Document:

Form of Note for the Company's 3.300% Notes due April 27, 2025

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CITIGROUP INC. 
 3.300%
Notes due April 27, 2025 
  

			
	REGISTERED		REGISTERED
		
			CUSIP: 172967JP7
			ISIN: US172967JP75
			Common Code: 122577147
		
	No. R-001		$500,000,000

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 on April 27, 2025 and to pay interest thereon from and including April 27, 2015 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, on April 27 and October 27 of each year, commencing October 27, 2015 at the rate of 3.300% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the
close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of payment
of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Interest hereon will be calculated on the basis of a 360-day year comprised of twelve 30-day months. 

If either an Interest Payment Date or the Maturity of the Notes falls on a day that is not a Business Day, such Interest Payment Date or
Maturity will be the next succeeding Business Day, and no further interest will accrue in respect of such postponement. If a date for payment of interest or principal on the Notes falls on a day that is not a business day in the place of payment,
such payment will be made on the next succeeding business day in such place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the period from and after the due date for payment of such
principal or interest. For these purposes, “Business Day” means any day which is a day on which commercial banks settle payments and are open for general business in The City of New York. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in The
City of New York. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon
has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: April 27, 2015 
  

			
	CITIGROUP INC.
		
	By:		  

			Name:  Joseph Bonocore
			Title:   Deputy Treasurer

  

			
	ATTEST:
		
	By:		  

			Name:
			Title:  Assistant Secretary

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: April 27, 2015 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:		  

			Name:
			Title:
	
	-or-
	
	 CITIBANK, N.A.,
 as Authenticating
Agent

		
	By:		  

			Name:
			Title:

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”),
issued and to be issued in one or more series under the Indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to $1,500,000,000. 
 If an event of default (as defined in the Indenture) with respect to Notes of this series shall
occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this
Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 
 The
Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more
supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the
holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof
or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

This Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in the
name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred
except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

 The Notes represented by this Global Security are exchangeable for definitive Notes in
certificated form of like tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes and
the Company is unable to appoint a successor depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow
the Notes to be exchanged for definitive Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the
Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for
such purpose, upon surrender of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar
duly executed by, the holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its
nominee. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Company will pay additional amounts
(“Additional Amounts”) to the beneficial owner of any Note that is a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S.
withholding tax, than the amount then due and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future
tax, assessment or other governmental charge of the United States. These Additional Amounts will constitute additional interest on the Note. 

The Company will not be required to pay Additional Amounts, however, in any of the circumstances described in items (1) through
(14) below. 
  

	 	(1)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:

  

	 	(a)	having a relationship with the United States as a citizen, resident or otherwise; 

  

	 	(b)	having had such a relationship in the past or 

  

	 	(c)	being considered as having had such a relationship. 

	 	(2)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner:

  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

  

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past or 

  

	 	(c)	having or having had a permanent establishment in the United States. 

  

	 	(3)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in whole or in part by reason of the beneficial owner
being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

  

	 	(a)	personal holding company; 

  

	 	(b)	foreign private foundation or other foreign tax-exempt organization; 

  

	 	(c)	passive foreign investment company; 

  

	 	(d)	controlled foreign corporation or 

  

	 	(e)	corporation which has accumulated earnings to avoid United States federal income tax. 

  

	 	(4)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner owning or
having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason of the beneficial owner being a bank that has invested in a Note as an extension of
credit in the ordinary course of its trade or business. 

 For purposes of items (1) through (4) above, “beneficial owner”
means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by
a fiduciary holder. 
  

	 	(5)	Additional Amounts will not be payable to any beneficial owner of a Note that is a: 

  

	 	(a)	fiduciary; 

  

	 	(b)	partnership; 

  

	 	(c)	limited liability company or 

  

	 	(d)	other fiscally transparent entity 

 or that is not the sole beneficial owner of the Note, or
any portion of the Note. However, this exception to the obligation to pay Additional Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited
liability company or other fiscally transparent entity, would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the
payment. 

	 	(6)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial
owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to pay Additional Amounts will only apply if compliance with such
reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge.

  

	 	(7)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a
payment on a Note by the Company or a paying agent. 

  

	 	(8)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of a change in law, regulation, or
administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

  

	 	(9)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner
of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

  

	 	(10)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

  

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax or 

  

	 	(i)	any similar tax, assessment, withholding, deduction or other governmental charge. 

  

	 	(11)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a payment of principal or
interest on a Note if such payment can be made without such withholding by any other paying agent. 

	 	(12)	Additional amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is required to be made pursuant to any European Union directive on the
taxation of savings income or any law implementing or complying with, or introduced to conform to, any such directive. 

  

	 	(13)	Additional amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment or other governmental charge that would not have been imposed but for a failure by
the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the Note is made) to take any action (including entering into an agreement with the
Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that jurisdiction and the United States) or to comply with any applicable
certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial institution), or concerning ownership of the holder or beneficial owner, or
any substantially similar requirement or agreement. 

  

	 	(14)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (13) above. 

Except as specifically provided herein, the Company will not be required to make any payment of any tax, assessment or other governmental
charge imposed by any government or a political subdivision or taxing authority of such government. 
 As used in this Note, “United
States person” means: 
  

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership or other entity created or organized in or under the laws of the United States; 

  

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income and 

 

	 	(d)	any trust if (i) a United States court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the substantial decisions of the
trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. 

Additionally, “non-United States person” means a person who is not a United States person,
and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

 Except as provided below, the Notes may not be redeemed prior to maturity. 

