Document:

Exhibit
10.18

 

***Certain
identified information has been omitted from this exhibit because it is both (i) not 

material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. Such 

omitted information is indicated by brackets (“[...***...]”) in this exhibit. ***

 

QUALITY
AGREEMENT

 

Between

 

THE
BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY

 

Hereafter
referred to as “STANFORD”

 

and

 

AMGEN
Inc.

 

Hereafter
referred to as “AMGEN”

 

This
Quality Agreement is intended by the Parties to set forth a plan for the quality assurance groups of AMGEN and STANFORD to work in relation
to the manufacture, transfer, bulk labeling, packaging, testing, release, shipping and storage of the Product (as defined below). By
signing below, the respective quality assurance representatives acknowledge and agree to the provisions of this Quality Agreement.

 

	 	Agreed
    and accepted for: 

    

    

    
	 	 	Agreed
    and accepted for: 

    

    

	 	 	 	 	 
	 	The Board Of Trustees
    of the Leland 

    Stanford Junior University	 	 	Amgen Inc.
	 	 	 	 	 
	By:	/s/
    Marcia J. Cohen	 	By:	/s/
    Valerie Whelan
	Name:	Marcia J. Cohen	 	Name:	Valerie Whelan
	Title:	Senior Associate Dean
    for Finance and Administration	 	Title:	Executive Director,
    Quality Site Head
	Date:	10/7/2015	 	Date:	5th October
    2015

 

LEGAL
DEPT

EMM

/s/
EMM

 

    	AMGEN Contract No: 2015645397

	1	 

     

    

 

	1.	BACKGROUND
    INFORMATION	3
	2.	SCOPE	3
	3.	DEFINITIONS	3
	4.	ROLES
    AND RESPONSIBILITIES	5
	5.	COMMUNICATION	6
	6.	BATCH
    DISPOSITION (PRODUCT RELEASE)	6
	7.	QUALITY
    CONTROL	7
	8.	REFERENCE
    AND RETENTION SAMPLES	8
	9.	CONTROLLED
    DOCUMENTS	8
	10.	LABELING	8
	11.	SHIPPING	9
	12.	CHANGE
    CONTROL	10
	13.	INVESTIGATIONS
    OF NONCONFORMANCES	10
	14.	PRODUCT
    COMPLAINTS	11
	15.	ADVERSE
    EVENTS	11
	16.	AUDITS
    AND INSPECTIONS	11
	17.	RECALLS	13
	18.	SUBCONTRACTING	13
	19.	RESPONSIBLE
    PERSONS: CONTACT INFORMATION	13
	LIST
    OF EXHIBITS:	14
	Exhibit
    A	15
	EXHIBIT
    B	16
	EXHIBIT
    C	17

 

    	AMGEN Contract No: 2015645397

	2	 

     

    

 

This
QUALITY AGREEMENT is entered into by and between THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY, located at 300
Pasteur Drive, Room H0101 Stanford, California 94305-5623 (“STANFORD”) and AMGEN Inc., located at One Amgen Center Drive,
Thousand Oaks, California 91320-1799 (“AMGEN”). STANFORD and AMGEN may each be singularly referred to as a “Party”
or, collectively, as the “Parties”.

 

	1.	BACKGROUND INFORMATION

 

	 	1.1	AMGEN
    Inc. (hereinafter referred to as “AMGEN”) and the Board of Trustees of the Leland Stanford Junior University for Stanford
    University (hereinafter referred to as “STANFORD”) (hereinafter referred to individually as “Party” or collectively
    as “Parties”) have entered into an Investigator Sponsored Research Agreement (the “Research Agreement”),
    dated as of June 18, 2013 (Amgen ref. no. [...***...]), pursuant to which AMGEN, STANFORD and the Principal Investigator
    (as defined therein) have agreed to certain rights and obligations with respect to a proposed clinical study of AMGEN’s proprietary
    product known as AMG 191 (“the Product”).

 

	 	1.2	This
    Quality Agreement defines the quality obligations and responsibilities of the Parties and their respective affiliates or approved
    contractors with respect to the transfer, bulk packaging, testing, release, shipping and storage of Product in accordance with the
    Research Agreement and the quality aspects of such Product.

 

	2.	SCOPE

 

	 	2.1	The
    provisions of this Quality Agreement are incorporated as part of the provisions of the Research Agreement. The terms of the Research
    Agreement shall remain in full force and effect. In the event of any conflict between the Research Agreement and this Quality Agreement,
    the Research Agreement shall govern over the conflict, except that if the conflict pertains to an express provision of this Quality
    Agreement, this Quality Agreement will govern.

 

	 	2.2	This
    Quality Agreement may be amended only by mutual written agreement of the Parties.

 

	 	2.3	Exhibits
    to this Quality Agreement are intended to provide additional definition to the applicable topic and, as such, should be updated to
    reflect the current information and business process, as applicable. Amendment of the Exhibits does not require re-approval of this
    Quality Agreement unless this Quality Agreement itself is affected. Exhibits and all amendments of Exhibits shall be approved by
    mutual written agreement of the Parties.

 

	 	2.4	All
    activities under this Quality Agreement shall be performed in compliance with current applicable Good Manufacturing Practice (cGMP) requirements.

 

	 	2.5	This
    Quality Agreement shall expire at the termination, cancellation, or expiration, as the case may be, of the Research Agreement.

 

	 	2.6	This
    Quality Agreement only shall govern the manufacture, transfer, bulk labeling, packaging, testing, release, shipping and storage of
    the Product, as defined herein.

 

	3.	DEFINITIONS

 

	 	3.1	All
    capitalized terms not otherwise defined in this Quality Agreement shall have the definition set forth in the Research Agreement.

 

    	AMGEN Contract No: 2015645397

	3	 

     

    

 

		3.2	As
used in this Quality Agreement, the following terms shall have the following meanings:

 

	Term	 	Definition
	Certificate
    of Analysis 

    (CoA)	 	An
    approved record for a given batch containing the analytical test.

     

    Results
    required by the specifications for the product or material.

    

	 	 	 
	Certificate
    of Compliance

    (CoC)	 	Certificate
    including a statement of compliance for a specific product batch and may contain the usage decision.
	 	 	 
	cGMP	 	All
    applicable laws, regulations, and guidance relating to current Good Manufacturing Practices, as administered, promulgated or issued
    by the United States Food and Drug Administration (FDA), and foreign equivalents thereof, including without limitation those promulgated
    by the applicable Regulatory Authority in the European Union, Japan, or Canada.
	 	 	 
	Complaint
    

    (Product complaint)	 	Any
    written, electronic or verbal communication that alleges deficiencies related to the identity, quality, durability, reliability,
    safety, effectiveness or performance of a drug after release for distribution.
	 	 	 
	Deviation/
    

    Nonconformance	 	The
    term “Deviation/Nonconformance” shall mean a departure from an approved instruction or established standard or operating
    procedure incurred during the manufacture, packaging, testing, or storage of the Product prior to delivery to STANFORD, which were
    determined by AMGEN procedures to potentially impact the quality, potency, purity, identity, strength, efficacy, or safety of the
    Product.

     

    The
    terms Deviation or Nonconformance can be used interchangeably.

    

	 	 	 
	Final
    Release	 	Release
    of product for distribution by STANFORD in accordance with STANFORD standard operating procedures (“SOPs”).
	 	 	 
	Drug
    Product (DP)	 	The
    term used when referring to both intermediate and final drug products.

     

    The
    dosage form approved in the IND protocol.

    

	 	 	 
	Manufacturer’s
    Release	 	Release
    of Product to STANFORD by AMGEN, according to AMGEN’s procedures and cGMP requirements.
	 	 	 
	Material
    Change	 	A
    change which materially modifies the regulatory filing for the Product or is determined by AMGEN to have significant potential to
    materially affect the safety, quality, identity, potency or purity of the Product.

     

    Per
    AMGEN’s change classification, this would represent a level 2 or level 3 change.

    

	 	 	 
	Out
    of Specification 

    (OOS) Event	 	An
    examination, measurement or test result that does not conform with pre-established Specification requirements established by the
    relevant Party.
	 	 	 
	Product	 	Shall
    mean the pharmaceutical product(s) manufactured and provided by AMGEN to STANFORD pursuant to the Master Material Transfer Agreement.
    This shall include Drug Product and/ or Finished Product as defined herein.

 

    	AMGEN Contract No: 2015645397

	4	 

     

    

 

	Term	 	Definition
	Qualified
    Person	 	The
    term “Qualified Person” shall mean personnel who, for Product manufactured within or for the European Community, ensures
    that each batch has been produced and tested/checked in accordance with the directives and the marketing authorization, and must
    certify in a register or equivalent document, as operations are carried out and before any release, that each production batch satisfies
    the provisions of European Union regulation.
	 	 	 
	Quality
    Assurance 

    Disposition (QAD)	 	A
    document containing the disposition decision for a specific batch of Product.
	Quality
    Control Analytical 

    Data Summary (QCADS)	 	QCADS
    prepared for Product representing the analytical results for the material, the accuracy of which has been certified by AMGEN.

     

    This
is an approved record provided by AMGEN for a given batch containing the analytical test results required by the specification for the
material.

	 	 	 
	Product
    Retrieval	 	Product
    Retrieval means an action taken to remedy a product defect that may compromise efficacy, safety or quality of the Product.
	 	 	 
	Reference
    Sample	 	Sample
    collected from the manufacture of Product for the purpose of being analyzed, should the need arise, to support investigations.
	 	 	 
	Regulatory
    Approval	 	All
    approvals, Researchs, or authorizations by FDA or any other relevant Regulatory Authority that is required to ship, market, or conduct
    clinical investigations with the Product.
	 	 	 
	Regulatory
    Authority	 	Any
    government administrative agency, commission or other body or instrumentality, or any federal, state, local, domestic or foreign
    governmental regulatory body with jurisdiction over the Products, including, but not limited, to FDA and the EMEA.
	 	 	 
	Reprocessing	 	Introducing
    an intermediate or active pharmaceutical ingredient, including one that does not conform to standards or Specifications, back into
    the process and repeating a step (e.g., filtration) that is part of the established manufacturing process.
	 	 	 
	Reserve
    Samples	 	Term
    that encompasses both reference and retention samples.
	 	 	 
	Retention
    Samples	 	A
    sample taken during the process and for identification purposes. The sample is stored under controlled conditions for a defined time
    period following completion of the process (including fill and finish).
	 	 	 
	Rework	 	Subjecting
    an intermediate that does not conform to one or more processing steps that are different from the established manufacturing process
    to obtain acceptable quality intermediate or Product.
	 	 	 
	Specifications	 	The
    description of the Product with a set of analytical test methods and acceptance criteria.

 

	4.	ROLES AND RESPONSIBILITIES

 

Without
limiting any other provision of this Quality Agreement, the Parties agree that this Quality Agreement is intended to carry out the following
guiding principles:

 

	 	4.1	The
    Parties’ quality obligations with respect to the transfer, bulk packaging, testing, release, and delivery of Product are set
    forth in this Quality Agreement.

 

    	AMGEN Contract No: 2015645397

	5	 

     

    

 

	 	4.2	The
    Parties acknowledge that each Party shall have the right to perform responsibilities hereunder through its Affiliates (as defined
    in the Research (Agreement) and/or contractors, provided that each Party shall remain responsible and liable for such performance
    as if such responsibilities were performed (or not performed) by such Party.

