Document:

Exclusive License Agreement - Children's Medical Center Corporation

 Exhibit 10.6 
 EXECUTION COPY 
 EXCLUSIVE LICENSE AGREEMENT 
 BETWEEN 
 CHILDREN’S MEDICAL CENTER CORPORATION 
 AND 
 TENGION, INC. 
  

					
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 TABLE OF CONTENTS 
  

					
	 Articles
	  	 	  	Page
	I.	  	Definitions	  	4
			
	II.	  	Grant	  	10
			
	III.	  	Due Diligence And Related Matters	  	14
			
	IV.	  	Royalties And Other Payments	  	18
			
	V.	  	Reports, Records And Related Matters	  	24
			
	VI.	  	Patent Prosecution	  	26
			
	VII.	  	Infringement	  	28
			
	VIII.	  	Uniform Indemnification And Insurance Provisions	  	30
			
	IX.	  	Representations And Warranties	  	32
			
	X.	  	Compliance With Laws; Export Controls	  	33
			
	XI.	  	Non-Use Of Names	  	34
			
	XII.	  	Assignment	  	34
			
	XIII.	  	Dispute Resolution And Arbitration	  	35
			
	XIV.	  	Term And Termination	  	36
			
	XV.	  	Payments, Notices, And Other Communications	  	39
			
	XVI.	  	General Provisions	  	40
			
	Appendix 1	  	Patent Rights	  	43
			
	Appendix 2	  	Biological Materials	  	45
			
	Appendix 3	  	Preliminary Development Plan	  	46

  

					
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 EXCLUSIVE LICENSE AGREEMENT 
 This Agreement is made and entered into as of the date last written below (the “Effective Date”), by and between CHILDREN’S MEDICAL CENTER
CORPORATION, a charitable corporation duly organized and existing under the laws of the Commonwealth of Massachusetts and having its principal office at 300 Longwood Avenue, Boston, Massachusetts, 02115, U.S.A. (hereinafter referred to as
“CMCC”), and Tengion, Inc., a business corporation organized and existing under the laws of the State of Delaware and having its principal office c/o Scheer & Company, 250 West Main Street, Branford, Connecticut, 06405
(hereinafter referred to as “Licensee”). 
 WHEREAS, CMCC is the owner of certain Patent Rights (as that term shall be defined
hereafter) and has the right to grant exclusive licenses under the Patent Rights, subject only to a royalty-free, nonexclusive license granted to the United States Government for those inventions and ensuing patents developed with U.S. Government
funding, and certain laws and regulations relating to Federally-funded projects and institutions; 
 WHEREAS, in furtherance of its charitable
and research missions and those laws and regulations, CMCC desires to have the Patent Rights utilized to promote the public interest and to further that goal is willing to grant a license to Licensee on the terms and conditions described herein;

 WHEREAS, Licensee has represented to CMCC that Licensee plans to engage in the commercial development, production, manufacture, marketing and
sale of Licensed Products (as that term shall be defined hereafter) and/or the use of Licensed Processes (as that term shall be defined hereafter) and that it will use Reasonably Diligent Efforts (as that term shall be defined hereafter) to
implement a development program as described in this Agreement; and 
 WHEREAS, Licensee desires to obtain an exclusive license, within a
designated territory and for a prescribed field of use, relating to certain licensed products and processes within the scope of the Patent Rights, subject to the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, the parties hereto agree as follows: 
  

					
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 ARTICLE I. DEFINITIONS 
 For the purpose of this Agreement, the following words and phrases shall have the meanings set forth below: 
  

	A.	“Affiliate” shall mean any company or other legal entity actually controlling, controlled by or under common control with Licensee. For purposes of the
definition of “Affiliate” the term “control” shall mean: (i) in the case of a corporate entity, the ability to effect the election of a majority of directors, or in the case of a for-profit entity direct or indirect
ownership of at least a majority of the stock or participating shares entitled to vote for the election of directors of that entity, in any case coupled with active managerial involvement and accountability for directing the business and affairs of
that entity; (ii) in the case of a partnership, the power customarily held by a managing partner to direct the management and policies of such partnership, provided that such power is actively exercised; or (iii) in the case of a joint
venture, whether in corporate, partnership or other legal form, a prevailing joint economic interest coupled with a managerial role entailing active direction, control and accountability with respect to the business and affairs of the entity.

  

	B.	“Biological Materials” shall mean the specific proprietary biological materials listed in Appendix 2 (including Progeny and Unmodified Derivatives of those
materials, but excluding Modifications except to the extent they incorporate such materials), which may be updated from time to time upon mutual written agreement of the Intellectual Property Office of CMCC and Licensee. For purposes of this
definition, Progeny shall mean an unmodified descendant from the material, such as a virus from virus, cell from a cell, or organism from an organism; Unmodified Derivatives shall mean substances created by the Licensee which constitute an
unmodified functional subunit or product expressed by the original material (such as subclones of unmodified cell lines, purified or fractionated subsets of the original material, proteins expressed by DNA/RNA, or monoclonal antibodies secreted by a
hybridoma cell line); and Modifications shall mean substances created by the Licensee which contain or incorporate the material. 

  

	C.	“Combination Product(s) or Process(es)” shall mean a product or process that includes a Licensed Product or Licensed Process sold in combination with another
component(s) whose manufacture, use or sale by an unlicensed party would not constitute an infringement of the Patent Rights licensed in this Agreement. 

  

					
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	D.	 “Equivalent Value” shall mean the cash price that would be paid in an arm’s length transaction between two unrelated parties. The
equivalent value shall be fairly determined by Licensee’s Board of Directors and CMCC shall be notified thereof in writing together with a sufficiently detailed explanation of the determination and summary of the underlying data (if any) and
assumptions to allow CMCC to evaluate the fairness of the determination. CMCC may, upon written notice to Licensee, appoint an independent certified public accountant or consultant (an “Independent Appraiser” for purposes of this Article
I, Paragraph D.) whose general qualifications are reasonably acceptable to Licensee and the cost and expense of the Independent Appraiser shall be paid solely by CMCC, except as provided below. If CMCC fails to notify Licensee of its election to
exercise its valuation right within thirty (30) days after its receipt of the explanation and initial determination by Licensee’s Board of Directors as provided herein, then the equivalent value thereof shall be the amount as determined by
Licensee’s Board of Directors, if CMCC exercises its valuation right, Licensee shall provide said Independent Appraiser with such books, information and records as the Independent Appraiser shall reasonably request pursuant to accepted
professional practice standards, and CMCC shall thereafter cause the Independent Appraiser appointed by CMCC to provide its determination of equivalent value in writing to Licensee and CMCC. Following receipt of such determination, the parties
shall, in good faith, attempt to mutually agree upon the equivalent value. If the parties are unable to so agree within thirty (30) days following their receipt of such determination, the parties shall jointly appoint a mutually acceptable
Independent Appraiser to determine the equivalent value. The cost and expense of such jointly appointed Independent Appraiser and the Independent Appraiser appointed solely by CMCC shall be paid as follows: (a) if the equivalent value as found
by the jointly appointed Independent Appraiser is within fifteen percent (15%) of the equivalent value determined by Licensee’s Board of Directors, such costs and expenses of the jointly appointed Independent Appraiser shall be paid solely
by CMCC; (b) if the equivalent value as found by the jointly appointed Independent Appraiser is greater than fifteen percent (15%) more than the equivalent value determined by Licensee’s Board of Directors, the cost and expense of the
jointly appointed Independent Appraiser shall be paid solely by Licensee; and (c) the costs and expenses of the independent Appraiser appointed solely by CMCC shall be shared equally by CMCC and Licensee. In any case, the determinations made by
Licensee’s Board of

  

					
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Directors, the Independent Appraiser appointed by CMCC and the Independent Appraiser jointly appointed by the parties shall be compared, and the equivalent value shall be the middle determination
(and not an average thereof). Any Independent Appraiser appointed by CMCC or jointly appointed by CMCC and Licensee shall be subject to an obligation of confidentiality consistent with customary professional standards, to limit any disclosures to
any persons other than CMCC and Licensee. 

  

	E.	“Field of Use” shall mean the development and commercialization of tissue engineered products for human and animal therapeutics in the subfields of
(1) genitourinary, (2) vascular tissue, (3) nervous tissue, (4) trachea and (5) other subfields when and if mutually agreed upon by the parties in writing. 

  

	F.	“First Commercial Sale” shall mean, with respect to each country: (i) the first sale of any Licensed Product by Licensee or any Sublicensee, following
approval of such Licensed Product’s marketing by the appropriate governmental agency, if any such approval is necessary, for the country in which the sale is to be made; or (ii) when governmental approval is not required, the first sale in
that country of the Licensed Product. 

  

	H.	“Full-Time Equivalent” or “FTE” shall mean a full-time equivalent employee rate of at least * hours per year per employee on an annualized basis.

  

	I.	“Government Rights” shall have the meaning stated in Paragraph C of Article II. 

  

	J.	“Improvement” shall mean any modification or improvement of the inventions and/or technology (i) which CMCC owns or has sufficient rights to license
hereunder; (ii) deriving from the activities of Dr. Anthony Atala and/or others in his laboratory at CMCC or the consulting services performed by Dr. Anthony Atala for Licensee under the Industry-Academic Consulting Agreement of even
date (the “Consulting Agreement”); (iii) funded by Licensee and either within the scope of the Sponsored Research Program or derived from the consulting services performed by Dr. Anthony Atala for Licensee under the Consulting
Agreement; and (iv) that is directed to the subject matter described in the specifications and/or claims of the CMCC Patent Rights. Improvements do not include any New Developments. 

  

	K.	 “Know-how” shall mean unpatented manufacturing and scientific information, including, chemical manufacturing data, toxicological data,
pharmacological data,

  

					
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preclinical data, assays, platforms, formulations, specifications, and quality control testing data, (i) in the Field of Use; (ii) which CMCC owns or has sufficient rights to license
hereunder; (iii) deriving from (A) the activities of Dr. Anthony Atala and/or others in his laboratory at CMCC prior to the Effective Date or developed under and within the scope of the Sponsored Research Program or (B) the
consulting services performed by Dr. Anthony Atala for Licensee under the Consulting Agreement; and (iv) that are necessary or useful and related to the development or manufacture of Licensed Products. Know-how does not include any
Improvements or New Developments. 

  

	K.	“Licensee Improvements” shall mean any modification or improvement to the Technology derived from the activities of Licensee. Licensee Improvements do not
include any Improvements or New Developments. 

  

	L.	“Licensed Product” shall mean any product or part thereof in the Field of Use: 

  

	 	1.	the manufacture, use or sale of which would infringe, absent the license granted herein, any one of the issued, unexpired claim(s) or any one of the pending claim(s)
contained in the Patent Rights in any county within the Territory. A claim of any issued, unexpired Patent Right shall be presumed to be valid unless and until it has been held to be invalid by a final judgment of a court of competent jurisdiction
from which no appeal can be or is taken; or 

  

	 	2.	the manufacture or use of which uses a “Licensed Process” as that term shall be defined hereafter; or 

  

	 	3.	is a Licensed Process. 

  

	L.	“Licensed Process” shall mean any process that would, absent the license granted herein, infringe any one of the issued, valid, enforceable, unexpired
claim(s) or any one of the pending claim(s) contained in the Patent Rights in any country in the Territory. A claim of any issued, unexpired Patent Right shall be presumed to be valid unless and until it has been held to be invalid by a final
judgment of a court of competent jurisdiction from which no appeal can be or is taken. 

  

	M.	“Licensee” shall mean Licensee, and successors and assignees permitted by this Agreement (including Affiliates where they are assignees permitted by this
Agreement). 

  

					
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	O.	“Net Sales” shall mean the gross receipts actually received by Licensee or its Affiliates for sales, leases, or other transfers of Licensed Products for any
Licensed Products to a final customer who will be an end user of the Licensed Product and is not an Affiliate or Sublicensee, less (to the extent appropriately documented) the following amounts: * 

  

					
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	O.	“New Developments” shall mean inventions, discoveries, data, methods and/or results, without regard to its particular characterization as intellectual
property, developed in performance of and within the scope of the Sponsored Research Program but not directed to the subject matter specifically described by the specifications or claims of the CMCC Patent Rights. New Developments do not include any
improvements. 

  

	P.	“Patent Rights” shall mean all of the following intellectual property which CMCC owns or has rights to during the Term of this Agreement as hereafter defined:

  

	 	1.	The United States and foreign patents and/or patent applications and invention disclosures listed in Appendix 1 attached hereto and incorporated herein by reference and
divisionals and continuations thereof. 

  

	 	2.	The United States and foreign patents issued from the applications listed in Appendix 1 and from divisionals and continuations of those applications.

  

	 	3.	Claims of United States and foreign continuation-in-part applications and patent applications, having at least one inventor either in common with the original Patent
Rights and/or one or more other persons in the laboratory of Dr. Anthony Atala at CMCC, filed after the Effective Date, and of the resulting patents, which are directed to the subject matter specifically described in the specifications and
claims of the United States and foreign patent applications described in Appendix 1. 

  

	 	4.	Claims of all later filed foreign patent applications, and of the resulting patents, which are directed to the subject matter specifically described in the United
States patent and/or patent applications described in subparagraphs 1, 2 or 3 of this Article I, Paragraph Q. 

  

	 	5.	Any reissues, divisions, amendments, reexaminations or extensions of the United States or foreign patents described in subparagraphs 1, 2, 3 or 4 of this Article I,
Paragraph Q. 

  

	 	6.	The matters identified in subparagraphs 1 through 5 above with respect to patent rights claiming Improvements. 

  

	Q.	 “Reasonably Diligent Efforts” shall mean reasonably diligent efforts and resources consistent with practices commonly used in the
research-based pharmaceutical industry for a company in a similar position as Licensee at such time for a product

  

					
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using such company’s strategic core technology at a similar state in its development or product life, as applicable, of similar market potential, taking into account efficacy, safety, the
competitiveness of alternative products in the marketplace, the patent and other proprietary position of the product, the likelihood of regulatory approval, and maintaining the first priority of rapid and effective development of the Technology in
Licensee’s corporate strategy. 

  

	R.	“Sublicensee” shall mean a person or entity unaffiliated with Licensee to whom Licensee has granted a sublicense under this Agreement.

  

	S.	“Technology” shall mean the technology relating to tissue engineering covered by the claims of the Patent Rights. 

  

	T.	“Term” shall have the meaning stated in Paragraph A of Article XIII. 

  

	U.	“Territory” shall mean worldwide. 

 ARTICLE II. GRANT 
  

	A.	Subject to the terms of this Agreement, CMCC hereby grants to Licensee the worldwide right and exclusive license, with the right to grant sublicenses, under the Patent
Rights to make, have made, use, lease, sell, offer for sale and import for use or resale the Licensed Products, and to practice the Licensed Processes, in the Territory for the Field of Use to the end of the Term, unless sooner terminated as
provided in this Agreement; provided, however, notwithstanding the foregoing, the license to Patent Rights under * shall be non-exclusive and the license to Patent Rights under *, *, * and * shall be exclusive but limited to the genitourinary
subfield of the Field of Use. CMCC hereby also grants for the Term of this Agreement a non-exclusive license to Know-how, and a non-exclusive license to use Biological Materials in connection with Licensee’s research and development of Licensed
Products; provided that such license shall not include the right to sublicense or transfer such Know-how or Biological Materials except to Licensee’s Affiliates, and contractors of Licensee for the purpose of validating the materials, or
carrying out the Development Plan, or developing or commercializing Licensed Products that are subject to the terms of this Agreement, including without limitation Paragraph I of this Article, and Article IV of this License Agreement.

  

					
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	B.	Notwithstanding anything above to the contrary, CMCC shall retain a royalty-free, nonexclusive, right to practice and use, and to license to other academic and
nonprofit research organizations to practice and/or use the Patent Rights and Licensed Products for research, educational, clinical and/or charitable purposes only. Any such sublicense shall specifically (i) prohibit any sublicense, assignment
or further transfer by any such academic and nonprofit research organizations to any other person or entity as far as exclusively licensed to Licensee hereunder, and (ii) exclude and prohibit commercialization of the Patent Rights, unless the
Sublicensee enters into an agreement with Licensee on terms consistent with this Agreement but in other respects agreeable to Licensee in Licensee’s sole discretion. 

  

	C.	Notwithstanding any other provision of this Agreement, the licenses granted hereunder and any sublicense shall be subject to the rights of the United States government,
if any, under Public Law 96-517, 97-226, and 98-620, codified at 35 U.S.C. sec. 200-212 and any regulations promulgated thereunder; and the obligations of CMCC under applicable laws and regulations (collectively, the “Government Rights”).

  

	D.	Licensee agrees that Licensed Products leased or sold in the United States shall be manufactured substantially in the United States (including Puerto Rico). Upon the
First Commercial Sale and thereafter, Licensee’s annual report to CMCC shall substantiate Licensee’s compliance with this provision. To support exclusivity for Licensee consistent with this Agreement, CMCC hereby agrees that, except as
provided in Paragraph B of this Article II, it shall not, without Licensee’s prior written consent, grant to any other person or entity a license under the Patent Rights to make, have made, use, lease, sell, offer for sale or import Licensed
Products, or to use the Licensed Processes in the Field of Use, during the period of time in which this Agreement is in effect, except as required by laws affecting the rights of the United States Government. 

  

	E.	The license granted hereunder shall not be construed to confer any rights upon Licensee by implication, estoppel or otherwise as to any inventions, discoveries,
know-how, technology or other intellectual property not described in Paragraph A of this Article. 

  

					
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	F.	As a condition of the license granted hereunder, Licensee hereby irrevocably covenants and agrees that it will not, directly or indirectly, in any respect, use
non-public information it has acquired in the course of prosecution of the Patent Rights from CMCC and/or patent counsel prosecuting the Patent Rights, or non-public information Licensee has provided, or recommendations made by Licensee that have
been implemented in whole or in part with respect to prosecution of the Patent Rights, to challenge the Patent Rights or CMCC’s ownership of such rights. Any assignment or sublicense granted by Licensee shall contain an identical commitment by
the assignee or Sublicensee. 

  

	G.	To the extent not in conflict or inconsistent with the exclusive license granted to Licensee under this Agreement, nothing in this Agreement shall be construed to limit
or constrain CMCC, or any officer, director, employee, member of its medical staff, or of any CMCC Affiliate, from continuing to engage in related research; or from the development of related or unrelated inventions, discoveries, rights or
technology, and from practicing, licensing or sublicensing related or unrelated intellectual property rights arising from inventions occurring after the Effective Date of this Agreement, or from academic publication related thereto, or from entering
into agreements and other relationships with other persons or organizations related to matters not directly and expressly within the scope of this Agreement, or from exercising any rights whatsoever with respect to the Biological Materials and
Know-how. 

  

	H.	 Licensee shall have the right to enter into sublicensing agreements with respect to any of the rights, privileges, and licenses granted hereunder,
subject to the terms and conditions hereof. CMCC agrees that, in the event CMCC terminates this Agreement for any reason provided hereafter, CMCC shall provide to known Sublicensees, no less than thirty (30) days prior to the effective date of
said termination, written notice of said termination at the address specified by Licensee in the notice provided to CMCC under paragraph I of this Article. If the Sublicensee may, during that thirty (30) day period, provide to CMCC notice that
the Sublicensee: (i) reaffirms the terms and conditions of this Agreement as it relates to the rights the Sublicensee has been granted under the sublicense; (ii) agrees to abide by all of the terms and conditions of this Agreement
applicable to such Sublicensee and to discharge directly all pertinent obligations of Licensee which Licensee is obligated hereunder to discharge; and (iii) acknowledges that CMCC shall have no obligations to the Sublicensee other than its

  

					
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obligations set forth in this Agreement with regard to Licensee. CMCC agrees that, provided CMCC receives notice that complies with the immediately preceding sentence, and Sublicensee is not in
breach of its sublicense, CMCC shall grant to such Sublicensee license rights and terms equivalent to the sublicense rights and terms which the Licensee shall have granted to said Sublicensee; provided that the Sublicensee shall remain a Sublicensee
under this Agreement for a period of at least sixty (60) days following receipt of notice from CMCC. 

  

	I.	Licensee agrees that any sublicense granted by it shall provide that the obligations to CMCC of Articles II (Grant), V (Reports and Records), VII (Infringement), VIII
(Insurance and Indemnification), IX (Compliance with Laws; Export Controls), X (Non-Use of Names), XI (Assignment), XII (Dispute Resolution), XIII (Term and Termination) and XV (General Provisions) of this Agreement shall be binding upon the
Sublicensee, for the benefit of CMCC, as if it were a party to this Agreement. In addition, every sublicense shall contain within it requirements for commercially reasonable due diligence in developing or exploiting the Patent Rights, or selling
Licensed Products, as specifically applicable; shall provide for quality control, safety, and compliance with regulatory procedures and requirements, including without limitation good clinical and manufacturing practices and laws, regulations and
international protocols respecting human subject protection; shall obligate Licensee to enforce those provisions consistent with achieving Licensee’s obligations pursuant to this Agreement, and shall make CMCC a third-party beneficiary of the
sublicense, with the right, but not the obligation, to enforce Licensee’s rights in the event Licensee fails to, provided that CMCC has provided at least thirty (30) days’ prior written notice to Licensee of CMCC’s intention to
do so, or at least fifteen (15) days’ prior written notice to Licensee in the case of laws and regulations regarding human subject protection regarding the conduct of clinical. Licensee agrees to provide to CMCC notice of any sublicense
granted hereunder and to forward to CMCC a copy of any and all fully executed sublicense agreements within thirty (30) days of execution. Licensee further agrees to forward to CMCC annually a copy of such reports received by Licensee from its
Sublicensees during the preceding twelve (12) month period relating to a royalty accounting under the applicable sublicense and compliance with the other terms of this Agreement. 

  

					
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	J.	Licensee shall advise CMCC in writing of any consideration received from Sublicensees, and, at CMCC’s request, provide such information in an electronic or other
format. Licensee shall give CMCC notice within thirty (30) days of any agreement by Licensee to accept from any Sublicensee anything of Equivalent Value in lieu of cash payments as Sublicensee consideration, such notice to include an
explanation and summary of underlying data and assumptions in sufficient detail for CMCC to evaluate the determination of Equivalent Value. 

 ARTICLE III. DUE DILIGENCE AND RELATED MATTERS 
  

	A.	Licensee, upon execution of this Agreement, shall use Reasonably Diligent Efforts in good faith, consistent with reasonable judgment, sound and legal business practices
and the terms of this Agreement, to bring one or more Licensed Products to market as soon as practicable and to obtain all necessary government approvals for the manufacture, use, sale and distribution of Licensed Products. Thereafter, Licensee
agrees that until expiration or termination of this Agreement, Licensee shall continue to use Reasonably Diligent Efforts to keep Licensed Products reasonably available to the public, in quantities sufficient to meet market demand, in the Field of
Use and in the Territory. In the event Licensee decides not to exploit a licensed Patent Right or Field of Use, it shall promptly inform CMCC in writing and shall surrender to CMCC its license to that Patent Right or Field of Use.

  

	B.	The parties acknowledge that Licensee has provided to CMCC prior to the date of execution of this Agreement a written research and development plan (“Preliminary
Development Plan”) setting forth generally (i) the initial indications and markets for Licensed Products, (ii) estimated time-delimited targets for pre-clinical development and iii) actual or projected financial resources and/or
strategic alliances that will be required to implement the Development Plan. Licensee will submit updated Development Plans at the time of the closing by Licensee of its Series A Preferred Stock financing (and in any event within twelve
(12) months after the Effective Date) and annually thereafter until no longer applicable. The first updated Development Plan will include (i) time delimited targets for clinical trials, regulatory approval, manufacturing and marketing to
bring Licensed Products to the marketplace for each of bladder, kidney, vascular tissue and nervous tissues, The Preliminary Development Plan is attached hereto as Appendix 2 and is hereby incorporated herein by reference. 