 

	 	(1)	The Company may, at its option, redeem the Notes if: 

  

	 	(a)	the Company becomes or will become obligated to pay Additional Amounts as described above; 

  

	 	(b)	the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application or interpretation of such laws,
regulations or rulings, which change is announced or becomes effective on or after April 22, 2015 and 

  

	 	(c)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Notes or taking any action that would entail a material cost to the Company. 

  

	 	(2)	The Company may also redeem the Notes, at its option, if: 

  

	 	(a)	any act is taken by a taxing authority of the United States on or after April 22, 2015, whether or not such act is taken in relation to the Company or any affiliate, that results in a substantial probability that
the Company will or may be required to pay Additional Amounts as described above; 

  

	 	(b)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Notes or taking any action that would entail a material cost to the Company and 

  

	 	(c)	the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Company will or may be required to pay the
Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes pursuant to their terms. 

Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price
equal to 100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30 days nor more than 60 days prior notice by the Trustee of the date fixed for such
redemption. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The
Notes are governed by the laws of the State of New York. 

 Schedule 1 

Redemptions and Amount of Securities 
  

							
	 Date of

partial

redemption
	 	 Aggregate

principal amount
 of
Securities then
 redeemed
	 	 Remaining

principal amount
 of this
Global
 Security
	  	Authorized SignatureExhibit 10.1

 

CONFIDENTIAL TREATMENT REQUESTED
PURSUANT TO RULE 24B-2           

 

Certain confidential portions of this Exhibit, indicated by [*], have been omitted pursuant to Rule 24b-2
of the Securities Exchange Act of 1934. The omitted materials have been filed separately with the U.S. Securities and Exchange
Commission

 

 

AGREEMENT

 

 

BETWEEN

 

 

NAVIDEA BIOPHARMACEUTICALS, INC.

 

 

AND

 

 

ALSERES PHARMACEUTICALS, INC.

 

 

    	 

    	 

    

 

AGREEMENT

 

This Agreement (“Agreement”)
is made and entered into effective April 21, 2015 (the “Effective Date”) by and between Navidea Biopharmaceuticals, Inc.,
a Delaware corporation having an address at 5600 Blazer Parkway, Suite 200, Dublin, OH 43017-1367 (“NAVB”) and Alseres
Pharmaceuticals, Inc., a Delaware corporation having an address at 10 Rogers Street, Suite 101, Cambridge, MA 02142 (“ALSE”).
Each of NAVB and ALSE may be referred to herein as a “Party” and collectively as the “Parties”.

 

RECITALS

 

NAVB and ALSE
entered into a sub-license agreement dated July 31, 2012;

 

NAVB and ALSE
desire to terminate the sub-license agreement dated July 31, 2012 without prejudice;

 

NAVB has performed
extensive development of a diagnostic product known as NAV5001 (also known as ALTROPANE) and acquired valuable know-how that can
be used in further development;

 

NAVB and ALSE
desire that this Agreement will affect the transfer of all data, clinical materials and regulatory files including but not limited
to assignment of the Special Protocol Assessment Agreements covering the clinical testing of the Licensed Product;

 

NAVB and ALSE
understand and agree that ALSE will form a new legal entity (“NEWCO”) owned by ALSE to complete the development and commercialization
of the Licensed Product;

 

NEWCO’s
development of the Licensed Product will be funded by Third Parties investing through debt, equity or similar transactions (the
“Investors”); and

 

In consideration
for the rights granted to ALSE herein, ALSE or NEWCO will make payments as set forth herein;

 

Now, therefore,
in consideration of the recitals set forth above, the terms and conditions set forth below, and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

 

ARTICLE 1. DEFINITIONS

 

For purposes
of this Agreement, the following terms have the following meanings:

 

1.1.          “Affiliate”
means, with respect to any entity, any entity that, directly or indirectly, through one or more intermediaries, controls, is controlled
by or is under common control with such entity. For this purpose, “control” means the ownership of fifty percent (50%)
or more of the voting securities entitled to elect the directors or management of the entity, or the actual power to elect or direct
the management or policies of the entity, whether by law, contract or otherwise. In any country where the local law does not permit
foreign equity participation of at least fifty percent (50%), then an “Affiliate” includes any company in which an entity
owns or controls or is owned or controlled by, directly or indirectly, the maximum percentage of outstanding stock or voting rights
permitted by local law.

 

    	[*] – indicates deleted language	-2-	 

    	 

    

 

1.2.          “Challenge”
means any challenge to the validity or enforceability of any of the Licensed Patents before any administrative, judicial or other
governmental authority, court, tribunal or arbitration panel, including by (i) filing a declaratory judgment action in which any
of the Licensed Patents is alleged to be invalid or unenforceable; (ii) citing prior art pursuant to 35 U.S.C. § 301, filing
a request for re-examination of any of the Licensed Patents pursuant to 35 U.S.C. § 302 and/or § 311, or provoking or
becoming a party to an interference with an application for any of the Licensed Patents or any derivation proceeding pursuant to
35 U.S.C. § 135; or (iii) filing or commencing any re-examination, opposition, inter partes review, other review, cancellation,
nullity or similar proceedings against any of the Licensed Patents in any country.

 

1.3.          “Commercialization”
or “Commercialize” means any and all activities directed to the offering for sale and sale of a Licensed Product, including,
(i) activities directed to marketing, promoting, detailing, distributing, manufacturing, importing, selling and offering to sell
such Licensed Product, (ii) interacting with regulatory authorities regarding any of the foregoing and (iii) seeking pricing approvals
and reimbursement approvals for such Licensed Product. When used as a verb, “Commercialize” means to engage in Commercialization
and “Commercialized” has a corresponding meaning.