 

	 	4.3	It
    is in the Parties’ interest to collaborate and reach agreement on matters related to overall Product performance under the
    Research Agreement to assure the consistent quality, safety, integrity, purity and potency of Product.

 

	 	4.4	The
    Parties shall comply with all relevant laws, including without limitation applicable legislation.

 

	5.	COMMUNICATION

 

	 	5.1	AMGEN
    and STANFORD agree to provide verbal communication to one another as necessary or appropriate to meet the need for timely communication.
    Both Parties also agree to follow up and clarify promptly in writing those important verbal communications to ensure clarity of issue(s).

 

	 	5.2	All
    official communications and documentation between AMGEN and STANFORD will be conducted in English.

 

	 	5.3	Routine
    verbal and written communications required hereunder shall be delivered to the individuals designated on the notification list set
    forth in the Exhibit A attached to this Quality Agreement.

 

	 	5.4	AMGEN
    and STANFORD shall work collaboratively to collect and share with one another, at [...***...] meetings and as otherwise
    mutually agreed upon, data regarding Product that is generated pursuant to the Master Material Transfer Agreement and/or this Quality
    Agreement.

 

	 	5.4.1	The
    type of data to be collected and shared shall be related only to lots supplied to STANFORD and shall include lot release documentation,
    summaries of change controls, complaint investigations, deviation/nonconformances summaries, and stability data, as agreed between
    the Parties. Data may be requested to support AMGEN’s and the STANFORD’s quality departments’ oversight, trending,
    and regulatory submissions of Product.

 

	 	5.5	Each
    Party must notify the other in writing of any (potential) theft, counterfeits and illegal diversion of Product manufactured by AMGEN
    within [...***...] upon awareness of such events. Investigation results will be provided upon completion.

 

	6.	BATCH DISPOSITION
    (PRODUCT RELEASE)

 

	 	6.1	AMGEN
    Quality Responsibility

 

	 	6.1.1	AMGEN
    shall be responsible for the Manufacturer’s Release of the Product to STANFORD. All the lots of Product provided to STANFORD
    by AMGEN pursuant to the Master Material Transfer Agreement shall be manufactured, bulk packaged, tested, stored, released and delivered
    (as applicable) in accordance with cGMP and the Specifications.

 

	 	6.1.2	AMGEN
    shall provide to STANFORD the Disposition Package for each batch of Product supplied to STANFORD, upon shipment. The documents to
    be included in the Disposition Package are provided in Exhibit B of the Quality Agreement.

 

    	AMGEN Contract No: 2015645397

	6	 

     

    

 

	 	6.2	STANFORD
    Quality Responsibility

 

	 	6.2.1	STANFORD
    shall be solely responsible for the Final Release of the Product for distribution and/or use (including investigational use) after
    reviewing the Disposition Package provided by AMGEN.

 

	 	6.2.2	If
    applicable, a QP authorized by STANFORD will be responsible for certification of Product for distribution/ use in clinical trials
    in the European Union, according to the requirements set out in the European Union cGMPs.

 

	 	6.2.3	STANFORD
    shall be deemed to have conclusively and fully accepted the Product unless STANFORD notifies AMGEN in writing of any claim to the
    effect that the Product received did not meet the Specifications or cGMP within [...***...] after transfer of the Product
    to STANFORD.

 

	 	6.2.4	Upon
    STANFORD’s final determination of acceptance/ rejection of Product, refer to the Master Material Transfer Agreement for supply
    strategy.

 

	7.	QUALITY CONTROL

 

	 	7.1	AMGEN
    will conduct testing of Product according to the Specifications, cGMP requirements, and its methods, policies and procedures.

 

	 	7.2	Unless
    it is required under this Agreement or by applicable regulations or requirements, or otherwise necessary or appropriate for STANFORD
    to ensure the safety, effectiveness, or reliability of the Product, STANFORD shall accept the Product without performing additional
    testing.

 

	 	7.3	If
    additional testing is required, STANFORD shall be responsible for sampling upon receipt and conducting testing, as required. Such
    testing will be conducted by STANFORD or by appropriately qualified laboratories by appropriately qualified personnel according to
    testing procedures mutually agreed by Parties. If STANFORD is required to perform testing due to regulatory requirements, STANFORD
    must inform AMGEN.

 

	 	7.3.1	A
    method transfer of any test method developed by AMGEN and transferred to STANFORD or by appropriately qualified laboratories shall
    be completed and approved by STANFORD prior to STANFORD’s dispositioning of Products, utilizing the transferred method(s).
    AMGEN will work collaboratively with STANFORD to transfer any methods required by STANFORD related to the testing of Product under
    the Research Agreement.

 

	 	7.3.2	The
    transfer of Product analytical methods from AMGEN to STANFORD or by appropriately qualified laboratories will be according to a protocol
    generated in accordance with AMGEN’s procedures and in compliance with cGMPs. The protocol shall be reviewed and approved by
    AMGEN and STANFORD.

 

	 	7.3.3	AMGEN
    and STANFORD shall review and approve all documentation and analytical data generated or resulting from the transfer, including without
    limitation analytical results, related deviations and the OOS result investigations.

 

    	AMGEN Contract No: 2015645397

	7	 

     

    

 

	 	7.3.4	AMGEN
    shall provide non-commercially available critical reagents provided in Exhibit C and reference standards to STANFORD for the
    purposes of method transfer activities and routine testing.

 

	 	7.3.4.1	On
    [...***...] basis, STANFORD shall provide AMGEN with a forecast for each non-commercially available critical reagent and
    reference standard.

 

	 	7.4	Stability
    testing of Product

 

	 	7.4.1	STANFORD
    will be responsible for conducting stability testing on the AMG 191 Inspected Drug Product [...***...], specification
    number [...***...] via the Contract Manufacturing Organization (CMO) Lonza following a STANFORD approved protocol.

 

	8.	REFERENCE AND
    RETENTION SAMPLES

 

	 	8.1	AMGEN
    shall retain reference samples for each manufactured batch of Product released to STANFORD per AMGEN established procedures and cGMP
    requirements.

 

	 	8.2	The
    amount of samples collected will be in compliance with AMGEN policies and procedures and cGMP requirements.

 

	 	8.3	AMGEN
    shall be responsible for retaining retention samples per AMGEN requirements for products packaged by AMGEN.

 

	 	8.4	The
    retention period to follow will be according to the applicable regulatory requirements for the clinical study.

 

	9.	CONTROLLED DOCUMENTS

 

	 	9.1	AMGEN
    shall make readily available to STANFORD, upon request, only documents related to lots supplied to STANFORD which shall include lot
    release documentation, summaries of change controls, complaint investigations, deviation/ nonconformances summaries, and stability
    data, as agreed between the Parties. AMGEN shall make batch records readily available during audits, and provide redacted sections
    of batch records upon request by STANFORD.

 

	 	9.2	AMGEN
    shall retain controlled documents related to manufacturing and analytical data per AMGEN’s established procedures and cGMP
    requirements.

 

	10.	LABELING

 

	 	10.1	AMGEN
    shall generate and approve Product labels with direct assistance from STANFORD according to AMGEN’s procedures. STANFORD or
    its designee is responsible for reviewing and approving the labels for compliance with applicable clinical study regulatory requirements.

 

	 	10.2	STANFORD
    shall not perform additional labeling or re-labeling without prior approval from AMGEN, unless required by a regulatory authority.

 

	 	10.3	AMGEN
    shall apply physical labels to appropriately identify Product prior to supply to STANFORD.

 

    	AMGEN Contract No: 2015645397

	8	 

     

    

 

	 	10.4	Individual
    Product containers (primary and secondary) and distribution cases shall both be labeled with at least the following information:

 

	 	●	Lot or Batch Number

 

	 	●	Name of product

 

	 	●	Strength

 

	 	●	Quantity of contents
    (Secondary labels and/or distribution cases)

 

	11.	SHIPPING, RECEIVING,
    STORAGE AND DESTRUCTION

 

	 	11.1	Shipping
    of Product by AMGEN

 

	 	11.1.1	AMGEN
    shall be responsible to pack the Product for shipment in an appropriate manner in accordance with AMGEN procedures and Specifications.

 

	 	11.1.2	Unless
    otherwise agreed by the Parties, AMGEN shall ship the Product as provided in the Master Material Transfer Agreement. AMGEN shall
    ship the Product to the Stanford-contracted distribution center in the U.S and AMGEN shall ship the Product to the Stanford-contracted
    testing and manufacturing facility in the EU. AMGEN shall ensure that all government approvals are obtained and submit all appropriate
    documents, forms and reports as required by governmental authorities for the import and export of the Product. Stanford/Lonza will
    take responsibility on instance duties, taxes and fees of the product once it arrives in the EU. AMGEN shall be responsible to get
    the product to the EU. (INCOTERM 2010: DAP).

 

	 	11.1.3	AMGEN
    shall ensure that adequate controls are in place to ensure the temperature is monitored throughout transportation of Product from
    AMGEN to STANFORD.

 

	 	11.1.4	Any
    nonconformance that occurs during Product shipment from AMGEN to STANFORD, including temperature excursions, shall be investigated
    by AMGEN.

 

	 	11.2	Receiving
    and Storage of Product by STANFORD

 

	 	11.2.1	After
    the transfer of Product from AMGEN to STANFORD, STANFORD shall ensure that all subsequent government approvals, taxes and fees will
    be paid, including any required import clearance, and submit all appropriate documents, forms and reports as required by governmental
    authorities for the import and export of the Product.

 

	 	11.2.2	Upon
    receipt of shipment, STANFORD shall ensure the following are complete: reviewing shipping temperature recording data, inspecting
    security seals and labels for evidence of tamper, and performing reconciliation of Product upon receipt of shipment following the
    appropriate procedures. STANFORD shall notify AMGEN within [...***...] Business Days after becoming aware of any discrepancies.

 

	 	11.2.3	STANFORD
    shall ensure adequate storage of the Product upon receipt according to the storage requirements specified in the Specifications,
    which will be sent to STANFORD in advance of the shipping.

 

	 	11.2.4	STANFORD
    shall ensure the necessary shipper qualification required to ensure appropriate storage and transport of product.

 

    	AMGEN Contract No: 2015645397

	9	 

     

    

 

	 	11.2.5	STANFORD
    shall be responsible for evaluating temperature excursions that may occur during the transportation and/or storage of Product for
    STANFORD sponsored clinical studies to ensure product was maintained within acceptable storage conditions as listed in Specification.
    The evaluation should be based on the Product stability data provided to STANFORD.

 

	 	11.3	Destruction
    and Reconciliation

 

	 	11.3.1	STANFORD
    shall be responsible for the destruction and reconciliation of any rejected, unused and partially used Product in accordance with
    Applicable Laws and regulations.

 

	 	11.3.2	Unused
    clinical product and placebo should be reconciled and destroyed per STANFORD procedures.

 

	 	11.4	Product
    returns

 

	 	11.4.1	STANFORD
    is responsible for coordinating the retrieval of Product from clinical study sites.

 

	12.	CHANGE CONTROL

 

	 	12.1	Drug
    Master File Changes by AMGEN

 

	 	12.1.1	Amgen
    shall comply with all DMF Holder Obligations as described in FDA’s Drug Master Files: Guidelines, 1989. Specifically,
    AMGEN shall notify STANFORD in writing if AMGEN, as the holder of the drug master file, adds, changes, or deletes any information
    in the file (21 CFR 314.420(c)). AMGEN shall provide adequate notice to STANFORD before making such change in order to permit
    STANFORD to supplement or amend any affected application(s), as needed. Amgen shall also provide Stanford with notification of changes
    communicated in the DMF annual report or if statement that no changes were made is communicated instead.

