPLE having the appropriate banking arrangements to receive such payment in such currency. 

 

 
  

 7.5. If LICENSEE fails to make any undisputed payment due to TEMPLE within the time
prescribed by the terms of this Agreement, a penalty equal to [***] of the amount due and unpaid on the first day of each calendar month shall be added to the amount due. However, the provisions of this Paragraph 7.5 shall not apply to any
underpayment of royalties which is uncovered by audit of the books of LICENSEE or its SUBLICENSEES pursuant to Paragraph 7.3. 
 ARTICLE 8.
REPRESENTATIONS AND WARRANTIES 
 8.1. TEMPLE represents that it has the right to enter into this Agreement and to make the herein grant of
license under PATENT RIGHTS and TECHNICAL INFORMATION. TEMPLE further represents that it is the sole and exclusive owner of PATENT RIGHTS and TECHNICAL INFORMATION, all of which are free and clear of any liens, charges and encumbrances. To the best
of TEMPLE’s knowledge, no third party has expressed to TEMPLE, in writing, that any patent or patent application included in the PATENT RIGHTS is invalid or unenforceable. 

8.2. TEMPLE makes no warranty that exercise by LICENSEE or its SUBLICENSEES of the rights granted herein will not infringe any patents owned by
a third party, or that any patent application within PATENT RIGHTS will issue as a patent. 
 8.3. LICENSEE warrants that, except as provided
in Exhibit D, prior to the execution of this Agreement, it has not negotiated or in any manner discussed, whether formally or informally, with any third party any agreement or other arrangement, including but not limited to research or consulting
agreements, which provides for consideration to be paid in any form, including but not limited to amounts of money or shares of stock, to any INVENTOR, any INVENTOR’s spouse or other relative, or any entity in which any of them has a financial
interest. 
 8.4. TEMPLE, including its trustees, officers, employees students and agents, makes no representations, extends no warranties of
any kind, either express or implied, including but not limited to the implied warranties of merchantability or fitness for a particular purpose, and assumes no responsibilities whatever with respect to design, development, manufacture, use, sale or
other disposition by LICENSEE or SUBLICENSEES of LICENSED PRODUCTS or LICENSED PROCESSES. 
 8.5. LICENSEE, and SUBLICENSEES assume the
entire risk as to performance of LICENSED PRODUCTS and LICENSED PROCESSES. In no event shall TEMPLE, including its trustees, fellows, officers, employees and agents, be responsible or liable for any direct, indirect, special, incidental, or
consequential damages or lost profits or other economic loss or damage with respect to LICENSED PRODUCTS or LICENSED PROCESSES, to LICENSEE, SUBLICENSEES or any other individual or entity regardless of legal or equitable theory. 

 

 
  

 ARTICLE 9. PATENT PROSECUTION AND LITIGATION 

9.1. LICENSEE shall, in consultation with TEMPLE, using patent counsel mutually acceptable to each of TEMPLE and LICENSEE, be responsible for
the preparation and prosecution of all patent applications and the maintenance of all patents within PATENT RIGHTS, to the extent permitted by law, in all countries designated in writing by LICENSEE during the term of this Agreement. Except as
provided in Paragraph 9.3, LICENSEE shall be responsible for all out-of-pocket costs and expenses incurred by TEMPLE, both prior to and during the term of this
Agreement, in the preparation, filing and prosecution of all patent applications, and in the maintenance of all patents within PATENT RIGHTS. Such expenses shall include but not be limited to, expenses for the preparation, filing and prosecution of
all U.S. and international non-provisional, provisional, and PCT patent applications, and any expenses incurred for the maintenance of any U.S., foreign and PCT patents, and in the prosecution or defense of
any and all reissues, re-examinations, interferences, derivation proceedings, inter partes reviews, post grant reviews, oppositions, nullity proceedings and the like within PATENT RIGHTS. The aggregate costs
incurred as of May 22, 2019 are $205,167.58 Such costs and expenses shall not be creditable against any other payments due to TEMPLE under this Agreement. Patent counsel will notify TEMPLE and provide TEMPLE copies of any official
communications from United States and foreign patent offices relating to prosecution of the PATENT RIGHTS, as well as copies of relevant communications to the various patent offices so that TEMPLE may be informed and apprised of the continuing
prosecution of PATENT RIGHTS. TEMPLE will have reasonable opportunities to participate in key decisions affecting filing, prosecution and maintenance of the PATENT RIGHTS, including, without limitation, opportunity to review and provide comment on
amendments and responses in the course of the prosecution of PATENT RIGHTS. LICENSEE will consider in good faith TEMPLE’s reasonable suggestions regarding said prosecution. LICENSEE will use reasonable efforts to amend any patent application to
include claims reasonably requested by TEMPLE in order to cover a LICENSED PRODUCT. Except as otherwise provided in Paragraphs 9.3 and 9.4, any differences between LICENSEE and TEMPLE with respect to preparation, filing, prosecution, issuance and
maintenance matters will be discussed and resolved to their mutual satisfaction; provided that if the parties cannot resolve such differences through good faith discussions within thirty (30) days, TEMPLE’s decision shall control. 

9.2. LICENSEE shall make all payments due to TEMPLE pursuant to Paragraph 9.1 within thirty (30) days of receipt of a detailed invoice
therefor. TEMPLE, in its sole discretion, may elect to have its patent counsel submit such invoices directly to LICENSEE, in which case LICENSEE shall pay TEMPLE’s patent counsel directly. 

9.3. LICENSEE may give TEMPLE thirty (30) days’ prior written notice that it will stop paying the costs and expenses with respect to
any patent application or patent in any country, in which case TEMPLE, at its option, may assume the obligation of supporting such patent application or patent in such country, and LICENSEE’s rights and obligations 

 

 
  

 
thereto under this Agreement shall terminate at the end of such notice period in such country. Termination of LICENSEE’s rights and obligations with respect to any patent application or
patent in any country pursuant to this Paragraph 9.3 shall in no way affect the rights and obligations of LICENSEE to the same patent application or patent in any other country or to any other patent application or patent in any country. 