 

1.4.          “Commercially
Reasonable Efforts” means those efforts and resources that a similarly situated pharmaceutical company would reasonably devote
in the exercise of its commercially reasonable practices relating to a product owned by it or to which it has rights of the type
licensed hereunder, which is of similar market potential at a similar stage in its development or product life, taking into account
the competitiveness of the global and local marketplace, the pricing and launching strategy for the respective product, the proprietary
position of the product, the profitability (but not considering any payments due to either Party pursuant to this Agreement) and
the relative potential safety and efficacy of the product and other relevant factors, including technical, legal, scientific, regulatory
or medical factors.

 

1.5.          “Confidential
Information” of a Party means all non-public information, whether written or oral, tangible or intangible, that is made available,
disclosed, or otherwise made known to by or on behalf of such party to the other Party or its employees as contemplated under this
Agreement.

 

1.6.          “Control”
means, with respect to any Know-How, Patent, or other intellectual property right, possession of the right, whether directly or
indirectly, and whether by ownership, license or otherwise (other than by operation of the transfer in Article 3), to grant a license,
Sublicense or other right (including the right to reference Regulatory Filings) to or under such Know-How, Patent, or other intellectual
property right as provided for herein without violating the terms of any agreement or other arrangement with any Third Party. “Control”,
“Controls”, and “Controlled” have corresponding meanings.

 

    	[*] – indicates deleted language	-3-	 

    	 

    

 

1.7.          “Field”
means all diagnostic uses of the Licensed Product, and specifically includes diagnostic uses for differential diagnosis of Parkinsonian
syndromes, including Parkinson’s disease (PD) and other movement disorders, as well as Dementia with Lewy Bodies (DLB).

 

1.8.          “Improvements”
means any and all enhancements, modifications, corrections, inventions, changes or innovations made to the inventions claimed in
the Licensed Patents, the Licensed Know-How or the Licensed Products created, developed or reduced to practice by or on behalf
of ALSE or NEWCO.

 

1.9.          “Intellectual
Property” means the Licensed Know-How and the Licensed Patents.

 

1.10.          “Know-How”
means any technical, scientific and business information including all biological, chemical, pharmacological, toxicological, clinical,
and assay information, data, analyses, discoveries, inventions, methods, techniques, improvements, concepts, designs, processes,
formulae, specifications and trade secrets, whether or not patentable, necessary or useful to develop, make, use or sell Licensed
Product. Know-How shall also include documents (which shall include paper, notebooks, books, files, ledgers, records, tapes, discs,
diskettes, CD-ROM and any other media on which the foregoing information can be stored) containing any of the foregoing information.

 

1.11.          “Licensed
Know-How” means any and all Know-How (including all Improvements) Controlled by NAVB as of the Effective Date related to diagnostic
uses for differential diagnosis of Parkinsonian syndromes, including Parkinson’s disease (PD) and other movement disorders, as
well as Dementia with Lewy Bodies (DLB).

 

1.12.          “Licensed
Patents” means: (a) the Patents listed in Exhibit A; (b) any patent issuing on any such Patents listed in Exhibit
A; and (c) all applications and patents claiming priority to or having common priority with (a) and/or (b) including foreign
counterparts (including supplementary protection certificates) to any such patent rights.

 

1.13.          “Licensed
Product” means any product, material, kit, service, process or procedure that if discovered, developed, made, used or sold
in the absence of the grants in this Agreement would utilize Licensed Know-How and/or Licensed Patents and specifically includes
[123I]-E-IACFT (also known as ALTROPANE and as NAV5001).

 

1.14.          “Net
Sales” means the consideration for the sale, by ALSE or its affiliates or Sublicensees, of Licensed Products covered by Licensed
Patents or Licensed Know-How, less documented qualifying costs borne by the seller that were directly attributable to the sale
and identified on the invoice. Qualifying costs are limited to: customary discounts; reasonable credits or refunds for claims or
returns; prepaid outbound transportation expenses and insurance; and sales and use taxes imposed by governmental agencies.

 

1.15.          “Patents”
means (i) all national, regional and international patents and patent applications, including provisional patent applications,
that are listed in Exhibit A, (ii) all patent applications filed either from such patents, patent applications or provisional
applications or from an application claiming priority from either of these, including divisionals, continuations, continuations-in-part,
provisionals, converted provisionals and continued prosecution applications, (iii) any and all patents that have issued or in the
future issue from the foregoing patent applications ((i) and (ii)), including utility models, petty patents and design patents
and certificates of invention, (iv) any and all extensions or restorations by existing or future extension or restoration mechanisms,
including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the
like) of the foregoing patents or patent applications ((i), (ii), and (iii)) and (v) any similar rights.

 

    	[*] – indicates deleted language	-4-	 

    	 

    

 

1.16.          “Regulatory
Filing” means any filing with, or submission to, any governmental authority or non-governmental pricing or reimbursement authority
that regulates or otherwise exercises authority with respect to the development, manufacture or Commercialization of Licensed Products
or any regulatory application or other document relating to Licensed Products.

 

1.17.          “Regulatory
Materials” means the technical, medical and scientific information NAVB provided to the U.S. Food and Drug Administration
(“FDA”) as submissions to the Licensed Product Investigational New Drug Application (“IND”) together with all
related correspondence and rights to or from FDA including but not limited to any Special Protocol Assessment Agreements covering
the Licensed Product.

 

1.18.          “Sublicense”
means a grant by ALSE to a Third Party of any sublicense, or option to sublicense, under the licenses granted to ALSE under this
Agreement.

 

1.19.          “Sublicensee”
means a Third Party to whom a Sublicense is granted. For the avoidance of doubt, Sublicensee includes any arm’s length Third Party
distributor (“Distributor”) to which ALSE or any of its Sublicensees sells a Licensed Product for resale of Licensed
Product by the Distributor, and where Distributor has no other rights other than to promote, manufacture, distribute or resell
Licensed Product.

