Document:

Exhibit 10.17 

 

***Text Omitted and Filed Separately 

with the Securities and Exchange Commission.

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4)

and 230.406

 

 

 

LICENSE AGREEMENT

 

BETWEEN

 

CHIMERIX, INC

 

AND

 

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

FOR

 

CASE NO [...***...]

CASE NO [...***...]

CASE NO [...***...]

 

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LICENSE AGREEMENT

 

This agreement (“Agreement”)
is made by and between Chimerix, Inc. a Delaware corporation having an address at 14024 Rue Saint Raphael, Del Mar, CA 92014 (“LICENSEE”)
and The Regents Of The University of California, a California corporation having its statewide administrative offices at 1111 Franklin
Street, Oakland, California 94607-5200 (“UNIVERSITY”), represented by its San Diego campus having an address at University
of California, San Diego, Technology Transfer & Intellectual Property Services, Mail-code 0910, 9500 Gilman Drive, La Jolla,
California 92093-0910 (“UCSD”). LICENSEE and UNIVERSITY may each be referred to herein as a “Party” or
collectively as the “Parties.”

 

This Agreement is effective on the date
of the last signature (“Effective Date”).

 

RECITALS

 

WHEREAS, the inventions disclosed in UCSD
Case Docket No. [...***...] and titled
“[...***...]” (“First Invention”), were made in the course of research at UCSD by [...***...] (hereinafter
and collectively, the “First Inventors”) and are covered by Patent Rights as defined below;

 

WHEREAS, the inventions disclosed in UCSD
Case Docket No. [...***...] and titled “[...***...]” (“Second Invention”), were made in the course of research
at UCSD by [...***...] (hereinafter and collectively, the “Second Inventors”) and are covered by Patent Rights as defined
below;

 

WHEREAS, the inventions disclosed in UCSD
Case Docket No. [...***...] and titled “[...***...]” (“Third Invention”), were made in the course of research
at UCSD by [...***...] (hereinafter and collectively, the “Third Inventors”) and at Dana Farber Cancer Institute (“DFCI”)
with a business address at 44 Binney Street, Boston, MA 02215 by [...***...] (“DFCI Inventor”) and are covered by Patent
Rights as defined below;

 

Whereas LICENSEE is aware that UNIVERSITY
is in negotiations with a Third Party for a license to the Second Invention for the field of osteoporosis and other metabolic bone
diseases;

 

WHEREAS, the research from which the First,
Second, and Third Inventions arose was sponsored in part by the Government of the United States of America and as a

  

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consequence
this license is subject to overriding obligations to the Federal Government under 35 U.S.C. §§ 200-212 and applicable
regulations;

 

WHEREAS, the research from which the First
Invention arose was sponsored in part by a commercial entity, and the right granted to this entity under this agreement to negotiate
for a license to the First Invention has expired;

 

WHEREAS, the research from which the Second
Invention arose was sponsored in part by a commercial entity under a Materials Transfer Agreement, and the right granted to this
entity under this agreement to negotiate for a license to the Second Invention has expired;

 

WHEREAS, the First, Second, and Third Inventors
are employee of UCSD, and they are obligated to assign all of their right, title and interest in the Invention to UNIVERSITY;

 

WHEREAS, the DFCI Inventors are employees
of DFCI, and they are obligated to assign all of their right, title and interest in the Invention to DFCI;

 

WHEREAS, UNIVERSITY and DFCI have entered
an Inter-Institutional Agreement (“DFCI/UC Agreement”; UC control number [...***...]
with an effective date of October 16, 2001; Exhibit A) under which DFCI authorizes UNIVERSITY to have the exclusive right to prepare,
file, prosecute and maintain patent applications and patents covering Third Inventions in which both parties have an interest,
and the exclusive right to negotiate, execute and administer agreements for the commercialization of such inventions;

 

WHEREAS, [...***...] were also employees
of the Veterans Administration Medical Center at the time the Inventions were made, and, in accordance with the policy of the U.S.
Department of Veterans Affairs (“VA”), they have reported the Inventions to the VA for a determination of rights;

 

WHEREAS, the VA may decide that the U.S.
Government should retain its undivided right, title and interest in and to the First, and Third Inventions, and the First and Third
Inventors may be asked by the VA to assign all of their right, title and interest in and to the Inventions jointly to the U.S.
Government and UNIVERSITY;

 

WHEREAS the VA has relinquished its rights
to the Second Invention as stated in a letter to [...***...] (Exhibit B)

 

WHEREAS, the VA and UNIVERSITY entered
into a Cooperative Technology Administration Agreement (“VA/UC Agreement”; Exhibit C) under which the VA authorizes
UNIVERSITY to have the exclusive right to prepare, file, prosecute and maintain patent applications and patents covering the inventions
in which either or both

 

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 parties have an interest and that arises from VA medical centers affiliated with UC campuses, and the exclusive
right to negotiate, execute and administer agreements for the commercialization of such inventions;

 

WHEREAS, LICENSEE entered into secrecy
agreements (UC Control No. [...***...]
effective March 15, 2001 and UC control number [...***...], effective April 3, 2001) with UNIVERSITY, (“Secrecy Agreement”),
for the purpose of evaluating the Invention;

 

WHEREAS, UNIVERSITY is desirous that the
Invention be developed and utilized to the fullest possible extent so that its benefits can be enjoyed by the general public;

 

WHEREAS, LICENSEE is desirous of obtaining
certain rights from UNIVERSITY for commercial development, use, and sale of the Invention, and the UNIVERSITY is willing to grant
such rights; and

 

WHEREAS, LICENSEE understands that UNIVERSITY
may publish or otherwise disseminate information concerning the Invention at any time and that LICENSEE is paying consideration
thereunder for its early access to the Invention, not continued secrecy therein.

 

NOW, THEREFORE, the parties agree:

 

Article
1. DEFINITIONS

 

The terms, as defined herein, shall have
the same meanings in both their singular and plural forms.

 

		1.1	“Affiliate” means any corporation or other business entity in which LICENSEE owns or
controls, directly or indirectly greater than fifty percent (50%) of the outstanding stock or other voting rights entitled to elect
directors, or in which LICENSEE is owned or controlled directly or indirectly by greater than fifty percent (50%) of the outstanding
stock or other voting rights entitled to elect directors; but in any country where the local law does not permit foreign equity
participation of greater than fifty percent (50%), then an “Affiliate” includes any company in which LICENSEE owns
or controls or is owned or controlled by, directly or indirectly, the maximum percentage of outstanding stock or voting rights
permitted by local law.

 

		1.2	“Sublicensee” means a Third Party to whom LICENSEE grants a sublicense of certain rights
granted to LICENSEE under this Agreement.

 

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		1.3	“Field” means all human and veterinary uses with the exception that the Field specifically
excludes uses of the Second Invention for osteoporosis and other metabolic bone diseases.

 

		1.4	“Territory” means worldwide, but only in those countries where the Patent Rights exist
at any time during the term of this Agreement, subject to Paragraph 3.2

 

		1.5	“Term” means the period of time beginning on the Effective Date and ending on the later
of (i) the expiration date of the longest-lived Patent Rights; or (ii) the twenty-first (21st) anniversary of Effective Date.

 

		1.6	“First Patent Rights” means any of the following: the US patent application (serial
number [...***...]) disclosing and claiming
the First Invention, filed by First Inventors and assigned to UNIVERSITY; and continuing applications thereof including divisions,
substitutions, and continuations-in-part (but only to extent the claims thereof are enabled by disclosure of the parent application);
any patents issuing on said applications including reissues, reexaminations and extensions, First Patent Rights excludes corresponding
foreign applications and patents related to First Invention, for which the UNIVERSITY has not pursued patent rights outside the
United States.

 

		1.7	“Second Patent Rights” means any of the following; the international patent application
(serial number [...***...]) disclosing and claiming the Second Invention, filed by Second Inventors and assigned to UNIVERSITY;
and continuing applications thereof including divisions, substitutions, and continuations-in-part (but only to extent the claims
thereof are enabled by disclosure of the parent application); any patents issuing on said applications including reissues, reexaminations
and extensions; and any corresponding foreign applications or patents.

 

		1.8	“Third Patent Rights” means any of the following: the US patent application (serial
number [...***...]) disclosing and claiming the Third Invention, filed by Third Inventors and assigned to UNIVERSITY and DFCI;
and continuing applications thereof including divisions, substitutions, and continuations-in-part (but only to extent the claims
thereof are enabled by disclosure of the parent application); any patents issuing on said applications including reissues, reexaminations
and extensions; and any corresponding foreign applications or patents.

 

		1.9	“Patent Rights’’ means any and all or any combination of First, Second, Third
and Fourth Patent Rights.

 

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		1.10	“Sponsor Rights” means all the applicable provisions of any license to the United States
Government executed by UNIVERSITY and the overriding obligations to the Federal Government under 35 U.S.C. §§ 200-212
and applicable governmental implementing regulations.

 

		1.11	“Licensed Method” means any method that is covered by the claims of Patent Rights the
use of which would constitute, but for the license granted to LICENSEE under this Agreement, an infringement of any pending or
issued and unexpired claim within Patent Rights.

 

		1.12	“Licensed Product” means any services, composition or product that is covered by the
claims of Patent Rights, or that is produced by the Licensed Method, or the manufacture, use, sale, offer for sale, or importation
of which would constitute, but for the license granted to LICENSEE by UNIVERSITY herein, an infringement of any pending or issued
and unexpired claim within the Patent Rights.

 

		1.13	“Net Sales” means the total of the gross invoice prices of Licensed Products sold by
LICENSEE, its Sublicensee or an Affiliate, or any combination thereof, less the sum of the following actual and customary deductions
where applicable and separately listed: [...***...]
(except for [...***...]. For purposes of calculating Net Sales, transfers to a Sublicensee or an Affiliate of Licensed Product
under this Agreement for (i) end use (but not resale) by the Sublicensee or Affiliate shall be treated as sales by LICENSEE at
list price of LICENSEE, or (ii) resale by a Sublicensee or an Affiliate shall be treated as sales at the list price of the Sublicensee
or Affiliate.

 

		1.14	“Patent Costs” means all out-of-pocket expenses for the preparation, filing, prosecution,
and maintenance of all United States and foreign patents and patent applications included in Patent Rights. Patent Costs shall
also include reasonable out-of-pocket expenses for patentability opinions, inventorship determination, preparation and prosecution
of patent application, re-examination, re-issue, interference, and opposition activities related to patents or applications in
Patent Rights.

 

		1.15	“VA” means the U.S. Department of Veterans Affairs.

 

		1.16	“VA/UC Agreement” means the Cooperative Technology Administration Agreement with an
effective date of May 19, 2000, which is attached hereto as Exhibit C and is incorporated herein by reference.

 

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		1.17	“Combination Product” means any product which is a Licensed Product and contains other
product(s) or product component(s) that (i) does not use Invention, or Patent Rights; (ii) the sale, use or import by itself does
not contribute to or induce the infringement of Patent Rights; (iii) can be sold separately by LICENSEE, its Sublicensee or an
Affiliate; and (iv) enhances the market price of the final product(s) sold, used or imported by LICENSEE, its Sublicensee, or an
Affiliate.

 

		1.18	“Third Party” means any individual or entity other than LICENSEE or UNIVERSITY or an
Affiliate of LICENSEE or UNIVERSITY.

 

Article
2. GRANTS

 

		2.1	License.

 

Subject to the limitations set forth in
this Agreement, and the limitations set forth in the VA/UC Agreement, and Sponsor’s Rights, UNIVERSITY hereby grants to LICENSEE,
and LICENSEE hereby accepts, a license under Patent Rights to make, have made, use, sell, offer for sale, and import Licensed Products
and to practice Licensed Methods, in the Field within the Territory and during the Term.

 

The license granted herein is exclusive
for Patent Rights in the Field.

 

		2.2	Sublicense.

 

(a)          The
license granted in Paragraph 2.1 includes the right of LICENSEE to grant sublicenses to Third Parties during the Term of this Agreement
but only for as long as the license is exclusive.

 

(b)          With
respect to sublicense granted pursuant to Paragraph 2.2(a), LICENSEE shall;

 

(1)         not
receive, or agree to receive, anything of value in lieu of cash as considerations from a Third Party under a sublicense granted
pursuant to Paragraph 2.2(a) without the express written consent of UNIVERSITY;

 

(2)         to
the extent applicable, include all of the rights of and obligations due to UNIVERSITY (and, if applicable, the Sponsor’s
Rights and the VA/UC Agreement) and contained in this Agreement;

 

(3)         promptly
provide UNIVERSITY with a copy of each sublicense issued; and

 

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(4)         collect
and guarantee payment of all payments due, directly or indirectly, to UNIVERSITY from Sublicensees and summarize and deliver all
reports due, directly or indirectly, to UNIVERSITY from Sublicensees.

 

(c)          Upon
termination of this Agreement for any reason, UNIVERSITY, at its sole discretion, shall determine whether LICENSEE shall cancel
or assign to UNIVERSITY any and all sublicenses. However, if termination of this Agreement occurs due to the inability of LICENSEE
to pay Patent Costs to UNIVERSITY, Sublicensee, by assuming payment of Patent Costs, may request that UNIVERSITY continue their
Sublicense Agreement, wherein such request shall not be unreasonably denied.

 

		2.3	Reservation of Rights.

 

UNIVERSITY reserves the right to:

 

(a)          use
the Invention and Patent Rights for educational and research purposes;

 

(b)          publish
or otherwise disseminate any information about the Invention at any time; and

 

(c)          allow
other nonprofit institutions to use Invention and Patent Rights for educational and research purposes in their facilities.

 

DFCI reserves the right to:

 

(a)          use
the Third Invention and associated technology for educational and research purposes.

 

		2.4	Right to Expand Field of Use.

 

In the event that UNIVERSITY fails to execute
a license for the excluded field of use for the Second Invention (osteoporosis and other metabolic bone diseases) with the Third
Party currently negotiating with University, LICENSEE shall have the first right to negotiate a license to the excluded field of
use. UNIVERSITY shall have no longer than twenty-four (24) months to execute a license with the Third Party negotiating with the
University. LICENSEE shall have six (6) months from the date of notification by UNIVERSITY of availability of excluded field of
use rights to conclude a license agreement with UNIVERSITY.

 

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Article
3. CONSIDERATIONS

 

3.1           Fees
and Royalties. The parties hereto understand that the fees and royalties payable by LICENSEE to UNIVERSITY under this Agreement
are partial consideration for the licenses granted herein to LICENSEE under Patent Rights. LICENSEE shall pay UNIVERSITY:

 

(a)          in
recognition of LICENSEE being a startup business and in lieu of cash, a license issue fee in the form of one hundred and
five thousand (105,000) shares of Chimerix, Inc. Common Stock, from the Three Million Five-Hundred Thousand (3,500,000) shares
of Chimerix Common Stock authorized for issuance under LICENSEE’s Articles of Incorporation dated April 6, 2000 (Exhibit
D); and such stock shall be delivered to UNIVERSITY within sixty (60) days of notification of final approval by the UNIVERSITY
Office of the President in the name of “Shellwater & Co.”, a nominee of UNIVERSITY, provided however, that the
acceptance of LICENSEE’s common stock is subject to:

 

(i)          the
final approval of the Office of the President of UNIVERSITY. In the event that such approval is not granted, this Agreement shall
remain in effect and LICENSEE and UNIVERSITY shall renegotiate in good faith for a substitution of similar value for consideration.

 

(ii)         LICENSEE
and UNIVERSITY entering into a shareholder agreement outlining the rights of UNIVERSITY as a shareholder that is no less favorable
to the UNIVERSITY than to the common share-holding founders and is acceptable to the UNIVERSITY.

 

(b)          milestone
payments in the amounts payable according to the following schedule of events:

 

	Amount	 	Date or Event
	[...***...]	 	LICENSEE begins a Phase I clinical trial; payable for each of the first three Licensed Products to begin a Phase I clinical trial
	 	 	 
	[...***...]	 	LICENSEE begins a Phase III clinical trial; payable for each of the first three Licensed Products to begin a Phase III clinical trial

 

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	[...***...]	 	LICENSEE receives the first US regulatory approval for the sale of the first Licensed Product for human therapeutic use
	 	 	 
	[...***...]	 	LICENSEE receives US regulatory approval for the sale of each subsequent Licensed Product(s) for human therapeutic use
	 	 	 
	[...***...]	 	LICENSEE receives regulatory approval for the sale of each Licensed Product in Europe
	 	 	 
	[...***...]	 	LICENSEE receives regulatory approval for the sale of each Licensed Product in Japan

 

 

(c)          an
earned royalty of [...***...] on Net Sales of Licensed Products by LICENSEE, or its Affiliate(s) (The “Royalty Rate”);
provided however that:

 

(i)          if
LICENSEE is required to license the intellectual property of a Third Party to make, have made, use, sell, offer to sell or import
Licensed Products, the earned royalty due hereunder shall be reduced in the proportion of [...***...] of royalty due to such Third
Party; and

 

(ii)         the
earned royalty due on Net Sales of Combination Product by LICENSEE and/or its Affiliate(s) shall be calculated as below: Earned
royalty due UNIVERSITY = A/(A+B+C . . .) x Royalty Rate on Net Sales of the Licensed Products, where: A is the separately
listed sale price of the Licensed Product or Licensed Product components; and B and C . . . are the separately listed
sale prices of the individual products or product components, respectively, that satisfied the requirements outlined in Paragraph
1.17. In the event that LICENSEE does not separately sell any of the B, C . . . products or product components used
in Combination Product, the purchase price paid by LICENSEE in the procurement of said products or product components shall be
used.

 

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 in Combination Product, the
purchase price paid by LICENSEE in the procurement of said products or product components shall be used.

 

(iii)        under
no circumstances shall the royalty due to UNIVERSITY be less than [...***...]
of the amount due without the deductions allowable under 3.1 (c) (i) or (ii), therefore the royalties due to UNIVERSITY shall never
be less than [...***...] on Net Sales of Licensed Products by LICENSEE or its Affiliates.

 

(d)          a
percentage of sublicense fees, including, but not limited to option fees, license issue fees, license maintenance fees and
milestone payments for specified Licensed Products and excluding research and development contract payments for specific research
projects within the Field provided, however, that such research support shall not include executive and clerical salaries, legal
costs, or other costs not directly related to research.

 

(i)          The
percentage of sublicense fees payable to UNIVERSITY by LICENSEE will be determined according to the following schedule:

 

	Percentage to be paid	 	Date of Sublicensure
	 	 	 
	[...***...]	 	Prior to the first IND submission for a Licensed Product or prior to expenditure of [...***...] in research to identify, characterize or develop Licensed Products within the Field
	 	 	 
	[...***...]	 	Upon or after the expenditure of [...***...] in research to identify, characterize or develop Licensed Products within the Field; or on or after the first IND Submission for a Licensed Product, but prior to initiation of the first Phase III Clinical Study for a Licensed Product.
	 	 	 
	[...***...]	 	On or after initiation of the first Phase III Clinical Study for a Licensed Product

 

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(e)          on
each and every sublicense royalty payment received by LICENSEE from its Sublicensees on sales of Licensed Product by Sublicensee,
either (i) royalties based on the royalty rate in Paragraph 3.1(c) as applied to Net Sales of Sublicensee, or (ii) [...***...]
of the royalties received by LICENSEE from Sublicensee; whichever amount is less.

 

(f)          beginning
in the first calendar year of commercial sales of the first Licensed Product by LICENSEE, its Sublicensee, or an Affiliate and
if the total earned royalties paid by LICENSEE, or its Affiliates under Paragraph 3.1(c) and (e) to UNIVERSITY in any such year
cumulatively amounts to less than [...***...] (“minimum annual royalty”), LICENSEE shall pay to UNIVERSITY a
minimum annual royalty on or before February 28 following the last quarter of such year the difference between [...***...] and
the sum of total, earned royalty paid by LICENSEE for such year under Paragraphs 3.1(c) and (e); provided, however, that for the
first year of commercial sales of the first Licensed Product, the amount of minimum annual royalty payable shall be pro-rated for
the number of months remaining in that calendar year.

 

(g)          All
fees and royalty payments specified in Paragraphs 3.1(b) through 3.1(f) shall be paid by LICENSEE pursuant to Paragraph 4.3 and
shall be delivered by LICENSEE to UNIVERSITY pursuant to Paragraph 10.1.

 

		3.2	Patent Costs.

 

LICENSEE shall reimburse UNIVERSITY all past (up to the Effective
Date) and future (on or after the Effective Date) Patent Costs plus a [...***...] patent service fee. Future Patent Costs will
be due within thirty (30) days following receipt by LICENSEE of an itemized invoice from UNIVERSITY. As of January 22, 2002, Past
Patent Costs are approximately [...***...] and are due according to the following schedule:

 

	Amount	 	Date or Event
	[...***...] of the past patent costs which is approximately [...***...]	 	The earlier of the one (1) year anniversary of the Effective Date or receipt of equity funding of $8,000,000 (Eight Million dollars).
	[...***...] of the past patent costs which is approximately [...***...]	 	The earlier of the two (2) year anniversary of the Effective Date or receipt of equity funding of $8,000,000 (Eight Million dollars).
	[...***...] of the past patent costs which is approximately [...***...]	 	The earlier of the three (3) year anniversary of the Effective Date or receipt of equity funding of $8,000,000 (Eight Million dollars).

 

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	[...***...] of the past patent costs which is approximately [...***...]	 	The earlier of the four (4) year anniversary of the Effective Date or receipt of equity funding of $8,000,000 (Eight Million dollars).
	 	 	 	 

 

If UNIVERSITY licenses to Third Parties
uses of the Second Invention outside the Field, Patent costs for the Second Invention shall be prorated among LICENSEE and Third
Parties who have obtained from UNIVERSITY a license outside the Field.

 

		3.3	Due Diligence.

 

		(a)	LICENSEE, Affiliate or Sublicensee shall:

 

(1)         diligently
proceed with the development, manufacture and sale of Licensed Products; and

 

(2)         beginning
[...***...] from the Effective Date of this Agreement, annually spend not less than [...***...] for the development of Licensed
Products during the next four (4) years of the Agreement. LICENSEE may, at its sole option, fund the research of any one of the
Inventors and credit the amount of such funding actually paid to UCSD against its obligation under this paragraph.

 

(3)         on
or before the date ending [...***...] after the Effective Date, file an IND with the US FDA (or its equivalent in a foreign country)
for a Licensed Product; and

 

(4)         on
or before the date ending [...***...] after the Effective Date, commence in the US a Phase II clinical trial (or its equivalent
in a foreign country) for first Licensed Product; and

 

(5)         on
or before the date ending [...***...] after the Effective Date, commence a Phase III clinical trial (or its equivalent in a foreign
country) for first Licensed Product; and

 

(6)         on
or before the date ending [...***...] after the Effective Date file with US FDA an NDA or PLA (or its equivalent in a foreign country)
for first Licensed Product; and

 

(7)         market
a Licensed Product in the US within [...***...] after receiving regulatory approval to market such Licensed Product; and

 

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(8)         fill
the market demand for Licensed Products following commencement of marketing at any time during the term of this Agreement; and

 

(9)         obtain
all necessary governmental approvals for the manufacture, use and sale of Licensed Products.

 

(b)          LICENSEE
may renegotiate the diligence criteria of Section 3.3(a) (the “Diligence Changes”) pursuant to significant changes
in the technological, regulatory or economic climate of the industry. LICENSEE must document these changes to UNIVERSITY. UNIVERSITY
reserves the right and option to either approve these Diligence Changes, such approval not being unreasonably denied, or to terminate
this Agreement or change LICENSEE’s exclusive license to a nonexclusive license under commercially reasonable terms.

 

		(c)	If LICENSEE, Affiliate or Sublicensee fails to perform the obligations specified in Paragraphs
33(a) (1)-(9) hereof, then UNIVERSITY shall have the right and option to either terminate this Agreement or change LICENSEE’s
exclusive license to a nonexclusive license. This right, if exercised by UNIVERSITY, supersedes the rights granted in Paragraph
2.1 hereof, and is subject to provisions of Paragraph 3.3 (d) hereof.

 

		(d)	If LICENSEE, Affiliate or Sublicensee fails to perform the obligations specified in Paragraphs
3.3(a)(3)-(7), but has otherwise fulfilled the obligations specified in Paragraphs 3.3(a)(1), (2), (8) and (9) for a Licensed Product
not to be used for human therapeutic use, LICENSEE will retain an exclusive license under this Agreement in a field and to the
extent necessary to reasonably protect proprietary commercial rights of the LICENSEE, Affiliate or Sublicensee for such Licensed
Product.

 

Article
4. REPORTS, RECORDS AND PAYMENTS

 

		4.1	Reports.

 

(a)           Progress Reports.

 

(1)         Beginning
January 1, 2003 and ending on the date of first commercial sale of a Licensed Product in the United States, LICENSEE shall submit
to UNIVERSITY semi-annual progress reports covering LICENSEE’s (and Affiliate’s and Sublicensee’s) activities
to develop and test all Licensed Products and obtain governmental approvals necessary for marketing the same. Such reports shall
include a summary of work completed; summary of work in progress; current schedule of anticipated events or milestones; market
plans for introduction of

 

 

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Licensed Products; and summary
of resources (dollar value) spent in the reporting period.

 

(2)         LICENSEE
shall also report to UNIVERSITY, in its immediately subsequent royalty report, the date of first commercial sale of a Licensed
Product in each country.

 

(b)          Royalty
Reports. After the first commercial sale of a Licensed Product anywhere in the world, LICENSEE shall submit to UNIVERSITY quarterly
royalty reports on or before each February 28, May 31, August 31 and November 30 of each year. Each royalty report shall cover
LICENSEE’S (and each Affiliate’s and Sublicensee’s) most recently completed calendar quarter and shall show:

 

(1)         the
gross sales, deductions as provided in paragraph 1.13, and Net Sales during the most recently completed calendar quarter and the
royalties, in US dollars, payable with respect thereto;

 

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

 

(3)         sublicense
fees and royalties received during the most recently completed calendar quarter in US dollars and the portion payable to UNIVERSITY
with respect thereto;

 

(4)         the
method used to calculate the royalties and sublicense fees and the portion payable to UNIVERSITY thereto; and

 

(5)         the
exchange rates used.

 

(6)         If
no sales of Licensed Products have been made and no sublicense revenues have been received by LICENSEE during any reporting period,
LICENSEE shall so report.

 

		4.2	Records & Audits.

 

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

  

(b)          Upon
written request of UNIVERSITY, LICENSEE shall make such records available to UNIVERSITY as may be reasonably necessary to verify
the accuracy of the reports and payments hereunder. The specific requests shall be for records from any year ending not more than
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of such request. All records
shall be available during normal business hours for inspection at the expense of UNIVERSITY by UNIVERSITY’s Internal Audit
Department or by a Certified Public Accountant selected by UNIVERSITY and in compliance with the other terms of this Agreement
for the sole purpose of verifying reports and payments or other compliance issues. Such inspector shall not disclose to UNIVERSITY
any information other than information relating to the accuracy of reports and payments made under this Agreement or other compliance
issues. In the event that any such inspection shows an under reporting and underpayment in excess of [...***...] for any twelve
(12) month period, then LICENSEE shall pay the cost of the audit as well as any additional sum that would have been payable to
UNIVERSITY had the LICENSEE reported correctly, plus an interest charge at a rate of [...***...] per year. Such interest shall
be calculated from the date the correct payment was due to UNIVERSITY up to the date when such payment is actually made by LICENSEE.
For underpayment not in excess of [...***...] for any twelve (12) month period, LICENSEE shall pay the difference within thirty
(30) days without interest charge or inspection cost.

 

(c)          UNIVERSITY
may provide the VA with all financial information obtained from LICENSEE under Paragraph 4.1 hereof to the extent required under
VA/UC Agreement, and if such information is provided to the VA, UNIVERSITY will require that the VA not disclose it to third parties.

 

(d)          Notwithstanding
Paragraph 4.2(c) hereof, UNIVERSITY shall treat all financial information obtained from LICENSEE as confidential and shall cause
its accounting firm to retain all such financial information in confidence.