9.4. If TEMPLE files patent applications in countries other than those designated by LICENSEE in accordance with Paragraph 9.1 following the
procedures specified in Paragraph 9.1, TEMPLE shall bear all the costs associated with such additional patent application filings, and such applications in such countries and any patents granting therefrom shall not be included within PATENT RIGHTS.
TEMPLE shall then be free to license such patents and patent applications in such countries to others. 
 9.5. LICENSEE, at its option, may
defend any claim, made by others, of patent infringement resulting from the manufacture, use, sale or other disposition of LICENSED PRODUCT or LICENSED PROCESS, whether such claim shall be made against TEMPLE or LICENSEE, and in defending such
claim, LICENSEE shall bear all costs and expenses, including reasonable attorneys’ fees, incurred in connection with any such claim. Any such costs and expenses shall be credited against fifty percent (50%) of royalty payments due to TEMPLE on
account of NET SALES of said LICENSED PRODUCT and LICENSED PROCESS, pursuant to Paragraph 5.1, in each year during the term of this Agreement until fully offset. Each party to this Agreement agrees that it shall notify the other party in writing in
the event any claim of infringement is made against that party. LICENSEE shall have full control over the conduct of the defense of any such claim and TEMPLE shall provide LICENSEE with all reasonable assistance and cooperation, at no cost to
TEMPLE, that LICENSEE may request in any such defense. 
 9.6. In the event either party becomes aware of any actual or threatened
infringement of PATENT RIGHTS in any country or if a third-party files a declaratory judgment action with respect to any PATENT RIGHTS in any country, that party shall promptly notify the other party in writing. LICENSEE shall have the first right
to bring an infringement suit against the infringer or defend any declaratory judgment action initiated by such third party and to use TEMPLE’s name if legally required in connection therewith. LICENSEE shall not settle or compromise any such
suit in a manner that imposes any obligations or restrictions on TEMPLE or grants any rights under PATENTS RIGHTS or TECHNICAL INFORMATION, without TEMPLE’s written consent. If LICENSEE does not proceed with a particular infringement suit or
attempt to sublicense the infringer or does not initiate a defense of a third party declaratory judgement action within ninety (90) days of notification, TEMPLE, after notifying LICENSEE in writing, shall be entitled to proceed with such suit
or defense action through counsel of its choice. The party conducting any suit pursuant to this Paragraph 9.6 shall have full control over its conduct and shall be responsible for all expenses associated therewith. Each party shall always have the
right to be represented by counsel of its choice and at its own expense in any suit instituted by the other party for infringement or defense of a declaratory judgment action. In any event, 

 

 
  

 
the parties shall provide each other, at the expense of the party bringing suit or defense action, with all reasonable assistance and cooperation requested in any such suit or defense action. At
the request and expense of the party bringing suit, the other party shall permit access to all relevant personnel, records, papers, information, samples, specimens, and the like during regular business hours. The parties may also jointly participate
in any infringement suit or defense action if both parties agree to do so in writing in advance, and set forth the basis for sharing of expenses. 

9.7. The amount of any recovery resulting from an infringement suit or settlement thereof pursuant to Paragraph 9.6 shall first satisfy the
costs and expenses, including reasonable attorneys’ fees, incurred in connection with such suit by the party bringing suit (“COSTS AND EXPENSES”). If LICENSEE is the party bringing suit, any recovery in excess of COSTS AND EXPENSES
shall be shared with TEMPLE as follows: (a) any payment for past sales and any royalties payable in respect of future sales will be deemed NET SALES, and LICENSEE will pay TEMPLE royalties at the rates specified in Paragraph 5.1; (b) any
SUBLICENSING CONSIDERATION payment for future sales will be deemed a payment under a sublicense and will be shared as specified in Paragraph 5.3; (c) any amount awarded in respect of willful infringement shall be shared equally between LICENSEE and
TEMPLE; and (d) LICENSEE and TEMPLE will negotiate in good faith appropriate compensation to TEMPLE for any non-cash settlement or non-cash cross-license. If TEMPLE
is the party bringing suit, any recovery in excess of COSTS AND EXPENSES shall be paid to and retained by TEMPLE in its entirety.     

ARTICLE 10. INDEMNIFICATION 

10.1. LICENSEE agrees to indemnify, hold harmless, and defend TEMPLE, its trustees, officers, employees and agents against any and all claims,
liabilities or damages, including legal fees and costs, arising out of any third party claims, suits or actions resulting from arising out of or related to the exercise of any rights granted LICENSEE under this Agreement or the breach of this
Agreement by LICENSEE OR ITS SUBLICENSEES, including any damages, losses or liabilities for death or injury to person or damage to property arising, directly or indirectly, from commercial sale, sublicense and clinical use of LICENSED PRODUCT or
LICENSED PROCESS by LICENSEE, its SUBLICENSEES or any customers of any of them in any manner whatsoever. To receive the benefit of indemnification under Paragraph 10.1, TEMPLE must (a) give LICENSEE written notice of any claim(s) related to
LICENSED PRODUCT or LICENSED PROCESS for which it seeks indemnification under this Paragraph 10.1 within thirty (30) days, provided that the failure to give such notice shall not affect the rights of such TEMPLE indemnitee under this Paragraph
10.1 unless, and then solely to the extent that, such failure actually and materially prejudices the rights of LICENSEE; and (b) reasonably cooperate with LICENSEE and its insurance carrier in the defense or settlement of any such claim(s) (at
LICENSEE’s expense); and (c) tender to LICENSEE (and its insurance carrier) full authority to defend or settle the claim or suit, subject to the limitation set forth below with respect to settlement by LICENSEE. LICENSEE shall 

 

 
  

 keep the TEMPLE indemnitees informed on a current basis of its defense of any claims or suits
under this Paragraph 10.1. LICENSEE will not settle any claim or suit against TEMPLE indemnitees without TEMPLE’s written consent where (1) such settlement would include any admission of liability or admission of wrong doing on the part of
the indemnified party, or (2) such settlement would not include an unconditional release of TEMPLE indemnitees from all liability for claims that are the subject matter of the settled claim. LICENSEE has no obligation to indemnify TEMPLE
indemnitees’ in connection with any settlement made without LICENSEE’s written consent. 
 10.2. LICENSEE shall maintain, during
the period that any LICENSED PRODUCT or LICENSED PROCESS is made, used, sold or otherwise made available to others pursuant to this Agreement, Comprehensive General Liability Insurance, including broad form and contractual liability, in a minimum
amount of $2,000,000 combined single limit per occurrence and in the aggregate; (b) prior to the commencement of human clinical trials involving LICENSED PRODUCTS or LICENSED PROCESS, clinical trials coverage in a minimum amount of $5,000,000
combined single limit per occurrence and in the aggregate; and (c) prior to the first SALE of the LICENSED PRODUCT, Product Liability Insurance in a minimum amount of five million dollars ($5,000,000.00) per occurrence and in the aggregate. All
insurance shall be maintained with a reputable and financially secure insurance carrier(s) to cover the activities of LICENSEE and its SUBLICENSEES. Such insurance shall name TEMPLE, its affiliates and respective trustees, officers, employees, and
agents as additional insureds. LICENSEE shall furnish a Certificate of Insurance, upon request, evidencing coverage of two million dollars ($2,000,000.00) with thirty (30) days of written notice of cancellation or material change to TEMPLE.
LICENSEE’s insurance shall be written to cover claims incurred, discovered, manifested, or made during the term, or after the expiration, of this Agreement. LICENSEE shall at all times comply, through insurance or self-insurance, with all
statutory workers’ compensation and employers’ liability requirements covering any and all employees with respect to activities performed under this Agreement. 