 

					
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	C.	Licensee shall be deemed to have used Reasonably Diligent Efforts during the one (1) year period commencing on the Effective Date if, during that period, Licensee
shall have raised in connection with the Patent Rights and allocated for expenditure for efforts under the requirements of this Article III, cumulative total of investment capital and/or research and development funds of at least * dollars. In
addition, Licensee shall be deemed to have used Reasonably Diligent Efforts during the three (3) year period commencing on the Effective Date, if Licensee shall have expended at least * dollars allocated to implement the Development Plan.
Notwithstanding anything above to the contrary, CMCC shall not unreasonably withhold its consent to any revision of the Development Plan when requested in writing in advance by Licensee, where such request is supported by evidence reasonably
acceptable to CMCC: (i) of technical difficulties or delays in the clinical studies or regulatory process that Licensee could not reasonably have been avoided; (ii) that Licensee has identified and will implement satisfactory and effective
means of addressing such difficulties or delays, including providing when necessary sufficient financial and technical resources; and (iii) that Licensee, its Affiliates and/or Sublicensees have used Reasonably Diligent Efforts to meet said
objectives and will continue to do so. 

  

	D.	 In the event CMCC reasonably believes that Licensee fails to meet the objective(s) set forth in the Development Plan in a timely manner, CMCC shall
notify Licensee thereof in writing, and Licensee shall have sixty (60) days following the receipt of such notification to (i) establish that it has expended or is expending Reasonably Diligent Efforts to meet such objective(s);
(ii) establish that a revision to the Development Plan is necessary and appropriate as contemplated above; or (iii) dispute any such claim by CMCC in accordance with the provisions of Article XII hereof. If the arbitrator in any such
dispute resolution determines that Licensee is not using Reasonably Diligent Efforts with regard to any Licensed Product or any subfield within the Field of Use, the sole remedy of CMCC shall be to cause Licensee to enter into a Field of Use
Sublicense (as defined below) in accordance with the provisions of this subparagraph D. In the event Licensee fails to establish the same or commence such dispute resolution procedures within such sixty (60) day period, CMCC shall have the
right in its discretion to seek third parties interested in commercially exploiting the Patent Rights in the subfield within the Field of Use in which Licensee is not using Reasonably Diligent Efforts, subject to Licensee’s right to request
that senior management of CMCC and Licensee convene (in person or by telephone)

  

					
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within ten (10) business days after the end of such sixty (60) day period to review the determination of CMCC’s Intellectual Property Office that Licensee had failed to establish
either of the circumstances described in subparagraph D (i) above. Unless otherwise resolved by the agreement of senior management of CMCC and Licensee within ten (10) additional business days, CMCC shall direct any such third party
candidate to Licensee for evaluation of a potential sublicense to practice the Patent Rights in the subfield within the Field of Use with respect to which Licensee has failed to use Reasonably Diligent Efforts as required hereunder (a “Field of
Use Sublicense”). Under no circumstances shall Licensee have any obligation to license or grant any rights to CMCC or any third party with respect to its own technology or any of its related intellectual property rights, under this Agreement.
Licensee shall, within thirty (30) days (the “Notice Period”), determine whether or not Licensee shall enter good faith negotiations with such candidate for a Field of Use Sublicense. 

 If Licensee determines to negotiate such a Field of Use Sublicense with such candidate, Licensee shall notify CMCC within the Notice Period,
in which case Licensee shall have six (6) months thereafter to conclude such negotiation; provided, that such six-month period may be extended for a reasonable period, not to exceed three (3) months, by the mutual agreement of Licensee and
such candidate if necessary to complete their good faith negotiations, and Licensee shall notify CMCC thereof, within the initial six-month negotiation period (such six-month period and any extension, the “Negotiation Period”). If the
negotiations are unsuccessful and Licensee determines it is unable to execute a Field of Use Sublicense within the Negotiation Period with such candidate, Licensee shall, within the Negotiation Period, notify CMCC in writing of its determination and
reasons therefor. 
 If Licensee determines not to enter into negotiations with such candidate for a Field of Use Sublicense,
Licensee shall, within the Notice Period, notify CMCC in writing of its determination and reasons therefor. 
 In the event
Licensee does not enter into a Field of Use Sublicense with such candidate as described in subparagraph D (1) or determines not to enter into negotiations under subparagraph D (2), CMCC may also agree not to enter into negotiations with such
candidate if it would be reasonable for a non-profit organization such as CMCC to do so under the circumstances and in compliance

  

					
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with internal policy and government regulations and laws, if applicable. Otherwise, CMCC shall be free to negotiate a Field of Use Sublicense directly with such candidate subject to conducting
negotiations within six (6) months of CMCC’s receipt of notice from Licensee under subparagraphs D (1) or (2) above or from the end of the Negotiation Period, as applicable; provided, that such six (6) month period may be
extended for a reasonable period, not to exceed three (3) months, by the mutual agreement of CMCC and such candidate if necessary to complete their good faith negotiations, and CMCC shall notify Licensee thereof in writing, within the initial
six (6) month negotiation period. If CMCC agrees with such candidate upon the terms and conditions of such Field of Use Sublicense within the required time periods, Licensee and such candidate shall enter into such Field of Use Sublicense;
provided, that such Field of Use Sublicense (i) shall be on substantially similar terms (other than financial terms) as the terms of this Agreement, (ii) shall not obligate Licensee to spend money or dedicate resources to research and
development, (iii) shall exclude any particular Licensed Product that has been or is under active development and/or being commercialized by Licensee, and (iv) shall be restricted to the Licensed Product or the subfieid within the Field of
Use with respect to which Licensee failed to use Reasonably Diligent Efforts. Licensee must execute such Field of Use Sublicenses within ten (10) business days of CMCC’s providing a Field of Use Sublicense in such format. If Licensee does
not execute any such Field of Use Sublicense or initiate good faith and bona fide dispute resolution procedures under Article XII within such ten (10) business day period, Licensee hereby grants CMCC irrevocable power-of-attorney to execute
such Field of Use Sublicense on behalf of Licensee with the same force and effect as if Licensee shall have executed such Field of Use Sublicense itself. As a consequence of entering into a Field of Use Sublicense, such candidate shall become a
Sublicensee hereunder, and thereafter the license and rights of Licensee to practice the Patent Rights under this Agreement with respect to such Field of Use shall be and become subject to the exclusive license and rights granted to such Sublicensee
under the Field of Use Sublicense. If an arbitrator finds that Licensee has initiated dispute resolution procedures under this subparagraph without reasonable factual and legal basis, or solely in order to delay further development, then the
arbitrator shall have the power to order termination of the License within the pertinent subfield within the Field of Use. 
  

					
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 In the event that CMCC and such candidate for any reason fail to agree upon the terms and
conditions of such Field of Use Sublicense within six (6) months, plus any extension, in accordance with subparagraph D(1) through D(3), Licensee’s exclusive license and rights with respect to such Field of Use shall continue without any
change or consequence, subject to the terms and conditions of this Agreement. Notwithstanding the foregoing, Licensee may extend the due date of any given performance milestone * upon payment of *. Such payment shall be paid upon the due date of
each performance milestone. 
  

	E.	If, during the course of this Agreement, Licensee discovers or develops any Licensee Improvements, Licensee shall confidentially disclose such Licensee Improvements to
CMCC, on usual and customary terms necessary to protect its patentability or its confidentiality as a trade secret. CMCC shall have the right to review in advance of filing any related patent application by or on behalf of Licensee or any assignee
of Licensee, for purposes of evaluating the relatedness to the Patent Rights. Recognizing that CMCC enters into this Agreement in furtherance of its charitable academic research mission, Licensee shall enter into with CMCC a non-exclusive license or
permit CMCC, as applicable, including no more than a nominal fee, to practice such Licensee Improvements, whether or not patented, solely for CMCC internal and academic research purposes; provided, however, that (i) this provision shall not be
construed to require Licensee to enter into agreements with CMCC where doing so would violate contractual obligations of Licensee entered into before the Effective Date of this Agreement or any other requirements of law and (ii) CMCC shall have
no right to assign, sublicense or further transfer to any third party any such Licensee Improvements or license or right thereto. Any such license by Licensee hereunder shall not require CMCC to convey to Licensee its ownership of intellectual
property relating to such Licensee Improvement. 

 ARTICLE IV. ROYALTIES AND OTHER PAYMENTS 
  

	A.	For the rights and exclusive license granted hereunder, Licensee shall pay to CMCC the following amounts in the manner hereinafter provided. Periodic payment
obligations listed below shall continue throughout the Term of this Agreement, unless this Agreement shall be sooner terminated or as otherwise provided herein: 

  

	 	1.	A license issue fee of *, which license issue fee shall be deemed earned immediately upon the execution of this Agreement, with * due within * after the Effective Date,
* due within * of closing the balance of the bridge round of financing and * due within * of closing of Licensee’s Series A Preferred Stock financing. 

  

					
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	 	2.	Payments for accrued and continuing patent prosecution costs as stated in Article VI hereof; 

  

	 	3.	Licensee shall make the following payments to CMCC upon the occurrence of the following events (“Milestones”): 

  

	 	(a)	For the first Licensed Product launched for each of Kidney, Nervous Tissue and Vascular Tissue: 

  

	 	(i)	* upon the filing with the United States Food and Drug Administration (“FDA”) of the first Investigational New Drug (“IND”) application,
Investigational Device Exemption (“IDE”) application, or comparable application; 

  

	 	(ii)	* upon the enrollment of the first patient in the first Phase II clinical trial in the United States; 

  

	 	(iii)	* upon the enrollment of the first patient in the first Phase III clinical trial in the United States; 

  

	 	(iv)	* upon filing with the FDA of the first New Drug Application (“NDA”), 510(k) application, Pre-Market Approval (“PMA”) application or PMA Supplement,
or Biological License Application (“BLA”), or comparable application; 

  

	 	(v)	* upon approval by the FDA of the first NDA, 510(k), PMA or PMA Supplement, BLA, or comparable application with respect to any Licensed Product;

  

	 	(b)	For the first Licensed Product launched for Bladder: 

  

	 	(i)	* upon the filing with the FDA of the first IND application, IDE application, or comparable application; 

  

	 	(ii)	* upon the enrollment of the first patient in the first Phase II clinical trial in the United States; 

  

					
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	 	(iii)	* upon the enrollment of the first patient in the first Phase III clinical trial in the United States; 

  

	 	(iv)	* upon filing with the FDA of the first NDA, 510(k) application, PMA application or PMA Supplement, or BLA, or comparable application; 

  

	 	(v)	* upon approval by the FDA of the first NDA, 510(k), PMA or PMA Supplement, BLA, or comparable application with respect to any Licensed Product;

  

	 	(c)	A one-time payment of $2,000,000 when cumulative Net Sales of any and all Licensed Products reach *; 

  

	 	4	of all Milestone payments actually paid will be creditable against future royalties, except that (i) in no instance shall royalties due CMCC be less than * of the
amount otherwise payable to CMCC as the result of using such credit for any given payment period; and (ii) in the case of the one-time payment of $2,000,000, only * of such payment shall be creditable against future royalties.

  

	 	5.	Running Royalties in an amount equal to * of annual Net Sales up to * and * of annual Net Sales in excess of * of Licensed Products used, leased or sold by and/or for
Licensee or its Affiliates. 

  

	 	6.	In the event Licensee has granted sublicenses under this Agreement, * of any and all payments received by Licensee from said Sublicensees in consideration of permitting
the Sublicensee to practice the Patent Rights, including but not limited to sublicense issue fees, any lump sum payments, milestone payments, technology transfer payments or other similar fees, except; 

  

	 	(a)	equity investments to the extent made at Equivalent Value by Sublicensees in Licensee; 

  

	 	(b)	payments by Sublicensees to Licensee for payment or reimbursement of patent and/or other expenses; 

  

	 	(c)	payments by Sublicensees to Licensee at fair market value for development, pre-clinical and clinical studies undertaken by Licensee on behalf of Sublicensee or
financing of research and development at Licensee (including FTEs); and 

  

					
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	 	(d)	royalties in connection with a Sublicensee’s sales of Licensed Products, with respect to which Licensee shall pay to CMCC hereunder an amount equal to * of the
royalty received by Licensee, except that in no instance shall the royalty received by CMCC be less than * of the royalties that would have been received from Licensee if such sales had been made by Licensee (i.e., not less than * of annual Net
Sales by any such Sublicensee up to * and not less than * of annual Net Sales by any such Sublicensee in excess of *). 

  

	B.	No multiple royalties shall be payable because any Licensed Product, its manufacture, use, lease, sale or import is or shall be covered by more than one Patent licensed
under this Agreement. 

  

	C.	To the extent that Licensee is required to obtain, subsequent to the date of this Agreement, licenses to third-party patents or other intellectual property that
dominates or is dominated by the Patent Rights, in order to practice the Patent Rights or to make, have made, use, lease, sell, offer for sale or import for use or resale of Licensed Products in a particular country and avoid infringing such
third-party intellectual property, Licensee may deduct from the milestones and running royalty due to CMCC for that country and that Licensed Product * of the amounts due on or payable for such third-party patents or intellectual property, up to an
amount equal to * of the amounts due hereunder 

  

	D.	To the extent that Licensee decides to obtain, subsequent to the date of this Agreement, licenses to third-party patents or intellectual property desirable to make,
have made, use, sell, offer for sale or import for use or resale of Licensed Products in a particular country and the aggregate royalties payable by Licensee with respect to such Licensed Product exceeds *, Licensee may take a deduction from the
running royalty due to CMCC for that country and that Licensed Product: in accordance with following procedure: *. 

  

	E.	 In the event that in any country a Licensed Product is covered only by a pending patent application(s) within the Patent Rights (and not by any issued
patent included in the Patent Rights), and if Licensee can demonstrate that a third party is selling a competing product, having at least a * market share in such country, which competing product would infringe one or more claims of such pending
patent application if issued as a patent included in the Patent Rights, then the payments, including

  

					
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milestones and royalties, payable hereunder with respect to such Licensed Product in such country shall be reduced by * during the period before the patent is issued, but in no event shall CMCC
receive less than * of payments otherwise due hereunder. 

  

	F.	If a Licensed Product is not covered by any one of the issued, unexpired claim(s) or any one of the pending claim(s) contained in the Patent Rights in any country, no
royalty will be payable with respect to such Licensed Product in such country; provided that, in the event Licensee decides that Licensor should not file for patent protection in any country for business reasons relating to the cost thereof or
concerns regarding enforceability, and Licensee thereafter markets and sells Licensed Products in such country at prices similar to other countries in the same region where Licensor has filed for patent protection, Licensee shall be obligated to pay
royalties to Licensor with respect to Net Sales of Licensed Products in such country as provided herein; and provided further, that if Licensee discounts the prices at which it markets and sells Licensed Products in such country, the royalties
otherwise payable by Licensee hereunder based on Net Sales of Licensed Products in such country shall be reduced, on a percentage-by-percentage point basis, by the percentage of such discount. 

  

	G.	For purposes of calculating royalties, in the event that a Licensed Product includes both component(s) covered by a claim of a Patent Right (“Patented
Component”) and a component which is therapeutically active alone or in a combination which does not require the Patented Component, and such component is not covered by a claim of a Patent Right (“Unpatented Component”), then Net
Sales of the Combination Product or Combination Process shall be calculated using one of the following methods: 

  

	 	1.	If the Patented Components and Unpatented Components are sold separately, multiplying the Net Sales of the Combination Product or Process during the applicable royalty
accounting period (“accounting period”) by a fraction, the numerator of which is the aggregate gross selling price of the Patented Component(s) contained in the Combination Product or Process if sold separately, and the denominator of
which is the sum of the gross selling price of both the Patented Component(s) and the Unpatented Component(s) contained in the Combination Product or Process if sold separately; or 

  

					
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	 	2.	In the event that no such separate sales are made of the Patented Component(s) and/or the Unpatented Components during the applicable accounting period, Net Sales for
purposes of determining royalties payable hereunder shall be calculated by multiplying the Net Sales of the Combination Product or Process by a fraction, the numerator of which is the fully allocated production cost of the Patented Component(s) and
the denominator of which is the sum of the fully allocated production costs of the Patented Component(s) and the Unpatented Component(s) contained in the Combination Product or Process. Such fully allocated costs shall be determined by using
Licensee’s standard accounting procedures, which procedures must conform to standard cost accounting procedures. 

  

	H.	Royalty payments shall be paid in United States dollars to CMCC in Boston, Massachusetts, or at such other place as CMCC may reasonably designate consistent with the
laws and regulations controlling in any foreign country. If a currency conversion shall be required in connection with the payments of royalties or other amounts hereunder, the conversion shall be made by using the exchange rate prevailing at Fleet
Bank on the last business day of the calendar quarterly reporting period to which such royalty payments relate. 

  

	I.	Payment of royalties specified in this Article shall be made by Licensee to CMCC within forty-five (45) days after
March 31, June 30, September 30 and December 31 each year during the Term of this Agreement covering the Net Sales of Licensed Products during the preceding calendar quarter. The last such payment shall be made within
forty-five (45) days after termination of this Agreement. The royalty payments set forth in this Agreement shall, if overdue, bear interest until payment at a per annum rate of * above the prime rate in effect at Fleet Bank, Boston, or its
successor, on the due date. The payment of such interest shall not foreclose CMCC from exercising any other rights it may have as a consequence of the lateness of any payment. 

  

					
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 ARTICLE V. REPORTS, RECORDS AND RELATED MATTERS 
  

	A.	Licensee shall keep, and shall require its Affiliates and Sublicensees to keep, full, true and accurate books and records, including books of account in accordance with
generally accepted accounting principles, in sufficient detail to enable CMCC to determine Licensee’s compliance with this Agreement, including diligence with respect to development and commercialization, and the royalty and other amounts
payable to CMCC under this Agreement. Said books and records, including books of account, shall be kept at Licensee’s principal place of business or the principal place of business of the Affiliate or Sublicensee to which this Agreement
relates. Said books and the supporting data shall be retained for at least six (6) years following the end of the calendar year to which they pertain. 

  

	B.	CMCC shall have the right to audit, on ten (10) days’ notice, the books described above from time to time to the extent necessary to verify the reports
provided for herein or compliance in other respects with this Agreement. CMCC may not exercise such right more than once each calendar year, unless Licensee is then in breach of its material obligations hereunder or other good cause then exists or
CMCC has a reasonable basis for the belief that good cause then exists. CMCC shall perform such auditing itself or through an independent accounting firm or other third party reasonably acceptable to Licensee at CMCC’s expense during
Licensee’s regular business hours; provided that (i) CMCC may not use any third party that is a competitor of Licensee or funded by a competitor of Licensee to perform such audits and (ii) such accounting firm or other third party
shall agree, as a condition of such audit, to maintain customary professional confidentiality obligations with respect to limiting disclosure of all audit information and reports to persons other than Licensee and CMCC; provided that such
confidentiality obligations with respect to confidential information of Licensee that such accounting firm or other third party observes or acquires as a result of performing such audit cannot be waived, modified or terminated by either party
without the other party’s prior written consent. 

  

	C.	 From and after the closing of Licensee’s Series A Preferred Stock financing, Licensee shall provide to CMCC, at least annually (together with or
as part of the annual updates to the Development Plan provided to CMCC pursuant to Paragraph B of Article III), reasonable disclosure in writing summarizing in general terms (but with

  

					
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reasonable detail to enable CMCC to evaluate compliance hereunder by Licensee) the activities of Licensee and Licensee’s Affiliates and Sublicensees relative to achieving the objectives set
forth in the Development Plan, including but not limited to, reports of financial expenditures to achieve said objectives; research, development, and commercialization activities; names, addresses and actions of all Affiliates and Sublicensees; the
progress of obtaining regulatory approvals, with appropriate documentation (including, without limitation, applications, reports, and planning documents submitted to the FDA); strategic alliances and manufacturing, sublicensing and marketing
efforts; Licensee Improvements; and compliance with Licensee obligation to manufacture substantially in the United States (including Puerto Rico) Licensed Products to be leased or sold in the United States. 

  

	D.	From and after the First Commercial Sale, within forty-five days (45) after the end of each calendar quarter, Licensee shall deliver to CMCC, at Licensee’s
expense, true and accurate reports for the said preceding quarter, regarding the Net Sales of Licensed Products by Licensee, its Affiliates and its Sublicensees to enable CMCC to determine compliance by Licensee with the royalty provisions of this
Agreement, including a royalty accounting. These reports shall, at CMCC’s request, be provided by Licensee in an electronic format. Reports shall include at least the following: 

  

	 	1.	Number of Licensed Products manufactured, sold, leased or distributed. 

  

	 	2.	Total Net Sales of Licensed Products sold, by country. 

  

	 	3.	Accounting of allowable deductions from Net Sales. 

  

	 	4.	Total royalties payable to CMCC. 

  

	 	5.	Names and addresses of all Sublicensees of Licensee. 

  

	 	6.	Payments received by Licensee from Affiliates and Sublicensees. 

  

	 	7.	Licensed Products manufactured and sold to the U.S. Government. No royalty obligations shall arise from sales or use by, for or on behalf of the U.S. Government in view
of a royalty-free, nonexclusive license that may heretofore have been granted to the U.S. Government. 

  

	 	8.	Royalties and Fees received from Sublicensees. 

  

					
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	E.	 On or before the ninetieth (90th) day following the close of Licensee’s fiscal year, Licensee shall provide CMCC with Licensee’s audited
financial statements for the preceding fiscal year, including without limitation all statements reflecting profits and losses from operations, cash balances, and any management letter (to the extent such management letter relates to or would
reasonably affect the performance by Licensee under this Agreement). 

  

	F.	Licensee acknowledges that policies of CMCC, Harvard Medical School and affiliated organizations, relating to, inter alia, conflicts of interest and intellectual
property, may affect certain direct and indirect arrangements between inventors and Licensee or related organizations. During the Term of this Agreement, Licensee shall notify CMCC in writing at least 30 days before Licensee, or any Affiliate
thereof, or any organization owned, controlled or influenced by a substantial shareholder (>5%), officer or director of Licensee, enters into any agreement other than this License with or involving the inventor(s) of the Technology, or their
family, relatives or members or staff of their laboratories, whether relating to sponsored research, consulting, board membership, securities, or otherwise, who are at CMCC or have appointments at Harvard Medical School at the time of such
agreement. Licensee’s notice to CMCC shall include a detailed description of all proposed terms and conditions. Licensee shall not enter into such an agreement if it would violate such policies, unless the terms and conditions of the agreement
have been duly approved pursuant to such policies. 

 ARTICLE VI. PATENT PROSECUTION 
  

	A.	 CMCC shall apply for, seek prompt issuance of, and maintain during the term of this Agreement the Patent Rights set forth in Appendix 1. The
specifications of any such patent application and any patent issuing thereon shall state, to the extent applicable, “This invention was made with government support under [contract] awarded by [Federal agency]. The government has certain rights
in this invention.” Patent counsel for the preparation, filing, prosecution and maintenance of the Patent Rights in CMCC’s name shall be mutually agreed upon by CMCC and Licensee. Although CMCC shall be the client in the attorney-client
relationship with such patent counsel, Licensee shall have day-to-day responsibility for interaction with such patent counsel relating to prosecution of the Patent Rights, and may provide recommendations to such patent counsel regarding the scope
and content of patent applications to be filed

  

					
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and prosecuted to assure that the Patent Rights cover ail items of commercial interest to Licensee. Licensee and CMCC each shall receive copies of all correspondence with respect to such
preparation, filing, prosecution and maintenance of the Patent Rights in sufficient time to review and provide comments and with file copies after the action is completed, and each shall receive a copy of invoices. 