 

	13.	INVESTIGATIONS
    OF NONCONFORMANCES, DISCREPANCIES

 

	 	13.1	Post-release
    nonconformances

 

	 	13.1.1	Each
    Party shall notify the other Party within [...***...] of any nonconformance determined to have potential impact on the
    safety, identity, strength, potency, and quality of the lot or portion of the lot which has been released (post-release) to the clinical
    study to enable STANFORD and/or AMGEN to comply with applicable regulatory reporting requirements.

 

	 	13.1.2	AMGEN
    will provide support, as necessary and reasonable, to enable STANFORD to comply with applicable reporting requirements to Regulatory
    Authorities.

 

	 	13.1.3	STANFORD
    shall notify AMGEN immediately of any possible shipping nonconformances, such as temperature excursions, upon reviewing shipping
    records.

 

	 	13.2	AMGEN
    and STANFORD shall each notify the other Party within [...***...] if they become aware that Product is alleged or proven
    to be the subject of a Product Retrieval or IND safety report.

 

    	AMGEN Contract No: 2015645397

	10	 

     

    

 

	14.	PRODUCT COMPLAINTS

 

	 	14.1	STANFORD
    shall notify AMGEN within [...***...] after first awareness of any product complaints which may include, but are not limited
    to, communication that alleges deficiencies relating to identity, quality, durability, reliability, safety, effectiveness or performance
    of a drug, condition of labeling, or packaging, after it is released by STANFORD in the Territory.

 

	 	14.1.1	Complaints
    shall be reported by writing to the following e-mail address: [...***...].

 

	 	14.2	AMGEN
    shall investigate complaints submitted by STANFORD according to AMGEN’s applicable policies and procedures.

 

	 	14.3	AMGEN
    shall provide updates and/ or closure report within [...***...] upon receipt of the customer complaint to STANFORD.

 

	15.	ADVERSE EVENTS

 

	 	15.1	All
    adverse events shall be handled per applicable Safety Agreement between Parties.

 

	16.	AUDITS AND INSPECTIONS

 

	 	16.1	STANFORD
    shall not have rights to have a person-in-plant at AMGEN facilities to observe operations and documentation.

 

	 	16.2	Audits
    by STANFORD

 

	 	16.2.1	Upon
    the request of STANFORD and approval by AMGEN, not to be unreasonably withheld, AMGEN shall permit STANFORD to conduct an audit,
    either routine to confirm compliance with this Quality Agreement, Specifications, cGMPs, or “For Cause”, in the
    case of a quality or regulatory event, which events may include Product Retrieval from clinical study sites, repeated product complaints,
    and repeated rejection from testing.

 

	 	16.2.2	All
    audits require prior written request by STANFORD and shall be conducted during normal AMGEN business hours.

 

	 	16.2.3	STANFORD
    shall provide AMGEN written notification of routine audits not less than [...***...] in advance. The written notification
    must clearly state the scope of the audit and applicable regulatory standards, specified in this Agreement, to be used to conduct
    the audit.

 

	 	16.2.4	STANFORD
    may conduct a routine audit [...***...] in a [...***...] period, upon AMGEN’s approval of the audit request.

 

	 	16.2.5	The
    scope, agenda, and timeline must be approved by AMGEN prior to conducting any audit.

 

	 	16.2.6	All
    audits of AMGEN are limited to the facilities where the Product is manufactured, Quality Systems and documentation directly related
    to the Product, and Batch Records related to lots provided to STANFORD.

 

	 	16.2.7	All
    audits of AMGEN facilities will be conducted in the presence of AMGEN representatives. Audits shall be conducted by not more than
    [...***...] STANFORD [...***...] at each AMGEN facility, and, unless otherwise agreed upon by AMGEN, for
    not more than [...***...] at each site.

 

    	AMGEN Contract No: 2015645397

	11	 

     

    

 

	 	16.2.8	At
    STANFORD’s or AMGEN’s request, an [...***...] shall be held with STANFORD and its representatives and AMGEN
    and its representatives to [...***...], if any.

 

	 	16.2.9	STANFORD
    shall provide AMGEN with a copy of the audit observation report within [...***...] upon completion of the audit. AMGEN
    shall provide STANFORD with a written response within [...***...] of receipt of such report, identifying corrective actions
    and timelines, for review and comment. STANFORD comments shall be given reasonable consideration prior to implementation of any corrective
    action plan.

 

	 	16.2.10	All
    information contained in the audit report shall be deemed confidential information of AMGEN under the Research Agreement.

 

	 	16.3	Audits
    by AMGEN

 

	 	16.3.1	AMGEN
    shall, consistent with its policies and procedures, schedule and perform internal audits and audits of its subcontractors for Product
    with respect to facilities, processes and procedures. AMGEN shall [...***...] notify STANFORD, in writing, of any critical
    observations directly related to the Product [...***...] after AMGEN receives notice thereof.

 

	 	16.3.2	AMGEN
    shall have the right to inspect facilities, cold chain management, and any contract manufacturers managed by STANFORD for AMGEN Product.

 

	 	16.3.3	AMGEN
    shall be allowed to conduct a review of STANFORD’s Supplier Quality Management system to ensure adequate Quality oversight
    is exhibited for Product.

 

	 	16.4	Regulatory
    Authority Inspections

 

	 	16.4.1	STANFORD
    shall use reasonable efforts to waive or avoid the need for any inspection by Governmental Authorities of AMGEN’s manufacturing
    facilities and/or documentation with respect to product and/or placebo.

 

	 	16.4.2	Each
    Party shall notify the other within [...***...] upon notification by any Regulatory Authority of any intended inspection
    of AMGEN’s facilities or records relating to the manufacturing, testing, and storage of the supplied Product.

 

	 	16.4.3	AMGEN
    will be solely responsible for hosting and managing regulatory inspections at its facilities.

 

	 	16.4.3.1	Not
    more than [...***...] STANFORD [...***...] may be present in such inspections upon approval by AMGEN, given
    that such approval may not be unreasonably withheld.

 

	 	16.4.3.2	STANFORD
    shall not have the right to be present in inspections for non-AMGEN facilities, provided however to the extent AMGEN has such right
    to be present, AMGEN shall also exert such right on behalf of STANFORD.

 

    	AMGEN Contract No: 2015645397

	12	 

     

    

 

	 	16.4.4	Each
    Party shall inform the other Party in writing of any critical and major regulatory inspection observations by other Government Authorities
    that are related to the Product.

 

	 	16.4.5	Responses
    to regulatory inspections

 

	 	16.4.5.1	For
    inspections occurring at AMGEN sites, AMGEN shall be the first to receive the inspection report, unless restricted by regulatory
    requirements.

 

	 	16.4.5.2	The
    Party who received the inspection report shall provide the report to the other Party within [...***...] of receipt, and
    shall be responsible for translation, if required.

 

	 	16.4.5.3	The
    Party whose facility was audited shall be responsible for authoring and providing responses to the Regulatory Authority.

 

	 	16.4.5.4	The
    non-authoring Party shall have a right to assist, review and comment on proposed responses. The final response shall be provided
    to each Party.

 

	17.	RECALLS, STOCK
    RECOVERY AND CORRECTIONS

 

	 	17.1	If
    any problems are discovered and identified as potentially requiring Product Retrieval in any country, the discovering Party shall
    notify the other immediately, and in any event, within [...***...] of identification of such problem. STANFORD may, on
    its own, conduct a Product Retrieval at any time, and must notify Amgen within [...***...] after initiating the Product
    Retrieval.

 

	 	17.2	AMGEN
    (either itself or via participation through a committee) shall have the right to initiate Product Retrieval with STANFORD’s
    written approval, unless required by a Regulatory Authority, in which case STANFORD’s approval shall not be necessary.

 

	 	17.3	Each
    Party will provide the other Party with reasonable assistance in connection with any such events as may reasonably be requested by
    such other Party.

 

	 	17.4	Each
    Party shall meet all applicable regulatory requirements related to Product Retrieval.

 

	 	17.5	Each
    Party shall be responsible for Product distributed for its own clinical studies.

 

	18.	SUBCONTRACTING

 

	 	18.1	Neither
    Party shall subcontract any of the services to be provided hereunder without written authorization of the other Party.

 

	19.	RESPONSIBLE PERSONS:
    CONTACT INFORMATION

 

	 	19.1	The
    individuals listed in Exhibit A shall be the key points of contact between AMGEN and STANFORD relating to the rights and obligations
    of the Parties in this Quality Agreement.

 

    	AMGEN Contract No: 2015645397

	13	 

     

    

 

LIST
OF EXHIBITS:

 

Exhibit A:
Responsible Persons and Contact Information

 

Exhibit B:
AMGEN Disposition Package

 

Exhibit C:
List of Critical Reagents

 

    	AMGEN Contract No: 2015645397

	14	 

     

    

 

Exhibit
A

 

Responsible
Persons and Contract Information

 

	STANFORD
	Name	Email
    Address	Contact
    Number	Responsibility
	[...***...]	[...***...]	[...***...]	[...***...]

    Principal Investigator
	[...***...]	[...***...]	[...***...]	[...***...]
	[...***...]	[...***...]	[...***...]	[...***...]
	[...***...]	[...***...]	[...***...]	[...***...]
	[...***...]	[...***...]	[...***...]	[...***...]

 

	AMGEN	 	 	 
	Name	Email Address	Contact
    Number	Responsibility
	[...***...]	[...***...]	[...***...]	[...***...]
	[...***...]	[...***...]	[...***...]	[...***...]

 

Exhibit
A Version Date: September 30, 2015

 

	 	Agreed
    and accepted for: 

    

    
	 	 	Agreed
    and accepted for: 
	 	 	 	 	 
	 	The Board Of Trustees of the Leland 

    Stanford Junior University	 	 	Amgen Inc.
	 	 	 	 	 
	By:	/s/ Marcia J. Cohen	 	By:	/s/ Valerie Whelan
	Name:	Marcia J. Cohen	 	Name:	Valerie Whelan
	Title:	Senior Associate Dean for Finance and Administration	 	Title:	Executive Director, Quality Site Head
	Date:	10/7/2015	 	Date:	5th October 2015

 

LEGAL
DEPT

EMM

/s/
EMM

 

    	AMGEN Contract No: 2015645397

	15	 

     

    

 

EXHIBIT B

 

Amgen
Disposition Package

 

	Stage
    of Manufacture	Disposition
    Package Documents
	

    Drug Product Manufacture	CofA

     

    CofC

     

    Nonconformance
    lot summary report

     

    (Nonconformance
    Report includes only lot tied nonconformances deemed by Amgen to have potential to impact safety, identity, strength, potency or
    quality of the Drug product according to AMGEN procedures)

    

 

Exhibit B
Version Date: September 30, 2015

 

	 	Agreed
    and accepted for: 

    

    
	 	 	Agreed
    and accepted for: 

	 	 	 	 	 
	 	The Board Of Trustees of the Leland 

    Stanford Junior University	 	 	Amgen Inc.
	 	 	 	 	 
