Document:

CONFIDENTIAL TREATMENT REQUESTED. Confidential portions of this
document have been redacted and have been separately filed with the Commission.

 

Exhibit
No. 10.7

 

 

 

CONFIDENTIAL

 

LICENSE
AGREEMENT

 

THIS LICENSE AGREEMENT
(the “Agreement”) is dated as of March 17, 2015 (the “Effective Date”) by and between NeuPharma,
Inc., a Delaware corporation having its place of business at 1175 Chess Dr, Ste 206, Foster City, CA 94404 (“Licensor”),
and Coronado Biosciences, Inc., a Delaware corporation with its place of business at 3 Columbus Circle, 15th Floor, New York, New
York 10019 (“Coronado”). Coronado, on the one hand, and Licensor, on the other hand, shall each be referred
to herein as a “Party” or, collectively, as the “Parties.”

 

RECITALS:

 

WHEREAS, Coronado
is engaged in the research, development, manufacturing and commercialization of pharmaceutical products, and Coronado is interested
in developing and commercializing products containing or comprising the Compounds; and

 

WHEREAS, Coronado
desires to license from Licensor and Licensor wishes to license to Coronado, on an exclusive basis, the right to use, develop and
commercialize Licensor Technology in Field and in the Territory.

 

NOW, THEREFORE,
in consideration of the foregoing and of the various promises and undertakings set forth herein, the Parties agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Unless otherwise specifically
provided herein, the following terms shall have the following meanings:

 

1.1           “Affiliate”
means a Person or entity that controls, is controlled by or is under common control with a Party, but only for so long as such
control exists. For the purposes of this Section 1.1, the word “control” (including, with correlative meaning,
the terms “controlled by” or “under common control with”) means the actual power, either
directly or indirectly through one or more intermediaries, to direct the management and policies of such Person or entity, whether
by the ownership of at least 50% of the voting stock of such entity, or by contract or otherwise. For purposes of this Agreement,
TG Therapeutics, Inc. shall be deemed an Affiliate of Coronado and all of its other Affiliates.

 

1.2           “Calendar
Quarter” means each three month period commencing January 1, April 1, July 1 or October 1, provided
however that (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first full
Calendar Quarter thereafter, and (b) the last Calendar Quarter of the Term shall end upon the termination or expiration of
this Agreement.

 

    	 	 	 

     

    

  

1.3           “Calendar
Year” means the period beginning on the 1st of January and ending on the 31st of December of the
same year, provided however that (a) the first Calendar Year of the Term shall commence on the Effective Date and end on December 31
of the same calendar year as the Effective Date, and (b) the last Calendar Year of the Term shall commence on January 1
of the Calendar Year in which this Agreement terminates or expires and end on the date of termination or expiration of this Agreement.

 

1.4           “Change
of Control” means any transaction in which a Party: (a) sells, conveys or otherwise disposes of all or substantially
all of its property or business; or (b)(i) merges, consolidates with, or is acquired by any other Person; or (ii) effects any other
transaction or series of related transactions, other than for capital raising purposes; in each case of subsection (i) or (ii),
such that the stockholders of such Party immediately prior thereto, in the aggregate, no longer own, directly or indirectly, beneficially
or legally, at least fifty percent (50%) of the outstanding voting securities or capital stock of the surviving Person following
the closing of such merger, consolidation, other transaction or series of related transactions. As used in this Section 1.4, “Person”
means any corporation, firm, partnership or other legal entity.

 

1.5           “Combination
Product” means a product (a) containing a Licensed Product together with one or more other active ingredients that have
independent biologic or chemical activity when present alone, or (b) a Licensed Product together with one or more products, devices,
pieces of equipment or components thereof, but sold for an integrated price (e.g., with the purchase of one product the customer
gets a coupon for the other) or for a single price. For clarity, drug delivery vehicles and excipients shall not be deemed to be
“active ingredients”.

 

1.6           “Commercialization”
or “Commercialize” means any and all activities undertaken at any time for a particular Licensed Product
and that relate to the manufacturing, marketing, promoting, distributing, importing or exporting for sale, offering for sale, and
selling of the Licensed Product, and interacting with Regulatory Authorities regarding the foregoing.

 

1.7           “Commercially
Reasonable Efforts” means the carrying out of obligations or tasks in a manner consistent with the efforts a Party devotes
to research, development or marketing of a pharmaceutical product or products of similar market potential, profit potential or
strategic value resulting from its own research efforts or for its own benefit, taking into account technical, regulatory and intellectual
property factors, target product profiles, product labeling, past performance, costs, economic return, the regulatory environment
and competitive market conditions in the therapeutic or market niche, all based on conditions then prevailing, and subject to and
in consideration of, in each case, the resources available to such Party and within such Party’s organization for such efforts,
but in no event less than the high professional standards and level of efforts, resources and urgency applied by other pharmaceutical
companies of similar size to their high-priority development candidates and pharmaceutical products of a similar stage of product
life, safety, efficacy and commercial potential.

 

1.8           “Compounds”
means (i) Licensor’s proprietary epidermal growth factor receptor (“EGFR”) inhibitor(s) and Bruton's tyrosine
kinase (“BTK”) inhibitor(s) described on Schedule 1, (ii) any other salts, solvates, esters, metabolites, hydrates,
intermediates, stereoisomers, polymorphs, and degradation products of the compounds described in clause (i), and (iii) any other
inhibitor(s) primarily targeting EGFR or BTK newly discovered by Licensor within six months after Effective Date or under a sponsored
research agreement with Coronado and any other salts, solvates, esters, metabolites, hydrates, intermediates, stereoisomers, polymorphs,
and degradation products of such EGFR or BTK inhibitor(s).

 

    	 	2	 

     

    

 

1.9           “Controlled”
means, with respect to (a) Patent Rights, (b) Know-How or (c) biological, chemical or physical material, that a
Party or one of its Affiliates owns or has a license or sublicense to such Patent Rights, Know-How or material (or in the case
of material, has the right to physical possession of such material) and has the ability to grant a license or sublicense to, or
assign its right, title and interest in and to, such Patent Rights, Know-How or material as provided for in this Agreement without
violating the terms of any agreement or other arrangement with any Third Party.

 

1.10         
“Coronado Improvements” means any invention (i) developed by Coronado or its Affiliates’ as a result
of its exercise of the licenses granted to Coronado and its Affiliates pursuant to Section 2.1; and (ii) that, if used without
a license under the Valid Claims of Licensor Patents, the making, using or selling of such invention would infringe one or more
of the Valid Claims of Licensor Patents. Notwithstanding the foregoing, Coronado Improvements excludes any such inventions first
owned, licensed, or otherwise Controlled by any Acquiring Entity prior to the date of the transaction by which such Acquiring Entity
first became an Acquiring Entity, or any inventions conceived or reduced to practice by or on behalf of the Acquiring Entity following
the date of such transaction by employees or agents of the Acquiring Entity who do not have access to the Licensor Know-How or
Licensor’s Confidential Information. “Acquiring Entity” means (a) any entity that acquires all or substantially
all of the stock, assets (or all or substantially all of the assets or business thereof related, in either case, to this Agreement),
and (b) any Affiliate of such an entity.

 

1.11         “Coronado
Technology” means all Patent Rights Controlled by Coronado or its Affiliates outside the Territory covering Coronado
Improvements. Notwithstanding the foregoing, Coronado Technology excludes any Patent Rights first owned, licensed, or otherwise
Controlled by any Acquiring Entity prior to or following the date of the transaction by which such Acquiring Entity first became
an Acquiring Entity.

 

1.12         
“Covered” means that the use, manufacture, sale, offer for sale, development, commercialization or importation
of the subject matter in question by an unlicensed entity would infringe a Valid Claim of a Patent Right; provided that infringement
of any Valid Claim of a pending patent application shall be determined as if such Valid Claim were issued or granted.

 

1.13         “Development”
or “Develop” means, with respect to a Licensed Product, the performance of all non-clinical, preclinical and clinical
development (including, without limitation, toxicology, pharmacology, test method development and stability testing, process development,
formulation development, quality control development, statistical analysis), clinical trials, manufacturing, regulatory activities
that are required to obtain and maintain Regulatory Approval of such Licensed Product.

 

1.14         “EMA”
means the European Medicines Agency or any successor agency.

 

1.15         “European
Commission” means the authority within the European Union that has the legal authority to grant Regulatory Approvals
in the European Union based on input received from the EMA or other competent Regulatory Authorities.

 

    	 	3	 

     

    

 

1.16         “FDA”
means the United States Food and Drug Administration, or a successor federal agency thereto.

 

1.17         “Field”
means all uses of the Licensed Products.

 

1.18         “First
Commercial Sale” means, with respect to a Licensed Product in any country, the first commercial transfer or disposition
for value of such Licensed Product in such country to a Third Party by Coronado, an Affiliate of Coronado or a Sublicensee after
Regulatory Approval therefor has been obtained in such country.

 

1.19         “GAAP”
means United States generally accepted accounting principles.

 

1.20         “Generic
Product” refers to any pharmaceutical product that is introduced in the applicable country by an entity other than Coronado
or its Affiliates or Sublicensees, which contains the same or equivalent (by FDA or other Regulatory Authority standards, on a
country-by-country basis) active pharmaceutical ingredient(s) as contained in a Licensed Product sold by Coronado or its Affiliate
or Sublicensee in such country, including any such pharmaceutical product that is AB-rated or determined to be bioequivalent to
a Licensed Product by the FDA or is otherwise substitutable for a Licensed Product or is similarly rated by other Regulatory Authorities
outside the United States, on a country-by-country basis. For the avoidance of doubt, a Generic Product will not necessarily infringe
a Licensor Patent.

 

1.21         “Governmental
Body” means any: (a) nation, principality, state, commonwealth, province, territory, county, municipality, district
or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental
or quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch,
office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or entity and
any court or other tribunal); (d) multi-national or supranational organization or body; or (e) individual, entity, or
body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or
taxing authority or power of any nature.

 

1.22         “Know-How”
means any scientific or technical information, results and data of any type whatsoever, in any tangible or intangible form
whatsoever, that is not in the public domain or otherwise publicly known, including, without limitation, discoveries, inventions,
trade secrets, databases, practices, protocols, regulatory filings, methods, processes, techniques, software, works of authorship,
plans, concepts, ideas, biological and other materials, reagents, specifications, formulations, formulae, data (including, but
not limited to, pharmacological, biological, chemical, toxicological, clinical and analytical information, quality control, trial
and stability data), case reports forms, data analyses, reports, studies and procedures, designs for experiments and tests and
results of experimentation and testing (including results of research or development), summaries and information contained in submissions
to and information from ethical committees, the FDA or other Regulatory Authorities, and manufacturing process and development
information, results and data, whether or not patentable, all to the extent not claimed or disclosed in a patent or pending patent
application. The fact that an item is known to the public shall not be taken to exclude the possibility that a compilation including
the item, and/or a development relating to the item, is (and remains) not known to the public. “Know-How” includes
any rights including copyright, moral, trade-secret, database or design rights protecting such Know-How. “Know-How”
excludes Patent Rights.

 

    	 	4	 

     

    

 

1.23         “IND”
shall mean any Investigational New Drug Application (including any amendments thereto) filed with the FDA pursuant to 21 C.F.R.
§321 before the commencement of clinical trials of a Licensed Product, or any comparable filings with any Regulatory Authority
in any other jurisdiction.

 

1.24         “Indication”
shall mean a generally acknowledged disease, disorder or condition, a significant manifestation of a disease, disorder or condition,
or a symptom associated with a disease, disorder or condition for which use of a Licensed Product is indicated, as would be identified
in the Licensed Product’s label under applicable regulations of a Regulatory Authority. For example, first line Lung cancer
would be one indication and relapsed or refractory Lung cancer would be considered another indication if conducted in two studies
for the purpose of including both patient populations as indications in the Licensed Products label.

 

1.25         “Law”
or “Laws” means all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having
the binding effect of law of any Governmental Body.

 

1.26         “Licensed
Product” means any product, that contains or comprises, in part or in whole, a Compound (alone or with one or more other
active ingredients), in any dosage form, formulation, presentation or package configuration.

 

1.27         “Licensor
Know-How” means any and all Know-How that (a) is Controlled by Licensor or any of its Affiliates as of the Effective
Date or at any time thereafter during the Term and (b) pertains directly and particularly to the Compounds and (c) is from time
to time expressly identified in writing by Licensor to Coronado as constituting Licensor Know-How. The Licensor Know-How shall
include, but not be limited to, the Know-How listed on Schedule 2 hereto. For clarity, any and all Know-How which Licensor
determines, in its reasonable discretion, not to so expressly identify as being within the definition of Licensor Know-How shall
not constitute Licensor Know-How.

 

1.28         “Licensor
Patents” means all Patent Rights that are Controlled by Licensor or any of its Affiliates
as of the Effective Date or at any time thereafter during the Term and that Cover the Compound or a Licensed Product or
their manufacture or use. The Licensor Patents shall include, but not be limited to, all Patent Rights set forth on Schedule
3 hereto.

 

1.29         “Licensor
Technology” means the Licensor Patents and the Licensor Know-How.

 

1.30         “Licensor
Territory” means Asia except for Japan, India and Russia.

 

1.31         
“Major Market” means any of the (a) United States, (b) the European Union (either in its entirety or including
at least one Major Market EU Country, as determined by Coronado in its sole discretion), or (c) Japan.

 

1.32         “Major
Market EU Country” means any of France, Germany and the United Kingdom.

 

1.33         “NDA”
means a New Drug Application submitted pursuant to the requirements of the FDA, as more fully defined in 21 U.S. CFR § 314.3
et seq., and any equivalent application submitted in any country, including a European Marketing Authorization Application, together,
in each case, with all additions, deletions or supplements thereto.

 

    	 	5	 

     

    

 

1.34         
“Net Sales” means the gross amount invoiced or otherwise charged by Coronado, its Affiliates and Sublicensees (“Selling
Party”) to Third Parties in arm’s length transactions for sales of a Licensed Product, less:

 

		(a)	Normal and customary trade, quantity, cash and discounts and credits allowed and taken;

 

		(b)	Discounts, refunds, rebates, chargebacks, retroactive price adjustments, and any other allowances
given and taken which effectively reduce the net selling price (other than such which have already diminished the gross amount
invoiced such as those outlined in Section 1.34(a) above), including, without limitation, Medicaid rebates, institutional rebates
or volume discounts;

 

		(c)	Product returns and allowances granted to such Third Party;

 

		(d)	Administrative fees paid to group purchasing organizations (e.g., Medicare) and government-mandated
rebates;

 

		(e)	Shipping, handling, freight, postage, insurance and transportation charges, but all only to the
extent included as a separate line item in the gross amount invoiced;

 

		(f)	Any tax, tariff or duties imposed on the production, sale, delivery or use of the Licensed Product,
including, without limitation, sales, use, excise or value added taxes and customs and duties, but all only to the extent included
as a separate line item (e.g., “taxes”) in the gross amount invoiced; and

 

		(g)	Bad debt actually written off during the accounting period, as reported by the Selling Party in
accordance with GAAP, applied on a consistent basis (provided, that any bad debt write-off so taken which is later reversed shall
be added back to Net Sales in the accounting period in which the reversal occurs

 

Licensed Products are considered “sold”
when billed out or invoiced or, in the event such Licensed Products are not billed out or invoiced, when the consideration for
sale of the Products is received. If a sale, transfer or other disposition with respect to Licensed Products involves consideration
other than cash or is not at arm’s length, then the Net Sales from such sale, transfer or other disposition shall be calculated
from the average selling price for such Licensed Product during the calendar quarter in the country where such sale, transfer or
disposition took place. Notwithstanding the foregoing, Net Sales shall not include, and shall be deemed zero with respect to, (i)
Licensed Products used by Coronado, its Affiliates, or Sublicensees for their internal use, (ii) the distribution of promotional
samples of Licensed Products provided free of charge, (iii) Licensed Products provided for clinical trials or research, development,
or evaluation purposes, or (iv) sales of Licensed Products among Coronado and its Sublicensees and their respective Affiliates
for resale.

 

    	 	6	 

     

    

 

Net Sales of any Combination Product shall
be determined on a country-by-country basis as follows:  the Net Sales of the Combination Product (prior to application of
the following adjustment) shall be multiplied by the fraction A/(A+B), where A is the net selling price in such country of a Licensed
Product without the additional active ingredient in the Combination Product, if sold separately for the same dosage as contained
in the Combination Product, and B is the net selling price in such country of any other active ingredients in the combination if
sold separately for the same dosage (or form) as contained in the Combination Product.  All net selling prices of the elements
of such Combination Product shall be calculated as the average net selling price of the said elements during the applicable accounting
period for which the Net Sales are being calculated.  In the event that, in any country, no separate sale of either such above-designated
Licensed Product (containing only such Licensed Product and no other active ingredients) or any one or more of the active ingredients
included in such Combination Product are made during the accounting period in which the sale was made or if the net selling price
for an active ingredient cannot be determined for an accounting period, Net Sales for purposes of determining payments under this
Agreement shall be calculated by multiplying the sales price of the Combination Product by the fraction C/(C+D) where C is the
standard fully-absorbed manufacturing cost of the Licensed Product portion of the combination, and D is the standard fully-absorbed
manufacturing cost of the other active ingredients or components included in the Combination Product, as determined by Coronado
using its standard accounting procedures consistently applied.  In the event that the standard fully-absorbed manufacturing
cost of the Licensed Product and/or the other active ingredients or components included in such Combination Product cannot be determined
or agreed upon by the Parties, Net Sales allocable to the Licensed Product in each such country shall be determined in accordance
with Section 11.7 below, on a country-by-country basis, considering all relevant factors (including variations in potency, the
relative contribution of each active ingredient in the combination, and relative value to the end user of each active ingredient).

 

1.35         “Non-Royalty
Income” means the gross consideration received by Coronado and/or its Affiliates
from a Sublicensee or an assignee (who is not an Affiliate) in consideration of the grant of a sublicense under the Licensed Patents
or an assignment of this Agreement. This consideration includes without limitation license, option, distribution or license maintenance
fees, assignment fees and bonus or milestone payments as well as debt forgiveness and the like actually received by Coronado, directly
or indirectly, from a Sublicensee or assignee (who is not an Affiliate), but excludes amounts received as a royalty on Net Sales
for which Licensor receives an earned royalty under Section 5.4 and excludes the purchase of equity securities. 

 

1.36         
“Paragraph IV Certification” means a certification pursuant to the Drug Price Competition and Patent Term Restoration
Act of 1984 (Public Law 98-417), as amended, which shall include but not be limited to any such certification pursuant to 21 U.S.C.
§355(b)(2)(A)(iv) or 21 U.S.C. §355(j)(2)(A)(vii)(IV), or any reasonably similar or equivalent certification or notice
in the United States or any jurisdiction outside the United States, included in (or made with respect to or in connection with)
a regulatory filing concerning a Licensed Product and challenging the validity, infringement, or enforceability of any Licensor
Patent.

 

1.37         “Patent
Right” means: (a) an issued or granted patent, including any extension, supplemental protection certificate, registration,
confirmation, reissue, reexamination, extension or renewal thereof; (b) a pending patent application, including any continuation,
divisional, continuation-in-part, substitute or provisional application thereof; and (c) all counterparts or foreign equivalents
of any of the foregoing issued by or filed in any country or other jurisdiction.

 

1.38         “Person”
means any natural person, corporation, firm, business trust, joint venture, association, organization, company, partnership
or other business entity, or any government or agency or political subdivision thereof.

 

    	 	7	 

     

    

 

1.39         “Phase I
Trial” means a clinical trial of a Licensed Product in human patients conducted primarily for the purpose of determining
the safety, tolerability and preliminary activity of the Licensed Product, including, without limitation, for determining the maximum
tolerated dose, or optimal dose. For purposes of this Agreement, a Phase I trial shall specifically exclude a study in healthy
volunteers. 

 

1.40         “Phase
II Trial” means a clinical trial of a Licensed Product in human patients commenced after identifying the maximum tolerated
dose, or a lower dose if it is determined to be the optimal dose by Coronado, conducted primarily for the purpose of obtaining
sufficient information about the Licensed Product’s safety and efficacy to permit the design of a Phase III Trial.

 

1.41         “Phase III
Trial” means a clinical trial of a Licensed Product in human patients, which trial is designed (a) to establish
that the Licensed Product is safe and efficacious for its intended use; (b) to define warnings, precautions and adverse reactions
that are associated with the Licensed Product in the dosage range to be prescribed; (c) to be, either by itself or together
with one or more other clinical trials having a comparable design and size, the pivotal human clinical trial in support of an application
for Regulatory Approval or label expansion of the Licensed Product, and (d) consistent with 21 CFR § 312.21(c) (as hereafter
modified or amended), or with respect to a jurisdiction other than the United States, a similar clinical study).

 

1.42         “Product
Milestone Events” means the first, second, third, fourth, fifth, sixth and seventh milestone events specified in Section
5.2.

 

1.43         “Regulatory
Authority” means (a) the FDA, (b) the EMA or the European Commission, or (c) any regulatory body with
similar regulatory authority over pharmaceutical or biotechnology products in any other jurisdiction anywhere in the world.

 

1.44         “Regulatory
Approval” means any and all approvals, licenses, registrations, or authorizations of the relevant Regulatory Authority,
necessary for the Development, manufacture, use, storage, import, transport and Commercialization of a given Licensed Product in
a particular country or jurisdiction. For the avoidance of doubt, Regulatory Approval outside of the United States shall include
any pricing or marketing approval needed prior to the sale of a Licensed Product in the Field.

 

1.45         “Regulatory
Filing” shall mean any filing or application with any Regulatory Authority, including INDs and NDAs with respect to a
Licensed Product.

 

1.46         
“Royalty Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the period from the
First Commercial Sale of a given Licensed Product in such country until the later of (a) expiry of the last-to-expire Licensor
Patent containing a Valid Claim to the Compound in such country; or (b) the 10th anniversary of the First Commercial
Sale of such Licensed Product in such country. In a country where no Licensor Patent containing a Valid Claim with respect to the
Compound has ever existed nor ever exists, the Royalty Term means on a product-by-product and country-by-country basis, the period
from the First Commercial Sale of such product in such country until the 10th anniversary of such First Commercial Sale
of such product in such country.

 

1.47         “Sales
Milestone Events” means the eighth and ninth milestone events specified in Section 5.2.

 

    	 	8	 

     

    

 

1.48         “Shares”
means shares of Coronado’s common stock, par value $0.001 per share, as constituted on the Effective Date; the meaning of
such term shall be adjusted appropriately to reflect the occurrence of any stock split, reverse stock split, recapitalization,
reorganization or other such event.

 

1.49         “Sublicensee”
means a Person, other than an Affiliate of Coronado, to which Coronado (or its Affiliate) has, pursuant to Section 2.2,
granted sublicense rights under any of the license rights granted under Section 2.1. “Sublicense” shall
be construed accordingly.

 

1.50         “Tax”
or “Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits,
withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, registration, value
added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition
thereto, whether disputed or not.

 

1.51         “Territory”
means worldwide, excluding the Licensor Territory.

 

1.52         “Third
Party” means any Person other than Licensor, Coronado or Affiliates of either of them, or any Sublicensees.