  

	B.	Licensee shall reimburse CMCC for all reasonable past patent costs and all present and future patent costs of CMCC’s outside patent counsel incurred by CMCC for
the preparation, filing, prosecution and maintenance of patents underlying the Patent Rights, except that Licensee’s obligation to pay patent costs relating to * (with respect to which Licensee has a non-exclusive license hereunder) shall be
limited to its pro rata share of such costs, based upon the number of all licensees thereunder. Patent costs are currently *. Licensee shall pay such current costs as follows: * shall be paid within thirty (30) days of the Effective Date of
this Agreement, * shall be paid at the closing, after the Effective Date, of the balance of the bridge financing, and * shall be paid upon closing the Series A Preferred Stock financing. Upon written request of CMCC, and only upon such CMCC request,
Licensee agrees to have CMCC’s patent counsel directly bill Licensee and Licensee shall directly pay such invoices in compliance with such counsel’s customary business terms. If Licensee elects in writing not to pay the expenses of a
patent application or patent included within Patent Rights, Licensee shall notify CMCC not less than sixty (60) days prior to such action and shall thereby surrender its rights under such patent or patent application. Such notice shall not
relieve Licensee from responsibility to reimburse CMCC for patent-related expenses incurred prior to the expiration of the sixty (60) -day notice period (or such longer period specified in Licensee’s notice). CMCC shall then be free to license
its rights to that patent or patent application to any other party on any other terms. For the avoidance of doubt, the failure by Licensee to pay any patent expenses by reason of and during the course of a good faith dispute concerning the amount of
such expenses shall not be construed as or interpreted to be an election by Licensee to which the provisions of this Paragraph B apply. 

  

	B.	 In the event CMCC elects, in its sole discretion, not to pursue, maintain or retain a particular Patent Right licensed to Licensee hereunder, then CMCC
shall so notify Licensee, subject to any Government Rights, and CMCC shall authorize Licensee to assume the filing, prosecution and/or maintenance of such application or patent at

  

					
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Licensee’s expense, but without any additional consideration payable to CMCC except reimbursement of the costs of implementing the transfer of such rights and payment of all patent costs
through the effective date of the transfer in accordance with Paragraph B of this Article VI. In such event, CMCC shall provide to Licensee any authorization necessary to permit Licensee to pursue and/or maintain such Patent Right and, subject to
any Government Rights, shall assign such patents and/or patent applications to Licensee. Licensee shall accept such assignment, and hold CMCC harmless from any costs, fees and expenses that occur after the effective date of such transfer.

 ARTICLE VII. INFRINGEMENT 
  

	A.	Licensee and CMCC shall each inform the other promptly in writing of any alleged infringement by a third party of the Patent Rights in the Field of Use within the scope
of this Agreement and of any available evidence thereof. 

  

	B.	During the Term of this Agreement, CMCC shall have the right, but shall not be obligated, to prosecute at its own expense any infringement of any Patent Right and, in
furtherance of such right, Licensee hereby agrees that CMCC may include Licensee as a party plaintiff in any such suit, without expense to Licensee. Prior to instituting any such suit, CMCC shall give reasonable prior written notice thereof to
Licensee, and the parties shall discuss in good faith and use reasonable efforts to agree upon an appropriate litigation strategy. The total cost of any such infringement action commenced or defended solely by CMCC shall be borne by CMCC. Licensee
shall have the right to participate in any such action, at its own expense, with counsel of its own choosing. Any recovery of damages by CMCC for such suit shall be applied first in satisfaction of any fees and expenses of CMCC and Licensee
hereunder and the balance remaining from any such recovery shall be *. No settlement, consent judgment or voluntary final disposition of the suit may be entered into without the prior written consent of Licensee, which consent shall not be
unreasonably withheld or delayed. 

  

	C.	 If within sixty (60) days after having discovered or been notified of any alleged infringement in sufficient detail to reasonably investigate and
substantiate the allegation, CMCC shall have been unsuccessful in persuading the alleged infringer to desist and shall not have brought and shall not be diligently prosecuting an infringement action, or if CMCC shall notify Licensee of its intention
not to bring suit

  

					
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against any alleged infringer, then, Licensee shall have the right, but shall not be obligated, to prosecute at its own expense any infringement of the Patent Rights, provided, however, that such
right to bring such an infringement action shall remain in effect only for so long as the license granted hereunder remains exclusive. No settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the
prior written consent of CMCC, which consent shall not be unreasonably withheld or delayed. Licensee shall indemnify CMCC against any order for costs that may be made against CMCC in such proceedings. 

  

	D.	In the event Licensee shall undertake the enforcement and/or defense of the Patent Rights by litigation pursuant to Paragraph C of this Article VII, Licensee may
withhold up to * of the payments otherwise thereafter due to CMCC under Article IV above and apply the same toward reimbursement of up to * of Licensee’s expenses, including reasonable attorney’s fees, in connection therewith. Any recovery
of damages by Licensee for each such suit shall be applied first in satisfaction of any unreimbursed expenses and legal fees of CMCC and Licensee relating to such suit and next toward reimbursement of CMCC for any payments under Article IV past due
or withheld and applied pursuant to this Article VII. The balance remaining from any such recovery shall be divided equally between Licensee and CMCC. 

  

	E.	In the event that a declaratory judgment action alleging invalidity or noninfringement of any of the Patent Rights shall be brought against Licensee or CMCC, the other
party at its option, shall have the right, within thirty (30) days after commencement of such action, to intervene and participate in the defense of the action at its own expense with counsel of its own choosing. 

  

	F.	In any infringement suit which either party may institute to enforce the Patent Rights pursuant to this Agreement, the other party hereto shall cooperate in all
reasonable respects and, to the extent reasonably possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like. 

  

	G.	Licensee shall, during the period that the license to the Patent Rights is exclusive pursuant to this Agreement, have the sole right subject to the terms and conditions
hereof to sublicense any alleged infringer for future use of the Patent Rights to the extent licensed by this Agreement. Any upfront fees paid to Licensee as part of such a sublicense shall be shared between Licensee and CMCC as provided in
Paragraph G(a) of Article IV. 

  

					
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 ARTICLE VIII. UNIFORM INDEMNIFICATION AND INSURANCE PROVISIONS 
  

	A.	Licensee shall indemnify, defend and hold harmless CMCC, its corporate affiliates, current or future directors, trustees, officers, faculty, medical and professional
staff, employees, students and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any claim, liability, cost, damage, deficiency, loss, expense or obligation of any kind or nature (including without
limitation reasonable attorneys’ fees and other costs and expenses of litigation) incurred by or imposed upon the Indemnitees or any one of them in connection with any third party claims, suits, actions, demands or judgments arising out of any
theory of product liability (including, but not limited to, actions in the form of tort, warranty, or strict liability) concerning any product, process or service made, used or sold pursuant to any right or license granted under this Agreement.

  

	B.	Licensee’s indemnification under Paragraph A of this Article VIII above shall not apply to any liability, damage, loss or expense to the extent that it is
attributable to the negligent activities, reckless misconduct or intentional misconduct of the Indemnitees. 

  

	C.	Licensee agrees, at its own expense, to provide attorneys (which may be the same attorneys as those representing Licensee unless prohibited by attorney ethical rules
relating to conflict of interest) reasonably acceptable to CMCC to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject of indemnity contained herein, whether or not such actions are
rightfully brought. 

  

	D.	 Beginning at the time as any such product, process or service is being commercially distributed or sold (other than for the purpose of obtaining
regulatory approvals) by Licensee or by a Sublicensee, Affiliate or agent of Licensee, Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than * per incident and * annual
aggregate and naming CMCC and, to the extent available without additional cost to Licensee, the other Indemnitees as additional insureds. Such commercial general liability insurance shall provide (i) product liability coverage and
(ii) contractual liability coverage for Licensee’s indemnification under Paragraphs A through C of this Article VIII. If Licensee elects to

  

					
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self-insure all or part of the limits described above (including deductibles or retentions which are in excess of * annual aggregate), such self-insurance program must be acceptable to CMCC and
the Risk Management Foundation of the Harvard Medical Institutions, Inc. The minimum amount of insurance coverage required under this Paragraph D shall not be construed to create a limit of Licensee’s liability with respect to its
indemnification under Paragraphs A through C of this Article VIII. 

  

	E.	Licensee shall provide CMCC with written evidence of such insurance upon request of CMCC. Licensee shall provide CMCC with written notice at least fifteen
(15) days prior to the cancellation, non-renewal or material change in such insurance. Notwithstanding any other term of this Agreement if Licensee does not obtain replacement insurance providing comparable coverage within such fifteen
(15) day period, CMCC shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice of any additional waiting periods unless Licensee shall obtain and provide CMCC with written
evidence of replacement insurance providing comparable coverage which, in addition to providing for future and ongoing coverage, is effective retroactively to cover all claims that could arise during the period of any lapse after the expiration or
termination of the previous coverage. 

  

	F.	Licensee shall maintain such commercial general liability insurance during (i) the period that any such product, process or service is being commercially
distributed or sold (other than for the purpose of obtaining regulatory approvals) by Licensee or by a Sublicensee, Affiliate or agent of Licensee and (ii) a reasonable period after the period referred to above, which in no event shall be less
than six (6) years. 

  

	G.	The provisions of this Article VIII shall survive expiration or termination of this Agreement. 

  

	H.	 EXCEPT AS SET FORTH IN ARTICLE IX HEREOF, NEITHER PARTY MAKES ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED
WARRANTY OF MERCHANTABILITY OR ANY EXPRESS OR IMPLIED WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, OR WARRANTY OF NON-INFRINGEMENT, WITH RESPECT TO ANY MATTER WITHIN THE SCOPE OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION ANY WARRANTY WITH
RESPECT TO THE PATENT RIGHTS, LICENSED

  

					
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PRODUCTS, OR ANY PATENT, TRADEMARK, SOFTWARE, TRADE SECRET, TANGIBLE RESEARCH PROPERTY, INFORMATION OR DATA LICENSED OR OTHERWISE PROVIDED TO LICENSEE HEREUNDER, AND HEREBY DISCLAIMS THE SAME. IN
NO EVENT SHALL EITHER CMCC OR LICENSEE, OR THEIR RESPECTIVE TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES OR AFFILIATES, BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR LOST PROFITS, REGARDLESS OF WHETHER ANY
SUCH PARTY SHALL BE ADVISED, SHALL HAVE ANY OTHER REASON TO KNOW OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. 

 ARTICLE IX. REPRESENTATIONS AND WARRANTIES 
  

	A.	Each party warrants and represents to the other party that it has the full right and authority to enter into this Agreement and that it is not aware of any reason which
would inhibit its ability to perform the terms and conditions imposed on it by this Agreement; provided, however, that CMCC’s representation and warranty concerning the Patent Rights is limited to the warranty stated in Paragraph C of this
Article, and all representations and warranties concerning “awareness” or “knowledge” of CMCC in this Agreement are limited to the awareness or knowledge of the Children’s Hospital Intellectual Property Office after
reasonable investigation. 

  

	B.	CMCC has the right to grant Licensee the licenses and sublicenses that CMCC has granted to Licensee under this Agreement. 

  

	C.	To the best knowledge of the Children’s Hospital Intellectual Property Office, CMCC has all right, title and interest in and to the Patent Rights (subject to the
provisions of Paragraphs A and C of Article II). 

  

	D.	CMCC has no knowledge that products or processes made, used, offered for sale, sold or imported under the Patent Rights would be subject to a claim of infringement by a
third party or that such a claim currently exists. 

  

	E.	 To the knowledge of the Children’s Hospital Intellectual Property Office, the grant of the license and rights hereunder to Licensee does not
conflict with the rights of any third party under any other agreement to which CMCC is a party or it or any of its assets may be bound. Neither CMCC nor Licensee will knowingly and intentionally enter into any agreement which will conflict with its
obligations under this Agreement,

  

					
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nor will CMCC or Licensee knowingly and intentionally enter into any agreement which conflicts or is inconsistent with its obligations under any sponsored research agreement related hereto, or
any agreement which conflicts or is inconsistent with any consulting agreement with Dr. Anthony Atala related to the subject matter of this Agreement. 

 ARTICLE X. COMPLIANCE WITH LAWS; EXPORT CONTROLS 
 Licensee shall
comply with all applicable laws and regulations, including, without limitation, statutes and regulations affecting drug testing, development, marketing and distribution; laws and implementing regulations of the Department of Commerce governing
intellectual property in federally-funded inventions; and Export Administration Regulations of the United States Department of Commerce issued pursuant to the Export Administration Act of 1979 (50 App. U.S.C. §2401 et. seq.). Licensee
understands and acknowledges that transfer of certain technical data, computer software, laboratory prototypes and other commodities is subject to United States laws and regulations controlling their export, some of which prohibit or require a
license for the export of certain types of technical data, to certain specified countries. CMCC neither represents that a license shall not be required, nor that if required, it shall be issued. Licensee hereby agrees and gives written assurance
that it will comply with all United States laws and regulations, and any applicable similar laws and regulations of any other country, controlling the export of commodities and technical data, that it will be solely responsible for any violation of
such laws and regulations by Licensee and/or its Affiliates and/or Sublicensees, and that it will defend and hold CMCC, its Affiliates and their officers, directors, employees, agents, and medical staff harmless in the event of any legal action of
any nature occasioned by such violation, and any action by any governmental agency or authority or any aggrieved party, relating to any asserted illegality or regulatory violation in the development, production, approval, marketing, sale, storage,
manufacture, distribution, export or commercialization of Licensed Products. 
  

					
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 ARTICLE XI. NON-USE OF NAMES 
 Neither party will use the name, names, logos or trademarks of the other party or any of such other party’s Affiliates, nor the name or photograph or
other depiction of any employee or member of the staff of such other party or such Affiliates, nor any adaptation of any of the foregoing, in any press release, advertising, promotional, or sales literature without, in each case, prior written
consent from such other party and from the individual staff member, employee, or student if such individual’s name, photograph or depiction is used. Notwithstanding the above, Licensee may state that it is licensed by CMCC under one or more
patents and/or applications consistent with this Agreement, and Licensee may comply with disclosure requirements of all applicable laws relating to its business, including United States and state security laws and any regulations of the FDA or other
governmental entities both in and outside of the United States. In addition, Licensee may refer to publications by employees of CMCC. 
 ARTICLE XII. ASSIGNMENT 
 CMCC may assign this Agreement at any time to an Affiliate, and otherwise may assign this Agreement
only with the prior written consent of Licensee, which consent shall not be unreasonably withheld or delayed, provided that CMCC may not assign this Agreement to a competitor of Licensee or an entity that receives more than fifty percent
(50%) of its funding from a competitor of Licensee without the prior written consent of Licensee, which consent may be granted or withheld in the sole discretion of Licensee. Licensee may assign this Agreement at any time to an Affiliate, and
otherwise may assign this Agreement only with the prior written consent of CMCC, which consent shall not be unreasonably withheld or delayed; provided, however, that in the event that Licensee assigns this Agreement to an Affiliate in accordance
with this Article XII, Licensee shall remain liable for the obligations hereunder. 
 Notwithstanding the foregoing, in the event Licensee
merges with another entity, is acquired by another entity, or sells all or substantially all of its assets to another entity, Licensee may assign its rights and obligations hereunder to the surviving or acquiring entity if: (i) Licensee is not
then in material breach of this Agreement; (ii) the proposed assignee has a net worth at least equivalent to the net worth Licensee had as of the Effective Date; (iii) the proposed assignee has or will have sufficient available resources,
including financial resources, management experience, and sufficient scientific, business and other expertise comparable or superior to Licensee, that will be committed in order to satisfy its obligations hereunder; (iv) Licensee

  

					
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provides written notice of the assignment to CMCC, together with documentation sufficient to demonstrate the requirements set forth in subparagraphs (i) through (iii) above, at least
twenty (20) days prior to the effective date of the assignment; and (v) CMCC receives from the assignee, in writing, at least twenty (20) days prior to the effective date of the assignment: (a) reaffirmation of the terms of this
Agreement; (b) an agreement to be bound by the terms of this Agreement; (c) an agreement to perform the obligations of Licensee under this Agreement, and (d) reasonable disclosure, reasonably satisfactory to CMCC, concerning
subparagraphs (ii) and (iii) of this paragraph. 
 ARTICLE XIII. DISPUTE RESOLUTION AND ARBITRATION 

 

	A.	Any and all claims, disputes or controversies arising under, out of, or in connection with this Agreement, which have not been resolved by good faith negotiations
between the parties shall be resolved by final and binding arbitration in Boston, Massachusetts if such claim, dispute or controversy was commenced by Licensee and in the metropolitan New York City area (including northern New Jersey and southern
Connecticut) if such claim, dispute or controversy was commenced by CMCC, in accordance with the rules then obtaining applicable to the appointment of a single arbitrator of the American Health Lawyers Association, or in the event such arbitration
is not then available under those rules, the rules of the American Arbitration Association (“AAA”) then in effect. All expenses and costs of the arbitrators and the arbitration in connection therewith will be shared equally, except that
each party will bear the costs of its prosecution and defense, including without limitation attorneys fees and the production of witnesses and other evidence. A single arbitrator shall be mutually agreed upon, and if the parties are unable to agree
on a mutually acceptable arbitrator, an arbitrator shall be chosen in accordance with the applicable Association’s rules. Any award rendered in such arbitration shall be final and may be enforced by either party. 

  

	B.	 Notwithstanding the foregoing, nothing in this Agreement shall be construed to waive any rights or timely performance of any obligations existing under
this Agreement, including without limitation Licensee’s obligations to make royalty and other payments, and also, unless CMCC has terminated the License, Licensee’s obligation to continue due diligence and development obligations.
Notwithstanding any other provision of this Agreement, Licensee agrees that it shall not withhold or offset such

  

					
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payments; provided, however, that the foregoing shall not be deemed to limit the power of the arbitrator with respect to granting any relief available under AAA rules requested by either party.

 ARTICLE XIV. TERM AND TERMINATION 
  

	A.	The Term of this Agreement shall commence on the Effective Date and shall terminate on a country-by-country basis on the later of the (a) fifteenth
(15) anniversary of the Effective Date or (b) the expiration of the last to expire Patent Right, whichever period is the longer term. 

  

	B.	Notwithstanding Article XIll of this Agreement, CMCC may terminate this Agreement immediately upon (i) the bankruptcy, insolvency, liquidation, dissolution or
cessation of operations of Licensee; (ii) the filing of any voluntary petition for bankruptcy, dissolution, liquidation or winding-up of the affairs of Licensee; (iii) any assignment by Licensee for the benefit of creditors; (iv) the
filing of any involuntary petition for bankruptcy, dissolution, liquidation or winding-up of the affairs of Licensee which is not dismissed within ninety (90) days of the date on which it is filed or commenced; or (v) in the circumstances
providing for immediate termination described in Article III of this Agreement; or (vi) upon the termination of the Sponsored Research Agreement of even date (a) by the Licensee without cause during the first two years after the effective
date thereof or (b) by the Licensee for cause during the first two years if later to be determined to be unjustified or (c) by the Licensor within two years after the effective date thereof for non-payment pursuant to Section 9(c) of
such Sponsored Research Agreement Licensee acknowledges that Licensor, as a public institution of the Commonwealth of Massachusetts, is an exempt organization under the United States Internal Revenue Code of 1986, as amended. Licensee also
acknowledges that certain facilities in which the Technology was developed may have been financed through offerings of tax-exempt bonds. If the Internal Revenue Service (the “IRS”) determines, or if counsel to CMCC reasonably determines
(and provides such determination to CMCC in writing with a copy to Licensee), that any provision of this Agreement jeopardizes the tax-exempt status of CMCC or the bonds used to finance CMCC facilities, or would cause the imposition of intermediate
sanctions by the IRS, the relevant provision shall be invalid and shall be modified in accordance with Paragraph E of Article XVI. 

  

					
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	C.	CMCC may terminate this Agreement upon forty-five (45) days prior written notice in the event of Licensee’s failure to pay to CMCC royalties due and payable
hereunder in a timely manner, unless Licensee shall make all such payments to CMCC within said forty-five (45) day period. Upon the expiration of the forty-five (45) day period, if Licensee shall not have made all such payments to CMCC and
such amounts are not the subject of good faith dispute pursuant to Article XIII, CMCC may terminate the rights, privileges and licenses granted hereunder upon giving written notice thereof to Licensee. 

  

	D.	Except as otherwise provided in Paragraphs B and C above, either party may terminate this Agreement upon ninety (90) days prior written notice in the event of
breach or default by the other party of any material term or condition or warranty under this Agreement, and the default has not been remedied within said ninety (90) day period; provided, however, with respect to any breach of default which by
its nature may not be remedied within said ninety (90) day period, such longer period of time as parties may mutually agree on, so long as the breaching party shall have commenced to cure the applicable breach or default within said ninety
(90) day period. Upon expiration of the ninety (90) day period (or such longer period), if the breaching party has not remedied the breach, the non-breaching party may by written notice to the breaching party terminate this Agreement
effective immediately or upon such date as the breaching party, in its sole discretion, shall designate in such notice. 

  

	E.	Licensee shall have the right to terminate this Agreement at any time upon six (6) months’ prior written notice to CMCC, upon payment by Licensee of
(i) all amounts due CMCC through the effective date of termination and (ii) a termination fee of $50,000. 

  

	F.	Upon termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective
date of such termination; provided however, that if this Agreement is terminated in connection with the termination of the Sponsored Research Agreement of even date (i) by the Licenses without cause within two years from the effective date
thereof or (ii) by the Licensee for cause during the first two years if later determined to be unjustified or (iii) by the Licensor within two years after the effective date thereof for non-payment pursuant to Section 9(c) of such
Sponsored Research Agreement, Licensee shall have no right to any Improvements or New Developments, including any such right that may have been granted prior to the termination of this Agreement. 

  

					
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	G.	Upon termination of this Agreement by CMCC, Licensee may, for a period not to exceed one year after the effective date of the termination, complete and sell any
inventory of Licensed Product that exists as of the effective date of such termination, provided that (i) such sales would be consistent with this Agreement assuming it had continued in force; (ii) such sales would not constitute
infringement or violate any law or regulation; (iii) Licensee is not in breach of any of its material obligations under Articles IV, V, VIII, X, XI or XII; and (iv) Licensee pays CMCC all amounts owing hereunder for such sales according to
the terms provided in Article IV hereof. 

  

	H.	If Licensee terminates this Agreement due to adverse results in clinical or other testing of Licensed Products or Licensed Processes, Licensee shall make available to
CMCC, for purposes of its evaluation of the future viability of the technology, a summary of such results together with copies of any government-mandated reports, such as FDA safety reports, made in connection with the decision to terminate
development. 

  

	I.	Articles I, IV (with respect to royalties and other payments previously accrued), V, VII (with respect to infringement matters which shall have arising during the term
of this Agreement), VIII, IX, X (with respect to matters which shall have arisen during the Term of this Agreement or accrue thereafter based on matters occurring during the Term of this Agreement). XIV and XVI shall survive expiration or
termination of this Agreement. 