ARTICLE 11. SUBLICENSES 
 11.1.
LICENSEE shall have the right to enter into sublicense agreements, provided that all applicable material terms of this Agreement are incorporated into such sublicense agreements to provide for the protection of TEMPLE and its trustees, officers,
employees and agents, and provided further that LICENSEE remains primarily liable for its obligations under this Agreement. TEMPLE agrees to enter into good faith discussions if and when any specific terms and conditions prevent a reasonable
sublicensing transaction from being executed. Sublicenses granted in accordance with this Agreement shall survive termination of this Agreement pursuant to Paragraphs 13.3, 13.4, 13.5 or 13.6, provided the SUBLICENSEE agrees in writing that:
(i) TEMPLE is entitled to enforce all relevant provisions of such sublicense agreement directly against such SUBLICENSEE; and (ii) TEMPLE shall not assume, and shall not be responsible to such SUBLICENSEE for, any representations,
warranties or obligations of LICENSEE to such SUBLICENSEE, other 

 

 
  

 
than to permit such SUBLICENSEE to exercise any rights to PATENT RIGHTS that are sublicensed under such sublicense consistent with the terms of this Agreement. All payments due to LICENSEE from
such SUBLICENSEEs under the sublicense will remain payable to LICENSEE, but LICENSEE shall be required to promptly remit to TEMPLE the amounts due TEMPLE in accordance with the provisions of Paragraphs 5.1, 5.3 and 5.4 of this Agreement, as
applicable, which provisions shall remain applicable to LICENSEE in spite of the termination of this Agreement. 
 ARTICLE 12. ASSIGNMENT

 12.1. This Agreement and any and all of the rights and obligations of LICENSEE hereunder shall not be assigned, delegated, sold,
transferred or otherwise disposed of, by operation of law or otherwise, without the prior written consent of TEMPLE provided, however, that subject to compliance with Paragraph 12.2, LICENSEE may assign this Agreement without consent of TEMPLE to a
third party as part of a sale or change of control, regardless of whether such a sale or change of control occurs through an asset sale, stock sale, merger or other combination, or any other transfer of: (a) LICENSEE’s entire business; or
(b) that part of LICENSEE’s business that exercises all rights granted under this Agreement. For the avoidance of doubt, it is understood and agreed that for purposes of this Article 12 a change of control shall not include (i) the
grant of a sublicense or (ii) any transaction or series of related transactions effected primarily for the purpose of providing financing to LICENSEE or (iii) any transaction or series of related transactions effected primarily for the
purpose of reincorporating in another jurisdiction. Any assignment in violation of this Article 12 shall be null and void. 
 12.2. As a
condition to the assignment of this Agreement by LICENSEE in connection with a sale or change of control pursuant to Paragraph 12.1, LICENSEE shall: (a) provide TEMPLE with thirty (30) days prior written notice of the assignment (which
notice may be pre-conditioned upon TEMPLE entering into a non-disclosure agreement with the assignee and (if the assignee is a publicly traded company) an agreement to
refrain from trading in the assignee’s securities during the period prior to the date when the assignment becomes publicly available information), and (b) pay to TEMPLE an assignment fee of [***]. Further, Temple’s approval shall be
required if Temple has not been reimbursed its PATENT EXPENSES. 
 ARTICLE 13. TERM AND TERMINATION 

13.1. This Agreement shall become effective upon EFFECTIVE DATE, and unless sooner terminated in accordance with any of the provisions herein,
shall remain in full force during the life of the last to expire patents under PATENT RIGHTS. If mutually desired, the parties may negotiate for an extension of this Agreement. Upon the termination of the Agreement, LICENSEE shall have the right to
sell the remainder of the LICENSED PRODUCT on hand, provided the SALES will be subject to the royalty payments of this Agreement as outlined in Article 5. 

 

 
  

 13.2. LICENSEE may, in LICENSEE’s sole discretion and for any reason whatsoever,
terminate this Agreement in its entirety or only with respect to any patent application or patent in any country by giving TEMPLE ninety (90) days’ prior written notification thereof. In addition, LICENSEE may terminate this Agreement by
giving TEMPLE sixty (60) days’ prior written notice upon material breach by TEMPLE of any material provision of this Agreement, unless such breach is cured within the period of such notice. For purposes of this Paragraph 13.2 the material
provisions of this Agreement are Paragraphs 2.1, 2.3-2.4, 3.1, 3.4, 8.1 and 10.1 (second sentence). 

13.3. TEMPLE may terminate this Agreement at any time by giving LICENSEE ninety (90) days’ prior written notification in the event
that LICENSEE has failed to meet in a timely manner any of the milestones listed in Paragraph 6.2. 
 13.4. TEMPLE may terminate this
Agreement by giving LICENSEE sixty (60) days’ prior written notice upon material breach of any material provision of this Agreement by LICENSEE, unless such breach is cured within the period of such notice. However, the notice period shall
be only thirty (30) days for any breach by LICENSEE for non-payment of undisputed monies due to TEMPLE under this Agreement. For purposes of this Paragraph 13.4 the material provisions of this Agreement
are Paragraphs 2.1-2.4, 3.1, 4.1, 5.1-5.4, 6.1-6.3, 7.1-7.5, 8.3, 9.1-9.2, 9.4-9.5, 10.1-10.2, 11.1, 12.1-12.2 and 14. 

13.5. In the event that, in any calendar year, TEMPLE has given LICENSEE at least two (2) written notices pursuant to Paragraph 13.4, each
such notice pertaining to a separate instance of material breach by LICENSEE of the same material provision of this Agreement that required LICENSEE to take action to cure, then TEMPLE may give LICENSEE written notice of termination of this
Agreement upon any subsequent instance of material breach by LICENSEE of said material provision in said calendar year, and the termination shall take effect sixty (60) days from the date of notice, without regard to whether a cure was
effected. 
 13.6. TEMPLE may terminate this Agreement, upon written notice, if LICENSEE files a voluntary petition in bankruptcy, makes or
executes an assignment for the benefit of creditors of all or substantially all of its assets, or files in any court or agency a petition for the appointment of a receiver, trustee, liquidator, sequestrator or other judicial representative for
LICENSEE or its property, or if LICENSEE is served with an involuntary petition against it, filed in any insolvency proceeding, and such petition is not dismissed within ninety (90) days after the filing thereof. In such event, that party shall
execute any documents that are necessary to reassign or transfer the interest granted hereunder.  
 13.7. Upon termination of this
Agreement, TEMPLE shall have the right to retain any amounts already paid by LICENSEE under this Agreement, and LICENSEE shall pay to TEMPLE all amounts accrued which are then due or which become due based on the SALE of LICENSED PRODUCT,
manufactured or produced or license, sublicense or use of LICENSED PRODUCT prior to the effective date of termination. 

 

 
  

 13.8. The provisions of Article 1 (entitled DEFINITIONS), Article 2 (entitled
CONFIDENTIALITY), Article 10 (entitled INDEMNIFICATION) and Article 14 (entitled PATENT MARKING), and Paragraphs 7.3, 7.5, 11.1, 15.2, 15.3, 15.4, 15.5 and 15.7 shall survive the termination of this Agreement. 

ARTICLE 14. PATENT MARKING 

14.1. LICENSEE agrees to mark or have marked all LICENSED PRODUCT sold by LICENSEE or by its SUBLICENSEES under this Agreement in accordance
with the statutes of the United States and countries and territories relating to the marketing of patented articles in which any LICENSED PRODUCT covered by a granted patent is marketed. 

ARTICLE 15. MISCELLANEOUS 
 15.1.
Each party and its employees and agents shall not use the other party’s name, any adaptation thereof, any logotype, trademark, service mark or slogan or the name mark or logotype in any way without the prior, written consent of the other party.