 

		4.3	Payments.

 

(a)          All
fees and royalties due UNIVERSITY shall be paid in United States dollars and all checks shall be made payable to “The Regents
of the University of California”, referencing UNIVERSITY taxpayer identification number, [...***...]. When Licensed Products
are sold in currencies other than United States dollars, LICENSEE shall first determine the earned royalty in the currency of the
country in which Licensed Products were sold and then convert the amount into equivalent United States funds, using the exchange
rate quoted in the Wall Street Journal on the last business day of the applicable reporting period.

 

(b)          Royalty Payments.

 

(1)         Royalties
shall accrue when Licensed Products are invoiced, or if not invoiced, when delivered by LICENSEE or Affiliate to a Third Party,
or upon delivery to Affiliate if for end use by Affiliate.

 

***Confidential
Treatment Requested

 

    	16

    	 

    

 

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

 

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

 

(4)         If
at any time legal restrictions prevent the prompt remittance of part or all royalties by LICENSEE with respect to any country where
a Licensed Product is sold or a sublicense is granted pursuant to this Agreement, LICENSEE shall convert the amount owed to UNIVERSITY
into US currency and shall pay UNIVERSITY directly from its US sources of funds for as long as the legal restrictions apply. If
the royalty rate specified in this Agreement should exceed the permissible rate established in any country, the royalty rate for
sales in such country shall be adjusted to the highest legally permissible or government-approved rate.

 

(5)         LICENSEE
shall not collect royalties otherwise due to UNIVERSITY, nor cause royalties to be paid to UNIVERSITY on Licensed Products sold
to the account of the US Government or any agency thereof as provided for in the license to the US Government.

 

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

  

(c)          Late
Payments, In the event royalty, reimbursement and/or fee payments are not received by UNIVERSITY when due, LICENSEE shall pay
to

 

    	17

    	 

    

  

UNIVERSITY interest charges
at a rate of [...***...] or the maximum allowed by law, whichever is less. Such interest shall be calculated from the date payment
was due until actually received by UNIVERSITY.

 

Article
5. PATENT MATTERS

 

		5.1	Patent Prosecution and Maintenance.

 

(a)          Provided
that LICENSEE has reimbursed UNIVERSITY for Patent Costs pursuant to Paragraph 3.2, UNIVERSITY shall diligently prosecute and maintain
the United States and, if available, foreign patents, and applications in Patent Rights using counsel of its choice. UNIVERSITY
shall promptly provide LICENSEE with copies of all relevant documentation relating to such prosecution and LICENSEE shall keep
this documentation confidential. The counsel shall take instructions only from UNIVERSITY, and all patents and patent applications
in Patent Rights shall be assigned solely to UNIVERSITY.

 

(b)          UNIVERSITY
shall consider amending any patent application in Patent Rights to include claims reasonably requested by LICENSEE to protect the
products contemplated to be sold by LICENSEE under this Agreement.

 

(c)          UNIVERSITY
shall apply for an extension of the term of any patent in Patent Rights if appropriate under the Drug Price Competition and Patent
Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts of this law. LICENSEE shall prepare all documents
and pay costs incurred for such application, and UNIVERSITY shall execute such documents and take any other additional action as
LICENSEE reasonably requests in connection therewith.

 

(d)          LICENSEE
may elect to terminate its reimbursement obligations with respect to any patent application or patent in Patent Rights upon three
(3) months’ written notice to UNIVERSITY. UNIVERSITY shall use reasonable efforts to curtail further Patent Costs for such
application or patent when such notice of termination is received from LICENSEE. UNIVERSITY, in its sole discretion and at its
sole expense, may continue prosecution and maintenance of said application or patent, and LICENSEE shall then have no further license
nor any obligations under this Agreement with respect thereto. UNIVERSITY shall give written notice of any non-payment of any portion
of Patent Costs with respect to any application or patent to LICENSEE. If LICENSEE fails to cure the non-payment within sixty (60)
days, UNIVERSITY may provide a second written notice (“Notice of Termination”) to LICENSEE, indicating the specifics
of the termination of the license for such application or patent. The University is not obligated to file, prosecute, or maintain
Patent Rights outside of the

 

***Confidential
Treatment Requested

 

    	18

    	 

    

  

territory at any time or to
file, prosecute, or maintain Patent Rights to which Licensee has terminated its license hereunder.

 

		5.2	Patent Infringement.

 

(a)          If
LICENSEE learns of any substantial infringement of Patent Rights, LICENSEE shall so inform UNIVERSITY and provide UNIVERSITY with
reasonable evidence of the infringement. Neither UNIVERSITY nor LICENSEE shall notify a Third Party of the infringement of Patent
Rights without the consent of the other. Both UNIVERSITY and LICENSEE shall use reasonable efforts and cooperation to terminate
infringement without litigation.

 

(b)          LICENSEE
may request UNIVERSITY to take legal action against such Third Party for the infringement of Patent Rights. Such request shall
be made in writing and shall include reasonable evidence of such infringement and damages to LICENSEE. If the infringing activity
has not abated ninety (90) days following LICENSEE’s request, UNIVERSITY shall have the right to commence suit on its own
account. UNIVERSITY shall give notice of its election to commence suit in writing to LICENSEE by the end of the one-hundredth (100th)
day after receiving notice of such request from LICENSEE. LICENSEE may elect to join in that suit at its own expense. Should UNIVERSITY
not commence suit on its own account, LICENSEE may thereafter bring suit for patent infringement at its own expense, if the infringement
occurred in a jurisdiction where LICENSEE has an exclusive license under this Agreement. If LICENSEE elects to bring suit, UNIVERSITY
may join that suit at its own expense.

 

(c)          Recoveries
from actions brought pursuant to Paragraph 5.2(b) shall belong to the party (UNIVERSITY or LICENSEE) bringing suit and bearing
the expenses of the litigation. Legal actions brought jointly by UNIVERSITY and LICENSEE and fully participated in by both shall
be at the joint expense of the parties and all recoveries shall be shared jointly by them in proportion to the share of expense
paid by each party.

 

(d)          UNIVERSITY
and LICENSEE shall cooperate with each other in litigation proceedings at the expense of the party bringing suit. Litigation shall
be controlled by the party bringing the suit, except that either party may be represented by counsel of its choice in any suit
brought by the other party.

 

		5.3	Patent Marking. LICENSEE shall mark all Licensed Products made, used or sold under the terms
of this Agreement, or their containers, in accordance with the applicable patent marking laws.

 

    	19

    	 

    

 

Article
6. GOVERNMENTAL MATTERS

 

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

 

6.2           Export
Control Laws. LICENSEE shall observe all applicable United States and foreign laws with respect to the transfer of Licensed
Products and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations
and the Export Administration Regulations.

 

6.3           Preference
for United States Industry. If LICENSEE sells a Licensed Product or Combination Product in the US, LICENSEE shall manufacture
said Licensed Product substantially in the US.

 

Article
7. TERMINATION OF THE AGREEMENT

 

7.1           Termination
by The Regents. If LICENSEE fails to perform or violates any term of this Agreement, then UNIVERSITY may give written notice
of default (“Notice of Default”) to LICENSEE. The Notice of Default shall state the asserted failure to perform or
violation by LICENSEE. If LICENSEE fails to cure the default within sixty (60) days of the Notice of Default, UNIVERSITY may terminate
this Agreement and the license granted herein by a second written notice (“Notice of Termination”) to LICENSEE. If
a Notice of Termination is sent to LICENSEE, this Agreement shall automatically terminate on the effective date of that notice.
Termination shall not relieve LICENSEE of its obligation to pay any fees owed at the time of termination and shall not impair any
accrued right of UNIVERSITY. The VA shall also have termination rights specified in Article 7 of the VA/UC Agreement under this
Agreement.

 

		7.2	Termination by Licensee.

 

(a)          LICENSEE
shall have the right at any time and for any reason to terminate this Agreement upon a ninety (90) day written notice to UNIVERSITY.
Said notice shall state LICENSEE’s reason for terminating this Agreement.

 

(b)          Any
termination under Paragraph 7.2(a) shall not relieve LICENSEE of any obligation or liability accrued under this Agreement prior
to termination, or rescind any payment made to UNIVERSITY or action by LICENSEE prior to

  

    	20

    	 

    

 

time termination becomes effective.
Termination shall not affect in any manner any rights of UNIVERSITY arising under this Agreement prior to termination.

  

		7.3	Survival on Termination. The following Paragraphs and Articles shall survive the termination
of this Agreement:

 

		(a)	Article 4 (REPORTS, RECORDS AND PAYMENTS);

 

		(b)	Paragraph 7.3 (Survival on Termination);

 

		(c)	Paragraph 7.4 (Disposition of Licensed Products on Hand);

 

		(d)	Paragraph 8.2 (Indemnification);

 

		(e)	Article 9 (USE OF NAMES AND TRADEMARKS);

 

		(f)	Paragraph 10.2 (Secrecy); and

 

		(g)	Paragraph 10.5 (Failure to Perform).

 

7.4           Disposition
of Licensed Products on Hand. Upon termination of this Agreement, LICENSEE may dispose or all previously made or partially
made Licensed Product within a period of one hundred and eighty (180) days of the effective date of such termination provided that
the sale of such Licensed Product by LICENSEE, its Sublicensees, or Affiliates shall be subject to the terms of this Agreement,
including but not limited to the rendering of reports and payment of royalties required under this Agreement.

 

Article
8. LIMITED WARRANTY AND INDEMNIFICATION 

 

		8.1	Limited Warranty.

 

(a)          UNIVERSITY
warrants that it has the lawful right to grant this license.

 

(b)          The
license granted herein is provided “AS IS” and without WARRANTY OF MERCHANTABILITY or WARRANTY OF FITNESS FOR A PARTICULAR
PURPOSE or any other warranty, express or implied. UNIVERSITY and VA makes no representation or warranty that the Licensed Product,
Licensed Method or the use of Patent Rights will not infringe any other patent or other proprietary rights

 

    	21

    	 

    

 

(c)          In
no event shall UNIVERSITY or VA be liable for any incidental, special or consequential damages resulting from exercise of the license
granted herein or the use of the Invention, Licensed Product, or Licensed Method.

 

(d)          Nothing
in this Agreement shall be construed as:

 

(1)         a
warranty or representation by UNIVERSITY or VA as to the validity or scope of any Patent Rights;

 

(2)         a
warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement
is or shall be free from infringement of patents of third parties;

 

(3)         an
obligation of UNVERSITY or the VA to bring or prosecute actions or suits against Third Parties for patent infringement except as
provided in Paragraph 5.2 hereof;

 

(4)         conferring
by implication, estoppel or otherwise any license or rights under any patents of UNIVERSITY or the U.S. Government or DFCI other
than Patent Rights as defined in this Agreement regardless of whether these patents are dominant or subordinate to Patent Rights;
or

 

(5)         an
obligation of UNIVERSITY or the VA to furnish any know-how not provided in Patent Rights.

 

		8.2	Indemnification.

 

(a)          LICENSEE
shall indemnify, hold harmless and defend UNIVERSITY and the US Government, their officers, employees, and agents; the sponsors
of the research that led to the Invention; and the Inventors of the patents and patent applications in Patent Rights and their
employers against any and all claims, suits, losses, damage, costs, fees, and expenses resulting from or arising out of exercise
of this license or any sublicense. This indemnification shall include, but not be limited to, any product liability.

 

(b)          LICENSEE,
at its sole cost and expense, shall insure its activities in connection with the work under this Agreement and obtain, keep in
force and maintain insurance or an equivalent program of self insurance as follows:

 

(1)         comprehensive
or commercial general liability insurance (contractual liability included) with limits of at least: (i) each occurrence, $1,000,000;
(ii) products/completed operations aggregate, $5,000,000; (iii) personal and advertising injury, $1,000,000; and (iv) general aggregate
(commercial form only), $5,000,000; and

 

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(2)         the
coverage and limits referred to above shall not in any way limit the liability of LICENSEE.

 

(c)          LICENSEE
shall furnish UNIVERSITY with certificates of insurance showing compliance with all requirements. Such certificates shall: (i)
provide for thirty (30) day advance written notice to UNIVERSITY of any modification; (ii) indicate that UNIVERSITY has been endorsed
as an additional insured under the coverage referred to above; and (iii) include a provision that the coverage shall be primary
and shall not participate with nor shall be excess over any valid and collectable insurance or program of self-insurance carried
or maintained by UNIVERSITY.

 

(d)          UNIVERSITY
shall notify LICENSEE in writing of any claim or suit brought against UNIVERSITY or the US Government in respect of which UNIVERSITY
intends to invoke the provisions of this Article. LICENSEE shall keep UNIVERSITY informed on a current basis of its defense of
any claims under this Article.

 

(e)          With
respect to the Third Invention and Third Patent Rights, the following Paragraphs 8.2(e)(1) and 8.2(e)(2) shall also be in effect:

 

(1) (i) LICENSEE shall
indemnify, defend and hold harmless DFCI and its trustees officers, medical and professional staff, employees, and agents and their
respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss or expense (including
reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Indemnitees, or any one of them, in
connection with any claims, suits, actions, demands or judgments (a) arising out of the design, production, manufacture, sale,
use in commerce, lease, or promotion by LICENSEE or by a Sulicensee, Affiliate or agent of LICENSEE, or any product, process or
service relating to or developed pursuant to, this Agreement or (b) arising out of any other activities to be carried out pursuant
to this Agreement.

 

(ii) LICENSEE’S
indemnification under Section 8.2 (e) (1) (i) (a) applies to any liability, damage, loss or expense whether or not it is attributable
to the negligent activities of the Indemnitees. Licensee’s indemnification under 8.2 (e) (1) (i) (b) does not apply to any
liability, damage, loss or expense to the extent that it is attributable to (a) the negligent activities of the Indemnitees, or
(b) the intentional wrongdoing or intentional misconduct of the Indemnitees.

 

(iii)
LICENSEE shall, at its own expense, provide attorneys reasonably acceptable to DFCI 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.

 

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

 

(v)
LICENSEE shall require any Affiliates or Sublicensee(s) to indemnify, hold harmless and defend DFCI under the same terms set
forth in Sections 8.2 (e) (1) (i) - (iv).

 

(2) (i) 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 LICENSEE or by a Sublicensee, Affiliate or agent of LICENSEE,
LICENSEE 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 LICENSEE’S
indemnification under Sections 8.2 (e) (1) (i)-(iii) of this Agreement. If LICENSEE 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 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 LICENSEE’s liability with respect to its indemnification
obligation under Sections 8.2 (e) (1) (i)-(iii) of this Agreement.

 

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

 

    	24

    	 

    

 

(iii)
LICENSEE 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 LICNESEE or by a Sublicensee, Affiliate or
agent of LICENSEE and (b) a reasonable period after the period referred to in 8.2 (e) (2) (iii) (a) above which in no event shall
be less than fifteen (15) years.

 

(iv)
LICENSEE shall require any Affiliates or Sublicensee(s) to maintain insurance in favor of DFCI and the Indemnitees under the
same terms set forth in Sections 8.2 (e) (2) (i)-(iii).

 

Article
9. USE OF NAMES AND TRADEMARKS

 

9.1           Nothing
contained in this Agreement confers any right to use in advertising, publicity, or other promotional activities any name, trade
name, trademark, or other designation of either party hereto (including contraction, abbreviation or simulation of any of the foregoing).
Unless required by law, the use by LICENSEE of the name, “The Regents Of The University Of California” or the name
of any campus of the University Of California or the VA or DFCI is prohibited, without the express written consent of UNIVERSITY.

 

9.2           UNIVERSITY
may disclose to the Inventors the terms and conditions of this Agreement upon their request. If such disclosure is made, UNIVERSITY
shall give notice of its confidential nature and require that the Inventors not disclose such terms and conditions to others.

 

9.3           UNIVERSITY
or the VA may acknowledge the existence of this Agreement and the extent of the grant in Article 2 to Third Parties, but UNIVERSITY
shall not disclose the financial terms of this Agreement to Third Parties, except where UNIVERSITY or the VA is required by law
to do so, such as under the California Public Records Act.

 

Article
10. MISCELLANEOUS PROVISIONS

 

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

 

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

 

    	25

    	 

    

 

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

 

If sent to LICENSEE:

 

Chimerix, Inc.

14024 Rue Saint Raphael

Del Mar, CA 92014

Phone: (858) 755-7503

Attention: President

 

If sent to UNIVERSITY:

 

University of California, San Diego

Technology Transfer & Intellectual Property Services

9500 Gilman Drive

La Jolla, CA 92093-0910

Phone: (858) 534-5815

Attention: Director

 

		10.2	Secrecy.

 

(a)          “Confidential
Information” shall mean information relating to the Invention and disclosed by UNIVERSITY to LICENSEE during the term of
this Agreement, which if disclosed in writing shall be marked “Confidential”, or if first disclosed otherwise, shall
within thirty (30) days of such disclosure be reduced to writing by UNIVERSITY and sent to LICENSEE:

 

		(b)	Licensee shall:

 

(1)         use
the Confidential Information for the sole purpose of performing under the terms of this Agreement;

 

(2)         safeguard
Confidential Information against disclosure to others with the same degree of care as it exercises with its own data of a similar
nature;

 

(3)         not
disclose Confidential Information to others (except to its employees, agents or consultants who are bound to LICENSEE by a like
obligation of confidentiality) without the express written permission of

 

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UNIVERSITY, except that LICENSEE
shall not be prevented from using or disclosing any of the Confidential Information that:

 

(i)          LICENSEE
can demonstrate by written records was previously known to it;

 

(ii)         is
now, or becomes in the future, public knowledge other than through acts or omissions of LICENSEE; or

 

(iii)        is
lawfully obtained by LICENSEE from sources independent of UNIVERSITY.

 

(c)          The
secrecy obligations of LICENSEE with respect to Confidential Information shall continue for a period ending five (5) years after
disclosure of Confidential Information.

 

10.3         Assignability.
This Agreement may be assigned by UNIVERSITY, but is personal to LICENSEE and assignable by LICENSEE only with the written consent
of UNIVERSITY, which shall not be unreasonably withheld; provided, however, that LICENSEE may assign this Agreement and all rights
and obligations hereunder without the written consent of UNIVERSITY to any person or entity that acquires all or substantially
all of LICENSEE’S assets or line of business to which this Agreement relates, whether by sale, merger or otherwise.

 

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

 

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

 

10.6         Governing
Laws. THIS AGREEMENT SHALL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, without regard
to the conflicts of law provisions thereof but the scope and validity of any patent or patent application shall be governed by
the applicable laws of the country of the patent or patent application.

 

10.7         Force
Majeure. UNIVERSITY or LICENSEE may be excused from any performance required herein if such performance is rendered impossible
or unfeasible due to any catastrophe or other major event beyond its reasonable control, including, without limitation, war, riot,
and Insurrection; laws, proclamations, edicts, ordinances, or regulations; strikes, lockouts, or other serious labor disputes;
and floods, fires,

  

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explosions, or other natural disasters.
When such events have abated, the non-performing party’s obligations herein shall resume.

 

10.8         Headings.
The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of or to
affect the meaning or interpretation of this Agreement.

 

10.9         Entire
Agreement. This Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations
or understandings, either oral or written, between the parties relating to the subject matter hereof.

 

10.10         Amendments.
No amendment or modification of this Agreement shall be valid or binding on the parties unless made in writing and signed on behalf
of each party.

 

10.11         Severability.
In the event that any of the provisions contained in this Agreement is held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall
be construed as if the invalid, illegal, or unenforceable provisions had never been contained in it.

 

IN WITNESS WHEREOF, both UNIVERSITY and
LICENSEE have executed this Agreement, in duplicate originals, by their respective and duly authorized officers on the day and
year written.

 

	CHIMERIX, INC.:	 	THE REGENTS OF THE 
	 	 	UNIVERSITY OF CALIFORNIA:
	 	 	 
	By	/s/ Karl Y. Hostetler	 	By	/s/ Alan S. Paau
	 	(Signature)	 	 	(Signature)
	 	 	 
	Name: Karl Y. Hostetler	 	Name: Alan S. Paau
	 	 	 
	Title: President and CEO	 	Director, Technology Transfer &
	 	 	Intellectual Property Services
	 	 	 
	Date	May 13, 2002	 	Date	May 13, 2002

  

    	28

    	 

    

  

Exhibit A

 

Copy of the

 

DFCI/UC AGREEMENT:

 

Inter-Institutional Agreement

 

With an Effective Date of October 16,
2001

 

    	 

    	 

    

  

Inter-Institutional Agreement

 

Between

 

The Regents of the University of California

 

and

 

Dana Farber Cancer Institute

 

for

 

The Management Of

 

Improved Lipid Prodrugs of Phosphonaoacid-Nucleoside
Conjugates

([...***...])(DFCI [...***...])

 

***Confidential
Treatment Requested

 

    	 

    	 

    

  

AGREEMENT

 

THIS AGREEMENT is effective
on the date of the last signature of this Agreement by and between Dana Farber Cancer Institute (“DFCI”), a not-for-profit
research institute having an address for official business at 44 Binney Street, Boston, MA, 02215 and The Regents of the University
of California (“UNIVERSITY”), having a system-wide business address at 1111 Franklin St., Oakland, California 9007-5200,
and represented by its San Diego campus (“UCSD”) Technology Transfer & Intellectual Property Services (“TTIPS”),
having an address at 9500 Gilman Drive, La Jolla, California 92093-0910.

 

BACKGROUND

 

Certain research performed
at UCSD by [...***...] (collectively,
“UCSD Inventor”) and at DFCI by [...***...] (collectively “DFCI Inventor”) resulted in the development
of an invention titled “Improved Lipid Prodrugs of Phosphonaoacid-Nucleoside Conjugates” which is disclosed in UCSD
Docket No. [...***...] (“Invention”) and DFCI Disclosure [...***...].

 

The Invention is covered
by Patent Rights (as later defined in this Agreement).

 

It is the mutual desire
of UCSD and DFCI that, for the purposes of this Agreement, the Invention be administered and commercialized by UCSD on behalf of
UCSD and DFCI; and DFCI agrees to forbear granting to any third party (other than to UCSD) any right, title, or interest in and
to the Patent Rights.

 

UCSD and DFCI agree:

 

1. DEFINITIONS

 

		1.1	“Patent Rights” means all right, title and interest in, to and under the US Patent
Application [...***...] filed by UCSD Inventor and DFCI Inventor on 6/8/00 and claiming the Invention, and any other patent applications,
including divisions, continuations, or continuations-in-part (but only to the extent such continuations-in-part are adequately
supported in the parent application) thereof; any corresponding foreign applications thereof; and any US or joint foreign patents
issued thereon or reissues or extensions thereof, assigned by each inventor to his respective institution.

 

		1.2	“Net Revenues” means gross proceeds received by UCSD from the licensing of Patent Rights
to third parties less a [...***...] administrative fee and less all reasonable and actual, past and future, out-of-pocket patent
costs (exclusive of any salaries, administrative, or other indirect costs) incurred by UCSD and/or DFCI in the preparation, filing,
prosecution, and maintenance of Patent Rights.

 

***Confidential
Treatment Requested

 

    	Page 1

    	 

    

 

		1.3	“License Agreement” means any agreement, including but not limited to license agreement,
option agreement, partnership agreement, and letter-of-intent, that is entered into by UCSD under this Agreement and grants to
or reserves for a third party the right to make, have made, use, have used, sell, have sold, offer to sell, and/or import products
covered by Patent Rights.

 

		1.4	“Licensee” means any third party granted a License Agreement by UCSD.

 

2. PATENT PROSECUTION AND PROTECTION

 

		2.1	UCSD shall promptly prepare and file appropriate United States patent applications covering the
Invention and shall promptly provide to DFCI all serial numbers and filing dates, together with copies of all the applications,
including copies of all Patent Office Actions, responses and all other Patent Office communications.

 

		2.2	UCSD shall, after consulting with DFCI and within eight (8) months of any United States filing,
make an election whether, when, and in what countries, to file foreign patent applications if countries where statutory protection
is available. If any foreign patent applications are filed, UCSD shall promptly provide to DFCI all serial numbers and filing dates.
UCSD also shall provide to DFCI copies of foreign patent applications and patent office actions as DFCI may request in the course
of prosecution.

 

		2.3	UCSD shall promptly record Assignments of domestic Patent Rights in the United States Patent and
Trademark Office and shall provide DFCI with a photocopy of each recorded Assignment.

 

		2.4	Notwithstanding any other provision of this Agreement, UCSD shall not abandon the prosecution of
any patent application (except for purposes of provisional conversion, filing continuation or continuation-in-part applications)
or the maintenance of any Patent Rights without prior written notice to DFCI.

 

		2.5	UCSD shall promptly provide to DFCI copies of all patents issued under Patent Rights.

 

3. LICENSING

 

		3.1	During the term of this Agreement, DFCI shall forbear granting to any third party (other than to
UCSD) any right, title, or interest in, to or under the Patent Rights and grants to UCSD the sole responsibility for administering
and commercializing the Invention.

 

    	Page 2

    	 

    

 

		3.2	UCSD shall diligently seek a Licensee for the commercial development of the Inventions and shall
promptly provide to DFCI copies of all License Agreements issued on the Inventions.

 

		3.3	Any License Agreement will include, but not be limited to, the following terms: a license issue
fee, an earned royalty, payment of patent costs by the Licensee, minimum annual royalties, diligence terms, indemnification of
UNIVERSITY and DFCI by Licensee, a limited warranty on the part of UNIVERSITY and a prohibition against the use of the name of
The Regents of the University of California or any campus thereof and DFCI. The indemnification will include the language attached
as Appendix A. Any changes to the language in Appendix A must be approved by DFCI and its insurer, the Risk Management Foundation.
Any License Agreement will further stipulate that nothing in the License Agreement confers by estoppel implication or otherwise,
any license or rights under any patents of UNIVERSITY or DFCI other than Patent Rights as defined herein, regardless of whether
such patents are dominant or subordinate to the Patent Rights.

 

		3.4	UCSD shall not issue any paid-up licenses or assign Patent Rights to any third party, notwithstanding
any other provision of this Agreement, without the prior written consent of DFCI.

 

		3.5	Unless under a License agreement the Licensee is required to pay directly to DFCI its pro rata
share of any Net Revenues, UCSD shall distribute [...***...]
of Net Revenues to DFCI within thirty (30) days of 30 December and 30 June of each year for the six-month period ending of those
dates during the term of this Agreement.

 

		3.6	Each party is solely responsible for calculating and distributing to its respective inventors any
share of Net Revenues in accordance with its respective patent policy during the term of this Agreement. UCSD shall pay UCSD Inventor.
DFCI shall pay DFCI Inventor.

 

		3.7	UNIVERSITY and DFCI expressly reserve the right to use the Invention and associated technology
for educational and research purposes.

 

4. RECORDS AND REPORTS

 

		4.1	UCSD shall keep complete, true and accurate accounts of all expenses and of all proceeds received
by it from each Licensee and shall permit DFCI to allow its own agents or a certified public accounting firm which is reasonably
acceptable to UCSD (with regards to conflict of interest issues) to examine its books and records in order to verify the payments
due or owing under this Agreement. Examinations will (i) occur not more than once per calendar year: (ii) be under an agreement
of confidentiality; and (iii) be paid for by 

 

***Confidential
Treatment Requested

 

    	Page 3

    	 

    

  

			DFCI. In the event that any such examination shows an under reporting and underpayment
in excess of [...***...] for any twelve
(12) month period, then UCSD shall pay the cost of the examination as well as any additional sum that would have been payable to
DFCI had UCSD reported correctly, plus an interest charge at a rate of [...***...] per year. Such interest shall be calculated
from the date the correct payment was due to DFCI up to the date when such payment is actually made by UCSD. For underpayment not
in excess of [...***...] for any twelve (12) month period, UCSD shall pay the difference within thirty (30) days without interest
charge or examination costs.

 

		4.2	UCSD shall submit to DFCI an annual report, setting forth the status of all patent prosecution,
commercial development, and licensing activity relating to the Invention.