 

1.20.          “Term”
means a time commencing on the Effective Date, which will expire on a country-by-country and Licensed Product-by-Licensed Product
basis on the date of expiration of the last to expire Valid Claim in the Licensed Patents covering such Licensed Product in such
country.

 

1.21.          “Territory”
means worldwide to the extent this license may legally be granted.

 

1.22.          “Third
Party” means any individual or entity other than ALSE or NAVB or an Affiliate of ALSE or NAVB.

 

1.23.          “Valid
Claim” means, with respect to the Patents: (a) a claim in an issued patent which has not (i) expired, (ii) been finally adjudicated
or admitted as invalid or unenforceable, or (iii) been abandoned; or (b) a claim in a pending application.

 

ARTICLE 2. TERMINATION OF
SUB-LICENSE

 

2.1.          The
sub-license agreement dated July 31, 2012 between NAVB and ALSE (“Sub-License Agreement”) is terminated without prejudice.

 

2.2.          NAVB
agrees that it will have no further rights in or to the Licensed Product except as set forth in this Agreement.

 

    	[*] – indicates deleted language	-5-	 

    	 

    

 

2.3.          Both
parties agree that each will take no action against the other for breach of the Sub-License Agreement.

 

ARTICLE
3. TRANSFER OF MATERIALS

 

3.1.          During
the ninety (90) day period following the Effective Date, NAVB shall use Commercially Reasonable Efforts to return to ALSE all documents
in NAVB’s possession or under its Control relating to the Licensed Product or the Regulatory Materials.

 

3.2.          NAVB
hereby irrevocably assigns to ALSE all of NAVB’s right, title and interest in and to any Regulatory Materials for Licensed
Products including, but not limited to, the IND therefor and any foreign equivalents. Thereafter, ALSE or its Sublicensees shall
hold title to such IND (and foreign equivalents), and shall assume full responsibility for such IND (and foreign equivalents).

 

3.3.          Following
the Effective Date, but not later than thirty (30) days after the Effective Date, NAVB shall execute any and all other instruments,
forms of assignment or other documents and take such further actions as required and requested by ALSE to give effect to or evidence
the foregoing assignment in Article 3.2.

 

3.4.          NAVB
hereby irrevocably transfers to ALSE all of its rights title and interest in and to the Licensed Know-How Controlled by NAVB as
of the Effective Date which is necessary or useful to develop or commercialize Licensed Products.

 

ARTICLE
4. SERVICES

 

NAVB
agrees at the request of ALSE or NEWCO to perform Licensed Product development in the licensed Field for the six month period beginning
on the Effective Date (the “Transfer Period”) at [*] for NAVB’s staff working on development. ALSE or NEWCO will pay
NAVB’s out-of-pocket cost for vendors, including the contract manufacturer and investigational sites as pass through costs only
insofar as such expenses were requested by ALSE or NEWCO and incurred subsequent to the Effective Date, with the exception that
within 20 working days of the Effective Date ALSE or NEWCO will reimburse NAVB on a fully documented pass-through basis for any
incurred maintenance costs of the contract manufacturer retroactive to March 1, 2015. If ALSE or NEWCO requires NAVB services subsequent
to the Transfer Period, all research and development will be charged at [*] In performing Services, NAVB will comply with
all US laws. 

 

5.1.          ARTICLE
5. NAVB RETAINED RIGHTS. NAVB retains all rights necessary for rendering the services and obligations
as set forth in this Agreement. 

 

ARTICLE 7. REPORTS, RECORDS
AND PAYMENTS

 

7.1          Reports.

 

		(a)	Progress Reports.

 

		(i)	Beginning on December 31
of the calendar year after the Effective Date and ending on the earlier of the payment of the milestone due under Section 7.3(c)
or the date of the first commercial sale of a Licensed Product in the United States, ALSE shall report yearly to NAVB ALSE’s
(and Affiliate’s and Sublicensee’s) activities for the preceding twelve (12) months to develop and test all Licensed
Products and obtain governmental approvals necessary for marketing the same. Such annual reports shall be due within thirty (30)
days of the reporting period and include a summary of work completed, summary of work in progress, current schedule of anticipated
events or milestones, market plans for introduction of Licensed Products, and summary of resources (dollar value) spent in the
reporting period. The reports referred to in this Article 7.l(a)(i) should be marked with the following title: “Agreement
between Navidea Biopharmaceuticals, Inc. and Alseres Pharmaceuticals, Inc.”. Reports shall be submitted as attachment to
NAVB’s email address: [*].

 

    	[*] – indicates deleted language	-6-	 

    	 

    

 

		(ii)	ALSE shall report to NAVB
the date of a first commercial sale of a Licensed Product anywhere in the Territory.

 

		(b)	Royalty Reports. After
the first commercial sale of a Licensed Product anywhere in the Territory, ALSE shall, unless the payment specified in Section
7.3(b) extinguishing the royalty obligation is made by ALSE, submit to NAVB yearly reports beginning on December 31 of the calendar
year after the first commercial sale of a Licensed Product. Each royalty report shall cover ALSE’s (and each Affiliate’s
and Sublicensee’s) most recently completed calendar year and shall show:

 

		(i)	the amounts of payments
to Investors towards the royalties and/or other compensation payments set forth in Article 7.3(b)(ii);

 

		(ii)	the date of first commercial
sale of a Licensed Product in each country in the Territory;

 

		(iii)	gross sales, deductions,
and net sales during the most recently completed calendar year and the royalties, in US dollars, payable with respect thereto;

 

		(iv)	the number of each type
of Licensed Product sold;

 

		(v)	fees and royalties received
during the most recently completed calendar year in US dollars, and the portion thereof payable to NAVB hereunder;

 

		(vi)	the method used to calculate
the royalties; and

 

		(vii)	the exchange rates used.