 15.2. This Agreement shall be construed and the respective rights of the parties hereto determined according to the substantive laws of
the Commonwealth of Pennsylvania, notwithstanding the provisions governing conflict of laws under such Pennsylvania law to the contrary. The parties agree that any dispute arising out of this Agreement may be resolved by recourse to the courts of
the Commonwealth of Pennsylvania or the United States District Court for the Eastern District of Pennsylvania. 
 15.3. If any provision of
this Agreement is held to be invalid or unenforceable under the laws of any jurisdiction of the parties, all other provisions shall, nevertheless continue in full force and effect. 

15.4. This Agreement, together with the SUBSCRIPTION AGREEMENT and the Additional Transaction Documents (as defined therein), constitutes the
entire agreement among the parties pertaining to PATENT RIGHTS and TECHNICAL INFORMATION and supersedes all previous arrangements, except for confidentiality agreements, whether written or oral. Any amendment, waiver or modification to this
Agreement shall be made in writing signed by both parties. Failure of either party to enforce a right under this Agreement shall not act as a waiver of that right and shall not preclude such party from later asserting that right relative to the
particular situation involved. 

 

 
  

 15.5. Any breach whatsoever of any provision of Article 4 (entitled EQUITY), Article 5
(entitled PAYMENTS) and Article 7 (entitled STATEMENTS AND REMITTANCES) shall be deemed a material breach of a material provision of this Agreement. 

15.6. Time is of the essence under this Agreement. 

15.7. All notices, requests, reports, and other communications provided in this Agreement shall be in writing and addressed as follows: 

 

			
	 To TEMPLE:
	  	Director
		  	Office of Technology Commercialization
		  	Temple University
		  	1801 N. Broad St, Conwell Hall Room 401
		  	Philadelphia, PA 19122
		
	 With copy to:
	  	Temple University Office of University Counsel
		  	1330 West Polett Walk, Suite 300
		  	Philadelphia, PA 19122
		  	Attention: University Counsel
		
	 To LICENSEE:
	  	Renovacor, Inc.
		  	136 Knightsbridge Road
		  	Wynnewood, PA 19096
		  	Attn: President

 Either party may change its address for notice by giving notice to the other in the manner herein provided. Notices, requests,
reports, and other communications provided in this Agreement, properly addressed according to the paragraph above, shall be deemed to have been made or given: (i) when delivered, if delivered by hand; (ii) when confirmation of transmission
received, if sent by facsimile, or the like; (iii) on the day following deposit with an overnight courier; or (iv) on the date three business days following deposit with the United States mail, certified or registered. 

All notices, requests, reports, and other communications provided in this Agreement shall be in writing and shall be deemed to have been made or given:
(a) when delivered, if delivered by hand; (b) when confirmation of transmission received, if sent by facsimile, or the like; (c) on the day following deposit with an overnight courier; or (d) on the date three business days
following deposit with the United States mail, certified or registered. 
 [THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
representatives as of the date set forth below. 
 Temple University - Of The Commonwealth System Of Higher Education: 

 

									
	BY	 	/s/ Jaison G. Kurichi	 		 	DATE: August 12, 2019
		 	 Jaison G. Kurichi
 Associate Vice President for
Budget
	 		 		 	

 Renovacor, Inc.: 
  

									
	BY	 	 /s/ Magdalene Cook
	 		 	DATE: August 12, 2019
		 	 Name: Magdalene Cook, MD

Title: Chief Executive Officer
	 		 		 	

  
 [Signature Page to
License Agreement] 

 

 
  

 Exhibit A 

PATENT RIGHTS 
 [***] 

 

 
  

 Exhibit B 

DEVELOPMENT AND COMMERCIALIZATION PLAN 

[***] 

 

 
  

 Exhibit C 

SUBSCRIPTION AGREEMENT 
 [***]

 

 
  

 Exhibit D 

LICENSEE DISCUSSIONS WITH INVENTOR 

[***]EX-10.2

 Exhibit 10.2 
  

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 
 SPONSORED 

RESEARCH AGREEMENT 
 THIS AGREEMENT
(“Agreement”), effective this 12th day of August, 2019 (“Effective Date”), by and between Temple University – Of the Commonwealth System of Higher Education (hereinafter referred to as “University”) and
Renovacor, Inc., a Delaware corporation, having a principal place of business at: 136 Knightsbridge Road, Wynnewood, PA 19096 (hereinafter referred to as “Sponsor”). 

RECITALS: 
 1. The research program contemplated by this
Agreement is of mutual interest and benefit to University and Sponsor, will further the multiple missions of University (Instruction, Research, and Public Service) in a manner consistent with its status as a
non-profit, tax-exempt, educational institution, and may derive benefits for Sponsor, University, and society by the advancement of science and engineering through
discovery; 
 2. Sponsor has expressed a desire to engage University to create or enhance technologies that will assist in Sponsor’s development and
commercialization of new products and/or processes; 
 3. University’s research capabilities reflect a substantial public investment which University,
as a part of its mission, wishes to utilize in a cooperative and collaborative research effort with Sponsor in order to meet the above stated needs; and 

4. Sponsor and University have entered into a license agreement (“License Agreement”) that provides for the license by University to Sponsor of
certain technology that University has developed that is directed to research contemplated by this Agreement. 
 NOW, THEREFORE, in consideration of
the premises and mutual covenants set forth below, the parties hereto agree to the following: 
 Article 1 – Definitions 

As used herein, the following terms shall have the following meanings: 

1.1 “Project” shall mean the research described in Appendix A hereof, under the direction of Arthur Feldman, MD, Ph.D. (hereinafter referred to as
“Principal Investigator”). 
 1.2 “Project Intellectual Property” shall mean all inventions, discoveries,
know-how, techniques, methodologies, modifications, improvements, works of authorship, designs and data (whether or not protectable under patent, copyright, trade secrecy or similar laws) that are conceived,
created, discovered, developed, and/or reduced to practice or tangible medium of expression (a) by one or more technicians, scientists, students or post doctoral fellows of University or (b) jointly by one or more technicians, scientists,
students or post doctoral fellows of University and one or more consultants or employees of Sponsor in the performance of the Project and resulting patents, divisions, continuations, or substitutions of such applications and all reissues thereof and
copyrightable materials, including computer software. In instances where University has less than complete ownership of such intellectual property or is limited with respect to its ability to assign or license the same due to possible rights of
Sponsor or the federal government, Project Intellectual Property will include only the property that University has the right to assign or license. 

  
 Page 1 of
15 

 

 
  

 1.3 “Proprietary Information” shall mean any written information and data marked proprietary or non-written information and data disclosed which is identified at the time of disclosure as proprietary and is reduced to writing and transmitted to the other party within sixty (60) days of such non-written disclosure. 
 1.4 “Agreement” has the meaning ascribed to it in the preamble. 

1.5 “Effective Date” has the meaning ascribed to it in the preamble. 

1.6 “License Agreement” has the meaning ascribed to it in the recitals. 

1.7 “Period of Performance” has the meaning ascribed to it in Article 2. 

1.8 “Sponsor” has the meaning ascribed to it in the preamble. 