 

5. PATENT INFRINGEMENT

 

		5.1	In the event that patent administrators responsible for Patent Rights at DFCI or UCSD learn of
the substantial infringement of any patent covered by this agreement, the party who learned of the infringement shall call the
attention of the other party to the infringement and provide written evidence of infringement. UCSD shall, in cooperation with
DFCI, use its best efforts to terminate infringement without litigation.

 

		5.2	If, however, the efforts of the parties are not successful in abating the infringement within ninety
(90) days after the infringer has been notified of the infringement, then UCSD may:

 

		5.2.1	continence suit on its own account; or

		5.2.2	permit an exclusive licensee to commence suit on its own account, or with UCSD; or

		5.2.3	UCSD may request that DFCI join as a party plaintiff in a patent infringement litigation,

 

DFCI has 90 (ninety) days to
inform UCSD of its decision to join or not join in such litigation. In no event may DFCI be joined in such a suit without its prior
written consent. In the event that UCSD chooses not to commence suit, or to allow an exclusive Licensee to do so, DFCI may do so
at its own election.

 

		5.3	Legal action to terminate infringement or recover damages, as is decided upon under paragraph 5.2,
will be at the full expense of the party on account of whom suit is brought and all recoveries recovered thereby will belong to
such party, provided, however, that legal action brought jointly by the parties and fully participated in by such parties shall
be at the joint expense of the parties (in shares to be mutually agreed upon) and all recoveries shall be shared jointly by them
in direct proportion to the share of expense paid by each party.

 

***Confidential
Treatment Requested

 

    	Page 4

    	 

    

 

		5.4	Each party shall cooperate with the other in litigation proceedings instituted hereunder but at
the expense of the party on account of whom suit is brought. The litigation will be controlled by the party bringing the suit,
except that DFCI may be represented by counsel of its choice pursuant to DFCI’s determination in any suit brought by UCSD
or a Licensee.

 

6. GOVERNING LAW

 

THIS AGREEMENT IS GOVERNED
BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, EXCEPT THAT THE SCOPE AND VALIDITY OF ANY PATENT OR
PATENT APPLICATION IN PATENT RIGHTS ARE GOVERNED BY THE APPLICABLE LAWS OF THE COUNTRY OF THAT PATENT OR PATENT APPLICATION.

 

7. NOTICES

 

Any notice required
or permitted to be given to the parties hereto is properly given if delivered, in writing, in person, or mailed by first-class
certified mail to the following addresses, or to such other addresses as may be designated in writing by the parties from time
to time during the term of this Agreement:

 

	To DFCI:	 	Dana Farber Cancer Institute
	 	 	Attention: Director, Office of Technology Transfer
	 	 	44 Binney Street
	 	 	Boston, MA 02115
	 	 	 
	To UNIVERSITY:	 	Technology Transfer and Intellectual Property Services
	 	 	Attention: Alan S. Paau, Director (Case No. [...***...])
	 	 	University of California, San Diego
	 	 	9500 Gilman Drive, MC - 0910
	 	 	La Jolla, California 92093-0910
	 	 	 
	For Overnight Courier:	 	Technology Transfer and Intellectual Property Services
	 	 	Attn: Alan S. Paau, Director (Case No. [...***...])
	 	 	University of California, San Diego
	 	 	10300 Torrey Pines Road
	 	 	La Jolla, California 92093-0910

 

***Confidential
Treatment Requested

 

    	Page 5

    	 

    

 

8. NO WAIVER

 

No waiver by either
party hereto of any breach or default of any of the covenants or agreements herein set forth may be deemed a waiver as to any subsequent
and/or similar breach or default.

 

9. ASSIGNABILITY

 

This Agreement is binding
upon and inures to the benefit of the parties hereto, their successors or assigns, but this Agreement may not be assigned by either
party without the prior written consent of the other party.

 

10. LIFE OF AGREEMENT

 

This Agreement is in
full force and effect from the effective date recited on page one and remains in effect for the life of the last-to-expire patent
in Patent Rights, unless otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this
Agreement.

 

11. TERMINATION

 

Unless a License Agreement
is in effect or has been agreed upon as to all financial terms, either party hereto may terminate this Agreement for any reason
upon at least sixty (60) days’ written notice (“Notice of Termination”) to the remaining party, but in any event
not less than sixty (60) days prior to the date on which responses to any pending Patent Office actions need to be taken to preserve
Patent Rights. After effective termination, each party may separately license its interest in the Patent Rights according to the
licensing party’s policy provided that each party pays one-half of all costs incurred thereafter in the preparation, prosecution,
and maintenance of Patent Rights. Apart from the obligation to share patent costs and apart from obligations identified in Article
12 (Confidentiality) and specific obligations accrued prior to termination, the parties will have no further rights or obligations
under this Agreement after effective termination.

  

		12.1	Subject to The California Public Records Act and the right of each party to acknowledge the existence
of this Agreement, UCSD and DFCI respectively shall hold the other party’s proprietary business, patent prosecution, engineering,
process and technical information, and other proprietary information in confidence using at least the same degree of care as that
party uses to protect its own proprietary information of a like nature for a period from

 

    	Page 6

    	 

    

 

12. CONFIDENTIALITY

 

			 the date of disclosure until five (5)
years after the date of termination of this Agreement. The disclosing party shall label or mark confidential, or as otherwise appropriate,
all proprietary information. If proprietary information is orally disclosed, the disclosing party shall reduce the proprietary
information to writing or to some other physically tangible form and deliver it to the receiving party within 30 days of the oral
disclosure, marked and labeled as set forth above. Manuscripts published in scientific journals, papers, and presentations at public
meetings that relate to proprietary information are exempt from the provisions of this Article after their timely submission to
and subsequent timely approval of the other party within 30 days of their submission. Notwithstanding the foregoing:

 

		12.2	Nothing in this Agreement in any way restricts or impairs the right of DFCI or UCSD to use, disclose
or otherwise deal with any information or data documented:

 

		12.2.1	that recipient can demonstrate by written records was previously known to it;

		12.2.2	that is now, or becomes in the future, public knowledge other than through acts or omissions of
recipient;

		12.2.3	that is lawfully obtained without restrictions by recipient from sources independent of the disclosing
party; or

		12.2.4	that was made independently without the use of proprietary information received hereunder.

 

		12.3	The confidentiality obligations of the parties under these terms will remain in effect for five
(5) years from the termination date of this Agreement.

 

13. USE OF NAMES AND TRADEMARKS

 

Except for acknowledging
the existence of this Agreement, nothing in this Agreement confers any right to use any name, trade name, trademark, or other designation
of either party to this Agreement (including contraction, abbreviation or simulation of any of the foregoing) in advertising, publicity,
or other promotional activities. Unless required by law, the use of the name, “The Dana-Farber Cancer Institute,” “The
Regents of the University of California,” or the name of any campus of the University of California is expressly prohibited.

 

14. NO IMPLIED LICENSE

 

This Agreement does
not confer by implication, estoppel, or otherwise any license or rights under any patents of either party other than the specific
Patent Rights, regardless of whether such patents are dominant or subordinate to Patent Rights.

 

    	Page 7

    	 

    

 

15. COMPLETE AGREEMENT

 

This Agreement constitutes
the entire agreement, both written and oral, between the parties, and all prior agreements respecting the subject matter hereof,
either written or oral, expressed or implied, are canceled.

 

IN WITNESS WHEREOF; both UNIVERSITY
and DFCI have executed this Agreement, by facsimile and/or in two (2) in duplicate originals, each of which shall be deemed an
original and all of which together shall constitute but one and the same instrument, by their respective and duly authorized officers
on the day and year written.

 

	The Dana-Farber Cancer Institute:	 	
        The Regents of the

        University of California:

	 	 	 
	By:	/s/ Ruth Emyanitoff, Ph.D.	 	By:	/s/ Dr. Alan Paau
	 	 	 
	Name: Ruth Emyanitoff, Ph.D.	 	Name: Dr. Alan Paau
	 	 	 
	Title:Director, Officer of Technology Transfer	 	Title: Director, TTIPS
	 	 	 
	Date:	October 11, 2001	 	Date:	10/16/2001

 

    	Page 8

    	 

    

 

Appendix A

 

Indemnification and Insurance

 

		1.	Licensee shall indemnify, defend and hold harmless DFCI and its trustees officers, medical and professional staff, employees,
and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss
or expense (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Indemnitees,
or any one of them, in connection with any claims, suits, actions, demands or judgments (a) arising out of the design, production,
manufacture, sale, use in commerce, lease, or promotion by Licensee or by a Sublicensee, Affiliate or agent of Licensee, or any
product, process or service relating to, or developed pursuant to, this Agreement or (b) arising out of any other activities to
be carried out pursuant to this Agreement.

 

		2.	Licensee’s indemnification under Section 9.1 (a) applies to any liability, damage, loss or expense whether or not it
is attributable to the negligent activities of the Indemnitees. Licensee’s indemnification under 9.1(b) does not apply to
any liability, damage, loss or expense to the extent that it is attributable to (a) the negligent activities of the Indemnitees,
or (b) the intentional wrongdoing or intentional misconduct of the Indemnitees.

 

		3.	Licensee shall, at its own expense, provide attorneys reasonably acceptable to DFCI 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.

 

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

 

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

 

Insurance.

 

		6.	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 Licensee or by a Sublicensee, Affiliate or
agent of Licensee, Licensee 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 Licensee’s indemnification under Sections 9.1 through 9.3 of this Agreement. If Licensee 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 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 Licensee’s liability
with respect to its indemnification obligation under Sections 9.1 through 9.3 of this Agreement.

  

		7.	Licensee shall provide DFCI with written evidence of such insurance
upon request of DFCI. Licensee shall provide DFCI with written notice at least fifteen (15) days prior to the cancellation,

 

    	 

    	 

    

  

			non-renewal or material change in such insurance; If Licensee
does not obtain replacement insurance providing comparable coverage within such fifteen (15) day period, DFCI has the right
to terminate this Agreement effective at the end of such fifteen (15) day period without any notice or additional waiting periods.

 

		8.	Licensee 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 Licensee or by a Sublicensee, Affiliate or
agent of Licensee 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.	Licensee shall require any Affiliates or Sublicensee(s) to maintain insurance in favor of DFCI and the Indemnitees under the
same terms set forth in Sections 9.6 – 9.8.

  

    	 

    	 

    

 

Exhibit B

 

Copy of the

 

Letter from the Department of Veteran
Affairs

 

To

 

[...***...]

 

RE: Phosphonate Compounds

 

***Confidential Treatment Requested

 

    	1.

    	 

    

  

  

[...***...]

Director (664/00)

VA Medical Center

3350 La Jolla Village Drive

San Diego, CA 92161

 

Re: Phosphonate Compounds

 

Dear [...***...]:

 

This refers to your report concerning the
above-referenced invention which you submitted to this office pursuant to the provisions of 38 C.P.R, § 1.656. These regulations
provide that it is the duty of the General Counsel to determine the respective ownership rights, as between the Government
and the employee, in an employee invention. This letter constitutes such a determination within the meaning of these regulations.

 

With your Report, you provided a Summary
of the invention. The invention provides analogs of certain phosphonate compounds which are antiviral or antiproliferative.

 

Concerning the circumstances surrounding
the development of the invention, [...***...], you have indicated that you were employed as a staff physician at the VA Medical
Center in San Diego, California. You certified that the invention was made with a contribution by the VA of facilities and equipment.

 

According to 37 C.F.R. § 501.6(a)(1),
the Government is entitled to the entire right, title, and interest in and to any invention made by a Government employee
(i) during working hours, or (ii) with a contribution of the Government of facilities, equipment, materials, funds or information, or of the time
or services of other Government employees on official duty, or (iii) which bears a direct relation to or is made in consequence
of the official duties of the inventor. However, subsection (a)(3) provides that the facts and circumstances surrounding the making
of an invention do not preclude a determination that the Government may leave the entire right,

  

***Confidential Treatment Requested

 

    	 

    	 

    

  

 

2.

 

[...***...]

 

 title and interest in an invention
to the Government employee subject to law, (i.e., without reservation to the Government of a nonexclusive, irrevocable,
royalty-free license).

  

Based on the review and recommendation by
officials in VHA and the Office of General Counsel, I find that the facts and circumstances surrounding development of the invention
do not justify retention of any rights or license by the Government.

 

Consequently, I find that you are entitled
to the entire right, title and interest in and to the invention, subject to law. 37 C.F.R. § 501.6(a)(4).

 

I am enclosing a copy of this determination
which I request you sign (to acknowledge receipt) and return to this office.

 

I wish you the best of luck with your invention.

 

	 	Sincerely yours,
	 	 
	 	John W. Klein
	 	Assistant General Counsel

 

Enclosures

 

cc: Dr. Mindy Aisen (122)

University of California

 

	Acknowledgment of Receipt:	 	 	 	Date:	 	 
	 	 	[...***...]	 	 	 	 

  

***Confidential Treatment Requested

 

    	 

    	 

    

  

Exhibit C

 

Copy of the

 

VA/UC AGREEMENT:

 

Cooperative Technology Administration
Agreement

 

with an Effective Date of May 19, 2000

 

    	 

    	 

    

  

U.S. DEPARTMENT OF VETERANS AFFAIRS

 

AND THE UNIVERSITY OF CALIFORNIA

 

COOPERATIVE TECHNOLOGY ADMINISTRATION AGREEMENT

 

This Cooperative Technology Administration
Agreement (“Agreement”) is made as of this 19th day of May, 2000, by and between the United States Department of Veterans
Affairs (hereinafter referred to as “VA”), as represented by the Technology Transfer Program, Office of Research and
Development, having an address at 810 Vermont Avenue N.W., Washington, D.C. 20420, and The Regents of the University of California,
as represented by the Office of Technology Transfer, having an address at 1111 Franklin Street, 5th Floor, Oakland,
California 94607-5200 (“University”).

 

RECITALS

 

Whereas, VA and University through their employment relationship
with certain faculty and staff, through 37 CFR Part 501, and/or through 35 U.S.C. 200-212, as well as state law and implementing
policies, have an interest in inventions made by their employees;

 

Whereas, VA and University policies promote disclosure of research
results for the public’s use and benefit, as well as to define and protect the rights of inventors, provide for an equitable
distribution of the rewards and responsibilities associated with the invention(s), and provide that income from such invention(s)
be used for the purpose of promoting research and education;

 

Whereas, pursuant to their shared objectives, it is the mutual
desire of VA and University that their respective interests in such inventions be administered and managed exclusively by University
on behalf of both parties in a manner to ensure the timely commercialization of such inventions and to make their benefits widely
available for society’s use and benefit;

 

Whereas, VA is authorized to transfer to and to undertake all
suitable steps to administer its rights in any such existing or future invention through contract with a nonprofit organization
(including a university) under 35 U.S.C. 202(e) (to the maximum extent permitted by law), 35 U.S.C. 207(a)(3), or 35 U.S.C. 3710a;

 

Now, therefore, the parties hereto agree as follows:

 

		1.	DEFINITIONS

 

		1.1	“Dual Appointment Personnel (DAP)” means any person who is employed by and has entered into and signed an employment
or patent agreement with both VA and University.

  

		1.2	“Patent Rights” means all United States patent applications and patents and corresponding patent applications and
patents filed in countries other than the

 

    	 

    	 

    

 

			United States that are assigned to VA and University, including any reissues, extensions,
substitutions, divisions, continuations, and continuation-in-part applications (only to the extent, however, that claims in the
continuations-in-part applications are entitled to the priority filing date of the parent patent application) based on the subject
matter claimed in or covered by a Subject Invention.

 

		1.3	“Property Rights” means all personal property rights covering the tangible personal property in biological materials
directly associated with any Subject Invention.

 

		1.4	“Made” in relation to any Subject Invention means the conception or first actual reduction to practice of such
Subject Invention.

 

		1.5	“Subject Invention” means Patent Rights and/or related Property Rights covering any existing or future disclosed
invention in which both parties have an interest under their various policies, that is made either by a DAP or at least one inventor
from each party, and that is not a Disclaimed Invention.

 

		1.6	“Disclaimed Invention” means any Subject Invention for which University declines to pursue patenting, license or
commercialization activities under Section 2.2 of this Agreement.

 

		1.7	“License Agreement” means any executed agreement entered into by University under this Agreement that grants Licensee
the right to make, use, sell, offer for sale, or import products covered by or claimed by the Subject Invention being licensed
under such agreement or otherwise deals with administration of the Subject Invention, such as option or secrecy agreements.

 

		1.8	“Licensee” means any party, not including the United States Government, that enters into a License Agreement with
University.

 

		1.9	“Government” means the Government of the United States of America.

 

		1.10	“Fiscal Year” means July 1 through June 30.

 

		1.11	“Gross Revenues” means consideration received by University from the licensing of any Subject Invention, but not
including consideration in the form of research funding or other research support.

 

		1.12	“Net Revenues” means Gross Revenues, less any prior contractual obligations to third party research supporters
or joint owners, then less Administrative Fee, Expenses, Inventors Share, and Research Share for each Subject Invention.

 

		1.13	“Inventors Share” means those revenues due under the applicable University of California policy to named inventors
for each Subject Invention.

  

    	2

    	 

    

		1.14	“Research Share” means those revenues to be allocated directly for research purposes, if any, under the applicable
University of California Patent Policy for each Subject Invention.

 

		1.15	“Expenses” means legal and other direct expenses incurred by University (that are not otherwise reimbursed from
a third party) for patenting, protecting and preserving U.S. and foreign patent, copyright and related property rights, maintaining
patents and such other costs, taxes, or reimbursements as may be necessary or required by law for each Subject Invention.

 

		1.16	“Administrative Fee” means [...***...]
fee of Gross Revenues retained by University in consideration of University’s commercialization efforts for each for each
Subject Invention.

 

		1.17	“UC Site” means the campus or U.S. Department of Energy Laboratory managed by University at which a Subject Invention
is made.

 

		1.18	“Pooled Amount” means Net Revenues aggregated by UC site cumulatively over time beginning the effective date of
this Agreement for all of that UC Site’s Subject Inventions.

 

		2.	PATENT PROSECUTION AND PROTECTION

 

		2.1	Disclosure. The parties agree to promptly and in confidence report to the other party each Subject Invention. VA agrees to
provide to University a copy of its Determination of Rights letter to inventors regarding any Potential Subject Invention.

 

		2.2	Disclaimed Inventions. University shall notify VA in writing of any Individual Subject Invention for which the University declines
to pursue patenting, licensing or commercialization activities, and as of the date of such notice, that invention shall no longer
be considered a Subject Invention under this Agreement.

 

		2.3	VA authorizes University to have the exclusive right to prepare, file, prosecute, and maintain patent application(s) and patents
covering any Subject Invention. University shall promptly provide to VA, upon request, all serial numbers and filing dates, together
with copies of all such applications, including, on request copies of all Patent Office Actions, responses, and all other Patent
Office communications. In addition, University shall be granted Power of Attorney for all such patent applications.

 

		2.4	University shall make an election with respect to foreign filing including in which countries foreign filing will be done prior
to the election, within ten (10) months of any United States filing. If any foreign patent applications are filed, University shall
promptly, upon request, provide to VA all serial numbers and filing dates

 

***Confidential Treatment Requested

 

    	3

    	 

    

  

			together with copies of all such foreign patent applications,
including on request, copies of all Patent Office Actions.

 

		2.5	University shall promptly record assignments of domestic patent rights covering a Subject Invention in the United States Patent
and Trademark Office and shall promptly provide VA with a copy of each recorded assignment with respect to VA.

 

		2.6	Notwithstanding any other provision of this Agreement, University shall not abandon the prosecution of any patent application
including provisional patent applications (except for purposes of filing continuation application(s)) or the maintenance of any
patent for a Subject Invention without prior written notice to VA. Upon receiving such written notice, VA may, at its sole option
and expense, take over the prosecution of any such patent application, or the maintenance of any such patent, and such invention
shall no longer be considered a Subject Invention under this Agreement.

 

		2.7	University may decide to bail Property Rights as a more efficient commercialization method than patenting. If University so
decides, then University will follow the guidelines issued by the U.S. National Institutes of Health on such commercialization
approach.

 

		3.	LICENSING

 

		3.1	VA authorizes University to have the exclusive right to negotiate, execute, and administer any License Agreement. VA shall
not license to any third parties any Subject Invention unless this Agreement is terminated in accordance with Article 7 (Termination)
and there are no License Agreements in effect or under negotiation. VA also agrees to not pre-commit any Subject Inventions or
future inventions that would be Subject Inventions under this Agreement to a commercial research sponsor or other entity through
prior agreements made by VA foundations or others.

 

		3.2	VA authorizes University to have the sole right to diligently seek a Licensee and negotiate and enter into License Agreements
for the commercial development of any Subject Invention and to administer all such License Agreements for the mutual benefit of
the parties and in the public interest.

 

		3.3	University shall have the final authority to enter into negotiations and execute License Agreements. In accordance with Section
5.2, University shall provide VA with a copy of all executed License Agreements. VA shall keep these documents and related documentation
confidential, unless such disclosure is required by law, except that VA may disclose the existence of any License Agreement, but
only to the extent of the granting clause. VA will not disclose the names of the Licensee or any other terms contained in the Licensee
Agreement unless such disclosure is required under law.

  

    	4

    	 

    

 

		3.4	University agrees to not enter into a License Agreement for commercial development of Subject Invention with a company who
is identified on the current list of companies debarred from covered transactions as provided, and updated from time to time, by
the VA.

 

		3.5	Any respective License Agreement will include provisions that address the following:

 

		3.5.1	The License Agreement will be subject to the overriding obligations to the U.S. Government, including those set forth in 35
U.S.C. §200-212 or 15 U.S.C. 3710a, and applicable governmental implementing regulations, whichever may be appropriate.

 

		3.5.2	For a License Agreement granting an exclusive right to use or sell the Subject Invention in the United States, Licensee knowledges
that any patent products embodying the Subject Invention or produced through the use thereof will be manufactured substantially
in the United States.

 

		3.5.3	The Government shall have the nonexclusive, nontransferable, irrevocable, royalty-free, paid-up right to practice or have practiced
the Subject Invention throughout the world by or on behalf of the Government and on behalf of any foreign government or international
organization pursuant to any existing or future treaty or agreement to which the Government is a signatory.

 

		3.5.4	The Government sha1l retain the right to require University to grant to a responsible applicant a nonexclusive, partially exclusive,
or exclusive license to use the invention in the applicant’s licensed field of use on terms that are reasonable under the
circumstances; or, if University fails to grant such a license, to grant the license itself. The Government may exercise its rights
retained herein only in exceptional circumstances and only if the Government determines that (i) the action is necessary to meet
health or safety needs that are not reasonably satisfied by University; (ii) the action is necessary to meet requirements for public
use specified by Federal regulations, and such requirements are not reasonably satisfied by University; or (iii) University has
failed to comply with an agreement containing provisions described in 35 U.S.C. 204 or 15 U.S.C. 3710a(c)(4)(B), whichever is appropriate.

 

		4.	REVENUES

 

		4.1	Inventor Share. University shall be solely responsible for calculating and distributing Inventor Share pursuant to University
of California policy. Inventor Share will be distributed equally among the named inventors unless mutually agreed in writing by
all inventors.

  

    	5

    	 

    

 

		4.2	Research Share. University shall be solely responsible for calculating and distributing Research Share. The Research Share
will be pro-rated in proportion to the number of sole University, sole VA and DAP employee inventors. For financial calculation
purposes under this section, any DAP will be considered to be [...***...]
VA and [...***...] University, regardless of actual employment percentages.

 

		Example:	[...***...]

 

		4.3	Net Revenues. University agrees to pay to VA an amount equivalent to [...***...] of the Pooled Amount for each UC Site less
payments made by University to VA for previous Fiscal Years. University’s obligation to make payments to VA shall commence
from the date that the Pooled Amount calculation is positive for a UC Site. Such payments are payable in annual installments and
are due no later than January 31 for Pooled Amount calculation made for the prior Fiscal Year.

 

		4.4	All payments to VA, required under this Agreement shall be in U.S. Dollars and shall be made by University by check or bank
draft drawn on United States banks and shall be payable, as appropriate, to the “Department of Veterans Affairs (royalty).”
All such payments shall be sent to the following address:

 

Department of Veterans Affairs

Technology Transfer Financial Management Office (12TT)

810 Vermont Avenue NW

Washington, D.C. 20420

 

The payment under Section 4.3 will be accompanied with
an itemized accounting of performance of each individual Subject Invention.

 

		5.	RECORDS AND REPORTS

 

		5.1	University shall keep complete, true, and accurate accounts of all Expenses and of all Gross Revenues received by it under
each License Agreement and shall permit VA, or VA’s designated agent to examine its books and records in order to verify
the payments due or owed under this Agreement.

 

		5.2	University shall submit to VA at the address identified in Article 8 a semi-annual report, not later than January 31 covering
the period through the prior June 30 and not later than April 30 covering the period through the prior December 31, setting forth
the status of all patent prosecution, commercial development, and licensing activity concerning Subject Invention(s), and upon
request of the VA, copies of patents issued and, in confidence, License Agreements executed during that period.

 

***Confidential Treatment Requested

 

    	6

    	 

    

  

		5.3	The report required under Section 5.2 shall also be made within sixty (60) days of the termination of this Agreement.

 

		6.	PATENT INFRINGEMENT

 

		6.1	If the administrators responsible for this Agreement at VA or University learns of the substantial infringement of any Subject
Invention, then the party who learns of the infringement will promptly call attention to the infringement in writing to the other
party and provide the other party with reasonable evidence of the infringement. Neither party will notify a third party of infringement
without first obtaining written consent of the other party, which consent will not be unreasonably withheld. University, in cooperation
with VA, will use its best efforts to terminate the infringement without litigation. If the efforts of the parties are not successful
in abating the infringement within 90 days after the infringement was formally brought to the attention of the parties, then either
party will have the right to elect to:

 

		6.1.1	commence suit on its own account;

 

		6.1.2	permit an exclusive Licensee to bring suit separately, but only if University or VA elects not bring to bring suit;

 

		6.1.3	join with the other party or an exclusive Licensee in the suit; or

 

		6.1.4	refuse to participate in the suit;

 

and each party will give written notice of its election
to the other party within 10 days after the 90-day period. University may permit an exclusive Licensee to bring suit on its own
amount, either by formal notice or by failure to act within the period, but only if University or VA elects not to commence suit
or join each other in any suit.

 

		6.2	Such legal action as is decided upon will be at the expense of the party on account of whom suit is brought and all recoveries
recovered thereby will belong to such party, provided, however, that legal action brought by VA, University, and/or an exclusive
Licensee, and participated in by the parties bringing suit will be at the expense of such parties, and all recoveries will be allocated
in the following order:

 

		6.2.1	to each party reimbursement in equal amounts of the attorney’s costs, fees, and other related expenses to the extent
each party paid for such costs, fees, and expenses until all such cuts, fees, and expenses are consumed for each party; and

 

		6.2.2	any remaining amount shared by them in proportion to the share of expenses paid by each party.

 

    	7

    	 

    

  

Each party will cooperate with
the other in litigation proceedings instituted under this Agreement but at the expense of the party on account of whom suit is
brought. This litigation (including settlement) will be controlled by the party bringing the suit, except that University will
control the suit if brought jointly. Either party may be represented at its sole expense by counsel of its choice in any suit brought
by the other party or an exclusive Licensee. VA’s agreement in this paragraph is subject to U.S. Department of Justice approval
on a case-by-case basis.

 

		7.	TERM AND TERMINATION

 

		7.1	Term. This Agreement is effective when signed by both parties and shall extend until the expiration of the last-to-expire of
the License Agreements or patents covering a Subject Invention included under this Agreement, whichever is later, unless otherwise
terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement.

 

		7.2	Termination by Mutual Consent. University and VA may elect to terminate this Agreement, or portions thereof, at any time by
mutual consent in writing. In such event, any outstanding commitments to third parties through License Agreements, options thereto,
or research agreements concerning any Subject Invention(s) or future inventions that would be Subject Inventions under this Agreement
that were entered into by University or were reliant on this Agreement prior to the effective termination date shall survive this
Agreement.