 

1.53         “Third
Party Action” means any claim or action made by a Third Party against a Party that claims that a Licensed Product, or
its use, Development, manufacture or sale infringes such Third Party’s intellectual property rights in the Territory.

 

1.54         
“United States” or “US” means the United States of America and its territories and possessions.

 

1.55         “Upfront
Fee” means US$500,000.

 

1.56         “Upfront
Shares” means [___________] Shares.

 

1.57         “Valid
Claim” means a claim of any pending patent application or any issued, unexpired United States or granted foreign patent
that has not been dedicated to the public, disclaimed, abandoned or held invalid or unenforceable by a court or other body of competent
jurisdiction from which no further appeal can be taken, and that has not been explicitly disclaimed, or admitted in writing to
be invalid or unenforceable or of a scope not Covering a particular product or service through reissue, disclaimer or otherwise,
provided that if a particular claim has not issued within five (5) years of its initial filing, it shall not be considered a Valid
Claim for purposes of this Agreement unless and until such claim is included in an issued or granted Patent, notwithstanding the
foregoing definition.

 

1.58         The
definition of each of the following terms is set forth in the section of the Agreement indicated below:

 

“Action”
has the meaning set forth in Section 6.5(b).

 

“Claim” has
the meaning set forth in Section 9.1.

 

“Confidential Information”
has the meaning set forth in Section 7.1.

 

    	 	9	 

     

    

 

“Controlling Party”
has the meaning set forth in Section 6.5(c).

 

“Disclosing Party”
has the meaning set forth in Section 7.1. 

 

“Indemnified Party”
has the meaning set forth in Section 9.3.

 

“Indemnifying Party”
has the meaning set forth in Section 9.3.

 

“Licensor Indemnitees”
has the meaning set forth in Section 9.1.

 

“Notice”
has the meaning set forth in Section 7.6.

 

“Receiving Party”
has the meaning set forth in Section 7.1. 

 

“Term” has
the meaning set forth in Section 10.1.

 

“Coronado Indemnitees”
has the meaning set forth in Section 9.2. 

 

ARTICLE II

LICENSES AND OTHER RIGHTS

 

2.1           Grant
of License to Coronado. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Coronado and its Affiliates,
and Coronado and its Affiliates hereby accept, an exclusive (even as to Licensor), royalty-bearing right and license (with the
right to sublicense through multiple tiers of sublicense in accordance with the provisions of Section 2.2) under the Licensor Technology
to research, Develop, have Developed, manufacture, have manufactured, use, import and Commercialize and have Commercialized the
Licensed Products in and for the Field and Territory.

 

2.2           Grant
of Sublicenses by Coronado. Coronado shall have the right, in its sole discretion, to grant Sublicenses, in whole or in part,
under the license granted in Section 2.1; provided, however, that the granting by Coronado of a Sublicense shall not relieve Coronado
of any of its obligations hereunder; and provided, Coronado shall procure that each of its Sublicensees complies with all relevant
terms, restrictions and limitations in this Agreement. Notwithstanding the foregoing sentence, it is not required that a Sublicense
include provisions for the Sublicensee to pay Royalties or make milestone payments directly to Licensor or to provide royalty reports
directly to Licensor. Coronado shall be and remain fully responsible for the compliance by Sublicensees with the terms and conditions
of this Agreement applicable to such Sublicensees. Notwithstanding the foregoing, Coronado and its Affiliates shall not have the
right to grant a Sublicense to any entity engaged in the development of compounds or drugs targeting EGFR mutants (including T790+)
except that Coronado may grant Sublicense to entities developing drugs targeting Her2 and also antibodies, bi-specific antibodies
and/or CAR-Ts directed at EGFR mutants, without Licensor’s prior written consent.

 

2.3           Grantback
License. Coronado hereby grants to Licensor and its Affiliates, and Licensor and its Affiliates hereby accept, a non-exclusive,
royalty-free, right and license (with the right to sublicense through multiple tiers of sublicense as set forth below) under the
Coronado Technology to research, Develop, have Developed, manufacture, have manufactured, use, import and Commercialize and have
Commercialized the Licensed Products outside the Territory, Licensor shall have the right to grant sublicenses under the foregoing
license but only if such sublicense is pursuant to a written sublicense agreement, executed by the sublicensee and Licensor, with
terms and conditions (i) consistent with the terms and conditions of this Section 2.3 and (ii) that prohibit the practice of subject
matter Covered by the Coronado Technology in the Territory or with respect to products other than the Licensed Products. Licensor
shall be responsible for the compliance by sublicensees with the terms and conditions of this Section 2.3 and such sublicense agreements.

 

    	 	10	 

     

    

 

2.4           Bankruptcy
Code. All rights and licenses granted under or pursuant to this Agreement by Licensor to Coronado are, and shall otherwise
be deemed to be, for purposes of Section 365(n) of the US Bankruptcy Code, licenses of rights to “intellectual property”
as defined under Section 101 of the US Bankruptcy Code. The Parties agree that Coronado, as a licensee of such rights under this
Agreement, shall retain and may fully exercise all of its rights and elections under the US Bankruptcy Code.

 

2.5           Technology
Transfer. As soon as reasonably practicable after the Effective Date, but in no event later than thirty (30) days following
the Effective Date, Licensor will provide to Coronado a copy of Licensor Know-How set forth on Schedule 2 in Licensor’s Control.

 

ARTICLE III

DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION 

 

3.1           Diligence
by Coronado. Coronado shall use Commercially Reasonable Efforts to Develop and to Commercialize at least one Licensed Product
in and for the Field in at least one Major Market. Without limiting the foregoing, Coronado shall use commercially reasonable efforts
to achieve the development milestones on or before the applicable dates indicated below with respect to a Licensed Product in the
Field and in the Territory:

 

	Development Milestone	Date
	*	* after the Effective Date
	*	* after the Effective Date
	*	* after the Effective Date
	*	* after the Effective Date

 

3.2           The
timelines set forth above are merely for guidance purposes and shall not be binding. In the event that Coronado anticipates that
it may not achieve the Development Milestone by the Date listed above, it shall promptly notify Licensor and provided revised timelines
with an explanation of the reason for the delay.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	11	 

     

    

 

3.3           Responsibility
and Authority for Development. Coronado shall have the exclusive right, and sole responsibility and decision-making authority,
to research and Develop any Licensed Products in and for the Field and the Territory and to conduct (either itself or through its
Affiliates, agents, subcontractors and/or Sublicensees) all clinical trials and non-clinical studies Coronado believes appropriate
to obtain Regulatory Approval for Licensed Products in and for the Field and the Territory.

 

3.4           Commercialization.
Coronado shall have the exclusive right, and sole responsibility and decision-making authority, to Commercialize any Licensed Products
in and for the Field and the Territory itself or through one or more Sublicensees or other Third Parties selected by Coronado and
shall have the sole decision-making authority and responsibility in all matters relating to the Commercialization of Licensed Products.

 

3.5           Manufacturing.
Coronado shall have the exclusive right, and sole responsibility and decision-making authority, to manufacture, at the clinical
and/or commercial stage, any Licensed Product in and for the Field and the Territory itself or through one or more Sublicensees
selected by Coronado.

 

3.6           Reporting;
Cooperation. (a) The Parties shall, at least once each Calendar Quarter, provide to each other an update report regarding the
progress of all research and Development efforts toward Licensed Products and regarding the progress of Commercialization of Licensed
Products in their respective Territories. (b) The Parties shall use Commercially Reasonable Efforts to coordinate pre-clinical,
non-clinical and CMC development activities to avoid duplication of effort and resources. The cost of any joint programs agreed
by the Parties in writing will be borne *% by Coronado and *% by
Licensor, unless otherwise agreed. Notwithstanding the foregoing, for specific items which are solely usable in one or the other
Territories then the cost for such cost item will be borne solely by the Party for whose Territory the item is required. For clarity,
if Coronado purchases any starting materials or Compounds from Licensor, the price of any such materials shall not be allocated.
Additionally, the Parties agree to negotiate in good-faith a sponsored research agreement to explore the development of back-up
Compounds as well as differentiated Compounds that optimize certain attributes (e.g. more selective for Bruton's tyrosine kinase
(BTK) or devoid of Janus kinase 3 (JAK3) or similar adjustments to the attributes of a Compound).

 

3.7           Costs
and Expenses. As between Licensor and Coronado, Coronado shall be solely responsible for all costs and expenses related to
Development, manufacture and Commercialization of the Licensed Products in and for the Territory, including without limitation
costs and expenses associated with all preclinical activities and clinical trials, and all regulatory filings and proceedings relating
to Licensed Product.

 

ARTICLE IV

REGULATORY MATTERS

 

4.1           Regulatory
Filings. As between Coronado and Licensor, Coronado (or its applicable Affiliate) shall own and maintain all regulatory filings
made in the Territory and the Field after the Effective Date for Licensed Products and all Regulatory Approvals in the Territory
and the Field for Licensed Products. Coronado shall be responsible, at its expense, for filing, obtaining and maintaining Regulatory
Approvals for the Development and Commercialization of each Licensed Product in the Territory, including any such IND, NDA, as
well as pricing or reimbursement approvals in the Territory. Coronado shall also obtain any export approvals required by the FDA
to import or export the Licensed Product to any country within the Territory. All such filings will be in the name of Coronado,
except where otherwise required by local law.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	12	 

     

    

 

4.2           Communications
with Authorities. Coronado (or one of its Affiliates or Sublicensees) shall be responsible for and act as the sole point of
contact for communications with Regulatory Authorities in connection with the Development, Commercialization, and manufacturing
of Licensed Products in the Territory in the Field. At the request of Coronado, Licensor shall make available to Coronado, at no
more than a reasonable charge, a qualified representative who shall, together with the representatives of Coronado, participate
in and contribute to meetings with the Regulatory Authorities in the Territory with respect to regulatory matters relating solely
to the Licensor Technology.

 

4.3           Exchange
of Data and Know-How. During the Term, upon reasonable request by Licensor in writing to Coronado, Coronado shall provide to
Licensor any Coronado Know-How required for the purpose of Development and Commercialization of the Compound and Licensed Products
outside the Territory. During the Term, upon reasonable request by Coronado in writing to Licensor, Licensor shall provide to Coronado
any Licensor Know-How required for the purpose of Development and Commercialization of the Compound and Licensed Products in the
Territory.

 

4.4           Sharing
of Regulatory Filings. Each Party shall permit the other to access, and shall provide the other Party with sufficient rights
to reference and use such Party’s, its Affiliates’ and, to the extent it has the right to do so, its Sublicensees’
Know-How, Regulatory Filings as are necessary for the Development and Commercialization of Licensed Products in each Parties respective
Territory.

 

4.5           Clinical
Safety Reporting; Pharmacovigilance. The Parties agree that Coroando shall be responsible for the establishment of the global
safety database for the Licensed Products in the Territory and the monitoring of all clinical experiences and submission of all
required reports throughout clinical Development and Commercialization of the Licensed Products in the Territory, and that Licensor
shall have primary responsibility for the monitoring of all clinical experiences and submission of all required reports concerning
the Licensed Products outside the Territory.  In each Party’s respective territory, such Party will be obligated, as
part of their monitoring of all clinical experiences, to obtain follow-up information on any incomplete safety reports generated
throughout the non-clinical and clinical Development and Commercialization of the Licensed Products.   The Parties hereby
agree to report to each other all Adverse Events and/or Serious Adverse Events with respect to the Licensed Products (whether occurring
in any clinical trial conducted with regard to the Licensed Products or in connection with the commercialization of the Licensed
Products in any country), within timeframes consistent with its reporting obligations under applicable Laws and in any event, if
either Party is actively conducting a clinical trial under its own IND or commercializing the Licensed Products, then the other
Party shall report such events no later than three (3) business days for Serious Adverse Event, and quarterly for Adverse
Events, which report shall, in each case, include the circumstances and nature of such Serious Adverse Event or Adverse Event as
required for reporting under applicable Laws.  In addition, to the extent requested by either Party, the other Party shall
promptly provide to the requesting Party any other information or materials that the requesting Party may require to provide to
any Regulatory Authority with respect to any such Adverse Event or Serious Adverse Event.  All disclosures made under this
Section 4.5 shall be deemed Confidential Information of the disclosing Party; provided, that, the Party receiving such disclosures
may, upon written notice to the disclosing Party, report the occurrence, circumstances and nature of such Adverse Event and/or
Serious Adverse Event to any Regulatory Authority solely insofar as such reporting is required to comply with applicable Laws.
For purposes of this section: “Adverse Event” means any untoward
medical occurrence in a human clinical trial subject or in a patient who is administered a Compound or Product, whether or not
considered related to the Compound or Product, including any undesirable sign (including abnormal laboratory findings of clinical
concern), symptom or disease associated with the use of a Compound or Product, as defined more fully in 21 CFR §312.32; and
“Serious Adverse Event” means any untoward medical occurrence that, at any dose, results in death, is life-threatening,
requires inpatient hospitalization or prolongation of existing hospitalization, results in persistent or significant disability/incapacity,
or is a congenital anomaly/birth defect, as more full defined in 21 CFR § 312.32.

 

    	 	13	 

     

    

 

ARTICLE V

Financial Provisions

 

5.1           Upfront
Fee and Upfront Shares. Coronado becomes obligated on the Effective Date to pay Licensor the Upfront Fee and the Upfront Shares
in partial consideration of the rights granted to Company under this Agreement. Coronado shall pay the Upfront Fee on the Effective
Date. Coronado shall deliver to Licensor a stock certificate representing the Upfront Shares on the Effective Date or within five
business days thereafter. Such stock certificate shall be unlegended except for a standard securities-law restrictive legend. Notwithstanding
the foregoing, in lieu of the Upfront Shares, Coronado may pay US$500,000 in cash. The Upfront Fee and Upfront Shares shall be
non-refundable.

 

5.2           Commercial
Milestone Payments. As further partial consideration for Licensor’s grant of the rights and licenses to Coronado hereunder,
Coronado shall pay to Licensor the following one-time, non-refundable milestone payments (a) with regard to each Licensed Product
(or, in the case of Milestone Events 8 and 9, combination of Licensed Products) to achieve the respective Product Milestone Event,
as follows: (i) for any Licensed Product (including RX518) primarily targeting EGFR, for each of the first three Indications (up
to two solid tumor Indications and up to one hematologic cancer Indication) for which a Licensed Product achieves the respective
Product Milestone Event, and (ii) for any Licensed Product primarily targeting BTK, for each of the first three Indications for
which a Licensed Product achieves the respective Product Milestone Event, and (b) upon achievement of each respective Sales Milestone
Event by Coronado, Sublicensees or their respective Affiliates. Coronado shall promptly, but in no event later than 30 days following
Coronado or its Affiliate’s receipt of actual knowledge of each achievement of a milestone event, notify Licensor in writing
of the achievement of such milestone event and shall pay the relevant milestone payment within 30 days thereafter. All milestone
and other Article V payments shall be paid in cash.

 

	Milestone Event 	Milestone Payment	Total Milestone

Payments (if

achieved with

three Indications)
	1. *	$*	*
	2. *	$* (per Indication)	$*
	3. *	$* (per Indication)	$*
	4. *	$* (per Indication)	$*
	5. *	$* (per Indication)	$*
	6. *	$* (per Indication)	$*
	7. *	$* (per Indication)	$*
	8. *	$*	*
	9. *	$*	*

 

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	14	 

     

    

 

For avoidance of doubt: it is possible that the first three Indications
to achieve a particular milestone event might not be identical with the first three Indications to achieve a different particular
milestone event; this non-identity would not affect the validity of the three-time milestone event achievement for either of the
milestone events. Additionally, where milestone payments above are based on Indications, and for the Licensed Product primarily
targeting EGFR (including RX518), the milestone will only be achieved on the first two solid tumor Indications and on the first
hematologic cancer Indication.

 

5.3           Deemed
Achievement of Commercial Milestones. Upon achievement of any respective Product Milestone Event with regard to a particular
Indication, all “prior” milestone events shall be deemed to be thereby achieved as to such Indication; and if the milestone
payment for any such “prior” milestone events so deemed to be thereby achieved has not previously been paid, it shall
thereupon also be paid, forthwith (unless the deemed-achieved milestone event has already been achieved and paid for (i) two times
for solid tumors or one time for hematologic cancers for any Licensed Product primarily targeting EGFR (including RX518); or (ii)
three times for any Licensed Product primarily targeting BTK).

 

5.4           Royalty
Payments for Licensed Product.

 

(a)          With
respect to Net Sales of all Licensed Products: As further consideration for Licensor’s grant of the rights and licenses to
Coronado hereunder, Coronado shall pay to Licensor a royalty on aggregate annual Net Sales of all such Licensed Products by Coronado
and its Affiliates and Sublicensees (but excluding Net Sales of a given Licensed Product after its applicable Royalty Term), at
the percentage rates set forth below:

 

	Annual Net Sales of Licensed Products per Calendar Year

(US Dollars)	Incremental

Royalty Rate
	For that portion of aggregate annual Net Sales of all Licensed Products that is less than or equal to US$*	*%
	For that portion of aggregate annual Net Sales of all Licensed Products that is greater than US$* and less than or equal to US$*	*%
	For that portion of aggregate annual Net Sales of all Licensed Products that is greater than US$*	*%

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	15	 

     

    

 

(b)          On
a Licensed Product-by-Licensed Product and country-by-country basis, upon expiration of the Royalty Term for a Licensed Product
in a country, the rights, licenses and sublicenses granted to Coronado hereunder with respect to such Licensed Product in such
country shall continue in effect but become fully paid-up, royalty-free, transferable (to the extent not transferable previously),
perpetual and irrevocable. For clarity, Coronado shall remain responsible for any milestone payments set forth in Section 5.2.

 

(c)          If
(a) a Licensed Product is Covered by a claim of any patent(s) or patent application(s) owned, licensed, or controlled by a Third
Party in any country of the Territory, and Coronado, an Affiliate thereof, or any Sublicensee licenses such patent(s) or patent
application(s) or (b) Coronado, an Affiliate thereof, or any Sublicensee reasonably determines that it is necessary or advisable
to obtain a license to any patent(s) or patent application(s) owned, licensed, or controlled by a Third Party in order to minimize,
mitigate, or avoid the risk of infringement-related litigation with respect to the manufacture, use, Commercialization or Development
of a Licensed Product in any country of the Territory, then Coronado shall be entitled to deduct *
percent (*%) of the consideration paid to any such Third Party for any such rights in a particular country (such consideration,
“Third Party Royalties”) from any payments due Licensor under Section 5.4 of this Agreement, provided that such
amounts payable shall not be reduced, with respect to any Calendar Quarter, below * percent (*%) of the amounts
otherwise due Licensor with respect to such Calendar Quarter without such offset (with any amount of any such consideration not
used to reduced payments due Licensor hereunder as a result of such limit remaining available for deduction from amounts due Licensor
in future Calendar Quarter, subject to such * percent (*%) limit in each Calendar Quarter).

 

(d)          Generic
Competition. On a country-by-country basis and Licensed Product-by-Licensed Product basis, if (a) a Generic Product is sold
in any country by any person or entity other than Coronado or any of its Affiliates or Sublicensees prior to the tenth (10th)
anniversary of the First Commercial Sale of the applicable Licensed Product in such country, and (b) sales of such Generic Product
are greater than * percent (*%) of total sales in a Calendar Quarter by volume of all combined sales of such
Licensed Product and Generic Product in such country in such Calendar Quarter, Coronado shall pay royalties on such Licensed Product
in such country during the Royalty Term for such Product in such country in each Calendar Quarter as follows:

 

(i)          at
* percent (*%) of the royalty rates set forth in Section 5.4(a) if sales of the Generic Product are
less than or equal to * percent (*%) of total sales in a Calendar Quarter by volume of all combined sales
of such Licensed Product and Generic Product in such country in such Calendar Quarter; and

 

(ii)         at
* percent (*%) of the royalty rates set forth in Section 5.4(a) if sales of the Generic Product are
greater than * percent (*%) and less than or equal to * percent (*%) of total sales
in a Calendar Quarter by volume of all combined sales of such Licensed Product and Generic Product in such country in such Calendar
Quarter; and

 

(iii)        *
shall be payable under Section 5.4(a) with respect to such Licensed Product in such country if sales of the Generic
Product are greater than * percent (*%) of total quarterly sales by volume of all sales of such Licensed
Product in such country in such Calendar Quarter irrespective of the Royalty Term being unexpired.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	16	 

     

    

 

For purposes of this Section 5.4(d),
the amount of sales of Licensed Products shall be ascertained by reputable published marketing data for such country (e.g. by reference
to Standard Units data collected by IMS) or as otherwise mutually agreed (such agreement to not be unreasonably withheld).

 

5.5           Non-Royalty
Income. Coronado will pay Licensor the following percentage of all Non-Royalty Income received by Coronado:

 

(a) *%
of Non-Royalty Income received prior to commencement of a Phase II Trial for a Licensed Product;

 

(b) *%
of Non-Royalty Income received after commencement of a Phase II Trial and prior to commencing a Phase 3 Trial for a Licensed Product;

 

Any Non-Royalty Income
payments made by Coronado to Licensor under this provision shall be first netted against milestone payments already made to Licensor
under Section 5.2 and then fully creditable against any future milestone payments owed by Coronado to Licensor under Section 5.2
when the same may become due.  

 

5.6           Timing
of Payment. Payments in the nature of royalties payable under Section 5.4 shall be payable on actual Net Sales and shall accrue
at the time provided therefor by US GAAP. Payments in the nature of royalty obligations that have accrued during a particular Calendar
Quarter shall be paid, on a Calendar Quarter basis, within 60 days after the end of each Calendar Quarter during which the payment
in the nature of royalties obligation accrued.

 

5.7           Royalty
Reports and Records Retention. Within 60 days after the end of each Calendar Quarter during which Licensed Products have been
sold, Coronado shall deliver to Licensor, together with the applicable royalty/payment in the nature of royalties payment due,
a written report, on a Licensed Product-by-Licensed Product and country-by-country basis, of (a) gross invoiced (or otherwise charged)
amounts of sales, by Coronado and its Affiliates and Sublicensees, of Licensed Products subject to royalty payments for such Calendar
Quarter, (b) amounts deducted by category (following the definition of Net Sales) from such gross invoiced amounts to calculate
Net Sales, (c) Net Sales subject to royalty or royalty/payment in the nature of royalties payments for such Calendar Quarter and
Calendar Year to date and (d) the corresponding royalty or royalty/payment in the nature of royalties. Such report shall be deemed
“Confidential Information” of Coronado subject to the obligations of Article VII of this Agreement. For three years
after each sale of a Licensed Product (whether Covered or not), Coronado shall keep (and shall ensure that its Affiliates and Sublicensees
shall keep) complete and accurate records of such sale in sufficient detail to confirm the accuracy of the royalty or royalty/payment
in the nature of royalties calculations hereunder.

