Document:

Technology License Agreement

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE
24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

EXHIBIT 4.5 
 Deed of Variation 
 The Austin Research Institute 

ACN 007 418 224 

and 
 Cancer Vac
Pty Ltd 
 ACN 096 859 513 
 and 
 Ilexus Pty Ltd 

ACN 064 772 103 

and 
 Prima Biomed
Ltd 
 ACN 009 237 889 
 Middletons Lawyers 
 Melbourne office 

Ref: SRM.PTH.1759898 

 Table of Contents 
  

							
	 1.
	 	Definitions and interpretation	  	 	2	  
	 1.1
	 	Definitions	  	 	2	  
	 1.2
	 	Interpretation	  	 	2	  
			
	 2.
	 	Variation of Licence Agreement	  	 	3	  
	 2.1
	 	Variation	  	 	3	  
	 2.2
	 	Confirmation of Licence Agreement	  	 	3	  
	 2.3
	 	Prior rights not affected	  	 	3	  
	 2.4
	 	Retrospective Operation	  	 	3	  
	 2.5
	 	Ilexus	  	 	3	  
			
	 3.
	 	Inconsistency	  	 	4	  
			
	 4.
	 	Warranty	  	 	4	  
			
	 5.
	 	General	  	 	4	  
	 5.1
	 	Nature of obligations	  	 	4	  
	 5.2
	 	No adverse construction	  	 	4	  
	 5.3
	 	Further assurances	  	 	4	  
	 5.4
	 	Severability	  	 	5	  
	 5.5
	 	Successors and assigns	  	 	5	  
	 5.6
	 	No variation	  	 	5	  
	 5.7
	 	Costs	  	 	5	  
	 5.8
	 	Duty	  	 	5	  
	 5.9
	 	Governing law and jurisdiction	  	 	5	  
	 5.10
	 	Counterparts	  	 	6	  
			
	 Annexure
	 		  	 	9	  

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 Deed of Variation 
 Date 24 August 2005 
 Parties 

 

	1.	 The Austin Research Institute ACN 007 418 224 of Kronheimer Building, Austin Hospital, Studley Road, Heidelberg, Victoria 3084 (ARI)

  

	2.	 Ilexus Pty Ltd ACN 064 772 103 of Kronheimer Building, A&RMC, Studley Road, Heidelberg, Victoria 3084 (Ilexus)

 (collectively referred to as Licensors) 

 

	3.	 Cancer Vac Pty Ltd ACN of Suite 1, 1233 High Street, Armadale, Victoria 3143 (Cancer Vac) 

 

	4.	 Prima Biomed Ltd ACN 009 237 889 of Suite 1, 1233 High Street, Armadale, Victoria 3143 (Prima) 

Background 
  

	A.	 The parties are parties to the Licence Agreement. 

  

	B.	 The parties wish to vary the Licence Agreement as set out in this Deed. 

 Operative Provisions 
  

	1.	 Definitions and interpretation 

  

	1.1	 Definitions 

 In this Deed: 
 Effective Date means the date of execution
of this Deed; and 
 Licence Agreement means the Technology Licence Agreement between the parties dated
31 May 2001 in respect of technology licensed from the Licensors; 
  

	1.2	 Interpretation 

 In this Deed, unless the context requires otherwise: 
  

	 	(a)	 words or expressions defined in the Licence Agreement have the same meaning when used in this Deed; 

 

	 	(b)	 the singular includes the plural and vice versa; 

  
 2. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(c)	 a gender includes the other genders; 

  

	 	(d)	 the headings are used for convenience only and do not affect the interpretation of this Deed; 

 

	 	(e)	 other grammatical forms of defined words or expressions have corresponding meanings; and 

 

	 	(f)	 a reference to a document includes the document as modified from time to time and any document replacing it. 

 

	2.	 Variation of Licence Agreement 

  

	2.1	 Variation 

 Subject to clause 2.4, with effect on and from the Effective Date, the Licence Agreement is varied by: 
  

	 	(a)	 deleting each word, number or character that is struck out in the marked up copy of the Licence Agreement set out in the Annexure; and

  

	 	(b)	 inserting each word, number or character that is underlined in the marked up copy of the Licence Agreement set out in the Annexure.

  

	2.2	 Confirmation of Licence Agreement 

  

	 	(a)	 All provisions of the Licence Agreement other than those varied by clause 2.1 remain unchanged and continue in full force.

  

	 	(b)	 The parties acknowledge and agree that the Conditions Precedent to the Licence Agreement, have been satisfied. 

 

	2.3	 Prior rights not affected 

 Subject to clause 2.4, this Deed does not affect the rights and obligations of the parties to the extent that they relate to the period prior to the Effective Date. 

 

	2.4	 Retrospective Operation 

 The following variations apply and shall be deemed to have taken effect on and from 31 May 2001: [ * ] 
  

	2.5	 Ilexus 

 The parties acknowledge that the right of Ilexus to grant, by way of the Licence Agreement as amended by this Deed, the new or amended rights is subject to the prior consent of ARI. The consent of ARI is
provided, as evidenced by its execution of this Deed, upon the following conditions: 

  
 3. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 the right conferred by ARI on Ilexus to enter into this Deed is taken to be granted effective upon execution of this Deed, and ARI confirms the
right of Ilexus to enter into this Deed; 

  

	 	(b)	 in consideration of ARI’s consent to the above, the amounts referred to clause 5.1 (Commercialisation Benefits) of the Licence Agreement as
amended by this Deed, are payable to ARI, and in addition Ilexus shall pay or satisfy any upfront fee agreed in writing between ARI and Ilexus contemporaneously with the execution of this Deed. 

 

	3.	 Inconsistency 

 If there is any inconsistency between the provisions of this Deed and the provisions of the Licence Agreement, then the provisions of this Deed prevail. 

 

	4.	 Warranty 

 The Licensors represent and warrant that they have full power and authority at the Effective Date to agree to the amendments to the Licence Agreement on the Effective Date and to agree to those amendments
that are expressed to take effect on and from the Commencement Date (31 May 2001) and that the grant of the additional rights to Cancer Vac under the amended licence does not to the best of the actual knowledge and belief of the Licensors infringe
the Intellectual Property or other rights of a third party. 
  

	5.	 General 

  

	5.1	 Nature of obligations 

  

	 	(a)	 Any provision in this Deed which binds more than one person binds all of those persons jointly and each of them severally.

  

	 	(b)	 Each obligation imposed on a party by this Deed in favour of another is a separate obligation. 

 

	5.2	 No adverse construction 

 This Deed is not to be construed to the disadvantage of a party because that party was responsible for its preparation. 
  

	5.3	 Further assurances 

 A party, at its own expense and within a reasonable time of being requested by another party to do so, must do all things and execute all documents that are reasonably necessary to give full effect to
this Deed. 

  
 4. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	5.4	 Severability 

 If any provision of this Deed offends any law applicable to it and is as a consequence illegal, invalid or unenforceable then: 

 

	 	(a)	 where the offending provision can be read down so as to give it a valid and enforceable operation of a partial nature, it must be read down to the
minimum extent necessary to achieve that result; and 

  

	 	(b)	 in any other case the offending provision must be severed from this Deed, in which event the remaining provisions of the Deed operate as if the
severed provision had not been included. 

  

	5.5	 Successors and assigns 

 This Deed binds and benefits the parties and their respective successors and permitted assigns. 
  

	5.6	 No variation 

 This Deed cannot be amended or varied except in writing signed by the parties. 
  

	5.7	 Costs 

 Each party must pay its own legal costs of and incidental to the preparation and completion of this Deed. 
  

	5.8	 Duty 

  

	 	(a)	 Any duty (including related interest or penalties) payable in respect of this Deed or any instrument created in connection with it must be paid by
Cancer Vac and Prima. 

  

	 	(b)	 Cancer Vac and Prima jointly and severally undertake to keep the Licensors indemnified against all liability relating to the duty, fines and
penalties. 

  

	5.9	 Governing law and jurisdiction 

  

	 	(a)	 This Deed is governed by and must be construed in accordance with the laws in force in Victoria. 

 

	 	(b)	 The parties submit to the exclusive jurisdiction of the courts of that State and the Commonwealth of Australia in respect of all matters arising out
of or relating to this Deed, its performance or subject matter. 

  
 5. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	5.10	 Counterparts 

 If this Deed consists of a number of signed counterparts, each is an original and all of the counterparts together constitute the same document. 

  
 6. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

					
	Executed as a deed	 		 	
			
	Executed by The Austin Research Institute	 	)	 	
	ACN 007 418 224 in accordance with section	 	)	 	
	127(1) of the Corporations Act 2001 (Cth):	 	)	 	
		 	)	 	
		 	)	 	
			
	/s/ P.M. Hogarth	 		 	/s/ Rob Tanner
	Signature of director	 		 	Signature of company secretary*
		 		 	*delete whichever does not apply
			
	P.M. HOGARTH	 		 	ROB TANNER
	Name (please print)	 		 	Name (please print)
			
	Executed by Ilexus Pty Ltd ACN 064 772	 	)	 	
	103 in accordance with section 127(1) of the	 	)	 	
	Corporations Act 2001 (Cth):	 	)	 	
		 	)	 	
		 	)	 	
			
	/s/ P.M. Hogarth	 		 	/s/ Mauro Sandrin
	Signature of director	 		 	Signature of director*
		 		 	*delete whichever does not apply
			
	P.M. HOGARTH	 		 	MAURO SANDRIN
	Name (please print)	 		 	Name (please print)
			
	Executed by Cancer Vac Pty Ltd ACN 096	 	)	 	
	859 513 in accordance with section 127(1) of	 	)	 	
	the Corporations Act 2001 (Cth):	 	)	 	
		 	)	 	
		 	)	 	
			
	/s/ Eugene Kopp	 		 	/s/ Marcus Clark
	Signature of director	 		 	Signature of director or company secretary*
		 		 	*delete whichever does not apply
			
	EUGENE KOPP	 		 	MARCUS CLARK
	Name (please print)	 		 	Name (please print)

  
 7. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

					
	Executed by Prima Biomed Ltd ACN 009	 	)	 	
	237 889 in accordance with section 127(1) of	 	)	 	
	the Corporations Act 2001 (Cth):	 	)	 	
		 	)	 	
		 	)	 	
			
	/s/ Eugene Kopp	 		 	/s/ Marcus Clark
	Signature of director	 		 	Signature of director or company secretary*
		 		 	*delete whichever does not apply
			
	EUGENE KOPP	 		 	MARCUS CLARK
	Name (please print)	 		 	Name (please print)

  
 8. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Annexure 
 Clause 2 — Marked up copy of the Licence Agreement 

  
 9. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Technology Licence 

Agreement 

Ilexus Pty Ltd 
 The Austin Research Institute 
 Cancer Vac Pty Ltd 

Prima Biomed Ltd 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	 INTERPRETATION
	  	 	2	  
				
		 	 1.1
	 	Definitions 	  	 	2	  
		 	 1.2
	 	 General 
	  	 	7	  
		 	 1.3
	 	 Headings 
	  	 	8	  
		 	 1.4
	 	 Business Day 
	  	 	8	  
			
	 2.
	 	 TERM
	  	 	8	  
				
		 	 2.1
	 	Conditions Precedent 	  	 	8	  
		 	 2.2
	 	 Duration 
	  	 	8	  
			
	 3.
	 	 RESEARCH AND DEVELOPMENT LICENCE
	  	 	9	  
				
		 	 3.1
	 	Licence grant 	  	 	9	  
		 	 3.2
	 	 Intellectual Property in Research Results 
	  	 	9	  
		 	 3.3
	 	 Reservation of rights of ARI 
	  	 	9	  
		 	 3.4
	 	 Background Technology – Research Funding Mechanism 
	  	 	9	  
		 	 3.5
	 	 ARI’s rights 
	  	 	10	  
			
	 4.
	 	 COMMERCIALISATION LICENCE
	  	 	10	  
				
		 	 4.1
	 	Licence grant 	  	 	10	  
		 	 4.2
	 	 Sub-licensing 
	  	 	10	  
		 	 4.3
	 	 Cancer Vac’s rights to ARI BTI 
	  	 	10	  
		 	 4.4
	 	 Reservation of rights of ARI 
	  	 	11	  
		 	 4.5
	 	 Research Results – Research Funding Mechanism 
	  	 	11	  
		 	 4.6
	 	 Licence Outside the Agreed Field 
	  	 	12	  
		 	 4.7
	 	 Technological Developments 
	  	 	12	  
			
	 5.
	 	 COMMERCIALISATION BENEFITS
	  	 	12	  
				
		 	 5.1
	 	Royalty and Securities 	  	 	12	  
		 	 5.2
	 	 Royalty Calculation 
	  	 	13	  
		 	 5.3
	 	 Trade Sale 
	  	 	13	  
			
	 6.
	 	 GST
	  	 	13	  
				
		 	 6.1
	 	Definitions 	  	 	13	  
		 	 6.2
	 	 Consideration is GST exclusive 
	  	 	14	  
		 	 6.3
	 	 Payment of GST 
	  	 	14	  
		 	 6.4
	 	 Reimbursement of expenses 
	  	 	14	  
			
	 7.
	 	 AUDIT
	  	 	14	  
				
		 	 7.1
	 	Cancer Vac to Retain Records 	  	 	14	  
		 	 7.2
	 	 The ARI’s Right to Inspect the Records 
	  	 	15	  
			
	 8.
	 	 TITLE OF LICENSORS IN BACKGROUND TECHNOLOGY
	  	 	15	  
				
		 	 8.1
	 	Background Technology not owned by Cancer Vac 	  	 	15	  

  
 -i-

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Table of Contents 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	8.2	 	Warranty by Licensors	  	 	15	  
		 	8.3	 	Cancer Vac due diligence	  	 	16	  
		 	8.4	 	Warranty on ARI BTT	  	 	16	  
			
	 9.
	 	 CANCER VAC PERFORMANCE
	  	 	16	  
				
		 	 9.1
	 	Research and Development	  	 	16	  
		 	9.2	 	Performance review	  	 	16	  
		 	9.3	 	Dispute resolution procedure	  	 	17	  
			
	 10.
	 	 INSURANCE & INDEMNITY
	  	 	17	  
				
		 	 10.1
	 	Insurance	  	 	17	  
		 	10.2	 	Indemnity	  	 	17	  
			
	 11.
	 	 UNDERTAKINGS BY LICENSORS
	  	 	17	  
				
		 	 11.1
	 	Restriction on dealings with Background Technology	  	 	17	  
		 	11.2	 	Indemnity by Licensors	  	 	17	  
		 	11.3	 	Cancer Vac due diligence	  	 	18	  
			
	 12.
	 	 INTELLECTUAL PROPERTY PROTECTION
	  	 	18	  
				
		 	 12.1
	 	Background Technology	  	 	18	  
		 	12.2	 	Research Results	  	 	18	  
		 	12.3	 	Coordination on patent protection	  	 	18	  
		 	12.4	 	Infringement	  	 	19	  
			
	 13.
	 	 CONFIDENTIALITY AND PUBLICATION
	  	 	19	  
				
		 	 13.1
	 	Publication	  	 	19	  
		 	13.2	 	Confidentiality	  	 	19	  
			
	 14.
	 	 TERMINATION
	  	 	20	  
				
		 	 14.1
	 	Termination for Due Cause	  	 	20	  
		 	14.2	 	Consequences of Termination	  	 	20	  
		 	14.3	 	Rights prior to Termination	  	 	20	  
			
	 15.
	 	 FORCE MAJEURE
	  	 	20	  
				
		 	 15.1
	 	Effect of Force Majeure	  	 	20	  
		 	15.2	 	Remedial action	  	 	20	  
			
	 16.
	 	 DISPUTE RESOLUTION
	  	 	21	  
				
		 	 16.1
	 	Good faith negotiation	  	 	21	  
		 	16.2	 	Cancer Vac performance	  	 	21	  
		 	16.3	 	Disputes generally	  	 	21	  
		 	16.4	 	Mediation	  	 	21	  
			
	 17.
	 	 NOTICES
	  	 	21	  

  
 -ii-

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Table of Contents 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
			
	 18.
	 	 AMENDMENT AND ASSIGNMENT
	  	 	22	  
				
		 	 18.1
	 	Amendment	  	 	22	  
		 	18.2	 	Assignment and sub-contracting	  	 	23	  
			
	 19.
	 	 GENERAL
	  	 	23	  
				
		 	 19.1
	 	Governing law	  	 	23	  
		 	19.2	 	Liability for expenses	  	 	23	  
		 	19.3	 	Giving effect to this agreement	  	 	23	  
		 	19.4	 	Waiver of rights	  	 	23	  
		 	19.5	 	Operation of this agreement	  	 	24	  
		 	19.6	 	Consents	  	 	24	  
		 	19.7	 	Exclusion of agency, partnership, joint venture	  	 	24	  
		 	19.8	 	Rights and Obligations of ARI	  	 	24	  
		 	19.9	 	Counterparts	  	 	25	  
		 	19.10	 	Attorneys	  	 	25	  

  
 -iii-

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 TECHNOLOGY LICENCE AGREEMENT 
 DATE 
 BETWEEN 

The Austin Research Institute ACN 007 418 224 of Kronheimer Building, Austin Hospital, Studley Road, Heidelberg in
the State of Victoria (“ARI”) and Ilexus Pty Ltd ACN 064 772 130 of Kronheimer Building, A&RMC, Studley Road, Heidelberg, Victoria 3084 (Ilexus) 

(collectively referred to as “Licensors”) 
 AND 
 Cancer Vac Pty Ltd ACN 096 859 513 of Suite 1,
1233 High St, Armadale, Victoria 3143 (“Cancer Vac”) 
 AND 

Prima Biomed Ltd ACN 009 237 889 of Suite 1, 1233 High St, Armadale, Victoria 3143 (“Prima”) 

RECITALS 
  

	A.	 The Licensors own the Background Technology in Patent Family 1 (Schedule 1 items 1A) and as described in Attachments la.