 

		7.3	Termination by Unilateral Action.

 

		7.3.1	Written Notice. Either Party may unilaterally terminate this entire Agreement at any time by giving the other Party prior written
notice, but not less than six (6) months prior to the desired termination date.

 

		7.3.2	Commitments. In such event, any outstanding commitments to third parties through License Agreements, options thereto, or research
agreements concerning any Subject Invention(s) or future inventions that would be Subject Inventions under this Agreement that
were entered into by University or were reliant on this Agreement prior to the effective termination date shall survive this Agreement.
All uncancelable obligations shall be included within Expenses.

 

		7.4	Termination of License Agreement by VA. The VA may terminate a License Agreement if it is determined by VA that:

 

		7.4.1	University or any of its Licensees substantially fail to meet the material obligations set forth in the License Agreement;
or

 

		7.4.2	The VA determines that such action is necessary to meet requirements for public use specified by federal regulations issued
after the date of this Agreement and such requirements are not reasonably satisfied by University or any Licensees; or

  

    	8

    	 

    

  

		7.4.3	University or any Licensees have willfully made a material false statement of, or willfully omitted, a material fact in any
report required by this Agreement; or

 

		7.4.4	University or any Licensees commit a substantial breach of covenant or agreement contained in the License Agreement; or

 

		7.4.5	University or any Licensees materially defaults in making any payment or report required by this Agreement or a License Agreement;
or

 

		7.4.6	University or any Licensees is adjudged as bankrupt or has its assets placed in the hands of the receiver or makes any assignment
or other accommodation for the benefit of creditors; or

 

		7.4.7	University is held by a court of competent jurisdiction, without taking a further appeal, to have misused any patent rights
covering a Subject Invention.

 

		7.5	Prior to any termination of the License Agreement, VA shall furnish University and any Licensee of record a written notice
of intention to terminate, and University and any notified Licensee shall be allowed 30 days after the date of such notice to remedy
any breach or default of any covenant or agreement of the License Agreement or to show cause why the License Agreement should not
be terminated.

 

		7.6	The word termination’ and cognate words, such as ‘term’ and ‘terminate,’ used in this Article
7 and elsewhere in this Agreement are to be read, except where the contrary is specifically indicated, as omitting from their effect
the following rights and obligations all of which survive any termination to the degree necessary to permit their complete fulfillment
or discharge;

 

		7.6.1	University’s obligation to supply a terminal report as specified in Section 5.3 of this Agreement.

 

		7.6.2	VA’s right to receive or recover and University’s obligation to share Net Revenues or accruable for payment at
the time of any termination as specified in Article 4 of this Agreement.

 

		7.6.3	University’s obligation to maintain records and VA’s right to conduct a final audit pursuant to Section 5.1 of
this Agreement.

 

		7.6.4	Sublicenses, releases, and agreements of non-assertion running in favor of Licensees prior to any termination and on which
royalties shall have been paid.

  

    	9

    	 

    

		7.6.5	Any cause of action or claim VA accrued or to accrue, because of any breach or default by University.

 

		7.7	In the event the termination of this Agreement or conversion of this Agreement, any Licensee of record granted pursuant to
this Agreement may, at Licensee’s option, be converted to a license directly between Licensee and VA.

 

		7.8	After effective termination, each party may separately license its interests in Subject Inventions according to its own policy.
Apart from specific obligations of the parties under this Agreement accrued prior to termination, the parties will have no further
rights or obligations under this Agreement after such termination.

 

		8.	NOTICES

 

All notices required or permitted by this Agreement
to be given to the parties thereto shall be deemed to have been properly given if delivered in writing, in person or mailed by
prepaid, first class, registered or certified mail or by an express/overnight delivery service provided by a commercial carrier,
properly addressed to the other Party. Notices shall be considered timely if such notices are received on or before the established
deadline date or sent on or before the deadline date as verifiable by U.S. Postal Service postmark or dated receipt from a commercial
carrier. Parties should request a legibly dated U.S. Postal Service postmark or obtain a dated receipt from a commercial carrier
or the U.S. Postal Service. Private metered postmarks shall not be acceptable as proof of timely mailing.

 

Notices shall be sent to the mailing address below,
or alternative address(es) for individual Subject Inventions as identified in writing by the VA Director, Technology Transfer Program
or by the University Executive Director, Research Administration and Technology Transfer.

 

	To VA:	 	Director (122)
	 	 	Technology Transfer Program
	 	 	Office of Research and Development
	 	 	U.S. Department of Veterans Affairs
	 	 	810 Vermont Avenue N.W.
	 	 	Washington, D.C. 20420
	 	 	 
	To University:	 	The Regents of the University of California
	 	 	Office of the President
	 	 	Office of Technology Transfer (OTT)
	 	 	1111 Franklin Street, 5th Floor
	 	 	Oakland, California 94607-5200
	 	 	Attention: Executive Director,
	 	 	Research Administration and Technology Transfer

    	10

    	 

    

 

		9.	GOVERNING LAWS, SETTLING DISPUTES

 

		9.1	This Agreement shall be construed in accordance with U.S. Federal law and the laws of the State of California when not in conflict
with U.S. Federal law. Federal law and regulations will preempt any conflicting or inconsistent provisions in this Agreement. University
shall have all defenses available to it under California law.

 

		9.2	Any controversy or any disputed claim by either party against the other arising under or related to this Agreement shall be
submitted jointly to University, Executive Director of Research Administration and Technology Transfer, and to the VA, Director,
Technology Transfer Program, Office of Research and Development. University and VA will be free after written decisions are issued
by those officials to pursue any and all administrative and/or judicial remedies that may be available.

 

		10.	MISCELLANEOUS

 

		10.1	The Agreement or anything related thereto shall not be construed to confer on any person any immunity from or defenses under
the antitrust laws or from a charge of patent misuse, and the acquisition and use of rights pursuant to this Agreement shall not
be immunized from the operation of state or Federal law by reason of the source of the grant.

 

		10.2	It is agreed that no waiver by either party hereto of any breach or default of any of the covenants or agreements herein set
forth shall be deemed a waiver as to any subsequent and/or similar breach or default.

 

		10.3	This Agreement is binding upon and shall inure to the benefit of the parties hereto, their successors or assigns, but this
Agreement may not be assigned by either party without the prior written consent of the other party.

 

		10.4	This Agreement confers no license or rights by implication, estoppel, or otherwise under any patent applications or patents
of University or VA other than Subject Inventions regardless of whether such patents are dominant or subordinate to Subject Inventions.

 

		10.5	Any modification to this Agreement must be in writing and agreed to by both parties.

 

		10.6	It is understood and agreed by University and VA that this Agreement constitutes the entire agreement, both written and oral,
between the parties, and that all prior agreements respecting the subject matter hereof, either written or oral, express or implied,
shall be abrogated, canceled, and are null and void and of no effect.

 

    	11

    	 

    

 

		10.7	Use of Name. Neither party may use the name of the other party in any way for advertising or publicity without the express
written consent of the other party, provided, however, that while University may not allow a Licensee to use the name of VA for
advertising or publicity, it does have the right to use the name of VA in connection with negotiating a License Agreement or sublicense
agreement and where required by law.

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to
be executed by their duly authorized representatives as follows:

 

	U.S. DEPARTMENT OF VETERANS	 	THE REGENTS OF THE UNIVERSITY OF
	AFFAIRS	 	CALIFORNIA
	 	 	 
	By:	/s/ John R. Feussner, M.D.	 	By:	/s/ Alan B. Bennett
	 	 	 
	Name: John R. Feussner, M.D.	 	Name: Alan B. Bennett
	 	 	 
	Title: Chief Research and Development Officer	 	Title: Executive Director,
	 	 	Research Administration and Technology Transfer
	 	 	 
	Date:	5/19/00	 	Date:	5/18/00

 

    	12

    	 

    

 

Exhibit D

 

Copy of the Articles of Incorporation
of Chimerix, Inc.

 

With an effective date of April 6, 2000

  

    	 

    	 

    

 

State of Delaware

 

Office of the Secretary of State

________________________

 

I, EDWARD J. FREEL, SECRETARY OF STATE OF
THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF INCORPORATION OF “CHIMERIX,
INC.”, FILED IN THIS OFFICE ON THE SEVENTH DAY OF APRIL, A.D. 2000, AT 3:30 O’CLOCK P.M.

 

A FILED COPY OF THIS CERTIFICATE HAS BEEN
FORWARDED TO THE NEW CASTLE COUNTY RECORDER OF DEEDS.

 

 

    	 

    	 

    

 

CERTIFICATE OF INCORPORATION

 

OF

 

CHIMERIX, INC.

 

ARTICLE I

 

The name of the corporation is Chimerix,
Inc.

 

ARTICLE II

 

The address of its registered office in
the State of Delaware is Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware
19801. The name of its registered agent at such address is The Corporation Trust Company.

 

ARTICLE III

 

The nature of the business or purposes to
be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation
Law of Delaware.

 

ARTICLE IV

 

A.           Classes
of Stock. The total number of shares of all classes of capital stock which this corporation shall have authority to issue is
Five Million (5,000,000) of which Three Million Five Hundred Thousand (3,500,000) shares of the par value of One-Tenth of One Cent
($.001) each shall be Common Stock (the “Common Stock”) and One Million Five Hundred Thousand (1,500,000) shares of
the par value of One-Tenth of One Cent ($.001) each shall be Preferred Stock (the “Preferred Stock”).

 

The Preferred Stock may be issued from time
to time in one or more series. Except for the Series A Preferred Stock, the Board of Directors is authorized to fix the number
of shares of any series of Preferred Stock and to determine the designation of any such shares. Subject to compliance with applicable
protective and voting rights provisions that have been granted to outstanding series of Preferred Stock in a Certificate of Designation
or this Certificate of Incorporation, the Board of Directors is also authorized to determine or alter the rights, preferences,
privileges and restrictions granted to or imposed upon any wholly unissued series of Preferred Stock and, within the limits and
restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting
any series, to increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of
any such series subsequent to the issue of shares of that series unless a vote of the holders of such series is required pursuant
to the certificate or certificates establishing the series of Preferred Stock.

 

    	 

    	 

    

 

B.           Rights
Preferences and Restrictions of the Preferred Stock. The Series A Preferred Stock shall consist of 1,500,000 shares. The Series
A Preferred Stock shall have the voting power, preferences and relative, participating, optional or other special rights, and the
qualifications, limitations or restrictions thereof, as follows:

 

1.          Dividend
Provisions. The holders of shares of Series A Preferred Stock shall be entitled to receive dividends, out of any assets legally
available therefor, prior and in preference to any declaration or payment of any dividend (payable other than in Common Stock of
this corporation) on the Common Stock or any other junior equity security of this corporation, at the rate of $.08 per share of
Series A Preferred Stock (as adjusted for any stock splits, stock dividends, recapitalizations and the like) per annum, or if greater
the rate paid on the Common Stock, payable quarterly when, as and if declared by the Board of Directors. Dividends shall not be
cumulative. Dividends, if declared, must be declared and paid with respect to all series of Preferred Stock contemporaneously,
and if less than full dividends are declared, the same percentage of the dividend rate will be payable to each series of Preferred
Stock.

 

2.          Liquidation
Preference.

 

(a)          In
the event of any liquidation, dissolution or winding up of this corporation, either voluntary or involuntary, the holders of Series
A Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of this corporation
to the holders of Common Stock or other junior equity security by reason of their ownership thereof, an amount per share equal
to the sum of (i) $1.00 for each outstanding share of Series A Preferred Stock (the “Original Series A Issue Price”)
and (ii) an amount equal to all declared but unpaid dividends on each such share. If upon the occurrence of such event, the assets
and funds thus distributed among the holders of such series of Preferred Stock shall be insufficient to permit the payment to such
holders of the full aforesaid preferential amounts, then the entire assets and funds of this corporation legally available for
distribution shall be distributed ratably among the holders of Series A Preferred Stock in proportion to the product of the liquidation
preference of each such share, and the number of shares held by each such holder.

 

(b)          After
the distributions described in subsection (a) above have been paid, the remaining assets of this corporation available for distribution
to stockholders shall be distributed among the holders of Common Stock and Series A Preferred Stock pro rata based on the number
of shares of Common Stock held by each (assuming the full conversion of the outstanding Series A Preferred Stock).

 

(c)          A
liquidation, dissolution or winding up of this corporation shall be deemed to be occasioned by, or to include (unless the holders
of a majority of the Series A Preferred Stock then outstanding shall determine otherwise), (A) the acquisition of this corporation
by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization,
merger or consolidation) that results in the transfer of fifty percent (50%) or more of that outstanding voting power of this corporation,
or (B) a sale of all or substantially all of the assets of this corporation (any such event described in clause (A) or (B), a “Reorganization
Event”).

 

    	 

    	 

    

 

(d)          Any
securities to be delivered to the holders of Preferred Stock and Common Stock pursuant to this Section 2 shall be valued as follows:

 

(i)          Securities
not subject to investment letter or other similar restrictions on free marketability:

 

(A)         If
traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the securities on such exchange
over the 30-dry period ending three days prior to the closing;

 

(B)         If
actively traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the 30-day period
ending three days prior to the closing; and

 

(C)         If
there is no active public market, the value shall be the fair market value thereof, as mutually determined in good faith by the
Board of Directors of this corporation.

 

(ii)         The
method of valuation of securities subject to investment letter or other restrictions on free marketability shall be to make an
appropriate discount from the market value determined as above in (i)(A), (B) or (C) to reflect the approximate fair market value
thereof, as mutually determined in good faith by the Board of Directors of this corporation.

 

(e)          In
the event the requirements of this Section 2 are not complied with, this corporation shall forthwith either:

 

(i)          cause
such closing to be postponed until such time as the requirements of this Section 2 have been complied with, or

 

(ii)         cancel
such transaction, in which event the rights, preferences and privileges of the holders of the Preferred Stock shall revert to and
be the same as such rights, preferences and privileges existing immediately prior to the date of the first notice referred to in
subsection 2(f) hereof.

 

(f)          This
corporation shall give each holder of record of Preferred Stock written notice of such impending transaction not later than 20
days prior to the stockholders’ meeting called to approve such transaction, or 20 days prior to the closing of such transaction,
whichever is earlier, and shall also notify such holders in writing of the final approval of such transaction. The first of such
notices shall describe the material terms and conditions of the impending transaction and the provisions of this Section 2, and
this corporation shall thereafter give such holders prompt notice of any material changes. The transaction shall in no event take
place earlier than 20 days after this corporation has given the first notice provided for herein or earlier than ten days after
this corporation has given notice of any material changes provided for herein; provided, however, that such periods may be shortened
upon the written consent of the holders of a majority of the shares of the Preferred Stock then outstanding.

 

    	 

    	 

    

 

3.          Conversion.
The holders of Series A Preferred Stock shall have conversion rights as follows (the “Conversion Rights”):

 

(a)          Right
to Convert.

 

(i)          Subject
to subsection (c) below, each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any
time after the date of issuance of such share and prior to the close of business on any Redemption Date as may have been fixed
in any Redemption Notice with respect to such share, at the office of this corporation or any transfer agent for such series of
Preferred Stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original
Series A Issue Price by the Conversion Price at the time in effect for such series. The initial Conversion Price per share for
shares of Series A Preferred Stock shall be the Original Series A Issue Price; provided, however, that the Conversion Price for
shares of such series of Preferred Stock shall be subject to adjustment as set forth in subsection (c) below.

 

(ii)         Each
share of Series A Preferred Stock shall automatically be converted into shares of Common Stock at the Conversion Price at the time
in effect for such series immediately upon

 

(x)          the
consummation of this corporation’s sale of its Common Stock in a bona fide firm commitment underwriting pursuant to a registration
statement on Form S-1 (or successor form) under the Securities Act of 1933, as amended, which results in gross offering proceeds
to this corporation of at least $5,000,000, the public offering price of which was not less than $3.00 per share (adjusted to reflect
subsequent stock dividends, stock splits or recapitalizations); or

 

(y)          the
approval of holders of at least a majority of the outstanding shares of Series A Preferred Stock, voting together in accordance
with Section 4 hereof.

 

(b)          Mechanics
of Conversion. Before any holder of shares of a series of Preferred Stock shall be entitled to convert the same into shares
of Common Stock, such holder shall surrender the certificate or certificates therefor, duly endorsed, at the office of this corporation
or of any transfer agent for such series of Preferred Stock, and shall give written notice by mail, postage prepaid, to this corporation
at its principal corporate office, of the election to convert the same and shall state therein the name or names in which the certificate
or certificates for shares of Common Stock are to be issued. This corporation shall, as soon as practicable thereafter, issue and
deliver at such office to such holder of such series of Preferred Stock, or to the nominee or nominees of such holder, a certificate
or certificates for the number of shares of Common Stock to which such holder shall be entitled as aforesaid. Such conversion shall
be deemed to have been made immediately prior to the close of business on the date of such surrender of the shares of such series
of Preferred Stock to be converted and the person or

  

    	 

    	 

    

  

persons entitled to receive the shares
of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares
of Common Stock as of such date. If the conversion is in connection with an underwritten offer of securities registered pursuant
to the Securities Act of 1933, as amended, the conversion may, at the option of any holder tendering shares of such series of
Preferred Stock for conversion, be conditioned upon the closing with the underwriter of the sale or securities pursuant to such
offering, in which event the person(s) entitled to receive the Common Stock issuable upon such conversion of shares of such series
of Preferred Stock shall not be deemed to have converted such shares of such series of Preferred Stock until immediately prior
to the closing of such sale of securities.

 

(c)          Conversion
Price Adjustments of the Series A Preferred Stock. The Conversion Price of the Series A Preferred Stock shall be subject to
adjustment from time to time as follows:

 

(i) (A)         If
this corporation shall issue any Additional Stock (as defined below) without consideration or for a consideration per share less
than the Conversion Price for the Series A Preferred Stock, as the case may be, in effect immediately prior to the issuance of
such Additional Stock, the new Conversion Price shall be determined by multiplying the Conversion Price for such series of Preferred
Stock in effect immediately prior to the issuance of Additional Stock by a fraction:

 

(x)          the
numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such issuance (for purposes of
this calculation only, including the number of shares of Common Stock then issuable upon the conversion of all outstanding shares
of Preferred Stock at the Conversion Price for such shares in effect immediately prior to such issuance of Additional Stock and
excluding the number of Shares of Common Stock then issuable upon conversion or exercise of outstanding warrants, options or other
rights to purchase shares) plus the number of shares of Common Stock equivalents which the aggregate consideration received by
this corporation for the shares of such Additional Stock so issued would purchase at the Conversion Price for the shares of the
series of Preferred Stock with respect to which the adjustment is being made; and

 

(y)          the
denominator of which shall be the number of shares of Common Stock outstanding immediately prior to such issuance (for purposes
of this calculation only, including the number of shares of Common Stock then issuable upon the conversion of all outstanding shares
of Preferred Stock at the Conversion Prices for such shares in effect immediately prior to

  

    	 

    	 

    

 

such issuance of Additional Stock and
excluding the number of Shares of Common Stock then issuable upon conversion or exercise of outstanding warrants, options or other
rights to purchase shares) plus the number of such shares of Additional Stock so issued.

 

Any series of issuances of Additional
Stock consisting of Common Stock or the same series of Preferred Stock, issued at the same price and occurring within a three-month
period, shall be treated as one issuance of Additional Stock for the purposes of this calculation.

 

(B)         No
adjustment of the Conversion Price for such series of Preferred Stock shall be made in an amount less than one cent per share,
provided that any adjustments which are not required to be made by reason of this sentence shall be carried forward and shall be
either taken into account in any subsequent adjustment made prior to three years from the date of the event giving rise to the
adjustment being carried forward, or shall be made at the end of three years from the date of the event giving rise to the adjustment
being carried forward. Except to the limited extent provided for in subsections (E)(3) and (E)(4), no adjustment of such Conversion
Price for such series of Preferred Stock pursuant to this subsection 3(c)(i) shall have the effect of increasing the Conversion
Price for such series of Preferred Stock above the Conversion Price for such series in effect immediately prior to such adjustment.

 

(C)         In
the case of the issuance of Common Stock for cash, the consideration shall be deemed to be the amount of cash paid therefor before
deducting any reasonable discounts, commissions or other expenses allowed, paid or incurred by this corporation for any underwriting
or otherwise in connection with the issuance and sale thereof.

 

(D)         In
the case of the issuance of the Common Stock for a consideration in whole or in part other than cash, the consideration other than
cash shall be deemed to be the fair value thereof as determined by the Board of Directors irrespective of any accounting treatment.

 

(E)         In
the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible
into or exchangeable for Common Stock or options to purchase or rights to subscribe for such convertible or exchangeable securities
(which are not excluded from the definition of Additional Stock), the following provisions shall apply:

 

    	 

    	 

    

 

(1)         The
aggregate maximum number of shares of Common Stock deliverable upon exercise of such options to purchase or rights to subscribe
for Common Stock shall be deemed to have been issued at the time such options or rights were issued and for a consideration equal
to the consideration (determined in the manner provided in subsections 3(c)(i)(C) and (c)(i)(D)), if any, received by this corporation
upon the issuance of such options or rights plus the minimum purchase price provided in such options or rights for the Common Stock
covered thereby.

 

(2)         The
aggregate maximum number of shares of Common Stock deliverable upon conversion of or in exchange for any such convertible or exchangeable
securities or upon the exercise of options to purchase or rights to subscribe for such convertible or exchangeable securities and
subsequent conversion or exchange thereof shall be deemed to have been issued at the time such securities were issued or such options
or rights were issued and for a consideration equal to the consideration, if any, received by this corporation for any such securities
and related options or rights (excluding any cash received on account of accrued interest or accrued dividends), plus the additional
consideration, if any, to be received by this corporation upon the conversion or exchange of such securities or the exercise of
any related options or rights (the consideration in each case to be determined in the manner provided in subsections 3(c)(i)(C)
and (c)(i)(D)).

 

(3)         In
the event of any change in the number of shares of Common Stock deliverable or any increase in the consideration payable to this
corporation upon exercise of such options or rights or upon conversion of or in exchange for such convertible or exchangeable securities,
including, but not limited to, a change resulting from the anti-dilution provisions thereof, the Conversion Price of the Series
A Preferred Stock obtained with respect to the adjustment which was made upon the issuance of such options, rights or securities,
and any subsequent adjustments based thereon, shall be recomputed to reflect such change, but no further adjustment shall be made
for the actual issuance of Common Stock or any payment of such consideration upon the exercise of any such options or rights or
the conversion or exchange of such securities; provided, however, that this section shall not have any effect on any conversion
of such series of Preferred Stock prior to such change or increase.

 

    	 

    	 

    

 

(4)         Upon
the expiration of any such options or rights, the termination of any such rights to convert or exchange or the expiration of any
options or rights related to such convertible or exchangeable securities, the Conversion Price of the Series A Preferred Stock
obtained with respect to the adjustment which was made upon the issuance of such options, rights or securities or options or rights
related to such securities, and any subsequent adjustments based thereon, shall be recomputed to reflect the issuance of only the
number of shares of Common Stock actually issued upon the exercise of such options or rights upon the conversion or exchange of
such securities or upon the exercise of the options or rights related to such securities; provided, however, that this section
shall not have any effect on any conversion of such series of Preferred Stock prior to such expiration or termination.

 

(ii)         “Additional
Stock” shall mean any shares of Common Stock issued (or deemed to have been issued pursuant to subsection 3(c)(i)(E)) by
this corporation after the date of the issuance of the Series A Preferred Stock, other than

 

(A)         Common
Stock issued pursuant to a transaction described in Subsection 3(c)(iii) hereof,

 

(B)         shares
of Common Stock issued or issuable to employees, directors, consultants or advisors under stock option and restricted stock purchase
agreements approved by the directors of this corporation, or

 

(C)         Common
Stock issued or issuable upon conversion of the Preferred Stock.

 

(iii)        In
the event this corporation should at any time or from time to time after the date of the initial issuance of the Series A Preferred
Stock fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination
of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock or
other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares
of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration by such
holder for the additional shares of Common Stock or the Common Stock Equivalents (including the additional shares of Common Stock
issuable upon conversion or exercise thereof), then as of such record date (or the date of such dividend distribution split or
subdivision if no record date is fixed), the Conversion Price of the Series A Preferred Stock shall be appropriately decreased
so that the number of shares of Common Stock issuable on conversion

  

    	 

    	 

    

 

of each share of such series shall be increased in proportion
to such increase of outstanding shares determined in accordance with subsection 3(c)(i)(E).

 

(iv)         If
the number of shares of Common Stock outstanding at any time after the effective date hereof is decreased by a combination of the
outstanding shares of Common Stock, then, following the record date of such combination, the Conversion Price for the Series A
Preferred Stock shall be appropriately increased so that the number of shares of Common Stock issuable on conversion of each share
of such series shall be decreased in proportion to such decrease in outstanding shares.

 

(v)          Notwithstanding
anything herein to the contrary, the operation of, and any adjustment of the Conversion Prices pursuant to, the provisions of subsection
3(c)(i) may be waived with respect to any specific share or shares of Preferred Stock, either prospectively or retroactively and
either generally or in a particular instance by a writing executed by the registered holder of such share or shares. Any waiver
pursuant to this subsection 3(c)(v) shall bind all future holders of the shares of Preferred Stock for which rights have been waived.
In the event that a waiver of adjustment of Conversion Price under this subsection 3(c)(v) results in different Conversion Prices
for shares of a series of Preferred Stock, the Secretary of this corporation shall maintain a written ledger identifying the Conversion
Price for each share of such series of Preferred Stock. Such information shall be made available to any person upon request.

 

(d)          Other
Distributions. In the event this corporation shall declare a distribution payable in securities of other persons, evidences
of indebtedness issued by this corporation or other persons, assets (excluding cash dividends) or options or rights not referred
to in subsection 3(c)(iii), then, in each such case for the purpose of this subsection 3(d), the holders of Series A Preferred
Stock shall be entitled to a proportionate share of any such distribution as though they were the holders of the number of shares
of Common Stock of this corporation into which their shares of such series of Preferred Stock, as the case may be, are convertible
as of the record date fixed for the determination of the holders of Common Stock of this corporation entitled to receive such distribution.

 

(e)          Recapitalizations.
If at any time or from time to time there shall be a recapitalization of the Common Stock (other than a subdivision, combination
or merger or sale of assets transaction provided for elsewhere in this Section 3 or in Section 2 hereof) provision shall be made
so that the holders of Series A Preferred Stock shall thereafter be entitled to receive upon conversion of such series of Preferred
Stock the number or shares of stock or other securities or property of this Corporation or otherwise, to which a holder of Common
Stock deliverable upon conversion would have been entitled on such recapitalization. In any such case, appropriate adjustment shall
be made in the application of the provisions of this Section 3 with respect to the rights of the holders of such series of Preferred
Stock after the recapitalization to the end that the provisions of this Section 3 (including adjustment of the Conversion Price
then in effect and the number of shares purchasable upon conversion of such

  

    	 

    	 

    

  

series of Preferred Stock) shall be applicable
after that event as nearly equivalent as may be practicable.

 

(f)          No
Impairment. The corporation will not, by amendment of its Certificate of Incorporation or through any reorganization, recapitalization,
transfer of assets, consolidation, merger, dissolution issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms to be observed or performed hereunder by this corporation, but will
at all times in good faith assist in the carrying out of all the provisions of this Section 3 and in the taking of all such action
as may be necessary or appropriate in order to protect the Conversion Rights of the holders of the Series A Preferred Stock against
impairment.

 

(g)          Fractional
Shares and Certificate as to Adjustments.

 

(i)          No
fractional shares shall be issued upon conversion of shares of a series of Preferred Stock, and the number of shares of Common
Stock to be issued shall be rounded to the nearest whole share. Whether or not fractional shares are issuable upon such conversion
shall be determined on the basis of the total number of shares of such series of Preferred Stock the holder is at the time converting
into Common Stock and the number of shares of Common Stock issuable upon such aggregate conversion.