  

					
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 ARTICLE XV. PAYMENTS, NOTICES, AND OTHER COMMUNICATIONS 
 All notices, reports and/or other communications made in accordance with this Agreement shall be sufficiently made or given if delivered by hand, delivered
by facsimile (with mechanical confirmation of transmission), or sent by overnight receipted mail, postage prepaid, or by reasonable, customary and reliable commercial overnight carrier in general usage, and addressed as follows: 
 In the case of CMCC: 
 Chief
Intellectual Property Officer 
 Intellectual Property Office 
 Children’s Hospital Boston 
 300 Longwood Avenue 
 Boston, MA 02115 
 With a copy of any communication alleging or relating to any alleged breach to: 
 Office of General Counsel 
 Children’s Hospital Boston 
 300 Longwood Avenue 
 Boston, MA 02115 
 Payments shall
be transmitted by reliable means to the same addressee, payable to Children’s Hospital Boston. 
 In the case of Licensee: 
 Chief Executive Officer 
 Tengion, Inc. 
 c/o Scheer & Company 
 250 West Main Street 
 Branford, Connecticut 06405 
 With a copy to: 
 Ira A. Rosenberg, Esq. 
 Sills Cummis Radin Tischman Epstein & Gross, P.A.

 One Riverfront Plaza 
 Newark, New Jersey 07102 
 or such other address as either party shall notify the other in writing.
NOTICE SHALL BE EFFECTIVE UPON RECEIPT. 
  

					
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 ARTICLE XVI. GENERAL PROVISIONS 
  

	A.	All rights and remedies hereunder will be cumulative and not alternative. This Agreement shall be construed and governed by the laws of the Commonwealth of
Massachusetts. 

  

	B.	This Agreement and any Appendices and Exhibits hereto may be amended only by written agreement signed by the parties. 

  

	C.	It is expressly agreed by the parties hereto that CMCC and Licensee are independent contractors and nothing in this Agreement is intended to create an employer
relationship, joint venture, or partnership between the parties. No party has the authority to bind the other. 

  

	D.	This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior proposals, representations,
negotiations, agreements and other communications between the parties, whether written or oral, with respect to the subject matter hereof. Where inconsistent with the terms of any contemporaneous related agreements (such as sponsored research
agreements), the terms in this Agreement shall control. 

  

	E.	If any provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this
Agreement shall not be impaired thereby and the parties shall negotiate in good faith to modify this Agreement to preserve (to the extent possible) the original intent. If the parties fail to reach a modified agreement within sixty (60) days
after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article XIII. While the dispute is pending resolution, this Agreement shall be construed as if the
provision were deleted by mutual agreement of the parties. 

  

	F.	This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against the party whose signature appears thereon, but all of
which taken together shall constitute but one and the same instrument. 

  

					
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	G.	The failure of either party to assert a right to which it is entitled, or to insist upon compliance with any term or condition of this Agreement, shall not constitute a
waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other party. 

  

	H.	Licensee agrees to mark any Licensed Products sold in the United States with ail applicable United States patent numbers in accordance with the requirements of
applicable United States laws and regulations. All Licensed Products shipped to or sold in other countries shall be marked in such a manner as to conform with the patent laws and practices of the country of manufacture or sale.

  

	I.	Each party hereto agrees to execute, acknowledge and deliver such further instruments as may be necessary or appropriate to carry out the purposes and intent of this
Agreement. 

  

	J.	The paragraph headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

  

	K.	The signatories below each warrant that he or she is duly authorized to execute this Agreement. 

  

	L.	The parties agree that during the course of this Agreement, each may come into possession of confidential and/or proprietary materials or information through
intentional or accidental disclosure by the other. The parties agree to preserve the confidentiality of all such information known to be confidential or proprietary, unless the disclosing party agrees otherwise in writing, or unless the
confidentiality of the material is lost through other parties not under obligations to preserve its confidentiality. 

  

					
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date last written below. 

 

									
	CHILDREN’S MEDICAL CENTER CORPORATION	 		 	TENGION, INC.
					
	By:	 	/s/Donald P. Lombardi	 		 	By:	 	/s/ David Scheer
	Name:	 	Donald P. Lombardi	 		 	Name:	 	David Scheer
	Title:	 	Chief Intellectual Property Officer	 		 	Title:	 	President/CEO
	Date:	 	October 10, 2003	 		 	Date:	 	10/10/03

  

					
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 Appendix 1 
 Patent Rights 
 * [3 pages omitted.] 
  

					
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 Appendix 2 
 Biological Materials 
 None as of the Effective Date 
  

					
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 Appendix 3 
 Preliminary Development Plan 
 * [23 pages omitted.] 
  

					
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	 	46License Agreement - Wake Forest University Health Sciences

 Exhibit 10.7 
 LICENSE AGREEMENT 
 This License Agreement (this
“Agreement”) effective as of January 1, 2006 (the “Effective Date”), is by and between WAKE FOREST UNIVERSITY HEALTH SCIENCES, an educational institution organized under the laws of the State of North Carolina and
having its principal offices at Medical Center Boulevard, Winston-Salem, North Carolina 27157 (“WFUHS”), and TENGION, INC., a Delaware corporation having its principal offices at 2200 Renaissance Boulevard, Suite 150, King of
Prussia, Pennsylvania 19406 (“Tengion” and together with WFUHS, the “Parties” or individually a “Party”). 
 WHEREAS, Dr. Anthony Atala (“Atala”) became an employee of WFUHS on January 1, 2004; and 
 WHEREAS, prior to January 1, 2004, Atala was an employee of Children’s Hospital Boston, an affiliate of Children’s Medical Center Corporation (“CMCC”), and while in the employment
of Children’s Hospital Boston, Atala was named as an inventor or co-inventor on inventions and patents included in the CHB Patent Rights (as defined below); and 
 WHEREAS, Tengion has previously licensed the CHB Patent Rights from CMCC pursuant to an exclusive license agreement dated October 10, 2003 between Tengion and CMCC (the “CMCC License
Agreement”), and wishes to further the development of the technologies related to the CMCC License Agreement; and 
 WHEREAS, Tengion and WFUHS have entered into a separate research agreement of even date herewith (the “Research Agreement”) under which Tengion has agreed to fund the Research (as defined in the Research Agreement); and

 WHEREAS, Tengion wishes to obtain licenses and options to certain improvements and other intellectual property rights of
WFUHS within the scope of the CHB Patent Rights or developed under the Research Agreement; and 
 WHEREAS, WFUHS is willing to
grant such licenses and options to Tengion subject to the terms and conditions set forth herein; 
 NOW, THEREFORE, in
consideration of the foregoing and the mutual promises and covenants set forth herein, the Parties hereto mutually agree as follows: 
  

	1.	Definitions 

 For all
purposes of this Agreement, the following terms, whether used in the singular or plural, will have the meanings specified below: 
 1.1 “AAA” means the American Arbitration Association. 
 1.2 “ADR” means an alternative dispute
resolution process implemented by a Party under the procedures set forth in Article 18. 
  

					
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 1.3 “ADR Request” has the meaning given it in Article 18.1.2. 
 1.4 “Affiliate” means any corporation or other entity that controls, is controlled by, or is under common control with Tengion. A
corporation or other entity shall be regarded as in control of or controlled by another corporation or entity if (i) it owns or directly or indirectly controls more than fifty percent (50%) of the voting stock or other ownership interest
of the other corporation or entity, or (ii) it possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the corporation or other entity or (iii) it possesses the power to elect or
appoint fifty percent (50%) or more of the members of the board of directors or other governing body of the corporation or other entity. 
 1.5 “Bona Fide Collaborator” means a scientist or medical professional with whom any WFIRM faculty member is engaged in a research collaboration where the existence of such collaboration
is demonstrable by virtue of reliable and objective evidence of (i) joint work plans or joint research objectives and documentation of the duties and roles of each party, (ii) the sharing of laboratory resources to achieve the work plans
or objectives or (iii) similar tangible indications of a bona fide scientific collaboration. 
 1.6
“Cardiovascular Tissue” means arteries, arterial tissue, veins and venous tissue. “Cardiovascular Tissue” does not include cardiac muscle tissue or heart valves. 
 1.7 “CHB Licensed Product” means any product, process or use thereof (i) which is covered by a Valid Claim contained in the
CHB Patent Rights in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred; (ii) which is developed, produced or manufactured using a process or product which is covered by a
Valid Claim contained in the CHB Patent Rights in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred; (iii) the use of which is covered by a Valid Claim contained in the CHB
Patent Rights in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred; or (iv) which incorporates or uses the Know-How. 
 1.8 “CHB Patent Rights” means the patents and patent applications licensed by CMCC to Tengion pursuant to the CMCC License
Agreement, including, without limitation, (a) the patents and patent applications listed in Appendix A attached hereto; (b) continuation applications, continuation-in-part applications (to the extent the claims of the continuation-in-part
are directed only to the subject matter disclosed in the patent and patents applications listed in Appendix A), divisional applications, substitute applications, reissue applications or requests for examination and foreign applications; (c) all
patents (U.S. or foreign) now issued or hereafter issuing on any patent applications described in (a) and (b); and (d) any revisions, renewals, reissues or extensions of any such patents described in parts (a), (b) and (c) of
this Article 1.9. 
 1.9 “Combination Product” has the meaning given it in Article 3.12. 
 1.10 “Deferred Invention” has the meaning given it in Article 6.2.8. 
 1.11 “Disclosure Date” has the meaning given it in Article 6.2.2. 
 1.12 “Duration” has the meaning given it in Article 11.1. 
  

					
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 1.13 “Employment Date” means January 1, 2004. 
 1.14 “Equivalent Value” shall mean the cash price that would be paid in an arm’s length transaction between two unrelated
parties. The Equivalent Value shall be determined in good faith by Tengion’s Board of Directors and WFUHS shall be notified thereof in writing together with a sufficiently detailed explanation of the determination and summary of the underlying
data (if any) and assumptions to allow WFUHS to evaluate the fairness of the determination. WFUHS may, upon written notice to Tengion, appoint an independent certified public accountant or consultant (an “Independent Appraiser” for
purposes of this Article 1.14) whose general qualifications are reasonably acceptable to Tengion and the cost and expense of the Independent Appraiser shall be paid solely by WFUHS, except as provided below. If WFUHS fails to notify Tengion of its
election to exercise its valuation right within thirty (30) days after its receipt of the explanation and initial determination by Tengion’s Board of Directors as provided herein, then the Equivalent Value thereof shall be the amount as
determined by Tengion’s Board of Directors. If WFUHS exercises its valuation right, Tengion shall provide the Independent Appraiser with such books, information and records as the Independent Appraiser shall reasonably request pursuant to
accepted professional practice standards. WFUHS shall thereafter cause the Independent Appraiser appointed by WFUHS to provide its determination of Equivalent Value in writing to Tengion and WFUHS. Following receipt of such determination, the
parties shall, in good faith, attempt to mutually agree upon the Equivalent Value. If the parties are unable to so agree within thirty (30) days following their receipt of such determination, the parties shall jointly appoint a mutually
acceptable Independent Appraiser to determine the Equivalent Value. The cost and expense of such jointly appointed Independent Appraiser and the Independent Appraiser appointed solely by WFUHS shall be paid as follows: (a) if the Equivalent
Value as found by the jointly appointed Independent Appraiser is within five percent (5%) of the Equivalent Value determined by Tengion’s Board of Directors, such costs and expenses of the jointly appointed Independent Appraiser shall be
paid solely by WFUHS; (b) if the Equivalent Value as found by the jointly appointed Independent Appraiser is greater than five percent (5%) more than the Equivalent Value determined by Tengion’s Board of Directors, the cost and
expense of the jointly appointed Independent Appraiser shall be paid solely by Tengion and the costs and expenses of the Independent Appraiser appointed solely by WFUHS shall be shared equally by WFUHS and Tengion. In any case, the determinations
made by Tengion’s Board of Directors, the Independent Appraiser appointed by WFUHS and the Independent Appraiser jointly appointed by the Parties shall be compared, and the Equivalent Value shall be the middle determination (and not an average
thereof). Any Independent Appraiser appointed by WFUHS or jointly appointed by WFUHS and Tengion shall be subject to an obligation of confidentiality consistent with customary professional standards, to limit any disclosures to any persons other
than those employees of WFUHS or Tengion who have a need to know such information for purposes of the appraisal contemplated in this Paragraph. 
 1.15 “Ex-Field Researchers” means the Researchers identified on Appendix B attached hereto who (i) between the Employment Date and Effective Date (or such shorter period as shown on
Appendix B), were not conducting research in the Licensed Field. All Researchers not listed on Appendix B shall be deemed to have been working and/or be currently working, at least in-part, in the Licensed Field. If an Ex-Field Researcher engages in
work in the Licensed Field after the Effective Date, his or her name will be deemed deleted from Appendix B for the duration of such work and during such time he or she shall not be deemed an Ex-Field Researcher. In addition. Appendix B will be
subject to change from time to time in the mutual agreement of the Parties. 
  

					
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 1.16 “Genitourinary Tissue” means the reproductive system and the urinary system,
including the male and female internal and external genitalia as well as all organs concerned in the formation and voidance of urine, but excluding Kidney Tissue. For the removal of doubt, Genitourinary Tissue is not to be considered Cardiovascular
Tissue merely because it contains components of Cardiovascular Tissue. 
 1.17 “Improvement Patent” means a patent or
patent application, other than any Surrendered Patent, relating to any discovery, invention or technology in the Licensed Field that (i) WFUHS owns or has sufficient rights to license hereunder; (ii) is conceived, developed or reduced to
practice by any of the Researchers (excluding the Ex-Field Researchers) from and after the Employment Date and through the Improvement Termination Date; (iii) is directed to the subject matter described in the specifications or claims of any of
the CHB Patent Rights or any New Development Patent under exclusive, royalty-bearing license from WFUHS to Tengion; and (iv) the practice of which could not occur without infringing a Valid Claim of the CHB Patent Rights or a Valid Claim of any
New Development Patent under exclusive, royalty-bearing license from WFUHS to Tengion. “Improvement Patents” do not include any New Development Patents. Article 6 sets forth a mechanism for determining whether a particular WFUHS Patent is
an Improvement Patent or a New Development Patent. 
 1.18 “Improvement Product” means any product, process or use
thereof (i) which is covered by a Valid Claim contained in any of the Improvement Patents in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred; (ii) which is developed,
produced or manufactured using a process or product which is covered by a Valid Claim contained in any of the Improvement Patents in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or
transferred; or (iii) the use of which is covered by a Valid Claim contained in any of the Improvement Patents in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred.
Improvement Products do not include Post-CHB Products. 
 1.19 “Improvement Royalties” has the meaning given it in
Article 3.5.1. 
 1.20 “Improvement Termination Date” has the meaning given it in Article 3.7. 
 1.21 “Improvement Termination Notice” has the meaning given it in Article 3.7. 
 1.22 “Indemnitees” has the meaning given it in Article 13.1. 
 1.23 “Initial Royalties” has the meaning given it in Article 3.4.1. 
 1.24 “Invention Disclosure Form” has the meaning given it in Article 6.1. 
 1.25 “Invention Report” has the meaning given it in Article 6.2.4. 
 1.26 “Joint Patent Committee” or “JPC” has the meaning given it in Article 6.2.1. 
  

					
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 1.27 “Kidney Tissue” means the kidney. 
 1.28 “Know-How” means unpatented manufacturing or scientific information, including, but not limited to, chemical manufacturing
data, toxicological data, pharmacological data, preclinical data, processes, methods, techniques, assays, platforms, formulations, specifications, and quality control testing data (i) in the Licensed Field; (ii) which WFUHS owns or has
sufficient rights to license hereunder; (iii) derived from or related to the activities of the Researchers (excluding the Ex-Field Researchers) during the period beginning on the Employment Date and ending with the Improvement Termination Date;
(iv) relating to the subject matter of the CHB Patent Rights or the Improvement Patents; and (v) that are necessary or useful for the development, use or manufacture of Licensed Products. 
 1.29 “Know-How Only Products” has the meaning given it in Article 3.4.2. 
 1.30 “Licensed Field” means human and animal organs, tissues and tissue-engineered and regenerative medicine products directed to
their functions in the following areas: (i) Genitourinary Tissue, (ii) Kidney Tissue, (iii) Cardiovascular Tissue, (iv) Nervous Tissue, and (v) Trachea Tissue. Each of Genitourinary Tissue, Kidney Tissue, Cardiovascular
Tissue and Nervous Tissue is a “Subfield.” 
 1.31 “Licensed Products” means CHB Licensed Products and WFUHS
Licensed Products. 
 1.32 “Nervous Tissue” means the (i) central nervous system, (ii) peripheral nervous
system, and (iii) functional subcomponents and subunits of (i) and (ii) above. For the removal of doubt, a tissue or organ is not considered Nervous Tissue merely because it contains components of Nervous Tissue. 
 1.33 “Net Sales” means Tengion’s and its Affiliates’ gross receipts from the commercial sale (excluding transfers and
sales for clinical trials that are sponsored, directly or indirectly, by Tengion, its Affiliates or their respective sublicenees), license, lease or transfer of Licensed Products to any third party, 
 1.33.1 less (to the extent appropriately documented): * 
 1.33.2 * 
 1.33.3 * 
 1.33.4 * 
 1.33.5 * 
 1.34 “New Development Patent” means a patent or patent application relating to patentable discoveries, inventions, invention disclosures and/or methods in the Licensed Field conceived, developed or reduced to practice by any
Researcher (other than the Ex-Field Researchers) in the performance of Research under the Research Agreement from and after the Effective Date and throughout the Research Term (regardless of whether any patent application

  

					
	* Confidential Treatment Requested	  	5	  	

 
is filed or any patent is issued during such Research Term), but not directed to the subject matter or claims of (i) any of the CHB Patent Rights or (ii) any other patent with respect
to which WFUHS has granted to Tengion an exclusive, royalty-bearing license in the Licensed Field. New Development Patents do not include any Improvement Patents. For the purposes of clarity, any patent relating to an SRA Invention that is not an
Improvement Patent will be deemed to be a New Development Patent. 
 1.35 “Objection Letter” has the meaning given it
in Article 6.2.7. 
 1.36 “Option” has the meaning given it in Article 2.3. 
 1.37 “Option Period” means * 
 1.38 “OTAM” has the meaning given it in Article 6.1. 
 1.39
“Patented Component” has the meaning given it in Article 3.12. 
 1.40 “Patent Rights” means the CHB Patent
Rights and the WFUHS Patent Rights. 
 1.41 “Post-CHB Product” means an Improvement Product that (i) was once a
CHB Licensed Product and (ii) is no longer covered by any Valid Claim within the CHB Patent Rights. 
 1.42 “Post-CHB
Royalties” has the meaning given it in Article 3.6. 
 1.43 “Provisional Determination” has the meaning given it
in Article 6.2.6. 
 1.44 “Researchers” means (i) Atala, (ii) any other employee, research fellow, research
staff, resident, visiting professor or independent contractor working in WFIRM or under Atala’s direction and (iii) any other Bona Fide Collaborator. 
 1.45 “Research Term” means the period commencing on the Effective Date and ending on the earlier of (i) the expiration of the “Term” as defined in the Research Agreement; or
(ii) the termination of the Research Agreement in accordance with its terms. 
 1.46 “SRA Invention” has the
meaning given it in Article 6.1. 
 1.47 “Subfield” has the meaning given it in Article 1.30. 
 1.48 “Sublicensee” shall mean any non-Affiliate third party to whom Tengion or its Affiliates shall grant a right or license under
the WFUHS Patent Rights, either exclusive or nonexclusive, to make, use, sell, import or export Licensed Products, or to otherwise practice under the WFUHS Patent Rights. Such grant will be referred to herein as a “Sublicense.” 

1.49 “Surrendered Patent” has the meaning given it in Article 10.2. 
 1.50 “Trachea Tissue” means the trachea and functional subcomponents and subunits thereof. “Trachea Tissue” does not
include the bronchus and larynx. 
  

					
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 1.51 “Unfunded Inventions” has the meaning given it in Article 6.1. 
 1.52 “Unpatented Component” has the meaning given it in Article 3.12. 
 1.53 “U.S.” means the United States of America. 
 1.54 “Valid Claim” means any claim of an issued patent or pending patent application within the Patent Rights which, at that time, has not expired or been finally declared unenforceable or
invalid by a court or other governmental agency of competent jurisdiction and from which no appeal can be taken. 
 1.55
“Warrant” has the meaning given it in Article 3.1. 
 1.56 “WFIRM” means the Wake Forest Institute of
Regenerative Medicine, a department of WFUHS chaired by Atala. 
 1.57 “WFUHS Licensed Product” means any product,
process or use thereof (i) which is covered by a Valid Claim contained in any of the Improvement Patents in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred; (ii) which
is developed, produced or manufactured using a process or product which is covered by a Valid Claim contained in any of the Improvement Patents in the country in which the product, process or use thereof is made, used, sold, imported, offered for
sale or transferred; or (iii) the use of which is covered by a Valid Claim contained in any of the Improvement Patents in the country in which the product, process or use thereof is made, used, sold, imported, offered for sale or transferred.

 1.58 “WFUHS Patent Rights” means WFUHS’s rights in and to the Improvement Patents and the New Development
Patents. 
  

	2.	Grant of License and Option 

 2.1 Subject to the terms and conditions of this Agreement, WFUHS hereby grants to Tengion and Tengion accepts from WFUHS, an exclusive, worldwide right and license, including the right to sublicense, to make, use and sell the Improvement
Products under WFUHS’s rights in the Improvement Patents in the Licensed Field only. 
 2.2 Subject to the terms and
conditions of this Agreement, WFUHS hereby grants to Tengion and Tengion accepts from WFUHS, a non-exclusive, worldwide, right and license, including the right to sublicense, to the Know-How. 
 2.3 Subject to the terms and conditions of this Agreement, WFUHS hereby grants to Tengion and Tengion accepts from WFUHS for the Option
Period (in each case) a non-transferable (except as provided in Article 14.1), exclusive option to negotiate in good faith for a royalty-bearing, worldwide, exclusive license, including the right to sublicense, to practice all the rights under the
New Development Patents in the Licensed Field only (the “Option”). 
 2.4 Notwithstanding the rights, licenses and
Option granted in Articles 2.1, 2.2 and 2.3, Tengion’s rights and licenses under this Agreement are subject to any rights of the U.S. government under applicable laws and regulations and pursuant to any contract, grant or similar funding
agreement between WFUHS and the U.S. government. 
  

					
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 2.5 Notwithstanding the rights, licenses and Option granted in Articles 2.1, 2.2 and 2.3,
Tengion’s right and license is subject to WFUHS’s retained right to make, have made and use WFUHS Licensed Products and practice the WFUHS Patent Rights for WFUHS’s own educational, academic, testing, clinical and research purposes,
including the right to collaborate with other academic and non-commercial entities for academic and non-commercial purposes. 
 2.6 Notwithstanding the rights, licenses and Option granted in Articles 2.1, 2.2 and 2.3, Tengion’s license and Option are subject to WFUHS’s retained rights outside of the Licensed Field. For the removal of doubt, WFUHS’s
rights outside the Licensed Field shall not limit Tengion’s rights within the Licensed Field. 
 2.7 Tengion agrees that
any products constituting WFUHS Licensed Products or any products produced through the use of WFUHS Licensed Products will be manufactured substantially in the U.S. to the extent required by 35 U.S.C. Sec. 204, if such statute is applicable.

 2.8 Except as expressly provided for in this Agreement, no license or other rights are granted or conferred by WFUHS to
Tengion by implication, estoppel or otherwise to any inventions, know-how, technology or other intellectual property by the execution of this Agreement or the transfer of any materials or information hereunder. 
  