  

	B.	 The Licensors are entitled to license the Background Technology of Patent Family 2, Patent Family 3 and Patent Family 4 (Schedule 1 items 1B, 1C and
1D) and as described in Attachment lb and lc. 

  

	C.	 Cancer Vac wishes to conduct Research and Development with a view to obtaining Research Results and opportunities for Commercialisation.

  

	D.	 Ilexus is the wholly-owned subsidiary of the Austin Research Institute, the principal researcher to be engaged by Cancer Vac for the Research and
Development. 

  

	E.	 The Licensors have agreed to license the Background Technology to Cancer Vac, on the terms and conditions of this agreement.

  

	F.	 Prima has acquired rights from ARI and Ilexus to develop and commercialise the Background Technology outside the Agreed Field.

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 OPERATIVE PROVISIONS 
  

	1.	 INTERPRETATION 

  

	1.1	 Definitions 

 In this Agreement, unless the context otherwise requires: 

“Adjustments” means any expenses, costs, commissions paid in securing and obtaining the Revenue including
without limitation legal, accounting and finance adviser costs [ * ]. 
 “Agreed Field” means
the treatment of cancer. 
 “ARI BTI” means any Improvements of the Background Technology made
or developed by or on behalf of ARI which is not funded by Prima or Cancer Vac. 
 “Background
Technology” means all drawings, specifications, processes, techniques, samples, specimens, prototypes, designs, research and development results, test results, and other technical and scientific information relating to the development of an
ex-vivo, mannan-based as specified in Schedule 1, items 1A, 1B, 1C, and 1D (or any related patent applications or patents including any national phase patent applications divisionals or continuation-in-part) and includes ARI BTI. 

“Business Day” means a day that is not a Saturday, Sunday or public holiday in Melbourne. 

“Cancer Vac BTI” means any Improvement of the Background Technology (including any Improvement of any
Background Technology made by ARI but funded by either Cancer Vac or Prima) made or developed by or on behalf of Cancer Vac or Prima. 
 “Commencement Date” means the date the Conditions Precedent have been satisfied in full or waived by the parties in writing (or other date mutually agreed in writing). 

“Commercialise” or “Commercialisation” means: 

 

	 	(a)	 to develop, manufacture, use and market the Background Technology and Research Results; 

 

	 	(b)	 to use, manufacture, market, sell or otherwise dispose of any product or process resulting from the Commercialisation of the Background Technology
and Research Results; or 

  

	 	(c)	 to licence any third party to do any of the things referred to in (a) or (b) above. 

“Conditions precedent” mean the following: [ * ] 

“Confidential Information” means any information, in any form or media relating to or representing the
Background Technology, Intellectual Property rights, Research Program, 

  
 2. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
research or Research Results, information submitted by ARI to Cancer Vac pursuant to Clauses 3.4(a), 4.5(a) or 4.5(b), any sub-licence submitted by Cancer Vac to ARI pursuant to Clause 4.2(d) or
other confidential information of either party other than information which: 
  

	 	(a)	 was in the public domain at the time of its disclosure; 

 

	 	(b)	 came into the hands of the receiving party by lawful means and without breach of any obligation of confidentiality by any third party; or

  

	 	(c)	 was in fact known to the receiving party prior to its disclosure to that party. 

“Due Cause” means the other party: 

 

	 	(a)	 fails to pay when due any sum payable under this Agreement and such default continues for a period of [ * ] after receipt of a notice requiring
payment; 

  

	 	(b)	 is in material breach of any of its other obligations under this Agreement or the Research Agreement and, if that breach is capable of remedy, does
not rectify that breach within [ * ] after receipt of a notice to remedy that breach; 

  

	 	(c)	 is unable to pay its debts as they fall due, makes or commences negotiations with a view to making a general re-scheduling of its indebtedness, a
general assignment, scheme of arrangement or composition with its creditors; 

  

	 	(d)	 ceases to carry on business or disposes of the whole or a material part of its business other than in those circumstances described in Clause 18;

  

	 	(e)	 takes any corporate action or any steps are taken or legal proceedings are started for: 

 

	 	(i)	 its winding-up, dissolution, liquidation, or re-organisation, other than in those circumstances described in Clause 18; or

  

	 	(ii)	 the appointment of a controller, receiver, administrator, official manager, trustee or similar officer of it or of any of its revenues and assets;
or 

  

	 	(f)	 seeks protection or is granted protection from its creditors, under any applicable legislation. 

“Enabling Technology” means all associated or connected Intellectual Property owned by ARI (or which ARI
is entitled to use and provide to Cancer Vac on the terms of this Agreement (if any)) that is associated, connected with or concerns the Background Technology. 
 “Exempt Payments” means the following: 

  
 3. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 any payments made to Prima or Cancer Vac before the Effective Date [ * ] and [ * ]; or 

 

	 	(b)	 any payments received by Prima or Cancer Vac from a third party for [ * ] and [ * ]; or 

 

	 	(c)	 any payments received by Prima or Cancer Vac from a third party by way of [ * ] and [ * ]; or 

 

	 	(d)	 any payments received by Prima or Cancer Vac from a third party as [ * ] for the [ * ] and [ * ]. 

“Force Majeure” means any cause which is not reasonably within the control of the party affected,
including without limitation an act of God, strike, lockout or other interference with work, war (declared or undeclared), blockade, disturbance, lightning, fire, earthquake, storm, flood, explosion, governmental or quasi governmental restraint,
expropriation, prohibition, intervention, direction or embargo, unavailability or delay in availability of materials, equipment or transport, inability or delay in obtaining governmental or quasi governmental approvals, consents, permits, licenses,
authorities or allocations. 
 “Improvements” means any improvement, enhancement, development,
modification or adaptation of any Background Technology or Research Results. 
 “Independent
Expert” means an independent expert appointed by the President for the time being of the Licensing Executives Society of Australia and New Zealand. 
 “Intellectual Property” includes all copyright and industrial and intellectual property rights, including without limitation all rights in relation to inventions, plant varieties,
registered and unregistered trade marks (including service marks), registered designs, confidential information and circuit layouts, and all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic
fields. 
 “Loss or Claim” means, in relation to any person, a damage, loss, cost, expense or
liability incurred by the person or a claim, action, proceeding or demand made against the person, howsoever arising and whether present or future, fixed or unascertained, actual or contingent. 

“Merger” means an arrangement, transaction or event (in whatever form) under which or as a result of
which the operations of the ARI (whether alone or with those of another entity) are or will be: 
  

	 	(a)	 disposed of to or assumed by a Merger Party; or 

  

	 	(b)	 combined with the operations of a Merger Party, and 

  
 4. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 includes a disposal by the ARI of its main undertaking, and
“Merge” shall have a corresponding meaning. 
 “Merger Party” means a person (which
for the purposes of this definition shall also include a body politic or corporate, an agency, an organisation whether or not incorporated or unincorporated existing or registered under any statute order or proclamation, and which also includes a
statutory authority, government department or business unit, an educational, religious or charitable institution, or a corporation sole) by which as a result of any arrangement, transaction or event any operations of the ARI at the applicable time
pertaining to the rights granted to Prima by this Agreement may be: 
  

	 	(a)	 acquired, whether alone or in combination with the operations of others; or 

 

	 	(b)	 assumed or carried on other than solely by ARI, and 

for the avoidance of doubt, includes a person coming into existence for the purposes of acquiring, assuming or carrying on
the operations of the ARI, or the existence of which commences upon or as a result of an arrangement, transaction or event involving or concerning the operations of the ARI. 

“Product” means any product, article or thing that incorporates any of the Background Technology or
Research Results. 
 “Quarter” means a period of 3 months ending on a Quarterly Date.

 “Quarterly Date” means the last day of March, June, September and December during each year
of the Term. 
 “Relevant Authority” means government bodies (including local government or
semi-governmental) or any public, statutory, judicial body, entity, department or authority including any self-regulatory organisation established under statute in any jurisdiction in the world responsible for registering, approving or authorising
the sale of Products. 
 “Research Agreement” means the agreement of even date between the
Cancer Vac and ARI. 
 “Research Organisation” means any research organisation performing work
or contracted by Cancer Vac to perform work as part of the Research and Development. 
 “Research
Program” means the program of research and development work to be conducted by ARI in accordance with the Research Agreement. 
 “Research and Development” means research into the Background Technology and development of opportunities arising out of that research. 

“Research Results” means all data, research papers, test results, experiments, products and any
Intellectual Property and items incorporating Intellectual Property arising out of the Research and Development including any Cancer Vac BTI. 

  
 5. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 “Royalty” means: 

 

	 	(a)	 where the payment is made [ * ], [ * ]% of Revenue; or 

 

	 	(b)	 where the payment is made [ * ], [ * ]% of Revenue. 

“Related Body Corporate” has the meaning given to that term in the Corporations Act 2001 (Cth.).

 “Revenue” means all Commercialisation benefits of any kind received by Prima or Cancer Vac
from a Third Party in connection with Commercialisation of all or part of the Background Technology or Research Results whether received in cash or Securities, and includes, without limitation, revenue received by Prima or Cancer Vac or Related
Bodies Corporate for sales of Product including any lump-sum payments, royalties or other payments and any sub-licensing payments made to Prima or Cancer Vac or Related Bodies Corporate, less Adjustments and excluding the Exempt Payments. For the
avoidance of doubt, revenue is determined net of any GST. 
 “Securities” will have the same
meaning as in the Corporations Act 2001 (Cth) as specified in section 92(1). 
 “Successor Body
Corporate” mean a successor body corporate to Cancer Vac (but expressly not a sub-licensee), where such body corporate derives rights from the Technology Licence. 

“Technology Licence” means the licence granted to Cancer Vac by this Agreement. 

“Term” means in respect of each patent granted or to be granted in respect of the patent application
identified in Schedule 1, items 1A, 1B, 1C, and 1D (or any related patent applications or patents including any national phase patent applications, divisionals or continuation-in-part) in each country in the Territory, the period commencing on the
Commencement Date and ending on the date such patent expires, lapses or ceases to have effect in a particular country. 
 “Territory” means the world. 
 “Third
Party” means an unrelated person or other entity dealt with on arms-length terms, and without limitation expressly does not include a party to this Agreement, a Successor Body Corporate wholly owned by Prima or Cancer Vac, or a wholly owned
Related Body Corporate of a party to this Agreement or of a Successor Body Corporate wholly owned by Prima or Cancer Vac. 
 “Trade Sale” means any of the following transactions involving one or more Third Parties: 
  

	 	(a)	 the disposition to a Third Party of some or all of the shares of Cancer Vac held by Prima at the applicable time; 

  
 6. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(b)	 the disposition to a Third Party of some or all of the shares of a Successor Body Corporate held by Prima at the applicable time;

  

	 	(c)	 the disposition to a Third Party of some or all or any of the assets of Cancer Vac or a Successor Body Corporate where the assets disposed of
include the Technology Licence or rights deriving from the Technology Licence; or 

  

	 	(d)	 the assignment or novation of the Technology Licence to a Third Party such that Cancer Vac or a Successor Body Corporate no longer has rights in
respect of the Technology Licence or assignment or novation of part of the Technology Licence such that Cancer Vac or a Successor Body Corporate no longer has rights in respect of that part of the Technology Licence which is the subject of the
assignment or novation. 

 “Trade Sale Fee” means an amount equal to [ * ]% of
the Trade Sale Consideration received by Prima or a Related Body Corporate of Prima or Cancer Vac for a Trade Sale. 
 “Trade Sale Consideration” means any payments shares or ongoing commercial return (including royalties or other periodic payments) received from a Third Party by Prima or Cancer Vac a
Related Body Corporate of Prima or Cancer Vac for a Trade Sale less any expenses, costs commissions paid in securing and obtaining the Trade Sale Consideration including without limitation legal, accounting and finance adviser costs [ * ].

  

	1.2	 General 

 In this agreement, unless the context otherwise requires: 
  

	 	(a)	 a reference to: 

  

	 	(i)	 legislation (including subordinate legislation) is to that legislation as amended, re-enacted or replaced, and includes any subordinate legislation
issued under it; 

  

	 	(ii)	 a document or agreement, or a provision of a document or agreement, is to that document, agreement or provision as amended, supplemented, replaced
or novated; 

  

	 	(iii)	 a party to this document or to any other document or agreement includes a permitted substitute or a permitted assign of that party;

  

	 	(iv)	 a person includes any type of entity or body of persons, whether or not it is incorporated or has a separate legal identity, and any executor,
administrator or successor in law of the person; and 

  

	 	(v)	 anything (including a right, obligation or concept) includes each part of it; 

 

	 	(b)	 the singular includes the plural and vice versa; 

  
 7. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(c)	 a reference to an individual or person includes a corporation, partnership, joint venture, association, authority, trust, state or government and
vice versa; 

  

	 	(d)	 a reference to any gender includes all genders; 

  

	 	(e)	 a reference to a recital, clause, schedule, annexure or exhibit is to a recital, clause, schedule, annexure or exhibit of or to this Agreement;

  

	 	(f)	 a recital, schedule, annexure or a description of the parties forms part of this Agreement; 

 

	 	(g)	 where an expression is defined, another part of speech or grammatical form of that expression has a corresponding meaning;

  

	 	(h)	 a reference to “dollars” or “$” is to Australian currency; 

 

	 	(i)	 The word “subsidiary” has the same meaning as in the Corporations Act 2001 (Cth). 

 

	1.3	 Headings 

 In this agreement, headings are for convenience of reference only and do not affect interpretation. 
  

	1.4	 Business Day 

 If the day on which any act, matter or thing is to be done under this agreement is not a Business Day, that act, matter or thing: 

 

	 	(a)	 if it involves a payment other than a payment which is due on demand, must be done on the preceding Business Day; and 

 

	 	(b)	 in all other cases, may be done on the next Business Day. 

 

	2.	 TERM 

  

	2.1	 Conditions Precedent 

 This Agreement shall not commence until the Conditions Precedent have been satisfied in full or waived by the parties in writing. 

 

	2.2	 Duration 

 This Agreement will commence operation on the Commencement Date and shall continue for the Term. 

  
 8. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	3.	 RESEARCH AND DEVELOPMENT LICENCE 

  

	3.1	 Licence grant 

 The Licensors grant to Cancer Vac an exclusive royalty free licence of the Background Technology within the Agreed Field in the Territory for the Term to conduct the Research and Development including
without limitation the Research Program. 
  

	3.2	 Intellectual Property in Research Results 

The Licensors acknowledge that Cancer Vac will be the owner of all Intellectual Property in the Research Results.

  

	3.3	 Reservation of rights of ARI 

 Despite anything in this Agreement, but subject to ARI complying with the applicable obligations under Clauses 12 (Intellectual Property Protection) and 13 (Confidentiality and Publication), ARI may use
the Background Technology for the purposes of internal research and teaching within ARI but not for commercial purposes. 
  

	3.4	 Background Technology – Research Funding Mechanism 

 

	 	(a)	 Before commencing research on the Background Technology pursuant to the licence granted to ARI by Clause 3.3, ARI may, but is not obliged to, make a
written request to Cancer Vac to fund the research (“BT Funding Request”). The BT Funding Request will provide Cancer Vac with such information concerning the proposed research as is reasonably necessary to allow Cancer Vac to
evaluate the proposed research including (without limitation) the research’s objectives, costs, funding sources, milestones and duration and likely research and intellectual property outcomes. 

 

	 	(b)	 Cancer Vac will have [ * ] from the date of receipt of the BT Funding Request to confirm in writing with ARI whether it elects (at its absolute
discretion) to fund the research project on the Background Technology. 

  

	 	(c)	 Where Cancer Vac fails to respond within the period set out in Clause 3.4(b) or indicates in writing it does not intend to fund the research
project, ARI may seek funding for the research on the Background Technology from a third party provided that [ * ]. 

  

	3.5	 ARI’s rights 

 During the Term Cancer Vac will as far as reasonably practicable, use ARI to carry out any research requirements of Cancer Vac for contract Research and Development on competitive commercial terms where
Cancer Vac’s proposed research is within ARI’s field of expertise. 

  
 9. 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	4.	 COMMERCIALISATION LICENCE 

  

	4.1	 Licence grant 

  

	 	(a)	 In consideration of Cancer Vac paying the Royalty the Licensors grant to Cancer Vac an exclusive licence of the Background Technology in the
Territory for the Term to: 

  

	 	(i)	 Commercialise the Background Technology (and any Intellectual Property subsisting therein) within the Agreed Field; and

  

	 	(ii)	 to the extent necessary, Commercialise the Research Results (and any Intellectual Property subsisting therein). 

 

	 	(b)	 To the extent necessary to facilitate the licence contained in Clause 4.1(a), the Licensors grant to Cancer Vac a non-exclusive, royalty free sub
licensable licence of the Enabling Technology in the Territory for the Term. 

  

	4.2	 Sub-licensing 

  

	 	(a)	 Cancer Vac is permitted to sub-license its rights under Clauses 3.1 and 4.1, subject to compliance with this Clause 4.2.

  

	 	(b)	 Cancer Vac will, as far as reasonably practicable, consult with ARI concerning any proposed sub-licensing of its rights under Clauses 3.1 or 4.1.

  

	 	(c)	 Cancer Vac will use its reasonable endeavours to ensure that any proposed sub-licensee is solvent and of good reputation in the field covered by the
sub-licence. 

  

	 	(d)	 Cancer Vac will, within [ * ] of receipt of a written request from ARI, deliver a copy the sub-licence agreement to ARI for the sole purpose of
allowing ARI to confirm that the sub-licence is consistent with the rights granted to Cancer Vac under this Agreement provided nothing in this Clause 4.2(d) obliges Cancer Vac to provide ARI with any confidential information of the sub-licensee.