 

(ii)         Upon
the occurrence of each adjustment or readjustment of the Conversion Price of Series A Preferred Stock, pursuant to this Section
3, this corporation, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof
and prepare and furnish to each holder of such series of Preferred Stock a certificate setting forth such adjustment or readjustment
and showing in detail the facts upon which such adjustment or readjustment is based. This corporation shall, upon the written request
at any time of any holder of such series of Preferred Stock furnish or cause to be furnished to such holder a like certificate
setting forth (A) such adjustment and readjustment, (B) the Conversion Price at the time in effect, and (C) the number of shares
of Common Stock and the amount, if any, of other property which at the time would be received upon the conversion of a share of
such series of Preferred Stock.

 

(h)          Notices
of Record Date. In the event of any taking by this corporation of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution,
any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property,
or to receive any other right, this corporation shall mail to each holder of Series A Preferred Stock at least 10 days prior to
the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and the amount and character of such dividend, distribution or right.

 

    	 

    	 

    

 

(i)          Reservation
of Stock Issuable Upon Conversion. This corporation shall at all times reserve and keep available out of its authorized but
unissued shares of Common Stock solely for the purpose of effecting the conversion of the shares of Series A Preferred Stock such
number of its shares of Common Stock as shall from time to time be sufficient to affect the conversion of all outstanding shares
of such series of Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be
sufficient to effect the conversion of all then outstanding shares of such series of Preferred Stock, in addition to such other
remedies as shall be available to the holder of such series of Preferred Stock, this corporation will take such corporate action
as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number
or shares as shall be sufficient for such purposes.

 

(j)          Notices.
Any notice required by the provisions of this Section 3 to be given to the holders of shares of Series A Preferred Stock shall
be deemed given if deposited in the United States mail, first class postage prepaid, and addressed to each holder of record at
such holder’s address appeasing on the books of this corporation.

 

4.          Voting
Rights.

 

(a)          The
holder of each share of Series A Preferred Stock shall have the right to one vote for each share of Common Stock into which such
Preferred Stock could be converted on the record date for the vote or written consent of stockholders. In all cases any fractional
share, determined on an aggregate conversion basis, shall be rounded to the nearest whole share. With respect to such vote, such
holder shall have full voting rights and powers equal to the voting rights and powers of the holders of Common Stock, and shall
be entitled, notwithstanding any provision hereof, to notice of any stockholders’ meeting in accordance with the bylaws of
this corporation, and shall be entitled to vote, together with holders of Common Stock, with respect to any question upon which
holders of Common Stock have the right to vote.

 

5.          Protective
Provisions. In addition to any approvals required by law, so long as fifty percent (50%) of the original issued shares of Series
A Preferred Stock are outstanding, this corporation shall not without first obtaining the approval (by vote or written consent,
as provided by law) of the holders of at least, a majority of the then outstanding shares of Series A Preferred Stock:

 

(a)          sell,
convey, or otherwise dispose of or encumber all or substantially all of its property or business or merge with or into or consolidate
with any other corporation (other than a wholly owned subsidiary corporation) or effect any transaction or series of related transactions
in which more than 50% of the voting power of this corporation is disposed of; or

 

(b)          alter
or change the rights, preferences or privileges of the Series A Preferred Stock; or

 

(c)          increase
or decrease (other than by conversion) the authorized number of shares of Preferred Stock or the designated number of shares of
Series A Preferred Stock; or

 

    	 

    	 

    

 

(d)          authorize
or issue, or obligate itself to authorize or issue (by reclassification or otherwise) any new class or series of stock (or other
equity security including any other security convertible into or exercisable for any equity security) having a preference over,
or being on a parity with, the Series A Preferred Stock with respect to voting, dividends or upon liquidation; or

 

(e)          amend
this corporation’s Certificate of Incorporation or bylaws that would adversely affect the rights, preferences or privileges
of the Series A Preferred Stock;

 

(f)          repurchase
or redeem shares of the Common Stock of the corporation, other than the repurchase of shares from en employee, consultant or advisor
of the corporation pursuant to a stock purchase or stock option agreement between such person and the corporation providing for
such repurchase upon termination of employment; or

 

(g)          declare
or pay any dividend or distribution with reaped to the Common Stock of the corporation.

 

6.          Status
of Converted Stock. In the event any shares of Series A Preferred Stock shall be converted pursuant to Section 3 hereof, the
shares so converted shall be canceled and shall not be issuable by this corporation; and the Certificate of Incorporation of this
corporation shall be appropriately amended to effect the corresponding reduction in this corporation’s authorized capital
stock.

 

C.           Common
Stock.

 

1.          Relative
Rights of Preferred Stock and Common Stock. All preferences, voting powers, relative, participating optional or other special
rights and privileges, and qualifications, limitations, or restrictions of the Common Stock are expressly made subject and subordinate
to those that may be fixed with respect to any shares of the Preferred Stock.

 

2.          Voting
Rights. Except as otherwise required by law or this Certificate of Incorporation, each holder of Common Stock shall have one
vote in respect of each share of stock held by such holder of record on the books of this corporation for the election of directors
and on all matters submitted to a vote of stockholders of this corporation.

 

3.          Dividends.
Subject to the preferential rights of the Preferred Stock, the holders of shares of Common Stock shall be entitled to receive,
when and if declared by the Board of Directors, out of the assets of this corporation which are by law available therefor, dividends
payable either in cash, in property or in shares of capital stock.

 

4.          Dissolution,
Liquidation or Winding Up. In the event of any dissolution, liquidation or winding up of the affairs of this corporation or
any Reorganization Event, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares
of the Preferred Stock, holders of Common Stock shall be entitled to participate in any distribution of the assets of this corporation
in accordance with Section 2 of Article IV, Division B hereof.

  

    	 

    	 

    

 

ARTICLE V

 

This corporation is to have perpetual existence.

 

ARTICLE VI

 

In furtherance and not in limitation of
the powers conferred by the laws of the State of Delaware:

 

A.           The
Board of Directors of this corporation is expressly authorized to adopt, amend or repeal the bylaws of this corporation; provided,
however, that the bylaws may only be amended in accordance with the provisions thereof.

 

B.           Elections
of directors need not be by written ballot unless the bylaws of this corporation shall so provide.

 

C.           The
books of this corporation may be kept at such place within or without the State of Delaware as the bylaws of this corporation may
provide or as may be designated from time to time by the Board of Directors of this corporation.

 

ARTICLE VII

 

To the fullest extent permitted by Delaware
General Corporation Law as it now exists or as it may hereafter be amended, a director of the corporation shall not be personally
liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability
(i) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General
Corporation Law or (iv) for any transaction from which the director derived an improper personal benefit. If the Delaware General
Corporation Law is hereafter amended to authorize further eliminating or limiting the personal liability of directors, then, after
approval by the stockholders of this Article, the liability of a director of the Corporation, shall be eliminated or limited to
the fullest extent permitted by the Delaware General Corporation Law as so amended.

 

Any amendment, repeal or modification of
the foregoing provisions of this Article VII, or the adoption of any provision in an amended or Certificate of Incorporation inconsistent
with this Article VII, by the stockholders of the Corporation shall be prospective only, and shall not adversely affect any right
or protection of a director of the Corporation existing at the time of such amendment, repeal, modification or adoption.

  

ARTICLE VIII

 

To the fullest extent permitted by applicable
law, this corporation is authorized to provide indemnification of (and advancement of expenses to) such agents of this Corporation

 

    	 

    	 

    

 

(and any other persons to which Delaware
law permits this corporation to provide indemnification) through bylaw provisions, agreements with such agents or other persons,
vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted
by Section 145 of the Delaware General Corporation Law, subject only to limits created by applicable Delaware law (statutory or
nonstatutory), with respect to actions for breach of duty to this corporation, its stockholders and others.

 

Any amendment, repeal or modification of
the foregoing provisions of this Article VIII shall not adversely affect any right or protection of a director, officer, agent
or other person existing at the time of, or increase the liability of any director of this corporation with respect to any acts
or omissions of such director, officer or agent occurring prior to such amendment, repeal or modification.

 

ARTICLE IX

 

Subject to compliance with applicable protective
voting rights that have been or may be granted to the Preferred Stock or series thereof in a Certificate of Designation or this
Certificate of Incorporation, this corporation reserves the right to amend or repeal any provision contained in this Certificate
of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon a stockholder herein are
granted subject to this reservation.

 

ARTICLE X

 

The name and mailing address of the incorporator
is

 

Karl Y. Hostetler

[...***...]

 

I, THE UNDERSIGNED, being the sole incorporator
hereinabove named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do
make this certificate, hereby declaring and certifying that this is my act and deed and the facts herein stated are true, and accordingly
have hereunto set my hand this 6th day of April, 2000.

 

	 	/s/ Karl Y. Hostetler
	 	Karl Y. Hostetler
	 	Sole Incorporator

  

***Confidential Treatment Requested

  

    	 

    	 

    

  

TABLE OF CONTENTS

 

	RECITALS	2
	ARTICLE 1. DEFINITIONS	4
	ARTICLE 2. GRANTS	7
	ARTICLE 3. CONSIDERATIONS	9
	ARTICLE 4. REPORTS, RECORDS AND PAYMENTS	14
	ARTICLE 5. PATENT MATTERS	18
	ARTICLE 6. GOVERNMENTAL MATTERS	20
	ARTICLE 7. TERMINATION OF THE AGREEMENT	20
	ARTICLE 8. LIMITED WARRANTY AND INDEMNIFICATION	21
	ARTICLE 9. USE OF NAMES AND TRADEMARKS	25
	ARTICLE 10. MISCELLANEOUS PROVISIONS	25
	Exhibit A	
	Exhibit B	
	Exhibit C	
	Exhibit D	

 

    	 

    	 

    

 

FIRST AMENDMENT TO THE LICENSE AGREEMENT

EFFECTIVE May 13, 2002

BETWEEN

CHIMERIX, INC.,

AND

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

FOR

DOCKET
NOs. [...***...],
[...***...] and [...***...]

 

This amendment to the
agreement (“Amendment”) is made by and between Chimerix, Inc, a Delaware corporation having an address at 4401 Eastgate
Mall, San Diego, CA 92121 (“Chimerix”) and The Regents Of The University Of California, a California corporation having
its statewide administrative offices at 1111 Franklin Street, Oakland, California 94607-5200 (“University”), as
represented by its San Diego campus having an address at University of California, San Diego, Technology Transfer & Intellectual
Property Services, Mail-code 0910, 9500 Gilman Drive, La Jolla, California 92093-0910 (“UCSD”).

 

Capitalized terms used
but not otherwise defined herein shall have the meanings given them in the License Agreement (“License Agreement”)
between Chimerix and the University effective May 13, 2002 (UC control No. [...***...]).

 

This Amendment is effective
on the date of the last signature (“Effective Date”).

 

Whereas, Chimerix
has entered into the License Agreement wherein Chimerix was granted certain rights;

 

Whereas, the
Field of the license granted to Chimerix under the License Agreement excludes uses of the Second Invention for osteoporosis
and other metabolic bone diseases; and

 

Whereas, Chimerix
and University wish to amend the License Agreement;

 

Now Therefore,
Chimerix and University agree to amend the License Agreement to include certain modifications. These changes are to be substituted
for those relevant portions in the License Agreement and are effective on the Effective Date. For these purposes, changes are made
to the License Agreement as detailed below:

 

RECITALS

 

The fourth recital is deleted in its entirety.

  

***Confidential Treatment Requested

  

    	 

    	 

    

 

ARTICLE 1. DEFINITIONS.

 

Paragraph 1.3 is amended and restated to
read in its entirety: “Field” means all human and veterinary uses” .

 

Paragraph 1.9 is amended and restated to
read in its entirety: “Patent Rights” means any and all or any combination of First, Second and Third Patent Rights.

 

 

ARTICLE 2. GRANTS.

 

Paragraph 2.4 is deleted in its entirety.

 

 

ARTICLE 3. CONSIDERATIONS.

 

The final sentence of Paragraph 3.2 is
deleted in its entirety.

  

As consideration for the amendment of the
Field provided in this Amendment, and in addition to the consideration paid or payable under Article 3 of the License Agreement,
Chimerix shall:

 

(i)          issue
to University twenty five thousand (25,000) shares of Chimerix’ Common Stock (the “Additional Shares”) pursuant
to a restricted common stock agreement between the parties in substantially the form of the Restricted Common Stock Agreement dated
June 18, 2002 between the parties. The Additional Shares shall be issued in the name of “Shellwater & Co.”, as
nominee for University, provided, however, that issuance of Additional Shares by Chimerix shall be subject to final approval
by the Chimerix Board of Directors and acceptance of Additional Shares by University shall be subject to final approval by the
Office of the President of the University. The Additional Shares shall be issued within forty-five (45) days of approval by the
Chimerix Board of Directors or the University Office of the President, whichever occurs later. In the event that approval is not
granted for issuance or acceptance of Additional Shares, this Agreement shall remain in effect and Chimerix and University shall
renegotiate in good faith for a substitution of similar value for consideration. In the event that the parties can not agree on
the substitution of similar value for consideration within sixty (60) days from the September 27th, 2002 meeting of the Chimerix
Board of Directors, this Amendment shall be null and void; and

 

(ii)         pay
to University license maintenance fees of [...***...]
US Dollars ($[...***...]) per year and payable on the first anniversary of the Effective Date and annually thereafter on each anniversary;
provided however, that Chimerix’ obligation to pay this fee shall end on the date when Chimerix is commercially selling a
Licensed Product.

  

***Confidential Treatment Requested

 

    	2.

    	 

    

  

Except as specifically amended by this
Amendment, all other terms and conditions in the License Agreement shall remain unchanged and in full force and effect. The parties
agree that this Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original and all of
which together shall constitute but one and the same instrument.

 

IN WITNESS WHEREOF, both University
and Chimerix have executed this Amendment, in duplicate originals, by their respective and duly authorized officers on the day
and year written.

 

	CHIMERIX, INC.:	 	THE REGENTS OF THE
	 	 	UNIVERSITY OF CALIFORNIA
	 	 	 
	By:	/s/ Kevin P. Anderson	 	By:	/s/ Alan S. Paau
	 	 	 	 
	Name: 	Kevin P. Anderson	 	Alan S. Paau 
	 	 	 	Assistant Vice Chancellor,
	Title: 	VP, Business Development	 	Technology Transfer &
	 	 	Intellectual Property Services
	 	 	 
	Date: 	September 11, 2002	 	Date:	September 9, 2002

   

    	3.

    	 

    

  

SECOND AMENDMENT TO THE LICENSE AGREEMENT
EFFECTIVE MAY 13, 2002

 

BETWEEN

 

CHIMERIX, INC.

 

AND

 

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

FOR

 

CASE
NOS. [
...***...], [...***...] AND [...***...]

 

This second amendment to the agreement ("Second
Amendment") is made by and between Chimerix, Inc., a Delaware corporation having an address at 2505 Meridian Parkway, Suite
340, Durham, NC 27713 ("Chimerix"), and The Regents of the University of California, a California corporation having
its statewide administrative offices at 1111 Franklin Street, Oakland, CA 94607-5200 ("University") as represented by
its San Diego campus having an address at University of California San Diego, Technology Transfer Office, Mail Code 0910, 9500
Gilman Drive, La Jolla, CA 92093-0910 ("UCSD").

 

Capitalized terms used but not otherwise defined
herein shall have the meaning given them in the license agreement effective May 13, 2002 (UC Control No. [...***...]) and the previously
executed first amendment effective September 11, 2002 (UC Control No. [...***...]), (together, the "Agreement")

 

This Second Amendment is effective on the
date of last signature ("Second Amendment Effective Date").

 

Whereas Chimerix has entered into the
Agreement wherein Chimerix was granted certain rights;

 

Whereas, Chimerix has requested a renegotiation
of certain terms of the Agreement in order to secure additional capital investment and partnering opportunities in order to complete
development of Licensed Products as anticipated in the Agreement;

 

Whereas Chimerix and University wish
to amend the Agreement;

 

Now Therefore, Chimerix and University agree
to amend the Agreement. These changes will be substituted for or added to those relevant portions in the Agreement and are effective
on the Second Amendment Effective Date. For these purposes, changes are made to the Agreement as described below. Terms and conditions
not changed in this Second Amendment will remain as detailed in the Agreement.

  

ARTICLE 3, PARAGRAPH 3.1b - Milestone Payments.
Previous versions are hereby deleted and replaced with the following:

 

	Amount	 	Date or Event
	 	 	 
	[...***...]	 	LICENSEE begins a Phase I clinical trial; payable one time for each of the first three Licensed Products to begin a Phase I clinical 

trial

 

***Confidential Treatment Requested

 

    	1.

    	 

    

 

	Amount	 	Date or Event
	 	 	 
	[...***...]	 	LICENSEE begins a Phase III clinical trial; payable one time for each of the first three Licensed Products to begin a Phase III clinical trial
	 	 	 
	[...***...]	 	Six months after LICENSEE begins a Phase III clinical trial; payable one time for each of the first three Licensed Products to begin a Phase III clinical trial. For CMX001, this payment will be due on or before June 15, 2011.
	 	 	 
	[...***...]	 	[...***...] after LICENSEE begins a Phase III clinical trial; payable one time for each of the first three Licensed Products to begin a Phase III clinical trial
	 	 	 
	[...***...]	 	LICENSEE receives the first US regulatory approval for the sale of the first Licensed Product for human therapeutic use
	 	 	 
	[...***...]	 	LICENSEE receives the first US regulatory approval for the sale of each subsequent Licensed Product(s) for human therapeutic use
	 	 	 
	[...***...]	 	LICENSEE receives the first regulatory approval for the sale of each Licensed Product in Europe for human therapeutic use
	 	 	 
	[...***...]	 	LICENSEE receives the first regulatory approval for the sale of each Licensed Product in Japan for human therapeutic use
	 	 	 
	[...***...]*	 	This amount is owed to UNIVERSITY the [...***...] that Net Sales of a Licensed Product in the United States reach or exceed [...***...]. LICENSEE will pay one half of the amount due to UNIVERSITY within [...***...] of the end of [...***...] and the balance within [...***...] of the first payment.
	 	 	 
	[...***...]*	 	This amount is owed to UNIVERSITY the [...***...] that Net Sales of a Licensed Product in Europe reach or exceed [...***...]. LICENSEE will pay one half of the amount due to UNIVERSITY within [...***...] of the end of [...***...] and the balance within [...***...] of the first payment.
	 	 	 
	[...***...]*	 	This amount is owed to UNIVERSITY the [...***...] that Net Sales of a Licensed Product in the rest of the world reach or exceed [...***...]. LICENSEE will pay one half of the amount due to UNIVERSITY within [...***...] of the end of [...***...] and the balance within [...***...] of the first payment.

  

*      If
Net Sales of a Licensed Product in the applicable region (i.e., US, Europe, rest of world) reach the specified dollar level
during a calendar year at a time prior to the expiration of the Patent Rights, and subsequently during the same calendar
year, the Patent Rights expire, the applicable milestone event will be deemed to have occurred, and the milestone payment
shall become due in full, at the time such Net Sales first reached the applicable dollar level (i.e., prior to expiration

 

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    	2.

    	 

    

 

      of
the Patent Rights), provided that LICENSEE shall have sixty (60) days after the end of such calendar year in which to make payment.

 

ARTICLE 3, PARAGRAPH 3.1d(i) - Sublicense
Fees. Previous versions are hereby deleted and replaced with the following:

 

		(1)	The percentage of sublicense fees payable to UNIVERSITY by LICENSEE will be determined according to
the following schedule:

 

	Percentage to be paid	 	Date of Sublicensure
	[...***...]	 	Prior to the first to occur of (i) the first IND submission for a Licensed Product or (ii) expenditure of [...***...] in research to identify, characterize or develop Licensed Products within the Field.
	 	 	 
	[...***...]	 	On or after the first to occur of the events specified above, but prior to initiation of the first Phase III Clinical Study for a Licensed Product.
	 	 	 
	[...***...]	 	On or after the initiation of the first Phase Ill Clinical Study for a Licensed Product.

 

ADDITIONAL CONSIDERATION TO UNIVERSITY

 

Within the later of thirty (30) days of the
Second Amendment Effective Date or receiving final approval of the Office of the President of UNIVERSITY, Chimerix shall issue
to Shellwater & Co. an additional One Hundred Thousand (100,000) shares of Chimerix Common Stock, authorized for issuance under
Chimerix's Amended and Restated Certificate of Incorporation.

 

Except as specified by this Second Amendment,
all other terms and conditions in the Agreement shall remain unchanged and in full force and effect. The parties agree that this
Second Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original and all of which together
shall constitute but one and the same instrument.

 

IN WITNESS WHEREOF both University and
Chimerix have executed this Amendment in duplicate originals, by their respective and duly authorized offices on the day and year
written.

 

	CHIMERIX, INC.:	 	THE REGENTS OF THE
	 	 	UNIVERSITY OF CALIFORNIA
	 	 	 
	By:	/s/ Kenneth I. Moch	 	By:	/s/ Jane C. Moores
	 	 	 	 	 
	Name:	Kenneth I. Moch	 	Jane C. Moores, Assistant Vice Chancellor
	 	 	 	 Technology Transfer Office
	Title:	President & CEO	 	
	 	 	 	 
	Date:	December 17, 2010	 	Date:	December 15, 2010

  

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    	3.

    	 

    

  

THIRD AMENDMENT TO THE LICENSE AGREEMENT
EFFECTIVE MAY 13, 2002

 

BETWEEN

 

CHIMERIX, INC.

 

AND

 

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

FOR

 

CASE
NOS. [...***...],
[...***...] AND [...***...]

 

This third amendment to the agreement ("Third
Amendment") is made by and between Chimerix, Inc., a Delaware corporation having an address at 2505 Meridian Parkway, Suite
340, Durham, NC 27713 ("Chimerix"), and The Regents of the University of California, a California corporation having
its statewide administrative offices at 1111 Franklin Street, Oakland, CA 94607-5200 ("University") as represented by
its San Diego campus having an address at University of California San Diego, Technology Transfer Office, Mail Code 0910, 9500
Gilman Drive, La Jolla, CA 92093-0910 ("UCSD").

 

Capitalized terms used but not otherwise defined
herein shall have the meaning given them in the license agreement between Chimerix and University effective May 13, 2002, having
UC Control No. [...***...] ("Original Agreement"), as amended by the previously executed first amendment effective September
11, 2002, having UC Control No. [...***...] (the "First Amendment"), and second amendment effective December 17, 2010,
having UC Control No. [...***...] (the "Second Amendment"), and supplemented by those certain email notifications regarding
patent prosecution matters dated March 14, 2007, and October 9, 2009, and having UC Control Nos. [...***...] and [...***...], respectively
(collectively, the "Patent Notices"). The Original Agreement, together with, and as amended or supplemented by, the First
Amendment, the Second Amendment and the Patent Notices, are collectively referred to herein as the "Agreement".

 

This Amendment is effective on the date of
last signature ("Third Amendment Effective Date").

 

Whereas, Chimerix has entered into
the Agreement wherein Chimerix was granted certain

rights;

 

Whereas,
Chimerix wishes to amend the Agreement to include additional technology ("New Inventions") disclosed to University under
UCSD Case Nos. [...***...] entitled "[...***...]" and its corresponding patent applications entitled "[...***...]"
invented by [...***...], both of UCSD, and [...***...] entitled "[...***...]", and its corresponding patent applications
entitled

 

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    	1.

    	 

    

  

"[...***...]",
invented by [...***...] of UCSD and [...***...] of Chimerix;

 

Whereas University is willing to amend
the Agreement to include the additional technology;

 

Now Therefore, Chimerix and University agree
to amend the Agreement. These changes will be substituted for or added to those relevant portions in the Agreement and are effective
on the Third Amendment Effective Date. For these purposes, changes are made to the Agreement as described below. Terms and conditions
not changed in this Amendment will remain as detailed in the Agreement.

 

Article 1. DEFINITIONS.

 

Paragraphs 1.11 and 1.12 are amended and restated
to read in their entirety as follows:

 

1.11 "Licensed Method"
means any method that is covered by the claims of Patent Rights the use of which would constitute, but for (a) the license granted
to LICENSEE under this Agreement and/or (b) LICENSEE's joint ownership interest in Fifth Patent Rights, an infringement of any
pending or issued claim within Patent Rights.

 

1.12 "Licensed Product"
means any service, composition or product that is covered by the claims of Patent Rights, or that is produced by the Licensed Method,
or the manufacture, use, sale, offer for sale, or importation of which would constitute, but for (a) the license granted to LICENSEE
under this Agreement and/or (b) LICENSEE's joint ownership interest in Fifth Patent Rights, an infringement of any pending or issued
claim within the Patent Rights.

 

Paragraph 1.9 is amended and restated to read
in its entirety as follows:

 

"Patent Rights"
means any and all or any combination of First Patent Rights, Second Patent Rights and Third Patent Rights (collectively, "Original
Patent Rights") and Fourth Patent Rights and Fifth Patent Rights (collectively, "New Patent Rights").

 

The following new definitions are hereby added
after Paragraph 1.18:

 

		1.19	"Fourth Patent Rights" means any of the following: the US patent [...***...] issued
1/26/2010 and the US application [...***...] filed 12/10/2009; the PCT application no. [...***...] filed 2/4/2005, based on the
priority of the provisional application [...***...] filed 2/5/2004 disclosing and claiming the New Invention of UCSD Case No. [...***...],
assigned to University; and continuing applications thereof including divisional, substitutions and continuations-in-part (but
only to the extent the claims thereof are enabled by disclosure of the parent application); any patents issuing on said applications
including reissues, reexaminations and extensions; and any corresponding foreign applications or patents.

  

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    	2.

    	 

    

 

1.20
"Fifth Patent Rights" means the US patent [...***...] issued 7/6/2010 and the US application [...***...]
filed 6/9/2010; the PCT application no. [...***...] filed 4/18/2007, based on the priority of the provisional application [...***...]
(filed 5/3/2006) disclosing and claiming the New Invention of UCSD Case No. [...***...] assigned jointly to University and Licensee;
and continuing applications thereof including divisional, substitutions and continuations-in-part (but only to the extent the claims
thereof are enabled by disclosure of the parent application); any patents issuing on said applications including reissues, reexaminations
and extensions; and any corresponding foreign applications or patents.

 

Article 2. GRANTS.

 

Paragraph 2.2 is amended to include the following
new subparagraph (d):

 

(d) If LICENSEE grants a license
to a third party under its own joint ownership interest in the Fifth Patent Rights, LICENSEE shall also concurrently grant a Sublicense
under University's joint ownership interest in the Fifth Patent Rights to said third party.

 

Article 3. CONSIDERATIONS.

 

Subparagraph (ii) under the heading "ARTICLE
3. CONSIDERATIONS" in the First Amendment is amended and restated to read in its entirety as follows:

 

		(ii)	pay to University license maintenance fees of: (A) [...***...] US Dollars ($[...***...]) per year,
payable on each anniversary of the Effective Date prior to the Third Amendment Effective Date; and (B) [...***...] US Dollars ($[...***...])
per year, payable on each anniversary of the Effective Date after the Third Amendment Effective Date; provided however that Licensee's
obligation to pay this fee shall end on the date when Licensee is commercially selling a Licensed Product.

 

Paragraph 3.1b — Milestone Payments.
The following shall be added at the end of Paragraph 3.1b (as amended by the Second Amendment):

 

		(i)	For any Licensed Product that uses either: 1) the New Patent Rights or 2) the Original Patent Rights
(but not both in one Licensed Product): then the milestone payments above will apply.

 

		(ii)	For any Licensed Product that use both the Original Patent Rights and any New Patent Rights, the following
additional milestones will apply:

 

		(1)	[...***...] at IND filing, payable one time for each of the first three such Licensed Products for
which an IND is filed;

  

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    	3.