	3.	License Fees and Royalties 

 3.1 In partial consideration for the right and license granted under this Agreement, the transfer of the Know-How and the execution of the Research Agreement, Tengion shall issue to WFUHS a warrant to purchase forty-six thousand three
hundred eighty-seven (46,387) shares of Tengion’s common stock at an exercise price of sixteen cents ($0.16 U.S.) per share (the “Warrant”). The Warrant is attached to this Agreement as Appendix C. 
 3.2 In partial consideration for the right and license granted under this Agreement, the transfer of the Know-How and the execution of the
Research Agreement, Tengion will pay to WFUHS * of any and all consideration (as contemplated under Article 3.3) received by Tengion or its Affiliates from a Sublicensee which is not in the form of a royalty on sales of a Licensed Product.

 3.3 Consideration received from a Sublicensee to be shared with WFUHS as described in Article 3.2 includes, inter
alia, *. For Tengion’s royalty payment obligations to WFUHS in respect of revenues received from Sublicensees based on their sales of Licensed Products, see Article 3.10. 
  

					
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 3.4 
  

	 	3.4.1	In partial consideration for the right and license granted under this Agreement, the transfer of the Know-How and the execution of the Research Agreement, Tengion will
pay to WFUHS the following amounts in respect of CHB Licensed Products (the “Initial Royalties”): 

  

	 	(a)	For CHB Licensed Products within Genitourinary Tissue or Trachea Tissue: * of Net Sales; 

  

	 	(b)	For CHB Licensed Products within Cardiovascular Tissue: * of Net Sales; and 

  

	 	(c)	For CHB Licensed Products within Kidney Tissue, Nervous Tissue or any other CHB Licensed Product not included in Article 3.4(a) or (b): *. 

  

	 	3.4.2	CHB Licensed Products which are covered only by Article 1.7(iv) and are not covered by any of (a) Articles 1.7(i), (ii) or (iii), (b) Article 1.18, or
(c) Article 1.34, will be referred to as “Know-How Only Products.” Royalties payable on Know-How Only Products will be * of the amounts otherwise payable to WFUHS under Article 3.4.1. By way of example, for a Know-How Only Product
which is Kidney Tissue, Tengion would pay to WFUHS * of Net Sales instead of * of Net Sales. 

 3.5 
  

	 	3.5.1	In partial consideration for the right and license granted under this Agreement, the transfer of the Know-How and the execution of the Research Agreement, Tengion will
pay to WFUHS the following amounts for Improvement Products (the “Improvement Royalties”): 

  

	 	(a)	For Improvement Products that are urinary bladder products: * of Net Sales; 

  

	 	(b)	For Improvement Products within Genitourinary Tissue or Trachea Tissue (other than urinary bladder products): * of Net Sales; 

  

	 	(c)	For Improvement Products within Cardiovascular Tissue: * of Net Sales; and 

  

	 	(d)	For Improvement Products within Kidney Tissue, Nervous Tissue or any other Improvement Product not included in Article 3.5.1(a), (b) or (c): * of Net Sales.

  

	 	3.5.2	Improvement Royalties and Initial Royalties are not cumulative. If Tengion is paying to WFUHS the Improvement Royalties for a particular Licensed Product, Tengion will
not pay WFUHS the Initial Royalty for such Licensed Product. 

  

	 	3.5.3	By way of example, if Tengion sells tissue engineered Kidney Tissue that is covered, in part, by an Improvement Patent, Tengion will pay to WFUHS * of Net Sales of such
Kidney Tissue Improvement Product. The entire Improvement Royalty will be attributable to such Improvement Patent and not to any of the CHB Patent Rights. 

  

					
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	 	3.5.4	Improvement Royalties shall not apply to any Licensed Product for which Post-Improvement Termination Royalties apply under Article 3.7. 

 3.6 In partial consideration for the right and license granted under this Agreement, the transfer of the Know-How and the execution of the
Research Agreement, Tengion will pay to WFUHS the following amounts for Post-CHB Products (the “Post-CHB Royalties”): 
  

	 	3.6.1	For Post-CHB Products that are urinary bladder products: * of Net Sales; 

  

	 	3.6.2	For Post-CHB Products that are Genitourinary Tissue or Trachea Tissue, other than urinary bladder products: * of Net Sales; 

  

	 	3.6.3	For Post-CHB Products that are Cardiovascular Tissue: * of Net Sales; and 

  

	 	3.6.4	For Post-CHB Products that are Kidney Tissue, Nervous Tissue or any other Post-CHB Product not included in Article 3.6(a), (b) or (c): * of Net Sales.

 3.7 Any time after the termination of the Research Term, WFUHS may, by written notice to Tengion (the
“Improvement Termination Notice”), terminate Tengion’s license to Improvement Patents claiming discoveries or inventions conceived after the date of the Improvement Termination Notice. The date of the Improvement Termination Notice is
referred to herein as the “Improvement Termination Date.” WFUHS may terminate such license with respect to Improvements in the entire Licensed Field or with respect to Improvements in one or more Subfields or specific organ(s) or tissue(s)
within a Subfield or Subfields. 
  

	 	3.7.1	In the event that WFUHS exercises the termination right described in this Article 3.7, then the royalty rates applicable to only the particular organ, tissue or
Subfield(s) (or the entire Licensed Field, as the case may be) as to which such right shall have been exercised shall be reduced to the following amounts (the “Post-Improvement Termination Royalties”): 

  

	 	(a)	For Licensed Products that are urinary bladder products: * of Net Sales; 

  

	 	(b)	For Licensed Products that are Genitourinary Tissue or Trachea Tissue, other than urinary bladder products: * of Net Sales; 

  

	 	(c)	For Licensed Products that are Cardiovascular Tissue: * of Net Sales; and 

  

					
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	 	(d)	For Licensed Products that are Kidney Tissue, Nervous Tissue or any other Licensed Product not included in Article 3.7.1(a), (b) or (c): * of Net Sales.

  

	 	3.7.2	Notwithstanding the provisions of Article 3.7.1, if WFUHS exercises this termination right, the royalties payable with respect to the terminated organs, tissues or
Subfield(s) (or the entire Licensed Field, as the case may be) as to which WFUHS has exercised this right shall NOT be reduced to the Post-Improvement Termination Royalties until the expiration of the relevant “Time-Credit Period.” For the
purposes of this Article 3.7.2, the “Time-Credit Period” relevant to a particular terminated organ. tissue or Subfield (or the entire Licensed Field, as the case may be) shall commence *. 

 3.8 If the sale of an Improvement Product requires Tengion to pay a royalty on Net Sales of such Improvement Product to one or more
non-Affiliate third parties (other than under the CMCC License Agreement), the royalty paid to WFUHS shall be reduced from the amounts described in Articles 3.5, 3.6 and 3.7 above as follows: 
  

	 	3.8.1	The WFUHS royalty shall be reduced by the amount of the royalty paid to the third parties in the ratio of *, subject to Article 3.8.4. 

  

	 	3.8.2	Royalties paid to third parties on sales of Improvement Products that are required to be paid solely in order to practice the CHB Patent Rights will not be included in
any reduction of the royalties payable to WFUHS under this License Agreement. 

  

	 	3.8.3	* 

  

	 	3.8.4	Regardless of the result of the royalty rate reduction calculations in this Article 3.8, the reductions contemplated by this Article 3.8 shall never cause the royalties
described in Articles 3.5, 3.6 and 3.7 to be reduced by more than * of the otherwise specified rate. 

 3.9
Royalty rates under Article 3.4, 3.5, 3.6 and 3.7 above may be reduced as expressly described in this Article 3.9 if Tengion terminates the Research Agreement under Paragraphs 2 and 11.1 of the Research Agreement during the “Initial Term”
defined in Paragraph 3 of the Research Agreement. 
  

	 	3.9.1	*of all royalty rates described in Articles 3.4, 3.5, 3.6 and 3.7 above will be fully vested upon the Effective Date and are not subject to reduction under this Article
3.9. 

  

	 	3.9.2	The remaining * of all royalty rates described in Articles 3.4, 3.5, 3.6 and 3.7 above will vest on a fractional basis with the numerator being * and the denominator
being *. 

  

					
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	 	3.9.3	By way of example, if Tengion terminates the Research Agreement under Paragraphs 2 and 11.1 of the Research Agreement because Atala left the employment of WFUHS and as
of the effective date of the termination, the Research Agreement had been in effect for 365 days, royalty rates under Articles 3.4, 3.5 and 3.6 would be reduced to * of the amounts described in Articles 3.4, 3.5 and 3.6. Such * is calculated as
follows: * is the fully vested portion described in Article 3.8.1 above. The remaining * is multiplied by *, resulting in *. 

 3.10 In the event Tengion has granted sublicenses under this Agreement, then Tengion shall pay to WFUHS an amount equal to: 
  

	 	3.10.1	In the case of a Licensed Product within Kidney Tissue that, in the absence of the license granted hereunder and the sublicense granted by Tengion, would infringe any
Improvement Patent, * of the royalty received from each Sublicensee, except that in no instance shall the royalty received by WFUHS be less than * of the royalties that would have been received from Tengion if such sales had been Net Sales made by
Tengion; 

  

	 	3.10.2	In the case of a Licensed Product within Kidney Tissue that is a Know-How Only Product, * of the royalty received from each Sublicensee, except that in no instance
shall the royalty received by WFUHS be less than * or more than * of the royalties that would have been received from Tengion if such sales had been Net Sales made by Tengion; and 

  

	 	3.10.3	In the case of all other Licensed Products, * of the royalty received from each Sublicensee, except that in no instance shall the royalty received by WFUHS be less than
* or more than * of the royalties that would have been received from Tengion if such sales had been Net Sales made by Tengion. 

 Under no circumstances, will the cumulative effect of the application of Article 3.8 and this Article 3.10 cause the royalty payable to WFUHS to be reduced to less than * of the applicable rate specified in Articles 3.4, 3.5, 3.6 and 3.7.

 3.11 Royalties shall be calculated on a Licensed Product-by-Licensed Product and country-by-country basis. Only one royalty
will be paid per Licensed Product regardless of how many Improvement Patents are relied upon by such product (i.e., royalty rates are not cumulative). If at any given time a product can properly be classified as falling within more than one of
Articles 3.4, 3.5, 3.6 or 3.7, the applicable royalty rate at such time for such product shall be the rate prescribed by the applicable Article yielding the higher rate (recognizing that the classification of a Licensed Product may change over
time). For example, if at a particular time a bladder product falls within the provisions of both Article 3.4.1(a) (because it is a CHB Product within Genitourinary Tissue) and Article 3.5.1(a) (because it is an Improvement Product that is a urinary
bladder product), then the applicable royalty rate at that time will be that prescribed by Article 3.5.1(a) * because it is higher than the rate prescribed by Article 3.4.1(a) *. 
  

					
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 3.12 For purposes of calculating royalties, if a Licensed Product (a “Combination
Product”) includes both (i) a component or components covered by a Valid Claim of an Improvement Patent (each a “Patented Component”) and (ii) a distinct component that is capable of being sold separately and that does not
require the Patented Component and such component is not covered by a Valid Claim of an Improvement Patent (each an “Unpatented Component”), then Net Sales of the Combination Product shall be calculated using one of the following methods:

  

	 	3.12.1	If the Patented Components and the Unpatented Components are sold separately, multiplying * by a fraction, the numerator of which is * and the denominator of which is
*; or 

  

	 	3.12.2	If no such separate sales are made of either the Patented Component(s) and the Unpatented Components, Net Sales for purposes of determining royalties payable hereunder
shall be calculated by multiplying * by a fraction, the numerator of which is * and the denominator of which is *. Such fully allocated costs shall be determined by using Tengion’s then current accounting procedures, which procedures must
conform to generally accepted accounting principles. 

  

	4.	Sublicenses 

 4.1
Termination of the any license granted to Tengion by WFUHS under this Agreement will terminate all Sublicenses that may have been granted by Tengion, provided, however, that any Sublicensee who desires to continue its Sublicense must so advise WFUHS
in writing of such Sublicensee’s desire to continue the Sublicense within thirty (30) days of Tengion’s receipt of written notice of the termination of Tengion’s license and, subject to the Sublicensee’s agreement to assume
relative to WFUHS all the obligations, including obligations for payment, contained in the Sublicense agreement with Tengion, WFUHS, in its sole discretion, may elect to continue the Sublicense. 
 4.2 Any Sublicense granted by Tengion must contain provisions corresponding to those of Article 4.1 of this Agreement relative to
termination and the conditions of continuance of any Sublicenses. 
 4.3 All Sublicenses will contain provisions corresponding
to the obligations of Tengion to, and the rights of WFUHS under, this Agreement, including but not limited to, the obligations and rights contained in Articles 2 (Grant of License and Option), 9 (Records, Reports and Payments), 11 (Termination), 12
(Infringement), 13 (Indemnification and Insurance), 14 (Assignment), 15 (Non-Use of Names), 16 (Export Controls), 18 (Dispute Resolution), and 19 (Miscellaneous Provisions). 
 4.4 Tengion will provide notice to WFUHS of any Sublicense granted and will provide a copy of all such Sublicenses within thirty
(30) days of execution. Tengion will promptly provide WFUHS with copies of all reports received from a Sublicensee related to the calculation of any consideration payable to WFUHS hereunder. 
  

					
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	5.	Diligence 

 5.1 Tengion
will use commercially reasonable efforts to bring CHB Licensed Products and WFUHS Licensed Products to market through a thorough and diligent program for exploitation of the CHB Patent Rights, WFUHS Patent Rights and the Know-How. Tengion shall not
be required to be researching and developing Licensed Products in all or multiple subfields within the Licensed Field simultaneously in order to be deemed in compliance with the foregoing sentence. 
 5.2 If WFUHS believes Tengion shall have failed to comply with the provisions of this Article 5, WFUHS shall notify Tengion of the same.

  

	 	5.2.1	Upon receipt of such notice, Tengion shall have a period of sixty (60) days to (i) demonstrate to WFUHS’s reasonable satisfaction that it has complied
with the provisions of Article 5.1, (ii) trigger the ADR provisions of Article 18 or (iii) notify WFUHS that it agrees with WFUHS. If Tengion does not satisfy clauses (i) or (ii) above or Tengion is found in the ADR proceedings
to have not complied with Article 5.1 or if Tengion provides the notice contemplated in clause (iii) above, then Tengion shall, within the immediately following one (1) year period, exercise commercially reasonable efforts to grant a
sublicense to a third party with respect to a subfield within the Field. 

  

	 	5.2.2	If at the end of such one (1) year period, Tengion has failed to enter into such subfield sublicense, WFUHS may, within the immediately following one (1) year
period negotiate the subfield field of use sublicense directly with a third party. If WFUHS negotiates such sublicense within such time, then Tengion shall enter into a subfield field of use sublicense with such third party, provided that such
sublicense (a) is on terms that are substantially similar to the terms of this Agreement (except the financial terms), (b) does not obligate Tengion to spend money or dedicate resources, (c) shall exclude any Licensed Product (or
related rights to such Licensed Product) that has been or is under active development or is being commercialized by Tengion and (d) is restricted to the subfield as to which Tengion has attempted, but failed, to comply with Article 5.2.1.
Tengion must execute such sublicense or initiate ADR proceedings (if, for example, it believes that one or more of clauses (a) - (d) above have not been satisfied) within ten (10) days of receiving the negotiated field of use sublicense from
WFUHS. 

  

	 	5.2.3	If Tengion fails exercise the sublicense or initiate ADR proceedings within such ten (10) day period, it shall be deemed to have granted WFUHS an irrevocable power
of attorney to execute such sublicense on its behalf. If an arbitrator finds that Tengion has initiated ADR proceedings without reasonable factual or legal basis or solely in order to delay further development, he or she shall have to power to order
the termination of this license under this Agreement within the subfield of the Licensed Field as to which Tengion has failed to comply with Article 5.1. 

  

					
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	 	5.2.4	If WFUHS is unable to negotiate a sublicense as contemplated above within such one (1) year period, then Tengion’s license hereunder will continue without any
change or consequence, subject to the terms and conditions of this Agreement. 

  

	6.	Intellectual Property 

 6.1 From time to time during the Research Term, the WFUHS Office of Technology Asset Management (“OTAM”) will receive from one or more of the Researchers written reports on forms created by WFUHS for such purpose (“Invention
Disclosure Forms”) (a copy of which is attached hereto as Appendix D) of inventions and discoveries, whether patentable or not, data, technical information and other research results first conceived, created, discovered or reduced to practice
(i) in the performance of the Research under the Research Agreement (“SRA Inventions”), or (ii) by the Researchers (other than the Bona Fide Collaborators) in the Licensed Field, but not in the performance of the Research
under the Research Agreement (“Unfunded Inventions”). 
 6.2 For SRA Inventions, it will be necessary for the Parties
to determine whether patents and patent applications filed on such SRA Inventions will be Improvement Patents or New Development Patents. The method for making such determination is described in sequential steps below: 
  

	 	6.2.1	The Parties shall form a Joint Patent Committee consisting of * business representative and, optionally, * legal representative from each of WFUHS and Tengion (the
“Joint Patent Committee” or “JPC”). Either WFUHS or Tengion may elect not to have their legal representative attend a particular meeting or the JPC. The absence of one party’s legal representative will not be deemed to cause
an ethical breach by the other party’s legal representative due to any ex parte contact. The JPC will meet as needed either in person or via teleconference and its role will be to (i) oversee the management and prosecution of the
intellectual property contemplated under this Agreement, (ii) review and triage Invention Disclosure Forms and other information provided by the Researchers to determine whether patents and patent applications covering SRA Inventions and
Unfunded Inventions are Improvement Patents or New Development Patents and (iii) review proposed manuscripts and presentations and similar works (as described in Paragraph 8 of the Research Agreement) by the Researchers prior to their
publication in order to make sure the intellectual property is properly protected. As to all decisions of the JPC, the representatives of WFUHS collectively shall have * and the representatives of Tengion collectively shall have *. In the event of
an impasse, * shall have a tie-breaking vote. If * exercises its tie-breaking vote as to any determination of the JPC and * disagrees with the outcome of the vote, it may trigger the ADR provisions set forth in Article 18. 

 

					
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 The Parties recognize and acknowledge their common interest in the work product of the
Researchers under the Research Agreement and the proper characterization of the intellectual property contemplated under this Agreement. As such, the Parties agree that the proceedings of the JPC will be confidential and will be protected under
attorney-client privilege. 
  

	 	6.2.2	From time-to-time OTAM will receive an Invention Disclosure Form from one or more of the Researchers that designates that the funds provided by Tengion under the
Research Agreement were a source of funding for the described invention(s) or indicates that the invention(s) disclosed on such form arose under the Research Agreement. The date on which OTAM receives an Invention Disclosure Form will be referred to
herein as the “Disclosure Date” for the particular SRA Invention(s) disclosed in such Invention Disclosure Form. 

  

	 	6.2.3	Next, OTAM will perform a routine background search of prior art related to the SRA Invention in both the patent-related and learned literature.

  

	 	6.2.4	Next, OTAM will report the SRA Invention to the Tengion representatives on the JPC in writing (the “Invention Report”). Each such Invention Report will
include (a) the reasonably complete Invention Disclosure Form, (b) the results of OTAM’s background prior art search, (c) if any of the work out of which the SRA Invention arose was funded by any U.S. government agency,
identification of the particular grant(s) providing such funding and (d) possible applications of the SRA Invention outside of the Licensed Field. The Invention Report will be considered “Confidential Information” under the terms and
conditions of the Research Agreement. OTAM will promptly submit each Invention Report, but even in unusual circumstances OTAM must deliver an Invention Report to the JPC for a particular SRA Invention within the time period specified in
Section 5.4(a) of the Research Agreement. Failure by WFUHS to comply with such time period deadline will result in such SRA Invention being conclusively deemed to be the basis for an Improvement Patent. Within ten (10) days after the date
of execution of this Agreement, OTAM shall deliver to the JPC, copies of all patent applications filed to date claiming Unfunded Inventions within the Licensed Field. In addition, within forty-five (45) days after the date hereof, OTAM shall
deliver to the JPC Invention Reports with respect to all Unfunded Inventions within the Licensed Field for which it has received Invention Disclosure Forms (but has not filed a patent application for) prior to the date hereof.

  

	 	6.2.5	At each meeting or teleconference of the JPC, the JPC will review, discuss and evaluate all Invention Reports received by the members of the JPC at least thirty
(30) days prior to such meeting or teleconference. Among other things, the regular agenda of the JPC will cover the items set forth in clauses (i), (ii) and (iii) of Article 6.2.1. 

  

					
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	 	6.2.6	The JPC will determine (a “Provisional Determination”) whether each SRA Invention in question is the basis for an Improvement Patent or a New Development
Patent. 

  

	 	6.2.7	Next, if Tengion reasonably does not agree with the JPC’s Provisional Determination with respect to whether a particular SRA Invention should be considered an
Improvement Patent or a New Development Patent, Tengion will send to OTAM, within the 30-day period following the meeting or teleconference of the JPC at which the Provisional Determination is made, a detailed written description of Tengion’s
reasonable disagreement the JPC’s Provisional Determination (the “Objection Letter”). Such Objection Letter will be considered “Confidential Information” under the terms and conditions of the Research Agreement.

  

	 	6.2.8	Next, if Tengion does not provide to OTAM an Objection Letter within such 30-day period, the Provisional Determination of the JPC with respect to that particular SRA
Invention will be considered final. If Tengion does provide to OTAM an Objection Letter for a particular SRA Invention, the classification of such SRA Invention as the basis for an Improvement Patent or a New Development Patent will be deferred and
such SRA Invention will be considered to be a “Deferred Invention” until such time as the Parties otherwise agree to a classification or the procedures contemplated by this Article 6.2 are finally completed. 

  

	 	6.2.9	Tengion may elect to maintain an exclusive option to negotiate for an exclusive license to any such Deferred Invention for up to * from the date of the JPC’s
Provisional Determination by notifying OTAM in the Objection Letter that it will (a) reimburse WFUHS for all patent expenses incurred with respect to protecting patent rights in such Deferred Invention on the terms described in Article 10 below
and (b) pay to WFUHS a royalty on Net Sales, if any, at a rate equal to the Improvement Royalties for Licensed Products that incorporate or use such Deferred Invention, provided the Deferred Invention is covered by a filed patent application.

  

	 	6.2.10	Tengion may exercise the option to negotiate for an exclusive license at any time during the * upon written notice to WFUHS. Such exercise will cause the patent
covering that Deferred Invention to be treated as if it were a New Development Patent. For the sake of clarity, this Article 6.2.10 is provided to allow Tengion to immediately negotiate for an exclusive license to the Deferred Invention under the
terms of Article 7 hereof rather than wait until the end of the *. 

  

					
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	 	6.2.11	If the Parties shall not have mutually agreed on the characterization of the Deferred Invention and Tengion shall not have exercised the option in Article 6.2.10 prior
to the expiration of the * described in Article 6.2.9, WFUHS will, within ninety (90) days following the expiration of such period, finally determine in good faith whether the Deferred Invention is the basis for an Improvement Patents or a New
Development Patent. If WFUHS determines that such Deferred Invention is a New Development Patent, Tengion will be provided an additional thirty (30) days to exercise its Option rights with respect to such New Development Patent; provided,
however, that if Tengion reasonably disagrees with this final determination, it may trigger the ADR provisions set forth in Article 18 with respect to this determination. 

 6.3 It will be necessary for the Parties to determine if any Unfunded Inventions within the Licensed Field will be covered by an Improvement
Patent. The sequential steps for this determination are detailed below: 
  

	 	6.3.1	Upon receipt of an Invention Disclosure Form disclosing an Unfunded Invention within the Licensed Field, OTAM will perform a routine background search of prior art
related to the Unfunded Invention in both the patent-related and learned literature. 