  

	 	(e)	 For the avoidance of doubt, nothing in this Agreement requires Cancer Vac to obtain the consent or approval of ARI before sub-licensing all or part
of its rights under Clauses 3.1 or 4.1. 

  

	4.3	 Cancer Vac’s rights to ARI BTI 

Cancer Vac acknowledges that ARI will be the owner of Intellectual Property rights in ARI BTI (other than Improvements to
the Research Results which will owned by Cancer Vac in accordance with Clause 4.4). ARI will disclose to Cancer Vac ARI BTI developed or acquired by ARI as soon as reasonably practicable after the development of the ARI BTI during the Term.

  
 10.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	4.4	 Reservation of rights of ARI 

  

	 	(a)	 Despite anything in this Agreement, but subject to ARI complying with the applicable obligations under Clauses 12 (Intellectual Property Protection)
and 13 (Confidentiality and Publication), ARI may use the Research Results arising from the Research Program for the purposes of internal research and teaching within ARI but not for commercial purposes. 

 

	 	(b)	 If any Improvements to the Research Results are made or developed by or on behalf of ARI pursuant to the licence granted to ARI under Clause 4.4(a),
any and all Intellectual Property in the Improvements to the Research Results shall belong to and remain vested in Cancer Vac. 

  

	 	(c)	 ARI hereby assigns to Cancer Vac absolutely and beneficially the whole of the right, title and interest, whether presently existing or which arises
at a date after the Effective Date, in and to any Intellectual Property in relation to the Improvements to the Research Results made or developed by or on behalf of ARI pursuant to the licence granted to ARI under Clause 4.4(a) including without
limitation the right to apply for and register in any country such Intellectual Property. 

  

	 	(d)	 At the reasonable cost of Cancer Vac, ARI agrees to promptly execute all documents, forms and authorisations and do all acts and things that Cancer
Vac reasonably considers to be necessary or desirable to give effect to Clause 4.4(c) and to absolutely vest in Cancer Vac full right, title and interest in and to all of the Improvements in the Research Results made or developed by or on behalf of
ARI pursuant to the licence granted to ARI under Clause 4.4(a). 

  

	4.5	 Research Results – Research Funding Mechanism 

 

	 	(a)	 ARI must notify Cancer Vac of any proposed research on the Research Results not less than [ * ] before the proposed research is due to commence.
ARI’s notification must contain such reasonable information as is necessary to allow Cancer Vac to assess the proposed research including the research program and research objectives. 

 

	 	(b)	 Before commencing research on the Research Results pursuant to the licence granted to ARI by Clause 4.4, ARI may make a written request to Cancer
Vac to fund the research (“RR Funding Request”). The RR Funding Request will provide Cancer Vac with such information concerning the proposed research as is reasonably necessary to allow Cancer Vac to evaluate the proposed research
including (without limitation) the research’s objectives, costs, funding sources, milestones and duration and likely research and intellectual property outcomes. 

 

	 	(c)	 Cancer Vac will have [ * ] from the date of receipt of the RR Funding Request to confirm in writing with ARI whether it elects (at its absolute
discretion) to fund the research project on the Research Results. 

  
 11.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(d)	 Where Cancer Vac fails to respond within the period set out in Clause 4.5(c) or indicates in writing it does not intend to fund the research
project, ARI may seek funding for the research on the Research Results from a third party provided that [ * ]. 

  

	 	(e)	 Notwithstanding anything else in this Agreement, ARI warrants that any agreement entered by ARI with a third party to conduct research on the
Research Results will provide that any and all research results (including Intellectual Property subsisting in the research results) arising from that research will be assigned to ARI to allow ARI to effect the assignment specified in Clause 4.4(c).

  

	4.6	 Licence Outside the Agreed Field 

  

	 	(a)	 Provided that ARI demonstrates to Cancer Vac and Prima’s reasonable satisfaction that ARI properly holds and properly exercises the right to
Commercialise the Background Technology outside the Agreed Field and provided further ARI has fulfilled its obligations (if any) to Prima (whether or not in this Agreement or otherwise) with respect to Commercialisation of the Background Technology
outside the Agreed Field, ARI is hereby granted an option to negotiate a non-exclusive licence to use the Research Results solely to the extent necessary for ARI to commercialise the Background Technology outside the Agreed Field.

  

	 	(b)	 ARI will exercise the option by notice in writing to Cancer Vac and Cancer Vac and ARI will use their reasonable endeavours to agree normal
commercial terms of the licence within [ * ] on and from the date Cancer Vac receives the written notice from ARI (“Negotiation Period”). 

 

	 	(c)	 Those terms and conditions of the licence under which ARI will use the Research Results which are not agreed between Cancer Vac and ARI at the
expiry of the Negotiation Period will be [ * ]. The parties agree that [ * ]. 

  

	4.7	 Technological Developments 

 The parties will disclose to each other any developments in competing technology that may impact upon the Commercialisation of the Background Technology or the Research Results and will consult as to
appropriate action. 
  

	5.	 Commercialisation Benefits 

  

	5.1	 Royalty and Securities 

  

	 	(a)	 Subject to Clause 5.1(b), Cancer Vac must pay to ARI the Royalty for each Quarter during the Term within [ * ] of the Quarterly Date.

  
 12.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(b)	 Where Revenue includes Securities in a third party received by Prima or Cancer Vac or Related Bodies Corporate, Cancer Vac or Prima as the case may
be will [ * ] or [ * ] or [ * ]. 

  

	 	(c)	 Cancer Vac and Prima agree to promptly [ * ] and [ * ] necessary or desirable to give effect to Clause 5.1(b) and to [ * ] and [ * ] and [ * ] in
Clause 5.1(b). 

  

	5.2	 Royalty Calculation 

 Cancer Vac must calculate the Royalty within [ * ] after each Quarterly Date. 
  

	5.3	 Trade Sale 

  

	 	(a)	 Subject to Prima paying all amounts due under this Clause 5.3 in full, in the event of a Trade Sale, the obligations contained in Clause 5.1 will
terminate on and from the date of the Trade Sale, provided that: 

  

	 	(i)	 if the Trade Sale does not involve Prima or a Successor Body Corporate disposing of all or some of its shares held in Cancer Vac or a Successor Body
Corporate at the applicable time; and 

  

	 	(ii)	 Cancer Vac or the Successor Body Corporate retains rights in respect of the Technology Licence, 

then the obligations contained in Clause 5.1 will continue to apply in respect of the retained rights (including the
obligation to pay the Royalty calculated by reference to Revenue derived by Cancer Vac or the Successor Body Corporate from the retained rights). 
  

	 	(b)	 In the event of a Trade Sale, Prima will pay ARI the Trade Sale Fee within 30 days of receiving the Trade Sale Consideration from the third party.

  

	 	(c)	 Notwithstanding anything to the contrary in this Agreement, the Licensors will not be entitled to terminate this Agreement for Due Cause in the
event of a Trade Sale. 

  

	6.	 GST 

  

	6.1	 Definitions 

 In this Clause the expressions Consideration, GST Input Tax Credit, Recipient, Supply, Tax Invoice and Taxable Supply have the meanings given to those expressions in the A New Tax System
(Goods and Services Tax) Act 1999 (GST Act). A Supplier means any party treated by the GST Act as making a Supply under this Agreement. 

  
 13.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	6.2	 Consideration is GST exclusive 

 Unless otherwise expressly stated all prices or other sums payable or consideration to be provided under or in accordance with this Agreement are exclusive of GST. 

 

	6.3	 Payment of GST 

  

	 	(a)	 If GST is imposed on any Supply made under or in accordance with this Agreement, the Recipient of the Taxable Supply must pay to the Supplier an
additional amount equal to the GST payable on or for the Taxable Supply, subject to the Recipient receiving a valid Tax Invoice in respect of the Supply at or before the time of payment. 

 

	 	(b)	 Payment of the additional amount must be made at the same time as payment for the Taxable Supply is required to be made in accordance with this
Agreement or at an earlier time provided a Tax Invoice is provided to the payer (or representative member if applicable) at least [ * ] prior to such date. 

 

	6.4	 Reimbursement of expenses 

 If this Agreement requires a party (the First Party) to pay for, reimburse, set off or contribute to any expense, loss or outgoing (Reimbursable Expense) suffered or incurred by the other
party (the Other Party), the amount required to be paid, reimbursed, set off or contributed by the First Party will be the sum of: 
  

	 	(a)	 the amount of the Reimbursable Expense net of Input Tax Credits (if any) to which the Other Party is entitled in respect of the Reimbursable Expense
(Net Amount); and 

  

	 	(b)	 if the Other Party’s recovery from the First Party is a Taxable Supply any GST payable in respect of that Supply, 

 

	 	such	 that after the Other Party meets the GST liability, it retains the Net Amount. 

 

	7.	 AUDIT 

  

	7.1	 Cancer Vac to Retain Records 

 Cancer Vac must maintain separate and accurate records of: 
  

	 	(a)	 the Revenue; 

  

	 	(b)	 the Exempt Payments; 

  

	 	(c)	 the Adjustments; 

  

	 	(d)	 the working papers Cancer Vac used to calculate the Royalty; 

  
 14.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(e)	 each Royalty report. 

 The records must be maintained for [ * ] after payment of the Royalty in such reasonable manner as ARI approve in writing from time to time. 

 

	7.2	 The ARI’s Right to Inspect the Records 

Cancer Vac must: 
  

	 	(a)	 permit ARI’s accountant or auditor, from time to time, on reasonable notice and during ordinary business hours, to inspect and verify the
records specified in Clause 7.1; and 

  

	 	(b)	 give ARI all reasonable help in any inspection and verification and permit ARI’s accountant or auditor to take copies of the records specified
in Clause 7.1 solely for the purpose of verifying the accuracy of the Royalty calculation. 

  

	 	(c)	 pay the costs of the auditor if the accountant identifies a deviation equal to or greater that [ * ] in the amounts payable to ARI pursuant to
Clause 5.1. 

  

	8.	 TITLE OF LICENSORS IN BACKGROUND TECHNOLOGY  

 

	8.1	 Background Technology not owned by Cancer Vac 

Cancer Vac will not represent that it has any ownership interest in the Intellectual Property in the Background
Technology. Cancer Vac’s use of the Background Technology under this Agreement is subject to the right, title and interest of the Licensors in the Background Technology. Cancer Vac will not contest or impair the right, title or interest of the
Licensors in the Background Technology either during or after the Term. 
  

	8.2	 Warranty by Licensors 

  

	 	The	 Licensors represent and warrant that: 

  

	 	(a)	 the Background Technology created by ARI represents the original work of ARI; 

 

	 	(b)	 the Background Technology does not to the best of the knowledge and belief of Licensors infringe any third party rights;

  

	 	(c)	 they hold the exclusive rights to conduct Research and Development and Commercialisation in relation to the Background Technology;

  

	 	(d)	 the grant of licences to Cancer Vac pursuant to this Agreement in relation to Research and Development do not to the best of the knowledge and
belief of the Licensors infringe Intellectual Property or other rights of any third party in relation to the Background Technology; and 

  
 15.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(e)	 to the best of the Licensors actual belief and knowledge at the Commencement Date (31 May 2001) the Licensors are the beneficial owners of the
Background Technology, free from any encumbrances other than under any relevant or existing licences or agreements expressly disclosed to Prima or Cancer Vac prior to that date, and neither the Background Technology nor the grant of the licences
contemplated by this Agreement knowingly infringes the Intellectual Property rights of any third party. 

  

	8.3	 Cancer Vac due diligence 

 The Licensors make no representation and give no warranty or indemnity that Commercialisation of the Research Results and Background Technology will be free of infringement of third party rights. Cancer
Vac acknowledges that it has and will undertake due diligence in this regard. 
  

	8.4	 Warranty on ARI BTI 

 Unless the Licensors advise Cancer Vac in writing otherwise at the time of disclosing any item of ARI BTI in accordance with Clause 4.3, the Licensors will be taken to make the same representations and
warranties in relation to each item of ARI BTI at the time of such disclosure as are referred to in Clause 8.2. 
  

	9.	 CANCER VAC PERFORMANCE 

  

	9.1	 Research and Development 

 Cancer Vac must use reasonable endeavours to carry out the Research and Development of the Background Technology and Commercialise Background Technology in the Agreed Field 

except to the extent prevented by the act or default of ARI under the Research Agreement, in which case Cancer Vac shall
be entitled to a reasonable extension of time to complete the relevant milestone. 
  

	9.2	 Performance review 

  

	 	(a)	 The parties will meet to review Cancer Vac performance in carrying out the Research and Development and Commercialisation of the Background
Technology [ * ] during the Research Program, and following completion of the Research Program [ * ], or otherwise as agreed in writing. The parties will disclose to each other any developments in competing technology that may impact upon the
Research and Development of the Background Technology and Commercialisation of the Research Results or Background Technology and will consult as to appropriate action. 

 

	 	(b)	 In the event the Licensors are dissatisfied with the performance by Cancer Vac of its obligations under this Clause, as disclosed by any review or
by reason of any 

  
 16.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	 
other matter coming to the attention of the Licensors, the Licensors will draw their concerns to the attention of the Cancer Vac. The parties will consult in good faith as to how the performance
issues may be resolved in the best interest of those parties to facilitate the Research and Development of the Background Technology and Commercialisation of the Research Results or Background Technology. 

 

	 	(c)	 Cancer Vac will use its reasonable endeavours to address an concerns of ARI and may, in its discretion, prepare a strategy to be provided to ARI,
having regard to the good faith consultations between the parties. 

  

	9.3	 Dispute resolution procedure 

 For the avoidance of doubt, the procedure under Clause 16 applies to any dispute regarding the operation or effect of this Clause 9. 

 

	10.	 INSURANCE & INDEMNITY 

  

	10.1	 Insurance 

 Cancer Vac must maintain adequate product liability, third party liability and other reasonable insurance cover during the Term (in the joint names of Cancer Vac and the Licensors if reasonably required).
Cancer Vac must provide adequate evidence of cover. 
  

	10.2	 Indemnity 

 Cancer Vac shall indemnify the Licensors and keep them indemnified from and against any Loss or Claim suffered or incurred by the either of them as a result of or arising out of or in respect of the
Research and Development and Commercialisation of the Research Results and Background Technology (excluding any Loss or Claim attributable to the default of the Licensors). 

 

	11.	 UNDERTAKINGS BY LICENSORS 

  

	11.1	 Restriction on dealings with Background Technology 

Subject to Clause 18.2(c) the Licensors must not dispose of their respective interests in the Background Technology or any
part of it during the Term without the prior consent of Cancer Vac (which must not be unreasonably withheld). 
  

	11.2	 Indemnity by Licensors 

 The Licensors indemnify Cancer Vac from any Loss or Claim suffered or incurred by Cancer Vac as a result of or arising out of or in respect of: 

 

	 	(a)	 the Background Technology created by ARI not representing the original work of ARI; 

  
 17.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(b)	 the Background Technology to the knowledge and belief of the Licensors at the date of signing this Agreement infringing the rights of a third party;

  

	 	(c)	 the Licensors not being entitled to license the Background Technology to Cancer Vac; 

 

	 	(d)	 any default by the Licensors in the performance or observance of their obligations under this Agreement. 

 

	11.3	 Cancer Vac due diligence 

 Despite anything in Clause 11.2, the Licensors make no representation and give no warranty that patent applications comprised in the Background Technology will be granted or if granted will be valid. The
indemnity under Clause 11.2 does not cover Cancer Vac against this risk. Cancer Vac acknowledges that it has and will undertake due diligence in this regard. 
  

	12.	 INTELLECTUAL PROPERTY PROTECTION 

  

	12.1	 Background Technology 

 The copyright in all documents (whether written, electronic or otherwise) embodying the Background Technology belongs to the Licensors. Cancer Vac is responsible for applying for or obtaining a grant of a
patent in the name of the Licensors in respect of any of the Background Technology and the Licensors must provide reasonable assistance to Cancer Vac for this purpose. [ * ] shall pay all patent costs in respect of the Background Technology and
Research Results during the Term. If Cancer Vac does not pursue patent protection with regard to the Background Technology that the Licensors considers adequate, the Licensors may take over prosecution of those patents [ * ] and in the name of the
Licensors. 
  

	12.2	 Research Results 

 The Research Results will be the property of Cancer Vac. The Licensors will execute all documents and do all other things necessary to confirm Cancer Vac’s rights to the Research Results. If Cancer
Vac considers that intellectual property protection is desirable in respect of any part of the Research Results, it will notify the Licensors. Cancer Vac is responsible for applying for or obtaining a grant of a patent in the name of Cancer Vac in
respect of any of the Research Results and Licensors must provide reasonable assistance to Cancer Vac for this purpose. 
  

	12.3	 Coordination on patent protection 

 The Licensors and Cancer Vac will consult and coordinate regarding patent protection in Australia and elsewhere for the Background Technology and any Research Results. 

  
 18.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	12.4	 Infringement 

 The Licensors and Cancer Vac will disclose to each other any events which may involve a third party infringing the Background Technology and any Research Results and will consult as to appropriate action.
Cancer Vac shall control any proceedings and settlement but will consult with the Licensors and will [ * ]. If Cancer Vac does not take proceedings, the Licensors shall be at liberty to do so. Cancer Vac shall bear the cost of proceedings to protect
its rights in the Background Technology and any Research Results. In the event that either or both the Licensors are indispensable parties to any proceedings brought by Cancer Vac in any jurisdiction either or both Licensors will join as parties in
such infringement actions involving Cancer Vac, [ * ]. 
  