	By:	/s/ Marcia J. Cohen	 	By:	/s/ Valerie Whelan
	Name:	Marcia J. Cohen	 	Name:	Valerie Whelan
	Title:	Senior Associate Dean for Finance and Administration	 	Title:	Executive Director, Quality Site Head
	Date:	10/7/2015	 	Date:	5th October 2015

 

LEGAL
DEPT

EMM

/s/
EMM

 

    	AMGEN Contract No: 2015645397

	16	 

     

    

 

EXHIBIT C

 

LIST
OF CRITICAL REAGENTS

 

	Reagents
    Name	Purpose
	[...***...]	[...***...]
	[...***...]	[...***...]
	[...***...]	[...***...]
	[...***...]	[...***...]
	[...***...]	[...***...]
	[...***...]	[...***...]

 

*
Covered under [...***...] listed here for reference

 

Exhibit C
Version Date: September 30, 2015

 

	 	Agreed
    and accepted for: 

    

    

    
	 	 	Agreed
    and accepted for: 

    

    

	 	 	 	 	 
	 	The Board Of Trustees of the Leland 

    Stanford Junior University	 	 	Amgen Inc.
	 	 	 	 	 
	By:	/s/ Marcia J. Cohen	 	By:	/s/ Valerie Whelan
	Name:	Marcia J. Cohen	 	Name:	Valerie Whelan
	Title:	Senior Associate Dean for Finance and Administration	 	Title:	Executive Director, Quality Site Head
	Date:	10/7/2015	 	Date:	5th October 2015

 

LEGAL
DEPT

EMM

/s/
EMM

 

    	AMGEN Contract No: 2015645397

	17	 

     

    

 

CHANGE
SUMMARY

 

	Change	Justification
	New	For
    Amgen and Stanford Quality Agreement

 

    	AMGEN Contract No: 2015645397

	18Exhibit 10.19

 

***Certain identified information has been omitted from this exhibit because it is both (i) not material and
(ii) would likely cause competitive harm to the Registrant if publicly disclosed. Such omitted information is indicated by brackets (“[...***...]”)
in this exhibit. ***

 

EXCLUSIVE LICENSE AGREEMENT

 

This Agreement between THE BOARD OF TRUSTEES OF THE LELAND STANFORD
JUNIOR UNIVERSITY (“Stanford”), an institution of higher education having powers under the laws of the State of California,
and Jasper Therapeutics, Inc. (“Jasper”), a corporation having a principal place of business at 2200 Bridge Parkway,
#103, Redwood City, California 94065, is effective on the 25th day of March, 2021 (“Effective Date”).

 

		1.	BACKGROUND

 

Stanford has an assignment of an invention entitled “Antibody-based
clearance of endogenous stem cell niches prior to transplantation of bone marrow or hematopoietic stem cells (c-kit),” was invented
in the laboratory of Prof. [...***...] and is described in Stanford Docket S06-265. The invention was made in the course of
research supported by the National Institute of Health. The Licensed Know-How that was created in the laboratory of Prof. Judith Shizuru
and is described in Stanford Docket [...***...] was supported by the California Institute for Regenerative Medicine (“CIRM”).

 

Stanford has licensed patent rights in S06-265 to [...***...]
(“Third Party Licensee”) for the commercial development of this invention for fields of use other than the Licensed Field
of Use;

 

Amgen Inc. (“Amgen”) received an Option to Stanford docket
S06-265 under an Investigator Sponsored Research Agreement, Amgen Protocol No. 20119244 between Stanford and Amgen, dated June 18,
2013, as amended Feb. 27, 2017 and May 29, 2020 (the “ISRA”);

 

Jasper was assigned and accepted Amgen’s rights and obligations,
effective Nov. 20, 2019, for the ISRA and Quality Agreement between Amgen and Stanford, effective as of Oct. 7, 2015;

 

Jasper exercised its Option granted by Stanford under the ISRA on June 2,
2020, and agreed to pay Stanford the Option Exercise Fee of $1,000,000 in [...***...] installments within 24 months
after the Option exercise date, as memorialized in the amendment of the ISRA (Jasper Stanford letter agreement) of May 29, 2020;

 

Stanford wants to have the invention perfected and marketed as soon
as possible so that resulting products may be available for public use and benefit.

 

		2.	DEFINITIONS

 

Whenever used in this Agreement with an initial capital letter,
the following terms, whether used in the singular or the plural, shall have the meanings specified below.

 

		2.1	“Affiliates” means any person, corporation, or other business entity which controls, is controlled by, or is under
common control with Jasper; and for this purpose, “control” of a corporation means the direct or indirect ownership of more
than fifty percent (50%) of its voting stock, and “control” of any other business entity means the direct or indirect
ownership of greater than a fifty percent (50%) interest in the income of such entity.

 

    page 1 of 24

     

    

 

		2.2	“AMG191” means the monoclonal antibody known as AMG 191 and any derivative or modification thereof.

 

		2.3	“Change of Control” means the following, as applied only to the entirety of that part of Jasper’s business
that exercises all of the rights granted under this Agreement:

 

		(A)	acquisition of ownership—directly or indirectly, beneficially or of record—by any person or group (within the meaning
of the Exchange Act and the rules of the SEC or equivalent body under a different jurisdiction) other than an Affiliate of the capital
stock of Jasper representing more than 50% of either the aggregate ordinary voting power or the aggregate equity value represented
by the issued and outstanding capital stock of Jasper; and/or

 

		(B)	the sale of all or substantially all Jasper’s assets and/or business in one transaction or in a series of related transactions
other than to an Affiliate.

 

		2.4	“Commercially Reasonable Efforts” means, with respect to any Licensed Product, the diligent efforts and resources
(including without limitation the promptness with which such efforts and resources would be applied) commonly dedicated in the pharmaceutical
industry by a similarly situated biotechnology company to the diligent development, manufacture, or commercialization, as the case may
be, of a product of similar commercial potential at a similar stage in its lifecycle to any Licensed Product, as evidenced by the status
of each reported by Jasper in the Progress Reports, in each case taking into account issues of safety and efficacy, product profile, the
proprietary position, the then current competitive environment and the likely timing of market entry, the regulatory environment and status
of such product, and other relevant scientific, technical and commercial factors, but without regard to any payments owed to Licensor
under this Agreement. Notwithstanding the foregoing, Commercially Reasonable Efforts shall not include: (a) halting development,
clinical trials, or commercialization of, or otherwise shelving of, a Licensed Product for the intended purpose of pursuing another of
Jasper’s (or Sublicensee’s as the case may be) products not subject to the terms of this Agreement or (b) discontinuing
all development, trials, regulatory approval-directed activities, manufacturing, marketing and selling of such Licensed Product for a
period of greater than [...***...] months, except in each case where resulting from External Conditions (each, “Shelving”).
For the avoidance of doubt, Shelving by Jasper shall not be considered Commercially Reasonable Efforts.

 

		2.5	“Exclusive” means that, subject to Sections 3 and 5, Stanford will not grant further licenses under the
Licensed Technology in the Licensed Field of Use in the Licensed Territory.

 

		2.6	“External Conditions” means (a) the occurrence of a suspected adverse reaction (as defined in 21 CFR
§312.32) in a clinical trial that causes Jasper or its Affiliate or sublicensee to hold, delay or terminate a clinical trial, (b) any
regulatory hold, constraint or restriction imposed, recommended or raised by a regulatory authority, (c) any delay by a regulatory
authority in reviewing or responding to any application, other filing or inquiry made to such authority, (d) a court granting an
injunction against Jasper or its Affiliate or sublicensee which enjoins the manufacture, use or sale of a Licensed Product, and (e) circumstances
outside of the reasonable control of Jasper or its Affiliate or sublicensee, including involving supply of Licensed Product or patient
recruitment or retention.

 

    page 2 of 24

     

    

 

		2.7	“Initial Study” means the initial clinical study conducted by Stanford under the ISRA pursuant to protocol number 20119244
entitled “A Monoclonal antibody that depletes endogenous blood stem cells and enables chemotherapy-free transplants in SCID patients”,
as amended.

 

		2.8	“Jasper Licensed Know-How” means all CMC, preclinical and clinical data generated by Amgen and necessary to support
a US IND filing by Stanford plus any materials and manufacturing information provided under Section 10.2 of the ISRA, in each case,
as mutually agreed by the Parties.

 

		2.9	“Jasper Licensed Patents” means Jasper’s rights in U.S. Patent Application Serial Number [...***...],
and U.S. Patents [...***...] and [...***...]; and any continuations, divisionals, continuations-in-part
(only to the extent any claims included therein are entirely supported in the specification and entitled to the priority date of the parent
application), substitutions, re-issue and re-examination applications & patents claiming priority to any of the foregoing; and all
foreign counterparts of any of the foregoing, including:

 

		●	[...***...] & all national filings based thereon.

 

		2.10	“Licensed Field of Use” means the use of AMG191 for the purpose of depleting endogenous blood stem cells in patients
for whom hematopoietic cell transplantation is indicated.

 

		2.11	“Licensed Know-How” means all scientific or technical information, results and data of any type, whatsoever, whether
or not patentable, related to use of AMG191 in the Licensed Field of Use, including all data arising from the use of c-Kit inhibitor monoclonal
antibodies such as [...***...] and [...***...], and any biological, chemical or physical materials as agreed by the
parties hereto that, in each case, are controlled by Stanford as of June 2, 2020. For clarity, to the knowledge of the parties as
of the Effective Date, the Licensed Know-How only includes the information, results, data and materials set forth in Appendix D.
Stanford will consider in good faith any request by Jasper to amend Appendix D to include any information, results, data or materials
that Jasper identifies after the Effective Date as having been overlooked and should have been included in Appendix D on the Effective
Date.

 

    page 3 of 24

     

    

 

		2.12	“Licensed Patent” means Stanford’s rights in U.S. Patent Application Serial Number 60/856,435,
filed Nov. 3, 2006, and U.S. Patent Application Serial Number 12/447,634 (publication number US 2010/0226927 Al); and any
continuations, divisionals, continuations-in-part (only to the extent any claims included therein are entirely supported in the specification
and entitled to the priority date of the parent application), substitutions, re-issue and re-examination applications & patents claiming
priority to any of the foregoing; and all foreign counterparts of any of the foregoing, including:

 

		●	[...***...] & all national filings based thereon, and

 

		●	[...***...]

 

		2.13	“Licensed Product” means a product, method or service in the Licensed Field of Use, the making, having made, using,
importing or selling of which, absent the license granted by Stanford to Jasper in Section 3.1, infringes, induces infringement,
or contributes to infringement of a Valid Claim of a Licensed Patent.

 

		2.14	“Licensed Technology” means the Licensed Know-How and the Licensed Patent.

 

		2.15	“Licensed Territory” means worldwide.

 

		2.16	“Net Sales” means all gross revenue received by Jasper, its sublicensees or Affiliates from the sale, transfer
or other disposition of Licensed Product to an end user. Net Sales excludes the following items (but only as they pertain to the making,
using, importing or selling of Licensed Products, are included in gross revenue, and are separately billed):

 

[...***...]

 

		2.17	“Non-Valid Claim Period” means any period of time when the manufacture, use, sale, or importation of Licensed Product
does not infringe, induce infringement, or contribute to infringement of a Valid Claim while the claim is still pending.

 

		2.18	“Stanford Indemnitees” means Stanford, Stanford Health Care and Lucile Packard Children’s Hospital at Stanford
and their respective trustees, officers, employees, students, agents, faculty, representatives, and volunteers.