 

5.8           Audits.

 

(a)          From
the First Commercial Sale (of the first Licensed Product to have a First Commercial Sale) until one Calendar Year after the conclusion
of the final Royalty Term, upon the written request of Licensor, and not more than once in each Calendar Year , Coronado shall
permit, shall cause its Affiliates and Sublicensees to permit, an independent certified public accounting firm of nationally recognized
standing selected by Licensor (who has not been engaged by Licensor to provide services in any other capacity at any time during
the three-year period before such selection), to have access to and to review, during normal business hours upon reasonable prior
written notice, the applicable records of Coronado and its Affiliates or Sublicensees to verify the accuracy of the royalty and
payment in the nature of royalties reports and payments under this Article V. Such review may cover: (i) the records for sales
made in any Calendar Year ending not more than three years before the date of such request, and (ii) only those periods that have
not been subject to a prior audit.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	17	 

     

    

 

(b)          If
such accounting firm concludes that additional royalties and/or royalties/payment in the nature of royalties were owed during such
period, Coronado shall pay the additional royalties and/or royalties/payment in the nature of royalties within 15 days after the
date such public accounting firm delivers to Coronado such accounting firm’s written report. If such accounting firm concludes
that an overpayment was made, such overpayment shall be fully creditable against amounts payable in subsequent payment periods
or at Coronado’s request, shall be reimbursed to Coronado within 30 days after the date such public accounting firm delivers
such report to Coronado. If Coronado disagrees with such calculation, Coronado may contest such calculation in writing –
at which point the parties will work in good faith to submit the matter to a mediator for resolution in accordance with Section
11.7. Licensor shall pay for the cost of any audit by Licensor, unless Coronado has underpaid Licensor by 5% or more for a specific
royalty period, in which case Coronado shall pay for the reasonable costs of audit.

 

(c)          Each
Party shall treat all information that it receives under this Section 5.7 in accordance with the confidentiality provisions of
Article VII of this Agreement, and shall cause its accounting firm to enter into an acceptable confidentiality agreement with the
audited Party obligating such firm to retain all such financial information in confidence pursuant to such confidentiality agreement,
except to the extent necessary for a Party to enforce its rights under the Agreement.

 

5.9           Mode
of Payment and Currency. All payments to Licensor under this Agreement, whether or not in respect of Net Sales or milestone
events, shall be made by deposit of US Dollars in the requisite amount to such bank account as Licensor may from time to time designate
by advance written notice to Coronado. Conversion of sales or expenses recorded in local currencies to Dollars will be performed
in a manner consistent with Coronado’s normal practices used to prepare its audited financial statements for external reporting
purposes, provided that such practices use a widely accepted source of published exchange rates. Based on the resulting Net Sales
in US Dollars, the then applicable royalties/payment in the nature of royalties shall be calculated.

 

5.10         Late
Payments. If a Party does not receive payment of any sum due to it on or before the due date therefor, simple interest shall
thereafter accrue on the sum due to such Party from the due date until the date of payment at a rate equal to the lesser of (a)
US dollar one-month LIBOR plus 500 basis points, or (b) the maximum rate permissible under applicable Law. Accrual and payment
of interest shall not be deemed to excuse or cure breaches of contract arising from late payment or nonpayment.

 

    	 	18	 

     

    

 

5.11         Taxes.
All amounts due hereunder exclude all applicable sales, use, and other taxes and duties, and Coronado shall be responsible for
payment of all such taxes (other than taxes based on Licensor’s income) and duties and any related penalties and interest,
arising from the payment of amounts due under this Agreement. The Parties agree to cooperate with one another and use Commercially
Reasonable Efforts to avoid or reduce tax withholding or similar obligations in respect of royalties, payments in the nature of
royalties, milestone payments, and other payments made by Coronado to Licensor under this Agreement. To the extent Coronado is
required to withhold taxes on any payment to Licensor, Coronado shall pay the amounts of such taxes to the proper governmental
authority in a timely manner and promptly transmit to Licensor official receipts issued by the appropriate taxing authority and/or
an official tax certificate, or such other evidence as Licensor may reasonably request, to establish that such taxes have been
paid. Licensor shall provide Coronado any tax forms that may be reasonably necessary in order for Coronado to not withhold tax
or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Licensor shall use Commercially Reasonable
Efforts to provide any such tax forms to Coronado at least 45 days before the due date for any payment for which Licensor desires
that Coronado apply a reduced withholding rate. Each Party shall provide the others with reasonable assistance to enable the recovery,
as permitted by applicable law, of withholding taxes, value added taxes, or similar obligations resulting from payments made under
this Agreement, such recovery to be for the benefit of the Party bearing such withholding tax or value added tax. Licensor shall
indemnify and hold Coronado harmless from and against any penalties, interest or other tax liability arising from any failure by
Coronado (at the express request of Licensor) to withhold or by reduction (at the express request of Licensor) in its withholding.

 

ARTICLE VI

Inventions and Patents

 

6.1           Patent
Prosecution and Maintenance. 

 

(a)          Patents.
Licensor shall have primary responsibility for, and use Commercially Reasonable Efforts to pursue, the filing, prosecution, and
maintenance of the Licensor Patents. Coronado will reimburse the reasonable out-of-pocket expenses incurred by Licensor in filing,
prosecuting and maintaining the Licensor Patents in the Territory; provided that Coronado agreed in advance to the general scope
of work for which the expenses relate in accordance with an agreed upon annual budget, to be negotiated in good faith by the parties
within thirty days after the Effective Date and within thirty days after each anniversary thereof; provided that the budget will
be adjusted in good faith by the Parties if any unforeseen events occur which would reasonably require additional expenditure in
excess of the agreed annual budget. Licensor and its chosen patent counsel shall take all actions reasonably requested by Coronado
and its patent counsel in connection with Licensor’s obligations under this Section 6.1(a) with respect to filing, prosecution,
and maintenance, including without limitation, facilitating and permitting direct communication with Coronado and its patent counsel.

 

(b)          Liaising.
Licensor shall keep Coronado informed of material actions with respect to the filing and prosecution of Licensor Patents or
related proceedings (e.g. interferences, oppositions, reexaminations, reissues, revocations or nullifications) in a timely manner,
and shall reasonably consider the advice of Coronado and its patent counsel, and Licensor will authorize its patent counsel to
speak directly with Coronado and its counsel.

 

(c)          Election
Not to File/Prosecute/Maintain Licensor Patents. If Licensor provides Coronado with written notification that it will no longer
support or pursue the filing, prosecution, or maintenance of a specified Licensor Patent in a particular country, then (A) Licensor’s
responsibility for such filing, prosecution, or maintenance of such Licensor Patent in such country, and the fees and costs related
thereto, will terminate on the date sixty (60) calendar days after Coronado’s receipt of such written notice from Licensor,
and (B) Coronado shall have the right, upon written notice to Licensor given during such sixty (60) calendar day period, to assume
control of, and responsibility for, the filing, prosecution, or maintenance of such Licensor Patent in such country, at Coronado’s
expense. In such event, Coronado will no longer owe any royalties on account of such patents (on a country-by-country basis) and
they shall no longer be deemed Licensor Patents.

 

    	 	19	 

     

    

 

6.2           Certification
under Drug Price Competition and Patent Restoration Act. Each of Licensor and Coronado shall immediately give written notice
to the other of any certification of which they become aware filed pursuant to 21 U.S.C. Section 355(b)(2)(A) (or any amendment
or successor statute thereto) claiming that any Licensor Patents covering a Compound or a Licensed Product, or the manufacture
or use of each of the foregoing, are invalid or unenforceable, or that infringement will not arise from the manufacture, use or
sale in the US of a Licensed Product by a Third Party.

 

6.3           Listing
of Patents. Coronado shall have the sole right to determine which of the Licensor Patents, if any, shall be listed for inclusion
in the Approved Drug Products with Therapeutic Equivalence Evaluations publication pursuant to 21 U.S.C. Section 355, or any successor
Law in the United States, together with any comparable Laws in any other country in the Territory. Licensor will co-operate with
Coronado to list any of said Licensor Patents.

 

6.4           Enforcement
of Patents.

 

(a)          Notice.
If either Party becomes aware of (i) any actual, potential, or alleged infringement of any of the rights to Licensor Patents granted
to Coronado under this Agreement with respect to Licensed Products or (ii) a Paragraph IV Certification (each of subclauses (i)
and (ii), an “Infringement”) and, such Party shall give to the other Party prompt and reasonably detailed written
notice of such actual, potential, or alleged infringement. Notwithstanding the foregoing, each Party shall notify the other Party
within two (2) Business Days of its receipt of, or receipt of notice of, any Paragraph IV Certification.

 

(b)          Right
to Bring an Action for Licensor’s Patents. If such Infringement is in one or more of the Major Markets in respect of
Licensor Patents, Licensor shall have the right to attempt to resolve such Infringement, including by filing an infringement suit,
defending against or bringing a declaratory judgment action as to such claim or taking other similar action (each, “initiation”
of an “Action”) and (subject to Section 6.4(d)) to compromise or settle such infringement or claim. Coronado may, in
its sole discretion and at its expense, join in any such Action and in such case shall reasonably cooperate with Licensor. If Licensor
does not intend to initiate an Action, Licensor shall promptly inform Coronado. If Licensor does not initiate an Action with respect
to such an infringement or claim within 180 days following notice thereof, Coronado shall have the right to attempt to resolve
such infringement, misappropriation or claim, including by initiating an Action, and (subject to Section 6.4(d)) to compromise
or settle such infringement, misappropriation or claim. At Coronado’s request, Licensor shall immediately provide Coronado
with all relevant documentation (as may be requested by Coronado) evidencing that Coronado is validly empowered by the Licensor
to initiate an Action. Licensor shall be under the obligation to join Coronado in its Action if Coronado determines that this is
necessary to demonstrate “standing to sue.” The Party initiating such Action shall have the sole and exclusive right
to select counsel for any suit initiated by it pursuant to this Section 6.4. If a Party initiates an Action but then elects not
to pursue the Action, the other Party shall have the right (but not the obligation) to take over the Action, in which case the
second Party shall be deemed to have been the initiating Party.

 

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(c)          Costs
of an Action. Subject to the respective indemnity obligations of the Parties set forth in Article IX and subject to Section
6.4(f), each Party involved in an Action under Section 6.5(b) shall pay its own costs and expenses incurred in connection with
such Action.

 

(d)          Settlement.
No Party shall settle or otherwise compromise (or resolve by consent to the entry of judgment upon) any Action by admitting that
any Licensor Patent is to any extent invalid or unenforceable without the other Party’s prior written consent, and, in the
case of Licensor, Licensor may not settle or otherwise compromise (or resolve by consent to the entry of judgment upon) an Action
in a way that adversely affects or would be reasonably expected to adversely affect any of Coronado’s rights or benefits
hereunder with respect to any Licensor Technology or any Licensed Product, without Coronado’s prior written consent.

 

(e)          Reasonable
Assistance. Each Party (if it is not the Party enforcing or defending Licensor’s Patent Rights) shall provide reasonable
assistance to the other Party, including providing access to relevant documents and other evidence and making its employees and
consultants available, subject to the other Party’s reimbursement of any reasonable out-of-pocket expenses incurred on an
on-going basis by the non-enforcing or non-defending Party in providing such assistance.

 

(f)          Distribution
of Amounts Recovered. Any amounts recovered by the Party initiating an Action pursuant to this Section 6.4, whether by settlement
or judgment, shall be allocated in the following order: (i) to reimburse the Party initiating such Action for any costs incurred;
(ii) to reimburse the Party not initiating such Action for its costs incurred in such Action, if it joins (as opposed to taking
over) such Action; and (iii) the remaining amount of such recovery shall (A) if Coronado initiated the Action, the remainder shall
be allocated to Coronado and the portion thereof attributable to “lost sales” shall be deemed to be Net Sales for the
Calendar Quarter in which the amount is actually received by Coronado and Coronado shall pay to Licensor a royalty on such portion
based on the royalty rates set forth in Section 5.4(a), and the portion thereof not attributable to “lost sales” shall
be allocated to Coronado and (B) if Licensor initiated the Action, the remainder shall be allocated to Coronado and the portion
thereof attributable to “lost sales” shall be deemed to be Net Sales for the Calendar Quarter in which the amount is
actually received by Coronado and Coronado shall pay to Licensor a royalty on such portion based on the royalty rates set forth
in Section 5.4(a), and the portion thereof not attributable to “lost sales” shall be allocated to 50% to Licensor and
50% to Coronado.

 

6.5           Third
Party Actions Claiming Infringement.

 

(a)          Notice.
If either Licensor or Coronado becomes aware of any Third Party Action, such Party shall promptly notify the other of all details
regarding such claim or action that is reasonably available to such Party.

 

(b)          Right
to Defend. Coronado shall have the right, at its sole expense, but not the obligation, to defend a Third Party Action described
in Section 6.5(a) and (subject to Section 6.5(f)) to compromise or settle such Third Party Action. If Coronado declines or fails
to assert its intention to defend such Third Party Action within 40 days of receipt/sending of notice under Section 6.5(a), then
Licensor shall have the right, at its sole expense, to defend such Third Party Action and (subject to Section 6.5(f)) to compromise
or settle such Third Party Action. The Party defending such Third Party Action shall have the sole and exclusive right to select
counsel for such Third Party Action.

 

    	 	21	 

     

    

 

(c)          Consultation.
The Party defending a Third Party Action pursuant to Section 6.5(b) shall be the “Controlling Party”. The Controlling
Party shall consult with the non-Controlling Party, pursuant to an appropriate joint defense or common interest agreement, on all
material aspects of the defense. The non-Controlling Party shall have a reasonable opportunity for meaningful participation in
decision-making and formulation of defense strategy. The Parties shall reasonably cooperate with each other in all such actions
or proceedings. The non-Controlling Party will be entitled to join the Third Party Action and be represented by independent counsel
of its own choice at its own expense.

 

(d)          Appeal.
In the event that a judgment in a Third Party Action is entered against either Party and an appeal is available, the Controlling
Party shall have the first right, but not the obligation, to file such appeal. In the event the Controlling Party does not desire
to file such an appeal, it will promptly, in a reasonable time period (i.e., with sufficient time for the non-Controlling Party
to take whatever action may be necessary) before the date on which such right to appeal will lapse or otherwise diminish, permit
the non-Controlling Party to pursue such appeal at such non-Controlling Party’s own cost and expense. If applicable Law requires
the other Party’s involvement in an appeal, the other Party shall be a nominal party in the appeal and shall provide reasonable
cooperation to such Party at such Party’s expense.

 

(e)          Costs
of an Action. Subject to the respective indemnity obligations of the Parties set forth in Article IX, the Controlling Party
shall pay all costs and expenses associated with such Third Party Action other than the expenses of the other Party if the other
Party elects to join such Third Party Action (as provided in the last sentence of Section 6.6(c)).

 

(f)          No
Settlement without Consent. Neither Licensor or Coronado shall settle or otherwise compromise (or resolve by consent to the
entry of judgment upon) any Third Party Action by admitting that any Licensor Patent is to any extent invalid or unenforceable
or that any Licensed Product, or its use, Development, importation, manufacture or sale infringes such Third Party’s intellectual
property rights, in each case without the other Party’s prior written consent, and, in the case of Licensor, Licensor may
not settle or otherwise compromise (or resolve by consent to the entry of judgment upon) a Third Party Action in a way that adversely
affects or would be reasonably expected to adversely affect Coronado’s rights and benefits hereunder with respect to any
Licensor Technology or any Licensed Product, without Coronado’s prior written consent.

 

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ARTICLE VII

CONFIDENTIALITY

 

7.1           Confidentiality
Obligations. The Parties agree that, for the Term and for five (5) years thereafter, each Party will keep completely confidential
and will not disclose, and will not use for any purpose except for the purposes contemplated by this Agreement, any Confidential
Information of the other Party.

 

7.2           Authorized
Disclosure. Each Party may disclose Confidential Information of the other Party to the extent that such disclosure is:

 

(a)          made
in response to a valid order of a court of competent jurisdiction; provided, however, that in each case such disclosing Party will,
to the extent reasonably practicable, (i) first have given written notice to the other Party and given such other Party a reasonable
opportunity to take appropriate action and (ii) cooperate with such other Party as necessary to obtain an appropriate protective
order or other protective remedy or treatment; provided, further, that in each case, the Confidential Information disclosed in
response to such court or governmental order will be limited to that information which is legally required to be disclosed in response
to such court or governmental order, as determined in good faith by counsel to the Party that is obligated to disclose Confidential
Information pursuant to such order;

 

(b)          otherwise
required to be disclosed by any applicable law, rule, or regulation (including, without limitation, the U.S. federal securities
laws and the rules and regulations promulgated thereunder) or the requirements of any stock exchange to which a Party is subject;
provided, however, that the Party that is so required will provide such other Party with written notice of such disclosure reasonably
in advance thereof to the extent reasonably practicable and reasonable measures will be taken to assure confidential treatment
of such information, including such measures as may be reasonably requested by the disclosing Party with respect to such Confidential
Information;

 

(c)          made
by such Party, in connection with the performance of this Agreement, to such Party’s Affiliates, licensees or sublicensees,
directors, officers, employees, consultants, representatives or agents, or to other Third Parties, in each case on a need to know
basis and solely to use such information for business purposes relevant to and permitted by this Agreement, and provided that (i)
each individual and entity to whom such Confidential Information is disclosed is bound in writing to non-use and non-disclosure
obligations no less than substantially as restrictive as those set forth in this Agreement and (ii) the Party making such disclosure
shall be liable for such Third Parties’ compliance with such obligations; or

 

(d)          made
by such Party to existing or potential acquirers, existing or potential collaborators, licensees, licensors, sublicensees, investment
bankers, accountants, attorneys, existing or potential investors, merger candidates, partners, venture capital firms or other financial
institutions or investors for use of such information for business purposes relevant to this Agreement or for due diligence in
connection with the financing, licensing or acquisition of such Party (or such Party’s acquisition of, or merger with, a
Third Party), and provided that (i) each individual and entity to whom such Confidential Information is disclosed is bound in writing
to non-use and non-disclosure obligations (or in the case of attorneys or accountants, an equivalent professional duty of confidentiality)
at least as restrictive as those set forth in this Agreement and (ii) the Party making such disclosure shall be liable for such
Third Parties’ compliance with such obligations.

 

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7.3           Publicity.
The Parties acknowledge that each Party may desire or be required to issue press a release or to
make other public disclosures relating to the execution of this Agreement, including certain material terms of this Agreement.
 The Parties agree to consult with each other reasonably and in good faith with respect to the text and timing of such press
release or other public disclosures announcing the execution of this Agreement prior to the issuance thereof and obtain the other
Party’s consent therefor, provided that a Party may not unreasonably withhold consent to such release, and that either Party
may issue such press release as it determines, based on advice of counsel, are reasonably necessary to comply with laws or regulations.
(Provided, that no Party shall use the trademark or logo of the other Party, its Affiliates or their respective employee(s) in
any publicity, promotion, news release or public disclosure relating to this Agreement or its subject matter, except as may be
required by Law or required by the rules of an applicable US national securities exchange or except with the prior express written
permission of such other Party, such permission not to be unreasonably withheld.)  Notwithstanding the above, once a public
disclosure has been made, either Party shall be free to disclose to third parties any information contained in said public disclosure,
without further pre-review.  Additionally, Licensor will not disclose any terms publicly that have not been disclosed by Coronado
as part of its SEC filing requirements, it is acknowledged by Licensor that Coronado will be filing for confidential treatment
of certain terms of this Agreement.  Following the initial press release described above, Licensor agrees to refrain from
issuing press releases relating to the Licensed Products without receiving prior approval of Coronado, except as may be consistent
with a Coronado press release covering the same subject matter.

 

7.4           Publications.
Neither Party shall publish any information relating to the Licensed Products without the written consent of the other Party (which
consent not to be unreasonably withheld or delayed), unless such information has already been publicly disclosed either prior to
the Effective Date or after the Effective Date through no fault of Licensor or otherwise not in violation of this Agreement. Notwithstanding
the foregoing, this provision shall not apply to the submission of abstracts for presentation at conferences nor the final posters
or presentations at such conferences. Coronado will use reasonable efforts to provide advance draft copies of these abstracts,
posters or presentations. Neither Party will submit any abstract or present in poster, abstract or oral presentation form at any
conference in the other Party’s Territory without the written consent of the other Party.

 

ARTICLE VIII

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

8.1           Representations
and Warranties. (a) Coronado represents and warrants to Licensor, and (b) Licensor represents and warrants to Coronado, in
each case as of the Effective Date:

 

(a)          Such
Party is a corporation duly organized and validly existing under the Laws of the jurisdiction of its incorporation;

 

(b)          Such
Party has all right, power and authority to enter into this Agreement, and to perform its obligations under this Agreement;

 

(c)          Such
Party has taken all action necessary to authorize the execution and delivery of this Agreement and the performance of its obligations
under this Agreement;

 

    	 	24	 

     

    

 

(d)          This
Agreement is a legal and valid obligation of such Party, binding upon such Party and enforceable against such Party in accordance
with the terms of this Agreement, except as enforcement may be limited by applicable bankruptcy, fraudulent conveyance, insolvency,
reorganization, moratorium and other Laws relating to or affecting creditors’ rights generally and by general equitable principles;

 

(e)          The
execution, delivery and performance of this Agreement by such Party does not and will not conflict with, breach or create in any
Third Party the right to accelerate, terminate or modify any agreement or instrument to which such Party is a party or by which
such Party is bound;

 

(f)          All
consents, approvals and authorizations from all governmental authorities or other Third Parties required to be obtained by such
Party in connection with the execution and delivery of this Agreement by such Party have been obtained; and the execution, delivery
and performance of this Agreement by such Party does not and will not violate any Law of any Governmental Body having authority
over such Party;

 

(g)          No
person or entity has or will have, as a result of the execution and delivery of or as a result of the transactions contemplated
by this Agreement, any right, interest or valid claim against or upon such Party for any commission, fee or other compensation
as a finder or broker because of any act by such Party or its Affiliates, agents or Sublicensees; and

 

(h)          No
agreement between it and any Third Party is in conflict with the rights granted to any other party pursuant to this Agreement.

 

8.2           Additional
Representations and Warranties of Licensor. Licensor represents and warrants to Coronado as of the Effective Date that:

 

(a)          No
consent by any Third Party or Governmental Body is required with respect to the execution and delivery of this Agreement by Licensor
or the consummation by Licensor of the transactions contemplated hereby;

 

(b)          The
Licensor Technology is wholly-owned by Licensor, free and clear of all mortgages, pledges, charges, liens, equities, security interests,
shop rights, or other encumbrances or similar agreements, or any other obligation;

 

(c)          To
Licensor’s knowledge, no claims have been asserted or threatened by any Person (i) challenging the validity, effective status,
or ownership of Licensor Technology, and/or (ii) to the effect that the use, reproduction, modification, manufacturing, distribution,
licensing, sublicensing, sale or any other exercise of rights in any of Licensor Technology infringes or will infringe on any intellectual
property right of any Person; and no such claims have been asserted or are threatened;

 

(d)          
To Licensor’s knowledge, the Licensor Patents are subsisting and are not the subject of any litigation procedure, discovery
process, interference, reissue, reexamination, opposition, appeal proceedings or any other legal dispute;

 

    	 	25	 

     

    

 

(e)          Licensor
and its Affiliates have taken all reasonable actions necessary or appropriate to preserve the confidentiality of all trade secrets,
proprietary and other confidential information material to Licensor Technology;

 

(f)          Neither
Licensor nor any Affiliate thereof is aware of any Third Party activities which would constitute misappropriation or infringement
of any Licensor Technology

 

(g)          The
Licensor Patents constitute all Patent Rights owned or Controlled by Licensor that pertain directly and particularly to the research,
Development, manufacture, use and Commercialization of the Licensed Products; and

 

(h)          To
Licensor’s knowledge, no Third Party has filed, pursued or maintained or threatened in writing to file, pursue or maintain
any claim, lawsuit, charge, complaint or other action alleging that any Licensor Technology is invalid or unenforceable.