	13.	 CONFIDENTIALITY AND PUBLICATION 

  

	13.1	 Publication 

 If the Licensors wish to make any public statement or publication in respect of the Background Technology or any Research Results, they will: 

 

	 	(a)	 forward a copy of the proposed public statement or publication to Cancer Vac; 

 

	 	(b)	 allow Cancer Vac [ * ] (or such further time as Cancer Vac may reasonably require) to seek such legal protection of the Research Results and/or
material contained in the proposed public statement or publication as it considers necessary; 

  

	 	(c)	 obtain the prior written consent of Cancer Vac (which shall not be unreasonably withheld); and 

 

	 	(d)	 in the event that Cancer Vac does not advise the party that it objects to any proposed publication or the making of a public statement within [ * ]
the consent of Cancer Vac will be deemed to have been obtained. 

  

	13.2	 Confidentiality 

 Subject to this Clause 13, no party may disclose any Confidential Information of the other to any third party or use any Confidential Information other than for the purpose for which it was disclosed,
except for disclosures: 
  

	 	(a)	 required by law or government authorities; or 

  

	 	(b)	 to employees or financial or legal advisers on a need to know basis. 

The parties shall ensure that their staff sign all necessary confidentiality undertakings to protect the rights of the
other party. 

  
 19.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	14.	 TERMINATION 

  

	14.1	 Termination for Due Cause 

 Without limiting any other rights it may have, subject to Clause 5.3(c) a party may terminate this Agreement by written notice to the other if Due Cause has arisen. 

 

	14.2	 Consequences of Termination 

 Subject to this Clause and Clause 5.3(c), upon termination of this Agreement, all further rights and obligations under this Agreement (other than those contained in Clauses 4.1(a)(ii), 4.1(b), 4.4,
4.6, 10.2, 11.2, 12.2, 13, 14.2, 14.3 and 19 shall terminate. 
  

	14.3	 Rights prior to Termination 

 Any termination of this Agreement will not affect the enforceability of any other obligations of a party, in whole or in part or rights against a party accrued prior to termination or which relate in any
way to an event or matter on or before the effective date (notwithstanding that the event or matter comes to the attention of a party after the termination of this Agreement). 

 

	15.	 FORCE MAJEURE 

  

	15.1	 Effect of Force Majeure 

 Where a party is unable, wholly or in part, by reason of Force Majeure, to carry out any obligation under this Agreement, and that party: 

 

	 	(a)	 gives the other party prompt notice of that Force Majeure including reasonable particulars and anticipated extent to which it will be unable to
perform or be delayed in performing that obligation; and 

  

	 	(b)	 does what it reasonably can to remove that Force Majeure as quickly as possible (this does not require the settlement of strikes, lockouts or other
labour disputes or claims or demands by any government on terms contrary to the wishes of the party affected), 

 that obligation is suspended so far as it is affected by Force Majeure during the continuance of that Force Majeure and that party shall be allowed a reasonable extension of time to perform its
obligations. 
  

	15.2	 Remedial action 

 If, after [ * ], the Force Majeure has not ceased, the parties shall meet in good faith to discuss the situation and endeavour to achieve a mutually satisfactory resolution to the problem. 

  
 20.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	16.	 DISPUTE RESOLUTION 

  

	16.1	 Good faith negotiation 

 The parties shall without delay and in good faith attempt to resolve any dispute or difference which may arise between them in relation to this Agreement. 

 

	16.2	 Cancer Vac performance 

 Any dispute or difference arising between the parties relating to Cancer Vac performance in Clause 9.2 which cannot be resolved between them may, if the parties agree, be finally resolved by expert
determination undertaken at the shared expense of the parties by an independent expert to be agreed or in default of agreement appointed by the President or Acting President of the Licensing Executives Society or his nominee The determination of the
expert shall be final and binding. The person shall be acting as an expert and not an arbitrator. 
  

	16.3	 Disputes generally 

 Any dispute or difference relating to a matter (other than which is resolved under Clause 16.2) shall be resolved in accordance with the following procedure: 

 

	 	(a)	 the party claiming that a dispute exists shall notify the other party that a dispute exists and forthwith submit such dispute or difference to the
respective chief executives for resolution; 

  

	 	(b)	 if the chief executives are unable to resolve the dispute or difference within a reasonable time, a meeting shall be convened forthwith between the
Chairmen of the respective Boards of the disputing parties for resolution of the dispute or difference; and 

  

	 	(c)	 if the dispute or difference is not resolved by the persons referred to in paragraph (b) above, within such time as they agree but not being
more than [ * ], Clause 16.4 (mediation) shall apply. 

  

	16.4	 Mediation 

 If any dispute or difference is not resolved by negotiation in accordance with the above procedure, the parties agree that it shall first be referred to mediation before either of them shall be entitled
to commence any proceedings in a court of competent jurisdiction or otherwise in respect of such dispute or difference. However this shall not preclude a party from seeking urgent interlocutory relief in a court of competent jurisdiction.

  

	17.	 NOTICES 

  

	 	(a)	 A notice, consent or other communication under this Agreement is only effective if it is in writing and either left at the addressee’s address
or sent to the addressee by mail or fax. If it is sent by mail, it is taken to have been received 3 working 

  
 21.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	 
days after it is posted. If it is sent by fax, it is taken to have been received at the time indicated on the transmission report of the machine from which the fax was sent in its entirety to the
fax number of the recipient. However, if transmission is completed after 5.00pm on a Business Day or is sent on a day that is not a Business Day, the message is taken to have been received at 9.00am on the next Business Day.

  

	 	(b)	 A person’s address and fax number are those set out below, or as the person notifies the sender: 

 

			
	Licensors	  	
	Address:	  	Kronheimer Building, A&RMC, Studley Road,
		  	Heidelberg, Victoria, 3084
	Fax number:	  	(03) 9287 0639
	Attention:	  	Professor Mark Hogarth
		
	Cancer Vac	  	
	Address:	  	Suite 1, 1233 High St,
		  	Armadale, Victoria 3143
	Fax number:	  	(03) 9854 5777
	Attention:	  	Mr. Marcus Clark
		
	Prima	  	
	Address:	  	Suite 1, 1233 High St,
		  	Armadale, Victoria, 3143
	Fax Number:	  	(03) 9854 5777
	Attention:	  	Mr. Marcus Clark

  

	18.	 AMENDMENT AND ASSIGNMENT 

  

	18.1	 Amendment 

 This Agreement can only be amended, supplemented, replaced or novated by another agreement signed by the parties. 

  
 22.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	18.2	 Assignment and sub-contracting 

  

	 	(a)	 Cancer Vac may not assign its rights under this Agreement without the consent of ARI (such consent not to be unreasonably withheld) except where the
assignment is: 

  

	 	(i)	 to a Related Body Corporate; or 

  

	 	(ii)	 is in the event of a Trade Sale. 

  

	 	(b)	 Any assignment under Clause 18.2(a) will not take effect until the Related Body Corporate or Third Party executes a deed in favour of the Licensors
agreeing to be bound by the terms of this Agreement. 

  

	 	(c)	 The Licensors may assign any or all of their rights under this Agreement for the purpose of solvent reconstruction or merger, without the need for
consent of Cancer Vac, subject to an assignee taking an assignment of all rights in the Background Technology and agreeing in writing to be bound by this Agreement as licensor. The Licensors shall be released from obligations accruing after the
effective date of the assignment provided that those obligations did not accrue in whole or in part before the effective date or if accruing after the effective date relate in any way to any event or matter occurring on or before the effective date.
Except as provided above, the Licensors may not assign their rights under this Agreement without the consent of Cancer Vac (which shall not be unreasonably withheld). 

 

	19.	 GENERAL 

  

	19.1	 Governing law 

 This Agreement is governed by the law in force in Victoria. 
  

	19.2	 Liability for expenses 

 Unless otherwise agreed, each party shall bear its own costs in relation to the preparation and execution of this Agreement. 

 

	19.3	 Giving effect to this agreement 

 Each party must do anything (including execute any document), and must ensure that its employees and agents do anything (including execute any document), that the other party may reasonably require to
give full effect to this Agreement. 
  

	19.4	 Waiver of rights 

 A right may only be waived in writing, signed by the party giving the waiver, and: 

  
 23.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 no other conduct of a party (including a failure to exercise, or delay in exercising, the right) operates as a waiver of the right or otherwise
prevents the exercise of the right; 

  

	 	(b)	 a waiver of a right on one or more occasions does not operate as a waiver of that right if it arises again; and 

 

	 	(c)	 the exercise of a right does not prevent any further exercise of that right or of any other right. 

 

	19.5	 Operation of this agreement 

  

	 	(a)	 This Agreement contains the entire agreement between the parties about its subject matter. Any previous understanding, agreement, representation or
warranty relating to that subject matter is replaced by this Agreement and has no further effect. 

  

	 	(b)	 Any right that a person may have under this agreement is in addition to, and does not replace or limit, any other right that the person may have.

  

	 	(c)	 Any provision of this Agreement which is unenforceable or partly unenforceable is, where possible, to be severed to the extent necessary to make
this Agreement enforceable, unless this would materially change the intended effect of this Agreement. 

  

	19.6	 Consents 

 Where this Agreement contemplates that a party may agree or consent to something (however it is described), the party may: 
  

	 	(a)	 agree or consent, or not agree or consent, in its absolute discretion; and 

 

	 	(b)	 agree or consent subject to conditions, 

 unless this Agreement expressly contemplates otherwise. 
  

	19.7	 Exclusion of agency, partnership, joint venture 

Nothing in this Agreement is to be treated as creating a partnership or joint venture between the parties under the laws
of any applicable jurisdiction and no party may act or has any authority to act as agent of or in any way bind or commit the another party to any obligation. 
  

	19.8	 Rights and Obligations of ARI 

 Any rights conferred on ARI under this Agreement will be held by Ilexus on its behalf. Any obligation imposed on ARI under this Agreement will be construed as an obligation on Ilexus to procure ARI to
fulfil the obligation. This does not prevent ARI directly 

  
 24.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
asserting or enforcing its rights under this Agreement upon and after becoming a party to this Agreement. 
  

	19.9 	 Counterparts 

 This Agreement may be executed in counterparts. 
  

	19.10 	 Attorneys 

 Each person who executes this Agreement on behalf of a party under a power of attorney declares that he or she is not aware of any fact or circumstance that might affect his or her authority to do so
under that power of attorney. 
 Executed as an agreement 

 

					
	 SIGNED for and on behalf of Ilexus Pty Ltd ACN 064 772

130 by:
	 	 )
 )
 )
 )
 )
	 	
			
	  
	 		 	  

	 Signed: Director
	 		 	Signed: Director/Secretary
			
	  
	 		 	  

	 Name (printed):
	 		 	Name (printed):
		 		 	
	 SIGNED for and on behalf of Cancer Vac Ltd ACN 096 859

513 by:
	 	 )
 )
 )
 )
 )
	 	
			
	  
	 		 	  

	 Signed: Director
	 		 	Signed: Director/Secretary
			
	  
	 		 	  

	 Print name:
	 		 	 Print name:

  
 25.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

					
	 SIGNED for and on behalf of Prima Biomed Ltd ACN 009

237 889 by:
	 	 )
 )
 )
 )
 )
	 	
			
	  
	 		 	  

	 Signed: Director
	 		 	 Signed: Director/Secretary

			
	  
	 		 	  

	 Print name:
	 		 	 Print name:

  

					
	 SIGNED for and on behalf of The Austin Research Institute

ACN 007 418 224 by:
	 	 )
 )
 )
 )
 )
	 	
			
	  
	 		 	  

	 Signed: Director
	 		 	 Signed: Director/Secretary

			
	  
	 		 	  

	 Name (printed):
	 		 	 Name (printed):

  
 26.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 SCHEDULE 1 
 BACKGROUND TECHNOLOGY 
  

			
	 	  	TECHNOLOGY DESCRIPTION
		
	A	  	Family 1: RDS1 core technology as described in patent application PCT/AU 94/00789 relating to MUCl-mannan fusion proteins (“MFP”) as cancer vaccines#
		
	B	  	Family 2: RDS1 core technology as described in patent application PCT/AU 96/00617 relating to synthetic MUC1 peptide technology (“mimicks”)
		
	C	  	Family 3: Stimulation of mannose receptor bearing cells with mannan conjugated constructs (patent application PCT/IB 98/01718 and USSN 09/163,089)
		
	D	  	Family 4: Non-VNTR immunogenic peptides as described in PCT/AU 01/00090 and CIP USSN 09/593,870 in USA.

  

	#	 The PCT/AU
94/00789 was assigned by the ARI to Ilexus however, to date only the Australian and European Patent documentation reflects the assignment to Ilexus. The change is a matter of formality in notifying the Patent Offices of the USA, Japan and Canada and
is being managed by Callinan Lawrie (external patent attorneys). 

  
 27.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 

 

  
 28.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 

 

  
 29.

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN
THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.Research and Development Partnership Agreement

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE
24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

EXHIBIT 4.6 
 

 
  

			
	 	  	 Research and

Development

Partnership

Agreement
  

		
	 For discussion purposes only.
	  	 Prima BioMed Limited
 ACN 009 237 889

		
	  
 Subject to requisite corporate
approval on
 both sides.
	  	  
 Bioceros B.V.

	  
 Contract number
2010-006
	  	 

  

					
		 	 McCabe Terrill Lawyers Pty Limited

ACN 122 850 033

130 Elizabeth Street (Level 14)
 Sydney NSW 2000
 GPO Box 235 Sydney NSW 2001

DX 145 Sydney
	  	 T +61 2 9261 1211

 F +61 2
9261 2336
 W www.mccabeterrill.com.au

 Table of Contents 
  

							
	 1.
	  	 Definition and Interpretation
	  	 	3	  
	 2.
	  	 Intellectual Property
	  	 	9	  
	 3.
	  	 Representatives
	  	 	10	  
	 4.
	  	 Program Responsibilities until Sunset Date
	  	 	11	  
	 5.
	  	 Buy-out Option
	  	 	12	  
	 6.
	  	 Continuation or Termination after the Sunset Date
	  	 	13	  
	 7.
	  	 Records, Audit and access rights
	  	 	14	  
	 8.
	  	 Confidentiality
	  	 	15	  
	 9.
	  	 Insurance
	  	 	15	  
	 10.
	  	 Warranties
	  	 	16	  
	 11.
	  	 Indemnities
	  	 	17	  
	 12.
	  	 Term and Termination
	  	 	18	  
	 13.
	  	 Disputes
	  	 	20	  
	 14.
	  	 Taxes
	  	 	20	  
	 15.
	  	 Relief from obligations
	  	 	21	  
	 16.
	  	 Relationship
	  	 	22	  
	 17.
	  	 Notices
	  	 	22	  
	 18.
	  	 General
	  	 	22	  
	 Schedule 1
	  	 	26	  
	 Schedule 2
	  	 	27	  
	 Schedule 3
	  	 	29	  

  
 2 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Dated 
 August 09, 2010 
 Parties 

 

			
	 Prima BioMed Limited ACN 009 237 889

	Address:	  	 Suite 1,1233 High Street, Armadale, VIC, 3143, Australia

	Facsimile:	  	 +61 3 9822 7735

	Attention:	  	 Martin Rogers

	Hereinafter referred to as “Prima BioMed”

  

			
	 Bioceros B.V., a company seated in Utrecht, The Netherlands, Chamber of commerce registration number
34189380

	 Address:
	  	 Yalelaan 46, Alexander Numan Building, 2nd floor, 3584 CM Utrecht, The Netherlands

	 Facsimile:
	  	 +31 30 253 2288

	 Attention:
	  	 Bram Bout

	Hereinafter referred to as “Bioceros”

 Background 
  

	A	 Prima BioMed is in the business of developing new anti-cancer therapeutics based on the emerging technology of immunotherapy.

  

	B	 Bioceros is in the business of preclinical development for monoclonal antibodies for the biotechnology industry. 

 

	C	 Prima BioMed and Bioceros wish to jointly develop a monoclonal therapeutic C3 anti-Cripto-1 antibody, using Prima BioMed’s Patents and
Bioceros’ proprietary CHO technology platform, under the terms and conditions set out in this Agreement. 

 Operative
Provisions 
  

	1.	 Definition and Interpretation 

  

	1.1	 Definitions 

 In this Agreement, unless the contrary intention appears, the following words have the following meanings: 

 

			
	Term:	  	Definition:
		
	 ACDC
	  	 the Australian Commercial Disputes Centre Limited, Level 6, 50 Park Street, Sydney, New South Wales, Australia.

		
	 Affiliate
	  	 any person who, directly or indirectly, Controls, is Controlled by or is under common Control with a Party.

		
	 Agreement
	  	 This written Agreement, as amended in writing from time to time, and including all Schedules and Attachments
hereto.

  
 3 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

			
		
	Bioceros’ IP	  	 (a)    Intellectual Property Rights and Know-how owned
by or licensed to Bioceros at the Commencement Date;
  
 (b)    Intellectual Property Rights and Know-how acquired or developed by Bioceros during the Term independently of the Research Program, including but not limited to improvements to
Bioceros’ proprietary CHO technology platform; and
  

(c)    Intellectual Property Rights and Know-how developed solely by Bioceros
in the course of and arising from the Program that constitute an improvement, modification or enhancement of the CHO technology platform.

		
	Bioceros’ Representative	  	 the person(s) appointed by Bioceros to be the Bioceros’ Representatives in accordance with Section 3.1(a) and specified in item 5 of Schedule
1.

		
	Business Day	  	 a day that is not a Saturday, a Sunday or a public holiday or bank holiday in Sydney, Australia or the Netherlands.

		
	Buy-out Amount	  	 the amount specified in item 7 of Schedule 1.

		
	Buy-out Option	  	 the right of Prima BioMed to buy out all of Bioceros’ interests in the Program IP and Products according to Section 5.1.