 

If no sales
of Licensed Products have been made and no Sublicense revenue has been received by ALSE during any reporting period, ALSE shall
so report. The reports referred to in this Article 7.1(b) should be marked with the following title: “Agreement between Navidea
Biopharmaceuticals, Inc. and Alseres Pharmaceuticals, Inc.”. Reports shall be submitted as attachment to NAVB’s email address:
[*].

 

    	[*] – indicates deleted language	-7-	 

    	 

    

 

7.2          Records
& Audits.

 

		(a)	ALSE shall keep, and shall
require its Affiliates and Sublicensees to keep, accurate and correct records of all Licensed Products manufactured, used, and
sold, and other fees received under this Agreement. Such records shall be retained by ALSE for at least five (5) years following
a given reporting period.

 

		(b)	Upon five (5) business
days prior notice to ALSE all records shall be available during normal business hours for inspection at the expense of NAVB by
NAVB’s Internal Audit Department or by a Certified Public Accountant selected by NAVB and in compliance with the other terms
of this Agreement for the sole purpose of verifying reports and payments or other compliance issues. Such inspector shall not
disclose to NAVB any information other than information relating to the accuracy of reports and payments made under this Agreement
or other compliance issues. In the event that any such inspection shows an under reporting and underpayment in excess of five
percent (5%) for any twelve-month (12-month) period, then ALSE shall pay the cost of the audit as well as any additional sum that
would have been payable to NAVB had the ALSE reported correctly, plus an interest charge at a rate of ten percent (10%) per year.
Such interest shall be calculated from the date the correct payment was due to NAVB up to the date when such payment is actually
made by ALSE. For underpayment not in excess of five percent (5%) for any twelve-month (12-month) period, ALSE shall pay the difference
within thirty (30) days without interest charge or inspection cost. NAVB may only conduct one such audit per calendar year.

 

7.3          Payments.

 

		(a)	All fees, reimbursements
and royalties due to NAVB shall be paid in United States dollars and all checks shall be made payable to “Navidea Biopharmaceuticals,
Inc.”, referencing NAVB’s taxpayer identification number, 31-1080091, and sent to NAVB according to Article 12.1.
When Licensed Products are sold in currencies other than United States dollars, ALSE shall first determine the earned royalty
in the currency of the country in which Licensed Products were sold and then convert the amount into equivalent United States
funds, using the exchange rate quoted in the Wall Street Journal on the last business day of the applicable reporting period.

 

		(b)	Royalty Payments.

 

		(i)	Royalties shall accrue when
Licensed Products are invoiced, or if not invoiced, when delivered to a Third Party.

 

		(ii)	NAVB will be entitled to
a royalty of [*]% of Net Sales with such payment obligation to commence immediately after NEWCO’s Investors have been paid
royalties and/or other compensation equal to three (3) times their initial investment that established NEWCO. ALSE retains the
right at any time to extinguish any future royalty obligation to NAVB by making a one-time cash payment of [*] to NAVB. For the
sake of clarity, such payment may not be made prior to payment of the milestone payment described in Article 7.3(c).

 

    	[*] – indicates deleted language	-8-	 

    	 

    

 

		(iii)	ALSE shall pay earned royalties
quarterly on or before February 28, May 31, August 31 and November 30 of each calendar year. Each such payment shall be for earned
royalties accrued within ALSE’s most recently completed calendar quarter.

 

		(iv)	Royalties earned on sales
occurring or under a Sublicense granted pursuant to this Agreement in any country outside the United States shall not be reduced
by ALSE for any taxes, fees, or other charges imposed by the government of such country on the payment of royalty income, except
that all payments made by ALSE in fulfillment of NAVB’s tax liability in any particular country may be credited against
earned royalties or fees due NAVB for that country. ALSE shall pay all bank charges resulting from the transfer of such royalty
payments.

 

		(v)	If at any time legal restrictions
prevent the prompt remittance of part or all royalties by ALSE with respect to any country where a Licensed Product is sold or
a Sublicense is granted pursuant to this Agreement, ALSE shall convert the amount owed to NAVB into U.S. currency and shall pay
NAVB directly from its U.S. sources of funds for as long as the legal restrictions apply.

 

		(vi)	To the extent all of the
Patents and Know-How are completely covered by any license to the U.S. Government and the Government exercises its March-in rights
under 35 USC Section 203, ALSE’s royalties shall be reduced to the level set by the Government.

 

		(vii)	In the event that any patent
or patent claim within Patent Rights is held invalid in a final decision by a patent office from which no appeal or additional
patent prosecution has been or can be taken, or by a court of competent jurisdiction and last resort and from which no appeal
has or can be taken, all obligation to pay royalties based solely on that patent or claim shall cease as of the date of such final
decision. ALSE shall not, however, be relieved from paying any royalties that: accrued before the date of such final decision,
are based on another patent or claim not involved in such final decision, or are based in any manner on the use of Know-How.

 

		(viii)	Royalty payments, recoveries
and settlements, and royalty reports shall be rendered for any and all Licensed Products even if due after expiration of the Agreement.

 

(c)          Milestone
Payments. ALSE shall also pay to NAVB a milestone payment of [*] due and payable to NAVB upon the earlier of (i) completion
by ALSE or ALSE’s Sublicensees of a commercial transaction (apart from the debt, equity or other transactions contemplated to finance
the development of the Licensed Product) which results in gross proceeds to ALSE or ALSE’s Sublicensee of at least [*] or (ii)
6 months after approval by the U.S. Food and Drug Administration of a NDA covering the Licensed Product. 