  

	 	6.3.2	Next, OTAM will report the Unfunded Invention to Tengion’s representatives on the JPC in a written Invention Report. Each such Invention Report will first include
OTAM’s reasonable, good faith determination that such Unfunded Invention (i) should be evaluated by the JPC because it is likely to result in an Improvement Patent, (ii) is unlikely to result in an Improvement Patent, but should be
evaluated by the JPC for the removal of doubt or out of the spirit of cooperation between WFUHS and Tengion, or (iii) will not result in an Improvement Patent. Depending on whether WFUHS determines that an Unfunded Invention falls into category
(i), (ii) or (iii) of this Article 6.3.2, the Invention Report will include additional information as described below. The Invention Report will be considered “Confidential Information” under the terms and conditions of the
Research Agreement. At each meeting or teleconference of the JPC, the JPC will review, discuss and evaluate all Invention Reports received by the members of the JPC at least thirty (30) days prior to such meeting or teleconference. OTAM will
promptly submit each such Invention Report to the JPC, but even in unusual circumstances OTAM must deliver an Invention Report to the JPC for a particular Unfunded Invention within sixty (60) days after such invention’s Disclosure Date.
Within ten (10) days after the date of execution of this Agreement, OTAM shall deliver to the JPC, copies of all patent applications filed to date claiming Unfunded Inventions. In addition, within forty-five (45) days after the date
hereof, OTAM shall deliver to the JPC Invention Reports with respect to all Unfunded Inventions for which it has received Invention Disclosure Forms (but has not filed a patent application for) prior to the date hereof. 

  

					
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	 	6.3.3	If WFUHS determines (as described in Article 6.3.2 above) that an Unfunded Invention falls within either category (i) or (ii) of Article 6.3.2, the Invention
Report will also include (a) the reasonably complete Invention Disclosure Form, (b) the results of OTAM’s background prior art search, (c) if any of the work out of which the Unfunded Invention arose was funded by a U.S.
government agency, identification of the particular grant(s) providing such funding and (d) possible applications of the SRA Invention outside of the Licensed Field. 

  

	 	6.3.4	If WFUHS determines (as described in Article 6.3.2 above) that an Unfunded Invention falls within category (iii) of Article 6.3.2, the Invention Report will also
include a summary of the Unfunded Invention. WFUHS intends to provide detail sufficient that Tengion will be able to concur with WFUHS’s determination that such Unfunded Invention will not result in an Improvement Patent. However, Tengion
understands and accepts that, by definition, Unfunded Inventions were developed without Tengion support, and there may be circumstances where WFUHS will have commercially reasonable cause to provide a low level of detail in the summary.

  

	 	6.3.5	In the case of Unfunded Inventions described in Article 6.3.3, the JPC will make a Provisional Determination whether each Unfunded Invention in question is the basis
for an Improvement Patent. For the sake of clarity, Tengion understands that WFUHS is heavily incentivized to report all Unfunded Inventions in the Licensed Field to the JPC because of the difficulty inherent of licensing such Unfunded Inventions to
a third party without an indication by Tengion that such Unfunded Invention will not result in an Improvement Patent. Tengion’s Option does not extend to Unfunded Inventions that are not Improvement Patents. 

  

	 	6.3.6	If the Provisional Determination of the JPC is that the patents and patent applications covering such Unfunded Invention are not Improvement Patents or are not within
the Licensed Field, Tengion will have a period of forty-five (45) days after the date of the Provisional Determination (i.e., the date of the meeting of the JPC at which the Provisional Determination was made) to reasonably object to such
determination. If Tengion fails to object (in accordance with the procedure set forth in the next sentence) within such 45-day period, the Provisional Determination will be deemed conclusive. In order to object to the Provisional Determination of
the JPC with respect to any Unfunded Invention, Tengion must trigger the ADR procedures of Article 18 prior to the expiration of such 45-day period. 

  

					
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	7.	Option 

 7.1 The Option
may be exercised by Tengion at any time during the Option Period upon written notice to WFUHS. Such written notice will identify the New Development Patent or SRA Invention that is the basis for a New Development Patent with respect to which Tengion
desires to exercise its Option. For the removal of doubt, each individual New Development Patent will have its own individual Option and Option Period associated with it and the exercise of the Option on any particular New Development Patent will
not affect the Option or Option Period for any other New Development Patent. If during the Option Period related to any particular SRA Invention, the claims of the corresponding New Development Patent are materially modified, the Option Period will
be extended as follows: 
  

	 	7.1.1	If the material modification occurs within * of the Option Period, then there will be *; 

  

	 	7.1.2	If the material modification occurs within * of the Option Period, then the Option Period will be extended by *; 

  

	 	7.1.3	If the material modification occurs within * of the Option Period, then the Option Period will be extended by *; and 

  

	 	7.1.4	If the material modification occurs within * of the Option Period, then the Option Period will be extended by *. 

 7.2 The Option granted in Article 2.3 above expressly does not include the right to practice the New Development Patent in any other way not
expressly provided for in this Article 7. 
 7.3 Pending execution of a license agreement covering a New Development Patent
under Article 7.5, Tengion may review the New Development Patents solely for the purpose of ascertaining Tengion’s interest in pursuing licensing negotiations for the New Development Patents with WFUHS and shall not use or practice the same for
any purpose. 
 7.4 If the Option for any particular New Development Patent granted by WFUHS in Article 2.3 above is not
exercised by Tengion, such Option and all rights granted to Tengion therewith terminate with the expiration of the Option Period for that particular New Development Patent. 
 7.5 Any license entered into between Tengion and WFUHS pursuant to the Option granted in Article 2.3 above will (i) be negotiated in
good faith by the Parties; (ii) be exclusive, worldwide, and royalty-bearing; (iii) include the right to sublicense, (iv) provide for WFUHS’s continued right to make, have made, use or practice the New Development Patent for its
noncommercial research, clinical, academic and educational purposes and to collaborate with other academic and non-commercial entities for such purposes; (v) be limited by the rights of the U.S. government that may arise out of the U.S.
government’s sponsorship of research leading to the New Development Patent; and (vi) unless otherwise agreed by the Parties, include provisions that substantially conform to the provisions of Articles 4, 8, 9, 10, 11, 12, 13, 14, 15, 16,
17, 18 and 19 of this Agreement. All terms and conditions of such license agreement, if any, will be negotiated in good faith by the Parties prior to any research, commercial development or practice of the New Development Patent. 
  

					
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 7.6 Any termination of the Option for a particular New Development Patent or expiration of
the Option Period for a particular New Development Patent does not in any way affect any other obligation of the Parties under this Agreement, including, but not limited to, Tengion’s payment obligations under Article 3 above. 
  

	8.	Representations, Warranties and Covenants; Disclaimer of Warranties and Limitation of Liability 

 8.1 Each Party represents and warrants to the other that it has the legal right, authority and power to enter into this Agreement and to
perform its obligations under this Agreement. 
 8.2 WFUHS represents and warrants to Tengion that to the extent of its
knowledge as of the date of this Agreement and subject to any rights of the U.S. government as described in Article 2.4, WFUHS has all right, title and interest in and to the WFUHS Patent Rights extant as of the date hereof. WFUHS represents and
warrants that it has complied in all material respects with the Bayh-Dole Act with respect to the WFUHS Patent Rights and it will not take or fail to take any action after the Effective Date with respect to the WFUHS Patent Rights under the
Bayh-Dole Act that would have a material adverse effect on Tengion’s license and other rights to the WFUHS Patent Rights under this Agreement. 
 8.3 WFUHS represents and warrants to Tengion that to the extent of its knowledge as of the date of this Agreement, it is not currently a party to any agreement or other arrangement with any third party or
subject to any provision in its charter or governing documents, the effect of which would limit or restrict its ability to grant the licenses and rights to Tengion its has granted hereunder. 
 8.4 WFUHS and Tengion each represent and warrant to each other that it will not knowingly enter into any agreement with any third party that
will conflict with its obligations under this Agreement or the Research Agreement. 
 8.5 To the extent that Wake Forest
University (as distinct from WFUHS) (the “University”) shall come to possess an ownership or assignee interest in any New Development Patent to which Tengion has been granted a license or in any Improvement Patent, WFUHS shall use
commercially reasonable efforts to cause the University to grant to Tengion an exclusive worldwide license under the University’s ownership or assignee interest therein on the same terms as the license WFUHS has granted to Tengion, except that
Tengion shall not be liable for any additional payments to either WFUHS or the University. 
 8.6 To the extent that any
informal collaboration between any of the Researchers and any investigator from another institution results in the other institution possessing an ownership or assignee interest in any New Development Patent to which Tengion has been granted a
license or in any Improvement Patent, WFUHS shall use commercially reasonable efforts to assist Tengion in securing a license under such ownership or assignee interest on terms acceptable to Tengion. 
  

					
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 8.7 EXCEPT AS EXPRESSLY AND SPECIFICALLY SET FORTH ABOVE, ALL INFORMATION, TECHNOLOGY AND
PROPERTY, WHETHER TANGIBLE OR INTANGIBLE, WHICH MAY BE DELIVERED HEREUNDER, WILL BE DELIVERED ON AN “AS IS, WHERE IS” BASIS WITHOUT ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY BY WFUHS OR WAKE FOREST UNIVERSITY WHATSOEVER. EXCEPT AS
EXPRESSLY AND SPECIFICALLY SET FORTH ABOVE, WFUHS AND WAKE FOREST UNIVERSITY HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE, OR ANY IMPLIED REPRESENTATIONS AND WARRANTIES ARISING FROM ANY COURSE OF DEALING, USAGE, OR TRADE OR INDUSTRY PRACTICE. WFUHS AND WAKE FOREST UNIVERSITY ASSUME NO RESPONSIBILITY WITH RESPECT TO THE EXPLOITATION OR
COMMERCIALIZATION OF THE PATENT RIGHTS OR KNOW HOW OR THE MANUFACTURE, USE, SALE, LEASE OR DISTRIBUTION OF ANY METHODS, PROCESSES, APPARATUS, DEVICES, SYSTEMS, PRODUCTS, ARTICLES AND APPLIANCES DERIVED FROM OR USING THE LICENSED PRODUCTS BY TENGION.
WFUHS AND WAKE FOREST UNIVERSITY MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AS TO THE VALIDITY OF ANY PATENT RIGHTS, INCLUDING CLAIMS ISSUED OR PENDING OR THAT THE PRACTICE OF ANY PATENT RIGHTS OR THE
SALE, LEASE, LICENSE OR TRANSFER OF ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT OF A THIRD PARTY. WFUHS AND WAKE FOREST UNIVERSITY WILL NOT BE LIABLE TO TENGION OR ANY OTHER PERSON FOR LOSS OF PROFITS, LOSS OF USE OR
ANY OTHER SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES. 
  

	9.	Records, Reports and Payments 

 9.1 Tengion will keep and maintain and will require any and all of its Affiliates, its joint venture partners, its co-promoters and their respective Sublicensees to keep and maintain complete, accurate and correct records and books relating
to the sale, lease, use or disposition of the Licensed Products and any and all payments or consideration associated with this Agreement for five (5) years following the end of the calendar year to which such records and books pertain.

 9.2 Tengion will provide to WFUHS written reports as described below for each calendar quarter as of
January 1, April 1, July 1 and October 1 of each calendar year during the Duration of this Agreement. Within forty-five (45) days of the end of each such calendar quarter, Tengion will provide to WFUHS a written
report setting forth the following information: 
  

	 	(a)	accounting for any and all Licensed Products sold, distributed, transferred, used or leased during the previous quarter; 

  

	 	(b)	gross receipts of Licensed Products during the previous quarter; 

  

	 	(c)	any applicable deductions from gross sales as provided in Article 1.33 of this Agreement during the previous quarter; 

  

					
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	 	(d)	total Net Sales during the previous quarter; 

  

	 	(e)	names and addresses of all Sublicensees and the total cash and Equivalent Value of non-cash consideration received from Sublicensees during the previous quarter;

  

	 	(f)	total royalties and any other payments or consideration under this Agreement then due; and 

  

	 	(g)	material events that have occurred since the last report relating to the development of the Licensed Products. 

  

	 	9.2.1	Tengion will remit to WFUHS with each such report and on the date specified above the full amount of any and all consideration due. If no sales, leases or transfers of
the Licensed Products were made during any calendar quarter, Tengion will provide to WFUHS a statement to that effect. Prior to the first sale of a Licensed Product, Tengion will annually provide WFUHS with a brief summary of progress made by
Tengion, its Affiliates, its joint venture partners, its co-promoters and their respective Sublicensees towards the commercialization of Licensed Products. 

 9.3 Tengion will provide within one hundred fifty (150) days following the end of Tengion’s fiscal year copies of the audited consolidated financial statements of Tengion for the preceding year
including statements of income and cash flows, a balance sheet, the auditor’s report thereon and any management letters that related to, or would reasonably affect the performance of Tengion under, this Agreement. Once it is subject to the
public reporting requirements under the Securities Exchange Act of 1934, as amended, Tengion will provide such audited annual financial statements within ninety (90) days after the end of each fiscal year. 
 9.4 The books and records of account kept by Tengion pursuant to Article 9.1 above shall be made available upon reasonable notice, during
normal business hours once per fiscal year for examination by one or more independent auditors of WFUHS’s choosing who will be permitted to enter upon the premises of Tengion to examine such books and records to verify all amounts payable to
WFUHS under this Agreement and make and retain copies of any and all parts of said books and records of account, including invoices that are relevant to any report required to be rendered by Tengion. Such copies will be provided at no cost to WFUHS.
Each such review shall be performed diligently and shall be completed within a reasonable time of its commencement, which in no event shall be more than thirty (30) days. WFUHS may audit only the periods for which records are required to be
kept under Article 9.1 and only while Tengion is obligated under Article 9.1 to maintain such records. WFUHS may audit any given period only once. Any amount found to have been owed but not paid will be paid promptly to WFUHS with interest at the
rate of * per year. Any amount overpaid will be credited against future payments until the amount of the overpayment is exhausted. In the event any such audit shows that Tengion has underpaid its royalty obligation hereunder by * or more during any
calendar quarter, Tengion will reimburse WFUHS for WFUHS’s reasonable actual costs of such auditor for such audit. 
  

					
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 9.5 Royalty or other payments will be paid in U.S. Dollars to WFUHS in Winston-Salem, North
Carolina, or at such other place as WFUHS may reasonably designate consistent with the laws and regulations controlling in any foreign country. If any royalties hereunder are based on sales converted from foreign currency, such conversion will be
made by using the exchange rate prevailing on the last business day of the quarter, as published in the Wall Street Journal for the calendar quarter period to which such royalty payments relate. 
  

	10.	Patent Prosecution 

 10.1
The filing and prosecution of the U.S. and foreign patent applications and maintenance of all U.S. and foreign patents within the WFUHS Patent Rights will be managed by WFUHS; provided, however, that, Tengion will have the reasonable right to
comment upon the management, prosecution and maintenance of such patent application(s) and issued patents, including the reasonable right to offer comments and advice regarding strategic and tactical decisions in the prosecution and maintenance
process; provided further, that WFUHS shall retain the authority to reject any comments proffered by Tengion. Tengion may direct its comments and recommendations directly to WFUHS’s patent counsel so long as WFUHS receives contemporaneous
copies of all correspondence, e-mails and other communications with respect thereto. WFUHS will exercise commercially reasonable diligence in applying for, seeking prompt issuance of and maintaining the WFUHS Patent Rights. In carrying out these
activities, WFUHS will consider in good faith the recommendations of the JPC. Patent counsel for the preparation, filing, prosecution and maintenance of the WFUHS Patent Rights shall be selected by WFUHS but shall be reasonably acceptable to Tengion
(it being agreed that the firm of Nutter, McClennan & Fish is acceptable to Tengion with respect to such firm’s expertise and competence in the substantive law of intellectual property). WFUHS will consult Tengion and will keep Tengion
reasonably informed of all matters relating to the preparation, filing, prosecution and maintenance of all WFUHS Patent Rights, including, but not limited to, disclosing to Tengion the complete text of all patent applications. In addition, WFUHS
will provide Tengion with copies of all material correspondence with the applicable patent office in such a manner to allow Tengion a meaningful opportunity to comment. The Parties will cooperate with each other in order to preserve to the greatest
extent possible the attorney-client privilege with respect to the prosecution and maintenance of the WFUHS Patent Rights. 
 10.2 In the event Tengion determines that filing, prosecution or maintenance of any U.S. or foreign Improvement Patent or any patent or patent application relating to a Deferred Invention is not justified (a “Surrendered Patent”),
Tengion will notify WFUHS of such determination in writing, thereby surrendering its rights to the Surrendered Patent, such notice to be given no fewer than sixty (60) days before any response or action is needed to preserve and the Surrendered
Patent. WFUHS will then have the option to file, prosecute or maintain the Surrendered Patent at its own expense. Further, WFUHS will then have the sole right to delete the Surrendered Patent from the license or option rights of Tengion under this
Agreement for the territory covered thereby. WFUHS shall then be free to license or otherwise exploit its rights to such Surrendered Patent to any other party on any other terms. 
 10.3 Upon presentation of itemized statements to Tengion, Tengion will promptly reimburse WFUHS for all reasonable fees and costs relating
to the preparation, filing, prosecuting and maintenance of Improvement Patents that are incurred following the Effective Date. Any amounts due hereunder that remain unpaid forty-five (45) days after Tengion receives an invoice from WFUHS shall
bear simple interest accrued at the annual rate of * from the date such payment first became due. 
  

					
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 10.4 If WFUHS, in its sole discretion, elects not to pursue, maintain or retain a particular
Improvement Patent or patent or patent application relating to a Deferred Invention, then WFUHS shall so notify Tengion and, subject to any rights of the U.S. government, if any, under Public Law 96-517, 97-226 and 98-620, codified at 35 U.S.C.
§§ 200-212 and any regulations promulgated thereunder, shall authorize Tengion to assume the filing, prosecution and maintenance of such application or patent at Tengion’s expense, but without any additional consideration payable to
WFUHS, except reimbursement of the costs of implementing the transfer of such rights and payment of all patent costs through the effective date of the transfer in accordance with Article 10.3. In such event, WFUHS shall provide to Tengion any
authorization necessary to permit Tengion to pursue and maintain such patent or application and, subject to the government rights described above, if any, shall assign such patent or patent application to Tengion. If Tengion accepts such assignment,
it shall hold WFUHS harmless from any costs, fees and expenses that occur with respect to such patent or application after the effective date of transfer. 
  

	11.	Termination 

 11.1 Unless sooner canceled or terminated as herein provided, this Agreement will continue in full force and effect on a country-by-country basis from the Effective Date until the later of (i) the expiration of the last to expire
Improvement Patent or (ii) fifteen (15) years from the Effective Date (the “Duration”). With respect to Improvement Products, Tengion’s obligations to pay royalties and other consideration to WFUHS under Article 3 above will
end on a Licensed Product-by-Licensed Product basis on the later of (i) the expiration of the last to expire Improvement Patent that covers such Licensed Product or (ii) fifteen (15) years from the first commercial sale of such
Licensed Product, at which time, all the licenses granted herein shall become perpetual and paid in full; provided, however, that no such royalties shall be payable more than seven (7) years after expiration of such last-to-expire Improvement
Patent. With respect to Licensed Products that are not Improvement Products, Tengion’s obligation to pay royalties and other consideration to WFUHS under Article 3 above will end on a Licensed Product-by-Licensed Product basis five
(5) years from the first commercial sale of each such Licensed Product, provided the first commercial sale occurs prior to the fifteenth (15th) anniversary of the Effective Date (for each day after such anniversary that lapses before such first commercial
sale occurs, the five (5) year period shall be reduced by one day). 
 11.2 If (i) Tengion becomes bankrupt or
insolvent (i.e., not able to pay its debts as they become due), ceases its operations, or files a voluntary petition in bankruptcy, or commences any dissolution, liquidation or winding-up of its affairs, (ii) the business of Tengion is placed
in the hands of a receiver, assignee or trustee for the benefit of creditors, whether by the voluntary act of Tengion or otherwise, (iii) any involuntary petition for bankruptcy, dissolution, liquidation or winding-up of the affairs of Tengion
is filed and is not dismissed within ninety (90) days, this Agreement and any and all rights granted thereunder will automatically terminate without any notice whatsoever to Tengion. 
  

					
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 11.3 If Tengion at any time defaults (i) in the payment of any license fee, royalty or
other payment due hereunder, or (ii) in providing any report due under this Agreement, or (a) makes any knowingly false report, or (b) commits a material breach of any covenant or undertaking set forth herein, WFUHS will have the
right, in addition to all other remedies available, to terminate the license under this Agreement by giving Tengion forty-five (45) days prior written notice of such termination, provided, however, that if Tengion will have rectified such
default or breach to WFUHS’s reasonable satisfaction within such forty-five (45) day period (or in the case of a material breach under clause (b) above that cannot reasonably be cured within forty-five (45) days, such longer
period as is reasonably required to rectify such breach or default, but in any case no longer than six (6) months, as long as Tengion undertakes such rectification efforts within such forty-five (45) day period and continues same with
commercially reasonable diligence), this Agreement will remain in effect and the rights and licenses herein granted will be in force as if no default or breach had occurred on the part of Tengion. 
 11.4 Tengion will have the right to terminate the license under this Agreement with or without cause on ninety (90) days’ written
notice to WFUHS. 
 11.5 Upon expiration or termination of this Agreement for any reason, nothing herein will be construed to
release either Party from any obligation accrued prior to the effective date of such termination. 
 11.6 If, at any time during
the Duration, other than as part of a bona fide defense asserted or interposed by Tengion as a defendant in any patent infringement or declaratory judgment action (i) Tengion directly or indirectly opposes or assists any third party to oppose
the grant of any letters patent on any patent application within the WFUHS Patent Rights or disputes or directly or indirectly assists any third party to dispute the validity of any patent within the WFUHS Patent Rights, or validity or scope of any
of the claims thereof, or (ii) Tengion challenges in any way WFUHS’s rights as an assignee of any of the WFUHS Patent Rights, WFUHS will be entitled thereafter to terminate immediately all or any portion of the licenses and options granted
hereunder by written notice thereof to Tengion. Tengion represents and warrants that it will not use in any way for the purpose of filing future patent applications either (a) owned by Tengion or (b) within the CHB Patent Rights any
information and data developed by WFUHS in the performance of the Research under the Research Agreement and disclosed to Tengion by WFUHS. 
 11.7 Effects of Termination on Licenses and Options 
  

	 	11.7.1	Any termination of (i) this Agreement pursuant to Articles 11.2, 11.3, 11.4 or 11.6 or (ii) the Research Agreement by WFUHS pursuant to Paragraphs 12.2 or
12.3 of the Research Agreement, will result in the immediate termination of all Options and licenses granted under this Agreement, including all licenses and Options granted prior to the effective date of such termination. 

 

	 	11.7.2	 Subject to Article 11.7.1 above, any (i) termination of the Research Agreement pursuant to Paragraph 12.1 of the Research Agreement, or
(ii) expiration of the Research Term of the Research Agreement, will

  

					
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terminate the right to future grants of licenses to Know-How and future Options to New Developments Patents related to intellectual property conceived or reduced to practice after the effective
date of such termination or expiration; provided, however, that Tengion shall retain its existing licenses and then pending and unexercised Options with respect to intellectual property conceived or reduced to practice prior to the effective date of
such termination. For the removal of doubt, termination of future licenses to Improvement Patents is discussed separately in Article 3.7 above. 

  

	12.	Infringement 

 12.1 Each
Party will promptly inform the other Party in writing of any alleged infringement by a third party of any of the WFUHS Patent Rights within the Licensed Field, and provide such other Party with any available evidence of infringement. Neither Party
will settle or compromise any claim or action described in this Article 12 in a manner that imposes any restrictions, limitations, responsibilities or obligations on the other Party without the other Party’s express written consent. 