1.9 “Sponsor Technology” shall mean all discoveries, inventions, know-how, trade secrets, techniques,
methodologies, modifications, improvements, works of authorship, designs and data (whether or not protectable under patent, copyright, trade secrecy or similar laws) that are conceived, discovered, developed, created or reduced to practice or
tangible medium of expression solely by consultants (other than those consultants that are also affiliated with University in connection with the Project) or employees of Sponsor at any time prior to the Effective Date, or concurrent with and
unrelated to the Project. 
 1.10 “University” has the meaning ascribed to it in the preamble. 

Article 2 - Period of Performance 
 This Agreement shall
become effective on the Effective Date, and shall expire on the third anniversary of the Effective Date (hereinafter referred to as “Period of Performance”) unless terminated sooner pursuant to Article 11 or extended in accordance with the
next sentence. This Agreement may be extended or renewed only by the parties’ mutual written agreement, executed by an authorized representative of both parties. 

Article 3 - Research Work 
 University shall commence the
performance of Project on the first day of Period of Performance and shall use reasonable best efforts to perform Project substantially in accordance with the terms and conditions of this Agreement and the research plan established by the Principal
Investigator. Sponsor and University have discussed and will agree on the research plan for the Project but the performance of the Project will be controlled by University. University shall furnish facilities (including laboratory space and
equipment) necessary to carry out its obligations under this Agreement. 
 Article 4 - Reports 

The Principal Investigator shall keep and maintain adequate records containing laboratory and pre-clinical data
generated in the course of the Project to enable him to furnish complete and accurate information to Sponsor regarding the Project activities and results. Principal Investigator shall be available to confer by telephone with Sponsor, as reasonably
appropriate, and shall furnish Sponsor with reasonably-detailed semi-annual written reports regarding Project to Sponsor describing the results and actual expenses of the research performed pursuant to the Project during the term of this Agreement.
Each report shall be delivered to Sponsor within forty-five (45) days following September 30 and March 31, commencing October 31, 2019. 

  
 Page 2 of
15 

 

 
  

 Sponsor may, upon ten (10) days prior written notice to University and Principal Investigator and at
times and places mutually agreed and subject to University’s then-applicable security procedures, enter University’s premises during normal hours of operation to examine and make copies of University and Principal Investigator’s
records relating to the Project to verify compliance by University and Principal Investigator with the terms of this Agreement. Any such examination and copying shall be paid for by Sponsor and shall be scheduled and conducted so as to reasonably
minimize the disruption of University’s research operations. 
 During the term of this Agreement, Principal Investigator will meet with
representatives of Sponsor at times and places mutually agreed upon but no less often than semi-annually to discuss the progress and results, as well as any proposed changes relating to the Project. 

Article 5 - Fiscal Considerations 
 5.1 This is a cost
reimbursable agreement. Total cost to Sponsor shall not exceed [***] for the 3-year Period of Performance. Subject to the provisions of Article 10 and Article 11, Sponsor shall provide University [***] in
funding for each year of the 3-year term. Payments shall be made by Sponsor according to the schedule set forth in Appendix B. Prior to the commencement of each funding period, Sponsor shall pay
University the amount budgeted for such period according to Appendix B. If in any period, actual expenditures by University exceed the amount set forth in Appendix B for the period, the overrun will be carried forward for the next
period and paid for from the next payment. If in any period actual expenditures are less than the amount set forth in Appendix B for the period, the underrun may be applied to the expenses of the subsequent period(s) by University but shall
not reduce the amount due University from Sponsor for the subsequent period(s). Subject to the provisions of Article 11.3, upon termination of this Agreement or the Project prior to expiration of the term, University shall return to Sponsor any
amounts paid to University by Sponsor which exceed University’s actual expenses for the Project where such amounts cannot be applied to a subsequent quarter as provided above. 

5.1A University shall closely monitor expenditures, in accordance with its institutional policies, to ensure that the funds provided by Sponsor are spent in
accordance with this Agreement. University shall have the right to re-budget Project funds between cost categories and annual budgets as deemed necessary by University and the Principal Investigator. 

5.1B University shall keep and maintain adequate books and records to furnish complete, detailed and accurate information to Sponsor regarding calculation of
the amounts expended by University on the Project and any budget deviations, according to the provisions of Article 5.1. 
 5.1C University and Sponsor
agree that during the term of this Agreement Sponsor shall be the sole source of direct financial support for the Project. University and Sponsor further agree and acknowledge that University shall not be restricted at any time from pursuing or
accepting financial support for the performance of research which is not undertaken pursuant to the scope of work for the Project. 
 5.2 University shall
retain title to any equipment purchased with funds provided by Sponsor under this Agreement. 
 5.3 In the event of early termination of this Agreement
pursuant to Article 11 hereof, Sponsor shall pay all reasonable costs and non-cancelable commitments incurred by University as of the date of termination. 

Article 6 - Publicity 
 Neither party to this Agreement
will use the name of the other party, nor of any member of the other party’s employees, in any publicity, advertising, or news release without the prior written approval of an authorized representative of that party. 

  
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 Article 7 - Publication 

7.1 It is the purpose of this clause, in conjunction with Article 8 - Confidentiality, to balance Sponsor’s need to protect commercially feasible
technologies, products, or processes with University’s public responsibility to freely disseminate scientific findings for the advancement of knowledge. University recognizes that the public dissemination of information based upon research
performed under this Agreement cannot contain Proprietary Information nor should it jeopardize Sponsor’s ability to commercialize Project Intellectual Property developed hereunder. Further, University acknowledges that commercially sensitive
information related to the design or composition of specified products or processes is not of general interest, while its confidentiality may be critical to the commercialization of said products or processes. Similarly, Sponsor recognizes that the
scientific results of Project must be publishable and, subject to the confidentiality provisions of the Agreement, may be presented in forums such as symposia or international, national or regional professional meetings, or published in vehicles
such as books, journals, websites, theses, or dissertations. 
 7.2 University agrees not to publish or otherwise disclose Proprietary Information. Sponsor
agrees that University, subject to review by Sponsor, shall have the right to publish results of Project which are not proprietary to the design or composition of specified products or processes derived from Project. Sponsor shall be furnished
copies of any proposed publication or presentation at least thirty (30) days before submission of such proposed publication or presentation. During that time, Sponsor shall have the right to review the material for Proprietary Information
provided by Sponsor and to assess the patentability of any invention described in the proposed publication or presentation. If Sponsor decides that a patent application should be filed, the publication or presentation shall be delayed an additional
sixty (60) days or until a patent application is filed, whichever is sooner. At Sponsor’s request, Proprietary Information provided by Sponsor shall be deleted. 

Article 8 - Confidentiality 
 8.1 Prior to disclosure of
Proprietary Information to University by Sponsor, Sponsor shall notify Principal Investigator of its intent to disclose Proprietary Information; and Principal Investigator shall have the right to decline receipt of said information. Proprietary
Information disclosed to University shall be sent only to Principal Investigator and not to other University personnel. 
 8.2 Each party to this Agreement
agrees to treat Proprietary Information received from the other party with a substantially similar degree of care to the degree of care with which it treats its own Proprietary Information, but in no event, with less than a reasonable degree of
care, and further agrees not to disclose such Proprietary Information to a third party without prior written consent from the party disclosing Proprietary Information. 