 

    	[*] – indicates deleted language	-9-	 

    	 

    

 

(d)          Term
of Royalties. The royalty obligations under Article 7.3(b) will terminate on the earlier of payment by ALSE of the [*] payment
under Article 7.3(b)(ii), or upon the expiration of the last to expire Licensed Patents. 

 

(e)          Late
Payments. In the event royalty, reimbursement and/or fee payments are not received by NAVB when due, ALSE shall pay to NAVB
interest charges at a rate of ten percent (10%) per year. Such interest shall be calculated from the date payment was due until
actually received by NAVB.

 

ARTICLE 8. PATENT MATTERS

 

8.1          Patent Prosecution
and Maintenance.

 

		(a)	NAVB agrees that, from and after the Effective Date,
ALSE will have the right, but not the obligation, to file, prosecute and maintain, in the name of ALSE, the Licensed Patents.
ALSE will have the right to abandon any Licensed Patents or allow any issued Licensed Patent to lapse.

 

ARTICLE 9. GOVERNMENTAL MATTERS

 

9.1          Governmental
Approval or Registration. If this Agreement or any associated transaction is required by the law of any nation to be either
approved or registered with any governmental agency, ALSE shall assume all legal obligations to do so. ALSE shall notify NAVB if
it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval requirement. ALSE
shall make all necessary filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated with
such reporting or approval process.

 

ARTICLE 10. WARRANTIES,
RELEASE, INDEMNIFICATION

 

10.1          Limited
Warranty. Each Party represents and warrants to the other Party that it has full corporate power and authority to execute,
deliver, and perform this Agreement, and that no other corporate proceedings by such Party are necessary to authorize the Party’s
execution or delivery of this Agreement. Without limiting the generality of the foregoing, NAVB hereby represents, and warrants
to ALSE as follows: (i) NAVB is not aware of, and has received no notice that, the Know-How, Licensed Products, and Patent Rights
infringes a valid claim of a Third Party’s patent or infringes, misappropriates or otherwise violates a Third Party’s valid intellectual
property rights; (ii) NAVB is the owner, co-owner, or exclusive licensee in the Field of the Know-How and Patent Rights, and to
the knowledge of NAVB, no Third Party has any claim in or to any of the Know-How or Patent Rights other than set forth in this
Agreement; and (iii) there is no suit, claim or action pending, or to the knowledge of NAVB threatened, which would affect in any
way the execution, delivery and performance of this Agreement by NAVB or the grant of any of the rights and privileges to ALSE
hereunder.

 

    	[*] – indicates deleted language	-10-	 

    	 

    

 

10.2          Mutual
Release. For itself and its employees, each of ALSE and NAVB hereby releases the other from any suits, actions, claims, liabilities,
demands, damages, losses, or expenses (including reasonable attorneys’ and investigative expenses) (collectively, “Losses”)
relating to the Sublicense Agreement or relating to or arising out of the development, manufacture, use, sale, Commercialization
or other disposition of a Licensed Product by ALSE or any of its Affiliates or Sublicensees. The foregoing does not constitute
a release of either partyby the other for the breach of any covenant, representation or warranty set forth in this Agreement.

 

10.3          ALSE’s
Indemnification. ALSE shall indemnify, defend, and hold NAVB harmless from all Losses resulting from any claim related to any
event occurring after the Effective Date brought by a Third Party that relates to, or arises out of, the development, manufacture,
use, sale, Commercialization or other disposition of a Licensed Product made by or on behalf of ALSE or any of its Affiliates or
Sublicensees, including, without limitation, personal injury, property damage, breach of contract and warranty and products-liability
claims relating to Licensed Products made by or on behalf of ALSE or any of its Affiliates or Sublicensees. NAVB shall provide
ALSE with prompt notice of any claim (with a description of the claim and the nature and amount of any such loss) giving rise to
the indemnification obligation pursuant to this Article 10.3 and the exclusive ability to defend such claim (with the reasonable
cooperation of NAVB). NAVB shall have the right to retain its own counsel, at its own expense, if representation by ALSE’S counsel
would be inappropriate due to actual or potential differing interests between the Parties. Neither Party shall settle or consent
to the entry of any judgment with respect to any claim for Losses for which indemnification is sought without the prior written
consent of the other Party (not to be unreasonably withheld or delayed); provided, however, that ALSE shall have
the right to settle or compromise any claim for Losses without such prior written consent if the settlement or compromise provides
for a full and unconditional release of NAVB and is not materially prejudicial to any of NAVB’S rights. ALSE’S obligation to indemnify
NAVB pursuant to this Article 10.3 shall not apply to the extent of any Losses that (i) arise from the negligence, recklessness,
or intentional misconduct of NAVB; or (ii) arise from the breach by NAVB of any obligation, representation, warranty or covenant
in this Agreement.