12.2 During the Duration, Tengion will have the right to prosecute at its own expense any infringements of the Improvement Patents and,
in furtherance of such prosecution, Tengion may join WFUHS as a party plaintiff in any such suit, without expense to WFUHS. Similarly, during the Duration, Tengion will have the right to defend at its own expense any infringement action or
declaratory judgment action alleging invalidity or noninfringement of any of the Improvement Patents, and, in furtherance thereof, Tengion may join WFUHS as a party in any such suit, without expense to WFUHS. The total cost of any such action
commenced or defended solely by Tengion will be borne by Tengion. Any recovery of damages by Tengion as a result of such action shall be applied first in satisfaction of any reasonable unreimbursed expenses and attorneys’ fees of Tengion
relating to the action, and second in satisfaction of reasonable unreimbursed legal expenses and attorneys’ fees of WFUHS, if any, relating to the action and incurred as a result of being joined as a party by Tengion. The balance remaining from
any such recovery shall be allocated between Tengion and WFUHS in accordance with Article 3 hereof as if such balance represented Net Sales of a Licensed Product utilizing the patents in question. 
 12.3 If, within one hundred eighty (180) days after having been notified of any alleged infringement of any Improvement Patent, Tengion
has been unsuccessful in persuading the alleged infringer to desist, and has not brought, or otherwise is not diligently prosecuting, an infringement action, or if Tengion notifies WFUHS at any time prior thereto of its intention not to bring suit
against any alleged infringer that has not been licensed by Tengion under any Improvement Patent(s), then, and in those events only, WFUHS will have the right, but not the obligation, to prosecute at its own expense such infringement of such
Improvement Patent(s), and WFUHS may, for such purposes, use the name of Tengion as a party plaintiff (without expense to Tengion). Settlement, consent judgment or other voluntary final disposition of the suit may be entered into by WFUHS without
the consent of Tengion; provided such settlement does not impose any obligation for the payment of money or the taking of any action on Tengion. The total cost of any such infringement action commenced or defended solely by WFUHS will be borne by
WFUHS, and WFUHS will keep any recovery or damages, for past infringement or otherwise, derived therefrom. 
  

					
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 12.4 In the event that a declaratory judgment action alleging invalidity or noninfringement
of any Improvement Patent(s) is brought against Tengion, and Tengion declines to defend the same or otherwise is not diligently defending such action, then, and in those events only, WFUHS, at its option, will have the right to intervene and take
over the sole defense of the action at its own expense (and without expense to Tengion), and whereupon WFUHS will keep any recovery and damages derived therefrom or from any counterclaims asserted therein. Further, WFUHS will then have the sole
right in such event to delete from the license granted to Tengion under this Agreement for the territory covered thereby the U.S. or foreign Improvement Patent(s) as to which the declaratory action alleging invalidity or noninfringement was filed.
WFUHS shall then be free to license or otherwise exploit its rights to such Improvement Patent(s) to any other party on any other terms. 
 12.5 In any infringement suit brought or declaratory judgment action or infringement action defended by either Party to protect any Improvement Rights pursuant to this Agreement, the other Party will, at
the request and expense of the Party controlling such suit and at such Party’s expense, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information,
samples, specimens, and the like. 
 12.6 Tengion shall, during the Duration, have the sole right, subject to the terms and
conditions of this Agreement, to sublicense any alleged infringer for future use of the Improvement Patents to the extent licensed by this Agreement. Any upfront fees paid to Tengion as part of such a sublicense shall be shared between Tengion and
WFUHS as provided in Article 3.2 hereof. 
  

	13.	Indemnification and Insurance 

 13.1 Tengion, its Affiliates, its joint venture partners, co-promoters and their respective Sublicensees will, at all times during the Duration and thereafter, indemnify, hold harmless, and defend WFUHS and Wake Forest University and their
respective trustees, officers, directors, employees, agents, subcontractors, students and affiliates and their respective successors, heirs and assigns (the “Indemnitees”) from and against all claims, losses, damages, and liabilities of
any kind or nature, as well as all costs and expenses, including legal expenses and reasonable attorneys’ fees, incurred by or imposed on any of the Indemnitees which arise or may arise at any time out of or in connection with any third party
claim relating to this Agreement or any act or omission of Tengion, its Affiliates, its joint venture partners, its co-promoters and their respective Sublicensees involving any of the Licensed Products or the Patent Rights, including without
limitation any action or claim arising out of the manufacture, use, sale, lease, commercialization, licensing or distribution of Licensed Products or any system, method, process, apparatus, device, product, article or appliance derived from or using
the Licensed Products, Know-How or the Patent Rights. Tengion agrees that if any such claim is asserted or such suit is brought against an Indemnitee, Tengion will defend the claim or suit at the expense of Tengion. WFUHS will cooperate with Tengion
(at Tengion’s expense) in the management of the defense of the claim or suit. The counsel chosen by Tengion (which may be the same

  

					
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attorneys as those representing Tengion unless prohibited by attorney ethical rules relating to conflict of interest) must be reasonably acceptable to WFUHS; provided, where the Parties are
co-defendants, WFUHS will be free to select its own counsel (the reasonable cost of which shall be borne by Tengion) if it in good faith determines that an actual or potential material conflict of interest would arise if a single counsel were to
represent both Parties in defense of the claim or suit. Tengion will not settle or compromise any claim or action in a manner that imposes any restrictions or obligations on WFUHS without WFUHS’s prior written consent, which consent will not be
unreasonably withheld. 
 13.2 Tengion, its Affiliates, its joint venture partners, co-promoters and their respective
sublicensees will carry liability insurance at their expense, to assure its obligations under Article 13.1 of this Agreement. Tengion will include satisfactory evidence of such insurance coverage with each quarterly report required by Article 9.2
above. Such insurance will be in at least the following amounts (i) for Commercial General Liability, including but not limited to, Products, Contractual, Fire, Legal and Personal Injury: * combined single limits for bodily injury and property
damage and (ii) no later than immediately prior to the commencement of the first clinical trial for the first Licensed Product, products or general liability insurance covering potential liabilities to third parties arising out of such clinical
trials and subsequent commercialization activities: *. 
  

	14.	Assignment 

 14.1 If
Tengion is in full compliance in all material respects with this License Agreement and the Research Agreement, Tengion may assign or otherwise transfer this Agreement and the licenses and Options granted hereby and the rights acquired by it
hereunder, whether voluntarily, by merger, operation of law or otherwise, only in whole and not in part in conjunction with any assignment or transfer of all its rights under the Research Agreement and only to the assignee or transferee of
Tengion’s entire business or of that part of Tengion’s business to which the licenses and Options granted hereby directly relate; provided, however, that such assignee or transferee (i) agrees in writing to be bound by the terms and
conditions of this Agreement, (ii) has greater net assets than does Tengion, (iii) is not adverse (i.e., plaintiff vs. defendant or vice versa) to WFUHS or Wake Forest University in any action or suit, and (iv) does not, in the
reasonable good faith judgment of WFUHS, conduct a business or have a reputation that would be materially detrimental to the reputation of WFUHS or Wake Forest University. With respect to clause (iv) of the preceding sentence, if Tengion
provides notice to WFUHS identifying a third party to which Tengion proposes to assign this Agreement, WFUHS shall notify Tengion within fifteen (15) days after receipt of such notice whether such third party conducts a business or has a
reputation that is materially detrimental to the reputation of WFUHS or Wake Forest University, along with a description of the reasonable basis for same if such conclusion is that the third party conducts such business or has such a reputation. The
position taken by WFUHS in such responsive notice to Tengion shall be binding on WFUHS for one hundred twenty (120) days and should WFUHS fail to provide such notice within such fifteen (15) day period, it shall be deemed to have concluded
that such third party does NOT conduct such a business or have such a reputation, which conclusion shall be binding on WFUHS for one hundred twenty (120) days from the end of such fifteen (15) day period. 
  

					
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	15.	Confidentiality; Non-Use of Names 

 15.1 The provisions of Paragraph 7 of the Research Agreement with respect to the disclosure and use by each Party of the “Information” (as defined in the Research Agreement) of the other Party shall apply with equal force and
effect to all Information exchanged by the Parties under this Agreement. 
 15.2 Neither Party will use or cite in any manner
the names, likenesses, trademarks or logos of the other Party or its affiliates or the name, photograph or other depiction of any employee of the other Party or such affiliates, nor any adaptation thereof, in any news release, advertising,
promotional or sales literature or other public or published statement without prior written consent from such other Party in each separate case, except that Tengion may state that it is licensed by WFUHS under one or more of the patents and patent
applications within the WFUHS Patent Rights and WFUHS may reference that Tengion is a licensee of certain intellectual property and a research sponsor. Each Party will hold the specific financial terms of this Agreement (including without limitation
royalty rates) in confidence and will not disclose the same publicly without the prior consent of the other Party, which consent shall not be unreasonably withheld or delayed. However, nothing herein will prohibit any disclosure that is required by
any applicable law or regulation or by any governmental authority. The Parties have consented to the release of the press releases in the general form of the draft attached hereto as Appendix E. 
  

	16.	Export Controls and Other Laws 

 16.1 It is understood that WFUHS is subject to U.S. laws and regulations controlling the export of technical data, computer software, laboratory prototypes, and other commodities that may require a license from the applicable agency of the
U.S. government or may require written assurances by Tengion that Tengion will not export data or commodities to certain foreign countries without prior approval of such agency. WFUHS neither represents that a license will not be required nor that,
if required, it will be issued. Tengion shall fully comply with all such laws and regulations. 
 16.2 Tengion shall comply in
all material respects with all applicable laws and regulations applicable to its business and the commercialization of the Improvement Patents, including, without limitation, laws and regulations governing the development, marketing and distribution
of Licensed Products. 
  

					
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	17.	Payments, Notices and Other Communications 

 17.1 Any payment, notice, or other communication pursuant to this Agreement will be sufficiently made or given on the date of mailing if sent to such Party by nationally recognized and reputable overnight
courier (e.g. Federal Express) or certified first class mail, postage prepaid, addressed to it at its address below or as it will designate by written notice given to the other Party: 
  

			
	WFUHS:	  	ATTN: Director
Office of Technology Asset Management
Wake Forest University Health Sciences
One Technology Place
200 East First Street, Suite 101
Winston-Salem, NC
27101
		
	Tengion:	  	Tengion, Inc.
2200 Renaissance Boulevard, Suite 150
King of Prussia, PA 19406
ATTN: General Counsel
		
	With a copy to:	  	Tengion, Inc.
ATTN: Vice President, Business Development
2200 Renaissance Boulevard, Suite 150
King of Prussia, PA 19406

  

	18.	Dispute Resolution 

 18.1
Disputes related solely to Articles 3, 5.2, 6.2 or 6.3 of this Agreement will be resolved by ADR as detailed in Articles 18.1.1 through 18.1.9 below. 
  

	 	18.1.1	The procedures set forth in this Article 18.1 shall be the exclusive mechanism for resolving any bona fide disputes that arise from time to time pursuant only to
Articles 3, 5.2, 6.2 or 6.3 of this Agreement relating to either Party’s rights and/or obligations hereunder that cannot be resolved through good faith negotiation between the Parties. 

  

	 	18.1.2	If a Party intends to begin an ADR to resolve a dispute, such Party shall provide written notice (the “ADR Request”) to the other Party informing such Party
of such intention and the issues to be resolved. From the date of the ADR Request and until such time as any matter has been finally settled by ADR, the running of the time periods contained in this Agreement within which Party must cure a breach
shall be suspended as to the subject matter of the dispute. 

  

	 	18.1.3	 Within ten (10) business days after the receipt of the ADR Request, the other Party may, by written notice to the Party initiating ADR, add
additional issues under Articles 3, 5.2, 6.2 or 6.3 to be resolved. Within twenty (20) business days following the receipt of the ADR Request, an arbitrator shall be selected by the AAA. The arbitrator shall be an individual. The arbitrator
selected shall be a member of the AAA, shall not be an employee, director or shareholder of either Party or of an affiliate of either Party . In connection with ADR proceedings related to a dispute under Article 6.2 or 6.3, the arbitrator shall have
appropriate expertise in patent law and in biotechnology. Either Party shall have ten (10) business days from the date the arbitrator is selected to object in good

  

					
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faith to the selection of that person. If any Party makes such an objection, the then-President of the AAA shall, as soon as possible thereafter, elect another arbitrator under the same
conditions set forth above. This second selection shall be final. 

  

	 	18.1.4	No later than thirty (30) days after selection, the arbitrator shall hold a hearing in Atlanta, Georgia to resolve each of the issues identified by the Parties in
accordance with the then-current Commercial Arbitration Rules of the AAA and shall render the award as expeditiously thereafter as possible, but in no event more than thirty (30) days after the close of hearings. 

  

	 	18.1.5	It is the intention of the Parties that discovery, although permitted as described herein, will be extremely limited except in exceptional circumstances. The arbitrator
shall permit such limited discovery necessary for an understanding of any legitimate issue raised in the ADR Request, including the production of documents. Each Party shall be permitted (but not required) to take the deposition of not more than
five (5) persons, each such deposition not to exceed six (6) hours in length. If the arbitrator believes that exceptional circumstances exist, and additional discovery is necessary for a full and fair resolution of the issues, he or she
may order such additional discovery as he or she deems necessary. At the hearing the Parties may present testimony (either by live witness or deposition), including the testimony of expert witnesses, and documentary evidence. The arbitrator shall
have sole discretion with respect to admissibility of any evidence and all other matters relating to the conduct of the hearing. The arbitrator shall in rendering his or her decision, apply the substantive law of North Carolina without giving effect
to its principles of conflicts of law, and without giving effect to any rules or laws relating to arbitration. The decision of the arbitrator shall be final and not appealable, except in cases of fraud or bad faith on the part of the arbitrator or
any party to the ADR proceeding in connection with the conduct of such proceedings. 

  

	 	18.1.6	At least thirty (30) days prior to the date set for the hearing, each Party shall submit to the other Party and the arbitrator a list of all documents on which
such Party intends to rely in any oral or written presentation to the arbitrator and a summary of each witness’ testimony. At least seven (7) days prior to the hearing, each Party must submit to the arbitrator and serve on the other Party
a proposed ruling on each issue to be resolved and pre-hearing briefs. Such pre-hearing briefs shall not be more than twenty-five (25) pages. Not more than seven (7) days following the close of the hearings, the Parties may submit post
hearing briefs to the arbitrator addressing the evidence and issues to be resolved. Such post-hearing briefs shall not be more than ten (10) pages. 

  

					
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	 	18.1.7	The arbitrator shall determine the proportion in which the Parties shall pay the costs and fees of the ADR. Each Party shall pay its own costs (including, without
limitation, attorneys’ fees) and expenses in connection with each ADR. 

  

	 	18.1.8	The ADR proceeding shall be confidential and the arbitrator shall issue appropriate protective orders to safeguard each Party’s confidential Information. Except as
required by law, no Party shall make (or instruct the arbitrator to make) any public announcement with respect to the proceedings or decision of the arbitrator without the prior written consent of the other Party. The existence of any dispute
submitted to the ADR, the content of the proceedings and the award of the arbitrator, shall be kept in confidence by the Parties for a period of five (5) years thereafter and the arbitrator (provided that in the case of a dispute under Article
6.2 or 6.3, these materials shall be held in confidence for the life of the patent in question), except as required in connection with the enforcement of such award or as otherwise required by applicable law. 

  

	 	18.1.9	Any judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

 18.2 This Agreement is made and entered into in the State of North Carolina and shall be governed, construed and enforced in accordance with
the laws of the State of North Carolina, without regard to conflict of laws principles. Any dispute, claim or controversy arising between the Parties, other than those subject to the provisions of Article 18.1, regarding the terms or performance of
this Agreement, or the breach or validity hereof, shall be adjudicated only in a state or federal court of competent jurisdiction in (i) Forsyth County, North Carolina and the U.S. District Court for the Middle District of North Carolina in the
case of a lawsuit or other action initiated by Tengion as plaintiff, and (ii) New Castle County, Delaware and the U.S. District Court of the District of Delaware in the case of a lawsuit or other action initiated by WFUHS as plaintiff. Both
Parties hereby consent to the exclusive jurisdiction and venue of such courts for all purposes and waive all rights to contest the same. 
  

	19.	Miscellaneous Provisions 

 19.1 The Parties hereto acknowledge that this Agreement and the Research Agreement set forth the entire agreement and understanding of the Parties hereto as to the subject matter hereof and will not be subject to any change or modification
except by the execution of a written instrument by the Parties hereto. 
 19.2 The provisions of this Agreement are severable,
and in the event that any provision of this Agreement will be determined to be invalid or unenforceable under any controlling body of law, such invalidity or unenforceability will not in any way affect the validity or enforceability of the remaining
provisions hereof. 
  

					
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 19.3 Tengion agrees to mark the Licensed Products made, used or sold in the U.S. or the
packaging materials or labels with all applicable U.S. patent numbers, in a manner consistent with regulatory requirements. All Licensed Products used, shipped to or sold in other countries will be marked in such a manner as to conform with the
patent laws and practice of the country of use, shipment, or sale. In accordance with the foregoing, all such products shall be so marked at the time regulatory- approval is first obtained and any time the product labeling is officially updated.

 19.4 The failure of either Party to assert a right hereunder or to insist upon compliance with any term or condition of this
Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other Party. 
 19.5 Subject to Article 14, this Agreement will be binding and inure to the benefit of the Parties hereto and their respective affiliates and permitted successors and assigns. 
 19.6 The representations, warranties, covenants, and undertakings contained in this Agreement are for the sole benefit of the Parties hereto
and their permitted successors and assigns and such representations, warranties, covenants, and undertakings will not be construed as conferring any rights on any other Party. 
 19.7 The Parties are independent contractors and nothing contained in this Agreement will be deemed to place the Parties hereto in a
partnership, joint venture or agency relationship and neither Party will have the right or authority to obligate or bind the other Party in any manner. 
 19.8 This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. 
 19.9 Each Party has consulted its own counsel during the drafting of this Agreement and agrees that in the event of a dispute, the language
of this Agreement will not be deemed to have been drafted by either individual Party. 
 19.10 The provisions of Articles 1, 2
(under certain circumstances), 4, 8, 9, 11, 13, 15, 16, 17 and 18 survive the termination or expiration of this Agreement. 
 19.11 If at any time any action is reasonably necessary or desirable to carry out the purposes of this Agreement, each Party shall exercise commercially reasonable efforts to take such actions. 
 [Remainder of page intentionally left blank.] 
  

					
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 IN WITNESS WHEREOF, the Parties hereto have hereunto set their hands and seals and duly
executed this Agreement as of the Effective Date. 
  

									
	WAKE FOREST UNIVERSITY HEALTH SCIENCES	 		 	TENGION, INC.
					
	BY:	 	/s/ Richard H. Dean	 		 	BY:	 	/s/ Steven A. Nichtberger
		 	Richard H. Dean	 		 		 	Steven A. Nichtberger
		 	President & CEO	 		 		 	President and CEO

  

					
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 Appendix A To The License Agreement Between Wake Forest University Health 

Sciences and Tengion, Inc. with an effective date of January 1, 2006. 
 * [8 pages omitted.] 
  

					
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 Appendix B to the License Agreement between Wake Forest 
 University Health Sciences and Tengion, Inc. with an 
 effective date of January 1, 2006. 
 Ex-Field Researchers

 None 
  

					
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 Appendix C to the License Agreement between Wake Forest 
 University Health Sciences and Tengion, Inc. with an effective 
 date of January 1, 2006. 
 THESE SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT AND ANY APPLICABLE
STATE SECURITIES LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 STOCK SUBSCRIPTION WARRANT 
 To Purchase 46,387 Shares of Common Stock of 
 TENGION, INC. (the “Company”) 
 DATE OF INITIAL ISSUANCE: January 1, 2006 
 THIS CERTIFIES THAT for value
received, Wake Forest University Health Sciences or its registered assigns (the “Holder”) is entitled to purchase from the Company, at any time during the Term of this Warrant, Forty Six Thousand Three Hundred Eighty-Seven
(46,387) shares of common stock, $.001 par value, of the Company (the “Common Stock”), at the Warrant Price, payable as set forth herein upon the exercise hereof. The exercise of this Warrant shall be subject to the provisions,
limitations and restrictions herein contained, and may be exercised in whole or in part. 
 1. Definitions. 
 For all purposes of this Warrant, the following terms shall have the meanings indicated: 
 1.1 Common Stock - shall mean and include the Company’s authorized Common Stock, $.001 par value, as constituted at the date
hereof. 
 1.2 Current Market Price - shall mean, at any date and with respect to one share of Common Stock, the average
of the daily closing prices for the 10 consecutive business days ending one business day before the day in question (as adjusted for any stock dividend, split, combination or reclassification that took effect during such 10 business day period). The
closing price for each day shall be the last reported sales price or, in case no such reported sales took place on such day, the average of the last reported bid and asked prices, in either case on the principal national securities exchange on which
the Common Stock is listed or admitted to trading or as reported by Nasdaq (or if the Common Stock is not at the time listed or admitted for trading on any such exchange or if the prices of the Common Stock are not reported by Nasdaq then such price
shall be equal to the average of the last reported bid and asked prices on such day as reported by The National Quotation Bureau Incorporated or any similar reputable quotation

  

					
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and reporting service, if such quotation is not reported by The National Quotation Bureau Incorporated); provided, however, that if the Common Stock is not traded in such manner that the
quotations referred to herein are available for the period required hereunder, the Current Market Price shall be determined in good faith by the Board of Directors of the Company; provided further, that if Holder in good faith objects to such
determination by delivering written notice of such objection, together with a description of the basis therefor, to the Company within ten (10) days of receiving the Board of Directors’ determination, such determination shall be made by a
nationally recognized independent investment banking firm selected by the Holder and the Board of Directors of the Company (or if such selection cannot be made, by a nationally recognized independent investment banking firm selected by the American
Arbitration Association in accordance with its rules), with the cost of such determination to be borne by the Company. If the Current Market Price is being determined in connection with a pending transaction involving the Company of the type
described in Section 7, the price to be paid to the holders of Common Stock in such transaction, if applicable, shall be the Current Market Price. 
 1.3 Securities Act - shall mean the Securities Act of 1933, as amended. 
 1.4 Term of this Warrant - shall mean the period beginning on the date of initial issuance hereof and ending on the tenth anniversary of such date. 
 1.5 Warrant Price - shall mean initially $0.16 per share. 
 1.6 Warrant
Shares - shall mean shares of Common Stock purchased or purchasable by the Holder of this Warrant upon the exercise hereof. 
 2.
Exercise of Warrant. 
 2.1 General. To exercise this Warrant in whole or in part (but not as to any fractional
share of Common Stock), the Holder shall deliver to the Company at its office referred to in Section 11 hereof at any time and from time to time during the Term of this Warrant: (i) the Notice of Exercise in the form attached hereto,
(ii) subject to Section 2.2 below, cash, certified or official bank check payable to the order of the Company, wire transfer of funds to the Company’s account, or evidence of any indebtedness of the Company to the Holder (or any
combination of any of the foregoing) in the amount of the Warrant Price for each share being purchased, and (iii) this Warrant. In the event of any exercise of the rights represented by this Warrant, a certificate or certificates for the shares
of Common Stock so purchased, registered in the name of the Holder or such other name or names as may be designated by the Holder, shall be delivered to the Holder hereof within a reasonable time, not exceeding fifteen business days, after the
rights represented by this Warrant shall have been so exercised; and, unless this Warrant has expired, a new Warrant representing the number of shares (except a remaining fractional share), if any, with respect to which this Warrant shall not then
have been exercised shall also be issued to the Holder hereof within such time. The person in whose name any certificate for shares of Common Stock is issued upon exercise of this Warrant shall for all purposes be deemed to have become the holder of
record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price and any applicable taxes was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed

  

					
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to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. The Company covenants that it will at all times reserve
and keep available, solely for the purpose of issue upon the exercise hereof, a sufficient number of shares of the Common Stock to permit the exercise hereof in full. 
 2.2 Net Exercise. In lieu of exercising this Warrant by payment of the Warrant Price in accordance with Section 2.1(ii), the Holder may elect to receive, without the payment of any additional
consideration, Warrant Shares equal to the value of this Warrant or any portion hereof exercised, as determined below, by the surrender of this Warrant to the Company (with a duly executed Notice of Exercise), at the principal office of the Company
referred to in Section 11 hereof. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable Warrant Shares as is computed using the following formula: 
 X     =     Y(A-B) 
 A 
 Where X     =     the number of Warrant Shares to be issued to the Holder pursuant to this Section 2.2. 
 Y     =     the number of Warrant Shares in respect of which the election is made pursuant to this Section 2.2 
 A     =     the Current Market Price of one Warrant Share at the time the election is made pursuant
to this Section 2.2 
 B     =     the Warrant Price in effect under this Warrant
at the time the election is made pursuant to this Section 2.2. 
 2.3 Charges, Taxes and Expenses. The issuance of
Warrant Shares upon any exercise of this Warrant shall be made without charge to the Holder for any tax or other expense in respect to such issuance (other than taxes based on the Holder’s income or revenues), all of which taxes and expenses
shall be paid by the Company, and, subject to Section 6.3, such Warrant Shares shall be issued in the name of, or in such name or names as may be directed by, the Holder; provided, however, that in the event Warrant Shares are to be issued in a
name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by an instrument of assignment in the form attached hereto, duly executed by the Holder in person or by an attorney duly authorized in writing,
and the Holder shall pay all transfer taxes payable upon issuance of such Warrant Shares, if any. 
 3. Representations and Warranties.
By acceptance of this Warrant, the Holder represents and warrants to the Company as follows: 
 3.1 The Holder is aware of the
Company’s business affairs and financial condition, and has acquired information about the Company sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The Holder is acquiring this Warrant for its own account for
investment purposes only and not with a view to, or for the resale in connection with, any “distribution” thereof in violation of the Act. 
  