    	 

    

 

		(2)	[...***...]
at Initiation of Phase II clinical trial, payable one time for each of the first three such Licensed Products to begin a Phase
II clinical trial.

 

		(iii)	The new milestone payment obligations specified in the foregoing subparagraph (ii) shall not
apply to the Licensed Products CMX001 and CMX157, currently in development and already past initiation of Phase II clinical trials,
which utilize the Original Patent Rights; provided, however, that if (A) a new Licensed Product that incorporates CMX001
and/or CMX157 is developed, and (B) the manufacture, use, sale, offer for sale or import of such new Licensed Product would
constitute, but for the license granted under this Agreement, an infringement of any pending or issued and unexpired claim within
the New Patent Rights, then the new milestones will apply to the extent that the regulatory process for the new Licensed Product
includes the event described in the milestone. For example, if a new IND is required, the new milestone would apply. If the new
Licensed Product does not require a new IND, then the revised milestone would not apply.

 

Paragraph 3.2 — Patent Costs.
The following shall be added at the end of Paragraph 3.2:

 

Licensee will reimburse University
for all past (prior to the Third Amendment Effective Date) and future (on or after the Third Amendment Effective Date) Patent Costs
for Fourth Patent Rights as described in the Agreement; past patent costs for Fourth Patent Rights as of the Third Amendment Effective
Date are approximately [...***...]. The

parties acknowledge that Licensee has prosecuted and maintained Fifth Patent Rights, and borne all associated Patent Costs, up
to the Third Amendment Effective Date, and will continue to do so after the Third Amendment Effective Date. Accordingly, this Paragraph
3.2 shall not apply to Fifth Patent Rights unless and until such time (if ever) as University assumes responsibility for prosecuting
and maintaining Fifth Patent Rights in accordance with Paragraph 5.1.

  

Article 5. PATENT MATTERS

 

Paragraph 5.1 — Patent Prosecution
and Maintenance. The following shall be added at the end of Paragraph 5.1:

 

		(e)	Notwithstanding Paragraphs 5.1(a) through 5.1(d) to the contrary, Licensee shall be responsible for
diligently prosecuting and maintaining Fifth Patent Rights, at Licensee's expense, using counsel of Licensee's choice. Licensee
shall keep University reasonably informed of progress with regard to the prosecution and maintenance of Fifth Patent Rights, and
shall consult with, and consider in good faith the requests and suggestions of, University with respect to prosecution and maintenance
of Fifth Patent Rights. In the event that Licensee desires to abandon or cease prosecution or maintenance of any application or
patent

 

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    	4.

    	 

    

  

			within Fifth Patent Rights in any country, Licensee shall provide reasonable prior written notice to University of such
intention to abandon (which notice shall, to the extent possible, be given no later than 60 days prior to the next deadline for
any action that must be taken with respect to any such application or patent in the relevant patent office). In such case, at University's
sole discretion, upon written notice to Licensee, University may elect to continue prosecution and/or maintenance of any such application
or patent, at its sole cost and expense and by counsel of its own choice. If University elects to continue such prosecution and/or
maintenance, then Licensee's exclusive license under University's joint ownership interest in such application or patent shall
terminate, but Licensee shall retain its joint ownership interest in such application or patent.

 

Paragraph 5.2 — Patent Infringement.
The following shall be added at the end of

Paragraph 5.2:

 

		(e)	Notwithstanding
Paragraphs 5.2(b) and 5.2(c) to the contrary, but subject to Paragraphs 5.2(a) and 5.2(d), Licensee shall have the first right
to take legal action against a Third Party for infringement of Fifth Patent Rights, at Licensee's expense, using counsel of Licensee's
choice. If Licensee fails to bring any such action or proceeding within (i) 120 days following the notice of alleged infringement,
or (ii) 30 days before the time limit, if any, set forth in the appropriate laws and regulations for the filing of such actions,
whichever comes first, then University shall have the right to bring and control any such action, at its own expense and by counsel
of its own choice, and Licensee shall have the right, but not the obligation, at its own expense, to be represented in any such
action by counsel of its own choice. Recoveries from actions brought pursuant to this Paragraph 5.2(e) shall first be applied
to reimburse the litigation costs of the party (Licensee or University) bringing suit and bearing the expenses of the litigation,
and then to reimburse the litigation costs of the other party. Any remaining recovery after such reimbursement shall be shared
by the parties as follows: (1) [...***...]% to the party bringing suit; and (2) [...***...]% to the other party.

 

Article 7. TERMINATION OF THE AGREEMENT.
The following shall be added at the end of Article 7:

 

		7.5	Notwithstanding any termination of this Agreement, Licensee shall retain its joint ownership interest
in Fifth Patent Rights.

 

ADDITIONAL CONSIDERATION TO UNIVERSITY

A one-time amendment fee of Five Thousand
US Dollars ($5,000) payable within thirty (30) days of the Third Amendment Effective Date.

 

Except as specified by this Amendment, all
other terms and conditions in the Agreement shall remain unchanged and in full force and effect. The parties agree that this Amendment
may be

  

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    	5.

    	 

    

  

 executed in two (2) or more counterparts, each of which shall be deemed an original and all of which together shall constitute
but one and the same instrument.

 

 

 

IN WITNESS WHEREOF both University and
Chimerix have executed this Amendment in duplicate originals, by their respective and duly authorized offices on the day and year
written.

 

	CHIMERIX, INC.:	 	THE REGENTS OF THE
	 	 	UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By:	/s/ Kenneth I. Moch	 	By:	/s/ Jane C. Moores
	 	 	 	 
	Name:	Kenneth I. Moch	 	Jane C. Moores, Assistant
Vice Chancellor
	 	 	 	 Technology Transfer Office
	 	 	 	 
	Title:	President & CEO	 	 
	 	 	 	 	 
	Date:	September 14, 2011	 	Date:	September 7, 2011

  

    	6.

    	 

    

  

FOURTH AMENDMENT TO THE LICENSE AGREEMENT
EFFECTIVE MAY 13, 2002

 

BETWEEN

 

CHIMERIX, INC.

 

AND

 

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

FOR

 

CASE
NOS. [...***...],
[...***...] AND [...***...]

 

This fourth amendment to the agreement ("Fourth
Amendment") is made by and between Chimerix, Inc., a Delaware corporation having an address at 2505 Meridian Parkway, Suite
340, Durham, NC 27713 ("Chimerix"), and The Regents of the University of California, a California corporation having
its statewide administrative offices at 1111 Franklin Street, Oakland, CA 94607-5200 ("University") as represented by
its San Diego campus having an address at University of California San Diego, Technology Transfer Office, Mail Code 0910, 9500
Gilman Drive, La Jolla, CA 92093-0910 ("UCSD"),

 

Capitalized terms used but not otherwise defined
herein shall have the meaning given them in the license agreement between Chimerix and University effective May 13, 2002, having
UC Control No. [...***...] ("Original Agreement"), as amended by the previously executed first amendment effective September
11, 2002, having UC Control No. [...***...] (the "First Amendment"), and second amendment effective December 17, 2010,
having UC Control No. [...***...] (the "Second Amendment"), and third amendment effective September 14, 2011, having
UC Control No. [...***...] (the "Third Amendment"), and any other revisions regarding the Patent Rights previously made.
The Original Agreement, together with, and as amended by, those revisions, the First Amendment the Second Amendment, and the Third
Amendment are collectively referred to herein as the "Agreement".

 

This Amendment is effective on the date of
last signature ("Fourth Amendment Effective Date").

 

Whereas, Chimerix has entered into
the Agreement wherein Chimerix was granted certain rights;

 

Whereas, Chimerix and University wish
to amend the Agreement to make certain corrections with respect to the recitals and to alter the rights and responsibilities of
the parties in light of Chimerix's current business plans;

 

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    	1.

    	 

    

 

Now Therefore, Chimerix and University agree
to amend the Agreement. These changes will be substituted for or added to those relevant portions in the Agreement and are effective
on the Fourth Amendment Effective Date. For these purposes, changes are made to the Agreement as described below. Terms and conditions
not changed in this Amendment will remain as detailed in the Agreement.

  

RECITALS. 

 

The second recital is amended and restated
to read in its entirety as follows:

 

WHEREAS,
the inventions disclosed in UCSD Case Docket No. [...***...]
and titled "[...***...]" ("Original Second Invention") were made in the course of research at UCSD by [...***...]
(hereinafter and collectively, the "Second Inventors") and are covered by Patent Rights as defined below;

 

A new third recital is added to read in
its entirety as follows:

 

WHEREAS, the inventions originally
disclosed in UCSD Case Docket No. [...***...] and titled "[...***...]" ("Additional Second Invention") were
made in the course of research at UCSD by [...***...] and were later joined with the Original Second Invention (now collectively
the "Second Invention") and are covered by Patent Rights as defined below;

 

The thirteenth recital is amended and restated
to read in its entirety as follows:

 

WHEREAS, the VA has relinquished
its rights to the Additional Second Invention ("[...***...]") as stated in a letter to [...***...] (Exhibit B) and UNIVERSITY
retains sole right, title and interest in the Additional Second Invention (subject to the license granted to the US Government),
and the VA has retained its rights to the Original Second Invention ("[...***...]");

 

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    	2.

    	 

    

 

The following new recital is hereby added
to the end of the recitals:

 

WHEREAS, subject to the VA/UC Agreement,
and the VA's determination of their right in the Original Second Invention, the UNIVERSITY and the VA own certain rights, title
and interest with respect to the Patent Rights for the Second Invention.

  

ARTICLE 2. GRANTS

 

Paragraph 2.2(c) is amended and restated
to read in its entirety as follows;

 

Upon termination of this Agreement
for any reason, UNIVERSITY will allow LICENSEE to assign to UNIVERSITY any Sublicense provided that: i) the applicable Sublicensee
is in good standing under its sublicense agreement with LICENSEE upon termination of this Agreement; and ii) such Sublicensee is
not currently involved in litigation as an adverse party to the UNIVERSITY. In no case, however, will UNIVERSITY be bound by duties
and obligations contained in any Sublicense that extend beyond the duties and obligations

of the UNIVERSITY set forth in this Agreement. The Sublicensee will promptly agree in writing to be bound by the terms of this
Agreement, including, in lieu of the payment obligations under the applicable Sublicense agreement, but not necessarily limited
to, payment to the UNIVERSITY of fees, royalties and reimbursements required under Article 3.

  

ARTICLE 3, CONSIDERATIONS

 

Paragraph 3.3(a)(6) is amended and restated
to read in its entirety as follows:

 

On
or before the date ending [...***...]
after the Effective Date file with the US FDA an NDA or PLA (or Its equivalent in a foreign country) for the first Licensed Product;
and

  

ARTICLE 5. PATENT MATTER*

 

Paragraph 5.2 is amended and restated to
read in Its entirety as follows:

 

(a)          If
LICENSEE learns of any substantial infringement of Patent Rights, LICENSEE shall so inform UNIVERSITY and provide UNIVERSITY with
reasonable evidence of the infringement. Neither UNIVERSITY nor LICENSEE shall notify a Third Party (other than a SUBLICENSEE)
of the infringement of Patent Rights without the consent of the other. Both UNIVERSITY and LICENSEE shall use reasonable efforts
and cooperation to terminate infringement without litigation.

  

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    	3.

    	 

    

 

(b)          Except
as provided for in Section 5.2(e) below, LICENSEE may request UNIVERSITY to take legal action against such Third Party for the
infringement of Patent Rights. Such request shall be made in writing and shall include reasonable evidence of such infringement
and damages to LICENSEE. If the infringing activity has not abated thirty (30) days following LICENSEE's request, UNIVERSITY shall
have the right to commence suit on its own account. UNIVERSITY shall give notice of its election to commence suit in writing to
LICENSEE by the end of the fourtieth (40th) day after receiving notice of such request from LICENSEE. LICENSEE may elect
to join in that suit at its own expense. Should UNIVERSITY not commence suit on its own account, LICENSEE may thereafter bring
suit for patent infringement at its own expense, if the infringement occurred in a jurisdiction where LICENSEE has an exclusive
license under this Agreement. If LICENSEE elects to bring suit, UNIVERSITY may join that suit at its own expense.

 

(c)          Recoveries
from actions brought pursuant to this Section 5.2 shall belong to the party (UNIVERSITY or LICENSEE) bringing suit and bearing
the expenses of the litigation. Legal actions brought Jointly by UNIVERSITY and LICENSEE and fully participated in by both shall
be at the joint expense of the parties and all recoveries shall be shared jointly by them in proportion to the share of expense
paid by each party.

 

(d)          UNIVERSITY
and LICENSEE shall cooperate with each other in litigation proceedings at the expense of the party bringing suit. Litigation shall
be controlled by the party bringing suit, except that either party may be represented by counsel of Its choice in any suit brought
by the other party.

 

(e)          A
Party receiving any certification regarding the Patent Rights pursuant to either 21 U.S.C. §§355(b)(2)(A)(iv) or
21 U.S.C. §§355 (j)(2)(A)(vii)(IV), or its successor provisions, or any similar provisions in a country in the Territory,
shall provide the other Party with a copy of such certification within fourteen (14) business days of receipt. In the case of UNIVERSITY,
receipt of the certification shall mean when the UNIVERSITY's licensing representative has actual knowledge of the certification.
Any notices served under this paragraph should be sent only to the UCSD Technology Transfer Office, 9500 Gilman Drive, MC 0910,
La Jolla, CA 92093-0910; Attn: Asst, Vice Chancellor for Technology Transfer, in order to facilitate any action needed on the part
of UNIVERSITY. Notwithstanding the UNIVERSITY's right to initiate action as described in section 5,2(b) above, under this paragraph
5.2(e), LICENSEE (or exclusive SUBLICENSEE) shall have the first right to initiate and prosecute any action, and LICENSEE shall
inform UNIVERSITY of such decision within seven (7) days of receipt of the certification. If LICENSEE or exclusive SUBLICENSEE
elects not to bring a suit, UNIVERSITY shall have the right to initiate and prosecute such action. Regardless of which Party has
the right to initiate and prosecute such action, both Parties shall, as soon as practicable after receiving notice of such certification,
convene and consult with each other regarding the appropriate course of conduct for such action. In all cases, the non-initiating
Party shall have the

  

    	4.

    	 

    

  

right to be kept fully informed
and participate in decisions regarding the appropriate course of conduct for such action, and the right to join (at its own expense)
and participate in such action.

 

Except as specified by this Amendment,
all other terms and conditions in the Agreement shall remain unchanged and in full force and effect. The parties agree that this
Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original and all of which together
shall constitute but one and the same instrument.

  

IN WITNESS WHEREOF both University and
Chimerix have executed this Amendment in duplicate originals, by their respective and duly authorized offices on the day and year
written.

 

	CHIMERIX, INC.:	 	THE REGENTS OF THE
	 	 	UNIVERSITY OF CALIFORNIA
	 	 	 
	By: 	/s/ Kenneth I. Moch	 	By:	/s/ Jane C. Moores
	 	 	 
	Kenneth I. Moch	 	Jane C. Moores
	President & CEO	 	Assistant Vice Chancellor Technology Transfer
	 	 	 
	Date:	July 19, 2012	 	Date:	July 18, 2012

  

    	5.Exhibit
10.18 

 

LOAN AND SECURITY AGREEMENT

 

This LOAN AND SECURITY
AGREEMENT (this “Agreement”) dated as of January 27, 2012 (the “Effective Date”) by and
among (a) MIDCAP FINANCIAL SBIC, LP, a Delaware limited partnership (“MidCap”), as administrative agent
(the “Agent”), (b) the Lenders listed on Schedule 1 hereto and otherwise party hereto from time to time, including,
without limitation, MidCap and SILICON VALLEY BANK, a California Corporation (“SVB”), each a “Lender”,
and collectively the “Lenders”, and (c) CHIMERIX, INC., a Delaware corporation (“Borrower”),
provides the terms on which Lenders shall lend to Borrower and Borrower shall repay Lenders. The parties agree as follows:

 

1.
            ACCOUNTING AND OTHER TERMS 

 

Accounting terms not
defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP (other
than non-compliance with FAS 123R in monthly reporting). Capitalized terms not otherwise defined in this Agreement shall have the
meanings set forth in Section 14. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning
provided by the Code to the extent such terms are defined therein.

 

2.             LOAN
AND TERMS OF PAYMENT

 

2.1           Promise
to Pay. Borrower hereby unconditionally promises to pay Lenders the outstanding principal amount of all Credit Extensions and
accrued and unpaid interest thereon as and when due in accordance with this Agreement.

 

2.2           Term
Loans.

 

(a)          Availability.
Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, to make one or more term loans
to Borrower in an aggregate amount up to Fifteen Million Dollars ($15,000,000.00) according to each Lender’s Term Loan Commitment
as set forth on Schedule 1 hereto (such term loans are hereinafter referred to singly as a “Term Loan”,
and collectively as the “Term Loans”). After repayment, no Term Loan may be re-borrowed. The Term Loans shall
be available in two tranches. The first tranche (“Tranche One”) shall be in an amount equal to Three Million
Dollars ($3,000,000.00) (the Terms Loans made severally by each Lender in respect of Tranche One, collectively, the “Tranche
One Term Loan Advance”) and shall be advanced on the Effective Date. The second tranche (“Tranche Two”)
shall be in an amount equal to Twelve Million Dollars ($12,000,000.00) and shall be available to be advanced in no more than three
(3) advances (each of the Term Loans made severally by each Lender in respect of each advance under Tranche Two, collectively,
a “Tranche Two Term Loan Advance” and, all such Term Loans and all such Tranche Two Term Loan Advances, collectively,
the “Tranche Two Term Loan Advances”) during the Tranche Two Draw Period. In addition to and without limiting
the foregoing, no single Tranche Two Term Loan Advance shall be in an amount of less than One Million Dollars ($1,000,000.00).
The Tranche One Term Loan Advance and any and all Tranche Two Term Loan Advances are referred to herein collectively as the “Term
Loan Advances” (and each individually as a “Term Loan Advance”).

 

(b)          Interest
Payments and Repayment. Commencing on the first (1st) Payment Date following the Funding Date of each Term Loan Advance, respectively,
and continuing on the Payment Date of each successive month thereafter, through and including the Maturity Date with respect to
such Term Loan Advance, Borrower shall make monthly payments of interest to each Lender of all interest accrued and owing to such
Lender in respect of such Lender’s Term Loan under such Term Loan Advance, in arrears, and calculated with respect to each
Lender and the Term Loans owing to such Lender as set forth in Section 2.3. Commencing on the Amortization Date of each Term Loan
Advance, and continuing on the Payment Date of each successive month thereafter through and including the Maturity Date of such
Term Loan Advance, Borrower shall make consecutive monthly payments of principal for such Term Loan to each Lender in respect of
such Lender’s Term Loan under such Term Loan Advance, with the amount of each principal payment being calculated as of the
first such Payment Date as follows: (a) (i) the aggregate outstanding principal amount of such Term Loan owing to such Lender,
and divided by (ii) the number of payments in a straight-line amortization schedule for such Term Loan beginning on the Amortization
Date of such Term Loan and ending on the Maturity Date of such Term Loan. All unpaid principal and accrued interest (calculated
with respect to each Lender and the Term Loans owing to such Lender as set forth in Section 2.3) with respect to each Term Loan
is due and payable in full on its Maturity Date. The Term Loans may be prepaid only in accordance with Sections 2.2(c) and 2.2(d).

 

    	1.

    	 

    

 

(c)          Mandatory
Prepayments. If the Term Loans are accelerated following the occurrence and during the continuance of an Event of Default,
Borrower shall immediately pay to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of:
(i) all outstanding principal of the Term Loans and all other Obligations owed by Borrower to such Lender, and all accrued and
unpaid interest thereon (calculated with respect to each Lender and the Term Loans owing to such Lender as set forth in Section
2.3), plus (ii) the Final Payment with respect to the Term Loans owing to such Lender, plus (iii) the Prepayment Premium with respect
to the Term Loans owing to such Lender, plus (iv) all other sums and Obligations owing to such Lender that shall have become due
and payable, including Lenders’ Expenses.

 

(d)          Permitted
Prepayment of Loans. Borrower shall have the option to prepay all or a portion of the Term Loans advanced by the Lenders under
this Agreement; provided, however, that Borrower (i) provides written notice to Agent of its election to prepay the Term Loans
or a portion thereof at least five (5) Business Days prior to such prepayment, and (ii) (x) in the case of prepayment of the aggregate
outstanding principal amount of any or all Term Loans, pays each Lender, on the date of such prepayment, an amount equal to the
sum of: (A) all outstanding principal of such Term Loans and all other Obligations owed by Borrower to such Lender, and all accrued
and unpaid interest thereon (calculated with respect to each Lender and the Term Loans owing to such Lender as set forth in Section
2.3), plus (B) the Final Payment with respect to the Term Loans owing to such Lender, plus (C) the Prepayment Premium with respect
to the Term Loans owing to such Lender, plus (D) all other sums that shall have become due and payable to such Lender, including
Lenders’ Expenses, and (y) in the case of prepayment of a portion of any Term Loan, pays to each Lender, on the date of such
prepayment, an amount equal to the sum of: (A) the outstanding principal of such Term Loan prepaid to such Lender, and all accrued
and unpaid interest thereon, plus (B) the Partial Final Payment with respect to the amount of such Term Loan prepaid, plus (C)
the Prepayment Premium with respect to the amount of such Term Loan prepaid, plus (D) all other sums that shall have become due
and payable to such Lender, including Lenders’ Expenses.

 

2.3           Payment
of Interest on the Credit Extensions.

 

(a)          Interest
Rate. Subject to Section 2.3(b), (i) the aggregate outstanding principal amount of each Term Loan made by MidCap to Borrower
shall accrue interest at a fixed per annum rate equal to eight and nine-tenths of one percent (8.90%), and (ii) the aggregate outstanding
principal amount of each Term Loan made by SVB to Borrower shall accrue interest at a fixed per annum rate equal to seven and fifteen
hundredths of one percent (7.15%).

 

(b)          Default
Rate. Immediately upon the occurrence and during the continuance of an Event of Default, the outstanding principal amount of
the respective Term Loans made by each Lender shall bear interest at a rate per annum which is five percentage points (5.0%) above
the rate that is otherwise applicable thereto (the “Default Rate”), unless Agent and Lenders otherwise elect
from time to time in the sole discretion of each to impose a smaller increase. Fees, expenses and all other Obligations (including,
without limitation, Lenders’ Expenses) which are required to be paid by Borrower to Agent or the Lenders pursuant to the
Loan Documents but are not paid when due (if a due date is specified under the Loan Documents with respect to such Obligations)
or otherwise within ten (10) days after the date of any invoice provided by Agent or Lenders to the Borrower therefor, shall bear
interest until paid at a rate equal to 13.25%. Payment or acceptance of the increased interest rate provided in this Section 2.3(b)
is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice
or limit any rights or remedies of Agent or Lenders.

 

(c)          Computation;
360-Day Year. In computing interest, the date of the making of any Credit Extension shall be included and the date of payment
shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall
be included in computing interest on such Credit Extension. Interest shall be computed on the basis of a 360-day year for the actual
number of days elapsed.

 

    	2.

    	 

    

 

(d)          Debit
of Accounts. Agent and any Lender may debit the Designated Deposit Account (i) for principal and interest payments when due,
or (ii) upon notice to Borrower for any other amounts Borrower owes Agent or any Lender when due. These debits shall not constitute
a set-off.

 

(e)          Interest
Payment Date. Unless otherwise provided, interest is payable monthly on the Payment Date.

 

2.4           Fees.
Borrower shall pay to each Lender:

 

(a)          Closing
Fee. Its Commitment Percentage of a non-refundable closing fee of (i) on the Effective Date, Fifteen Thousand Dollars ($15,000.00),
and (ii) on the Funding Date of each Tranche Two Term Loan Advance, an amount equal to one-half of one percent (0.50%) of the original
principal amount of such Tranche Two Term Loan Advance;

 

(b)          Final
Payment. The Final Payment with respect to its Term Loans, when due hereunder;

 

(c)          Partial
Final Payment. Any Partial Final Payment with respect to its Term Loans, when due hereunder;

 

(d)          Prepayment
Premium. The Prepayment Premium with respect to its Term Loans, when due hereunder;

 

(e)          Unused
Commitment Fee. Upon the earlier to occur of: (i) December 31, 2012, and (ii) the Funding Date of the third (3rd) Tranche Two
Term Loan Advance, its Commitment Percentage of an unused commitment fee in an amount equal to (x) one percent (1.0%) multiplied
by (y) Twelve Million Dollars ($12,000,000.00), minus the aggregate original principal amount of the Tranche Two Term
Loan Advances (if any); and

 

(f)          Lenders’
Expenses. All Lenders’ Expenses (including reasonable attorneys’ fees and expenses, for documentation and negotiation
of this Agreement) incurred by such Lender, including any such Lenders’ Expenses incurred by such Lender in its capacity
as agent, through and after the Effective Date, when due.

 

2.5           Payments.
All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds
in Dollars, without setoff or counterclaim, before 12:00 noon Eastern time on the date when due. Payments of principal and/or interest
received after 12:00 noon Eastern time are considered received at the opening of business on the next Business Day. When a payment
is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as
applicable, shall continue to accrue until paid.

 

2.6           Secured
Promissory Notes. Each Term Loan made by each Lender in connection with any Term Loan Advance shall be evidenced by a Secured
Promissory Note in favor of each Lender for its Commitment Percentage of such Term Loan Advance in the form attached as Exhibit
D hereto (each a “Secured Promissory Note”), and shall be repayable as set forth herein. Borrower irrevocably
authorizes each Lender to make or cause to be made, on or about the Funding Date of any Term Loan or at the time of receipt of
any payment of principal on such Lender’s Secured Promissory Note, an appropriate notation on such Lender’s Secured
Promissory Note Record reflecting the making of such Term Loan or (as the case may be) the receipt of such payment. The failure
to record, or any error in so recording, any such amount on such Lender’s Secured Promissory Note Record shall not limit
or otherwise affect the obligations of Borrower hereunder or under any Secured Promissory Note to make payments of principal of
or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of a Lender as to the loss, theft,
destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory
Note in the same principal amount thereof and of like tenor.

 

2.7           SBIC
Acknowledgement. Borrower acknowledges that Agent is a Federal licensee under the Small Business Investment Act of 1958, as
amended.
 

 

    	3.

    	 

    
 
   

3.            CONDITIONS
OF LOANS

 

3.1          Conditions
Precedent to Initial Credit Extension. Lenders’ obligation to make the initial Credit Extension is subject to the condition
precedent that Agent shall have received, in form and substance satisfactory to Agent and Lenders, such documents, and completion
of such other matters, as Agent may reasonably deem necessary or appropriate, including, without limitation:

 

(a)          duly
executed original signatures to the Loan Documents;

 

(b)          duly
executed original signatures to the Control Agreement(s);

 

(c)          Borrower’s
Operating Documents and a long form good standing certificate of Borrower certified by the Secretary of State of the State of Delaware
as of a date no earlier than thirty (30) days prior to the Effective Date;

 

(d)          certificates
of foreign qualification for Borrower (as appropriate), certified by the applicable Secretary of State as of a date no earlier
than thirty (30) days prior to the Effective Date;

 

(e)          Secretary’s
Certificate with completed Borrowing Resolutions for Borrower and certifying Borrower’s Operating Documents as of the Effective
Date;

 

(f)          certified
copies, dated as of a recent date, of financing statement searches and other lien, judgment and/or litigations with such jurisdictions
and/or courts, as Agent shall request, accompanied by written evidence (including any UCC termination statements) that the Liens
indicated in any such searches either constitute Permitted Liens or have been or, in connection with the initial Credit Extension,
will be terminated or released;

 

(g)          duly
executed original signatures to a payoff letter from SVB;

 

(h)          evidence
that (i) the Liens securing Indebtedness owed by Borrower to SVB (other than Indebtedness hereunder and Bank Services permitted
under clause (b) of the definition of “Permitted Indebtedness”) will be terminated and (ii) the documents and/or filings
evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have
or will, concurrently with the initial Credit Extension, be terminated.