		
	Claim	  	 includes any allegation, action, demand, cause of action, suit, proceeding, judgement, debt, damage, loss, cost, expense or liability howsoever arising and
whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.

		
	Commencement Date	  	 the date specified in item 1 of Schedule 1.

		
	Confidential Information	  	 (a)    the terms of this Agreement;

 

(b)    all information in whatever form belonging to a Party and disclosed to
the other Party under this Agreement, including without limitation all information relating to or in any way connected with a Party’s business, officers, employees, suppliers, contractors, finances, customers, products and services, strategies
and plans, technical information, know-how or Intellectual Property Rights,

		
		  	 but does not include information which:

 

(a)    is generally publicly available otherwise than through a default of
the recipient Party or any person acquiring the information from the recipient Party;
  

(b)    is already known by the recipient Party at the time it is disclosed to
the recipient Party;
  
 (c)    is disclosed to the recipient Party by a third party without involving any breach of confidence.

		
	Control	  	 (a)    the ability to cast or control the casting of more than 50% of the maximum number
of votes that might be cast at any general meeting (or equivalent) of an entity;

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

			
		  	 (b)    the holding of more than 50% of the issued
ordinary share capital, the equity, or other ownership interest, in the entity, or if a holding of more than 50% is not permitted in the country where the entity exists, the holding of the maximum ownership interest permitted in the country where
the entity exists; or
  
 (c)    the ability of a person or persons to direct, or share equally in the direction of, the composition of the board of directors (or equivalent) of the entity, or to manage the
entity pursuant to an agreement.

		
	Corporations Act	  	 Corporations Act 2001 (Cth).

		
	External Administrator	  	 an administrator, receiver, receiver and manager, trustee, provisional liquidator, liquidator, statutory manager or any other person (however described)
holding or appointed to an analogous office or acting or purporting to act in an analogous capacity.

		
	Field	  	 the area of research and development specified in item 3 of Schedule 1.

		
	Force Majeure Event	  	 (a)    in respect of obligations other than any
obligation to pay money, any act of God, act of public enemy, war, blockade, revolution, riot, insurrection, civil commotion, lightning, storm, flood, fire, earthquake, explosion, industrial strike, disputes, actions or other matters, frustration or
hindrance by a Governmental Agency or embargo, in each case to the extent beyond the reasonable control of a Party; and
  

(b)    in respect of obligations to pay money, a general or specific or local
failure of systems or networks involved in the transmission of money in a banking system to the extent beyond the reasonable control of a Party.

		
	Governmental Agency	  	 a competent government or governmental, semi-governmental, regulatory or judicial entity or authority.

		
	Immediately Available Funds	  	 cash or electronic transfer of cleared funds into the bank account nominated in advance by the payee.

		
	Insolvency Event	  	 in respect of a Party, the occurrence of any of the following:

		
		  	 (a)    an application or an order is made for the appointment of an External Administrator
in respect of the Party (unless the application is withdrawn or dismissed within [ * ]);

		
		  	 (b)    an application or an order is made for the Winding Up of the Party (unless the
application is withdrawn or dismissed within [ * ]);

		
		  	 (c)    a resolution is passed, or a meeting is convened to consider a resolution, for the
Winding up of the Party (other than for the purpose of a reconstruction or amalgamation, while solvent);

		
		  	 (d)    the person is, or states that it is, unable to pay its debts when they fall due or
is deemed unable to pay its debts, or must be presumed by a court to be insolvent, under any applicable legislation (other than as a result of a failure to pay a debt or claim which is the subject of a good faith dispute);

		
		  	 (e)    other than for the purpose of a reconstruction or amalgamation, while solvent,
either:

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

			
		  	 (i)     the Party enters into or resolves to enter
into any arrangement, composition or compromise with or assignment for the benefit of its creditors generally or any class of its creditors; or
  

(ii)    the Party proposes a reorganisation, moratorium or other form of
administration involving any such arrangement, composition, compromise or assignment, begins any negotiations for any such purpose or for the purpose of any re-scheduling or re-adjustment of all or a material part of its monetary
obligations;
  
 (f)     the Party takes any steps to obtain protection or is granted protection from its creditors under the Laws of any applicable jurisdiction;

 

(g)    an External Administrator is appointed to the Party, over any of the
Party’s assets or the Party requests such appointment;
  

(h)    the Party is deregistered, a similar occurrence occurs, in the
jurisdiction in which the it was registered; or
  
 (i)     the Party stops or threatens to stop carrying on its business or a material part of it.

		
	Intellectual Property Rights	  	 statutory and other proprietary rights in respect of copyright and neighbouring rights, all rights in relation to inventions, patents, plant varieties,
registered and unregistered trademarks, registered and unregistered designs and circuit layouts, and all other rights (including improvements to the foregoing) as defined by Article 2 of the Convention establishing the World Intellectual Property
Organization of July 1967, and all rights to apply for any of the above.

		
	Joint Venture	  	 A legal entity envisioned in this Agreement to be formed jointly by Prima BioMed and Bioceros to facilitate the further development and commercialization of
the Program IP, under the general terms described in this Agreement.

		
	Joint Venture Agreement	  	 A written agreement to govern the terms and conditions of the envisioned Joint Venture.

		
	Know-how	  	 all ideas, technologies, and processes disclosed and claimed in the Patents and any know-how, devices, substances, methodologies and processes related to the
Patents or developed by virtue of use of the Patents.

		
	Law	  	 in Australia or any other relevant jurisdiction, any law, regulation, authorisation, ruling, judgment, order or decree of any Governmental Agency and any
statute, regulation, proclamation, ordinance or bylaw.

		
	Party	  	 Prima BioMed or, as the case may be, Bioceros. Collectively referred to as Parties.

		
	Platform License Agreement	  	 license agreement for Prima BioMed to utilize Bioceros’ CHO Platform, as stipulated in this Agreement, and as specified in Schedule
3.

		
	Prima BioMed IP	  	 (a)    Intellectual Property Rights and Know-how owned by or licensed
to

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

			
		  	          Prima BioMed at the
Commencement Date;
  
 (b)    Intellectual Property Rights and Know-how acquired or developed by Prima BioMed during the Term independently of the Research Program, which Prima BioMed has the right to
license to third parties and which is necessary for the conduct of the Program; and
  

(c)    Program IP, unless otherwise specified in this
Agreement..

		
	Prima BioMed’s Representative	  	 the person(s) appointed by Prima BioMed to be the Prima BioMed Representatives in accordance with Section 3.1(b) and specified in item 6 of Schedule
1.

		
	Patents	  	 (a)    the patents and patent applications specified in
item 2 of Schedule 1;
  
 (b)    all patent applications that may be filed by or on behalf of Prima BioMed or its Affiliates which are based on, claim priority from, are divided from or are continuations of any
patent application, specified in item 2 of Schedule 1;
  
 (c)    all patent applications that may be filed by or on behalf of Prima BioMed or its Affiliates which are based, in whole or in part, on Intellectual Property Rights that resultant
of the Program IP; and
  
 (d)    all patents which may be granted pursuant to any of the patent applications referred to in paragraphs (a) (b) and (c).

		
	Program IP	  	 Intellectual Property Rights and Know-how, whether patentable or not, developed, produced, or improved upon by either or both Parties in conjunction with the
Program, including but not limited to Intellectual Property Rights and Know-how related to any Product, but excluding Bioceros’ IP. For the avoidance of doubt, Program IP and any resultant Patents thereto, is owned exclusively by Prima BioMed
unless otherwise specified in this Agreement.

		
	Product(s)	  	 any product(s) containing C3 anti-Cripto-1 monoclonal antibody that is expressed or produced by use of Bioceros’ proprietary CHO technology
platform.

		
	Quarter	  	 (a)    the period of three Months commencing on each 1
January, 1 April, 1 July, and 1 October in each year during the Term; and
  

(b)    any part of a three Month period referred to in paragraph (a) falling
at the beginning or end of the Term.

		
	Representatives	  	 Bioceros’ Representative and Prima BioMed’s Representative.

		
	Research and Development Program (Program)	  	 the program of basic research and nonclinical studies to be conducted in connection with the Parties’ IP and/or Products, the results of which are
intended to produce an economic benefit for the Parties, initially the program set out in Schedule 2 and as amended from time to time in accordance with Section 3.3.

		
	Sunset Date	  	 the date specified in item 8 of Schedule 1.

		
	Technical Failure	  	 A technical failure of the Program as defined in 4.2(c).

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

			
		
	Term	  	 the period starting on the Commencement Date and ending on the Termination Date.

		
	Termination Date	  	 the effective date of termination of this Agreement.

		
	Territory	  	 the territory specified in item 4 of Schedule 1.

		
	Third Party Claim	  	 has the meaning specified in Section 11.3(b)(i).

		
	Winding Up	  	 includes dissolution, liquidation, provisional liquidation and bankruptcy and any analogous or equivalent procedure in any jurisdiction.

  

	1.2	 Interpretation 

 In this Agreement, unless the context otherwise requires: 
  

	 	(a)	 headings are for ease of reference only and do not affect the interpretation of this Agreement; 

 

	 	(b)	 singular words include plural words and vice versa; 

 

	 	(c)	 gender neutral or gender specific words include all genders; 

 

	 	(d)	 another grammatical form of a defined word or expression has a corresponding meaning; 

 

	 	(e)	 the meaning of general words is not limited by specific examples introduced by including, for example or similar expressions;

  

	 	(f)	 a reference to a thing includes a part of that thing; 

 

	 	(g)	 a reference to conduct includes any omission and any statement or undertaking, whether or not in writing; 

 

	 	(h)	 a reference to a Section, paragraph or schedule is to a Section or paragraph of or schedule to this Agreement and a reference to this Agreement
includes any schedule or annexure; 

  

	 	(i)	 a reference to a document or instrument, includes the document or instrument as novated, altered, supplemented or replaced from time to time;

  

	 	(j)	 a reference to A$, dollar or $ is to Australian currency; 

 

	 	(k)	 a reference to time is to Sydney time; 

  

	 	(l)	 a reference to day, week, month, or year means a calendar day, week, month, or year; 

 

	 	(m)	 a reference to a Party to this Agreement, and a reference to a party to a document includes the Party’s administrators, successors and
permitted assigns and substitutes; 

  

	 	(n)	 a reference to a person includes a natural person, partnership, body corporate, association, governmental or local authority or agency or other
entity; 

  

	 	(o)	 a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments,
re-enactments or replacements of any of them; 

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(p)	 a rule of construction does not apply to the disadvantage of a Party because the Party was responsible for the preparation of this Agreement or any
part of it; 

  

	 	(q)	 if a day on or by which an obligation must be performed or an event must occur is not a Business Day, the obligation must be performed or the event
must occur on or by the next Business Day. 

  

	2.	 Intellectual Property 

  

	2.1	 Ownership of Prima BioMed IP 

  

	 	(a)	 Bioceros acknowledges that all Prima BioMed IP remains the sole property of Prima BioMed and it acquires no right, title or interest in or to the
Prima BioMed IP by virtue of this Agreement or the disclosure or use of the Prima BioMed IP in the course of the Program. 

  

	 	(b)	 Prima BioMed grants to Bioceros during the Program a non-exclusive, non-transferable licence to access and use the Prima BioMed IP to conduct the
Program in the Field, and for no other purpose. 

  

	2.2	 Ownership of Bioceros Background IP 

  

	 	(a)	 Prima BioMed acknowledges that all Bioceros IP remains the sole property of Bioceros and it acquires no right, title or interest in or to the
Bioceros IP by virtue of this Agreement or the disclosure or use of the Bioceros IP in the course of the Program. 

  

	 	(b)	 Bioceros grants to Prima Biomed during the Program a non-exclusive licence to access and use the Bioceros Background IP to conduct the Program in
the Field and for no other purpose. 

  

	2.3	 Ownership of Program IP and Products 

  

	 	(a)	 All right, title and interest in the Program IP is the sole property of and vested in Prima Biomed, unless otherwise specified in this Agreement.

  

	 	(b)	 Prima BioMed grants to Bioceros, free of charge, during the Program a non-exclusive, non-transferable license to access and use the Program IP and
Products to conduct the Program in the Field and for no other purpose. 

  

	2.4	 Assistance 

 Upon request, each Party shall do all things (including requiring its officers, employees and contractors to sign documents) as may be necessary or desirable to vest, confirm, perfect and record the
ownership rights of Prima BioMed to the Program IP and Products under this Section 2. 
  

	2.5	 No challenge 

 Neither Party shall directly or indirectly engage in any conduct which may endanger the capacity of any IP of the other Party or the Parties jointly to be protected or challenge its ownership or validity.

  

	2.6	 Prohibitions 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 Bioceros must not: 

  

	 	(i)	 [ * ] or [ * ] in any way related to the Program IP or Products, other than [ * ] within the context of this Agreement;

  

	 	(ii)	 act or conduct itself in any way as if it owns the Prima Biomed IP or has any right, title or interest in, or to use, the Prima Biomed IP, the
Program IP, or Products, other than as expressly set out in this Agreement; 

  

	 	(iii)	 register or attempt to register anywhere in the world the Prima Biomed IP or any part of the Program IP or Products, or any similar Intellectual
Property Rights as the whole or part of any trademark, copyright, domain name, electronic mail address or any analogous right; or 

  

	 	(iv)	 raise or caused to be raised any questions concerning, or challenge, the validity or ownership of any part of the Prima Biomed IP.

  

	 	(b)	 Prima Biomed must not: 

  

	 	(i)	 act or conduct itself in any way as if it owns the Bioceros IP or has any right, title or interest in, or to use, the Bioceros IP other than as
expressly set out in this Agreement; 

  

	 	(ii)	 register or attempt to register anywhere in the world the Bioceros IP or any part of the Bioceros IP or any similar Intellectual Property Rights as
the whole or part of any trademark, copyright, domain name, electronic mail address or any analogous right; or 

  

	 	(iii)	 raise or caused to be raised any questions concerning, or challenge, the validity or ownership of any part of the Bioceros IP.

  

	3.	 Representatives 

  

	3.1	 Appointment 

 On the date of this Agreement: 
  

	 	(a)	 Bioceros must appoint the Bioceros’ Representatives; and 

 

	 	(b)	 Prima BioMed must appoint the Prima BioMed’s Representatives. 

 

	3.2	 Contact between the Parties 

 All communication between the Parties under this Agreement will, at first instance, be initiated and conducted between the Representatives. 

 

	3.3	 Meeting of the Representatives 

  

	 	(a)	 The Representatives must meet (by such means as agreed) at least [ * ] during the Term to discuss any matters arising in respect of this Agreement.

  

	 	(b)	 After each such meeting, any agreed changes to the Program shall be specified in a written amendment to the Program. 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(c)	 At each such meeting, the Bioceros Representative and the Prima Biomed Representative must report any IP or Products developed or improved upon
during the previous month. 

  

	 	(d)	 The Representatives may from time to time, by notice in writing, alter the frequency of meetings referred to in Section 3.3(a).

  

	 	(e)	 Minutes of meeting are to be taken at each meeting of the Representatives. The minutes are to be distributed to each Party within [ * ] of the date
of the meeting between the Representatives. 

  

	3.4	 Changing the Representatives 

  

	 	(a)	 Each Party may remove and replace any Representative that has been appointed by them. 

 

	 	(b)	 Upon changing the Representatives appointed by them Bioceros or Prima BioMed (as applicable) must notify the other Party as to the identity and
contact details of the replacement Representative. 

  

	4.	 Program Responsibilities until Sunset Date 

  

	4.1	 Mutual Responsibilities 

  

	 	(a)	 Bioceros’ is, from the Commencement Date until the Sunset Date, responsible for the preclinical research and development work as set out in
this Section 4.1(a), and which is further defined in the program in Schedule 2. This work is deemed completed as soon as [ * ] and [ * ] are completed according to the Program in Schedule 2. 

[ * ] 
  

	 	(b)	 Prima BioMed is, during the period until the Sunset Date, responsible for, and shall bear the costs for: 

 

	 	(i)	 providing [ * ] to Bioceros and providing [ * ] to assist Bioceros with its responsibilities Section 4.1(a); and 

 

	 	(ii)	 all research, development, legal, business development, and other activities related to the Program IP or Products, other than Bioceros’
responsibilities set forth in Section 4.1(a). 

  

	 	(c)	 Bioceros and Prima BioMed will provide all reasonable mutual support and assistance with each Party’s responsibilities within the context of
the Program; however, it is expressly acknowledged and agreed that Prima BioMed shall, at all times, maintain control over the Program. 

  

	4.2	 Uncertain nature of research & Termination for Technical Failure 

 

	 	(a)	 Each Party acknowledges and agrees that: 

  

	 	(i)	 research and development activities are uncertain and accordingly, the Program may take longer than anticipated; and 

 

	 	(ii)	 the Program may: 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(A)	 produce no results, or unpredictable or inaccurate results; and 

 

	 	(B)	 need to be amended from time to time in accordance with Section 3.3 to improve the likelihood of results. 

 

	 	(b)	 Neither Party gives to the other any warranty or assurance that the Program will have any particular result or give rise to any particular Product
or any Intellectual Property Rights, or any Product having any particular attributes. 

  

	 	(c)	 lf, in good faith, either Party determines, or both Parties mutually determine, that no substantial progress is made on the Program and there does
not appear to be a reasonable chance of completing the Program responsibilities listed in Section 4.1(a) within [ * ] of the Commencement Date (“Technical Failure”), either Party may terminate its activities under the Program and
terminate this Agreement with immediate effect. In such case: 

  

	 	(i)	 The Bioceros IP remains owned by Bioceros and Prima BioMed IP remains owned by Prima BioMed. Bioceros cannot conduct any activities that would
infringe upon the intellectual Property rights of Prima BioMed and Prima BioMed may not conduct any activities that would infringe upon Intellectual Property Rights of Bioceros; 

 

	 	(ii)	 Any and all data or documents resultant from the work performed by Bioceros shall be returned to Prima BioMed. 