8.3 The foregoing obligations of non-disclosure do not apply to Proprietary Information which: 

(a) was known to the recipient prior to the disclosure hereunder; 

(b) was received from a third party not under an obligation of confidence to recipient; 

(c) is publicly available at the time of disclosure hereunder or subsequently entered the public domain without the fault of the recipient;

 (d) has been independently developed by an employee of recipient that has not had access directly or indirectly to Proprietary
Information of the disclosing party, and recipient can substantiate any claim of independent development by written evidence; or 
 (e) is
required to be disclosed by a government agency or court of competent jurisdiction; provided that the recipient notifies the disclosing party of any such disclosure request, if allowable by law, and, if the disclosing party informs recipient that
the disclosing party opposes the request for disclosure, then recipient shall (at disclosing party’s expense) support any of disclosing party’s reasonable efforts to oppose such request and shall disclose disclosing party’s
Proprietary Information only in the event of a final judgment or administrative order requiring such disclosure, and only to the extent necessary to comply with such request. 

  
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 8.4 Unless otherwise agreed to in writing, neither party hereto shall have any obligation of confidentiality
under this Agreement after the earlier of the seventh anniversary of (a) the conclusion date of the Period of Performance or (b) the date this Agreement is terminated in accordance with Article 11. 

8.5 After the expiration of any obligation of confidentiality under this Agreement, upon written request from Sponsor, University shall promptly return (at
Sponsor’s sole expense) all Proprietary Information, provided, however, that University may retain one copy of the Proprietary Information for archival purposes, and that such Proprietary Information shall remain subject to the terms and
conditions of this Agreement. 
 Article 9 - Intellectual Property 

9.1 The purpose of this clause is to balance Sponsor’s ability to reasonably exploit, with due competitive advantage, the commercial viability of
technologies, products, or processes with University’s responsibility to ensure the broadest public benefit from the results of University research. University recognizes that one of the prime reasons Sponsor has entered this Agreement
is an effort to secure, through the creation or enhancement of technologies, a market position with regard to its products or processes. At the same time, Sponsor recognizes that University has an obligation to utilize the knowledge and technology
generated by University research in a manner which maximizes societal benefit and economic development and which provides for the education of graduate and undergraduate students. 

9.2 University will promptly disclose to Sponsor in writing any Project Intellectual Property. Such disclosure shall be sufficiently detailed for Sponsor to
assess the commercial viability of the technology and shall be provided and maintained by Sponsor in confidence pursuant to the terms of Article 8. 
 9.3
Within sixty (60) days from the date Sponsor receives notification of the existence of particular Project Intellectual Property, Sponsor shall confer with University as to appropriate protection for such Project Intellectual Property and
whether Sponsor will assume responsibility for the expenses associated with filing for patent or other protection for such Project Intellectual Property. If Sponsor notifies University that it does not wish to pay the expenses in respect of any
Project Intellectual Property, University may license such Project Intellectual Property to third parties and University shall have the sole right with respect to the filing and prosecution of patent applications and the maintenance of patents in
respect of such Project Intellectual Property in accordance with the provisions of Article 9.5. 
 If Sponsor notifies University that it does wish to
assume responsibility for the expenses associated with filing for patent or other protection for such Project Intellectual Property. such Project Intellectual Property will be added to the Patent Rights (as defined in the License Agreement) and
related Technical Information (as defined in the License Agreement) will be subject to the provisions of the License Agreement and the procedures to be followed with respect to the filing and prosecution of patent applications and the maintenance of
patents in respect of such Project Intellectual Property shall be as set forth in Paragraph 9.1 of the License Agreement and Article 9.5 of this Agreement. The parties shall amend the License Agreement to add such Project Intellectual Property to
Exhibit A or Exhibit B to the License Agreement, as applicable. 
 9.4 All right and title to Project Intellectual Property described in clause (a) of
the Project Intellectual property definition shall be solely owned by University. All rights and title to Sponsor Technology shall be solely owned by Sponsor. All rights and title to Project Intellectual Property described in clause (b) of the
Project Intellectual property definition shall be jointly owned by University and Sponsor. Ownership of Project Intellectual property shall follow inventorship and, if necessary, patent counsel mutually acceptable to the parties shall determine
inventorship of all Project Intellectual Property in accordance with U. S. patent law when determining whether Project Intellectual Property is jointly owned or is owned solely by University or solely by Sponsor. 

  
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 9.5 Subject to the provisions of this Article 9.5, University shall promptly file and prosecute patent
applications in respect of Project Intellectual Property after due consultation with Sponsor. With respect to Project Intellectual Property for which Sponsor notifies University that Sponsor will assume responsibility for the expenses associated
with filing for patent or other protection for such Project Intellectual Property, preparation and prosecution of all patent applications in respect of such Project Intellectual Property as well as maintenance of all patents covering such Project
Intellectual property shall be undertaken in accordance with the procedures specified in Paragraph 9.1 of the License Agreement. Specifically, Sponsor shall, in consultation with University, using patent counsel mutually acceptable to each of
University and Sponsor, be responsible for the preparation and prosecution of all such patent applications and the maintenance of all such patents, to the extent permitted by law, in all countries designated in writing by Sponsor during the term of
the License Agreement. Except as provided in Paragraph 9.3 of the License Agreement, Sponsor shall be responsible for all out-of-pocket costs and expenses incurred by
University in the preparation, filing and prosecution of all such patent applications, and in the maintenance of all such patents. Such expenses shall include but not be limited to, expenses for the preparation, filing and prosecution of all U.S.
and international non-provisional, provisional, and PCT patent applications, and any expenses incurred for the maintenance of any U.S., foreign and PCT patents, and in the prosecution or defense of any and all
reissues, re-examinations, interferences, derivation proceedings, inter partes reviews, post grant reviews, oppositions, nullity proceedings and the like within such Patent Rights. Such costs and expenses
shall not be creditable against any other payments due to University under this Agreement or the License Agreement. Patent counsel will notify University and provide University copies of any official communications from United States and foreign
patent offices relating to prosecution of such patent applications, as well as copies of relevant communications to the various patent offices so that University may be informed and apprised of the continuing prosecution of such patent applications.
University will have reasonable opportunities to participate in key decisions affecting filing, prosecution and maintenance of such patent applications and patents, including, without limitation, opportunity to review and provide comment on
amendments and responses in the course of the prosecution of Project Intellectual Property. Sponsor will consider in good faith University’s reasonable suggestions regarding said prosecution. Sponsor will use reasonable efforts to amend any
patent application to include claims reasonably requested by University in order to cover a Licensed Product (as defined in the License Agreement). Except as otherwise provided in Paragraphs 9.3 and 9.4, of the License Agreement, any differences
between Sponsor and University with respect to preparation, filing, prosecution, issuance and maintenance matters for such patent applications and patents will be discussed and resolved to their mutual satisfaction; provided that if the parties
cannot resolve such differences through good faith discussions within thirty (30) days, University’s decision shall control. 
 With respect to
Project Intellectual Property for which Sponsor notifies University that Sponsor will not assume responsibility for the expenses associated with filing for patent or other protection for such Project Intellectual Property, University, University
shall control the filing, prosecution and maintenance of patent applications and patents in respect of such Project Intellectual Property using counsel of University’s choice. 