 

		2.19	“Sublicense” means any agreement between Jasper and a third party or between any sublicensee and a third party
that contains a grant to the Licensed Technology regardless of the name given to the agreement by the parties; however, an agreement to
make, have made, use or sell Licensed Products on behalf of Jasper is not considered a Sublicense.

 

		2.20	“Subsequent Study” means any subsequent clinical study conducted by Stanford under the ISRA pursuant to a protocol
approved in writing by Amgen prior to November 20, 2019 or by Jasper thereafter. As of the Effective Date, there are not Subsequent
Studies and the Parties do not have any intention of conducting additional clinical studies pursuant to the ISRA.

 

    page 4 of 24

     

    

 

		2.21	“Valid Claim” means

 

		(A)	any claim of an issued and unexpired Licensed Patent which has not been held unenforceable or invalid by a court or other governmental
agency of competent jurisdiction in a decision from which no appeal can be taken and which has not been disclaimed or admitted to be invalid
or unenforceable through reissue or otherwise, or

 

		(B)	a pending claim in a pending Licensed Patent application provided that not more than [...***...] years have elapsed
from the issuance of a first office action on a country by country basis, which claim has not been cancelled, withdrawn or abandoned or
finally rejected by an administrative agency from which no appeal may be taken.

 

		3.	GRANT

 

		3.1	Grant. Subject to the terms and conditions of this Agreement, Stanford grants Jasper a license to Stanford’s rights in
the Licensed Technology in the Licensed Field of Use to research, develop, make, have made, use, import, offer to sell and sell Licensed
Product in the Licensed Territory. Jasper shall have the right to exercise the foregoing licenses (as well as its rights hereunder) through
an Affiliate only if such Affiliate has agreed in writing to comply with this entire Agreement to the extent applicable to such Affiliate’s
rights hereunder. Jasper shall remain fully responsible for such Affiliates’ compliance and performance under this Agreement, and
for any breach of this Agreement by such Affiliate. Any such Affiliates will be considered to be Jasper for purposes of this Agreement,
with all the same rights and obligations as Jasper. An exercise of the licensed rights by such an Affiliate shall not require a Sublicense,
any agreement between Jasper and such Affiliate for the grant of such rights shall not be deemed a Sublicense, and such Affiliate shall
not be deemed a sublicensee of Jasper.

 

		3.2	Exclusivity. The license to the Licensed Technology is Exclusive, including the right to sublicense under Section 4, in
the Licensed Field of Use in the Licensed Territory during the Term.

 

		3.3	Retained Rights. Stanford retains the right, on behalf of itself, Stanford Health Care, Lucile Packard Children’s Hospital
at Stanford and all other non-profit research institutions, to practice the Licensed Patent and use Licensed Technology for any non- profit
purpose, including sponsored research and collaborations. Jasper agrees that, notwithstanding any other provision of this Agreement, it
has no right to enforce the Licensed Patent or Licensed Technology against any such institution. Stanford and any such other institution
have the right to publish any information included in the Licensed Technology or a Licensed Patent.

 

		3.4	Licensed Know-How Transfer. Promptly after the Effective Date, Stanford shall provide to Jasper or its designee, through [...***...],
at no additional cost or expense to Jasper, all Licensed Know-How in Stanford’s control, existing as of June 2, 2020 (the date
of Jasper’s exercise of the Option), including electronic copies of documents, electronic records and databases, samples and other
tangible materials included in the Licensed Know-How as listed in Appendix D.

 

    page 5 of 24

     

    

 

		3.5	Specific Exclusion. Stanford does not:

 

		(A)	grant to Jasper any other licenses, implied or otherwise, to any patents or other rights of Stanford other than those rights granted
under Licensed Technology, regardless of whether the patents or other rights are dominant or subordinate to any Licensed Patent, or are
required to exploit any Licensed Technology;

 

		(B)	commit to Jasper to bring suit against third parties for infringement, except as described in Section 14; and

 

		(C)	agree to furnish to Jasper any technology or technological information other than the Licensed Know-How as specified in Paragraph 3.4
or to provide Jasper with any assistance.

 

		4.	SUBLICENSING

 

		4.1	Permitted Sublicensing. Jasper may grant Sublicenses in the Licensed Field of Use and Licensed Territory only if Jasper is
developing, manufacturing or selling at least one Licensed Product, whether directly or with or through one or more Affiliates or sublicensees.
Sublicenses with any exclusivity must include diligence requirements commensurate with the diligence requirements of Appendix A.
Negotiation of any Sublicense must be an arms-length transaction.

 

		4.2	Required Sublicensing. Stanford would like licensees to address unmet needs, such as those of neglected patient populations
or geographic areas, giving particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing
world. At any time after [...***...] years from the Effective Date, if Jasper is not making Commercially Reasonable Efforts
to serve or develop a potential market or market territory for which there is a company willing to be a sublicensee and which has adequate
resources and (a) such potential sublicensee has provided Stanford and Jasper with [...***...], and (b) [...***...]
or Jasper is not in good faith negotiations with another potential sublicensee with respect thereto, in each case as reasonably demonstrated
by Jasper, Jasper will, at Stanford’s request, negotiate in good faith a Sublicense within [...***...] months
of receipt of such proposal with any such company.

 

		4.3	Sublicense Requirements. Any Sublicense:

 

		(A)	is subject to this Agreement;

 

		(B)	will reflect that any sublicensee will not further sublicense for more than one additional tier of sublicensing without Stanford’s
prior written consent, such consent not to be unreasonably withheld;

 

		(C)	will prohibit sublicensee from paying royalties to an escrow or other similar account;

 

		(D)	will expressly include the provisions of Sections 8, 9 and 10 for the benefit of Stanford; and

 

		(E)	will include the provisions of Section 4.4 and will provide that Stanford will, at the sublicensee’s request and in accordance
with Section 15.5, grant to such sublicensee a direct license under the applicable terms of this Agreement if this Agreement is terminated
by Stanford. If the sublicensee is a spin-out from Jasper and, such sublicensee rather than Jasper, is the entity performing substantially
all development and commercialization of Licensed Products, Jasper must guarantee the sublicensee’s performance with respect to
the payment of Stanford’s share of Sublicense royalties.

 

    page 6 of 24

     

    

 

		4.4	Litigation by sublicensee. Any Sublicense must include the following clauses:

 

		(A)	In the event sublicensee brings an action seeking to invalidate any Licensed Patent:

 

		(1)	sublicensee will double the payment paid to Jasper during the pendency of such action. Moreover, should the outcome of such action
determine that any claim of a patent challenged by the sublicensee is both valid and infringed by a Licensed Product, sublicensee will
pay triple times the payment paid under the original Sublicense;

 

		(2)	sublicensee will have no right to recoup any royalties paid before or during the period challenge;

 

		(3)	any dispute regarding the validity of any Licensed Patent shall be litigated in the courts located in Santa Clara County, and the
parties agree not to challenge personal jurisdiction in that forum; and

 

		(4)	sublicensee shall not pay royalties into any escrow or other similar account.

 

		(B)	sublicensee will provide written notice to Stanford at least three months prior to bringing an action seeking to invalidate a Licensed
Patent. Sublicensee will include with such written notice an identification of all prior art it believes invalidates any claim of the
Licensed Patent.

 

		4.5	Copy of Sublicenses and sublicensee Royalty Reports. Jasper will submit to Stanford copies of each Sublicense, any subsequent
amendments and all copies of sublicensees’ royalty reports, in each case within [...***...] days of signing or receipt
thereof as the case may be. The copies must be unredacted except to remove sensitive information not relevant to this Agreement, provided
that such redactions do not prevent Stanford from reviewing, understanding and determining Jasper’s compliance with this Agreement.
Beginning with the first Sublicense, the Chief Financial Officer or equivalent will certify annually regarding the name and number of
sublicensees.

 

		5.	GOVERNMENT RIGHTS

 

This Agreement is subject to Title 35 Sections 200-204
of the United States Code. Among other things, these provisions provide the United States Government with nonexclusive rights in the Licensed
Patent. They also impose the obligation that Licensed Product sold or produced in the United States be “manufactured substantially
in the United States.” In addition, due to CIRM funding, this Agreement is subject to Title 17, California Code of Regulations
and the provisions of section 100607 under Title 17 place requirements on Jasper for access to Licensed Product in California
(https://www.cirm.ca.gov/our-funding/cirm-stem-cell-grant-regulations). Jasper will ensure all obligations of these provisions that apply
to Jasper are met.

 

		6.	DILIGENCE

 

		6.1	Milestones. Because the invention is not yet commercially viable as of the Effective Date, Jasper will, directly or with or
through one or more Affiliates or sublicensees, use Commercially Reasonable Efforts to diligently develop, manufacture, and sell Licensed
Product and will use Commercially Reasonable Efforts to diligently develop markets for Licensed Product. In addition, Jasper will use
Commercially Reasonable Efforts to meet the milestones shown in Appendix A, and notify Stanford in writing as each milestone is met.
If Jasper believes that it will not meet any such milestone, whether itself or with or through one or more Affiliates or sublicensees,
Jasper shall promptly notify Stanford, and the parties shall thereafter meet to discuss in good faith Jasper’s performance of the
milestones.

 

    page 7 of 24

     

    

 

		6.2	Progress Report. By [...***...] of each year, Jasper will submit a written annual report to Stanford covering the
preceding calendar year. The report will use the template of Appendix C and will include information sufficient to enable Stanford
to satisfy reporting requirements of the U.S. Government and CIRM, and for Stanford to ascertain progress by Jasper toward meeting
this Agreement’s diligence requirements. Each report will describe, where relevant: Jasper’s progress toward commercialization
of Licensed Product, including work completed, key scientific discoveries, summary of work-in- progress, current schedule of anticipated
events or milestones, market plans for introduction of Licensed Product, and significant corporate transactions involving Licensed Product.
Jasper will specifically describe how each Licensed Product is related to each Licensed Patent.

 

		6.3	Information Rights. Jasper will deliver to Stanford [...***...], provided that such obligation shall terminate upon
any initial public offering of Jasper or any Change of Control of Jasper that results in Jasper becoming a public company or becoming
controlled by a public company.

 

		6.4	Clinical Trial Notice. Jasper will notify the Stanford University Office of Technology Licensing prior to commencing any clinical
trials at Stanford after the Effective Date. Stanford acknowledges that, as of the Effective Date, Jasper is the sponsor of two clinical
trials being conducted at Stanford and is providing Licensed Product to Stanford for a clinical trial sponsored by a Stanford investigator.

 

		7.	ROYALTIES

 

		7.1	Issue Fee. Stanford acknowledges that Jasper has agreed to pay Stanford the Option exercise fee of $1,000,000, payable in installments
under the amendment to the ISRA of May 29, 2020. No additional issue fee is due to Stanford, so long as Jasper maintains its license
to the Licensed Technology. If Jasper terminates its license to the Licensed Technology prior to the full payment of the Option exercise
fee, any unpaid balance of the fee will become due immediately and payable to Stanford.

 

		7.2	License Maintenance Fee. Beginning on the first anniversary of the Effective Date and annually thereafter, Jasper will pay
Stanford a yearly license maintenance fee of

 

$25,000 at each of the first and second anniversary of the
Effective Date;

 

$35,000 at each of the third and fourth anniversary of the
Effective Date; and

 

$50,000 at each anniversary thereafter, ending upon the first
commercial sale.