					
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 3.2 The Holder understands that this Warrant has not been registered under the Act in
reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. 
 3.3 The Holder further understands that this Warrant must be held indefinitely unless subsequently registered under the Securities Act and
qualified under any applicable state securities laws, or unless exemptions from registration and qualification are otherwise available. The Holder is aware of the provisions of Rule 144, promulgated under the Securities Act. 
 3.4 The Holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities
Act. 
 4. Adjustment of Number of Shares. Upon each adjustment of the Warrant Price as provided in Section 5, the Holder shall
thereafter be entitled to purchase, at the Warrant Price resulting from such adjustment, the number of shares (rounded up to the nearest full share) obtained by multiplying the Warrant Price in effect immediately prior to such adjustment by the
number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and dividing the product thereof by the Warrant Price resulting from such adjustment. 
 5. Adjustment of Warrant Price. The Warrant Price shall be subject to adjustment from time to time as follows: 
 5.1 Stock Dividends, Subdivisions, Split-Ups. If at any time during the Term of this Warrant, the number of shares of Common Stock outstanding is increased by a stock dividend payable in shares of
Common Stock or by a subdivision or split-up of shares of Common Stock, then, following the record date fixed for the determination of holders of Common Stock entitled to receive such stock dividend, subdivision or split-up, the Warrant Price shall
be appropriately decreased so that the number of shares of Common Stock issuable upon the exercise hereof shall be increased in proportion to such increase in outstanding shares. 
 5.2 Stock Combinations. If, at any time during the Term of this Warrant, the number of shares of Common Stock outstanding is
decreased by a combination of the outstanding shares of Common Stock, then, following the record date for such combination, the Warrant Price shall be appropriately increased so that the number of shares of Common Stock issuable upon the exercise
hereof shall be decreased in proportion to such decrease in outstanding shares. 
 5.3 General. 
 (a) All calculations of Warrant Price under this Section 5 shall be made to the nearest cent. 
 (b) Adjustments made pursuant to Sections 5.1 or 5.2 above shall be made on the date such dividend, subdivision, split-up or
combination, as the case may be, is made, and shall become effective at the opening of business on the business day next following the record date for the determination of stockholders entitled to such dividend, subdivision, split-up or combination.

  

					
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 (c) In any case in which the provisions of this Section 5 require that an adjustment
become effective immediately after a record date for an event, the Company may defer until the occurrence of such event issuing to the Holder of all or any part of this Warrant which is exercised after such record date and before the occurrence of
such event the additional shares of capital stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of capital stock issuable upon such exercise before giving effect to such adjustment exercise;
provided, however, that the Company shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment. 

(d) Upon any adjustment of the Warrant Price and any increase or decrease in the number of Warrant Shares, then, and in each such case,
the Company shall give written notice thereof to the Holder at its address as shown on the books of the Company, which notice shall state the Warrant Price as adjusted and the increased or decreased number of Warrant Shares, setting forth in
reasonable detail the method of calculation of each. 
 6. Ownership. 
 6.1 Ownership of This Warrant. The Company may deem and treat the person in whose name this Warrant is registered as the holder and
owner hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than the Company) for all purposes and shall not be affected by any notice to the contrary until presentation of this Warrant for registration of
transfer as provided in this Section 6. 
 6.2 Replacement. Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft or destruction, and, in such case, of indemnity or security reasonably satisfactory to it, and upon surrender of this Warrant if mutilated, the Company will make and deliver a new Warrant of like tenor, in lieu
of this Warrant; provided that if the Holder hereof is the original Holder, an instrumentality of a state or local government or an institutional holder or a nominee for such original Holder, instrumentality or institutional holder, an irrevocable
agreement of indemnity by such Holder shall be sufficient for all purposes of this Section 6, and no evidence of loss or theft or destruction shall be necessary. This Warrant shall be promptly cancelled by the Company upon the surrender hereof
in connection with any transfer or replacement. Except as otherwise provided above, in the case of the loss, theft or destruction of a Warrant, the Company shall pay all expenses, taxes and other charges payable in connection with any transfer or
replacement of this Warrant, other than stock transfer taxes (if any) payable in connection with a transfer of this Warrant, which shall be payable by the Holder. 
 6.3 Transfer Restrictions. This Warrant and all rights hereunder are transferable in whole or in part upon the books of the Company by the Holder hereof in person or by its duly authorized
attorney, and a new Warrant or Warrants, of the same tenor as this Warrant but registered in the name of the transferee or transferees (and in the name of the Holder, if a partial transfer is effected) shall be made and delivered by the Company upon
surrender of this Warrant duly endorsed, at the office of the Company referred to in Section 11 hereof. If, at the time of any transfer or exchange of this Warrant, this Warrant is not registered under the Securities Act, the Company may
require, as a condition of such transfer or exchange, that the Holder or transferee of such Warrant furnish an opinion of counsel reasonably acceptable to the Company

  

					
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or a “no action” or similar letter from the Securities and Exchange Commission to the effect that such transfer or exchange may be made without registration under the Securities Act. In
the case of such transfer or exchange, the Company may require a written statement that such Warrant is being acquired for investment and not with a view to the distribution thereof. Holder will not transfer this Warrant and the rights hereunder
except in compliance with federal and state securities laws. 
 6.4 Transfer Restriction Legend. Each certificate for
Warrant Shares shall bear the following legend (and any additional legend required by (i) any applicable state securities laws and (ii) any securities exchange upon which such Warrant Shares may, at the time of such exercise, be listed) on
the face thereof unless at the time of exercise such Warrant Shares shall be registered under the Securities Act: 
 THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
UNDER SAID ACT. 
 Any certificate issued at any time in exchange or substitution for any certificate bearing such legend
(except a new certificate issued upon completion of a public distribution under a registration statement of the securities represented thereby) shall also bear such legend unless, in the opinion of counsel for the holder thereof (which counsel shall
be reasonably satisfactory to counsel for the Company) the securities represented thereby are not, at such time, required by law to bear such legend. 
 6.5 Warrant Shares Subject to Certain Agreements. The Warrant Shares shall be subject to the terms of the Stockholders’ Agreement, dated as of August 16, 2004, as amended, among the
Company and certain stockholders of the Company. 
 7. Mergers, Consolidation, Sales. In the case of any proposed consolidation or merger
of the Company with another entity, or the proposed sale of all or substantially all of its assets to another person or entity, or any proposed reorganization or reclassification of the capital stock of the Company, then, as a condition of such
consolidation, merger, sale, reorganization or reclassification, lawful and adequate provision shall be made whereby the Holder of this Warrant shall thereafter have the right to receive upon the basis and upon the terms and conditions specified
herein, in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable hereunder, such shares of stock, securities or assets as may (by virtue of such consolidation, merger, sale, reorganization or reclassification) be
issued or payable with respect to or in exchange for the number of shares of such Common Stock purchasable hereunder immediately before such consolidation, merger, sale, reorganization or reclassification. In any such case appropriate provision
shall be made with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof shall thereafter be applicable as nearly as may be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise of this Warrant. 
  

					
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 8. Notice of Dissolution or Liquidation. In case of any distribution of the assets of the Company in
dissolution or liquidation (except under circumstances when the foregoing Section 7 shall be applicable), the Company shall give notice thereof to the Holder hereof and shall make no distribution to shareholders until the expiration of five
(5) days from the date of mailing of the aforesaid notice and, in any case, the Holder hereof may exercise this Warrant prior to the expiration date hereof within five (5) days from the date of the giving of such notice, and all rights
herein granted not so exercised within such fifteen-day period shall thereafter become null and void. 
 9. Dividends and Distributions.
In the event of any distribution of money or property by the Company, either tangible or intangible (other than distributions of shares of Common Stock), to the holders of Common Stock, the Company shall mail notice hereof to the Holder hereof not
less than five (5) days prior to the record date fixed for determining shareholders entitled to participate in such dividend or other distribution, the Warrant Price for the Warrant Shares shall be reduced by the per share amount of such
distribution unless and until the Warrant Price is reduced to one cent ($.01). If and when the Warrant Price is equal to one cent ($.01), the Warrant Price shall not be reduced further and the Holder hereof shall not participate in such dividend or
other distribution unless this Warrant is exercised prior to the applicable record date. For purposes of this Section 9, the per share amount of any distribution of property shall be the fair market value thereof as determined by the Board of
Directors of the Company in good faith. 
 10. Fractional Shares. Fractional shares shall not be issued upon the exercise of this Warrant
but in any case where the Holder would, except for the provisions of this Section 10, be entitled under the terms hereof to receive a fractional share upon the complete exercise of this Warrant, the Company shall, upon the exercise of this
Warrant for the largest number of whole shares then called for, pay a sum in cash equal to the excess of the value of such fractional share (determined in such reasonable manner as may be prescribed in good faith by the Board of Directors of the
Company) over the Warrant Price for such fractional share. 
 11. Notices. Any notice or other document required or permitted to be given
or delivered to the Holder shall be delivered by hand, by certified or registered mail, by courier or express delivery service to the Holder at One Technology Place, 200 East First Street, Winston-Salem, North Carolina 27157; or to such other
address as shall have been furnished to the Company in writing by the Holder. Any notice or other document required or permitted to be given or delivered to the Company shall be delivered by hand, by certified or registered mail, by courier or
express delivery service, by facsimile or by e-mail the Company at 2200 Renaissance Boulevard, Suite 150, King of Prussia, Pennsylvania 19406; facsimile: (610) 275-4139; Email: gary.sender@tengion.com or to such other address as shall have been
furnished in writing to the Holder by the Company. Any notice so addressed and delivered shall be deemed to be given when delivered. 
 12.
No Rights as Stockholder; Limitation of Liability. This Warrant shall not entitle the Holder to any of the rights of a stockholder of the Company. No provision hereof, in the absence of affirmative action by the Holder to purchase shares of
Common Stock, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the Warrant Price hereunder or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company. 
  

					
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 13. Miscellaneous. This Warrant shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without giving effect to its conflict of laws principles. The Holder and the Company consent to and agree to submit to the exclusive jurisdiction of the courts of the State of Delaware, state and federal, with
respect to actions and proceedings relating to or arising out of this Warrant. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party (or any predecessor in
interest thereof) against which enforcement of the same is sought. The headings in this Warrant are for purposes of reference only and shall not affect the meaning or construction of any of the provisions hereof. 
 [intentionally left blank - signature page follows] 
  

					
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer as of the date first written above. 
  

			
	TENGION, INC.
		
	By: 	 	 
		 	Its

  

					
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 FORM OF NOTICE OF EXERCISE 
 [To be signed only upon exercise of the Warrant] 
 TO BE
EXECUTED BY THE REGISTERED HOLDER 
 TO EXERCISE THE WITHIN WARRANT 
 The undersigned hereby exercises the right to purchase             
shares of Common Stock which the undersigned is entitled to purchase by the terms of the within Warrant according to the conditions thereof, and herewith makes payment of the Warrant Price of such shares in full. All shares to be issued pursuant
hereto shall be issued in the name of, and the initial address of such person to be entered on the books of the Company shall be: 
 _________________________________ 
 _________________________________ 
 _________________________________ 
 The shares are to be issued in certificates of the following denominations: 
  

			
	____________________________________
	[Type Name of Holder]
		
	By: 	 	 
		 	Title:

 Dated: ____________________________ 
  

					
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 FORM OF ASSIGNMENT 
 (ENTIRE) 
 [To be signed only upon transfer of entire Warrant]

 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO TRANSFER THE WITHIN WARRANT 
 FOR VALUE RECEIVED
                                     hereby sells, assigns and
transfers unto
                                        
all rights of the undersigned under and pursuant to the within Warrant, and the undersigned does hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said Warrant on the books of the Company, with full power of substitution. 
  

			
	____________________________________
	[Type Name of Holder]
		
	By: 	 	 
		 	Title:

 Dated: _______________________ 
 NOTICE 
 The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatsoever. 
  

					
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 FORM OF ASSIGNMENT 
 (PARTIAL) 
 [To be signed only upon partial transfer of
Warrant] 
 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO TRANSFER THE WITHIN WARRANT 
 FOR VALUE RECEIVED
                                     hereby sells, assigns and
transfers unto                                     
(i) the rights of the undersigned to purchase
                                     shares of Common Stock
under and pursuant to the within Warrant, and (ii) on a non-exclusive basis, all other rights of the undersigned under and pursuant to the within Warrant, it being understood that the undersigned shall retain, severally (and not jointly) with
the transferee(s) named herein, all rights assigned on such non-exclusive basis. The undersigned does hereby irrevocably constitute and appoint
                                     Attorney to transfer the
said Warrant on the books of the Company, with full power of substitution. 

			
	____________________________________
	[Type Name of Holder]
		
	By: 	 	 
		 	Title:

 Dated: ________________________ 
 NOTICE 
 The signature to the foregoing Assignment must correspond to the name as
written upon the face of the within Warrant in every particular, without alteration or enlargement or any change whatsoever. 
  

					
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 Appendix D to the License Agreement between Wake Forest 
 University Health Sciences and Tengion, Inc. with an 
 effective date of January 1, 2006. 
 Certification Page

  

					
	Date Received:	  		  	 WFU#: ____________
 [Tech Transfer Office]

	
	Send signed original document to the Office of Technology Asset Management. Call 716-3729 with questions.
	
	                                       
                                         
                                         
                                         
                                         
                                         
             
	Title of Invention:	  	
			
	Title: [Type detailed title of invention here]	  		  	
	
	                                       
                                         
                                         
                                         
                                         
                                         
             
	Inventor(s):	  	
			
	More inventors on attached sheet	  	 	  	 
			
	Signature: _______________________________	  	Date:	  	
			
	 Printed Name:
 Title in Full:
 University Address:
 City, ST ZIP:
 Home
Address:
 City, ST ZIP:
 County of residence:
	  	 University Phone:
 Department:
  
 Home Phone:
 Citizenship:
	  	 
			
	Signature: _______________________________	  	Date:	  	
			
	 Printed Name:
 Title in Full:
 University Address:
 City, ST ZIP:
 Home Address:
 City, ST ZIP:
 County of
residence:
	  	 University Phone:
 Department:
  
 Home Phone:
 Citizenship:
	  	
	
	                                       
                                         
                                         
                                         
                                         
                                         
             
			
	Signature: _______________________________	  	Date:	  	
			
	 Printed Name:
 Title in Full:
 University Address:
 City, ST ZIP:
 Home Address:
 City, ST ZIP:
 County of
residence:
	  	 University Phone:
 Department:
  
 Home Phone:
 Citizenship:
	  	
	
	                                       
                                         
                                         
                                         
                                         
                                         
             
	Witness(es):	  	
	
	 I certify that the above invention has been explained to and is understood by
me.

			
	Signature: _______________________________	  	Date:	  	
			
	 Printed Name:
 Title in Full:
 University Address:
 City, ST ZIP:
 Home Address:
 City, ST ZIP:
 County of
residence:
	  	 University Phone:
 Department:
  
 Home Phone:
 Citizenship:
	  	

 Hard Copy with Signatures required, please print out and send interoffice mail, or drop it off.

  

					
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 INVENTION DESCRIPTION - CONFIDENTIAL 
 (Attach additional sheets as necessary.) 
 Author: [NAME] 
  

	1.	Give a complete description of the invention. If necessary, use drawings, diagrams, etc. Description may be by reference to a separate document (copy of a report,
preprint, grant application or the like). If so, identify the document positively and attach to this disclosure. Attach diagrams as necessary. 

  

	2.	Describe in detail the novel features of your invention. 

  

	3.	What is the current state of development? 

  

	4.	Are there other contemplated forms of the invention or alternate aspects and uses? 

  

					
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 SUPPORTING INFORMATION 
 (Attach additional sheets as necessary.) 
 Author:
[NAME] 
  

	1.	List as many of the commercial applications of the invention as you can. What do you envision as the product or salable item that would result from the invention?
Who would the customers be and through what channels would the invention be marketed? 

  

	2.	List any known competitive products and their manufacturers. 

  

	3.	What companies do you think may be, or are, interested in the invention? List companies and specific contact information, if possible.

  

	4.	Have you published, submitted, prepared or publicly presented data, theses, reports, abstracts or journal articles pertaining to the invention? Please list with
actual or projected publication dates and attach copies. Has the invention been otherwise publicly disclosed? If disclosed to specific individual(s), please give name(s). 

  

	5.	What research plans do you have for further development of your invention? Are they in progress? Scheduled? Dependent upon commercial or federal sponsorship?

  

	6.	Give date the invention was first conceived. Is this date documented? Where? Are laboratory records and data available? Give reference numbers and physical
location, but do not enclose. 

  

	7.	Please list these publications and any related patents known to you. 

  

					
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	8.	Was the work that led to the invention sponsored? If yes, fill in the appropriate blanks below. 

  

	 	a.	Government agency: _______________________ 

	 	 	Contract Number: _______________________ 

	 	b.	Industrial company: _______________________ 

	 	c.	Other sponsor(s): _______________________ 

 Often a copy of a grant proposal with the goals and background is useful to send to us along with this info. 
  

	*Note:	Please send completed original form to the Office of Technology Asset Management by email or phone for directions at (336) 716-3729. Thank-you!

  

					
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 Appendix E to the License Agreement between Wake Forest 
 University Health Sciences and Tengion, Inc. with an 
 effective date of January 1, 2006. 
  

					
	 Wake Forest University Baptist
 MEDICAL CENTER
	 	tengion	  	

 Collaboration Established Between Wake Forest University Health Sciences and Tengion
to 
 Advance Regenerative Medicine Research 
 WINSTON-SALEM, N.C., AND KING OF PRUSSIA, PA.,— Wake Forest University Health Sciences and Tengion Inc. announced today they have entered into two agreements in the field of regenerative medicine
that will advance the development of organs and tissues to treat human diseases and disabilities. 
 Under a multi-year,
multi-million-dollar agreement, Tengion will provide funding to Wake Forest for research to be conducted at the Wake Forest Institute for Regenerative Medicine under the direction of Anthony Atala, M.D., an internationally recognized expert in the
field of regenerative medicine and the William Boyce Professor and Chair of the Department of Urology at Wake Forest University School of Medicine. 
 The primary focus of the research will be on creating “neo-organs” and tissues. Neo-organs and tissues are derived from a patient’s own cells that are grown on a scaffold or model that is
bioresorbable, or can be absorbed by the body. These neo-organs become functional replacements after being implanted in the patient’s body. Since they come from a patient’s own cells (autologous cells) there is virtually no risk of
rejection from the body’s immune system. 
 Tengion has a licensing agreement to develop and market technology that Atala
developed while he was at Children’s Hospital Boston, Harvard University’s pediatric teaching hospital. The company is on track to begin clinical trials of its first product, a neo-bladder, by the end of 2006. 
  

					
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 Tengion will fund research projects at the institute that focus on vascular and
genitourinary (relating to the urinary organs or their functions) applications. A second agreement provides an exclusive worldwide license or option for Tengion to develop any technology that results. 
 Richard H. Dean, M.D., president and CEO of the Wake Forest University Health Sciences, said, “The research and license agreements with
Tengion will formalize our relationship with a leading company in the field of regenerative medicine and will accelerate our efforts to bring our scientific advances from the laboratory to patients in need.” 
 Steven Nichtberger, M.D., president and CEO of Tengion Inc., said, “This collaboration will allow us to work more closely with some of
the leading regenerative medicine researchers in the world and accelerate our efforts to make regenerative medicine products a reality for patients.” 
 Atala, whose 15 years of work creating organs and tissues has been widely published in peer reviewed journals, has received numerous awards and honors, including the U.S.-Congress-funded Christopher
Columbus Foundation Award, bestowed on a living American who is currently working on a discovery that will significantly affect society, and the Scientific American, Research Leader Award, for his contributions to tissue and organ regeneration.
Atala is the founding scientist and chairman of Tengion’s Scientific Advisory Board and serves on its board of directors. 
  

					
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 Headquartered in King of Prussia, Penn., Tengion has research offices and a development
laboratory in Winston-Salem. The Institute for Regenerative Medicine will locate in Piedmont Triad Research Park in January. 
 ### 
 Media Contacts: 
 Wake Forest: Karen Richardson, krchrdsn@wfubmc.edu, Shannon Koontz, shkoontz@wfubmc.edu, at (336) 716-4587. 
 Tengion: Gary Sender, (610) 292-8364, gary.sender@tengion.com 
 Wake Forest University Baptist Medical Center is an
academic health system comprised of North Carolina Baptist Hospital and Wake Forest University Health Sciences, which operates the university’s School of Medicine and its other related enterprises including the Piedmont Triad Research Park. The
Medical School is ranked 4th in the Southeastern United States in revenues from its licensed intellectual property. The Wake Forest Institute for Regenerative Medicine is an international leader in the translation of scientific discovery to clinical
therapies. The Institute applies the principles of regenerative medicine to treat human diseases and disabilities. Its mission is to improve patient care by continuing to develop and disseminate novel clinical therapies for the functional repair and
replacement of diseased tissues and organs. 
 Tengion is a leader in developing neo-organs and tissues, such as bladders, that are
derived from the patient’s own cells. Tengion’s proprietary approach to regenerative medicine has the potential to enable people with organ and tissue failure to lead healthier lives without donor transplants or the side effects of current
therapies. Headquartered in King of Prussia, PA, Tengion also has research facilities located in Winston-Salem, N.C. For more information, visit Tengion online at: http://www.tengion.com. 
  

					
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