 

10.4          
NAVB’s Indemnification. NAVB shall indemnify, defend, and hold ALSE harmless from all Losses resulting from any claim related
to any event occurring between July 31, 2012 and the Effective Date and arising out of any independent activities of NAVB brought
by a Third Party that relates to, or arises out of, the development, manufacture, use, sale, Commercialization or other disposition
of a Licensed Product made by or on behalf of NAVB or any of its Affiliates or Sublicensees, including, without limitation, personal
injury, property damage, breach of contract and warranty and products-liability claims relating to Licensed Products made by or
on behalf of NAVB after July 31, 2012 and before the Effective Date. ALSE shall provide NAVB with prompt notice of any claim (with
a description of the claim and the nature and amount of any such loss) giving rise to the indemnification obligation pursuant to
this Article 10.4 and the exclusive ability to defend such claim (with the reasonable cooperation of ALSE). ALSE shall have the
right to retain its own counsel, at its own expense, if representation by NAVB’S counsel would be inappropriate due to actual or
potential differing interests between the Parties. Neither Party shall settle or consent to the entry of any judgment with respect
to any claim for Losses for which indemnification is sought without the prior written consent of the other Party (not to be unreasonably
withheld or delayed); provided, however, that NAVB shall have the right to settle or compromise any claim for Losses
without such prior written consent if the settlement or compromise provides for a full and unconditional release of ALSE and is
not materially prejudicial to any of ALSE’S rights. NAVB’S obligation to indemnify ALSE pursuant to this Article 10.4 shall not
apply to the extent of any Losses that (i) arise from the negligence, recklessness, or intentional misconduct of ALSE; or (ii)
arise from the breach by ALSE of any obligation, representation, warranty or covenant in this Agreement.

 

    	[*] – indicates deleted language	-11-	 

    	 

    

 

10.5          Disclaimers. EXCEPT
FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN ARTICLE 10.1 OF THIS AGREEMENT, NAVB AND ALSE DISCLAIM
AND EXCLUDE ALL WARRANTIES, EXPRESS AND IMPLIED, CONCERNING EACH LICENSED PRODUCT AND THE INTELLECTUAL PROPERTY, INCLUDING,
WITHOUT LIMITATION, WARRANTIES OF PATENT VALIDITY, NON-INFRINGEMENT AND THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS
FOR A PARTICULAR PURPOSE.

 

10.6          Damages.
EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND EXCEPT FOR THE INDEMNITIES IN ARTICLES 10.3 AND 10.4, IN NO EVENT SHALL
EITHER PARTY BE LIABLE FOR LOST PROFITS, LOST BUSINESS OPPORTUNITY, INVENTORY LOSS, WORK STOPPAGE, OR ANY OTHER RELIANCE OR EXPECTANCY,
INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, OF ANY KIND.

 

ARTICLE 11. CONFIDENTIALITY
AND USE OF NAME

 

11.1          Each
Party agrees that a Party (the “Recipient”) receiving Confidential Information of the other Party (the “Discloser”)
shall (i) maintain in confidence such Confidential Information using not less than the efforts such Recipient uses to maintain
in confidence its own proprietary information of similar kind and value, but in no event less than a reasonable degree of efforts;
(ii) not disclose such Confidential Information to any Third Party without the prior written consent of the Discloser, except for
disclosures expressly permitted below; and (iii) not use such Confidential Information for any purpose except those permitted by
this Agreement. The obligations of non-disclosure and non-use under this Article 11.1 shall be in full force during the Term and
for a period of five (5) years thereafter. Each Party, upon the request of the other Party, will return all copies of or destroy
(and certify such destruction in writing) the Confidential Information disclosed or transferred to it by the other Party pursuant
to this Agreement, within sixty (60) days of such request or, if earlier, the termination or expiration of this Agreement.

 

11.2          The
obligations in Article 11.1 shall not apply to any portion of the Confidential Information of the Discloser that the Recipient
can show by competent written proof: (i) is subsequently disclosed to the Recipient by a Third Party lawfully in possession thereof
and without any obligation to keep it confidential or any restriction on its use; (ii) is published by a Third Party or otherwise
becomes publicly available or enters the public domain, either before or after it is disclosed to the Recipient, without any breach
by the Recipient of its obligations hereunder; or (iii) is independently developed by or for the Recipient without reference to
or reliance upon the Discloser’s Confidential Information.

 

    	[*] – indicates deleted language	-12-	 

    	 

    

 

11.3          Notwithstanding
Article 11.1 the Recipient may disclose Confidential Information belonging to the Discloser to the extent (and only to the extent)
such disclosure is reasonably necessary in the following instances: (i) complying with applicable laws and with judicial process,
if in the reasonable opinion of the Recipient’s counsel, such disclosure is necessary for such compliance; provided that
Recipient timely notifies Discloser of Recipient’s intent with sufficient time to permit Discloser to challenge such a disclosure
before the court and (ii) disclosure of the other Party’s Confidential Information to any of its officers, employees, consultants,
or agents if and only to the extent necessary to carry out its responsibilities or exercise its rights under this Agreement; provided
that each such disclosure under clause (ii) is bound by written confidentiality obligations to maintain the confidentiality
thereof and not to use such Confidential Information except as expressly permitted by this Agreement.

 

11.4          No
provision of this Agreement grants ALSE, its Affiliates or any Sublicensee any right or license to use the name of NAVB or the
names or identities of any employee of NAVB without the prior written consent of NAVB. ALSE and its Affiliates and Sublicensees
may, however, factually disclose that they benefit from a license from NAVB, or a Sublicense, under the Licensed Know-How and Licensed
Patents.

 

ARTICLE 12. MISCELLANEOUS
PROVISIONS

 

12.1          Correspondence.
Any notice or payment required to be given to either party under this Agreement shall be deemed to have been properly given
and effective:

 

		(a)	on the date of delivery
if delivered in person,

		(b)	five (5) days after mailing
if mailed by first-class or certified mail, postage paid, to the respective addresses given below, or to such other address as
is designated by written notice given to the other party, or

		(c)	upon confirmation by recognized
national overnight courier, confirmed facsimile transmission, or confirmed electronic mail, to the following addresses or facsimile
numbers of the parties.

 

If sent to NAVB:

 

Navidea Biopharmaceuticals,
Inc.