 

8.3           Disclaimer.
EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT, INCLUDING SECTIONS 8.1 AND 8.2, AS APPLICABLE, THE PARTIES MAKE
NO REPRESENTATIONS AND GRANT NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE,
AND THE PARTIES EACH SPECIFICALLY DISCLAIM ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY
WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE, OR AS TO THE SUCCESS OR LIKELIHOOD OF SUCCESS
OF THE RESEARCH, DEVELOPMENT OR COMMERCIALIZATION OF THE COMPOUND OR LICENSED PRODUCT UNDER THIS AGREEMENT.

 

ARTICLE
IX

INDEMNIFICATION; LIMITATION OF LIABILITY; INSURANCE

 

9.1           Indemnification
by Coronado. Coronado shall indemnify, defend and hold Licensor and its Affiliates, and each of their respective employees,
officers, directors and agents (the “Licensor Indemnitees”) harmless from and against any and all actions, judgments,
settlements, liabilities, damages, penalties, fines, losses, costs and expenses (including reasonable attorneys’ fees and
expenses) to the extent arising out of any Third Party claim, demand, action or other proceeding (each, a “Claim”)
arising out of (a) Coronado’s performance of its obligations or exercise of its rights under this Agreement; or (b) breach
by Coronado of its representations and warranties set forth in Article VIII; provided, however, that Coronado’s obligations
pursuant to this Section 9.1 shall not apply (x) to the extent such claims or suits result from the gross negligence or willful
misconduct of any of the Licensor Indemnitees, or (y) with respect to claims or suits arising out of breach by Licensor of this
Agreement, including without limitation of its or their representations and warranties set forth in Article VIII.

 

9.2           Indemnification
by Licensor. Licensor shall indemnify, defend and hold Coronado and its Affiliates and each of their respective agents, employees,
officers and directors (the “Coronado Indemnitees”) harmless from and against any and all actions, judgments,
settlements, liabilities, damages, penalties, fines, losses, costs and expenses (including reasonable attorneys’ fees and
expenses) to the extent arising out of any and all Claims arising out of (a) Licensor’s performance of its obligations or
exercise (by it or its Affiliates) of its or their rights under this Agreement; or (b) breach by Licensor of its representations
and warranties set forth in Article VIII; provided, however, that Licensor’s obligations pursuant to this Section 9.2 shall
not apply (x) to the extent that such claims or suits result from the gross negligence or willful misconduct of any of the Coronado
Indemnitees or (y) with respect to claims or suits arising out of a breach by Coronado of this Agreement, including without limitation
its representations and warranties set forth in Article VIII.

 

    	 	26	 

     

    

 

9.3           Procedure.

 

(a)          The
Party or other Person intending to claim indemnification under this Article IX (an “Indemnified Party”) shall promptly
notify the opposed Party (the “Indemnifying Party”) of any Claim in respect of which the Indemnified Party intends
to claim such indemnification (provided, that no delay or deficiency on the part of the Indemnified Party in so notifying the Indemnifying
Party will relieve the Indemnifying Party of any liability or obligation under this Agreement except to the extent the Indemnifying
Party has suffered actual prejudice directly caused by the delay or other deficiency), and the Indemnifying Party shall assume
the defense thereof (with counsel selected by the Indemnifying Party and reasonably satisfactory to the Indemnified Party) whether
or not such Claim is rightfully brought; provided, however, that an Indemnified Party shall have the right to retain its own counsel
and to participate in the defense thereof, with the fees and expenses to be paid by the Indemnified Party unless the Indemnifying
Party does not assume the defense or unless a representation of both the Indemnified Party and the Indemnifying Party by the same
counsel would be inappropriate due to the actual or potential differing interests between them, in which case the reasonable fees
and expenses of counsel retained by the Indemnified Party shall be paid by the Indemnifying Party. (Provided, that in no event
shall the Indemnifying Party be required to pay for more than one separate counsel no matter the number or circumstances of all
Indemnified Parties.)

 

(b)          If
the Indemnifying Party shall fail to timely assume the defense of and reasonably defend such Claim, the Indemnified Party shall
have the right to retain or assume control of such defense and the Indemnifying Party shall pay (as incurred and on demand) the
fees and expenses of counsel retained by the Indemnified Party.

 

(c)          The
Indemnifying Party shall not be liable for the indemnification of any Claim settled (or resolved by consent to the entry of judgment)
without the written consent of the Indemnifying Party. Also, if the Indemnifying Party shall control the defense of any such Claim,
the Indemnifying Party shall have the right to settle such Claim; provided, that the Indemnifying Party shall obtain the prior
written consent (which shall not be unreasonably withheld or delayed) of the Indemnified Party before entering into any settlement
of (or resolving by consent to the entry of judgment upon) such Claim unless (i) there is no finding or admission of any violation
of law or any violation of the rights of any person by an Indemnified Party, no requirement that the Indemnified Party admit negligence,
fault or culpability, and no adverse effect on any other claims that may be made by or against the Indemnified Party and (ii) the
sole relief provided is monetary damages that are paid in full by the Indemnifying Party and such settlement does not require the
Indemnified Party to take (or refrain from taking) any action.

 

(d)          The
Indemnified Party, and its employees and agents, shall cooperate fully with the Indemnifying Party and its legal representatives
in the investigations of any Claim.

 

(e)          Regardless
of who controls the defense, each Party hereto shall reasonably cooperate in the defense as may be requested.

 

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9.4           Expenses.
As the Parties intend complete indemnification, all costs and expenses of enforcing any provision of this Article IX shall also
be reimbursed by the Indemnifying Party..

 

9.5           Limitation
of Liability. IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE TO THE OTHER PARTY FOR ANY PUNITIVE, EXEMPLARY OR
CONSEQUENTIAL DAMAGES ARISING OUT OF A BREACH OF THIS AGREEMENT, PROVIDED THAT, NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE FOREGOING
SHALL NOT BE CONSTRUED TO LIMIT THE INDEMNITY OBLIGATIONS SET FORTH IN SECTIONS 9.1 AND 9.2, A PARTY’S OR ITS AFFILIATES
DIRECT OR INDIRECT VIOLATION OF THE SCOPE OF EXCLUSIVE RIGHTS GRANTED TO LICENSEE HEREUNDER OR EITHER PARTY’S LIABILITY FOR
A BREACH OF ARTICLE VII.

 

9.6           Insurance.
Coronado shall carry and maintain insurance of the types and in amounts which are reasonable and customary in the U.S. pharmaceutical
industry for companies of comparable size and activities. Such insurance will insure against all liability, including but not limited
to, bodily injury or property damage arising out of the manufacture, sale, distribution, marketing, Development or Commercialization
of Products. Such insurance shall include commercial general liability insurance, including product liability insurance, which
coverage shall have limits of liability which are commercially reasonable for the U.S. pharmaceutical industry. Such coverage shall
be maintained by Coronado for not less than three (3) Calendar Years following expiration or termination of this Agreement or if
such coverage is of the “claims made” type, for five (5) Calendar Years following expiration or termination of this
Agreement. Upon written request from Licensor, Coronado shall promptly provide written evidence (e.g., certificates) of such insurance
that is reasonably satisfactory to Licensor.

 

ARTICLE
X

TERM AND TERMINATION

 

10.1         Term
and Expiration. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided
in this Article X, shall continue in full force and effect, on a country-by-country and Licensed Product-by-Licensed Product basis
until the Royalty Term in such country with respect to such Licensed Product expires, at which time this Agreement shall expire
in its entirety with respect to such Licensed Product in such country. (The “Term” shall mean the period from
the Effective Date until the earlier of termination of this Agreement as provided in this Article X or expiration of this Agreement
upon the expiration of the last-to-expire Royalty Term.) The Parties confirm that subject to the foregoing sentence, this Agreement
shall not be terminated or invalidated by any future determination that any or all of the Licensor Patents have expired or been
invalidated.

 

10.2         Termination
upon Material Breach. If a Party breaches any of its material obligations under this Agreement, the Party not in default may
give to the breaching Party a written notice specifying the nature of the default, requiring it to cure such breach, and, if desired,
stating its intention to terminate this Agreement if such breach is not cured. If such breach is not capable of being cured, or
is capable of being cured but nonetheless has not within 60 days after the receipt of such notice been cured, then the Party not
in default shall (in addition to and not in lieu of all other available rights and remedies) be entitled to at its option either
(a) terminate this Agreement immediately by written notice to the other Party, or (b) continue this Agreement in full force and
effect and seek any legal or equitable remedies that the non-breaching Party may have. Notwithstanding the foregoing provisions,
in the event of a good-faith dispute as to whether any alleged breach is in fact a breach, termination under this Section 10.2
in respect of such alleged breach shall not take effect unless and until (y) such dispute is finally resolved (by the final unappealable
decision of a court or arbitrator or otherwise) in favor of the Party alleging the breach or (z) the breaching Party’s denial
that the alleged breach is in fact a breach ceases to be in good faith. In case of a breach of an obligation to pay money, which
obligation to pay is not disputed in good faith, the cure period shall be 15 days instead of 60 days. The Parties agree that any
failure by Coronado to pay when due 100% of such portion of any amount of money owing from Coronado to Licensor that is not disputed
in good faith by Coronado (subject to the 15-day cure period) shall conclusively be deemed to constitute a “material”
breach.

 

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10.3         Termination
for Bankruptcy. Licensor may terminate this Agreement immediately upon written notice to Coronado in the event that Coronado
has a petition in bankruptcy filed against it that is not dismissed within 60 days of such filing, files a petition in bankruptcy,
or makes an assignment for the benefit of creditors. If Coronado has before such filing or such assignment entered into a written
Sublicense which complies with Section 2.2, then the Sublicensee thereunder shall have the right to, by but only by delivering
to Licensor within 30 days after such termination a written election to do so and a written assumption of all of Coronado’s
past and future obligations, liabilities and duties under this Agreement, convert its Sublicense into a direct of license from
Licensor of the same technology, for the same field and for the same territory, as had been provided for in the Sublicense and
otherwise on the same terms and conditions as are set forth in this Agreement as if such Sublicensee were Coronado hereunder. Coronado
may terminate this Agreement immediately upon written notice to Licensor in the event that Licensor has a petition in bankruptcy
filed against it that is not dismissed within 60 days of such filing, files a petition in bankruptcy, or makes an assignment for
the benefit of creditors.

 

10.4         Effects
of Termination/Expiration.

 

(a)          Articles
I (Definitions), VII (Confidentiality), IX (Indemnification; Limitation of Liability; Insurance) and XI (Miscellaneous Provisions)
and Sections 5.7 (Royalty Reports and Records Retention), 5.8 (Audits), 5.10 (Late Payments), 5.11 (Taxes) and 10.4 (Effects
of Termination/Expiration) hereof shall survive the expiration or termination of this Agreement for any reason. In addition, upon
termination of this Agreement by Coronado pursuant to Sections 10.2, then Section 6.5 (Third Party Actions Claiming Infringement)
shall survive the expiration or termination of this Agreement. In addition, upon termination of this Agreement by Licensor pursuant
to Sections 10.2, then Section 2.3 (Grantback License) shall survive the expiration or termination of this Agreement.

 

(b)          Termination
or expiration of this Agreement shall not relieve the Parties of any liability that accrued hereunder before the effective date
of such termination or expiration. In addition, termination or expiration of this Agreement shall not preclude either Party from
pursuing all rights and remedies it may have hereunder or at Law or in equity with respect to any breach of this Agreement nor
prejudice either Party’s right to obtain performance of any obligation.

 

(c)          In
the event of termination by Coronado pursuant to Section 10.2, the licenses granted to Coronado hereunder shall continue in effect
but become fully paid-up, royalty-free, transferable (to the extent not transferable previously), perpetual and irrevocable.

 

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(d)          Upon
termination of this Agreement at any time for any reason by Licensor, each Sublicense validly granted hereunder which is in good
standing as of the effective date of such termination shall continue in effect as a direct license between Licensor and Sublicensee
(as licensee), provided that: (i) such Sublicense complied with Section 2.2, (ii) within 30 days of a request by Licensor, Sublicensee
shall provide a written acknowledgement that all payment and other obligations previously payable to Licensee under such Sublicense
shall thereafter be payable and due, and be paid directly to Licensor and (iii) the Sublicensee is not a party to a proceeding
in bankruptcy or insolvency filed by or against such Sublicensee, and has not made a general assignment for the benefit of its
creditors. All other sublicenses in existence as of the effective date of the termination of this Agreement which fail to satisfy
the foregoing conditions shall, upon such termination, terminate.

 

(e)          In
the event of termination by Licensor pursuant to Section 10.2, the licenses granted to Coronado hereunder shall terminate, and
Coronado shall: (i) transfer to Licensor all Regulatory Filings Controlled by Coronado that are related solely to the Licensed
Products; and (ii) Coronado shall grant to Licensor a worldwide, royalty-bearing exclusive license under the Coronado Technology
to make, use, sell, offer for sale, use and import Licensed Products, provided that the transfer of Regulatory Filings and license
shall be contingent upon Coronado and Licensor entering into a written agreement setting forth reasonable royalties and milestone
payments to be paid by Licensor to Coronado with respect to the Coronado Technology and Regulatory Filings, the amounts of which
shall reflect the stage of Licensed Product development at the time of termination. 

 

ARTICLE
XI

MISCELLANEOUS PROVISIONS

 

11.1         Relationship
of the Parties. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, joint venture
or employer-employee relationship between the Parties. No Party shall have any right or authority to commit or legally bind any
other Party in any way whatsoever including, without limitation, the making of any agreement, representation or warranty and each
Party agrees to not purport to do so.

 

11.2         Assignment.
Neither Party may assign this Agreement, or any of its rights or obligations hereunder without the other Party’s prior written
consent, provided that (X) neither Party will unreasonably withhold, condition, or delay any such consent sought by the other Party;
and (Y) each Party will, notwithstanding anything to the contrary, be entitled, without the other Party’s prior written consent,
to assign or transfer this Agreement: (i) in connection with the transfer or sale of all or substantially all of such Party’s
assets or business (or that portion thereof related to the subject matter of this Agreement), (ii) in the event of such Party’s
merger, consolidation, reorganization, change of control or similar transaction, or (iii) to an Affiliate of such Party. Any permitted
assignee of either Party will, as a condition to such assignment, assume all obligations of its assignor arising under this Agreement
following such assignment. Any purported assignment by a Party of this Agreement, or any of such Party’s rights or obligations
hereunder, in violation of this Section 11.2 will be void ab initio.

 

11.3         Further
Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to do all such other acts as may
be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

    	 	30	 

     

    

 

11.4         Force
Majeure. No Party shall be liable to any other Party or be deemed to have breached or defaulted under this Agreement for failure
or delay in the performance of any of its obligations under this Agreement (other than obligations for the payment of money) for
the time and to the extent such failure or delay is caused by or results from acts of God, earthquake, riot, civil commotion, terrorism,
war, strikes or other labor disputes, fire, flood, failure or delay of transportation, omissions or delays in acting by a governmental
authority, acts of a government or an agency thereof or judicial orders or decrees or restrictions or any other like reason which
is beyond the control of the respective Party. The Party affected by force majeure shall provide the other Party with full particulars
thereof as soon as it becomes aware of the same (including its best estimate of the likely extent and duration of the interference
with its activities), and shall use Commercially Reasonable Efforts to overcome the difficulties created thereby and to resume
performance of its obligations hereunder as soon as practicable, and the time for performance shall be extended for a number of
days equal to the duration of the force majeure.

 

11.5         Entire
Agreement of the Parties; Amendments. This Agreement and the Schedules hereto constitute and contain the entire understanding
and agreement of the Parties respecting the subject matter hereof and cancel and supersede any and all prior or contemporaneous
negotiations, correspondence, understandings and agreements between the Parties, whether oral or written, regarding such subject
matter (provided, that any and all previous nondisclosure/nonuse obligations are not superseded and remain in full force and effect
in addition to the nondisclosure/nonuse provisions hereof). Each Party acknowledges that it has not relied, in deciding whether
to enter into this Agreement on this Agreement’s expressly stated terms and conditions, on any representations, warranties,
agreements, commitments or promises which are not expressly set forth within this Agreement. No modification or amendment of any
provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly
authorized officer of each Party.

 

11.6         Governing
Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, excluding application
of any conflict of laws principles. Each Party (a) irrevocably submits to the exclusive jurisdiction in the United States District
Court for the Southern District of New York located in New York, New York and any State courts sitting in New York, New York (collectively,
the “Courts”), for purposes of any action, suit or other proceeding arising out of this Agreement, and (b) agrees not
to raise any objection at any time to the laying or maintaining of the venue of any such action, suit or proceeding in any of the
Courts, irrevocably waives any claim that such action, suit or other proceeding has been brought in an inconvenient forum and further
irrevocably waives the right to object, with respect to such action, suit or other proceeding, that such Courts do not have any
jurisdiction over such Party.

 

11.7         Arbitration
of Certain Disputes.

 

(a)          Application.
Notwithstanding the provision for settling disputes set forth in Section 11.6, with respect to any disputes relating to the determination
of royalties and milestones due hereunder, whether a Milestone Event has been achieved under Article 5 or any valuation of components
or products under Section 1.34, such dispute shall be resolved according to the procedure set forth in this Section 11.7 at the
request of either Party rather than the procedure set forth in Section 11.6. Such disputes shall be resolved by binding arbitration
by one (1) neutral arbitrator, mutually acceptable to the Parties, that is an expert in the commercialization of pharmaceutical
therapeutics. If the Parties are unable to agree within thirty (30) days upon a mutually acceptable arbitrator, the arbitrator
shall be a person with the qualifications described in the preceding sentence selected by the chief executive of Judicial Arbitration
and Mediation Services.

 

    	 	31	 

     

    

 

(b)          Procedure.
For arbitration of disputes subject to this Section 11.7, each Party shall provide to the other Party such documents as the arbitrator
may direct (after consulting with both Parties), which shall include, at a minimum, any such documents necessary to establish any
facts in dispute. Each Party shall prepare a written brief not to exceed twenty (20) pages that details the relevant facts, and
how the facts support their position, and makes a specific proposal for the resolution of the dispute. The arbitrator shall pick
the proposal of one of the Parties, without change, as the final decision of the arbitrator. The arbitrator shall not have the
right to vary any of the terms in the proposal of either Party before adopting his or her decision. The place of arbitration shall
be New York, New York. The language of the arbitral proceedings and of all submissions and written evidence shall be English. The
arbitrator shall issue an award within three (3) months of the submission of the request for arbitration. This time limit may be
extended by agreement of the Parties or by the arbitrator if necessary. The decision of the arbitrator will be final, conclusive
and binding on the Parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court of competent
jurisdiction. The costs of the arbitration, including administrative and arbitrator's fees, will be shared equally by the Parties.
Each Party will bear the cost of its own attorneys' fees and expert witness fees. All proceedings and decisions of the arbitration
shall be deemed Confidential Information of each of the Parties.

 

11.8         Notices
and Deliveries. All notices required or permitted to be given under this Agreement shall be in writing and shall be deemed
given upon receipt if delivered personally or mailed by registered or certified mail (return receipt requested), postage prepaid,
or sent by prepaid express courier service, to the Parties at the following addresses (or at such other address for a Party as
shall be specified by the notice; provided, that notices of a change of address shall be effective only upon receipt thereof):

 

If to Coronado, addressed to:

 

Coronado Biosciences, Inc.

3 Columbus Circle, 15th Floor

New York, NY 10019

Attention: Lindsay A. Rosenwald

 

If to Licensor, addressed to:

 

NeuPharma, Inc.

1175 Chess Dr,
Ste 206

Foster City,
CA 94404

Attention: Shawn Qian

 

11.9         Waiver.
No waiver of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and
signed by a duly authorized officer of the waiving Party. A waiver by a Party of any of the terms and conditions of this Agreement
in any instance shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term
or condition hereof.

 

    	 	32	 

     

    

 

11.10         Rights
and Remedies are Cumulative. Except to the extent expressly set forth herein, all rights, remedies, undertakings, obligations
and agreements contained in or available upon violation of this Agreement shall be cumulative and none of them shall be in limitation
of any other remedy or right authorized in law or in equity, or any undertaking, obligation or agreement of the applicable Party.

 

11.11         Severability.
This Agreement is severable. When possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable Law, but if any provision of this Agreement is held to be to any extent prohibited by or invalid under
applicable Law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement (or of such provision). The Parties shall make a good faith effort to replace the invalid or unenforceable
provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision.

 

11.12         Third
Party Beneficiaries. Except for the rights of Indemnified Parties pursuant to Article IX hereof and the rights of Sublicensees
set forth in Sections 10.2 and 10.4(c), the terms and provisions of this Agreement are intended solely for the benefit of each
Party hereto and their respective successors or permitted assigns and it is not the intention of the Parties to confer third-party
beneficiary rights upon any other person, including without limitation Sublicensees.

 

11.13         No
Implied License. No right or license is granted to Coronado hereunder by implication, estoppel, or otherwise to any know-how,
patent or other intellectual property right owned or controlled by Licensor or its Affiliates, except by an express license granted
hereunder. No right or license is granted to Licensor hereunder by implication, estoppel, or otherwise to any know-how, patent
or other intellectual property right owned or controlled by Coronado or its Affiliates, except by an express license granted hereunder.

 

11.14         No
Right of Set-Off. Except as expressly provided in Section 5.7(b) of this Agreement, Coronado shall not have a right to set-off
any royalties, milestones or other amount due to Licensor under this Agreement against any damages incurred by Coronado for a breach
by Licensor of this Agreement.

 

11.15         Equitable
Relief. Each Party recognizes that the covenants and agreements herein and their continued performance as set forth in this
Agreement are necessary and critical to protect the legitimate interests of the other Party, that the other Party would not have
entered into this Agreement in the absence of such covenants and agreements and the assurance of continued performance as set forth
in this Agreement, and that a Party’s breach or threatened breach of such covenants and agreements may cause the opposed
Party irreparable harm and significant injury, the amount of which will be extremely difficult to estimate and ascertain, thus
potentially making any remedy at law or in damages inadequate. Therefore, each Party agrees that an opposed Party shall be entitled
to seek specific performance, an order restraining any breach or threatened breach of Article VII and all other provisions of this
Agreement, and any other equitable relief (including but not limited to temporary, preliminary and/or permanent injunctive relief).
This right shall be in addition to and not exclusive of any other remedy available to such other Party at law or in equity.

 

11.16         Interpretation.
The language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no provision of this
Agreement shall be interpreted for or against a Party because that Party or its attorney drafted the provision.

 

    	 	33	 

     

    

 

11.17         Construction.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” All references herein to Articles, Sections and Schedules shall be deemed references to Articles
and Sections of, and Schedules to, this Agreement unless the context shall otherwise require.