 

	4.3	 Consideration for work under Section 4.1(a) 

 

	 	(a)	 Prima BioMed shall pay Bioceros A$500,000 in consideration of the work to be executed as assigned to Bioceros under Section 4.1(a) and further
defined in the Program in Schedule 2. Payment shall take place in the following instalments: 

  

	 	(i)	 A$250,000 shall be paid in Immediately Available Funds within [ * ] after the Commencement Date. 

 

	 	(ii)	 A$250,000 shall be paid within [ * ] after [ * ]. 

  

	 	(b)	 Bioceros shall be wholly responsible for, and must indemnify Prima BioMed against, all costs and expenses in excess of A$500,000 associated with the
preclinical development work assigned to Bioceros in Section 4.1(a) and further defined in the Program in Schedule 2. 

  

	5.	 Buy-out Option 

  

	5.1	 Buy-out Option 

  

	 	(a)	 Prima BioMed has the right, until 5:00pm on the Sunset Date, to buy out all of Bioceros’ interests in the Program, including all rights,
privileges, and obligations related to the Program IP and any Products, including any potential future revenues that would otherwise be entitled to Bioceros, but excluding any right to the Bioceros IP, (“Buy-out Option”) for a price of the
Buy-out Amount. 

  

	5.2	 Exercise of Buy-out Option 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 Prima BioMed shall notify Bioceros of its intention to exercise its Buy-out Option according to the Notice provisions of Section 17.

  

	 	(b)	 Upon receipt of Notice that Prima BioMed exercises its Buy-out Option, this Agreement is deemed to have been terminated. Within [ * ] from the date
of exercising its Buy-out Option: 

  

	 	(i)	 Prima BioMed shall pay in Immediately Available Funds the Buy-out Amount; and 

 

	 	(ii)	 any Program revenues received and Program expenses incurred until the date that Prima BioMed exercises its Buy-out Option shall be reconciled and
appropriately settled with Immediately Available Funds according to the terms of this Agreement; and 

  

	 	(iii)	 if Prima BioMed wishes to license Bioceros’ CHO technology platform (included in the Bioceros IP) to produce or have a third party engaged by
Prima BioMed to produce the Products, the Parties shall enter into a license Agreement as specified in Schedule 3. 

  

	6.	 Continuation or Termination after the Sunset Date 

 

	6.1	 Joint Venture for Continued Development and Commercialization: 

 

	 	(a)	 In the event that Prima BioMed has not exercised the Buy-out Option in time and neither Party has exercised its right to terminate the Agreement
pursuant to Section 6.2 in time, the Parties will, from the Sunset Date on, jointly further develop, manufacture and commercialize the Product in respect to which the Parties will enter into a joint venture agreement (the “Joint Venture
Agreement”) to be negotiated in good faith but based on the following principles: 

  

	 	(i)	 All costs for the further (preclinical and clinical) development, regulatory clearance, manufacture, and commercialization of the Program IP and
Products will be borne in a [ * ]% (Bioceros) / [ * ]% (Prima Biomed) ratio, save for costs of defence of the Prima BioMed IP which will be borne exclusively by Prima BioMed and save for the costs of defence of the Bioceros IP which will be
exclusively borne by Bioceros; 

  

	 	(ii)	 All revenues, income and other proceeds, from whatever kind and in whatever form generated from the sale of Product and/or the licensing of Program
IP or Products will be shared in a ratio [ * ]% (Bioceros) / [ * ]% (Prima BioMed); 

  

	 	(iii)	 Prima BioMed and Bioceros will become joint owners of a venture in a ratio [ * ]% Bioceros and [ * ]% Prima BioMed (“Joint Venture”). The
Parties will have decision making rights with regards to the Joint Venture, [ * ] regarding filing, prosecution, maintenance, enforcement, and defence of Program IP and Products, as well as continued development, manufacture, and commercialization
activities related to the Program IP and Products. All decisions regarding the further development, manufacture and commercialization shall be made in the context of a meeting or teleconference where both Parties are represented. Unless otherwise
specified in writing, the Parties shall meet or hold a teleconference regarding the Joint Venture no less than [ * ]. 

  

	 	(iv)	 Bioceros will contribute to the Joint Venture the Bioceros IP, and Prima BioMed will contribute to the Joint Venture the Prima BioMed IP, to the
extent required for the continued development, manufacture, and commercialization of the Program 

  
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IP and Products. The Parties shall contribute their mutual relevant Intellectual Property Rights and Know-how to the Joint Venture in exchange for the equity consideration described in clause
6.1(a)(iii) and at no additional charge to the Joint Venture. 

  

	 	(v)	 It is acknowledged that any continued costs of defence of the Prima BioMed IP will be borne exclusively by Prima BioMed and the costs of defence of
the Bioceros IP which will be exclusively borne by Bioceros; 

  

	 	(vi)	 Program expenses shall be reviewed and reconciled no less frequently than [ * ]. No later than [ * ] after the end of each [ * ], the owing Party
shall pay the other Party in Immediately Available Funds an amount such that the Program expenses are substantially shared according to this Section 6.1. 

 

	 	(vii)	 If either Party fails to pay any amount under this Section 6.1 within [ * ] after the due date, interest may be charged on such overdue
payments at [ * ], calculated daily from the due date until the date of repayment. Alternatively, the non-defaulting Party may decide to assume such part of the defaulting Party’s costs itself, in exchange for additional ownership of the Joint
Venture based on a fair valuation of the Joint Venture at the time of the default. 

  

	6.2	 Termination of the Agreement without a Joint Venture: 

 

	 	(a)	 If Prima BioMed has not timely exercised the Buy-out Option, either Party or both Parties may, for any or no reason, terminate its activities under
the Program and terminate this Agreement with immediate effect within [ * ] of the Sunset Date. In such event the following applies: 

  

	 	(i)	 The Bioceros IP remains owned by Bioceros and Prima BioMed IP remains owned by Prima BioMed. Bioceros cannot conduct any activities that would
infringe upon the Intellectual Property rights of Prima BioMed and Prima BioMed may not conduct any activities that would infringe upon Intellectual Property Rights of Bioceros; 

 

	 	(ii)	 If Prima BioMed would at any time after the termination of this Agreement nevertheless elect to further pursue development, manufacture, or
commercialization of the Program IP or a Product, Bioceros is entitled to a royalty of [ * ]% of revenues actually received by Prima BioMed for sales, royalties, or licensing fees related to the Program IP or Product. If such continued development
requires the use of Bioceros’ IP (i.e. CHO platform), Prima BioMed shall also license the technology as specified in Schedule 3. 

  

	7.	 Records, Audit and access rights 

  

	7.1	 Records 

 Both Parties shall retain for [ * ] from the date of creation of the relevant auditable records, or for a longer period if so required by a Governmental Agency regulation, all relevant auditable records
related to this Program. Notwithstanding the foregoing, Bioceros shall not destroy any records without the prior consent of Prima BioMed 
  

	7.2	 Prima BioMed Audit Rights 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Prima BioMed at any time, with reasonable advance notice, has the right to
access and audit the records and facilities of Bioceros to assure its compliance with this Agreement, applicable Governmental Agency requirements, and industry standards. 

 

	7.3	 Bioceros Audit Rights 

 Bioceros may at any time, with reasonable advance notice, audit Prima BioMed’s financial records to assure its compliance with this Agreement. 

 

	7.4	 Access 

 Both Parties must, in respect of the conduct of an audit, promptly provide all reasonable access, documents, and assistance to, and answer any reasonable queries of, the auditor. 

 

	7.5	 Costs 

 Each Party is responsible for its own costs related to audits; audit costs and expenses shall be excluded from Program expenses. 

 

	8.	 Confidentiality 

  

	8.1	 Confidential Information 

  

	 	(a)	 Subject to Section 8.1(b), a Party (Recipient Party) must keep confidential any Confidential Information disclosed to it by the other
Party (Disclosing Party) and must not, and must not permit any of its officers, employees, agents or contractors to disclose such information to any person. 

 

	 	(b)	 A Recipient Party may disclose Confidential information disclosed to it by the Disclosing Party: 

 

	 	(i)	 to its officers, employees or financial, legal or other advisers who have a need to know for the purposes of this Agreement and undertake to the
Disclosing Party a corresponding obligation of confidentiality to that undertaken by the Recipient Party under this Section 8; 

  

	 	(ii)	 only as is absolutely necessary in order to carry out its obligations pursuant to this Agreement; 

 

	 	(iii)	 if required by Law, to the extent reasonably required by Law after first consulting with the Disclosing Party about the form and content of the
disclosure. 

  

	8.2	 Avoiding disclosure 

 The Recipient Party will take all necessary precautions to prevent from disclosure to third parties of any Confidential Information disclosed to it by the Disclosing Party. 

 

	9.	 Insurance 

  

	9.1	 Parties to take out insurance 

 Each Party must effect, and maintain in effect at all times during the Term, reasonable and customary insurance in accordance with industry and regional standards, in respect of all Claims arising,
whether at common law or under statute, relating to: 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 Professional errors and omissions; 

  

	 	(b)	 Workers compensation or employer’s liability, from any accident or injury to any person employed by that Party; and

  

	 	(c)	 Property and casualty. 

  

	9.2	 Evidence 

 If requested, a Party must produce evidence to the other Party of the insurance required under this Section 9. 
  

	10.	 Warranties 

  

	10.1	 Bioceros’ warranties 

 Bioceros warrants to Prima BioMed that: 
  

	 	(a)	 it has the relevant expertise, experience, skill and resources required to adequately develop the necessary infrastructure in order to carry out its
obligations under this Agreement; and 

  

	 	(b)	 The use of Bioceros IP and related materials does not require consent, permission, or authorization of any person and will not infringe on
Intellectual Property Rights or other rights of any person. 

  

	10.2	 Prima BioMed warranties 

 Prima BioMed, to the best of its abilities, warrants to Bioceros that: 
  

	 	(a)	 it is entitled to supply the IP and associated materials to Bioceros; 

 

	 	(b)	 the use of IP and related materials by Bioceros in connection with the Program is lawful, does not require the consent, permission or authorisation
of any person and will not infringe the Intellectual Property Rights or other rights of any person; 

  

	 	(c)	 it has obtained and grants to Bioceros all necessary authorities for the use, reproduction or adaptation of the Prima BioMed Materials in connection
with the performance of the Program; 

  

	 	(d)	 all information provided by or on behalf of it to Bioceros in relation to the Prima BioMed Materials is accurate, complete and up to date; and

  

	 	(e)	 unless expressly specified by written notice to Bioceros, the Prima BioMed Materials are not capable of constituting a threat to safety, health,
life, property or the environment and it has given written notice to Bioceros prior to supplying the Prima BioMed Materials to Bioceros or its contractors of any matters affecting the safe, secure and appropriate transportation, use, storage and
disposal of the Prima BioMed Materials. 

  

	10.3	 Mutual warranties 

 Each Party represents and warrants to the other that each of the following statements is true, accurate and not misleading as at the date of this Agreement and will be true and accurate on each day during
the Term: 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 it has and will at all times during the Term have the corporate power to enter into and perform its obligations under this Agreement and to carry
out the transactions contemplated by this Agreement; 

  

	 	(b)	 there are no pre-existing rights or obligations which would prevent it from complying with its obligations under this Agreement; and

  

	 	(c)	 it holds any and all necessary licences required under, and has otherwise complied in all material respects with the requirements of, all Laws
applicable to the arrangements contemplated by this Agreement and any third party licences or authorities granted to it to enable it to enter into and perform its obligations under this Agreement. 

 

	10.4	 Inaccurate warranties 

 If a warranty given by a Party to this Agreement ceases to be accurate, that Party must immediately advise the other Party in writing. 

 

	11.	 Indemnities 

  

	11.1	 Bioceros to indemnify Prima BioMed 

 Bioceros agrees to indemnify and will keep indemnified Prima BioMed, its Affiliates, and their directors, officers, employees and agents against any Claim incurred or suffered by Prima BioMed or its
Affiliates, arising from: 
  

	 	(a)	 any breach of a term of this Agreement by Bioceros; and 

 

	 	(b)	 its own negligence, fraud or wilful misconduct, or that of its employees, agents or sub-contractors, 

provided that Bioceros will not be liable under this Section 11.1 to the extent to which the Claim arises from the
error, omission, negligence, fraud or wilful misconduct of Prima BioMed. 
  

	11.2	 Prima BioMed to indemnify Bioceros 

 Prima BioMed agrees to indemnify and will keep indemnified Bioceros, its Affiliates, and their directors, officers, employees and agents against any Claim incurred or suffered by Bioceros or its
Affiliates arising from: 
  

	 	(a)	 any breach of a term of this Agreement by Prima BioMed; 

 

	 	(b)	 its own negligence, fraud or wilful misconduct, or that of its employees, agents or sub-contractors, 

 

	 	(c)	 claims from third parties (including but not limited to patients) in relation to the development, manufacture or commercialization of the Products.

 provided that Prima BioMed will not be liable under this Section 11.2 to the extent to
which the Claim arises from the error, omission, negligence, fraud or wilful misconduct of Bioceros. 
  

	11.3	 Conduct of claims and protection of rights 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(a)	 The Parties acknowledge and agree that each Party is entering into this Agreement and obtaining the benefit of this Section 11 both on its own
behalf and on behalf of each of its directors, officers, employees, contractors, agents. 

  

	 	(b)	 All indemnities in this Agreement are given in each case by the indemnifying Party to the indemnified Party on the conditions that:

  

	 	(i)	 the indemnified Party promptly notifies the indemnifying Party in writing of any infringement, allegation of infringement, dispute or claim of which
the indemnified Party is aware, which could give rise to a liability or alleged liability to a third party under an indemnity in this Agreement (Third Party Claim); 

 

	 	(ii)	 the indemnified Party keeps the indemnifying Party fully informed in relation to any Third Party Claim; 

 

	 	(iii)	 the indemnified Party allows the indemnifying Party to direct all negotiations and proceedings relating to the Third Party Claim (provided that such
negotiations and proceedings will be in the indemnified Party’s name) and gives the indemnifying Party all reasonable assistance in relation to the Third Party Claim, each at the indemnifying Party’s cost; 

 

	 	(iv)	 the indemnified Party makes no admission, compromise or settlement relating to the Third Party Claim without the agreement of the indemnifying
Party; 

  

	 	(v)	 the indemnifying Party will conduct any litigation arising as a result of any Third Party Claim, diligently using competent counsel and in such a
way as not to bring the reputation or good name of the indemnified Party into disrepute; 

  

	 	(vi)	 the indemnifying Party will have full authority to compromise or settle any Third Party Claim. 

 

	 	(vii)	 No consequential loss 

  

	 	(c)	 Notwithstanding any other provision of this Agreement and to the fullest extent permitted by Law, neither Party will be liable for any
consequential, indirect or special losses or damages of any kind (including, without limitation, loss of profit, loss or corruption of data, business interruption or indirect costs) suffered by the other or any third party.

  

	12.	 Term and Termination 

  

	12.1	 Term 

 This Agreement shall commence on the Commencement Date and continue in full force until termination according to this Section 12. 

 

	12.2	 Termination 

  

	 	(a)	 This Agreement may be terminated by: 

  

	 	(i)	 any Party, prior to the Sunset Date, for Technical Failure according to 4.2(c). 

 

	 	(ii)	 both Parties upon the execution of a final Joint Venture Agreement according to Section 6.1. 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(iii)	 any Party, within [ * ] of the Sunset Date, according to Section 6.2. 

 

	 	(iv)	 any Party in accordance with Section 15.1(b) (Force Majeur); 

 

	 	(v)	 by Prima BioMed immediately: 

  

	 	(A)	 upon Notice of its intention to exercise its Buy-out Option prior to or on the Sunset Date according to Section 5;

  

	 	(B)	 if Bioceros: 

  

	 	(i)	 suffers an Insolvency Event; 

  

	 	(ii)	 has not paid any amount due under the terms of this Agreement within [ * ] of the date such payment was due, and such breach is not cured within [ *
] following receipt of written notice from Prima BioMed; or 

	 	

	 	(III)	 otherwise commits a material breach of any of its obligations under this Agreement, which breach is not cured within [ * ] following receipt of
written notice from Prima BioMed, or by its nature or timing cannot be cured within such time period; or 

  

	 	(vi)	 by Bioceros immediately, if Prima BioMed: 

  

	 	(A)	 suffers an Insolvency Event; or 

  

	 	(B)	 has not paid any amount due under the terms of this Agreement within [ * ] of the date such payment was due, and such breach is not cured within [ *
] following receipt of written notice from Bioceros; or 

  

	 	(C)	 commits a material breach of any of its obligations under this Agreement, which breach is not cured within [ * ] following receipt of written notice
from Bioceros, or by its nature or timing cannot be cured within such time period. 

  

	 	(b)	 Where a Party has the right to terminate this Agreement under this Section 12.2 that right for all purposes will be validly exercised if that
Party gives a Notice in writing to the other Parties stating that it terminates this Agreement. 

  

	12.3	 Consequences of termination 

 Upon termination of this Agreement for any reason: 
  

	 	(a)	 both Parties are subject to the terms and conditions governing the terminating circumstances, including payment of any amounts due, according to
this Agreement; 

  

	 	(b)	 the obligations set out in the Sections 8, 10, 11 and 14 will remain in force after termination; 

 

	 	(c)	 other than any Claims arising before termination, neither Party will have any Claim against the other for indemnification or compensation as a
result of the termination unless the termination was in breach of this Agreement; and 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

	 	(d)	 all other obligations of the Parties under this Agreement will immediately cease to be of further force or effect, without further liability of any
Party to the others, provided that nothing in this Section 12.3 will release any Party from liability arising from any pre-termination beach of any provisions of this Agreement. 