 

(i)           a
landlord’s consent executed by the applicable landlord in favor of Agent, for the ratable benefit of the Lenders, for each
of Borrower’s leased locations, together with the duly executed original signatures thereto;

 

(j)           a
copy of Borrower’s Investor Rights Agreement, as currently amended and in effect;

 

(k)          completed
SBA Forms 480, 652 and 1031 by Borrower;

 

(l)           evidence
satisfactory to Agent that the insurance policies and endorsements required by Section 6.5 hereof are in full force and effect,
together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Agent;
and

 

(m)          payment
of the fees and Lenders’ Expenses then due as specified in Section 2.3 hereof.

 

3.2           Conditions
Precedent to all Credit Extensions. Lenders’ obligations to make each Credit Extension, including the initial Credit
Extension, are subject to the following conditions precedent:

 

(a)          timely
receipt of an executed Payment/Advance Form;

 

    	4.

    	 

    

 

(b)          the
representations and warranties in this Agreement and in any other Loan Documents delivered in connection herewith, specifically
including the Perfection Certificate (as such Perfection Certificate may be updated from time to time in accordance herewith) shall
be true, accurate, and complete in all material respects on the date of the Payment/Advance Form and on the Funding Date of each
Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date.
Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this
Agreement and in any other Loan Documents delivered in connection herewith, specifically including the Perfection Certificate (as
such Perfection Certificate may be updated from time to time in accordance herewith) remain true, accurate, and complete in all
material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date;

 

(c)          no
Event of Default shall have occurred and be continuing or result from the Credit Extension; and

 

(d)          in
each Lender’s sole discretion, there has not been any material impairment in the general affairs, management, results of
operation, financial condition or the prospect of repayment of the Obligations, or any material adverse deviation by Borrower from
the most recent business plan of Borrower presented to and accepted by Agent and Lenders.

 

3.3           Covenant
to Deliver. Borrower agrees to deliver to Agent each item required to be delivered to Agent under this Agreement as a condition
precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Agent of any
such item shall not constitute a waiver by Agent or Lenders of Borrower’s obligation to deliver such item, and the making
of any Credit Extension in the absence of a required item shall be in each Lender’s sole discretion.

 

3.4           Procedures
for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making a Term Loan, Borrower shall
notify Agent and Lenders (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Eastern
time fifteen (15) Business Days prior to the Funding Date of such Term Loan. Together with any such electronic or facsimile notification,
Borrower shall deliver to Agent and Lenders by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible
Officer or his or her designee. Agent and Lenders may rely on any telephone notice given by a person whom Agent or Lenders believe
is a Responsible Officer or designee. Each Lender shall credit its portion of such Term Loan to the Designated Deposit Account.

 

4.             CREATION
OF SECURITY INTEREST.

 

4.1           Grant
of Security Interest. Borrower hereby grants to Agent, for the benefit of Agent and the ratable benefit of Lenders, to secure
the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the
benefit of Agent and the ratable benefit of Lenders, the Collateral, wherever located, whether now owned or hereafter acquired
or arising, and all proceeds and products thereof.

 

4.2           Priority
of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at
all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that may
have superior priority to Agent’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower
shall promptly notify Agent in a writing signed by Borrower of the general details thereof and grant to Agent, for the benefit
of Agent and the ratable benefit of Lenders, in such writing a security interest therein and in the proceeds thereof, all upon
the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Agent. If this Agreement
is terminated, Agent’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations)
are satisfied, and at such time as Agent’s and Lenders’ obligation to make Credit Extensions under this Agreement has
terminated, Agent shall, at Borrower’s sole cost and expense, terminate its security interest in the Collateral and all rights
therein shall revert to Borrower. In the event (a) all Obligations (other than inchoate indemnity obligations), are satisfied in
full, and (b) this Agreement is terminated, Agent shall terminate the security interest granted herein.

 

    	5.

    	 

    

 

4.3           Authorization
to File Financing Statements. Borrower hereby authorizes Agent to file financing statements, without notice to Borrower, with
all appropriate jurisdictions to perfect or protect Agent’s Liens granted hereunder and under any other Loan Documents, including
a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights
of Agent and Lenders under the Code.

 

5.             REPRESENTATIONS
AND WARRANTIES 

 

Borrower represents
and warrants as follows:

 

5.1           Due
Organization, Authorization; Power and Authority. Borrower and each of its Subsidiaries, if any, are duly existing and in good
standing as Registered Organizations in their respective jurisdictions of formation and are qualified and licensed to do business
and are in good standing in any jurisdiction in which the conduct of their business or their ownership of property requires that
they be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s
business. In connection with this Agreement, Borrower has delivered to Agent and Lenders a completed certificate signed by Borrower
entitled “Perfection Certificate” in form and substance acceptable to Agent and Lenders (the “Perfection Certificate”).
Borrower represents and warrants to Agent and each Lender that (a) Borrower’s exact legal name is that indicated on the Perfection
Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction
set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification
number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place
of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its
chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction
of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information
set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being
understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective
Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization
but later becomes one, Borrower shall promptly notify Agent of such occurrence and provide Agent with Borrower’s organizational
identification number. The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been
duly authorized, and do not (i) conflict with any of Borrower’s Operating Documents, (ii) contravene, conflict with, constitute
a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment,
injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of
their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or
Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and
are in full force and effect), or (v) constitute an event of default under any material agreement by which Borrower is bound. Borrower
is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected
to have a material adverse effect on Borrower’s business.

 

5.2           Borrower
Assets.

 

5.2.1       Collateral.
Borrower has good title to, has rights in, and the power to transfer each item of the Collateral upon which it purports to grant
a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit
accounts, if any, described in the Perfection Certificate delivered to Agent and Lenders in connection herewith, or of which Borrower
has given Agent notice and taken such actions as are necessary to give Agent and Lenders a perfected security interest therein.
To Borrower’s knowledge, the Accounts are bona fide, existing obligations of the Account Debtors. No Collateral in excess
of Twenty-Five Thousand Dollars ($25,000.00) per location is in the possession of any third party bailee (such as a warehouse),
except as otherwise provided in the Perfection Certificate. None of the components of the Collateral in excess of Twenty-Five Thousand
Dollars ($25,000.00) per location shall be maintained at locations other than as provided in the Perfection Certificate or as permitted
pursuant to Section 7.2. All Inventory is in all material respects of good and marketable quality, free from material defects.

 

    	6.

    	 

    

 

5.2.2        Intellectual
Property. Borrower is the sole owner of the Intellectual Property which it owns or purports to own and/or has the right to
use or purports to have the right to use except for (a) non-exclusive licenses granted to its customers in the ordinary course
of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property
licensed to Borrower and noted on the Perfection Certificate. To the best knowledge of the Borrower, (i) each Patent which it owns
or purports to own and/or has the right to use or purports to have the right to use and which is material to Borrower’s business
is valid and enforceable, and (ii) no part of the Intellectual Property which Borrower owns or purports to own and/or has the right
to use or purports to have the right to use and which is material to Borrower’s business has been judged invalid or unenforceable,
in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property
violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse
effect on Borrower’s business. Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound
by, any Restricted License.

 

5.3           Litigation.
There are no actions or proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing by or against
Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Thousand Dollars ($200,000.00).

 

5.4           Financial
Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered to
Agent fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated
results of operations. There has not been any material deterioration in Borrower’s consolidated financial condition since
the date of the most recent financial statements submitted to Agent.

 

5.5           Solvency.
The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities;
Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its
debts (including trade debts) as they mature.

 

5.6           Regulatory
Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment
company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities
in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied
in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding
company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding
company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any
laws, ordinances or rules, the violation of which could reasonably be expected to have a material adverse effect on its business.
None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or,
to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any
hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations
of, made all declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue
their respective businesses as currently conducted.

 

5.7           Subsidiaries;
Investments. Borrower does not own any stock, partnership interest or other equity securities except for Permitted Investments.

 

5.8           Tax
Returns and Payments; Pension Contributions. Borrower and each of its Subsidiaries has timely filed all required tax returns
and reports, and Borrower and each of its Subsidiaries has timely paid all foreign, federal, state and local taxes, assessments,
deposits and contributions owed by Borrower and each of its Subsidiaries, provided that Borrower and its Subsidiaries may defer
payment of any contested taxes, provided that Borrower and/or the applicable Subsidiary (a) in good faith contests its obligation
to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Agent in writing of
the commencement of, and any material development in, the proceedings, (c) posts bonds or takes any other steps required to prevent
the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted
Lien”. Borrower is unaware of any claims or adjustments proposed for any of Borrower’s or any of its Subsidiaries’
prior tax years which could result in additional taxes becoming due and payable by Borrower and/or any of its Subsidiaries. Borrower
and each of its Subsidiaries has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation
plans in accordance with their terms, and Borrower has not , nor has any of its Subsidiaries, withdrawn from participation in,
and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such
plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to
the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

 

    	7.

    	 

    

 

5.9           Use
of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its general business
requirements and not for personal, family, household or agricultural purposes. A portion of the proceeds of the initial Credit
Extension shall be used on the Effective Date to repay in full the indebtedness of Borrower to SVB.

 

5.10         Full
Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement given
to Agent or any Lender, as of the date such representation, warranty, or other statement was made, taken together with all such
written certificates and written statements given to Agent or any Lender, contains any untrue statement of a material fact or omits
to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being
recognized by Agent that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions
are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ
from the projected or forecasted results).

 

5.11         Definition
of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is made to Borrower’s
knowledge or awareness, to the “best of Borrower’s knowledge, or with a similar qualification, knowledge or awareness
means the actual knowledge, after reasonable investigation, of the Responsible Officers.

 

6.             AFFIRMATIVE
COVENANTS 

 

Borrower shall do all
of the following:

 

6.1           Government
Compliance.

 

(a)          Maintain
its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain
qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect
on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, with all laws, ordinances and
regulations to which it is subject, noncompliance with which could reasonably be expected to have a material adverse effect on
Borrower’s business.

 

(b)          Obtain
all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which
it is a party and the grant of a security interest to Agent, for the ratable benefit of the Lenders, in the Collateral. Borrower
shall promptly provide copies of any such obtained Governmental Approvals to Agent.

 

6.2           Financial
Statements, Reports, Certificates. Deliver to Agent and Lenders:

 

(a)          Monthly
Financial Statements. As soon as available, but no later than thirty (30) days after the last day of each month, a company
prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified
by a Responsible Officer and in a form acceptable to Agent in its reasonable discretion (the “Monthly Financial Statements”);

 

(b)          Monthly
Compliance Certificate. Within thirty (30) days after the last day of each month and together with the Monthly Financial Statements,
a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower
was in full compliance with all of the terms and conditions of this Agreement and such other financial information as Agent shall
reasonably request;

 

(c)          Annual
Audited Financial Statements. As soon as available, but no later than one hundred fifty (150) days after the last day of each
of Borrower’s fiscal years, audited consolidated financial statements prepared under GAAP, consistently applied, together
with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable to Agent
in its reasonable discretion (the “Annual Financial Statements”);

 

    	8.

    	 

    

 

(d)          Annual
Compliance Certificate. Within one hundred fifty (150) days after the last day of each of Borrower’s fiscal years and
together with the Annual Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying
that as of the end of such fiscal year, Borrower was in full compliance with all of the terms and conditions of this Agreement
and such other financial information as Agent shall reasonably request;

 

(e)          Annual
Operating Budgets and Projections. Within thirty (30) days after the end of each fiscal year of Borrower, and as promptly as
practical after any material revisions thereto: (A) annual operating budgets (including, without limitation income statements and
other annual operating budget materials provided to the Borrower’s board of directors) for the current fiscal year of Borrower,
and (B) annual financial projections for the current fiscal year of Borrower as approved by Borrower’s Board of Directors,
together with any related business forecasts used in the preparation of such annual financial projections, all prepared in a form
satisfactory to Agent in its sole and absolute discretion, exercised in good faith;

 

(f)          Other
Statements. Within five (5) days of delivery, copies of all statements, reports and notices made generally available to Borrower's
security holders or to any holders of Subordinated Debt;

 

(g)          SEC
Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act, within five (5) days
of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental
Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its
shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website
on the internet at Borrower’s website address;

 

(h)          Legal
Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries
that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Two Hundred
Thousand Dollars ($200,000.00) or more;

 

(i)          SBA
Requirements. Within ninety (90) days after the end of each fiscal year of Borrower, and at such other times as Agent may reasonably
request to the extent related to SBA regulations, Borrower shall provide to Agent such forms and financial and other information
with respect to any business or financial condition of Borrower or any of its Subsidiaries required by the SBA, including, but
not limited to (i) forms and information with respect to Agent’s or any Lender’s reporting requirements under SBA Form
468 (attached hereto as Exhibit F) and (ii) information regarding the full-time equivalent jobs created or retained in connection
with any Lender’s investment in Borrower, the impact of the financing on Borrower’s business in terms of revenues and
profits and on taxes paid by Borrower and its employees.

 

(j)          Regulatory
Compliance. Upon request of Agent, the Borrower shall use commercially reasonable efforts to promptly (and in any event within
twenty (20) days of such request) furnish to Agent all information reasonably requested, to the extent reasonably available to
the Borrower in order for Agent or any Lender to comply with the requirements of 13 C.F.R. Section 107.620 or to prepare or file
SBA Form 468 and any other information requested or required by the SBA.

 

(k)          Other
Financial Information. Other financial information reasonably requested by Agent.

 

6.3           Inventory;
Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower
and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly
notify Agent of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000.00).

 

    	9.

    	 

    

 

6.4           Taxes;
Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and timely
pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the
terms of Section 5.8 hereof, and shall deliver to Agent or any Lender, on demand, appropriate certificates attesting to such payments,
and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their
terms.

 

6.5           Insurance.
Keep its business and the Collateral, and the businesses and assets of its Subsidiaries, insured for risks and in amounts standard
for companies in Borrower’s industry and location and as Agent may reasonably request. Insurance policies shall be in a form,
with companies, and in amounts that are reasonably satisfactory to Agent. All property policies shall have a lender’s loss
payable endorsement showing Agent as lender loss payee and waive subrogation against Agent and shall provide that the insurer must
give Agent at least ten (10) days notice before canceling its policy due to Borrower’s failure to pay the premium therefor,
and thirty (30) days notice before canceling its policy for any other reason, and all such liability policies shall show, or have
endorsements showing, Agent as an additional insured. All policies (or the lender’s loss payable and additional insured endorsements)
shall provide that the insurer shall give Agent on behalf of Lenders at least ten (10) days notice before canceling its policy
due to Borrower’s failure to pay the premium therefor, and thirty (30) days notice before canceling its policy for any other
reason. At Agent’s reasonable request, Borrower shall deliver certified copies of policies and evidence of all premium payments.
Proceeds payable under any policy shall, at Agent’s option, be payable to Agent for the ratable benefit of Lenders on account
of the. Obligations. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any
required proof of payment to third persons and Agent, Agent may make all or part of such payment or obtain such insurance policies
required in this Section 6.5, and take any action under the policies Agent deems prudent.

 

6.6           Operating
Accounts.

 

(a)          Maintain
its, its Subsidiaries’, and its Parent’s operating, depository and securities accounts with SVB and SVB’s Affiliates,
which accounts shall represent at least ninety percent (90.0%) of the dollar value of Borrower’s and such Subsidiaries’
and Parent’s accounts at all financial institutions.

 

(b)          Provide
Agent five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution
(including SVB). For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial
institution at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate
instrument with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance with
the terms hereunder which Control Agreement may not be terminated without the prior written consent of Agent. The provisions of
the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of Borrower’s employees and identified to Agent by Borrower as such.

 

6.7           Protection
of Intellectual Property Rights.

 

(a)          (i)
Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property;
(ii) promptly advise Agent in writing of material infringements of its Intellectual Property; and (iii) not allow any Intellectual
Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Agent’s written
consent.

 

(b)          Provide
written notice to Agent within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter
software that is commercially available to the public). Borrower shall take such steps as Agent requests to obtain the consent
of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral”
and for Agent, acting for the ratable benefit of Lenders, to have a security interest in it that might otherwise be restricted
or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii)
Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Agent’s
and Lenders’ rights and remedies under this Agreement and the other Loan Documents.

 

    	10.

    	 

    

 

6.8           Litigation
Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Agent, without
expense to Agent, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Agent
may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Agent and/or
any Lender with respect to any Collateral or relating to Borrower.

 

6.9           Formation
or Acquisition of Subsidiaries. At the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or
indirect Subsidiary after the Effective Date, Borrower shall (a) cause such new Subsidiary to become a Borrower hereunder, and
to execute such joinder agreements, security agreements, authorizations for filing financing statements and/or Control Agreements,
all in form and substance satisfactory to Agent and Lenders (including being sufficient to grant Agent a first priority Lien (subject
to Permitted Liens that may expressly have superiority to Agent’s Lien hereunder) in and to the assets of such newly formed
or acquired Subsidiary), (b) provide to Agent appropriate certificates and powers and financing statements, pledging all of the
direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Agent and Lenders, and (c)
provide to Agent all other documentation in form and substance satisfactory to Agent and Lenders, including one or more opinions
of counsel satisfactory to Agent and Lenders, which in the opinion of Agent and Lenders is appropriate with respect to the execution
and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant
to this Section 6.9 shall be a Loan Document.

 

6.10         Further
Assurances. Execute any further instruments and take further action as Agent reasonably requests to perfect or continue Agent’s
and Lenders’ Lien in the Collateral or to effect the purposes of this Agreement.

 

6.11         Post-Closing.
Within five (5) days following the Effective Date, deliver to Agent a lenders’ loss payable endorsement to Borrower’s
property insurance policy, and an additional insured endorsement to Borrower’s liability insurance policy, in each case in
form and substance satisfactory to Agent.

 

7.             NEGATIVE
COVENANTS 

 

Borrower shall not
do any of the following without Agent’s prior written consent and the prior written consent of the Required Lenders:

 

7.1           Dispositions.
Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of
its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary
course of business; (b) of worn-out or obsolete Equipment; (c) in connection with Permitted Liens and Permitted Investments; (d)
of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business; and (e)
in the ordinary course of business, of exclusive licenses that could not result in a legal transfer of title of the licensed property,
provided that at any time on or after the date that any portion of the Tranche Two Term Loan Advances have been made, without the
prior written consent of Agent and Lenders, Borrower shall not enter into any exclusive license pertaining to CMX001 that is exclusive
as to the territory of the United States and that results in a non-refundable cash upfront payment of less than $17,500,000 to
Borrower upon entering into such license; provided further that any such cash upfront payment received and any and all royalties,
milestone payments or other proceeds arising from such licensing agreement shall be paid to a deposit account that is subject to
a Control Agreement.

 

    	11.

    	 

    

 

7.2           Changes
in Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any
business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto;
(b) liquidate or dissolve; or (c) (i) have a change in senior management such that a Key Person resigns, is terminated, or is no
longer actively involved in the management of the Borrower in his/her current position and is not replaced with a person reasonably
acceptable to Agent within ninety (90) days after departure from Borrower; or (ii) enter into any transaction or series of related
transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own
more than forty percent (40.0%) of the voting stock of Borrower immediately after giving effect to such transaction or related
series of such transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital
investors so long as Borrower identifies to Agent the venture capital investors prior to the closing of the transaction and provides
to Agent a description of the material terms of the transaction). Borrower shall not, without at least thirty (30) days prior written
notice to Agent: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations
contain less than Twenty-Five Thousand Dollars ($25,000.00) in Borrower’s assets or property) or deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of Twenty-Five Thousand Dollars. ($25,000.00) to a bailee at a location
other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization,
(3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned
by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Twenty-Five Thousand Dollars ($25,000.00) per location to a bailee, and Agent, for the benefit of Lenders,
and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower
intends to deliver the Collateral, then Borrower will first receive the written consent of Agent, and such bailee shall execute
and deliver a bailee agreement in form and substance reasonably satisfactory to Agent.

 

7.3           Mergers
or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or
acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person.
A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

 

7.4           Indebtedness.
Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness.

 

7.5           Encumbrance.
Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the
sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be
subject to the first priority security interest granted herein (which Collateral may be subject to Permitted Liens), or enter into
any agreement, document, instrument or other arrangement (except with or in favor of Agent for the benefit of Lenders) with any
Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging,
pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual
Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein.

 

7.6           Maintenance
of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

 

7.7           Distributions;
Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock, except
for repurchases of the stock of terminated employees or consultants in accordance with the repurchase agreements and/or equity
incentive plan and/or repurchases of stock pursuant to a right of first refusal in an aggregate amount not to exceed One Hundred
Thousand Dollars ($100,000.00) per fiscal year, or (b) directly or indirectly make any Investment other than Permitted Investments,
or permit any of its Subsidiaries to do so.

 

7.8           Transactions
with Affiliates. Directly or indirectly enter into or permit to exist , or permit any Subsidiary of Borrower to directly or
indirectly enter into or permit to exist, any material transaction with any Affiliate of Borrower or any Subsidiary of any Borrower,
except as permitted in Section 7.2(c)(ii) and Section 7.7(a) and except for other transactions that are in the ordinary course
of Borrower’s or such Subsidiary’s business, upon fair and reasonable terms that are no less favorable to Borrower
or such Subsidiary than would be obtained in an arm’s length transaction with a non-affiliated Person.

 

7.9           Subordinated
Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor,
or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the
Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to Obligations owed to
Agent and/or Lenders.

 

    	12.

    	 

    

 

7.10         Compliance.
Become an “investment company” or a company controlled by an “investment company”, under the Investment
Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock
(as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension
for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction,
as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation,
if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of
its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination
of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation
plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit
Guaranty Corporation or its successors or any other governmental agency.

 

8.             EVENTS
OF DEFAULT 

 

Any one of the following
shall constitute an event of default (an “Event of Default”) under this Agreement:

 

8.1           Payment
Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay
any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure
period shall not apply to payments due on the Maturity Date). During the cure period, the failure to make or pay any payment specified
under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);

 

8.2           Covenant
Default.

 

(a)          Borrower
fails or neglects to perform any obligation in Sections 6.1(a) (with respect to Borrower’s maintenance of legal existence
set forth in first sentence only), 6.2, 6.4, 6.5, 6.6, or 6.9, or violates any covenant in Section 7; or

 

(b)          Borrower
fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement
or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition,
covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided,
however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by
Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower
shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within
such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall
be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants
or any other covenants set forth in clause (a) above;

 

8.3           Material
Adverse Change. A Material Adverse Change occurs;

 

8.4           Attachment;
Levy; Restraint on Business.

 

(a)          (i)
The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary) on deposit or otherwise maintained with Agent or any Lender or any Affiliate of Agent or any
Lender, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same
under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether
through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure
period; or

 

(b)          (i)
any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver,
or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business;

 

8.5           Insolvency.
(a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent or Borrower fails
to be solvent as described under Section 5.5 hereof; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding
is begun against Borrower and not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while
of any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed);

 

    	13.

    	 

    

 

8.6           Other
Agreements. There is, under any agreement to which Borrower is a party with a third party or parties, (a) any default resulting
in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount
individually or in the aggregate in excess of Two Hundred Thousand Dollars ($200,000.00); or (b) any default by Borrower, the result
of which could have a material adverse effect on Borrower’s business;

 

8.7           Judgments.
One or more final judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate, of at
least Two Hundred Thousand Dollars ($200,000.00) (not covered by independent third-party insurance as to which liability has been
accepted by such insurance carrier) shall be rendered against Borrower and the same are not, within ten (10) days after the entry
thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration
of any such stay (provided that no Credit Extensions will be made prior to the discharge, stay, or bonding of such judgment, order,
or decree);

 

8.8           Misrepresentations.
Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement,
any Loan Document or in any writing delivered to Agent and/or Lenders or to induce Agent and/or Lenders to enter this Agreement
or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; or

 

8.9           Subordinated
Debt. Any document, instrument, or agreement evidencing, or any subordination agreement relating to, any Subordinated Debt
shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach
thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Lien created hereunder shall at any time fail to constitute a valid and perfected Lien on the Collateral purported
to be secured thereby, subject to no prior or equal Lien other than Permitted Liens having priority by operation of applicable
law.

 

9.             RIGHTS
AND REMEDIES

 

9.1           Rights
and Remedies. While an Event of Default occurs and continues Agent may, and at the written direction of any Lender shall, without
notice or demand, do any or all of the following:

 

(a)          declare
all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations are immediately
due and payable without any action by Agent and/or Lenders);

 

(b)          stop
advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower
and Agent and/or Lenders (but if an Event of Default described in Section 8.5 occurs all commitments and obligations to advance
money or extend credit to Borrower on the part of Agent or any Lender shall cease and terminate immediately without any action
by Agent and/or Lenders);

 

(c)          settle
or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Agent considers advisable,
notify any Person owing Borrower money of Agent’s and Lenders’ security interest in such funds, and verify the amount
of such account;

 

(d)          make
any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent may enter
premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest,
or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants
Agent for the benefit of Lenders a license to enter and occupy any of its premises, without charge, to exercise any of Agent’s
rights or remedies;

 

    	14.

    	 

    

 

(e)          apply
to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Agent or Lenders owing to or
for the credit or the account of Borrower;

 

(f)          ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Agent is hereby
granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights,
mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property
as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection
with Agent’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements
inure to Agent for its benefit and for the ratable benefit of Lenders;

 

(g)          place
a “hold” on any account maintained with Agent or Lenders and/or deliver a notice of exclusive control, any entitlement
order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral;

 

(h)          demand
and receive possession of Borrower’s Books; and

 

(i)          exercise
all rights and remedies available to Agent and/or Lenders under the Loan Documents or at law or equity, including all remedies
provided under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

All costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by Agent in the course of the exercise by Agent of any or all
of its rights or remedies under this Section 9.1 shall be considered Lenders’ Expenses owing to Agent and immediately due
and payable, bearing interest at the applicable rate specified in Section 2.3(b), and secured by the Collateral.

 

9.2           Power
of Attorney. Borrower hereby irrevocably appoints Agent as its lawful attorney-in-fact, exercisable upon the occurrence and
during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or
security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c)
settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Agent determines
reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien,
charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise
take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Agent for the ratable benefit
of Lenders or a third party as the Code permits. Borrower hereby appoints Agent as its lawful attorney-in-fact to sign Borrower’s
name on any documents necessary to perfect or continue the perfection of Agent’s and Lenders’ security interests in
the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations)
have been satisfied in full and Agent and Lenders are under no further obligation to make Credit Extensions hereunder. Agent’s
foregoing appointment as Borrower’s attorney in fact, and all of Agent’s rights and powers, coupled with an interest,
are irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Agent’s
and Lenders’ obligation to provide Credit Extensions terminates. All costs and expenses (including reasonable attorneys’
fees and expenses) incurred by Agent in the course of the exercise by Agent of any or all of its rights or remedies as attorney-in-fact
of Borrower under this Section 9.2 shall be considered Lenders’ Expenses owing to Agent and immediately due and payable,
bearing interest at the applicable rate specified in Section 2.3(b), and secured by the Collateral.

 

9.3           Protective
Payments. If, at any time after the occurrence and during the continuance of an Event of Default, Borrower fails to obtain
the insurance called for by Section 6.5, or fails to pay any premium thereon, or fails to pay any other amount which Borrower is
obligated to pay under this Agreement or any other Loan Document or fails to pay any maintenance fees, extension fee or other fees
or payments payable to any Governmental Authority necessary to continue, maintain, preserve or protect any Intellectual Property
of Borrower and its Subsidiaries and/or any rights and remedies of Borrower and its Subsidiaries with respect to such Intellectual
Property, Agent may obtain such insurance or make such payment, and all amounts so paid by Agent are Lenders’ Expenses owing
to Agent and immediately due and payable, bearing interest at the applicable rate specified in Section 2.3(b), and secured by the
Collateral. Agent will make reasonable efforts to provide Borrower with notice of Agent obtaining such insurance at the time it
is obtained or within a reasonable time thereafter. No payments by Agent are deemed an agreement to make similar payments in the
future or Agent’s or any Lender’s waiver of any Event of Default.