5600 Blazer Parkway, Suite
200

Dublin, OH 43017-1367

Attention: President, CEO

Phone: 614-793-7500

Fax: 614-793-7522

 

    	[*] – indicates deleted language	-13-	 

    	 

    

 

If
sent to ALSE by mail:

 

Alseres Pharmaceuticals, Inc.

10 Rogers Street, Suite 101

Cambridge, MA 02142

Attention: President, CEO

 

12.2          Assignment.
Either Party, without the prior approval of the other Party, may assign all of its rights to a Third Party if the assignment
is made to such Third Party as a part of, and in connection with, (i) the sale by the assigning Party of all or substantially all
of its assets to which this Agreement relates to the Third Party; (ii) the sale, transfer, or exchange by the shareholders, partners,
or equity owners of the assigning Party of a majority interest in the assigning Party to the Third Party; or (iii) the merger of
the assigning Party into the Third Party (or a Third Party into the assigning Party). The assigning Party shall deliver to the
other Party written notice of any such permitted assignment. This Agreement will inure to the benefit of ALSE and NAVB and their
respective successors and assigns.

 

12.3          No
Waiver. No waiver by either party of any breach or default of any covenant or agreement set forth in this Agreement shall be
deemed a waiver as to any subsequent and/or similar breach or default.

 

12.4           Failure
to Perform. In the event of a failure of performance due under this Agreement and if it becomes necessary for either party
to undertake legal action against the other on account thereof, then the prevailing party shall be entitled to reasonable attorneys’
fees in addition to costs and necessary disbursements.

 

12.5           Force
Majeure. A party to this Agreement may be excused from any performance required herein if such performance is rendered impossible
or unfeasible due to any catastrophe or other major event beyond its reasonable control, including, without limitation, war, riot,
and insurrection; laws, proclamations, edicts, ordinances, or regulations; strikes, lockouts, or other serious labor disputes;
and floods, fires, explosions, or other natural disasters. When such events have abated, the non-performing party’s obligations
herein shall resume.

 

12.6           Amendment
and Waiver. This Agreement may be amended from time to time only by a written instrument signed by the Parties. No term or
provision of this Agreement will be waived and no breach excused unless such waiver or consent will be in writing and signed by
the Party claimed to have waived or consented. No waiver of a breach will be deemed to be a waiver of a different or subsequent
breach.

 

12.7          Consents
and Approvals. Except as otherwise expressly provided, all consents or approvals required under the terms of this Agreement
must be in writing and delivered as set forth in Article 12.1.

 

12.8          Construction.
The headings preceding and labeling the paragraphs of this Agreement are for the purpose of identification only and will not in
any event be used for the purpose of construction or interpretation of this Agreement.

 

    	[*] – indicates deleted language	-14-	 

    	 

    

 

12.9          Enforceability.
If a court of competent jurisdiction adjudges a provision of this Agreement unenforceable, invalid, or void, such determination
will not impair the enforceability of any of the remaining provisions hereof and the provisions will remain in full force and effect
so long as the Agreement, taking into account said voided provision, continues to provide the Parties with materially the same
benefits as intended on the Effective Date. If the Parties are unable to realize materially the same benefits as contemplated on
the Effective Date, the Parties shall negotiate in good faith to amend this Agreement to reestablish (to the extent legally permissible)
such benefits.

 

12.10           Third
Party Beneficiaries. No provision of this Agreement, express or implied, confers upon any Third Party any rights, remedies,
obligations, or liabilities hereunder.

 

12.11           Publicity.
Neither Party shall make any public statement or pronouncement of the execution of this Agreement, nor any of its terms, without
the prior written consent of the other Party not unreasonably withheld or delayed.

 

12.12           Relationship
of the Parties. In entering into, and performing their duties under this Agreement, the Parties are acting as independent contractors
and independent employers. No provision of this Agreement shall create or be construed as creating a partnership, joint venture,
or agency relationship between the Parties. No party shall have the authority to act for or bind the other Party in any respect.

 

12.13           Governing
Laws. This Agreement shall be interpreted and construed in accordance with the laws of the state of Delaware, but the scope
and validity of any patent or patent application shall be governed by the applicable laws of the country of the patent or patent
application.

 

12.14           Entire
Agreement. This Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations
or understandings, either oral or written, between the parties relating to the subject matter hereof. This Agreement (including
all attachments, exhibits, and amendments) is the final and complete understanding between the Parties concerning the subject matter
of this Agreement. This Agreement supersedes any and all prior or contemporaneous negotiations, representations and understandings,
whether written or oral, concerning its subject matter. This Agreement may not be modified in any manner, except by written agreement
signed by an authorized representative of both Parties. This Agreement may be executed in one or more counterparts, each of which
when taken together shall constitute one and the same agreement.

 

 

[Signature Page Follows]

 

    	[*] – indicates deleted language	-15-	 

    	 

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be duly executed by their respective authorized officers as of the day and year written.

 

	Navidea Biopharmaceuticals, Inc.	 	Alseres Pharmaceuticals, Inc.	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Ricardo Gonzalez   	 	By:	/s/ Peter Savas  	 
	 	      	 	 	     	 
	Name:	Ricardo Gonzalez	 	Name:	Peter Savas	 
	 	 	 	 	 	 
	Title:	President & CEO	 	Title:	Chairman & CEO	 
	 	 	 	 	 	 

 

    	[*] – indicates deleted language	-16-	 

    	 

    

 

EXHIBIT A

 

PATENT SCHEDULE

US Patent Number 8,084,018

Canadian Application CA 2700468 (pending)

European Application EP 2219682 (pending)

Japanese Application JP 2014148529 (pending)

Japanese Application JP 2011502130 (removal of consideration
before appeal)

US Application Number 60/984,163

PCT/CA2008/001916

US Patent Number 8,574,545

 

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