 

	13.	 Disputes 

  

	13.1	 Court proceedings 

 Nothing in this Section 13 prevents a Party seeking urgent injunctive or other interim relief from a court, or from continuing existing court proceedings. 

 

	13.2	 Discussion between Parties 

  

	 	(a)	 A Party claiming that a dispute has arisen out of or in connection with this Agreement (Dispute) must provide the other Party with written notice of
the nature of the Dispute and the relevant facts. 

  

	 	(b)	 In the first instance, the Dispute will be referred to the Representatives. 

 

	 	(c)	 A meeting of the Representatives must be convened and held by the Parties as soon as reasonably practicable to attempt to resolve the Dispute.

  

	13.3	 Referral to Chief Executive Officers 

  

	 	(a)	 If the Dispute is not resolved by the Representatives within [ * ] or such other period as the Parties agree, a Party to the Dispute may refer it to
the Chief Executive Officer or President (as the case may be) or a person designated by the Chief Executive Officer or President of the Parties to the Dispute by notice in writing. 

 

	 	(b)	 The Chief Executive Officer or President (as the case may be) of the Parties must meet within [ * ] of receipt of notification of the Dispute under
Section 13.3(a) with a view to attempting to resolve the Dispute in good faith. 

  

	13.4	 Mediation 

  

	 	(a)	 Failing resolution of the Dispute under Section 13.3, a Party to the Dispute may submit it to mediation in Sydney in accordance with the ACDC
Guidelines for Commercial Mediation (except that no further period of negotiation is necessary before commencing mediation). 

  

	 	(b)	 The Parties must agree on the appointment of the mediator. 

 

	 	(c)	 If the Parties do not agree on the mediator to be appointed within [ * ] of a Party referring the Dispute to mediation, then the mediator will be
appointed in accordance with the ACDC Guidelines for Commercial Mediation. 

  

	 	(d)	 The mediation process above will terminate within [ * ] of the appointment of the mediator. 

 

	14.	 Taxes 

  

	14.1	 Income and Corporate Taxes 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Each Party shall be separately responsible for its own corporate income and
other corporate tax obligations. Tax liabilities and assets shall not be considered Program expenses or revenues. 
  

	14.2	 Sales and Value-added taxes 

 Any sales or value-added tax, or similar tax payable by either Party in relation to Program expenses incurred shall be considered part of the Program expenses. Any sales or value-added, or similar tax
credit due to either Party shall be credited back to the Program expenses. For the avoidance of doubt, the amounts set forth in Section 4.3 are exclusive VAT. 
  

	15.	 Relief from obligations 

  

	15.1	 Force Majeure 

  

	 	(a)	 If a Party is unable, wholly or in part, by reason of a Force Majeure Event, to perform an obligation under this Agreement, the affected Party will
not be liable to the other Party for a failure to perform that obligation and that obligation will be suspended to the extent and for the duration of the Force Majeure Event provided that the affected Party gives the other Party prompt notice with
sufficient details of the relevant Force Majeure Event, including, to the extent known: 

  

	 	(i)	 the obligation the affected Party cannot perform; 

  

	 	(ii)	 a full description of the Force Majeure Event; 

  

	 	(iii)	 an estimate of the time during which the effects of the Force Majeure Event will continue; and 

 

	 	(iv)	 any measures proposed to be adopted to remedy or abate the Force Majeure Event. 

 

	 	(b)	 If a Force Majeure Event prevents a Party from substantially performing its material obligations under this Agreement for longer than [ * ], then
the other Party may at the expiry of that period, provided the effects of the event of Force Majeure are still subsisting, give notice in writing to the affected Party immediately terminating this Agreement. 

 

	15.2	 Mitigation 

 Despite Section 15.1, the Party affected by the Force Majeure Event must: 
  

	 	(a)	 use reasonable endeavours to mitigate the effect upon its performance of this Agreement and to fulfil its obligations under this Agreement (but
without prejudice to any Party’s right to terminate this Agreement); 

  

	 	(b)	 keep the other Party informed of the steps being taken to mitigate the effect upon that Party’s performance of this Agreement; and

  

	 	(c)	 when the period for which its obligations are affected by the Force Majeure Event ceases, recommence performance of all its affected obligations
under this Agreement the subject of its original notice under Section 15.1. 

  

	15.3	 Default 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Section 15.1 does not apply to the extent that any Force Majeure Event
is caused or contributed to by a breach of this Agreement by the Party claiming to be affected by the Force Majeure Event. 
  

	16.	 Relationship 

 The Parties acknowledge and agree that: 
  

	 	(a)	 nothing in this Agreement constitutes a relationship of employer and employee, principal and agent, franchisor and franchisee, joint venturers or
partnership between the Parties; and 

  

	 	(b)	 neither Party will have any authority to bind the other Party or to accept any order binding on the other Party or to enter into an agreement in the
name of the other Party other than in accordance with the terms of this Agreement. 

  

	17.	 Notices 

  

	17.1	 Service and notices 

 A notice, demand, consent, approval or communication under this agreement (Notice) must be in writing and hand delivered or sent by prepaid post or facsimile to the recipient’s address for
Notices specified in the Parties section of this Agreement, as varied by any Notice given by the recipient to the sender. 
  

	17.2	 Effective on receipt 

 A Notice is deemed to be received: 
  

	 	(a)	 if hand delivered, on delivery; 

  

	 	(b)	 if sent by prepaid post, seven Business Days after the date of posting to the address mentioned under the Parties; or 

 

	 	(c)	 if sent by facsimile to the fax number mentioned under the Parties, when the sender’s facsimile system generates a message confirming
successful transmission of the entire Notice, but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm local time of the recipient on a Business Day, the Notice is taken to be received at 9.00am on the next Business
Day. 

  

	18.	 General 

  

	18.1	 Entire Agreement 

 This Agreement constitutes the entire Agreement between the Parties in relation to its subject matter and supersedes all prior discussions, undertakings, agreements, representations, warranties and
indemnities in relation to that subject matter. 
  

	18.2	 No merger 

 The provisions of this Agreement will not merge on completion of any transaction contemplated in this Agreement and, to the extent any provision has not been fulfilled, will remain in force. 

 

	18.3	 Assignment 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Neither Party may assign this Agreement without the prior written consent of
the other Party. 
  

	18.4	 Attorneys 

 Each person who executes this Agreement on behalf of a Party under a power of attorney warrants that it or she has no notice of the revocation of that power or of any fact or circumstance that might
affect its or her authority to execute this Agreement under that power. 
  

	18.5	 Amendment 

 This Agreement may be amended or varied only in writing signed by both Parties. 
  

	18.6	 Approvals and consents 

 Except where this Agreement expressly states otherwise, a Party may, in its discretion, give conditionally or unconditionally any approval or consent under this Agreement. 

 

	18.7	 Severability 

 A Section or part of a Section that is illegal or unenforceable may be severed from this Agreement and the remaining terms or parts of the Section continue in force. 

 

	18.8	 Waiver 

 Waiver of any power or right under this Agreement must be in writing signed by the Party entitled to the benefit of that power or right and is effective only to the extent set out in that written waiver.

  

	18.9	 Rights, remedies additional 

 Any rights and remedies that a person may have under this Agreement are in addition to and do not replace or limit any other rights or remedies that the person may have. 

 

	18.10	  Further assurances 

 Each Party must do or cause to be done all things necessary or reasonably desirable to give full effect to this Agreement and the transactions contemplated by it (including, but not limited to, the
execution of documents). 
  

	18.11	  Survival 

 Any indemnity or obligation of confidence under this Agreement is independent and survives termination of this Agreement. 
  

	18.12	  Costs 

 Except where this Agreement expressly states otherwise, each Party must bear its own legal, accounting and other costs of negotiating, preparing and executing this Agreement. 

 

	18.13	  Counterparts 

 This Agreement may be executed in any number of counterparts and all counterparts taken together will constitute one document. 

 

	18.14	  Governing law and jurisdiction 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 This Agreement will be governed by and construed in accordance with the Laws
in force in the State of New South Wales and each party submits to the non-exclusive jurisdiction of the courts of that State. 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

					
	Executed as an agreement	 		 	
			
	 Executed by Prima BioMed Limited
 ACN 009 237 889
 in accordance with section 127 of the Corporations Act
2001
	 	 )
 )

)
 )

)
	 	
			
	/s/ Martin Rogers	 		 	/s/ Albert YL Wong
	 Signature of Director
	 		 	 Signature of Director

			
	MARTIN ROGERS	 		 	ALBERT YL WONG
	 Name of Director
	 		 	 Name of Director

  

					
	Executed by Bioceros B.V. in a company seated in Utrecht, The Netherlands, Chamber of commerce registration number 34189380 by its duly authorised
representatives	 	 )
 )

)
 )

)
	 	
			
	/s/ Bram Bout	 		 	/s/ Remco M. Brandt
	 Signature of Authorised Representative
	 		 	 Signature of Authorised Representative

			
	BRAM BOUT, CEO	 		 	REMCO M. BRANDT, COO
	 Name of Authorised Representative
	 		 	 Name of Authorised Representative

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 1 
 Details 
 ____________________________________ 

 

							
	 Item
	 	 Detail

				
	 1.      Commencement Date
	 	 August 09, 2010
	  		  	
				
	 2.      Patents
	 		  		  	
	 	 	 Country
	  	 Application/ Patent No.
	  	 Prosecution Status

				
		 	 [ * ]
	  	 [ * ]
	  	 [ * ]

		
	 3.      Field
	 	 The development of cripto-1 antibodies for the diagnosis and treatment of cancer

				
	 4.      Territory
	 	 Worldwide
	  		  	
				
	 5.      Bioceros’ Representatives
	 	 [ * ]
	  		  	
				
	 6.      Prima BioMed’s Representatives
	 	 [ * ]
	  		  	
		
	 7.      Buy-out Amount
	 	 an amount calculated in accordance with the following formula:

 
 [ * ]

 
 where:

 
 B is [ * ];

 
 and

 
 P is [ * ]

		
	 8.      Sunset Date
	 	 [ * ] after the date upon which Bioceros’ has completed its responsibilities under Section 4.1(a) and which are further clarified in the Program
in Schedule 2.

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 2 
 Program 
 ____________________________________ 

The “Anti-Cripto-1 Monoclonal Antibody Research & Development Program” signed by the Representatives, and as amended
from time to time, is incorporated herein and binding hereto by reference. 

  
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SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 

 
 Bioceros BV 
 Anti-Cripto-1 Mab 
 Pre-clinical Plan 

AUGUST 2010 
 Final Document 

  
 [ * ] =
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BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	1.	  	 INTRODUCTION
	  	 	1	  
	2.	  	 ANTI-CRIPTO-1 MONOCLONAL ANTIBODY
	  	 	1	  
		  	               [ * ]
	  			
	3.	  	 TIME SCHEDULE OF EVENTS
	  	 	1	  

  
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PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

	1.	 Introduction 

 [ * ] 
  

	2.	 Anti-Cripto-1 Monoclonal Antibody 

 [ * ] 
  

	3.	 Time schedule of events 

 [ * ] 

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3 
 Platform License Agreement 
 The “Platform License Agreement,”
attached hereto, is a license and use agreement, under which Prima BioMed may utilize Bioceros’ CHO Platform according to the terms and conditions therein. The Platform License Agreement shall be signed by the Parties’ authorized
Representatives and becomes effective at such time(s) and under such condition(s) as specified in clause 6.2(a)(ii) of this Agreement. 

  
 [ * ] =
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS
BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. 

 PLATFORM LICENSE AGREEMENT 

This Platform License Agreement (“Agreement”), dated as of [—]
(“Effective Date”) is made between Bioceros B.V., a company with limited liability organized under the laws of The Netherlands, having its principal place of business at Yalelaan 46, 3584 CM Utrecht, The Netherlands
(“Bioceros”) and Prima Biomed LTD., a company organized under the laws of Australia, having its principal place of business at Suite 1, 1233 High Street, Armadale, VIC, 3143, Australia (“Prima BioMed”). 

Each of the above may also be referred to as “Party” and, collectively, as “the Parties”. 

RECITALS 
  

	(1)	 Whereas Bioceros is a contract research organization with expertise and proprietary technology to select high producing cell lines for the
manufacturing of therapeutic proteins; 

  

	(2)	 Bioceros has developed and is continuing to develop a proprietary CHOBC®
 cell line platform; 

  

	(3)	 Bioceros is the exclusive owner of any and all present and/or future Intellectual Property Rights with respect to its proprietary CHOBC® cell line platform; 

  

	(4)	 Whereas Prima BioMed is a company with the aim to generate, develop and commercialize monoclonal antibody products (“Products” as further
defined below); 

  

	(5)	 Prima BioMed wishes to obtain a non-exclusive license from Bioceros under the Bioceros CHOBC®
 Platform for the development, manufacture and commercialization of Product(s) and Bioceros is willing to grant to Prima BioMed such right and license, all under the terms and conditions set forth below; 

Now, therefore, in consideration of the premises and mutual covenants and agreements contained herein, and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, do hereby agree as follows: 
  

	1.	 DEFINITIONS 

 For purposes of this Agreement, the terms defined in this Section 1 shall have the meanings specified below. Certain terms are defined in other sections of this Agreement. 

1.1 “Affiliate” shall mean any corporation or other entity that controls, is controlled by or
under common control with a Party. A corporation or other entity shall be regarded as controlled by a Party if such Party 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 if such Party possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the corporation or other entity or the power to elect or appoint more than fifty
percent (50%) of the members of the governing body of the corporation or other entity. 
 1.2
“Agreement” shall mean this Platform License Agreement. 
 1.3
“Bioceros CHOBC® Platform” means Bioceros’ proprietary
CHOBC® cell line platform, together will all inventions, tangible materials, associated know how, data and other information (and all Intellectual Property Rights associated
therewith) that are developed by Bioceros before the Effective Date or thereafter, to the extent they relate to the
CHOBC® cell line and are useful for the development and/or manufacture of Products. 

  
 1 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 1.4 “Clinical Trial Approval” shall mean the
approval by the FDA of an investigational new drug application, as defined in the U.S. Federal Food, Drug and Cosmetic Act and the regulations promulgated thereunder and/or within the EU the approval by a competent authority of a comparable filing
in the EU or an EU country or the approval by another competent authority outside the US and Europe of a comparable filing in such country, in each case with respect to a Product. 

1.5 “Confidential Information” shall have the meaning assigned to it in Section 6.1 hereof.

 1.6 “Effective Date” shall mean the date appearing on the first line of this
Agreement. 
 1.7 “EMA” means the European Medicines Agency. 

1.8 “FDA” means the US Food and Drug Administration. 

1.9 “Fees” means all amounts due to Bioceros. 

1.10 “Intellectual Property Rights” shall mean any inventions, patents, registered and
unregistered design rights and trade marks, domain names, copyright, trade secrets, know how, computer programs, plant variety rights, semiconductor topographies including all pending applications, derivatives and extensions for the above and any
foreign counterparts thereof. 
 1.11 “Marketing Approval” means approval by the FDA of
a new drug application (NDA) or abbreviated new drug application (ANDA) or filed with the FDA after completion of human clinical trials to obtain marketing approval for a Product in the United States or the approval by EMA or any other national or
international (EU or non EU) competent regulatory authority of any application comparable with a NDA or an ANDA, filed with such authority to obtain marketing approval for a Product. 

1.12 “Prima BioMed Platform License” shall have the meaning assigned to it in Section 2.1
hereof. 
 1.13 “Product” shall mean any product(s) containing C3 anti-Cripto-1
monoclonal antibody that is expressed or produced by use of Bioceros’ proprietary CHO technology platform. 

1.14 “Third Party” shall mean any entity other than the Parties and their respective Affiliates.

 1.15 “Term” shall have the meaning assigned to it in Section 8.1 hereof.

  

	2.	 PRIMA BIOMED
CHOBC® PLATFORM LICENSE 

 2.1 Grant of License. Subject to all terms and conditions of this Agreement, Bioceros hereby grants to Prima BioMed, subject to Section 3 hereof, a license under the Bioceros CHOBC® Platform to develop, make, have made, use, offer for sale, sell, have sold, import and export Product (the “Prima BioMed Platform License”). For clarity,
the license is intended for the transfer of CHOBC® cell lines expressing Product and which cell lines have been generated as part of the Research and Development
Partnership Agreement between Prima BioMed and Bioceros with commencement date 09 August 2010. 

2.2 Sublicensing. Prima BioMed shall have the right to grant sublicenses of its rights hereunder to
Affiliates and Third Parties without the prior consent of Bioceros. Prima BioMed will however inform Bioceros in full on any deal with a Third Party to allow Bioceros to verify that such sublicense is granted in accordance with the license granted
to Prima BioMed. 
 2.3 No contract services / reservation of rights. The Prima BioMed Platform
License does not include the offering by Prima BioMed, its Affiliates or licensees of cell line generation contract services to 

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
Third Parties nor the use of the Bioceros CHOBC® Platform itself. These rights are expressly reserved by Bioceros.
The Bioceros CHOBC® Platform at all times remains the exclusive property of Bioceros. 

2.4 Registration. Prima BioMed shall have the right to register, at its own expense, the license granted to
it under this Agreement. Bioceros hereby agrees to reasonably cooperate with Prima BioMed and its counsel in connection with such registrations and to promptly execute such summaries of this Agreement and other documents and instruments as may be
required by the applicable governmental or regulatory authorities in connection with such registrations or transfers and requested by Prima BioMed or its counsel. 
  