 

11.18         Counterparts.
This Agreement may be executed in counterparts, each of which will be deemed an original, and all of which together will be deemed
to be one and the same instrument. A facsimile or a portable document format (.pdf) copy of this Agreement, including the signature
pages, will be deemed an original.

 

[the remainder of this page has been left
blank intentionally]

 

    	 	34	 

     

    

 

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

 

	CORONADO BIOSCIENCES, INC.	 
	 	 	 
	By:	/s/ Michael Weiss	 
	 	 	 
	Name:	Michael Weiss	 
	 	 	 
	Title:	Executive Vice Chairman	 
	 	 	 
	NEUPHARMA, INC.	 
	 	 	 
	By:	/s/ Shawn Qian	 
	 	 	 
	Name:	Shawn Qian	 
	 	 	 
	Title:	President & CEO	 

 

Signature Page to License Agreement between
NeuPharma, Inc. and Coronado Biosciences, Inc.

 

    	 	 	 

     

    

 

Schedule 1

 

Compounds

 

*

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	 	 

     

    

 

Schedule 2

 

Licensor
Know-How

 

Licensor Know-How includes the following data and procedures related
to the Compound, as follows:

 

1.    
*

 

2.     *

 

3.     *

 

4.     *

 

5.     *

 

6.     *

 

7.     *

 

8.     *

 

9.     *

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	 	 

     

    

 

Schedule 3

 

Licensor Patent Rights

 

	Case
 No.	 	 	Title	 	 	 	Country	 	 	 	Status	 	 	Application No.	 	Filing
 Date	 	Publication
 No.	 	Publication
 Date
	*	 	 	*	 	 	 	*	 	 	 	*	 	 	*	 	*	 	*	 	*
	*	 	 	*	 	 	 	*	 	 	 	*	 	 	*	 	*	 	*	 	*

 

 

* Confidential
material redacted and filed separately with the Commission.CONFIDENTIAL TREATMENT REQUESTED. Confidential portions of this
document have been redacted and have been separately filed with the Commission.

 

Exhibit No. 10.8

 

 

 

Collaboration
AGREEMENT

THIS COLLABORATION AGREEMENT
(the “Agreement”) is dated as of March 3, 2015 (the “Effective Date”) by and between Checkpoint
Therapeutics, Inc., a Delaware corporation organized having its place of business at 3 Columbus Circle, New York, NY 10019 (“CTI”),
and TG Therapeutics, Inc. located at 3 Columbus Circle, New York, NY 10019 (“TGTX”). CTI, on the one hand, and TGTX,
on the other hand, shall each be referred to herein as a “Party” or, collectively, as the “Parties.”

 

RECITALS:

 

WHEREAS, CTI is
party to that certain license agreement (the “License Agreement”) dated the date hereof with Dana Farber Cancer Institute
(“DFCI”);

 

WHEREAS, DFCI is
the owner of certain rights in the DFCI Technology; and

 

WHEREAS, DFCI has
licensed rights to the DFCI Technology to CTI; and

 

WHEREAS, CTI is
permitted to extend the rights granted to it under the DFCI Technology to Affiliates (as defined in the License Agreement); and

 

WHEREAS, TGTX, an
Affiliate of CTI, is engaged in the research, development, manufacturing and commercialization of pharmaceutical products, and
TGTX is interested in developing and commercializing products based on the DFCI Patents; and

 

WHEREAS, CTI desires
to collaborate with TGTX and extend to TGTX the rights granted to it under the Licensed Technology in order to benefit the public
by disseminating the results of its research via the commercial development, manufacture, distribution and use of Licensed Products
(as defined below); and

 

WHEREAS, TGTX desires
to collaborate with CTI and to exercise the rights granted to CTI, on an exclusive basis, so that it can exclusively use, develop
and commercialize DFCI Patents in and for a defined field of use; and

 

WHEREAS, in the event TGTX
is no longer an Affiliate of CTI, TGTX and CTI intend for the rights extended to TGTX hereunder to continue as a Sublicense (as
defined in the License Agreement) as permitted by Section 2.3 of the License Agreement

 

NOW, THEREFORE,
in consideration of the foregoing and of the various promises and undertakings set forth herein, the Parties agree as follows:

 

    	 	 	 

     

    

 

ARTICLE
I

DEFINITIONS

 

Unless otherwise specifically
provided herein, the following terms shall have the following meanings:

 

1.1           
“Affiliate” means a Person or entity that controls, is controlled by or is
under common control with a Party, but only for so long as such control exists. For the purposes of this Section 1.1, the
word “control” (including, with correlative meaning, the terms “controlled by” or “under
common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct
the management and policies of such Person or entity, whether by the ownership of at least 50% of the voting stock of such entity,
or by contract or otherwise. TGTX and CTI acknowledge and agree that TGTX is an Affiliate of CTI.

 

1.2           "Antibody"
means any antibody, any gene expressing such an antibody, any hybridoma producing such antibody, or any fragment, variant, derivative
or construct thereof, or antibody fusion protein produced therefrom (including PEDgylated or multimeric versions thereof, whether
polyclonal, monoclonal, multi-specific antibodies (e.g., bi-specific antibodies), human, humanized, chimeric, murine, synthetic,
or from any other source), including without limitation (a) the full immunoglobin molecules (e.g. the IgG, IgM,IgE, IgA, and IgD
molecules), and (b) the antigen binding portions including Fab, Fab', F(ab')2, Fv, dAb, and CDR fragments, chimeric antibodies,
diabodies, polypeptides, linear antibodies and single-chain antibodies (scFv) that contain any portion of an immunoglobulin that
is sufficient to confer specific binding to an antigen. 

 

1.3           “Autoimmune
Diseases” means any disease which results from a loss of immune tolerance to self-antigens,
including without limitation multiple sclerosis, rheumatoid arthritis, systemic lupus erythematosus, sjogren syndrome, celiac disease,
Graves’ disease, myasthenia gravis, Type I diabetes, idiopathic thrombocytopenic purpura, pemphigus vulgaris, among others,
including any presentation or manifestation thereof.

 

1.4           “Calendar
Quarter” means each three month period commencing January 1, April 1,
July 1 or October 1, provided however that (a) the first Calendar Quarter of the Term shall extend from the Effective
Date to the end of the first full Calendar Quarter thereafter, and (b) the last Calendar Quarter of the Term shall end upon
the termination or expiration of this Agreement.

 

1.5           “Calendar
Year” means the period beginning on the 1st of January and ending on
the 31st of December of the same year, provided however that (a) the first Calendar Year of the Term shall commence
on the Effective Date and end on December 31 of the same calendar year as the Effective Date, and (b) the last Calendar
Year of the Term shall commence on January 1 of the Calendar Year in which this Agreement terminates or expires and end on
the date of termination or expiration of this Agreement.

 

1.6           “Combination
Product” means a product (a) containing a Licensed Product together with one or
more other active ingredients, or (b) with one or more products, devices, pieces of equipment or components, but sold for an integrated
price (e.g., with the purchase of one product the customer gets a coupon for the other) or for a single price.

 

    	 	2	 

     

    

 

1.7           “Commercialization”
or “Commercialize” means any and all activities undertaken at any time
for a particular Licensed Product and that relate to the manufacturing, marketing, promoting, distributing, importing or exporting
for sale, offering for sale, and selling of the Licensed Product, and interacting with Regulatory Authorities regarding the foregoing.

 

1.8           “Commercially
Reasonable Efforts” means, with respect to the efforts to be expended by a Party
or such Party’s applicable Affiliate with respect to any objective, such reasonable, diligent, and good faith efforts normally
used to accomplish a similar objective under similar circumstances by a similarly-situated company. Commercially Reasonable Efforts
will not mean that a Party commits that it or such Party’s applicable Affiliate will actually accomplish the applicable task.

 

1.9           “Controlled”
means, with respect to (a) DFCI Patents, (b) Know-How, (c) Antibodies, or (d) DFCI Materials, that a Party or one
of its Affiliates owns or has a license or sublicense to such DFCI Patents, Know-How, Antibodies or DFCI Material (or in the case
of DFCI Material, has the right to physical possession of such material) and has the ability to grant a license or sublicense to,
or assign its right, title and interest in and to, such DFCI Patents, Know-How, Antibodies, or DFCI Material as provided for in
this Agreement without violating the terms of any agreement or other arrangement with any Third Party.

 

1.10         
“Covered” means, with respect to a Licensed Product, that the practicing,
manufacturing, importing, using, selling, or offering for sale of such Licensed Product would, but for ownership of or a license
granted hereunder under DFCI’s relevant DFCI Patents, infringe a Valid Claim of DFCI’s relevant DFCI Patents in the
country in which the activity occurs (or, in the case of a Valid Claim that has not yet issued, would infringe such Valid Claim
if it were to issue).

 

1.11         “Derivative"
means a DFCI Antibody that has (a) been modified via isotype switching; (b) undergone a modification of effector function; (c)
been adapted to enable the antibody to carry payloads; (d) been altered to change the expression characteristics, stability or
biological half-life of the antibody; or (e) been mutated using an affinity maturation strategy designed to modify the affinity
of either the variable regions and/or the constant regions of the antibody for any ligands, antigens or receptors. Derivatives
may be full length antibodies, monoclonal and polyclonal antibodies, multispecific antibodies (e.g., bi-specific antibodies) and
antibody fragments (including Fab, Fab', F(ab')2, Fy fragments, diabodies, linear antibodies and single-chain antibodies), in each
case, of any origin, whether human, humanized, chimeric or otherwise.

 

1.12         “Development”
or “Develop” means, with respect to a Licensed Product, the performance of
all preclinical and clinical development (including, without limitation, toxicology, pharmacology, test method development and
stability testing, process development, formulation development, quality control development, statistical analysis), clinical trials,
and manufacturing and regulatory activities that are required to obtain Regulatory Approval of such Licensed Product.

 

1.13         DFCI
Antibodies" means the Antibodies supplied by or on behalf of DFCI to CTI under this
Agreement as identified in Schedule 4.

 

    	 	3	 

     

    

 

1.14         “DFCI
Know-How” means any and all Know-How that (a) is Controlled by DFCI or any of its Affiliates as of the Effective Date
and (b) was developed in the laboratory of Dr. Wayne Marasco in the performance of research directly pertaining to the DFCI Patents
and (c) is necessary for CTI to research, Develop, manufacture, use, or Commercialize Licensed Products. The DFCI Know-How is described
in Schedule 2 hereto.

 

1.15         “DFCI
Materials” means all materials Controlled by DFCI and supplied by DFCI to CTI under
the License Agreement as identified in Schedule 3, together with any progeny or unmodified derivatives that may be developed by
CTI or DFCI or TGTX. For the avoidance of doubt, "DFCI Materials" excludes the DFCI Antibodies and Derivatives. 

 

1.16         “DFCI
Patents” means (a) those patents and patent applications set forth on Schedule
3 hereto; (b) any additions, divisionals, continuations, conversion, supplemental examinations, extensions, term restorations,
registrations, reinstatements, amendments, reissuances, corrections, substitutions, re-examinations, registrations, revalidations,
supplementary protection certificates, renewals, and foreign counterparts of the patents and patent applications mentioned in clause
(a) above; (c) all patents issuing from any of the patents and patent applications mentioned in clause (a) or (b) above and any
foreign counterparts of any such patents and patent applications, and which shall include, in any case, patents surviving post
grant review and inter partes review.

 

1.17         “DFCI
Technology” means the DFCI Patents, DFCI Know-How, DFCI Antibodies, Derivatives,
and DFCI Materials. 

 

1.18         “EMA”
means the European Medicines Agency or any successor agency.

 

1.19         “European
Commission” means the authority within the European Union that has the legal authority
to grant Regulatory Approvals in the European Union based on input received from the EMA or other competent Regulatory Authorities.

 

1.20         “FDA”
means the United States Food and Drug Administration, or a successor federal agency thereto.

 

1.21         “Field”
means all prophylactic, palliative, therapeutic or diagnostic uses in humans or animals
for the prevention, diagnosis and treatment of hematological malignancies, including, without limitation, all Leukemia’s,
Lymphoma’s, Multiple Myeloma and Waldentroms Macroglobulemia, but specifically excluding use in chimeric antigen receptor
technology. Additionally, upon exercise of the Autoimmune Option, the Field shall include the prevention, diagnosis and treatment
of Autoimmune Diseases.

 

1.22         “First
Commercial Sale” means, with respect to a Licensed Product in any country, the first
commercial transfer or disposition for value of such Licensed Product in the Field in such country to a Third Party, by TGTX, by
an Affiliate of TGTX or by a Sublicensee after Regulatory Approval therefor has been obtained in such country, for cash or non-cash
consideration to which a fair market value can be assigned for purposes of determining Net Sales.

 

1.23         “GAAP”
means United States generally accepted accounting principles.

 

    	 	4	 

     

    

 

1.24         “Governmental
Body” means any: (a) nation, principality, state, commonwealth, province, territory,
county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other
government; (c) governmental or quasi-governmental authority of any nature (including any governmental division, subdivision,
department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization,
unit, body or entity and any court or other tribunal); (d) multi-national or supranational organization or body; or (e) individual,
entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police,
military or taxing authority or power of any nature.

 

1.25         “Know-How”
means any scientific or technical information, results and data of any type whatsoever,
in any intangible form whatsoever, that is not in the public domain or otherwise publicly known and is not claimed or disclosed
in a patent or pending patent application, including practices, protocols, regulatory filings, scientific techniques, works of
authorship, plans, data (including, but not limited to, pharmacological, biological, chemical, toxicological, clinical and analytical
information, quality control, trial and stability data), data analyses, reports, studies and procedures, designs for experiments
and tests and results of experimentation and testing (including results of research or development), summaries and information
contained in submissions to and information from ethical committees, the FDA or other Regulatory Authorities, and manufacturing
process and development information. The fact that an item is known to the public shall not be taken to exclude the possibility
that a compilation including the item, and/or a development relating to the item, is (and remains) not known to the public. “Know-How”
excludes DFCI Patents, DFCI Antibodies, and DFCI Materials.

 

1.26         “Law”
or “Laws” means all applicable laws, statutes, rules, regulations,
ordinances and other pronouncements having the binding effect of law of any Governmental Body.

 

1.27         “Licensed
Product” means any pharmaceutical product, in any dosage form, preparation, composition,
formulation, presentation or package configuration, (a) that is Covered in whole or in part by a Valid Claim in the DFCI Patents,
(b) that incorporates, constitutes, or contains DFCI Antibodies or Derivatives as an active
ingredient, or (c) that shares at least *% of the amino acid sequence identity
(combined or in the aggregate) to all the complementarity determining regions (CDRs) of any DFCI Antibodies or Derivatives and
made using DFCI Technology.

 

1.28         “Licensed
Process” means processes which, (a) in the course of being practiced, is Covered
in whole or in part by a Valid Claim in the DFCI Patents, or (b) which incorporates or uses DFCI Antibodies or Derivatives in whole
or in part. 

 

1.29         
“NDA” means a New Drug Application submitted pursuant to the requirements
of the FDA, as more fully defined in 21 U.S. CFR § 314.3 et seq., a Biologics License Application submitted pursuant
to the requirements of the FDA, as more fully defined in 21 U.S. CFR § 601, and any equivalent application submitted
in any country, including a European Marketing Authorization Application, together, in each case, with all additions, deletions
or supplements thereto.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	5	 

     

    

  

1.30         “NDA
Approval” means the receipt of notice from the relevant US Regulatory Authority
that an NDA for a Licensed Product has met all the criteria for marketing approval.

 

1.31         “Net
Sales” means the gross income derived by TGTX or its Affiliates or Sublicensees
to unrelated Third Parties for a Licensed Product in the Field in bona-fide arms-length transactions, less the following deductions,
which may not exceed reasonable and customary amounts in the country in which the transaction occurs:

 

		(a)	Normal and customary trade, quantity, cash and discounts and credits allowed and taken;

 

		(b)	Discounts, refunds, rebates, chargebacks, retroactive price adjustments, and any other allowances
given and taken which effectively reduce the net selling price, including, without limitation, Medicaid rebates, institutional
rebates or volume discounts;

 

		(c)	Product returns and allowances;

 

		(d)	Administrative fees paid to group purchasing organizations (e.g., Medicare) and government-mandated
rebates;

 

		(e)	Shipping, handling, freight, postage, insurance and transportation charges, but all only to the
extent included as a separate line item in the gross amount invoiced;

 

		(f)	Any tax, tariff or duties imposed on the sale, delivery or use of the Licensed Product, including,
without limitation, sales, use, excise or value added taxes and customs and duties, but all only to the extent included as a separate
line item (e.g., “taxes”) in the gross amount invoiced.

 

		(g)	Bad debt actually written off during the accounting period (provided, that any bad debt write-off
so taken which is later reversed shall be added back to Net Sales in the accounting period in which the reversal occurs).

 

No deduction shall be made
for any item of cost incurred by TGTX, its Affiliates or Sublicensees in Developing or Commercializing Licensed Products except
as permitted pursuant to clauses (a) through (g) of the foregoing.

 

Net Sales includes the
fair market value of any non-cash consideration from sale of Licensed Products received by TGTX, its Affiliates or Sublicenses.
Licensed Products are considered “sold” when billed, invoiced, or payment is received, whichever occurs first.

 

Notwithstanding the foregoing,
amounts invoiced by TGTX and its Affiliates and Sublicensees for sales of Licensed Products among TGTX and its Sublicensees and
their respective Affiliates for resale shall not be included in the computation of Net Sales except where such purchasing party
is an end user or consumer of Licensed Products.

 

    	 	6	 

     

    

 

Net Sales of any Combination
Product (as defined below) for the purpose of calculating royalties due under this Agreement shall be determined on a country-by-country
basis as follows:  the Net Sales of the Combination Product (prior to application of the following adjustment) shall be multiplied
by the fraction A/(A+B), where A is the net selling price in such country of a Licensed Product without the additional active ingredient
in the Combination Product, if sold separately for the same dosage as contained in the Combination Product, and B is the net selling
price in such country of any other active ingredients (or delivery device) in the combination if sold separately for the same dosage
(or form) as contained in the Combination Product.  All net selling prices of the elements of such end-user product or service
shall be calculated as the average net selling price of the said elements during the applicable accounting period for which the
Net Sales are being calculated.  In the event that, in any country, no separate sale of either such above-designated Licensed
Product (containing only such Licensed Product and no other active ingredients) or any one or more of the active ingredients included
in such Combination Product are made during the accounting period in which the sale was made or if the net selling price for an
active ingredient cannot be determined for an accounting period, Net Sales for purposes of determining payments under this Agreement
shall be calculated by multiplying the sales price of the Combination Product by the fraction C/(C+D) where C is the standard fully-absorbed
manufacturing cost of the Licensed Product portion of the combination, and D is the standard fully-absorbed manufacturing cost
of the other active ingredients or components included in the Combination Product, as determined by TGTX using its standard accounting
procedures consistently applied. In the event that the standard fully-absorbed manufacturing cost of the Licensed Product and/or
the other active ingredients or components included in such Combination Product cannot be determined, Net Sales allocable to the
Licensed Product in each such country shall be determined by mutual agreement reached in good faith by the parties prior to the
end of the accounting period in question based on an equitable method of determining same that takes into account, on a country-by-country
basis, all relevant factors (including variations in potency, the relative contribution of each active ingredient in the combination,
and relative value to the end user of each active ingredient).

 

1.32         
“Person” means any natural person, corporation, firm, business trust, joint
venture, association, organization, company, partnership or other business entity, or any government or agency or political subdivision
thereof.

 

1.33         
“Phase I Trial” means a clinical trial of a Licensed Product in human
patients designated as a Phase I Trial and conducted primarily for the purpose of determining the safety of and/or the metabolism
and pharmacologic actions of the Licensed Product in humans, as described under 21 CFR § 312.21(a) (as hereafter modified
or amended) and any of its foreign equivalents. For purposes of this definition, Phase I Trial shall specifically exclude trials
in healthy volunteers.

 

1.34         “Phase II
Trial” means a clinical trial of a Licensed Product, designated as a Phase II Trial
and the principal purpose of which is to make a preliminary determination that such Licensed Product is safe and active in a patient
population for its intended use and is designed to obtain sufficient information about such Licensed Product’s efficacy to
permit the design of a Phase III Trial(s), and generally consistent with 21 CFR § 312.21(b). For purposes of this definition,
Phase II trial shall specifically exclude expansion cohorts from Phase I Trial(s).

 

    	 	7	 

     

    

 

1.35         “Phase III
Trial” means a clinical trial of a Licensed Product in human patients, which is
designated as a Phase III Trial or a pivotal trial and is designed (a) to establish that the Licensed Product is safe and
efficacious for its intended use; (b) to define warnings, precautions and adverse reactions that are associated with the Licensed
Product in the dosage range to be prescribed; and (c) to be, either by itself or together with one or more other clinical
trials having a comparable design and size, the final human clinical trial in support of Regulatory Approval of the Licensed Product,
and (d) consistent with 21 CFR § 312.21(c) (as hereafter modified or amended) and any of its foreign equivalents. 

 

1.36         “Regulatory
Authority” means (a) the FDA, (b) the EMA or the European Commission,
or (c) any regulatory body with similar regulatory authority over pharmaceutical or biotechnology products in any other jurisdiction
anywhere in the world.

 

1.37         “Regulatory
Approval” means any and all approvals, licenses, registrations, or authorizations
of the relevant Regulatory Authority, necessary for the Development, manufacture, use, storage, import, transport and Commercialization
of a given Licensed Product in a particular country or jurisdiction. For the avoidance of doubt, Regulatory Approval outside of
the United States shall include any pricing or marketing approval needed prior to the sale of a Licensed Product in the Field.

 

1.38         “Royalty
Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis,
the period from the First Commercial Sale of a given Licensed Product in such country until the later of (i) ten (10) years after
First Commercial Sale of the applicable Licensed Product in such country, or (ii) the expiry of the last-to-expire DFCI Patent
containing a Valid Claim to the Licensed Product in such country, provided that TGTX’s obligation to pay royalties hereunder
shall not extend beyond the obligation of CTI to DFCI under the License Agreement. 

 

1.39         
“Sublicensee” means a Person, other than an Affiliate of TGTX, to which TGTX
(or its Affiliate) has, pursuant to Section 2.3, granted sublicense rights under any of the license rights granted under Section 2.1.
“Sublicense” shall be construed accordingly.

 

1.40         
“Sublicense Revenue" means any payments or other consideration that CTI actually
receives from a Sublicensee as consideration for the grant of a Sublicense, including, without limitation, milestone payments,
license fees, license maintenance fees and equity. Sublicense Revenue excludes (i) purchases of equity or debt of TGTX, (ii) payments
made for GTX’s performance of any research, Development, or Commercialization of any Licensed Product, (iii) (b) royalties
on Net Sales (or, in the case of a profit sharing deal structure, shares of net profits) which are covered in Section 5.9, and
(iv) any payment or reimbursement of any costs or expenses incurred by TGTX for filing, prosecution, maintenance, or defense of
any DFCI Patents. In the event such consideration received from a Sublicensee is not cash, Sublicense Revenue shall be calculated
by TGTX based on the fair market value of such consideration, at the time of the transaction, assuming an arm’s length transaction
made in the odinary course of business.

 

1.41         “Tax”
or “Taxes” means any federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs
duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property,
sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever,
including any interest, penalty, or addition thereto, whether disputed or not.