 

		7.3	Earned Royalty Minimum.

 

Yearly maintenance payments are [...***...].

 

		7.4	Milestone Payments. Jasper will pay Stanford the following one-time milestone payments within 45 days following the
first achievement by Jasper or any of its Affiliates or sublicensees of the following milestone events with respect to a Licensed Product:

 

	[...***...]	$	[...***...]
	[...***...]	$	[...***...]
	[...***...]	$	[...***...]
	First Commercial Sale of a Licensed Product	$	[...***...]
	TOTAL	$	 9 Million

 

    page 8 of 24

     

    

 

		7.5	Earned Royalty. Subject to Section 7.9, in addition to the annual license maintenance fee, Jasper will pay Stanford earned
royalties (Y%) on incremental, annual Net Sales for use in the Licensed Field of Use as follows:

 

			[...***...]

 

Jasper is obligated to pay such earned royalties until [...***...]
(the “Royalty Term”), subject to Section 7.8.

 

In the event that Jasper incurs royalty obligations to any
third party for a license to develop, make, have made, use, import, offer for sale, or sell a Licensed Product within the Licensed Field
of Use, then Jasper will be entitled to set off as a credit against earned royalty payable to Stanford on Net Sales of such Licensed Product,
[...***...] percent [...***...] of the amount actually paid to such third parties under such licenses for sales
of Licensed Product; provided, however, that in no event will the earned royalty payable to Stanford for Net Sales be reduced by more
than [...***...]%. Beginning with the first offset, the Chief Financial Officer or equivalent will certify annually any
offset, including the names of the third party licensors, the third party patent, if applicable, and the amount of royalties paid to such
third parties.

 

		7.6	Single Royalty. No more than one royalty payment under this Agreement shall be due to Stanford with respect to a sale of a
particular Licensed Product (e.g., even if such Licensed Product is covered by multiple Licensed Patents or because any Licensed Product,
or its manufacture, sale or use, is covered by more than one Valid Claims within the Licensed Patents).

 

		7.7	Earned Royalty if Jasper Challenges the Patent. Notwithstanding the above, should Jasper bring an action seeking to invalidate
any Licensed Patent, Jasper will pay royalties to Stanford at [...***...] the rates specified under Section 7.6 during
the pendency of such action. Moreover, should the outcome of such action determine that any claim of a patent challenged by Jasper is
both valid and infringed by a Licensed Product, Jasper will [...***...] the rates specified under Section 7.5.

 

		7.8	Obligation to Pay Royalties. A royalty is due Stanford under this Agreement for any activity conducted under the licenses granted
during the Royalty Term. For convenience’s sake, the amount of that royalty is calculated using Net Sales. Upon expiration or termination
of this agreement, Jasper and its sublicensees will provide to Stanford an inventory listing of all Licensed Products on hand that were
manufactured prior to the expiration or termination date, and such listing to be certified and signed by an officer of Jasper. Jasper
and its sublicensees will be responsible for paying royalties on sales of such Licensed Products in accordance with Section 7.5 of
this Agreement, except that for Licensed Products that (a) with respect to the Licensed Patents, are covered only by method of use
claims or the equivalent thereof and (b) were not manufactured or made using any Licensed Patent, no earned royalties are due under
this Agreement if such Licensed Products are sold after expiration of Licensed Patents. Jasper’s payment of earned royalties during
a Non-Valid Claim Period will be deferred until the end, if any, of such Non-Valid Claim Period and will be paid in one lump sum payment
once Licensed Product becomes covered by a Valid Claim.

 

    page 9 of 24

     

    

 

		7.9	Creditable Payments. The license maintenance fee for a year may be [...***...] occurring in that year.

 

For example:

 

		(A)	[...***...]

 

		7.10	No Escrow. Jasper shall not pay royalties into any escrow or other similar account.

 

		7.11	Currency. Jasper will calculate the royalty on sales in currencies other than U.S.  Dollars using the appropriate foreign
exchange rate for the currency quoted by the Wall Street Journal on the close of business on the last banking day of each calendar quarter.
Jasper will make royalty payments to Stanford in U.S. Dollars.

 

		7.12	Non-U.S. Taxes. [...***...] will pay all non-U.S. taxes related to royalty payments. These payments are
[...***...].

 

		7.13	Interest. Any payments not made when due will bear interest at the lower of (a) the Prime Rate published in the Wall Street
Journal plus 200 basis points or (b) the maximum rate permitted by law.

 

		8.	ROYALTY REPORTS, PAYMENTS, AND ACCOUNTING

 

		8.1	Earned Royalty Payment and Report. Beginning with the first sale of a Licensed Product by Jasper, its Affiliate or a sublicensee,
Jasper will submit to Stanford a written report, an earned royalty payment due Stanford within [...***...] days after
each calendar period, where the period is initially on a [...***...] basis, and changes to a [...***...] basis when
annual royalty payments to Stanford exceed $[...***...]. This report will use the template of Appendix B and will state
the number, description, and aggregate Net Sales of Licensed Product during the completed calendar time period. The report will include
an overview of the process and documents relied upon to permit Stanford to understand how the earned royalties are calculated. With each
report, Jasper will include any earned royalty payment due Stanford for the completed time period (as calculated under Section 7.5).

 

		8.2	No Refund. In the event that a validity or non-infringement challenge of a Licensed Patent brought by Jasper is successful,
Jasper will have no right to recoup any royalties paid before or during the period challenge.

 

    page 10 of 24

     

    

 

		8.3	Termination Report. Jasper will pay to Stanford all applicable royalties accrued as of the date of termination or expiration
of this Agreement and submit to Stanford a written report using the template of Appendix B within [...***...] days
after this Agreement terminates or expires.

 

		8.4	Accounting. Jasper will maintain records showing manufacture, importation, sale, and use of a Licensed Product for [...***...]
years from the date of sale of that Licensed Product. Records will include general-ledger records showing cash receipts and expenses,
and records that include: production records, customers, invoices, serial numbers, and related information in sufficient detail to enable
Stanford to determine the royalties payable under this Agreement.

 

		8.5	Audit by Stanford. Jasper will allow an independent third party auditor selected by Stanford and reasonably acceptable to Jasper
to examine Jasper’s records during Jasper’s normal business hours solely to the extent necessary to verify payments made by
Jasper under this Agreement; provided that such examination shall occur no more than [...***...] per year. Stanford will provide
reasonable prior notice when Stanford desires to have an audit conducted, and Jasper will provide access at a mutually agreeable time.
The independent third party auditor will be subject to the confidentiality obligations in Section 18 of this Agreement.

 

		8.6	Paying for Audit. Stanford will pay for any audit done under Section 8.5. But if the audit reveals an underreporting of
earned royalties due Stanford of [...***...]% or more for the period being audited, Jasper will pay the audit costs.

 

		8.7	Self-audit. Jasper will conduct an independent audit of sales and royalties for at least the first year in which annual Net
Sales of Licensed Product are over $[...***...]. The audit will address, at a minimum, the amount of gross sales by or on behalf
of Jasper during the audit period, the amount of funds owed to Stanford under this Agreement, and whether the amount owed has been paid
to Stanford and is reflected in the records of Jasper. Jasper will submit the auditor’s report promptly to Stanford upon completion.
Jasper will pay for the entire cost of the audit.

 

		9.	EXCLUSIONS AND NEGATION OF WARRANTIES

 

		9.1	Representations of Stanford. Stanford represents to Jasper that, to the best knowledge of Stanford’s Office of Technology
Licensing representative and without conducting any further investigation:

 

		(A)	Stanford has assignments from all inventors known as of the Effective Date on the Licensed Patents; and

 

		(B)	Stanford is the sole owner of the Licensed Technology and has the right to grant the rights in the Licensed Technology granted herein
to Jasper;

 

		(C)	The Third Party Licensee does not have any rights in the Licensed Patents in the Licensed Field of Use from Stanford, and the rights
granted by Stanford to the Third Party Licensee are consistent with, and do not conflict with any rights granted to Jasper under, this
Agreement;

 

		(D)	Stanford will not amend its license agreement with the Third Party Licensee during the term of this Agreement in any manner that is
inconsistent with or could diminish Jasper’s rights under this Agreement.

 

    page 11 of 24

     

    

 

		9.2	Negation of Warranties. Except as provided in Section 9.1, Stanford provides Jasper the rights granted in this Agreement
AS IS and WITH ALL FAULTS. Stanford makes no representations and extends no warranties of any kind, either express or implied. Among other
things, Stanford disclaims any express or implied warranty:

 

		(A)	of merchantability, of fitness for a particular purpose;

 

		(B)	of non-infringement; or

 

		(C)	arising out of any course of dealing.

 

		9.3	No Representation of Licensed Patent. Jasper also acknowledges that Stanford does not represent or warrant:

 

		(A)	the validity or scope of any Licensed Patent; or

 

		(B)	that the exploitation of Licensed Patent will be successful.

 

		10.	INDEMNITY

 

		10.1	Indemnification. Jasper will indemnify, hold harmless, and defend all Stanford Indemnitees against any claim of any kind brought
by a third party and arising out of or related to the exercise of any rights granted Jasper under this Agreement or the breach of this
Agreement by Jasper, except to the extent such claim is determined with finality by a court of competent jurisdiction to result from the
gross negligence or willful misconduct of any Stanford Indemnitee. Stanford agrees to inform Jasper promptly in writing of any claim
or threatened claim that may give rise to an obligation of indemnity under this Agreement of which Stanford becomes aware. The failure
to inform Jasper as described above shall not relieve Jasper of any liability or indemnification obligations hereunder unless the
failure is materially prejudicial to Jasper’s ability to defend such claim. Stanford will provide Jasper with the first right to
defend and settle and exclusive control of the defense or settlement of each such claim, provided that Jasper must do so in a manner that
does not materially adversely affect Stanford’s interests and it must obtain Stanford’s prior consent to any settlement (such
consent not to be unreasonably withheld, delayed or conditioned). Jasper will select legal counsel with experience in similar actions
and which is reasonably acceptable to Stanford. The defense activities to be taken by Jasper shall not impair the Stanford Indemnitees.
Subject to Jasper’s compliance with this Section 10.1, Jasper shall have no obligations under this Section 10.1 for any
settlement entered into by the Stanford Indemnitee without Jasper’s prior consent. Stanford shall reasonably cooperate with Jasper,
at Jasper’s expense, in the investigation and defense of any claim covered by this indemnification.

 

		10.2	No Indirect Liability. Except for either party’s infringement of the other party’s intellectual property rights
and indemnification obligations hereunder, neither party shall be liable to the other party for any special, consequential, lost profit,
expectation, punitive or other indirect damages in connection with any claim arising out of or related to this Agreement or the breach
hereof, whether grounded in tort (including negligence), strict liability, contract, or otherwise, and regardless of any notice of the
possibility of such damages. Stanford shall not have any responsibilities or liabilities whatsoever with respect to Licensed Products.

 

    page 12 of 24

     

    

 

		10.3	Workers’ Compensation. Jasper will comply with all statutory workers’ compensation and employers’ liability
requirements for activities performed under this Agreement.