	3.	 CONSIDERATION FOR PLATFORM LICENSE 

 3.1 General. Prima BioMed shall, in consideration of the grant of the Prima BioMed Platform License, pay to Bioceros the amounts set forth in this Article 3. 

3.2 License Maintenance Fees until [ * ]. Prima BioMed shall pay to Bioceros an annual license maintenance
fee in the amount of € [ * ] ([ * ] euro), due on the day, the cell lines are transferred to Prima BioMed or a designated Third Party for GMP manufacturing of clinical trial material for or on behalf of Prima BioMed. 

3.3 License Maintenance Fees after [ * ]. Starting on the Effective Date that occurs after [ * ], and
subsequently each anniversary of the Effective Date thereafter, Prima BioMed shall, in order to maintain the Prima BioMed Platform License, pay to Bioceros annual license maintenance fee in the amount of €[ * ] ([ * ] euro). 

3.4 Milestone Payments. In addition to the license maintenance fees set forth in 3.2 and 3.3 hereof, Prima
BioMed shall make to Bioceros a one time milestone payment in the amount of € [ * ] ([ * ] euro) for [ * ]. Prima BioMed shall promptly notify Bioceros of the achievement of each such milestone. Bioceros shall issue an invoice to Prima BioMed
for the amount indicated and the invoiced amount shall be payable within [ * ] of receipt of that invoice. 

3.5 VAT. The maintenance Fees, milestones and other Fees mentioned in this Agreement are exclusive of VAT.
To the extent required by law Prima BioMed shall be responsible for paying VAT on each payment made by it to Bioceros hereunder. In turn Bioceros shall pay any VAT amounts paid by Prima BioMed to Bioceros under this Agreement to the relevant tax
authorities. 
 3.6 Platform Documentation. Bioceros shall give access rights to Prima BioMed to
the Bioceros Platform Documentation, if and to the extent required by Prima BioMed to obtain Clinical Trial Approval and/or Marketing Approval for its Products. 
  

	4.	 PAYMENT 

 4.1 Notification of milestones. Prima BioMed shall promptly notify Bioceros of the achievement of each milestone hereunder. Bioceros shall issue an invoice to Prima BioMed for the amount
indicated and the invoiced amount shall be payable within [ * ] of receipt of that invoice. 
 4.2
Mechanism of Payment. All payments due to Bioceros (including annual maintenance license fees and milestone payments) shall be made in Euro by wire transfer or electronic fund transfer to the credit and account of Bioceros as follows (unless
Bioceros in its invoice or otherwise indicates that payment should be made to another account): [ * ]. 

4.3 Interest on late payments. Any payments to be made hereunder (including annual maintenance license fees
and milestone payments) that are not paid on or before the date such 

  
 3 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
payments are due under this Agreement, shall bear interest at the rate of [ * ], without prejudice to Bioceros’ right to terminate this Agreement as per Section 8.2.1 hereof.

 4.4 Records and Audit. Bioceros shall, [ * ], have the right to have an independent, external
auditor review the records of Prima BioMed and its Affiliates, to the extent relevant for Bioceros to verify whether all milestone payments due to Bioceros under this Agreement have been paid to it. Such independent auditor shall be bound by
confidentiality terms at least as restrictive as the terms of Article 6 of this Agreement and shall be authorized to disclose to Bioceros only the results of its audit. The costs of such audit shall be borne by Bioceros unless such audit reveals a
difference (being an underpayment by Prima BioMed) between the amount due to Bioceros and the amount actually paid to it of more than [ * ] in which event the costs of such audit shall be borne by Prima BioMed. Prima BioMed shall maintain and keep
(and shall require that its Affiliates and sublicensees to maintain, keep and make available to Prima BioMed for such purpose) accurate books and records which enable verification of the calculation of royalties payable hereunder. 

 

	5.	 INTELLECTUAL PROPERTY 

5.1 Ownership. All right, title and interest in the Bioceros CHOBC® Platform shall remain with Bioceros but is subject to the Prima BioMed Platform License. All right, title and interest in the Product shall be solely owned by Prima
BioMed. 
 5.2 Filing, Prosecution and Maintenance of Patent Rights. Bioceros
shall be responsible for the filing, prosecution, maintenance, enforcement and defense of all patent applications and patents included in the Bioceros CHOBC®
 Platform at its sole discretion and shall bear the costs thereof provided, however, that Bioceros shall not abandon or allow to lapse any patent or patent application in the Bioceros CHOBC® Platform without notifying Prima BioMed thereof sufficiently in advance in order to allow Prima BioMed to assume such prosecution and maintenance at its expense.

  

	6.	 CONFIDENTIALITY / PRESS RELEASE 

 6.1 Obligations. Each Party agrees (a) to use the other Party’s Confidential Information solely for the purposes of, and in accordance with, this Agreement; and (b) except as
otherwise expressly permitted in this Agreement, to not disclose the other Party’s Confidential Information to any Third Party. “Confidential Information” means a Party’s nonpublic information that is disclosed to the other Party
in connection with, and related to the performance of, this Agreement (including, without limitation, information regarding such Party’s research, technology, assays, protocols, methods, processes, data, products, business information or
objectives), provided that any such information disclosed in written, electronic or other tangible form is marked as “confidential” or with a similar legend. Nonpublic information of a Party that is disclosed other than in tangible form
(e.g., disclosed orally or by observation of the other Party) shall be considered Confidential Information of such Party only if so identified in writing to the other Party within [ * ] after initial disclosure and such writing identifies such
Confidential Information with particularity. 
 6.2 The following information shall not be considered
Confidential Information: Information disclosed by one Party to the other Party that: 

(a) was in the possession of the receiving Party prior to disclosure thereof by the other Party, or

 (b) is or becomes, through no fault of the receiving Party, part of the public
knowledge or literature, including the publication of any patent or patent applications filed in accordance with this agreement, or 

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 (c) has been lawfully made available to the receiving
Party by a Third Party without restriction as to its disclosure, or 
 (d) the receiving
Party can prove that the knowledge was developed by it independently of any information received from the other Party; or 
 (e) is disclosed by the recipient with the prior written approval of the disclosing Party, wherein the material to be disclosed has been submitted in written form to the other Party for approval,
at the absolute discretion of the other Party, at least [ * ] days before such contemplated disclosure. 
 The receiving Party
is entitled to disclose Confidential Information to the extent that is required to do so by law or by any securities exchange or regulatory body having jurisdiction over it whether or not such requirement has the force of law, provided that such
requirement and the information to be disclosed shall be communicated in writing to the other Party prior to such disclosure so as to afford the other Party the opportunity to seek an appropriate order to protect its interests in the information in
question. 
 6.3 Continuing Obligation. The confidentiality and non-use provisions of this Article
6 shall continue for a period of [ * ] after termination or expiration of this Agreement 
 6.4 Press
Release. Except as expressly provided, neither Party shall issue press releases or make any public announcements relating to this Agreement for any purpose whatsoever without the other Party’s prior written approval. Neither Party shall
disclose the activities being performed by the Parties hereunder or the terms and conditions of this Agreement (including, without limitation, the financial terms) to any Third Party without the other Party’s prior written consent; provided,
however, such consent shall not be unreasonably withheld. 
 6.5 No use of other Party’s
name. Except as expressly provided herein, no right, express or implied, is granted to a Party under the Agreement to use the other Party’s name or any trade name or trademark of the other Party in connection with the performance of this
Agreement. 
  

	7.	 REPRESENTATIONS, WARRANTIES AND INDEMNITIES 

7.1 Authorization. Each Party warrants and represents to the other Party that (a) it has the legal
right and power to enter into this Agreement, to extend the rights granted to the other in this Agreement, and to perform fully its obligations hereunder, (b) this Agreement has been duly executed and delivered and is a valid and binding
agreement of such Party, enforceable in accordance with its terms (subject to applicable insolvency regulations), (c) such Party has obtained all necessary approvals to the transactions contemplated hereby, (d) such Party has not made and
will not make any commitments to others in conflict with or in derogation of such rights or this Agreement, (e) in performing the Pre-clinical Work Plan and/or any CLG Program such Party will not be in violation of any state or local laws,
requirements or regulations and (f) such party shall provide personnel, as necessary, to perform its obligations hereunder. 
 7.2 Warranties by Bioceros. Bioceros hereby represents and warrants as of the Effective Date (a) that it has not received any notification from any Third Party that the Bioceros
CHOBC® Platform infringes Third Party intellectual property rights, (b) that it is entitled to grant the rights granted to Prima BioMed hereunder. 

7.3 Limitation of Liability. Save for Sections 7.5 and 7.6 hereof, neither Party will be liable with
respect to any subject matter of this Agreement under any contract, negligence, strict liability or other legal or equitable theory for (a) any indirect, incidental, consequential or punitive damages, or (b) lost profits, or (c) cost
of procurement of substitute goods, technology or services. 

  
 5 

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 7.4 Disclaimer of Representations and Warranties. EXCEPT AS
OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PRIMA BIOMED NOR BIOCEROS MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, AND THE NON-INFRINGEMENT OF ANY THIRD PARTY PATENTS OR PROPRIETARY RIGHTS. 
 7.5 Bioceros Indemnification. Bioceros shall indemnify, defend and hold harmless Prima BioMed, its Affiliates and their respective directors, officers, employees, and agents and their
respective successors, heirs and assigns (the “Prima BioMed Indemnitees”), against any liability, damage, loss or expense (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Prima
BioMeds Indemnitees, or any of them, in connection with any claims, suits, actions, demands or judgments of Third Parties arising out of or relating to (i) any alleged or actual intellectual property infringement related to Bioceros CHOBC® Platform; and/or (ii) any breach by Bioceros of its representations and warranties set out in article 7.2. 

7.6 Prima BioMed Indemnification. Prima BioMed shall indemnify, defend and hold
harmless Bioceros, its Affiliates and their respective directors, officers, employees, and agents and their respective successors, heirs and assigns (the “Bioceros Indemnitees”), against any liability, damage, loss or expense
(including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Bioceros Indemnitees, or any of them, in connection with any claims, suits, actions, demands or judgments of Third Parties, including without
limitation personal injury and product liability matters arising out of or relating to (i) breach by Prima BioMed of its representations and warranties set forth herein, and/or (ii) resulting from Products brought on the market (for
clinical trial purposes, commercial purposes or otherwise) by Prima BioMed, its Affiliates or its sublicensees, including but not limited to claims alleging that the Products (or the sequences used for such Products) infringe intellectual property
rights of Third Parties), save to the extent that the foregoing are due to challenges of the intellectual property rights related to Bioceros CHOBC®
 Platform and/or gross negligence or willful misconduct of Bioceros. The Bioceros Indemnitees shall promptly notify Prima BioMed of any action or claim for which it is to be indemnified. 

 

	8.	 TERM AND TERMINATION 

 8.1 Term. This Agreement shall enter into effect on the Effective Date. Unless terminated pursuant to Article 8.2, this Agreement shall not expire (such period, the “Term”).

 8.2 Termination. This Agreement may be terminated in the following circumstances
(notwithstanding any other remedy right the termination Party may have in addition thereto, by law or by contract): 
 8.2.1 For breach. If a Party commits a breach of a material obligation under this Agreement, and such breach can either not be remedied or, if eligible for remedy, is not cured within [ * ]
of written notice thereof from the non-breaching Party, the non-breaching Party may elect, in its sole discretion, to terminate this Agreement with immediate effect in writing. In the event that any payment by Prima BioMed is not paid by the due
date thereof, Prima BioMed shall be deemed in default without any further notice and such breach shall be deemed not eligible for remedy. 
 8.2.2 Upon Bankruptcy. A Party may terminate this Agreement upon the bankruptcy, insolvency, dissolution or winding-up of the other Party, except in the case of a petition in bankruptcy
filed involuntarily against the other Party if such petition is dismissed within [ * ] of the date of its filing. 
 8.2.3 By Bioceros for [ * ]. Bioceros may forthwith terminate this Agreement in the event that [ * ]. 

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 8.2.4 By Prima BioMed for Convenience. Prima
BioMed may terminate this Agreement after the first anniversary for convenience upon [ * ] written notice. 
 8.2.5 With Mutual Consent. The Parties may at any time terminate this Agreement by mutual written consent. 

8.3 Effect of Termination. Upon termination of this Agreement by Bioceros pursuant to Section 8.2.1,
8.2.2 or 8.2.3 or by Prima BioMed pursuant to Section 8.2.4. 
 The Prima BioMed Platform License shall cease to have
effect as from the effective date of termination of this Agreement, provided, however, that Prima BioMed shall have the right for a period of [ * ] thereafter (i) to continue use of any Product in any clinical trials underway at the effective
date of termination but shall during that time wind down any such trials, if not prohibited by law, where their continuation is dependent on use of such Product and (ii) to sell off any inventory stock of Products it retains at the effective
date of termination. 
 8.4 Sections 1, 4.4, 5, 6, 7, 8 and 9 shall survive any expiration or termination
of this Agreement. Except as otherwise expressly provided herein, termination of this Agreement shall not affect the rights and obligations of the Parties that accrued prior to the effective date of such termination. 

 

	9.	 MISCELLANEOUS 

 9.1 Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or
performing any term of this Agreement when such failure or delay is caused by or results from Force Majeure; provided, however, that the Party so affected shall use commercially reasonable and diligent efforts to avoid or remove such causes of
non-performances, and shall continue performance hereunder with reasonable dispatch wherever such causes are removed. Each Party shall provide the other Party with prompt written notice of any delay or failure to perform that occurs by reason of
Force Majeure. The Parties shall mutually seek a resolution of the delay or the failure to perform in good faith. If any Force Majeure delays or prevents the performance of the obligations of either party for a continuous period in excess of [ * ],
the Party not so affected shall then be entitled to give notice to the affected Party to terminate this Agreement, specifying the date (which shall not be less than [ * ] after the date on which the notice is given) on which termination will take
effect. 
 9.2 Assignment. This Agreement may not be assigned or otherwise transferred by any
Party without the consent of the other Party; provided, however, that (i) either Party may, without such consent, assign its rights and obligations under this Agreement (a) in connection with a corporate reorganization, to an Affiliate or
(b) in connection with a merger, consolidation or sale of all or substantially all of such Party’s assets to a Third Party. 
 9.3 Severability. Each Party hereby agrees that it does not intend to violate any public policy, statutory or common laws, rules, regulations, treaty or decision of any government agency or
executive body thereof of any country or community or association of countries. Should one or more provisions of this Agreement be or become invalid, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid
provisions which valid provisions in their economic effect are sufficiently similar to the invalid provisions that it can be reasonably assumed that the Parties would have entered into this Agreement with such valid provisions. In case such valid
provisions cannot be agreed upon, the invalidity of one or several provisions of this Agreement shall not affect the validity of this Agreement as a whole, unless the invalid provisions are of such essential importance to this Agreement that it is
to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid provisions. 
 9.4 Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by one of the Parties hereto to the other shall be in writing (by courier,
facsimile, registered mail or electronic mail), for each Party to the address indicated below, or to such other address 

  
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DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
as the addressee shall have last furnished in writing to the addressor in accordance with this Section 9.5 and shall be effective upon receipt by the addressee: 

 

			
	 If to Bioceros:
	  	 Bioceros B.V.

		  	 Yalelaan 46

		  	 (3584 CM) Utrecht

		  	 The Netherlands

		  	 Attention: Dr. B. Bout

		  	 Telefax: +31 30 253 2288

		  	 Email: b.bout@bioceros.com

		
	 If to Prima BioMed:
	  	 Prima BioMed Ltd.

		  	 Suite 1, 1233 High Street

		  	 Armadale, VIC, 3143, Australia

		  	 Attention: Dr. M. Rogers

		  	 Telefax: + 61 2 9276 1266

		  	 Email: martin.rogers@primabiomed.com.au

 9.5 Entire Agreement. This Agreement contains the entire understanding of
the Parties with respect to the subject matter hereof. All express or implied agreements and understandings, either oral or written, heretofore made are expressly merged in and made a part of this Agreement and this Agreement, therefore, sets asides
any and all of such earlier agreements and understandings. This Agreement may not be amended other than with the written consent of both Parties. 
 9.6 Costs. Each Party shall bear its own costs in connection with the drafting and negotiating of this Agreement. 

9.7 Headings. The headings to Articles and Sections in this Agreement are merely guides to assist in
locating the Articles and Sections hereof and shall not affect the interpretation of those Articles and Sections. 
 9.8 Waiver. Except as expressly provided herein, the waiver by either Party hereto of any right hereunder or of any failure to perform or any breach by the other Party shall not be deemed a
waiver of any other right hereunder or of any other failure to perform or breach by said other Party, whether of a similar nature or otherwise. 
 9.9 Non-sollicit. For a period of [ * ], neither Party shall directly or indirectly endeavor to entice away from the other Party or hire (as employee, consultant or otherwise) any employees
of the other Party without the other Party’s prior written consent, which consent shall not be unreasonably withheld. 
 9.10 Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the Netherlands. 

9.11 Arbitration. Any dispute arising out of or in connection with this Agreement or any agreement arising
out of this Agreement shall be referred to arbitration in accordance with the Arbitration Rules of the Netherlands Arbitration Institute (Nederlands Arbitrage Instituut, NAI). The arbitral tribunal shall be composed of three arbitrators and
shall make its decision in accordance with the rules of law. The place of arbitration shall be The Hague. The language shall be English or, if Parties so decide, Dutch. 
 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above by their duly authorized representatives. 

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

					
	 BIOCEROS B.V.
	 		 	 PRIMA BIOMED Ltd.

			
	 Signature:
	 		 	 Signature:

			
	 Name: Abraham Bout
	 		 	 Name: Martin Rogers

			
	 Title: CEO
	 		 	 Title: CEO

			
	 By:
	 		 	 By:

  
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[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

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