 

    	 	8	 

     

    

 

1.42         “Third
Party” means any Person other than DFCI, CTI, or Affiliates of either of them, or
any Sublicensees.

 

1.43         “Third
Party Action” means any claim or action made by a Third Party against a Party that
claims that a Licensed Product, or its use, Development, manufacture or sale infringes such Third Party’s intellectual property
rights.

 

1.44         
“United States” or “US” means the United States of America
and its territories and possessions.

 

1.45         “Valid
Claim” means (a) a claim of an issued and unexpired patent that has not been held permanently revoked, invalid or unenforceable
by a patent office, court or other governmental agency of competent jurisdiction in a final and non-appealable judgment (or judgment
from which no appeal was taken within the allowable time period) and that is not admitted to be invalid or unenforceable through
reissue, disclaimer or otherwise (i.e. only to the extent the subject matter is disclaimed or is sought to be deleted or amended
through reissue or (b) a claim of a pending patent application within DFCI Patents that has not been abandoned, finally rejected
or expired without the possibility of appeal or refiling, provided that (i) Valid Claim shall exclude any such pending claim in
an application that has not been granted within the latter of five (5) years after the Effective Date or seven (7) years following
the earliest priority filing date for such application (unless and until such claim is granted) and (ii) Valid Claim will exclude
any such pending claim that does not have a reasonable bona fide basis for patentability, in either case of (i) or (ii), unless
and until such claim is granted. Notwithstanding the foregoing, in the event that a claim in a pending patent application is involved
in an interference action declared by the US Patent and Trademark Office or any analogous patentability determination by any other
national patent office, and, at the time such proceeding is filed or initiated such claim is a Valid Claim, the time period set
forth in subsection (i) above will be stayed for the pendency of such proceeding. 

 

ARTICLE II

LICENSES AND OTHER RIGHTS

 

2.1           Grant
of License to TGTX. 

 

(a)          Subject
to the terms and conditions of this Agreement and the License Agreement, and the reserved rights described in Section 2.4 and Section
2.5 of the License Agreement, effective immediately at the time TGTX is no longer deemed to be an Affiliate of CTI, CTI hereby
grants to TGTX, and TGTX hereby accepts, an exclusive, worldwide, royalty-bearing right and license (with the right to sublicense,
subject to the provisions of Section 2.3) under the DFCI Patents to (i) research, Develop, manufacture, have manufactured, use,
import and Commercialize and have Commercialized the Licensed Products, in and for the Field and (ii) to practice and have practiced
any Licensed Processes, in and for the Field. CTI and its Affiliates grant no licenses or rights by implication, estoppel or otherwise
under any other patent applications or patents owned in whole or in part by DFCI other than as expressly set forth herein. 

 

    	 	9	 

     

    

 

(b)          Subject
to the terms and conditions of this Agreement, effective immediately at the time TGTX is no longer deemed to be an Affiliate of
CTI, CTI hereby grants TGTX a non-exclusive license under DFCI’s rights in and to the DFCI Materials listed in Schedule 3
solely in support of the exercise of TGTX’s license rights under Section 2.1(a). TGTX shall not have the right and shall
be prohibited from selling, transferring, or distributing the DFCI Materials to end users, except in the case where such end users
are CTI Affiliates or Sublicensees under this Agreement. This Section 2.1(b) shall not affect the rights granted to TGTX hereunder
to research, Develop, manufacture, have manufactured, use, import and Commercialize and have Commercialized Licensed Products made
from or using such DFCI Materials. 

 

2.2           Affiliates.
Effective immediately at the time TGTX is no longer deemed to be an Affiliate of CTI, TGTX is entitled to extend its licenses under
this Article II to its Affiliates, consistent with all of the terms and conditions of this Agreement. If TGTX does extend its license
and an Affiliate assumes obligations under the Agreement, TGTX shall be responsible and liable for the acts or omissions of the
Affiliate in the exercise of rights under this Agreement. If CTI has a claim arising under this Agreement against an Affiliate,
CTI may seek a remedy directly against TGTX and may, but is not required to, seek a remedy against the Affiliate. Any termination
of the Agreement under Article X as to TGTX also constitutes termination as to any Affiliates.

 

2.3           Grant
of Sublicenses by TGTX. Effective immediately at the time TGTX is no longer deemed to
be an Affiliate of CTI, TGTX shall have the right, in its sole discretion, to grant Sublicenses, in whole or in part, under the
license granted in Section 2.1; provided, however, that the granting by TGTX of a Sublicense shall not relieve TGTX of any of its
obligations hereunder; and provided, further, that TGTX’s right to grant a Person a Sublicense shall be subject to TGTX including
within such Sublicense express provisions binding the Sublicensee to terms and condition consistent with those contained herein.
TGTX shall be and remain fully responsible and primarily liable for the compliance by Sublicensees with the terms and conditions
of this Agreement (as applicable to them) as if such Sublicensees were TGTX hereunder. TGTX shall promptly provide a copy of each
executed sublicense agreement and any modifications of the sublicense agreement (provided that such copy may be redacted to remove
commercially sensitive terms that are not necessary to confirm compliance with the terms and conditions of this Agreement) following
execution of such agreement.

 

2.4           
Delivery of DFCI Know-How, DFCI Antibodies, and DFCI Materials. Effective immediately at the time TGTX is no longer deemed
to be an Affiliate of CTI, CTI shall deliver to TGTX DFCI Know-How, DFCI Antibodies, and DFCI Materials within sixty (60) days
of the Effective Date of this Agreement.

 

    	 	10	 

     

    

 

2.5           Extension
of Rights. During such time as TGTX is deemed an Affiliate of CTI, CTI extends to TGTX
all of its rights under the License Agreement subject to the terms and conditions of this Agreement and the License Agreement,
provided that such rights shall be limited to the Field and shall exclude the right to make and have made Licensed Products. TGTX
hereby assumes the obligations of CTI under the License Agreement with respect to its exercise of rights thereunder. Such extension
of rights shall automatically terminate at the time TGTX is no longer deemed to be an Affiliate of CTI. It is the intention of
TGTX and CTI for this Agreement to be consistent with the License Agreement. During the term of this Agreement, if CTI shall default
on any obligations owed DFCI then TGTX shall have the right to cure such defaults and set any amounts incurred by TGTX in curing
such defaults against any future payments TGTX may owe to CTI. 

 

ARTICLE III

RIGHTS, DUTIES AND DILIGENCE 

 

3.1           Diligence
by TGTX. TGTX shall use Commercially Reasonable Efforts to Develop and to Commercialize
Licensed Products targeting PD-L1 and GITR in the Field. The Parties acknowledge that TGTX may Develop and Commercialize Licensed
Products that are a Combination Product containing one or more DFCI Antibodies or Derivatives. Except as otherwise provided herein
or agreed upon in writing, CTI agrees that it will not make, use or sell Licensed Products in the Field (“Exclusivity Covenant”).
In addition, TGTX shall have the option (the “Autoimmune Option”) to include Autoimmune Diseases in the Field by providing
notice to CTI and making a $1,000,000 payment. Such Autoimmune Option can be exercised up to 3 years from the date hereof. 

 

3.2           Projected
Milestone Dates. TGTX shall use its commercially reasonable efforts to meet the following
milestones (“Milestones”) by the dates specified in this paragraph, subject to annual adjustment as described below.

 

For purposes of this Section 3.2, CTI will consider efforts
of an Affiliate or Sublicensee as efforts of TGTX.

 

		(a)	Milestone Dates for a Licensed Product Targeting PD-L1

 

	Milestone	Achievement Date
	-*for first PD-L1 Licensed Product	* years from the Effective Date
	-* for first PD-L1  Licensed Product   	* years from the Effective Date
	-* for first PD-L1 Licensed Product  	* years from the Effective Date
	-* for first PD-L1 Licensed Product  	* years from the Effective Date
	-* for first PD-L1 Licensed Product     	* years from the Effective Date
	-* for first PD-L1 Licensed Product   	* years from the Effective Date
	-* for first PD-L1 Licensed Product	* Years from the Effective Date

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	11	 

     

    

 

(b)          Milestone
Dates for a Licensed Product Targeting GITR

 

	Milestone	Achievement Date
	-* for first GITR Licensed Product	* years from the Effective Date
	-* for first GITR Licensed Product   	* years from the Effective Date
	-* for first GITR Licensed Product  	* years from the Effective Date
	-* for first GITR Licensed Product  	* years from the Effective Date
	-* for first GITR Licensed Product     	* years from the Effective Date
	-* for first GITR Licensed Product   	* years from the Effective Date
	-* for first GITR Licensed Product	* Years from the Effective Date

 

3.3           Adjustments.
The parties acknowledge that since the program is in early pre-clinical development that
the dates included in the Milestone table above are rough estimates to provide DFCI and CTI a preliminary projection of what can
be achieved by what dates, the accuracy of which the parties agree is impossible to predict and will be based on many factors completely
outside the control of TGTX and its Diligence Efforts. On an annual basis, with its report contained below, TGTX will, in good
faith, update the dates in the Milestones table above to provide CTI an updated assessment of the timing of the upcoming milestones.
Upon providing such update, the table above shall be deemed amended notwithstanding Section 11.5 hereof.

 

3.4           Development
and Commercialization Reports. Within 50 days of the Effective Date and at least 10 days
before each anniversary of the Effective Date, TGTX shall provide to CTI a written report describing the efforts by TGTX, or any
Affiliates or Sublicensees, to bring one or more Licensed Products to the marketplace. The report must be in sufficient detail
to permit CTI to monitor TGTX’ compliance with the due diligence provisions of this Agreement. 

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	12	 

     

    

 

TGTX shall include at least the following in
these reports: (a) a summary of TGTX’ progress toward meeting the goals and objectives that had been established for the
previous year; (b) a summary of TGTX’ goals and objectives for the ensuing year for developing and commercializing Licensed
Products, including an identification of Licensed Products that TGTX intends to develop, if any; and (c) to the extent not covered
by the foregoing, a summary of TGTX’ progress in meeting the Milestone timelines above.

 

If multiple technologies are covered by this
Agreement, the progress report must provide the information set forth above for each Licensed Product.

 

3.5           Failure
to Perform. TGTX’s failure to use commercially reasonable efforts to perform any
due diligence requirement provided in Section 3.1 through 3.4 is grounds for CTI to terminate this Agreement according to Section
10.2(d); provided that CTI shall only have the right to terminate this Agreement with respect to the specific Licensed Product
for which such failure is claimed and the Agreement shall remain in full force and effect for the remaining Licensed Products.
In the alternative, CTI may terminate the Exclusivity Covenant (if such failure occurs while TGTX is an Affiliate of CTI) or convert
the exclusive licenses granted under this Agreement to a non-exclusive license (if such failure occurs after the time TGTX ceases
to be an Affiliate of CTI), as further provided in Section 3.6, as to the specific Licensed Product for which such failure is claimed.
 

 

3.6           Conversion
to Non-exclusive License. If (i) the Exclusivity Covenant is terminated as provided in
Section 3.5 or (ii) the exclusive license granted under this Agreement is converted to a non-exclusive license for any Licensed
Product as provided in Section 3.5, this Agreement is automatically amended as follows as it relates to such Licensed Product;
(a) the exclusive license of Section 2.1 becomes a non-exclusive license, (b) TGTX loses the right to grant sublicenses under Section
2.3; provided that any sublicense granted prior to such conversion shall continue and not be affected by such conversion, (c) the
obligations of Sections 3.1 through 3.4 continue to apply, (d) the obligation under Section 3.10 no longer applies, (e) TGTX has
no further rights or obligations under Article VI; provided that CTI shall keep TGTX apprised of any new filings of patent applications
and issuance of patents that fall within the DFCI Patents, and (f) CTI has the sole right to pursue apparent infringements and
the terms of Article VI no longer apply. 

 

3.7           Costs
and Expenses. As between CTI and TGTX, (a) TGTX shall be solely responsible for all costs
and expenses related to Development, and Commercialization of the Licensed Products, including without limitation costs and expenses
associated with all preclinical activities and clinical trials, and all regulatory filings and proceedings relating to Licensed
Products in the Field and (b) CTI shall be the sole and exclusive manufacturer of Licensed Products for TGTX, such that TGTX shall
purchase all of its requirements of Licensed Products from CTI and will not make or have made Licensed Products directly or through
its Affiliates or Sublicensees) unless CTI is unable to provide sufficient supplies at competitive prices, the terms of which shall
be negotiated in a manufacturing and supply agreement. CTI shall be solely responsible for all costs and expenses related to CMC
including without limitation, CMC development and scale-up, CMC validation, analytical method development and validation, stability
testing, manufacturing, finishing and release. TGTX shall reimburse CTI for CTI’s out-of-pocket cost for Licensed Product
used by TGTX for its Development activities and shall pay CTI a manufacturing transfer price for Commercial supplies equal to CTI’s
out-of-pocket cost of Licensed Product plus the lesser of: (a) 30% of such cost and (b) 3% of Net Sales generated by the materials
supplied The Parties agree to execute a manufacturing and supply agreement within a reasonable time after the execution of the
Agreement on these terms and including such other customary and reasonable terms.

 

    	 	13	 

     

    

 

3.8           .Patent
Marking. TGTX agrees that with respect to each unit or package of Licensed Products sold in a given country, TGTX shall comply
with the customary patent marking laws and practices of such country as to the applicable DFCI Patents.

 

3.9           Trademarks.
As between TGTX and CTI, TGTX shall have the sole authority to select trademarks for Licensed Products and shall own all such trademarks.
CTI does not grant TGTX the right to use any trademarks of CTI, DFCI or its Affiliates.

 

3.10         U.S.
Manufacture.  To the extent TGTX manufactures Licensed Products (e.g. if TGTX and CTI
agree that CTI will no longer be the sole manufacturer of Licensed Products), TGTX shall manufacture Licensed Products leased,
used or sold in the United States substantially in the United States as required by 35 U.S.C. 204 and 37 C.F.R. 401 et. seq., as
amended. TGTX shall also require any Affiliate(s) or Sublicensee(s) to comply with this U.S. manufacture requirement. Notwithstanding
the foregoing, if TGTX or its Affiliate(s) or Sublicensee(s) determines that it is not commercially feasible or reasonable to manufacture
such Licensed Products in the United States or determines that it is necessary to have additional manufacturers outside the United
States for back-up supply or to supply Licensed Products outside the United States, then CTI agrees to make reasonable efforts
to assist TGTX, or its Affiliate(s) or Sublicensee(s), as applicable, at TGTX’ expense, in obtaining any necessary permission
from the appropriate government authorities to manufacture such Licensed Products outside the United States.

 

3.11         Other
Government Laws. CTI shall comply with, and ensure that its Affiliates and Sublicensees
comply with, all government statutes and regulations that relate to Licensed Products. These include but are not limited to FDA
statutes and regulations, the Export Administration Act of 1979, as amended, codified in 50 App. U.S.C. 2041 et seq. and the regulations
promulgated thereunder or other applicable export statutes or regulations.

 

3.12         Publicity.
TGTX, its Affiliate and Sublicensees are not permitted to use the names of CTI, DFCI, its related entities or its employees, or
any adaptations thereof, in any advertising, promotional or sales literature, or in any securities report required by the Securities
and Exchange Commission (except as required by law), without the prior written consent of DFCI in each case. However TGTX may (a)
refer to publications in the scientific literature by employees of DFCI or CTI or (b) state that a license from DFCI or CTI has
been granted as provided in this Agreement.

 

3.13         Other
Agreements. In the event that TGTX determines to conduct a clinical trial of a Licensed
Product in the Field in the United States, TGTX shall consider in good faith and discuss with DFCI the potential of engaging DFCI
to serve as a clinical site for such clinical trial; provided that (a) DFCI has the appropriate expertise and patient population
to conduct the clinical trial, and (b) DFCI is economically competitive with other sites having substantially similar expertise
and patient populations to conduct such clinical trial.

 

    	 	14	 

     

    

 

ARTICLE IV

REGULATORY MATTERS

 

4.1           Regulatory
Filings. As between CTI and TGTX, TGTX (or its applicable Affiliate) shall own and maintain
all regulatory filings made after the Effective Date for Licensed Products and all Regulatory Approvals for Licensed Products.
Once per year, representatives from CTI may visit TGTX and review all such regulatory filings, provided such representatives do
not have a conflict of interest or involvement with any competitive companies or technologies and agree to TGTX’s confidentiality
agreement.

 

ARTICLE V

Financial Provisions

 

5.1           Upfront
Fee. Within twenty (20) days of the Effective Date, TGTX shall pay CTI an up-front, non-creditable,
non-refundable fee in the amount of Five Hundred Thousand Dollars ($500,000). 

 

5.2           Maintenance
Fee. Within thirty (30) days following the second anniversary of the Effective Date and
each anniversary thereafter, TGTX shall pay CTI an annual license maintenance fee in the amount of *
Dollars ($*). Such fees are creditable against milestone payments due pursuant to Section
5.6, royalties due pursuant to Section 5.7 or Sublicense Revenue Share Payments (as defined in Section 5.9).

 

5.3           Reserved

 

5.4           Milestone
Payments. 

 

(a)          Product-based
Milestones. As further partial consideration for CTI’s grant of the rights to TGTX hereunder, TGTX shall pay to
CTI the following one-time, product-based milestone payments with regard to each Licensed Product (as specifically set forth below)
to achieve the respective event, up to two (2) Licensed Products per product-based milestone. TGTX will pay the relevant milestone
payment within 60 days of such achievement.

 

	Product-based Milestones 	Milestone Payment 
	Twelfth patient dosed in a Phase I Trial in the Field 	$*
	First dosing of any patient in a Phase II Trial in the Field	$*
	First dosing of any patient in a Phase III Trial in the Field	$*
	First Commercial Sale in the United States	$*
	First Commercial Sale in the European Union	$*
	First Commercial Sale in Japan	$*

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	15	 

     

    

 

If any of the above milestones are triggered as a result of a combination
approval of two or more Licensed Products or combination clinical trial of two or more Licensed Products, only one milestone payment
shall be due to CTI as if the combination was a single Licensed Product.

 

b.           Aggregate
Net Sales Achievement Milestones: As further consideration for CTI’s grant of the rights to TGTX hereunder, TGTX shall
pay to CTI the following one-time milestone payments upon first achievement of worldwide Net Sales (as specifically set forth below)
by TGTX and its Affiliates and Sublicensees. TGTX will pay the relevant milestone payment within 90 days of such achievement.

 

	Aggregate Net Sales Achievement Milestones	 
	The first time aggregate worldwide Net Sales for all Licensed Products exceeds $* in any Calendar Year	$*
	The first time aggregate worldwide Net Sales for all Licensed Products exceeds $* in any Calendar Year	$*
	The first time aggregate worldwide Net Sales for all Licensed Products exceeds $* in any Calendar Year	$*

 

5.5           Royalty,
Etc. Payments for Licensed Products.

 

(a)          With
respect to Net Sales of all Licensed Products: As further consideration for CTI’s grant of the rights to TGTX hereunder,
TGTX shall pay to CTI a royalty of on aggregate annual worldwide Net Sales of all such Licensed Products by TGTX and its Affiliates
and Sublicensees (but excluding Net Sales of a given Licensed Product after its applicable Royalty Term) at the percentage rates
set forth below:

 

	Annual Worldwide Net Sales of All Licensed Products per Calendar

Year (US Dollars)	Incremental

Royalty Rate
	For Net Sales of such Licensed Products from $0 up to and including $*	*%
	For that portion of Net Sales of such Licensed Products that is greater than $*	*%

 

(b)          In
no event shall the manufacture of a Licensed Product give rise to a royalty/payment in the nature of royalties obligation until
the particular unit of Licensed Product is sold; but if Net Sales of a particular unit of Licensed Product might or might not be
subject to a royalty/payment in the nature of royalties payment (e.g., manufactured in Country A where the Royalty Term has expired
but sold in Country B where the Royalty Term has not expired), the sale shall be deemed to be subject to a royalty/payment in the
nature of royalties payment. For clarity, TGTX’s obligation to pay royalties to CTI under Section 5.7(a) is imposed only
once with respect to the same unit of Licensed Product regardless of the number of DFCI Patents pertaining thereto or the number
of times such Licensed Product has been sold or transferred to a Person.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	16	 

     

    

 

(c)          On
a Licensed Product by Licensed Product and country-by-country basis, upon expiration of the Royalty Term for a Licensed Product
in a country, the rights, licenses and sublicenses granted to TGTX hereunder with respect to such Licensed Product in such country
shall continue in effect but become fully paid-up, royalty-free, and perpetual.

 

(d)          Reserved.

 

(e)          In
the event that the DFCI Patents do not contain any Valid Claim Covering the composition of matter for any of the active pharmaceutical
ingredients of a Licensed Product in a particular country, royalties due to CTI will be reduced by *
percent (*%) of the applicable royalty rate as set forth in Section 5.7(a) for that Licensed Product in such country.

 

(f)          In
the event that a Licensed Product in a country is not Covered by a Valid Claim of a Licensed Patent, royalties with respect to
such Licensed Product in such country shall be reduced by * percent (*%) of the applicable royalty rate as
set forth in Section 5.7(a) and shall be due for the period commencing with the First Commercial Sale of such Licensed Product
in such country and ending ten (10) years from date of such First Commercial Sale. 

 

(g)          Notwithstanding
the above, in no event shall the royalty rates set forth in Section 5.7(a) be reduced under 5.7(d), (e), and (f) above by more
than *% collectively. 

 

5.6           Timing
of Royalty Payment. Royalties/payments in the nature of royalties payable under Section
5.5 shall be payable on actual Net Sales and shall accrue at the time provided therefor by US GAAP. Royalty/payment in the nature
of royalties obligations that have accrued during a particular Calendar Quarter shall be paid, on a Calendar Quarter basis, within
80 days after the end of each Calendar Quarter during which the royalty/payment in the nature of royalties obligation accrued;
provided that within 40 days after the conclusion of each Calendar Year TGTX shall provide notice to CTI of any adjustments necessary
to account for any royalties/payment in the nature of royalties which were overpaid or underpaid for such prior Calendar Year’s
Calendar Quarters, and the Parties shall promptly true-up based on such adjustments, provided however, the lapse of such 50-day
period shall not impact the right of TGTX to credit any over-payments discovered during an audit against future royalties due under
Section 5.5 hereof. 

 

5.7           Sublicense
Revenue. TGTX shall pay to CTI * percent (*%) of all Sublicense
Revenue received by TGTX (“Sublicense Revenue Share Payments”). Sublicense Revenue Share Payments shall be paid,
on a Calendar Quarter basis, within 80 days after the end of each Calendar Quarter during which the respective Sublicense Revenue
is received.