 

		10.4	Insurance. During the term of this Agreement, Jasper will maintain Commercial General Liability Insurance, including Product
Liability Insurance, with a reputable and financially secure insurance carrier to cover the activities of Jasper and its sublicensees.
The insurance will provide minimum limits of liability of $[...***...] per occurrence and will include all Stanford Indemnitees
as additional insureds. Insurance must cover claims incurred, discovered, manifested, or made during or after the expiration of this Agreement
and must be placed with carriers with ratings of at least A- as rated by A.M. Best. Within [...***...] days following
receipt of Stanford’s written request, Jasper will furnish a Certificate of Insurance evidencing primary coverage and additional
insured requirements. Jasper will provide to Stanford [...***...] days prior written notice of cancellation or material
change to this insurance coverage. Jasper will advise Stanford in writing that it maintains a combination of excess liability coverage
(following form) over primary insurance for at least the minimum limits set forth above. All insurance of Jasper will be primary coverage;
insurance of Stanford Indemnitees will be excess and noncontributory.

 

		11.	EXPORT

 

Jasper and its sublicensees will comply with all applicable
United States laws and regulations controlling the export of licensed commodities and technical data relating to this Agreement. (For
the purpose of this paragraph, “licensed commodities” means any article, material or supply but does not include information;
and “technical data” means tangible or intangible technical information that is subject to U.S. export regulations, including
blueprints, plans, diagrams, models, formulae, tables, engineering designs and specifications, manuals and instructions.) These laws and
regulations may include, but are not limited to, the Export Administration Regulations (15 CFR 730-774), the International Traffic
in Arms Regulations (22 CFR 120-130) and the various economic sanctions regulations administered by the U.S. Department
of the Treasury (31 CFR 500-600).

 

Among other things, these laws and regulations may prohibit
or require a license for the export or retransfer of certain commodities and technical data to specified countries, entities and persons.
Jasper hereby gives written assurance that it will comply with, and will cause its sublicensees to comply with all United States export
control laws and regulations, that it understands it may be held responsible for any violation of such laws and regulations by itself
or its sublicensees, and that it will indemnify, defend and hold Stanford harmless for the consequences of any such violation.

 

		12.	MARKING

 

Before any Licensed Patent issues, Jasper will mark tangible
Licensed Product with the words “Patent Pending.” Otherwise, Jasper will mark tangible Licensed Product with the number of
any issued Licensed Patent to the extent required by applicable patent marking laws.

 

    page 13 of 24

     

    

 

		13.	STANFORD NAMES AND MARKS

 

Jasper will not use (i) Stanford’s name or other
trademarks, (ii) the name or trademarks of any organization related to Stanford, or (iii) the name of any Stanford faculty member,
employee, student or volunteer (each, a “Stanford Representative”) in connection with such Stanford Representative’s
association with Stanford, in each case of (i) and (ii), without the prior written consent of Stanford, subject to Stanford counsel’s
review. This prohibition includes, but is not limited to, use in press releases, advertising, marketing materials, other promotional materials,
presentations, case studies, reports, websites, application or software interfaces, and other electronic media. Notwithstanding the foregoing,
Jasper may include Stanford’s name in factual statements in legal proceedings, patent applications and other regulatory filings.
In addition, Jasper may make a short factual statement that identifies Stanford as the licensor of the rights granted under this Agreement
to actual or potential investors or acquirers, as well as in the “About Jasper” or other similar section of the Jasper website.
Stanford acknowledges that Jasper received written consent from Stanford prior to the Effective Date for certain disclosures of Stanford’s
name and the names of particular Stanford Representatives.

 

		14.	PROSECUTION AND PROTECTION OF PATENTS

 

		14.1	Patent Prosecution.

 

		(A)	Stanford shall use diligent efforts to require the Third Party Licensee to amend its license and agree in writing to have Stanford
be responsible for preparing, filing, prosecuting and maintaining the Licensed Patents. The provisions set forth in Section 14.1(B)
shall become effective upon the earlier of (a) the Third Party Licensee executing such written agreement and (b) [...***...] days
after the Effective Date, unless extended by both parties. Following Effective Date and prior to the effectiveness of Section 14.1(B),
Stanford will instruct its patent counsel not to allow any current prosecution of Licensed Patents to go abandoned without the written
permission of Jasper and Third Party Licensee and, before exercising its final approval rights regarding [...***...] in its
agreement with the Third Party Licensee, Stanford will solicit and give reasonable consideration to Jasper’s comments.

 

		(B)	Stanford will be responsible for preparing, filing, prosecuting and maintaining the Licensed Patents. Stanford will not file any continuation-in-part
(CIP) patent applications in Jasper’s Licensed Field of Use based upon the Licensed Patents. As long as Jasper is current on
all payments due under this Agreement, Stanford agrees to (i) instruct Stanford’s patent counsel to furnish to Jasper copies
of material documents relevant to such preparing, filing, prosecuting and maintaining prior to any deadlines, and (ii) allow Jasper
a reasonable opportunity to participate in the patent prosecution process and comment on material documents filed with any patent office
with respect to the Licensed Patents and will consider in good faith and use reasonable efforts to incorporate Jasper’s comments.

 

		(C)	In the event Jasper decides that it no longer intends to pay for filing, prosecution, or maintenance of one or more Licensed Patents,
Jasper shall give Stanford written notice at least two (2) months in advance of any applicable deadline for that Licensed Patent.
Stanford may in its discretion continue to prosecute and maintain such Licensed Patent(s) at its expense, in which case such Licensed
Patent(s) will no longer be covered by the license granted under this Agreement and Jasper will have no further obligation regarding patent
expenses for such Licensed Patent(s).

 

		14.2	Patent Costs. Within 30 days after receiving a statement from Stanford, Jasper will reimburse Stanford:

 

for Licensed Patent’s patenting expenses pro rata,
including but not limited to interference or reexamination matters, inventorship disputes and opposition proceedings incurred by Stanford
after the Effective Date. Stanford will pay the fees prescribed for large entities to the United States Patent and Trademark Office.

 

    page 14 of 24

     

    

 

		14.3	Enforcement of Licensed Patents. Stanford and Jasper have agreed upon the provisions set forth in Appendix E. Stanford
shall use diligent efforts to require the Third Party Licensee to agree in writing to be bound by obligations substantially equivalent
to those set forth in Appendix E so that Jasper and the Third Party Licensee have substantially the same rights with respect to matters
of infringement of Licensed Patents. Stanford will not modify the provisions set forth in Appendix E without Jasper’s consent,
not to be unreasonably withheld. The provisions set forth in Appendix E (as modified in accordance with the preceding sentence, if
applicable) shall become effective as Sections 14.4-14.12 of this Agreement upon the earlier of (a) the Third Party Licensee
executing such written agreement and (b) 120 days after the Effective Date, unless extended by both parties.

 

		15.	TERMINATION

 

		15.1	Term. This Agreement shall commence on the Effective Date and shall expire on a country-by-country basis on the last-to-expire
Valid Claim of a Licensed Patent in such country in the Licensed Territory (the “Term”). The license granted to Jasper by
Stanford under Section 3.1 with respect to Licensed Know-How shall survive expiration of this Agreement. Following expiration of
this Agreement, the parties will meet to discuss whether the Licensed Know-How includes any proprietary materials for which it would be
appropriate for Jasper to pay further consideration to Stanford with respect to Jasper’s post-expiration use thereof.

 

		15.2	Termination by Jasper.

 

		(A)	Jasper may terminate this Agreement by giving Stanford written notice at least 12 months in advance of the effective date
of termination selected by Jasper.

 

		(B)	Jasper may terminate this Agreement solely with respect to any particular patent application or patent within the Licensed Patent
by giving Stanford written notice at least 60 days in advance of the effective date of termination selected by Jasper. From
and after the effective date of termination under this subsection 15.2(B) with respect to a particular patent application or patent,
such patent application or patent shall cease to be within the Licensed Patent under this Agreement.

 

		15.3	Termination by Stanford.

 

		(A)	Stanford may also terminate this Agreement if Jasper:

 

		(1)	is delinquent on any report required pursuant to Section 6.2 or 8.1 or any payment;

 

		(2)	is not using Commercially Reasonable Efforts to develop and commercialize Licensed Product;

 

		(3)	misses a milestone described in Appendix A in accordance with Section 6.1;

 

		(4)	is in material breach of any provision of this Agreement; or

 

		(5)	provides any materially false report under this Agreement.

 

		(B)	Termination under this Section 15.3 will take effect 90 days after written notice by Stanford unless Jasper remedies
the problem in that 90-day period.

 

    page 15 of 24

     

    

 

		15.4	Surviving Provisions. Surviving any termination or expiration are:

 

		(A)	Jasper’s obligation to make all accrued or accruable payments, including but not limited to accrued or accruable fees, royalties
and patent costs;

 

		(B)	any claim of Jasper or Stanford, accrued or to accrue, because of any breach or default by the other party; and

 

		(C)	the provisions of Sections 8, 9, 10, 17, 18, 19 and 20 and any other provision that by its nature is intended to survive.

 

		15.5	Effect of Termination on Sublicenses. In the event of termination of this Agreement by Stanford under this Section 15,
all existing Sublicenses shall survive for a period thirty (30) days after such termination, and for each Sublicense, if the Sublicensee
is not then in breach of its Sublicense agreement with Jasper such that Jasper would have the right to terminate such Sublicense, such
Sublicensee shall have the right to request within such thirty (30) day period a direct license from Stanford having all the terms
and conditions of this Agreement, which may only be modified, as applicable, with respect to field, geographic scope, etc., as was provided
in such Sublicense. Promptly upon such request, Stanford shall provide such Sublicensee with such direct license, which shall be effective
upon execution by such Sublicensee. Each such Sublicensee and Stanford agree to act in good faith with respect to this Section 15.5.

 

		15.6	Surviving Provisions for Termination Pursuant to Section 15.2(A). If Jasper terminates this Agreement in accordance with
Section 15.2(A), then:

 

		(A)	Jasper shall grant Stanford an exclusive license, under the Jasper Licensed Patents and Jasper Licensed Know-How, with the right to
sublicense, solely to develop, make, have made, use, sell, offer for sale, import and otherwise exploit AMG191 in the Licensed Field of
Use; and

 

		(B)	Stanford shall pay Jasper [...***...] percent [...***...] of any and all payment received from a third party
related to the granting of rights to develop and commercialize AMG191 in the Licensed Field of Use.

 

		16.	CHANGE OF CONTROL, ASSIGNMENT AND NON-ASSIGNABILITY

 

		16.1	Conditions of Assignment. Jasper may assign this Agreement upon prior and complete performance of the following conditions:

 

		(A)	Jasper must give Stanford written notice of the assignment within 5 business days, including the new assignee’s contact
information; and

 

		(B)	the new assignee must agree in writing to Stanford to be bound by this Agreement.

 

    page 16 of 24

     

    

 

		16.2	After the Assignment. Upon a permitted assignment of this Agreement pursuant to Section 16, Jasper will be released of
liability under this Agreement and the term “Jasper” in this Agreement will mean the assignee.

 

		16.3	Bankruptcy. In the event of a bankruptcy or insolvency, assignment is permitted only to a party that can provide adequate assurance
of future performance, including diligent development and sales of Licensed Product.

 

		16.4	Nonassignability of Agreement. Except in conformity with Section 16.1 and Section 16.3, this Agreement is not assignable
by Jasper under any other circumstances and any attempt to assign this Agreement by Jasper is null and void.