Article 10 - Principal Investigator 
 If the services of
the Principal Investigator become unavailable to University for any reason, either party may terminate this Agreement using the procedure specified in Article 11.1 hereof. 

Article 11 - Termination 
 11.1 Either party may terminate
this Agreement with written notice to the other in the event the Principal Investigator becomes unavailable to perform the Project in accordance with Article 10. In addition, either party may terminate this Agreement for convenience at any time with
thirty (30) days written notice to the other party. 

  
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 11.2 In the event that either party hereto shall commit any material breach of or default in any terms or
conditions of this Agreement, and also shall fail to reasonably remedy such default or breach within sixty (60) days after receipt of written notice thereof, the non-breaching party may, at its option and
in addition to any other remedies which it may have at law or in equity, terminate this Agreement by sending notice of termination in writing to the other party in accordance with Article 15. For purposes of this Article 11.2, University’s
“material obligations” shall mean its obligations under Articles 3, 4, 5.1A, 5.1B, 8 and 9. Sponsor’s “material obligations” shall mean its obligations under Articles 5.1, 8 and 9. 

11.3 If a party is unable to perform under this Agreement due to a force majeure condition (as defined in Article 18.5) for more than forty five
(45) consecutive days or an aggregate ninety (90) days in any 12-month period, then the other party may terminate this Agreement with notice to the
non-performing party. 
 11.4 Termination of this Agreement by either party for any reason shall not affect the
rights and obligations of the parties accrued prior to the effective date of termination of this Agreement. Upon termination of this Agreement pursuant to Article 11.1 or termination of this Agreement by Sponsor pursuant to Article 11.2 or Article
11.3, University shall return to Sponsor any amounts paid to University by Sponsor which exceed University’s actual expenses for the Project through the date of termination. 

11.5 The provisions of Articles 1, 4, 5.1A, 5.1B, 6, 7, 8, 9, 11.4, 12, 13, 14, 15, 16, 17, 18.2, 18.3, 18.6, 18.7 and 18.8 shall survive termination
(including expiration) of this Agreement; provided that the provisions of Article 9 shall not survive termination of this Agreement by University pursuant to Article 11.2 based upon Sponsor’s failure to provide Project funding in accordance
with Article 5.1. 
 Article 12 - Independent Contractor 

12.1 In the performance of project, University shall be deemed to be and shall be an independent contractor. Neither party shall have any authority to make any
statements, representations, or commitments of any kind, or to take any action which shall be binding on the other party, except as may be explicitly provided for herein or authorized in writing by such other party. 

12.2 Neither party hereto is authorized or empowered to act as agent for the other for any purpose and shall not on behalf of the other enter into any
contract, warranty, or representation as to any matter. Neither party shall be bound by the acts or conduct of the other. 
 Article 13 - Warranties

 13.1 University represents to Sponsor that: (a) it is a corporation duly organized and validly existing under the laws of its jurisdiction of
organization; (b) it has the corporate power and authority to execute, deliver and perform its obligations under this Agreement, and the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary
corporate action; (c) this Agreement has been duly executed and delivered by it: (d) this Agreement constitutes the valid and binding obligations of it, enforceable against it in accordance with its terms except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditor’s rights generally, or general principles of equity; and (e) its employees, agents and consultants are subject to written
agreements requiring them to disclose and assign any Project Intellectual Property to University. 
 13.2 Sponsor represents and warrants to University
that: (a) it is a corporation duly organized and validly existing under the laws of its jurisdiction of organization; (b) it has the corporate power and authority to execute, deliver and perform its obligations under this Agreement, and
the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate action; (c) this Agreement has been duly executed and delivered by it: (d) this Agreement constitutes the valid and binding
obligations of it, enforceable against it in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditor’s rights generally, or
general principles of equity; and (e) its employees, agents and consultants are subject to written agreements or binding policies requiring them to disclose and assign any Project Intellectual Property or Sponsor Technology to Sponsor. 

  
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 13.3 EXCEPT AS PROVIDED UNDER ARTICLE 13.1, UNIVERSITY MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY
MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, WARRANTIES WITH RESPECT TO THE CONDUCT, COMPLETION, SUCCESS OR PARTICULAR RESULTS OF THE PROJECT, OR THE CONDITION OF ANY INTELLECTUAL PROPERTY, WHETHER TANGIBLE OR INTANGIBLE, CONCEIVED, DISCOVERED,
OR DEVELOPED UNDER THIS AGREEMENT, OR THE OWNERSHIP, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROJECT OR ANY INTELLECTUAL PROPERTY. FURTHER UNIVERSITY MAKES NO EXPRESS OR IMPLIED WARRANTY THAT THE USE OF ANY INTELLECTUAL PROPERTY
WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHTS. UNIVERSITY SHALL NOT BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE OR OTHER DAMAGES SUFFERED BY SPONSOR OR ANY OTHER PERSON RESULTING FROM THE PROJECT OR THE USE OF ANY
INTELLECTUAL PROPERTY. 
 13.4 EXCEPT AS PROVIDED UNDER ARTICLE 13.2, SPONSOR MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER,
INCLUDING, ANY IMPLIED WARRANTIES OF NON-INFRINGEMENT. EXCEPT FOR THIRD PARTY CLAIMS UNDER ARTICLE 14, SPONSOR SHALL NOT BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE OR OTHER DAMAGES SUFFERED
BY UNIVERSITY OR ANY OTHER PERSON RESULTING FROM THE PROJECT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY. 
 Article 14 – Indemnity and Insurance

 14.1 Each party assumes all risks of personal injury, bodily injury including death, and property damage caused by the negligent acts or omissions of
that party. Except as provided above, Sponsor shall defend, indemnify and hold harmless University its trustees, officers, employees and agents against all claims, liabilities, damages and costs (including counsel fees) arising out of any third
party claims, suits or actions: (i) resulting from arising out of or related to Sponsor’s use, commercialization, or distribution of information, materials or products which result in whole or in part from the research performed pursuant
to this Agreement; or (ii) that the work performed hereunder infringes third party intellectual property rights. University has no knowledge of any such claims. To receive the benefit of indemnification under this Article 14, University must
(a) give Sponsor written notice of any claim(s) for which it seeks indemnification under this Article 14 within thirty (30) days, provided that the failure to give such notice shall not affect the rights of such University indemnitee under
this Article 14 unless, and then solely to the extent that, such failure actually and materially prejudices the rights of Sponsor; and (b) reasonably cooperate with Sponsor and its insurance carrier in the defense or settlement of any such
claim(s) (at Sponsor’s expense); and tender to Sponsor (and its insurance carrier) full authority to defend or settle the claim or suit, subject to the limitation set forth below with respect to settlement by Sponsor. Sponsor shall keep the
University indemnitees informed on a current basis of its defense of any claims or suits under this Article 14. Sponsor will not settle any claim or suit against University indemnitees without University’s written consent where (1) such
settlement would include any admission of liability or admission of wrong doing on the part of the indemnified party, or (2) such settlement would not include an unconditional release of University indemnitees from all liability for claims that
are the subject matter of the settled claim. Sponsor has no obligation to indemnify University indemnitees’ in connection with any settlement made without Sponsor’s written consent. 