 

5.8           Royalty
Reports and Records Retention. Within 50 days after the end of each Calendar Quarter during
which Licensed Products have been sold, TGTX shall deliver to CTI, together with the applicable royalty/payment in the nature of
royalties payment due, a written report, on a Licensed Product-by-Licensed Product (and specifying non-Covered status, as applicable)
and country-by-country basis, of (a) (a)          Number of Licensed Products
manufactured and sold by TGTX, and any Affiliates or Sublicensees, in each country; (b) gross invoiced (or otherwise charged) amounts
of sales, by TGTX and its Affiliates and Sublicensees, of Licensed Products subject to royalty payments for such Calendar Quarter
(and, if non-Covered, subject to royalty/payment in the nature of royalties payments for such Calendar Quarter), (c) amounts deducted
by category (following the definition of Net Sales) from such gross invoiced amounts to calculate Net Sales, (d) Net Sales subject
to royalty or royalty/payment in the nature of royalties payments for such Calendar Quarter and Calendar Year to date, and (e)
the corresponding royalty or royalty/payment in the nature of royalties, and (f) the nature and amount of Sublicense Revenue received
by TGTX. Such report shall be deemed “Confidential Information” of TGTX subject to the obligations of Article VII of
this Agreement. For three years after each sale of a Licensed Product (whether Covered or not), TGTX shall keep (and shall ensure
that its Affiliates and Sublicensees shall keep) complete and accurate records of such sale in sufficient detail to confirm the
accuracy of the royalty or royalty/payment in the nature of royalties calculations hereunder.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	17	 

     

    

 

5.9           CTI
shall be solely responsible for paying directly to DFCI all payments due to DFCI under Section 5 of the License Agreement that
arise out of the exercise of rights by TGTX under this Agreement, including, without limitation, royalties on TGTX’s Net
Sales.

 

5.10         Books
and Audits.

 

TGTX shall keep, and shall require its Affiliates
and Sublicensees to keep, true books of account containing an accurate record (together with supporting documentation) of all data
necessary for determining the amounts payable to CTI. TGTX shall keep it records at its principal place of business or the principal
place of business of the appropriate division of TGTX to which this Agreement relates and shall require its Affiliates and Sublicenses
to keep their books and records in the same manner.

 

(a)          Commencing
on the earlier of (i) the First Commercial Sale (of the first Licensed Product to have a First Commercial Sale) or (ii) receipt
of Sublicense Revenue, and continuing until one Calendar Year after the conclusion of the final Royalty Term, upon the written
request of CTI, and not more than once in each Calendar Year, TGTX shall permit, shall cause its Affiliates to permit, an independent
certified public accounting firm of nationally recognized standing selected by CTI (who has not been engaged by CTI to provide
services in any other capacity at any time during the three-year period before such selection), and reasonably acceptable to TGTX
or such Affiliate, to have access to and to review, during normal business hours upon reasonable prior written notice, the applicable
records of TGTX and its Affiliates to verify the accuracy of the royalty payments and Sublicense Revenue Share Payments. Such review
may cover: (i) the records for the Calendar Year ending not more than three years before the date of such request, and (ii) only
those periods that have not been subject to a prior audit.

 

(b)          If
such accounting firm concludes that additional amounts were owed during such period, TGTX shall pay the additional royalties and/or
royalties/payment in the nature of royalties within 15 days after the date such public accounting firm delivers to TGTX such accounting
firm’s written report. If such accounting firm concludes that an overpayment was made, such overpayment shall be fully creditable
against amounts payable in subsequent payment periods. If TGTX disagrees with such calculation, TGTX may contest such calculation
in writing – at which point the parties will work in good faith to submit the matter to a mediator for resolution. If the
parties are unable to reach an agreement via mediation, then TGTX may initiate a court action to seek to recover the additional
payment or to increase the amount of credit or reimbursement. CTI shall pay for the cost of any audit by CTI, unless TGTX has underpaid
CTI by 5% or more for a specific royalty period, in which case TGTX shall pay for the reasonable costs of audit, as well as any
additional sum that would have been payable to CTI had the TGTX reported correctly, plus interest as set forth in Section 4.14.

 

    	 	18	 

     

    

 

(c)          Each
Party shall treat all information that it receives under this Section 5.10 in accordance with the confidentiality provisions of
Article VII of this Agreement, and shall cause its accounting firm to enter into an acceptable confidentiality agreement with the
audited Party obligating such firm to retain all such financial information in confidence pursuant to such confidentiality agreement,
except to the extent necessary for a Party to enforce its rights under the Agreement.

 

5.11         Mode
of Payment and Currency. All payments to CTI under this Agreement, whether or not in respect
of Net Sales or milestone events, shall be made by deposit of US Dollars in the requisite amount to the following, which CTI may
from time to time amend by advance written notice to TGTX. 

 

by check:

 

Checkpoint Therapeutics, Inc.

3 Columbus Circle

 

New York, NY10019

 

by wire transfer:

 

[To be provided]

 

Conversion of sales or expenses recorded in
local currencies to Dollars will be performed in a manner consistent with TGTX’s normal practices used to prepare its audited
financial statements for external reporting purposes, provided that such practices use a widely accepted source of published exchange
rates. Based on the resulting Net Sales in US Dollars, the then applicable royalties/payment in the nature of royalties shall be
calculated.

 

5.12         Late
Payments. If a Party does not receive payment of any sum due to it on or before the due
date therefor, simple interest shall thereafter accrue on the sum due to such Party from the due date until the date of payment
at a rate equal to the lesser of (a) US dollar one-month LIBOR plus 300 basis points, or (b) the maximum rate permissible under
applicable Law. Accrual and payment of interest shall not be deemed to excuse or cure breaches of contract arising from late payment
or nonpayment. Waiver or deferral by CTI of any payment owed under any paragraph under this Article V may not be construed as a
waiver or deferral of any subsequent payment owed by TGTX to CTI.

 

    	 	19	 

     

    

 

5.13         Taxes.
All amounts due hereunder exclude all applicable sales, use, and other taxes and duties, and TGTX shall be responsible for payment
of all such taxes (other than taxes based on CTI’s income) and duties and any related penalties and interest, arising from
the payment of amounts due under this Agreement. The Parties agree to cooperate with one another and use Commercially Reasonable
Efforts to avoid or reduce tax withholding or similar obligations in respect of royalties, payments in the nature of royalties,
milestone payments, and other payments made by TGTX to CTI under this Agreement. To the extent TGTX is required to withhold taxes
on any payment to CTI, TGTX shall pay the amounts of such taxes to the proper governmental authority in a timely manner and promptly
transmit to CTI official receipts issued by the appropriate taxing authority and/or an official tax certificate, or such other
evidence as CTI may reasonably request, to establish that such taxes have been paid. CTI shall provide TGTX any tax forms that
may be reasonably necessary in order for TGTX to not withhold tax or to withhold tax at a reduced rate under an applicable bilateral
income tax treaty. CTI shall use Commercially Reasonable Efforts to provide any such tax forms to TGTX at least 45 days before
the due date for any payment for which CTI desires that TGTX apply a reduced withholding rate. Each Party shall provide the others
with reasonable assistance to enable the recovery, as permitted by applicable law, of withholding taxes, value added taxes, or
similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing
such withholding tax or value added tax. CTI shall indemnify and hold TGTX harmless from and against any penalties, interest or
other tax liability arising from any failure by TGTX (at the express request of CTI) to withhold or by reduction (at the express
request of CTI) in its withholding.

 

5.14         Currency
Conversion. If any currency conversion is required in connection with any payment owed
to CTI, the conversion will be made at the buying rate for the transfer of such other currency as quoted by the Wall Street Journal
on the last business day of the applicable accounting period in the case of any payment payable with respect to a specified accounting
period or, in the case of any other payment, the last business day before the date the payment is due.

 

ARTICLE VI

Patents

 

6.1           Patent
Prosecution and Maintenance.

 

(a)          DFCI
Patents. TGTX shall reimburse CTI for *% of the patent expenses incurred
under the License Agreement. 

 

(b)          New
or Revised Applications. CTI will, upon learning from DFCI of an intention to file or revise one or more patent applications
which are DFCI Patents subject to the License grant in Article II, promptly inform TGTX of such intention, and will provide TGTX
with the opportunity to comment on the content of such DFCI patent application before CTI sends comments to DFCI on such filing.
CTI shall include any such reasonable TGTX comments in the comments to be sent to DFCI. 

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	20	 

     

    

 

(c)          Liaising.
CTI shall keep TGTX promptly and regularly informed of the course of the filing and prosecution of DFCI Patents or related
proceedings (e.g. interferences, oppositions, reexaminations, reissues, revocations or nullifications) in a timely manner, and
to reasonably take into consideration the advice and recommendations of TGTX. 

 

(d)          Election
Not to File/Prosecute/Maintain DFCI Patents. TGTX acknowledges and agrees that DFCI shall not be required to file, prosecute
or maintain the DFCI Patents, provided, however, if DFCI decides to not pursue or maintain any such DFCI Patents then CTI shall
promptly notify TGTX so the Parties can determine if they would like to assume responsibility for such activities in DFCI’s
name but at the Parties expense. In such event, TGTX will no longer owe any royalty obligation on account of such (country-level)
DFCI Patents assumed by the Parties. Similarly, to the extent CTI does not want to continue funding the patent costs of any portion
of DFCI Patents, CTI will notify TGTX and give TGTX an opportunity to assume responsibility for such Patents at TGTX’s expense
and shall owe DFCI directly the royalties due under the License Agreement and shall no longer owe royalty obligation to CTI on
account of such (country-level) DFCI Patents assumed by TGTX. TGTX acknowledges that if neither CTI or TGTX continue funding patent
costs then such portion of DFCI Patents will no longer be included as DFCI Patents. 

 

6.2           Certification
under Drug Price Competition and Patent Restoration Act. Each of TGTX and CTI shall provide
within a reasonable time written notice to the other of any certification of which they become aware filed pursuant to 21 U.S.C.
Section 355(b)(2)(A) (or any amendment or successor statute thereto) claiming that any DFCI Patents covering a Licensed Product,
or the manufacture or use of each of the foregoing, are invalid or unenforceable, or that infringement will not arise from the
manufacture, use or sale in the US of a Licensed Product by a Third Party.

 

6.3           Listing
of Patents. To the extent a DFCI Patent is applicable solely in the Field, TGTX shall
have the sole right to determine which of such DFCI Patents, if any, shall be listed for inclusion in the Approved Drug Products
with Therapeutic Equivalence Evaluations publication pursuant to 21 U.S.C. Section 355, or any successor Law in the United States,
together with any comparable Laws in any other country. DFCI will co-operate with CTI to list any of said DFCI Patents.

 

6.4           Enforcement
of Patents.

 

(a)          Notice.
If either TGTX or CTI believes that a DFCI Patent is being infringed in the Field by a Third Party or if a Third Party claims that
any DFCI Patent is invalid or unenforceable, the Party possessing such knowledge or belief shall notify the other and provide it
with details of such infringement, misappropriation or claim that are known by such Party.

 

    	 	21	 

     

    

 

(b)          Action
by DFCI.

 

(i)          Procedure.
TGTX acknowledges that DFCI is responsible for enforcing its DFCI Patents and prosecuting apparent infringers when, in DFCI’s
judgment, such action may be reasonably necessary and justified. TGTX may request that CTI request DFCI to take steps to protect
the DFCI Patents from an apparent infringement. However, TGTX recognizes that before DFCI must respond to the request, TGTX shall
supply CTI to provide to DFCI (i) an opinion of qualified legal counsel demonstrating to DFCI's reasonable satisfaction that an
infringement of the DFCI Patents exists in a particular country and (ii) with written evidence demonstrating to DFCI’s reasonable
satisfaction that a Substantial Infringement of the DFCI Patents exists in a particular country (“Substantial Infringer”).

 

(ii)         DFCI
has three months from the date of receiving satisfactory written evidence from CTI of a Substantial Infringement to decide whether
it will seek to terminate the Substantial Infringement. DFCI shall give CTI notice of its decision by the end of this three-month
period, which CTI shall promptly forward to TGTX. If DFCI notifies CTI that it intends to prosecute the alleged infringer, then
DFCI has six (6) months from the date of its notice to CTI to either (a) cause the Substantial Infringement to terminate or (b)
initiate legal proceedings against the infringer. If any such suit is brought by DFCI in its own name, or jointly with CTI if required
by law, it will be at DFCI’s expense and on its own behalf, but DFCI shall not be obligated to bring more than one such suit
at a time.

 

(iii)        CTI’s
Right to Join. If CTI shall exercise its rights to join any legal proceeding brought by DFCI under Section 6.4 of the License
Agreement, then TGTX shall have the right to join CTI under the same terms and conditions of paragraph 6.4(b)(iii) of the License
Agreement.

 

(c)          Action
by CTI and TGTX. 

 

(i)          Procedure.
If CTI has the right to prosecute a Substantial Infringement under Section 6.4(c) of the License Agreement, then CTI shall promptly
notify TGTX, and it may initiate a legal proceedings against the alleged infringer. If CTI decides that it will not commence any
legal proceeding with respect to the Substantial Infringement, then TGTX shall be given the rights to prosecute granted to CTI
under Section 6.4(c). 

 

(ii)         TGTX’s
Right To Join. TGTX independently has the right to join any legal proceeding brought by CTI under this Section 6.4 and fund
up to fifty percent of the cost of the legal proceeding from the date of joining. If TGTX elects to join as a party plaintiff pursuant
to this Section 6.4, TGTX may jointly participate in the action with CTI, but CTI’s counsel will be lead counsel. 

 

    	 	22	 

     

    

 

(iii)        Reduction
of Royalties. If CTI initiates legal proceedings under Section 6.4 of the License Agreement and TGTX joins pursuant to this
Section 6.4, then TGTX shall have the same rights as CTI has under Section 6.4(c)(iii) of the License Agreement. Additionally,
if TGTX prosecutes pursuant Section 6.4(i) of this Agreement after CTI decides not to prosecute and neither DFCI nor CTI independently
join the proceeding, then TGTX may deduct up to * percent (*%) of
TGTX’s documented costs and expenses of the proceeding (including reasonable attorney fees) from running and minimum royalties
payable to CTI under Section 5.7(a) of this Agreement from sales of Licensed Products covered by the patent(s)-in suit. However,
TGTX may not reduce CTI’s royalty payments by more than fifty percent of the amount otherwise due under Article V. If *
percent (*%) of TGTX’s costs and expenses exceed the amount of royalties deducted by TGTX for any calendar year,
TGTX may, to that extent, reduce the royalties due to CTI in succeeding calendar quarters for so long as TGTX is actively engaged
in legal proceedings to terminate the Substantial Infringement. However, TGTX may not reduce total royalties due to CTI in a given
calendar quarter by more than * percent (*%). TGTX’s right to reduce royalty payments to CTI under
this paragraph 6.4(c)(iii) applies only for so long as the Substantial Infringement continues. 

 

(iv)        Settlement.
Regardless of whether CTI or DFCI is joined or joins any legal proceeding initiated by TGTX, TGTX acknowledges and agrees
that no settlement, consent judgment or other voluntary final disposition of the legal proceeding may be entered into without the
consent of DFCI.

 

6.5           Cooperation.
If one party initiates legal proceedings to enforce the DFCI Patents pursuant to this Article VI, the other party shall cooperate
with and supply all assistance reasonably requested by the party initiating the proceedings, at the initiating party’s request
and expense.

 

6.6           Distribution
of Amounts Paid by Third Parties. Any amounts recovered by the Party initiating an Action
pursuant to this Section 6.6, whether by settlement or judgment, shall be allocated in the following order: to reimburse the Parties
for all out-of-pocket costs and expenses incurred in connection therewith, including attorneys’ fees. If such recovery is
insufficient to cover all such costs and expenses of both Parties, it will be shared pro-rata in proportion to the relative amount
of such costs and expenses incurred by each Party. If after such reimbursement any funds remain from such damages, the remaining
amount of such recovery shall be allocated as follows: the portion thereof attributable to “lost sales” in the Field
shall be retained by TGTX and shall be deemed to be Net Sales for the Calendar Quarter in which the amount is actually received
by TGTX and TGTX shall pay to CTI a royalty on such portion based on the royalty rates set forth in Section 5.7(a), and the portion
thereof not attributable to “lost sales” and is not allocated to DFCI under Section 6.6 of the License Agreement shall
be allocated 50% to TGTX and 50% to CTI. 

 

6.7           Declaratory
Judgment Actions. In the event that any third party initiates a declaratory judgment action
alleging the invalidity or unenforceability of the DFCI Patents with respect to claims relating solely to the Field, or if any
third party brings an infringement action against TGTX or its Affiliates or Sublicensees because of the exercise of the rights
granted TGTX under this Agreement, then TGTX shall have the right to defend such action under its own control and at its own expense;
provided, however, that TGTX acknowledges that DFCI has the right to assume control of such defense, at its own expense, if DFCI
in good-faith believes that assuming control of such defense is beneficial to CTI and DFCI. TGTX shall NOT enter into any settlement,
consent judgment or other voluntary final disposition of any action under this Section 6.7 without the consent of the other party,
which consent shall not be unreasonably withheld unless the settlement includes any express or implied admission of liability or
wrongdoing on the other party’s or DFCI's part, in which case the other party or DFCI’s's right to grant or deny consent
is absolute and at its sole discretion. Any recovery shall be first applied to reimburse each party pro rata for any out-of pocket
expenses it may have incurred with respect to defense of such action and the remainder shall be retained entirely by the party
controlling the action; provided, however, that any recovery for infringement will be distributed as described in Section 6.7.

 

 

* Confidential
material redacted and filed separately with the Commission.

 

    	 	23	 

     

    

 

ARTICLE VII

CONFIDENTIALITY

 

7.1           Definitions.
CTI and TGTX each recognizes that during the Term, it may be necessary for a Party (the “Disclosing Party”)
to provide Confidential Information (as defined herein) to another Party (the “Receiving Party”) that is highly
valuable, the disclosure of which would be highly prejudicial to such Party. The disclosure and use of Confidential Information
shall be governed by the provisions of this Article VII. Neither Party shall use the other’s Confidential Information except
as expressly permitted in this Agreement. For purposes of this Agreement, “Confidential Information” means all
information (including information relating to the business, operations and products of a Party or any of its Affiliates) disclosed
by the Disclosing Party to the Receiving Party and which reasonably ought to have been understood to be confidential and/or non-public
information at the time disclosed to the Receiving Party, or which is designated in writing by the Disclosing Party as “Confidential”
(or equivalent), or which when disclosed orally to the Receiving Party is declared to be confidential by the Disclosing Party and
is so confirmed in a writing delivered to the Receiving Party within 30 days after such oral disclosure, including but not limited
to any technical information, Know-How, trade secrets, or inventions (whether patentable or not), that such Party discloses to
another Party under this Agreement, or otherwise becomes known to another Party by virtue of or that relates to this Agreement.

 

7.2           Obligation.
The Parties agree that they will disclose the other Party’s Confidential Information to its own (or its respective Affiliate’s,
or with respect to TGTX, its Sublicensees’) officers, employees, consultants and agents only if and to the extent necessary
to carry out their respective responsibilities under this Agreement or in accordance with the exercise of their rights under this
Agreement, and such disclosure shall be limited to the maximum extent possible consistent with such responsibilities and rights.
Except as set forth in the foregoing sentence, no Party shall disclose Confidential Information of the other to any Third Party
without the other’s prior written consent. In all events, however, any and all disclosure to a Third Party (or to any such
Affiliate or Sublicensee) shall be pursuant to the terms of a non-disclosure/nonuse agreement no less restrictive than this Article
VII. The Party which disclosed Confidential Information of the other to any Third Party (or to any such Affiliate or Sublicensee)
shall be responsible and liable for any disclosure or use by such Third Party, Affiliate or Sublicensee (or its disclosees) which
would have violated this Agreement if committed by the Party itself. No Party shall use Confidential Information of the other except
as expressly allowed by and for the purposes of this Agreement. Each Party shall take such action to preserve the confidentiality
of each other’s Confidential Information as it would customarily take to preserve the confidentiality of its own Confidential
Information (but in no event less than a reasonable standard of care). Upon expiration or termination of this Agreement, each Party,
upon the other’s request, shall return or destroy (at Disclosing Party’s discretion) all the Confidential Information
disclosed to the other Party pursuant to this Agreement, including all copies and extracts of documents, within 60 days after the
request, except for one archival copy (and such electronic copies that exist as part of the Party’s computer systems, network
storage systems and electronic backup systems) of such materials solely to be able to monitor its obligations that survive under
this Agreement. 

 

    	 	24	 

     

    

 

7.3           Exceptions.
The non-use and non-disclosure obligations set forth in this Article VII shall not apply to any Confidential Information, or portion
thereof, that the Receiving Party can demonstrate by competent evidence:

 

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

 

(b)          after
disclosure, becomes part of the public domain, by publication or otherwise, through no fault of the Receiving Party or its disclosees;

 

(c)          is
made available to the Receiving Party by an independent Third Party without obligation of confidentiality; provided, however, that
to the Receiving Party’s knowledge, such information was not obtained by said Third Party, directly or indirectly, from the
Disclosing Party hereunder; or

 

(d)          is
independently developed by an employee of the Receiving Party not accessing or utilizing the Disclosing Party’s information.

 

In addition, the Receiving Party may disclose
information that is required to be disclosed by law, by a valid order of a court or by order or regulation of a governmental agency
including but not limited to, regulations of the SEC or in the course of arbitration or litigation; provided, however, that in
all cases the Receiving Party shall give the other party prompt notice of the pending disclosure and make a reasonable effort to
obtain, or to assist the Disclosing Party in obtaining, a protective order or confidential-treatment order preventing or limiting
(to the greatest possible extent and for the longest possible period) the disclosure and/or requiring that the Confidential Information
so disclosed be used only for the purposes for which the law or regulation required, or for which the order was issued.

 

7.4           Third
Party Information. The Parties acknowledge that the defined term “Confidential Information”
shall include not only a Disclosing Party’s own Confidential Information but also Confidential Information of a Third Party
which is in the possession of a Disclosing Party. The Parties agree not to disclose to the other any Confidential Information of
a Third Party which is in the possession of such Party, unless the other has given an express prior written consent (which specifies
the owner of such Confidential Information) to receive such particular Confidential Information. 

 

7.5           Press
Release Announcing the Execution of the License Agreement and Related Disclosures. Either
Party may make an initial press release announcing the execution of this Agreement, including any matter covered by this Agreement,
and the Development or Commercialization of Licensed Products, but such Party shall provide the text of such planned disclosure
to the other Party sufficiently in advance of the scheduled disclosure to afford such other Party a reasonable opportunity to review
and comment upon the proposed text and the timing of such disclosure, and shall consider all reasonable comments of the other Party
regarding such disclosure. (Provided, that no Party shall use the trademark or logo of the other Party, its Affiliates or their
respective employee(s) in any publicity, promotion, news release or public disclosure relating to this Agreement or its subject
matter, except as may be required by Law or required by the rules of an applicable US national securities exchange or except with
the prior express written permission of such other Party, such permission not to be unreasonably withheld.) 