 

		17.	DISPUTE RESOLUTION

 

		17.1	Dispute Resolution by Arbitration. Any dispute between the parties regarding any payments made or due under this Agreement
will be settled by arbitration in accordance with the JAMS Arbitration Rules and Procedures (the “Rules”), provided that in
the case of a good faith dispute as to the amount due, the cure period under Section 15.2 will be tolled until the amount due has
been finally determined in such an arbitration. The parties are not obligated to settle any other dispute that may arise under this Agreement
by arbitration.

 

		17.2	Request for Arbitration. Either party may request such arbitration. Stanford and Jasper will mutually agree in writing on a
third-party arbitrator within 30 days of the arbitration request. If Stanford and Jasper cannot mutually agree on a third-party
arbitrator despite good faith efforts to do so, a third-party arbitrator will be selected by JAMS in accordance with the Rules. The arbitrator’s
decision will be final and nonappealable and may be entered in any court having jurisdiction.

 

		17.3	Discovery. The parties will be entitled to discovery as if the arbitration were a civil suit in the California Superior Court.
The arbitrator may limit the scope, time, and issues involved in discovery in accordance with the Rules.

 

		17.4	Place of Arbitration. The arbitration will be held in, and the seat of arbitration shall be, Santa Clara County, California
unless the parties mutually agree in writing to another place.

 

		17.5	Patent Validity. Any dispute regarding the validity of any Licensed Patent shall be litigated in the courts located in Santa
Clara County, California, and the parties agree not to challenge personal jurisdiction in that forum.

 

    page 17 of 24

     

    

 

		18.	CONFIDENTIALITY

 

		18.1	Confidentiality. Each party agrees that, during the Term and for a period of [...***...] years thereafter, it
shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in this
Agreement (which includes the exercise of any rights or the performance of any obligations hereunder) any proprietary or confidential
information furnished to it by the other party pursuant to this Agreement (“Confidential Information”), except to the extent
expressly authorized by this Agreement or otherwise agreed in writing by the parties. The foregoing confidentiality and non-use obligations
shall not apply to any portion of the other party’s Confidential Information that the receiving party can demonstrate by competent
written proof:

 

		(A)	was already known to the receiving party or its Affiliate, other than under an obligation of confidentiality, at the time of disclosure
by the other party;

 

		(B)	was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving party;

 

		(C)	became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act
or omission of the receiving party in breach of this Agreement;

 

		(D)	was disclosed to the receiving party or its Affiliate by a third party who has a legal right to make such disclosure and who did not
obtain such information directly or indirectly from the other party; or

 

		(E)	was independently discovered or developed by the receiving party or its Affiliate without access to or aid, application or use of
the other party’s Confidential Information, as evidenced by a contemporaneous writing.

 

		18.2	Authorized Disclosure. Notwithstanding the obligations set forth in Section 18.1, a party may disclose the other party’s
Confidential Information and the terms of this Agreement to the extent:

 

		(A)	such disclosure is reasonably necessary to its employees, agents, consultants, contractors, licensees or sublicensees on a need-to-know
basis for the sole purpose of performing its obligations or exercising its rights under this Agreement; provided that in each case, the
disclosees are bound by written obligations of confidentiality and non-use consistent with those contained in this Agreement;

 

		(B)	such disclosure is reasonably necessary to comply with applicable laws, including regulations promulgated by applicable security exchanges,
court order, administrative subpoena or order; provided that the party subject to such laws shall promptly notify the other party of such
required disclosure and shall use reasonable efforts to obtain, or to assist the other party in obtaining, a protective order preventing
or limiting the required disclosure; or

 

		(C)	in the case of Jasper as the receiving party, to any bona fide potential or actual investor, investment banker, acquirer, merger partner,
or other potential or actual financial or strategic partner; provided that in connection with such disclosure, Jasper shall use all reasonable
efforts to inform each disclosee of the confidential nature of such Confidential Information and cause each disclosee to treat such Confidential
Information as confidential.

 

    page 18 of 24

     

    

 

		18.3	Return or Destruction of Confidential Information. As soon as practicable, but in no event more than ten (10) business
days following the receipt of a written request from disclosing party or the termination or expiration of this Agreement, the receiving
party shall destroy or deliver to the disclosing party, as directed by the disclosing party, all materials containing or embodying the
disclosing party’s Confidential Information, including without limitation materials in tangible and/or electronic format, and shall
deliver to the disclosing party a letter signed by an officer of the receiving party and reasonably satisfactory to the disclosing party
certifying that all such materials in the receiving party’s possession have been delivered to the disclosing party or destroyed,
as directed by the disclosing party; provided, however, that the receiving party shall be entitled to retain, subject to
the terms and conditions of this Agreement: (a) one archived copy of the disclosing party’s Confidential Information solely
for the purpose of administering the receiving party’s obligations under this Agreement; and (b) the disclosing party’s
Confidential Information contained in the receiving party’s electronic back-up files that are created in the normal course of business
pursuant to the receiving party’s standard protocol for preserving its electronic records provided that such back-up files are not
accessed by the receiving party except for the receiving party’s information technology specialists.

 

		18.4	Publicity; Term of Agreement.

 

		(A)	The parties agree that the terms of this Agreement are the Confidential Information of both parties, subject to the special authorized
disclosure provisions set forth in this Section 18.4 or Section 18.2. For clarity, Jasper may disclose such terms to the extent
reasonably necessary to any bona fide potential or actual investor, licensee, collaborator, acquirer or merger partner for the sole purpose
of evaluating an actual or potential business transaction; provided that in connection with such disclosure, Jasper shall inform each
disclosee of the confidential nature of such Confidential Information and ensure that each such disclosee is contractually obligated to
treat such Confidential Information as confidential.

 

		(B)	The parties acknowledge that Jasper may be obligated to file under applicable laws a copy of this Agreement with the U.S. Securities
and Exchange Commission or other governmental or regulatory authorities. Jasper shall be entitled to make such a required filing, provided
that it requests confidential treatment of the commercial terms and sensitive technical terms hereof to the extent such confidential treatment
is reasonably available.

 

		(C)	Notwithstanding anything to the contrary, Jasper and Stanford shall have the right to disclose the existence of this Agreement and
publish the existence of this Agreement.

 

		19.	NOTICES

 

		19.1	Legal Action. Jasper will provide written notice to Stanford at least three months prior to bringing an action seeking to invalidate
any Licensed Patent or a declaration of non- infringement. Jasper will include with such written notice an identification of all prior
art it believes invalidates any claim of the Licensed Patent.

 

    page 19 of 24

     

    

 

		19.2	All Notices. All notices under this Agreement are deemed fully given when written, addressed, and sent as follows:

 

All general notices to Jasper are mailed or emailed to:

 

Jasper Therapeutics, Inc.

2200 Bridge Pkwy, Suite #103

Redwood City, California CA 94065

Attention: Jeet Mahal

Email: [...***...]

and

Jasper Therapeutics, Inc.

2200 Bridge Pkwy, Suite #103

Redwood City, California CA 94065

Attention: Contracts

Email: [...***...]

 

All financial invoices to Jasper (i.e., accounting contact)
are e-mailed to:

 

Accounts Payable

[...***...]

 

All progress report invoices to Jasper (i.e., technical contact)
are e-mailed to:

 

Jeet Mahal

[...***...]

and

Contracts

[...***...]

 

All general notices to Stanford are e-mailed or mailed to:

 

Office of Technology Licensing

415 Broadway Street

2nd Floor, MC 8854

Redwood City, CA 94063

info@otlmail.stanford.edu

 

    page 20 of 24

     

    

 

All payments to Stanford are mailed to:

 

Stanford University

Office of Technology Licensing

Department [...***...]

[...***...]

San Francisco, CA 94144-4439

 

All progress reports to Stanford are e-mailed or mailed to:

 

Office of Technology Licensing

415 Broadway Street

2nd Floor, MC 8854

Redwood City, CA 94063

info@otlmail.stanford.edu

 

Any notice related to Section 7.2 or Section 7.3
(Stanford Purchase Rights) shall be copied concurrently to [...***...].

 

Either party may change its address with written notice to
the other party.

 

		20.	MISCELLANEOUS

 

		20.1	Force Majeure. Neither party shall be held liable to the other party nor be deemed to have defaulted under or breached this
Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused by or results
from causes beyond the reasonable control of the affected party, potentially including embargoes, war, acts of war (whether war be declared
or not), acts of terrorism, insurrections, riots, civil commotions, strikes, pandemics, epidemics, lockouts or other labor disturbances,
fire, floods, earthquakes or other acts of god, or acts, generally applicable action or inaction by any governmental authority, or omissions
or delays in acting by the other party, or unavailability of materials related to the manufacture of Licensed Products. The affected party
shall notify the other party in writing of such force majeure circumstances as soon as reasonably practical, and shall promptly undertake
and continue diligently all reasonable efforts necessary to cure such force majeure circumstances or to perform its obligations in spite
of the ongoing circumstances.

 

		20.2	Severability. If any provisions herein are found to be invalid or unenforceable for any reason, it is the parties’ intent
that such provisions be replaced, reformed or narrowed so that their original business purpose can be accomplished to the extent permitted
by law, and that the remaining provisions will not in any way be affected or impaired thereby.

 

    page 21 of 24

     

    

 

		20.3	Waiver. No term of this Agreement can be waived except by the written consent of the party waiving compliance.

 

		20.4	Choice of Law. This Agreement and any dispute arising under it is governed by the laws of the State of California, United States
of America, applicable to agreements negotiated, executed, and performed within California.

 

		20.5	Entire Agreement. The parties have read this Agreement and agree to be bound by its terms, and further agree that it constitutes
the complete and entire agreement of the parties and supersedes all previous communications, oral or written, and all other communications
between them relating to the license and to the subject hereof. In the event of conflict between the terms and conditions of this Agreement
and any purchase orders, the terms and conditions of this Agreement shall prevail. This Agreement may not be amended except by writing
executed by authorized representatives of both parties. No representations or statements of any kind made by either party, which are not
expressly stated herein, will be binding on such party.

 

		20.6	Exclusive Forum. The state and federal courts having jurisdiction over Stanford, California, United States of America, provide
the exclusive forum for any court action between the parties relating to this Agreement. Jasper submits to the jurisdiction of such courts
and waives any claim that such a court lacks jurisdiction over Jasper or constitutes an inconvenient or improper forum.

 

		20.7	Headings. No headings in this Agreement affect its interpretation.

 

		20.8	Electronic Copy. The parties to this document agree that a copy of the original signature (including an electronic copy) may
be used for any and all purposes for which the original signature may have been used. The parties further waive any right to challenge
the admissibility or authenticity of this document in a court of law based solely on the absence of an original signature.

 

    page 22 of 24

     

    

 

The parties execute this Agreement in duplicate originals by their
duly authorized officers or representatives.

 

	 	THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY
	 	 
	 	Signature:	/s/ Sunita Rajdev
	 	Name:	Sunita Rajdev
	 	Title:	Senior Associate Director
	 	Date:	March 25, 2021
	 	 	 
	 	JASPER THERAPEUTICS, INC.
	 	 	 
	 	Signature:	/s/ Bill Lis
	 	Name:	Bill Lis
	 	Title:	Executive Chairman and CEO
	 	Date:	March 25, 2021

 

    page 23 of 24

     

    

 

Appendix A – Milestones

 

		1.	By July 31, 2023, Jasper will [...***...].

		2.	By July 31, 2026, Jasper will [...***...].

		3.	By July 31, 2027, Jasper will [...***...].

 

 

    page 24 of 24

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