14.2 Insurance. Each party will maintain insurance in an amount adequate to cover their obligations under this Agreement. It is agreed that either party may
elect to maintain its coverage through its program of self-insurance. University coverage will include comprehensive general liability insurance, broad form contractual in a minimum amount of $2,000,000/$5,000,000 and professional liability in a
minimum amount of $2,000,000/$3,000,000. Sponsor agrees to maintain coverage in an amount that will be adequate to cover its obligations hereunder based on commonly 

  
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accepted industry standard for such services and for the duration of its obligations under the Agreement, including but not limited to general liability, product liability, and broad form
contractual liability, if applicable, but in no event shall such coverage be less than in a minimum amount of $3,000,000/$5,000,000. Upon request, parties agree to provide the requesting party a certificate of insurance showing that such insurance
is in place within 30 days of such request. 
 Article 15 - Notices 

Notices, invoices, communications, and payments hereunder shall be deemed made if given by overnight courier or by registered or certified envelope, post
prepaid, and addressed to the party to receive such notice, invoice or communication at the address given below or such other address as may hereafter be designated by notice in writing: 

 

							
	If to Sponsor:	  	Renovacor, Inc.	  		  	
	Name/Title	  	Magdalene Cook, Chief Executive Officer	  	Phone:	  	203-524-0788
	Address	  	136 Knightsbridge Road	  	Fax:	  	
	City/State/Zip	  	Wynnewood, PA 19096	  	Email:	  	maggiecook95@gmail.com

  

							
	If to University:	  		  		  	
	Stephen G. Nappi, Associate Vice President	  	Phone:	  	215-204-5293
	Technology Commercialization and Business Development	  	Fax:	  	215-204-7486
	1801 North Broad Street, Suite 401	  	Email:	  	snappi@temple.edu
	Philadelphia, PA 19122	  		  	

  

							
	If Payment Matters:	  		  	
	Temple University	  		  	
	Lockbox—Payment Administration	  	Phone:	  	215-926-2062
	PO Box 824242	  	Fax:	  	215-926-2022
	Philadelphia, PA 19182	  	Email:	  	rapost@temple.edu

  

							
	If Technical Issue:	  		  		  	
	PI	  	 	  	Phone:	  	 
	Title	  	 	  	Fax:	  	 
	Campus Address	  	 	  	Email:	  	 
	Temple University	  		  		  	
	City/State/Zip	  	 	  		  	

 Either party may change its address for notice by giving notice to the other in the manner herein provided. Notices, requests,
reports, and other communications provided in this Agreement, properly addressed according to the paragraph above, shall be deemed to have been made or given: (i) when confirmation of transmission received, if sent by facsimile, or the like;
(ii) on the day following deposit with an overnight courier; or (iii) on the date three business days following deposit with the United States mail, certified or registered. 

Article 16 - Governing Law 
 Both parties agree to comply
with all applicable federal, state, and local laws and regulations in the performance of this Project, as well as any requirements under any applicable protocol or statement of work. This Agreement shall be governed and construed in accordance with
the laws of the Commonwealth of Pennsylvania. 

  
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 Article 17 - Dispute Resolution 

In the event of any claim, dispute or controversy arising under, out of, or in connection with this Agreement, the parties shall appoint a representative and
negotiate in good faith for a period of not less than sixty (60) days. If the representatives of the parties have not been able to resolve the dispute within such sixty (60) days, the parties shall have the right to pursue any other
remedies legally available to resolve such dispute in either the Courts of the Common Pleas of Philadelphia County of Pennsylvania or in the United States District Court for the Eastern District of Pennsylvania, to whose jurisdiction for such
purposes the University and Sponsor each hereby irrevocably consents and submits. 
 Notwithstanding the foregoing, nothing in this clause shall be
construed to waive any rights or timely performance of any obligations existing under this Agreement. 
 Article 18 - General Provisions 

18.1 Non-assignability -- The rights and obligations of the parties under this Agreement shall not be assignable
without written permission of the other party; provided that Sponsor may assign this Agreement its rights and obligations hereunder to any third party that purchases substantially all of the Sponsor’s stock or assets. 

18.2 Severability -- If any provision hereof is held unenforceable or void, the remaining provisions shall be enforced in accordance with their terms.

 18.3 Entire Agreement -- This Agreement contains the entire and only agreement between the parties respecting the subject matter hereof and
supersedes or cancels all previous negotiations, agreements, commitments and writings between the parties on the subject of this Agreement. Should processing of this Agreement require issuance of a purchase order or other contractual document, all
terms and conditions of said document are hereby deleted in entirety. This Agreement may not be amended in any manner except by an instrument in writing signed by the duly authorized representatives of each of the parties hereto. If any provision of
this Agreement is held to be invalid or unenforceable under the laws of any jurisdiction of the parties, all other provisions shall, nevertheless continue in full force and effect. 

18.4 Export Control Regulations -- Sponsor agrees that it shall comply with all applicable export control regulations of the United States of America.
Sponsor shall be responsible for obtaining all information regarding such regulations that is necessary for Sponsor to comply with such regulations. 
 18.5
Force Majeure -- Neither party shall be liable for any failure to perform as required by this Agreement to the extent such failure to perform is due to circumstances reasonably beyond such party’s control, including, without limitation,
labor disturbances or labor disputes of any kind, accidents, failure of any governmental approval required for full performance, civil disorders or commotions, acts of aggression, acts of God, energy or other conservation measures imposed by law or
regulation, explosions, failure of utilities, mechanical breakdowns, material shortages, disease, or other such occurrences. In the event of the occurrence of such a force majeure event, the party unable to perform shall promptly notify the other
party pursuant to Article 15, and use its best efforts to resume performance as quickly as possible and shall suspend performance only for such period of time as is necessary as a result of the force majeure event. 

18.6 Binding Effect, Benefits. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and
permitted assigns; nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto or, as applicable, their respective successors and permitted assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement. 
 18.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 

  
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 18.8 Headings. The headings in this Agreement are inserted for convenience of reference only and are
not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused
these presents to be executed in duplicate as of the day and year first above written. 
 [remainder of this page intentionally left
blank -- signature page follows] 

  
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 TEMPLE UNIVERSITY - OF THE COMMONWEALTH SYSTEM OF HIGHER EDUCATION 

 

					
	By An Authorized Official of University
		
	 /s/ Jaison G. Kurichi
  
	 	
	Name:	 	 Jaison G. Kurichi
  

			
	Title:	 	Associate Vice President for Budget	 	
			
	Date:	 	Aug 5, 2019	 	

 RENOVACOR, INC. 
  

			
	
	By An Authorized Official of Sponsor
	
	/s/ Magdalene Cook
		
	Name:	 	Magdalene Cook, MD
		
	Title:	 	Chief Executive Officer
		
	Date:	 	August 12, 2019

  
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 APPENDIX A 

PROJECT 
 [***] 

  
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 APPENDIX B 

PROJECT BUDGET 
 SRA
Budget 
  
  

[***] 

  
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