 

    	 	25	 

     

    

 

ARTICLE VIII

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

8.1           Representations
and Warranties. (a) TGTX represents and warrants to CTI, and (b) CTI represents to TGTX,
in each case as of the Effective Date:

 

(a)          Such
Party is a corporation duly organized and validly existing under the Laws of the jurisdiction of its incorporation;

 

(b)          Such
Party has all right, power and authority to enter into this Agreement, and to perform its obligations under this Agreement;

 

(c)          Such
Party has taken all action necessary to authorize the execution and delivery of this Agreement and the performance of its obligations
under this Agreement;

 

(d)          This
Agreement is a legal and valid obligation of such Party, binding upon such Party and enforceable against such Party in accordance
with the terms of this Agreement, except as enforcement may be limited by applicable bankruptcy, fraudulent conveyance, insolvency,
reorganization, moratorium and other Laws relating to or affecting creditors’ rights generally and by general equitable principles;

 

(e)          To
the best of such party’s knowledge, the execution, delivery and performance of this Agreement by such Party does not conflict
with, breach or create in any Third Party the right to accelerate, terminate or modify any agreement or instrument to which such
Party is a party or by which such Party is bound; 

 

(f)          To
the best of such party’s knowledge, all consents, approvals and authorizations from all governmental authorities or other
Third Parties required to be obtained by such Party in connection with the execution and delivery of this Agreement have been obtained;
and the execution, delivery and performance of this Agreement by such Party does not violate any Law of any Governmental Body having
authority over such Party;

 

(g)          No
person or entity has or will have, as a result of the execution and delivery of or as a result of the transactions contemplated
by this Agreement, any right, interest or valid claim against or upon such Party for any commission, fee or other compensation
as a finder or broker because of any act by such Party or its Affiliates, agents or Sublicensees; and

 

    	 	26	 

     

    

 

(h)          To
the best of such party’s knowledge, no agreement between it and any Third Party is in conflict with the rights granted to
any other party pursuant to this Agreement.

 

8.2           Reserved.

 

8.3           Disclaimer.
Notwithstanding the representations and warranties set forth in this Article VIII, TGTX acknowledges and accepts the risks inherent
in attempting to Develop and Commercialize any pharmaceutical product. There is no implied representation that the Licensed Products
can be successfully Developed or Commercialized. 

 

8.4           CTI
MAKES NO WARRANTY, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR OF FITNESS FOR
A PARTICULAR PURPOSE WITH RESPECT TO ANY PATENT, TRADEMARK, SOFTWARE, NON-PUBLIC OR OTHER INFORMATION, DFCI MATERIALS, DFCI ANTIBODIES,
KNOW-HOW, OR TANGIBLE RESEARCH PROPERTY, LICENSED OR OTHERWISE PROVIDED TO TGTX HEREUNDER AND HEREBY DISCLAIMS THE SAME. 

 

8.5           TGTX
DOES NOT WARRANT THE VALIDITY OF THE DFCI PATENTS LICENSED HEREUNDER AND MAKES NO REPRESENTATION WHATSOEVER WITH REGARD TO THE
SCOPE OF THE LICENSED DFCI PATENTS OR THAT SUCH DFCI PATENTS MAY BE EXPLOITED BY TGTX, AFFILIATE OR SUBLICENSEE WITHOUT INFRINGING
OTHER PATENTS. CTI MAKES NO REPRESENTATION THAT DFCI ANTIBODIES, DFCIMATERIALS OR THE METHODS USED IN MAKING OR USING SUCH DFCI
MATERIALS OR DFCI ANTIBODIES ARE FREE FROM LIABILITY FOR PATENT INFRINGEMENT.

 

ARTICLE
IX

INDEMNIFICATION; LIMITATION OF LIABILITY; INSURANCE

 

Indemnification and Defense.

 

9.1           TGTX
shall indemnify, defend and hold harmless (i) DFCI and its trustees officers, medical and professional staff, employees, and agents
and their respective successors, heirs and assigns and (ii) CTI and its directors, officers, employees, agents and contractors
(the "CTI Indemnitees"), against any liability, damage, loss or expense (including reasonable attorneys' fees and expenses
of litigation) incurred by or imposed upon the CTI Indemnitees, or any one of them, in connection with any claims, suits, actions,
demands or judgments arising out any theory of product liability ( including but not limited to action in the form of tort,
warranty, strict liability) concerning any product, process or service relating to, or developed by TGTX, its Affiliates or Sublicensees
pursuant to (a) any right or license granted under this Agreement or (b) arising out of any other activities to be carried out
by TGTX pursuant to this agreement. TGTX's indemnification under Section 9.1 does not apply to any liability, damage, loss or expense
to the extent that it is attributable to (x) the grossly negligent activities of the CTI Indemnitees, or (y) the intentional wrongdoing
or intentional misconduct of the CTI Indemnitees TGTX shall, at its own expense, provide attorneys reasonably acceptable to CTI
to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject of indemnity
contained herein, whether or not such actions are rightfully brought.

 

    	 	27	 

     

    

 

9.2           CTI
shall indemnify, defend and hold harmless TGTX and its directors, officers, employees, agents and contractors (the "TGTX Indemnitees"),
against any liability, damage, loss or expense (including reasonable attorneys' fees and expenses of litigation) incurred by or
imposed upon the TGTX Indemnitees, or any one of them, in connection with any claims, suits, actions, demands or judgments arising
out any theory of product liability ( including but not limited to action in the form of tort, warranty, strict liability) concerning
(a) any product, process or service relating to, or developed by CTI, its Affiliates or Sublicensees pursuant to the License Agreement
or (b) any other activities to be carried out by CTI pursuant to this agreement. CTI's indemnification under Section 9.1 does not
apply to any liability, damage, loss or expense to the extent that it is attributable to (x) the grossly negligent activities of
the TGTX Indemnitees, or (y) the intentional wrongdoing or intentional misconduct of the TGTX Indemnitees. CTI shall, at its own
expense, provide attorneys reasonably acceptable to DFCI and TGTX to defend against any actions brought or filed against any party
indemnified hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully brought

 

9.3           If
any such action is commenced or claim made or threatened against a DFCI Indemnitee or CTI Indemnitee (collectively, “Indemnitees”)
as to which the other Party (the “Indemnifying Party”) is obligated to indemnify it (them) or hold it (them) harmless,
the Indemnitee shall promptly notify Indemnifying Party of such event. Indemnifying Party shall assume the defense of, and may
settle, that part of any such claim or action commenced or made against an Indemnitee which relates to the Indemnifying Party’s
indemnification and CTI may take such other steps as may be necessary to protect it. Indemnifying Party will not be liable to Indemnitees
on account of any settlement of any such claim or litigation affected without Indemnifying Party’s consent. The right of
Indemnifying Party to assume the defense of any action is limited to that part of the action commenced against Indemnitees that
relates to Indemnifying Party’s obligation of indemnification and holding harmless.

 

9.4           TGTX
shall require any Affiliates or Sublicensee(s) to indemnify, hold harmless and defend DFCI and CTI under the same terms set forth
in Sections 9.1 – 9.4.

 

Insurance. 

 

9.5           At
such time as any product, process or service relating to, or developed pursuant to, this Agreement is being commercially distributed
or sold (other than for the purpose of obtaining regulatory approvals) by TGTX or by a Sublicensee, Affiliate or agent of TGTX,
TGTX shall, at its sole cost and expense, procure and maintain policies of commercial general liability insurance in amounts not
less than $2,000,000 per incident and $2,000,000 annual aggregate and naming the Indemnitees as additional insureds. Such commercial
general liability insurance must provide (a) product liability coverage and (b) contractual liability coverage for TGTX's indemnification
under Sections 9.1 through 9.5 of this Agreement. If TGTX elects to self-insure all or part of the limits described above (including
deductibles or retentions which are in excess of $250,000 annual aggregate), such self-insurance program must be acceptable to
the CTI, DFCI and the DFCI's associated Risk Management Foundation. The minimum amounts of insurance coverage required under these
provisions may not be construed to create a limit of TGTX's liability with respect to its indemnification obligation under Sections
9.1 through 9.5 of this Agreement.

 

    	 	28	 

     

    

 

9.6           TGTX
shall provide CTI with written evidence of such insurance upon request of CTI. TGTX shall provide CTI with written notice at least
fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance; if TGTX does not obtain replacement
insurance providing comparable coverage within such fifteen (15) day period, CTI has the right to terminate this Agreement effective
at the end of such fifteen (15) day period without any notice or additional waiting periods.

 

9.7           TGTX
shall maintain such comprehensive general liability insurance beyond the expiration or termination of this Agreement during (a)
the period that any product, process, or service, relating to, or developed pursuant to, this Agreement is being commercially distributed
or sold (other than for the purpose of obtaining regulatory approvals) by TGTX or by a Sublicensee, Affiliate or agent of TGTX
and (b) a reasonable period after the period referred to in 9.8 (a) above which in no event shall be less than fifteen (15) years.

 

9.8           TGTX
shall require any of its Affiliates or Sublicensee(s) to, maintain insurance in favor of CTI, DFCI and the Indemnitees under the
same terms set forth in Sections 9.5 – 9.7 of this Agreement.

  

ARTICLE
X

TERM AND TERMINATION

 

10.1         Term.
The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided in this Article X, shall
continue in full force and effect, on a country-by-country and Licensed Product-by-Licensed Product basis until the Royalty Term
in such country with respect to such Licensed Product expires, at which time this Agreement shall expire in its entirety with respect
to such Licensed Product in such country. (The “Term” shall mean the period from the Effective Date until the
earlier of termination of this Agreement as provided in this Article X or expiration of this Agreement upon the expiration of the
last-to-expire Royalty Term.) The Parties confirm that subject to the foregoing sentence, this Agreement shall not be terminated
or invalidated by any future determination that any or all of the DFCI Patents have expired or been invalidated.

 

10.2         Termination
by CTI. CTI has the right to immediately terminate this Agreement, the extension of rights
(if such termination occurs while TGTX is an Affiliate of CTI), and all licenses granted hereunder (if such failure occurs after
the time TGTX ceases to be an Affiliate of CTI), or at CTI’s option to convert the exclusive license granted in Article 2.1
to a non-exclusive license (if such failure occurs after the time TGTX ceases to be an Affiliate of CTI) in accordance with Section
3.6, by providing TGTX with written notice of such, upon the occurrence of any of the following events.

 

    	 	29	 

     

    

 

(a)          TGTX’s
Board of Director’s has agreed that TGTX will cease to carry on its business with respect to Licensed Products.

 

(b)          TGTX
fails to pay when due any undisputed royalty or other undisputed payment that has become due and is payable under Article V of
this Agreement and has not cured the default by making the required payment, together with interest due, within ninety days of
receiving a written notice of default from CTI requesting such payment.

 

(c)          An
officer of TGTX is convicted of a felony relating to the manufacture, use, sale or importation of Licensed Products.

 

(d)          TGTX
materially breaches any other provision of this Agreement (including but not limited to due diligence obligations under Article
III and insurance obligations under Section 9.7 – Section 9.10), unless TGTX has cured the breach within ninety days of receiving
written notice from CTI specifying the nature of the breach; provided, however, that the due diligence obligations shall be determined
on a Licensed Product by Licensed Product basis. 

 

10.3         Termination
for insolvency. TGTX or CTI may terminate this Agreement immediately upon written notice,
with no further notice obligation or opportunity to cure, if TGTX or CTI shall become insolvent, shall make an assignment for the
benefit of creditors, or shall have a petition in bankruptcy filed for or against it (which is not dismissed within 60 days of
such filing).

 

10.4         Notwithstanding
Sections 10.2 and 10.3, in the event of a good-faith dispute as to whether any alleged breach, default, failure or any other act
or omission gives rise to a right of termination under this Agreement, is in fact a breach, default, failure or other act or omission
that gives rise to a right of termination under this Agreement, termination of this Agreement in respect of such alleged breach,
default, failure or other act or omission shall not take effect unless and until (y) such dispute is resolved in accordance with
Section 10.7 below in favor of the Party alleging such breach, default, failure or other act or omission or (z) the non-terminating
Party’s denial that the alleged breach, default, failure or other act or omissions is in fact a breach, default, failure
or other act or omission giving rise to a right of termination hereunder ceases to be in good faith.

 

10.5         Termination
by TGTX. TGTX has the right to terminate this Agreement without cause by giving CTI one
hundred and eighty days prior written notice in whole or on a Licensed Product by Licensed Product basis. Any milestones achieved
by TGTX during this one hundred and eight day period will be due and payable to CTI.

 

10.6         Effect
of Termination

 

(a)          No
release. Upon termination of this Agreement for any reason, nothing in this Agreement may be construed to release either party
from any obligation that matured prior to the effective date of the termination.

 

(b)          Survival.
The provisions of Section 6.1(a) (patent expenses) Article V (Financial Provisions), Section 3.1.2 (Publicity –paragraph
10.6(c) (Inventory), Article IX (Indemnification), Sections 9.7 – 9.10 (Insurance), Article VIII (Representations and Warranties)
and Section 10.7 (Dispute Resolution) survive termination or expiration of this Agreement.

 

    	 	30	 

     

    

 

(c)          Inventory.
TGTX, any Affiliate(s) and any Sublicensees whose sublicenses are not converted as provided in paragraph 10.6(d) below, may, after
the effective date of termination, sell all Licensed Products that are in inventory as of the date of written notice of termination,
and complete and sell Licensed Products which the licensed entity(ies) can reasonably demonstrate were in the process of manufacture
as of the date of written notice of termination, provided that TGTX shall pay to CTI the royalties thereon as required by Article
V and shall submit the reports required by Section 5.10 on the sales of Licensed Products.

 

(d)          Sublicenses.
Any Sublicenses will terminate contemporaneously with this Agreement; provided, however, that any Sublicenses that are not in default
under the sublicense agreement shall, upon DFCI’s and CTI’s written approval, survive and remain in full force and
effect so long as the Sublicensee agrees to be bound by all of the provisions of this Agreement, if not otherwise already provided
for in the sublicense agreement. Such approval by DFCI and CTI shall not be unreasonably withheld and shall not require the payment
of additional consideration.

 

(e)          If
(i) this Agreement is in effect at the time of the termination of the License Agreement and (ii) TGTX is not an Affiliate of CTI
at such time then, upon the written approval by DFCI, this Agreement survive and remain in full force and TGTX hereby agrees to
be bound by the terms of the License Agreement pursuant to Section 10.6(d) of the License Agreement. If DFCI does not approve such
survival, then this Agreement shall terminate upon termination of the License Agreement. Such approval by DFCI shall not be unreasonably
withheld and shall not require the payment of additional consideration.

 

(f)          Pursuant
to the License Agreement, TGTX is deemed an Affiliate of CTI, and thus at the time the License Agreement is terminated, this Agreement
shall automatically terminate at such time; provided, that pursuant to Section 2.5, TGTX shall have the right to cure any breach
and that CTI will not voluntarily terminate the License Agreement with TGTX’s prior written consent. 

 

10.7         Dispute
Resolution.

 

(a)          Negotiation
between the Parties. The parties shall first attempt to resolve any controversy that arises from this Agreement, or claim for
breach of the Agreement, by good faith negotiations, first between their respective business development representatives and then,
if necessary, between senior representatives for the Parties.

 

(b)          Non-Binding
Mediation. If the controversy or claim cannot be settled through good faith negotiation between the parties, the parties agree
first to try in good faith to settle their dispute by non-binding mediation under the Mediation Rules of the American Arbitration
Association, before resorting to arbitration, litigation or other dispute resolution procedure.

 

    	 	31	 

     

    

 

ARTICLE
XI

MISCELLANEOUS PROVISIONS

 

11.1         Relationship
of the Parties. Nothing in this Agreement is intended or shall be deemed to constitute
a partnership, agency, joint venture or employer-employee relationship between the Parties. No Party shall have any right or authority
to commit or legally bind any other Party in any way whatsoever including, without limitation, the making of any agreement, representation
or warranty and each Party agrees to not purport to do so.

 

11.2         Assignment.

 

(a)          Any
assignment not in accordance with this Section 11.2 shall be void.

 

(b)          No
assignment shall relieve the assigning Party of any of its responsibilities or obligations hereunder.

 

(c)          TGTX
may not transfer or assign its rights or licenses or delegate its obligations under this Agreement, in whole or in part, by operation
of law or otherwise, to any Third Party without the prior written consent of CTI, which consent shall not be unreasonably withheld,
conditioned or delayed; provided that, notwithstanding the foregoing, TGTX may, without such consent, assign its rights
or licenses and/or delegate its obligations under this Agreement to (i) an Affiliate or (ii) a Third Party in connection with a
Sale Event (and for the avoidance of doubt, at such time the extension of rights set forth in Section 2.5 shall terminate and the
licenses granted to TGTX in Section 2 shall become effective). As a condition to any permitted assignment hereunder, the assignee
must expressly assume, in a writing delivered to CTI and signed by a duly authorized officer of the assignee (and in a form reasonably
acceptable to CTI) all of TGTX’s obligations under this Agreement, whether arising before, at or after the assignment. 

 

11.3         Further
Actions. Each Party agrees to execute, acknowledge and deliver such further instruments
and to do all such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

11.4         Force
Majeure. No Party shall be liable to any other Party or be deemed to have breached or
defaulted under this Agreement for failure or delay in the performance of any of its obligations under this Agreement (other than
obligations for the payment of money) for the time and to the extent such failure or delay is caused by or results from acts of
God, earthquake, riot, civil commotion, terrorism, war, strikes or other labor disputes, fire, flood, failure or delay of transportation,
omissions or delays in acting by a governmental authority, acts of a government or an agency thereof or judicial orders or decrees
or restrictions or any other like reason which is beyond the control of the respective Party. The Party affected by force majeure
shall provide the other Party with full particulars thereof as soon as it becomes aware of the same (including its best estimate
of the likely extent and duration of the interference with its activities), and shall use Commercially Reasonable Efforts to overcome
the difficulties created thereby and to resume performance of its obligations hereunder as soon as practicable, and the time for
performance shall be extended for a number of days equal to the duration of the force majeure.

 

    	 	32	 

     

    

 

11.5         Entire
Agreement of the Parties; Amendments. This Agreement and the Schedules hereto constitute
and contain the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede
any and all prior or contemporaneous negotiations, correspondence, understandings and agreements between the Parties, whether oral
or written, regarding such subject matter (provided, that any and all previous nondisclosure/nonuse obligations are not superseded
and remain in full force and effect in addition to the nondisclosure/nonuse provisions hereof). Each Party acknowledges that it
has not relied, in deciding whether to enter into this Agreement on this Agreement’s expressly stated terms and conditions,
on any representations, warranties, agreements, commitments or promises which are not expressly set forth within this Agreement.
No modification or amendment of any provision of this Agreement shall be valid or effective unless made in a writing referencing
this Agreement and signed by a duly authorized officer of each Party.

 

11.6         Governing
Law. This Agreement shall be governed by and interpreted in accordance with the laws of
the State of New York, excluding application of any conflict of laws principles.

 

11.7         Notices
and Deliveries. Any notice, request, approval or consent required or permitted to be given
under this Agreement shall be in writing and shall be deemed to have been sufficiently given if and only if delivered in person,
by email or by express courier service to the Party to which it is directed at its physical or email address shown below or such
other physical or email address as such Party shall have last given by such written notice to the other Party.

 

If to CTI, addressed to:

 

Checkpoint Therapeutics, Inc.

3 Columbus Circle, 15th Floor

New York, NY 10019

Attention: Michael S. Weiss, Executive Chairman

Email: msw@opuspointpartners.com

 

If to TGTX, addressed to:

 

TG Therapeutics,
Inc.

3 Columbus Circle, 15th Floor

New York, NY 10019

Attention: Sean Power, CFO

Email: sp@tgtxinc.com

 

11.8         Waiver.
No waiver of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and
signed by a duly authorized officer of the waiving Party. A waiver by a Party of any of the terms and conditions of this Agreement
in any instance shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term
or condition hereof.

 

11.9         Rights
and Remedies are Cumulative. Except to the extent expressly set forth herein, all rights,
remedies, undertakings, obligations and agreements contained in or available upon violation of this Agreement shall be cumulative
and none of them shall be in limitation of any other remedy or right authorized in law or in equity, or any undertaking, obligation
or agreement of the applicable Party.

 

    	 	33	 

     

    

 

11.10         Severability.
This Agreement is severable. When possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable Law, but if any provision of this Agreement is held to be to any extent prohibited by or invalid under
applicable Law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement (or of such provision). The Parties shall make a good faith effort to replace the invalid or unenforceable
provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision.

 

11.11         Third
Party Beneficiaries. Except for the rights of Indemnified Parties pursuant to Article
IX hereof and the rights of Sublicensees set forth in Sections 2.3 and 10.6(d), the terms and provisions of this Agreement are
intended solely for the benefit of each Party hereto and their respective successors or permitted assigns and it is not the intention
of the Parties to confer third-party beneficiary rights upon any other person, including without limitation Sublicensees. The enforcement
of any obligation of CTI under this Agreement shall only be pursued by TGTX or such Indemnified Party, and not Sublicensees (except
as set forth in Sections 2.3 and 10.6(d)).

 

11.12         No
Implied License. No right or license is granted to TGTX hereunder by implication, estoppel,
or otherwise to any know-how, patent or other intellectual property right owned or controlled by CTI or its Affiliates, except
by an express license granted hereunder. No right or license is granted to CTI hereunder by implication, estoppel, or otherwise
to any know-how, patent or other intellectual property right owned or controlled by TGTX or its Affiliates, except by an express
license granted hereunder.

 

11.13         No
Right of Set-Off. Except as expressly provided in Article 5 of this Agreement, TGTX shall
not have a right to set-off any royalties, milestones or other amount due to CTI under this Agreement against any damages incurred
by TGTX for a breach by CTI of this Agreement.

 

11.14         Equitable
Relief. Each Party recognizes that the covenants and agreements herein and their continued
performance as set forth in this Agreement are necessary and critical to protect the legitimate interests of the other Party, that
the other Party would not have entered into this Agreement in the absence of such covenants and agreements and the assurance of
continued performance as set forth in this Agreement, and that a Party’s breach or threatened breach of such covenants and
agreements may cause the opposed Party irreparable harm and significant injury, the amount of which will be extremely difficult
to estimate and ascertain, thus potentially making any remedy at law or in damages inadequate. Therefore, each Party agrees that
an opposed Party shall be entitled to seek specific performance, an order restraining any breach or threatened breach of Article
VII and all other provisions of this Agreement, and any other equitable relief (including but not limited to temporary, preliminary
and/or permanent injunctive relief). This right shall be in addition to and not exclusive of any other remedy available to such
other Party at law or in equity.

 

    	 	34	 

     

    

 

11.15         Interpretation.
The language used in this Agreement is the language chosen by the Parties to express their mutual intent, and no provision of this
Agreement shall be interpreted for or against a Party because that Party or its attorney drafted the provision.

 

11.16         Construction.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” All references herein to Articles, Sections and Schedules shall be deemed references to Articles
and Sections of, and Schedules to, this Agreement unless the context shall otherwise require. 

 

11.17         Counterparts.
This Agreement may be executed in counterparts, each of which will be deemed an original, and all of which together will be deemed
to be one and the same instrument. A facsimile or a portable document format (.pdf) copy of this Agreement, including the signature
pages, will be deemed an original.

 

[the remainder of this page has
been left blank intentionally]

 

    	 	35	 

     

    

 

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

 

	CHECKPOINT THERAPEUTICS, INC.	 
	 	 	 
	By:	/s/ Michael S. Weiss	 
	 	 	 
	Name:	Michael S. Weiss	 
	 	 	 
	Title:	Executive Chairman	 
	 	 	 
	TG THERAPEUTICS, INC.  	 
	 	 	 
	By:	/s/ Sean Power	 
	 	 	 
	Name: 	Sean Power	 
	 	 	 
	Title:	Chief Financial Officer	 

 

    	 	36

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