 

    	15.

    	 

    

 

9.4           Application
of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Agent and Lenders may apply any
funds in their possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection
of Accounts or other disposition of the Collateral, or otherwise, to the Obligations in such order as Agent shall determine in
its sole discretion, subject (as among Agent and Lenders only, without creating any rights or remedies in favor of Borrower) to
any separate agreement regarding the application of such payments, proceeds or other funds entered into among Agent and Lenders.
Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Agent and Lenders
for any deficiency. If Agent and/or Lenders, in their its good faith business judgment, directly or indirectly enter into a deferred
payment or other credit transaction with any purchaser at any sale of Collateral, Agent and each Lender shall have the option,
exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction
of the Obligations until the actual receipt by Agent of cash therefor.

 

9.5           Agent’s
and Lenders’ Liability for Collateral. So long as Agent and Lenders comply with reasonable banking practices regarding
the safekeeping of the Collateral in the possession or under the control of Agent and Lenders, Agent and Lenders shall not be liable
or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the
value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk
of loss, damage or destruction of the Collateral.

 

9.6           No
Waiver; Remedies Cumulative. Agent’s and/or any Lender’s failure, at any time or times, to require strict performance
by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Agent
and/or Lenders thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective
unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is
given. Agent’s and Lenders’ rights and remedies under this Agreement and the other Loan Documents are cumulative. Agent
and Lenders have all rights and remedies provided under the Code, by law, or in equity. Agent’s or any Lender’s exercise
of one right or remedy is not an election and shall not preclude any Agent and/or any Lender from exercising any other remedy under
this Agreement or other remedy available at law or in equity, and Agent’s and/or such Lender’s waiver of any Event
of Default is not a continuing waiver. Agent’s and/or any Lender’s delay in exercising any remedy is not a waiver,
election, or acquiescence.

 

9.7           Demand
Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment
at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees
held by Agent on which Borrower is liable.

 

10.           NOTICES

 

All notices, consents,
requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing
and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business
Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid;
(b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable
overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed
to the party to be notified and sent to the address, facsimile number, or email address indicated below. Each Lender, Agent or
Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof
in accordance with the terms of this Section 10.

 

If to Borrower:

 

Chimerix, Inc.

2505 Meridian
Parkway, Suite 340

Durham, North
Carolina 27713

Attention: Tim
Trost

Fax: (919) 806-1146

Email: ttrost@chimerix.com

 

    	16.

    	 

    

 

If to MidCap (as Agent
or Lender):

 

MidCap Financial
SBIC, LP

7255 Woodmont
Avenue, Suite 200

Bethesda, Maryland
20814

Attention: Portfolio
Management- Life Sciences

Fax: (301) 941-1450

Email: Iviera@midcapfinancial.com

 

with a copy to:

 

Midcap Financial,
LLC

7255 Woodmont
Avenue, Suite 200

Bethesda, Maryland
20814

Attention: General
Counsel

Fax: (301) 941-1450

Email: rgoodridge@midcapfinancial.com

 

If to SVB:

 

Silicon Valley
Bank Perimeter One

3005 Carrington
Mill Boulevard, Suite 530

Morisville, North
Carolina 27560

Attention: Mr.
Chris Stoecker

Fax: (919) 442-2155

Email: cstoecker@svb.com

 

with a copy to:

 

Riemer &
Braunstein, LLP

Three Center
Plaza

Boston, Massachusetts
02108

Attn: David A.
Ephraim, Esquire

Fax: (617) 880-3456

Email: dephraim@riemerlaw.com

 

11.          CHOICE
OF LAW, VENUE AND JURY TRIAL WAIVER 

 

Massachusetts law governs
the Loan Documents without regard to principles of conflicts of law. Borrower, Agent and each Lender each submit to the exclusive
jurisdiction of the State and Federal courts in Boston, Massachusetts; provided, however, that nothing in this Agreement shall
be deemed to operate to preclude Agent or Lenders from bringing suit or taking other legal action in any other jurisdiction to
realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of
Agent or Lenders. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any
such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue,
or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such
court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and
agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower
at the address set forth in Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to
occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

    	17.

    	 

    

 

TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, BORROWER, LENDERS AND AGENT EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH
OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS
REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

12.           GENERAL
PROVISIONS 

 

12.1         Successors
and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may
not assign this Agreement or any rights or obligations under it without Agent’s and each Lender’s prior written consent
(which may be granted or withheld in Agent’s and each Lender’s discretion). Lenders and Agent have the right, without
the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any
interest in, Agent’s and Lenders’ obligations, rights, and benefits under this Agreement and the other Loan Documents
(other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms of the Warrant).

 

12.2         Indemnification.
Borrower agrees to indemnify, defend and hold Agent and Lenders and their respective directors, officers, employees, agents, attorneys,
or any other Person affiliated with or representing Agent or any Lender (each, an “Indemnified Person”) harmless
against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted
by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including
Lenders Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential
to, or arising from transactions between Lenders and Borrower contemplated by the Loan Documents (including reasonable attorneys’
fees and expenses), except for Claims, Lenders’ Expenses and/or losses directly caused by such Indemnified Person’s
gross negligence or willful misconduct (collectively, the “Indemnified Liabilities”).

 

12.3         Time
of Essence. Time is of the essence for the performance of all Obligations in this Agreement.

 

12.4         Severability
of Provisions. Each provision of this Agreement is severable from every other provision in determining the enforceability of
any provision.

 

12.5         Amendments
in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination
of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth
in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing,
no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate
as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be
limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether
similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents
represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents
merge into the Loan Documents.

 

12.6         Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, is an original, and all taken together, constitute one Agreement.

 

12.7         Survival.
All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated
pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their
terms, are to survive the termination of this Agreement) have been paid in full and satisfied. The obligation of Borrower in Section
12.2 to indemnify each Lender and Agent shall survive until the statute of limitations with respect to such claim or cause of action
shall have run.

 

    	18.

    	 

    

 

12.8        Confidentiality.
In handling any confidential information of Borrower, Agent and Lenders shall exercise the same degree of care that they exercise
for their own proprietary information, but disclosure of information may be made: (a) to Agent’s and Lenders’ Subsidiaries
or Affiliates (such Subsidiaries and Affiliates, together with Agent and Lenders are, collectively, “Lender Entities”);
(b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Agent and Lenders shall
use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision);
(c) as required by law, regulation, subpoena, or other order; (d) to Agent’s and Lenders’ regulators or as otherwise
required in connection with Agent’s and Lenders’ examination or audit; (e) as Agent and Lenders consider appropriate
in exercising their respective remedies under the Loan Documents; and (f) to third-party service providers of Agent or any Lender
so long as such service providers have executed a confidentiality agreement with such Agent or Lender with terms no less restrictive
than those contained herein. Confidential information does not include information that is either: (i) in the public domain or
in Agent’s and/or Lenders’ possession when disclosed to Agent and/or Lenders, or becomes part of the public domain
after disclosure to Agent and/or Lenders through no fault of Agent and Lenders; or (ii) disclosed to Agent and/or Lenders by a
third party, if Agent and/or Lenders does not know that the third party is prohibited from disclosing the information. Lender Entities
may use confidential information for reporting purposes and the development and distribution of databases and market analyses so
long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by
Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement.

 

12.9         Right
of Set Off. Borrower hereby grants to Agent, for its benefit and for the ratable benefit of Lenders, and to each Lender, a
lien, security interest and right of set off as security for all Obligations to Agent and each Lender, whether now existing or
hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Agent or any entity under the control of Agent (including an Agent subsidiary) or in transit to any of
them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Agent or Lenders,
as appropriate, may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though
unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE AGENT
OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING
ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND
IRREVOCABLY WAIVED.

 

12.10      Electronic
Execution of Documents. The words “execution,” “signed,” “signature” and words of like
import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based
recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation,
any state law based on the Uniform Electronic Transactions Act.

 

12.11      Captions.
The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 

12.12      Construction
of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation
of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the
uncertainty to exist.

 

12.13      Relationship.
The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The parties do not
intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different
from those of parties to an arm’s-length contract.

 

12.14      Third
Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies
under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors
and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c)
give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.

 

    	19.

    	 

    

 

12.15       Amendments.

 

(a)          No
amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, no approval or consent
thereunder, or any consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in
writing and signed by Borrower, Agent and Required Lenders. Except as set forth in clause (b) below, all such amendments, modifications,
terminations or waivers requiring the consent of the “Lenders” shall require the written consent of Required Lenders.

 

(b)          No
amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document shall, unless in writing
and signed by Agent and each Lender directly affected thereby: (i) increase or decrease the Commitment of any Lender (which shall
be deemed to affect all Lenders), (ii) reduce the principal of or rate of interest on any Obligation or the amount of any fees
payable hereunder (other than waiving the imposition of the Default Rate), (iii) postpone the date fixed for or waive any payment
of principal of or interest on any Term Loan, or any fees or reimbursement obligation hereunder, (iv) release any of the Collateral,
or consent to a transfer of any of the Intellectual Property, in each case, except as otherwise expressly permitted in the Loan
Documents (which shall be deemed to affect all Lenders), (v) subordinate the Lien granted in favor of Agent, for its benefit and
for the ratable benefit of Lenders, securing the Obligations (which shall be deemed to affect all Lenders), (vi) release Borrower
from, or consent to Borrower’s assignment or delegation of, Borrower’s obligations hereunder and under the other Loan
Documents (which shall be deemed to affect all Lenders) or (vii) amend, modify, terminate or waive Section 9.4, Section 12.10,
the definitions entitled “Commitment Percentage” and “Pro Rata Share” appearing in Section 14.1, as well
as any provision of this Agreement referencing such defined term, or this Section 12.15(b).

 

(c)          Notwithstanding
any provision in this Section 12.15 to the contrary, no amendment, modification, termination or waiver affecting or modifying the
rights or obligations of Agent hereunder shall be effective unless signed by Borrower, Agent and Required Lenders.

 

Any amendment, modification,
supplement, termination, waiver or consent pursuant to this Section 12.15 shall apply equally to, and shall be binding upon, all
the Lenders and Agent.

 

13.           AGENT

 

13.1         Appointment
and Authorization of Agent. Each Lender hereby irrevocably appoints, designates and authorizes Agent to take such action on
its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties
as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, Agent
shall not have any duties or responsibilities, except those expressly set forth herein, nor shall Agent have or be deemed to have
any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations
or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. Without limiting
the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference
to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

13.2         Delegation
of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by or through its, or its Affiliates’,
agents, employees or attorneys-in-fact and shall be entitled to obtain and rely upon the advice of counsel and other consultants
or experts concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of
any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.

 

    	20.

    	 

    

 

13.3         Liability
of Agent. Except as otherwise provided herein, no Agent-Related Person shall (a) be liable to any Lender for any action taken
or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions
contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth
herein), or (b) be responsible in any manner to any Lender or participant of any Lender for any recital, statement, representation
or warranty made by Borrower or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or
any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Loan Document, or for any failure of Borrower or any other party to any Loan Document to perform its obligations hereunder or thereunder.
No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect
the properties, books or records of Borrower or any Affiliate thereof.

 

13.4         Reliance
by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic
mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent
or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower), independent
accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under
any Loan Document unless it shall first receive such advice or concurrence of all Lenders as it deems appropriate and, if it so
requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may
be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting,
or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of all Lenders
and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.

 

13.5         Notice
of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default, unless Agent shall
have received written notice from a Lender or Borrower, expressly stating that such Event of Default exists and describing such
Event of Default. Agent will notify the Lenders of its receipt of any such notice. Agent shall take such action with respect to
an Event of Default as may be directed in writing by the Required Lenders in accordance with Section 9(a); provided, however, that
while an Event of Default has occurred and is continuing, Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Event of Default as Agent shall deem advisable or in the best interest of the Lenders,
including without limitation, satisfaction of other security interests, liens or encumbrances on the Collateral not permitted under
the Loan Documents, payment of taxes on behalf of Borrower, payments to landlords, warehouseman, bailees and other Persons in possession
of the Collateral and other actions to protect and safeguard the Collateral, and actions with respect to insurance claims for casualty
events affecting Borrower and/or the Collateral and payments to landlords, warehouseman, bailees and other Persons in possession
of the Collateral, payments to Governmental Authorities to maintain, continue, preserve and protect the Intellectual Property of
Borrower and its Subsidiaries and/or the rights and remedies of Borrower and its Subsidiaries with respect thereto . All costs
and expenses (including reasonable attorneys’ fees and expenses) incurrent by Agent in taking actions described in this Section
13.5 (including any and all such amounts so paid by Agent) are Lenders’ Expenses owing to Agent and immediately due and payable,
bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral.

 

13.6        Credit
Decision; Disclosure of Information by Agent. Each Lender acknowledges that no Agent-Related Person has made any representation
or warranty to it, and that no act by Agent hereafter taken, including any consent to and acceptance of any assignment or review
of the affairs of Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related
Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession.
Each Lender represents to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such
documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects,
operations, property, financial and other condition and creditworthiness of Borrower and its respective Subsidiaries, and all applicable
bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement
and to extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents,
and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of Borrower. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by Agent herein, Agent shall not have any duty or responsibility to provide any Lender with any credit
or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of Borrower or any of its Affiliates which may come into the possession of any Agent-Related Person.

 

    	21.

    	 

    

 

13.7         Indemnification
of Agent. Whether or not the transactions contemplated hereby are consummated, each Lender shall, severally and pro rata based
on its respective Pro Rata Share, indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf
of Borrower and without limiting the obligation of Borrower to do so), and hold harmless each Agent-Related Person from and against
any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the payment to
any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a judgment by a court of competent
jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct; provided, however,
that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or
willful misconduct for purposes of this Section 13.7. Without limitation of the foregoing, each Lender shall, severally and pro
rata based on its respective Pro Rata Share, reimburse Agent upon demand for its ratable share of any costs or out-of-pocket expenses
(including Lenders’ Expenses incurred after the closing of the transactions contemplated by this Agreement) incurred by Agent
(in its capacity as Agent, and not as a Lender) in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights
or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the
extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section 13.7 shall survive
the payment in full of the Obligations, the termination of this Agreement and the resignation of Agent.

 

13.8         Agent
in its Individual Capacity. With respect to its Credit Extensions, MidCap shall have the same rights and powers under this
Agreement as any other Lender and may exercise such rights and powers as though it were not Agent, and the terms “Lender”
and “Lenders” include MidCap in its individual capacity.

 

13.9         Successor
Agent.

 

(a)          Agent
may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender, or (ii) any Person to whom Agent,
in its capacity as a Lender, has assigned (or will assign, in conjunction with such assignment of agency rights hereunder) fifty
percent (50.0%) or more of the aggregate outstanding Credit Extensions to Agent, in its capacity as a Lender, in each case without
the consent of the Lenders or Borrower. Following any such assignment, Agent shall give notice to the Lenders and Borrower. An
assignment by Agent pursuant to this subsection (a) shall not be deemed a resignation by Agent for purposes of subsection (b) below.

 

(b)          Without
limiting the rights of Agent to designate an assignee pursuant to subsection (a) above, Agent may at any time give notice of its
resignation to the Lenders and Borrower. Upon receipt of any such notice of resignation, Required Lenders shall have the right
to appoint a successor Agent. If no such successor shall have been so appointed by Required Lenders and shall have accepted such
appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent may,
on behalf of the Lenders, appoint a successor Agent; provided, however, that if Agent shall notify Borrower and the Lenders
that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, and (ii) all payments,
communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly,
until such time as Required Lenders appoint a successor Agent as provided for above in this subsection (b).

 

    	22.

    	 

    

 

(c)          Upon
(i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a successor’s appointment as Agent pursuant
to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the Agent, and all the Liens in the Collateral securing the Obligations granted pursuant to this Agreement and the other Loan
Documents to and/or held by, the assigning or retiring (or retired) Agent, and the assigning or retiring Agent shall be discharged
from all of its duties and obligations hereunder and under the other Loan Documents (if not already discharged therefrom as provided
above in this subsection (c)). The fees payable by Borrower to a an assignee or successor Agent shall be the same as those payable
to its predecessor unless otherwise agreed between Borrower and such successor. After the assigning or retiring Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Section 13 shall continue in effect for the benefit of such
assigning or retiring Agent and its sub-agents in respect of any actions taken or omitted to be taken by any of them while the
assigning or retiring Agent was acting or was continuing to act as Agent.

 

13.10      Agent
May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to Borrower, Agent (irrespective of whether the principal
of any Loan, shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent
shall have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Credit Extensions
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and Agent and their respective agents and counsel and all other amounts due the Lenders and Agent allowed in such
judicial proceeding); and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to the
Lenders, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent and its
agents and counsel, and any other amounts due Agent under Section 2.4(0. To the extent that Agent fails timely to do so, each Lender
may file a claim relating to such Lender’s claim.

 

13.11      Collateral
and Guaranty Matters. The Lenders irrevocably authorize Agent, at its option and in its discretion, to release any Lien on
any Collateral granted to or held by Agent under any Loan Document (a) upon the date that all Obligations due hereunder have been
fully and indefeasibly paid in full and no Term Loan Commitments or other obligations of any Lender to provide funds to Borrower
under this Agreement remain outstanding, or (b) that is transferred or to be transferred as part of or in connection with any Transfer
permitted hereunder or under any other Loan Document. Upon request by Agent at any time, all Lenders will confirm in writing Agent’s
authority to release its interest in particular types or items of Property, pursuant to this Section 13.11.

 

13.12      Cooperation
of Borrower. If necessary, Borrower agrees to (a) execute any documents (including new Secured Promissory Notes) reasonably
required to effectuate and acknowledge each assignment of a Term Loan Commitment or Loan to an assignee in accordance with Section
12.1, (b) make Borrower’s management available to meet with Agent and prospective participants and assignees of Term Loan
Commitments or Credit Extensions and (c) assist Agent or the Lenders in the preparation of information relating to the financial
affairs of Borrower as any prospective participant or assignee of a Term Loan Commitment or Term Loan reasonably may request. Subject
to the provisions of Section 12.8, Borrower authorizes each Lender to disclose to any prospective participant or assignee of a
Term Loan Commitment, any and all information in such Lender’s possession concerning Borrower and its financial affairs which
has been delivered to such Lender by or on behalf of Borrower pursuant to this Agreement, or which has been delivered to such Lender
by or on behalf of Borrower in connection with such Lender’s credit evaluation of Borrower prior to entering into this Agreement.

 

    	23.

    	 

    

 

14.           DEFINITIONS

 

14.1         Definitions.
As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or”
is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural,
and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized terms
have the following meanings:

 

“Account”
is any “account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without
limitation, all accounts receivable and other sums owing to Borrower.

 

“Account Debtor”
is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.

 

“Affiliate”
is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls
or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors,
partners and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agent”
is defined in the preamble hereof.

 

“Agent-Related
Person” means the Agent, together with its Affiliates, and the officers, directors, employees, agents, advisors, auditors
and attorneys-in-fact of such Persons; provided, however, that no Agent-Related Person shall be an Affiliate of Borrower.

 

“Agreement”
is defined in the preamble hereof.

 

“Amortization
Date” is (a) with respect to the Tranche One Term Loan Advance, the eleventh (11th) Payment Date following the first
(15t) Payment Date following the Funding Date of the Tranche One Term Loan Advance, and (b) with respect to each Tranche Two Term
Loan Advance, the fifth (5th) Payment Date following the first (15) Payment Date following the Funding Date of such Tranche Two
Term Loan Advance.

 

“Annual Financial
Statements” is defined in Section 6.2(c).

 

“Bank Services”
are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of
its Subsidiaries by SVB or any of its Affiliates, including, without limitation, any letters of credit, cash management services
(including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services),
interest rate swap arrangements, and foreign exchange services, as any such products or services may be identified in SVB’s
various agreements related thereto (each, a “Bank Services Agreement”).

 

“Bank Services
Agreement” is defined in the definition of “Bank Services” appearing alphabetically in this Section 14.1.

 

“BARDA Contract”
means the Award/Contract numbered HHS0100201100013C and dated February 16, 2011 issued by Office of Acquisitions Management, Contracts,
and Grants in favor of Borrower for the development of CMX001 for the treatment of smallpox.

 

“BARDA Event”
is the United States government’s exercise of its option to extend the term of the BARDA Contract for at least one (1) year
pursuant to Part 1.3 of the BARDA Contract, as evidenced by documentation or other evidence reasonably satisfactory to Agent.

 

“Borrower”
is defined in the preamble hereof.

 

“Borrower’s
Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding
Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or
storage or any equipment containing such information.

 

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“Borrowing
Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s Board of Directors and
delivered by such Person to Agent approving the Loan Documents to which such Person is a party and the transactions contemplated
thereby, together with a certificate executed by its Secretary on behalf of such Person certifying that (a) such Person has the
authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that attached
as Exhibit A to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing
and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s)
of the Person(s) authorized to execute the Loan Documents on behalf of such Person, together with a sample of the true signature(s)
of such Person(s), and (d) that Agent and Lenders may conclusively rely on such certificate unless and until such Person shall
have delivered to Agent a further certificate canceling or amending such prior certificate.

 

“Business
Day” is any day that is not a Saturday, Sunday or a day on which Agent is closed.

 

“Cash Equivalents”
means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof
having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1)
year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors
Service, Inc.; (c) SVB’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market
funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a)
through (c) of this definition.

 

“Claims”
is defined in Section 12.2.

 

“CMX-157 Event”
is completion by Borrower of a biopharmaceutical partnership, collaboration or licensing agreement with a third party in connection
with the development of CMX-157, which partnership, collaboration or licensing agreement results in an unconditional initial upfront
payment to the Borrower of not less than $5,000,000 upon the consummation of such partnership.

 

“Code”
is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of Massachusetts;
provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined
differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall
govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection,
or priority of, or remedies with respect to, Agent’s and Lenders’ Lien on any Collateral is governed by the Uniform
Commercial Code in effect in a jurisdiction other than the Commonwealth of Massachusetts, the term “Code” shall mean
the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating
to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

“Collateral”
is any and all properties, rights and assets of Borrower described on Exhibit A.

 

“Collateral
Account” is any Deposit Account, Securities Account, or Commodity Account.

 

“Commitment
Percentage” means, with respect to each Lender, the percentage set forth opposite such Lender’s name on Schedule
1.

 

“Commodity
Account” is any “commodity account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Compliance
Certificate” is that certain certificate in the form attached hereto as Exhibit C.

 

“Contingent
Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed,
endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable;
(b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate,
currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect
a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation”
does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined
amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated
liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any
guarantee or other support arrangement.

 

    	25.

    	 

    

 

“Control Agreement”
is any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the securities
intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Agent
pursuant to which Agent obtains control (within the meaning of the Code) for its benefit and for the benefit of Lenders over such
Deposit Account, Securities Account, or Commodity Account.

 

“Copyrights”
are any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship
and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Credit Extension”
is any Term Loan, or any other extension of credit by Lenders for Borrower’s benefit under and pursuant to this Agreement.

 

“Default Rate”
is defined in Section 2.3(b).

 

“Deposit Account”
is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Designated
Deposit Account” is Borrower’s asset management account, account number 173103198383, maintained with SVB.

 

“Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any other
currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted
into lawful money of the United States.

 

“Dollar Equivalent”
is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated
in a Foreign Currency, the equivalent amount therefor in Dollars as determined by SVB at such time on the basis of the then-prevailing
rate of exchange in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign
Currency.

 

“Effective
Date” is defined in the preamble hereof.

 

“Equipment”
is all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes without
limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.

 

“Equity Event”
is the receipt by Borrower of unrestricted net cash proceeds in the aggregate amount of at least Five Million Dollars ($5,000,000.00),
after the Effective Date but prior to December 31, 2012, from the closing of an equity round or equity rounds by Borrower with
investors that are (a) existing investors in Borrower or their Affiliates or (b) acceptable to each Lender in its reasonable discretion.

 

“ERISA”
is the Employee Retirement Income Security Act of 1974, and its regulations.

 

“Event of
Default” is defined in Section 8.

 

“Exchange
Act” is the Securities Exchange Act of 1934, as amended.

 

    	26.

    	 

    

 

“Final Payment”
is a payment (in addition to and not a substitution for the regular monthly payments of interest or principal and interest, as
applicable) owing to each Lender, with respect to each Term Loan actually funded to or for the account of Borrower by such Lender,
due on the earlier to occur of (a) the Maturity Date of such Term Loan, (b) the acceleration of such Term Loan or any event that
would require the prepayment in full of a Term Loan pursuant to Section 2.2(c), or (c) any voluntary or involuntary prepayment
in full of such Term Loan, equal to (x) (i) the aggregate original principal amount of such Term Loan, minus (ii) the aggregate
principal amount of partial prepayments of such Term Loan made pursuant to Section 2.2(d) (for which Partial Final Payments have
been made), multiplied by (y) the Final Payment Percentage.

 

“Final Payment
Percentage” means two and one-quarter of one percent (2.25%).

 

“Foreign Currency”
means lawful money of a country other than the United States.

 

“Funding Date”
is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

 

“FX Forward
Contract” is any foreign exchange contract by and between Borrower and SVB under which Borrower commits to purchase from
or sell to SVB a specific amount of Foreign Currency on a specified date.

 

“GAAP”
is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession,
which are applicable to the circumstances as of the date of determination.

 

“General Intangibles”
is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as
may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security
and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all
litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation
key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.

 

“Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Indebtedness”
is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations
for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, and (d) Contingent Obligations.

 

“Indemnified
Liabilities” has the meaning given it in Section 12.2.

 

“Indemnified
Person” is defined in Section 12.2.

 

“Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual
Property” means all of Borrower’s right, title, and interest in and to the following:

 

(a)          its
Copyrights, Trademarks and Patents;

 

    	27.

    	 

    

 

(b)          any
and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating
manuals;

 

(c)          any
and all source code;

 

(d)          any
and all design rights which may be available to a Borrower;

 

(e)          any
and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above;
and

 

(f)          all
amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 

“Inventory”
is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter
be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work
in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody
or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

“Investment”
is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance
or capital contribution to any Person.

 

“Key Person”
is the Borrower’s Chief Executive Officer (who is Kenneth Moch as of the Effective Date) and Chief Financial Officer (who
is Tim Trost as of the Effective Date).

 

“Laws”
means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions, regulations, guidances,
guidelines, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises,
governmental agreements and governmental restrictions, whether now or hereafter in effect, which are applicable to any Borrower
in any particular circumstance.

 

“Lender”
and “Lenders” are defined in the preamble hereof.

 

“Lender Entities”
is defined in Section 12.9.

 

“Lenders’
Expenses” are all costs and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending,
negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection
with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower in connection with the Loan Documents.

 

“Letter of
Credit” is a standby or commercial letter of credit issued by SVB upon request of Borrower based upon an application,
guarantee, indemnity or similar agreement.

 

“Lien”
is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily
incurred or arising by operation of law or otherwise against any property.

 

“Loan Documents”
are, collectively, this Agreement, the Perfection Certificate, any note, or notes, including, without limitation, the Secured Promissory
Notes, security agreements or other collateral documents, and each other agreement, instrument, certificate, report and other document
executed and delivered by Borrower in favor of Agent or any Lender in connection with this Agreement, together with all landlord
waivers, licensor consent or waiver, subordination and intercreditor agreements or similar agreements executed and delivered by
a third party in favor of Agent or any Lender in connection with this Agreement, the Credit Extensions and/or any security therefor
, all as amended, restated, or otherwise modified.

 

    	28.

    	 

    

 

“Material
Adverse Change” is: (a) a material impairment in the perfection or priority of Agent’s and Lenders’ security
interest in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition
(financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the Obligations.

 

“Maturity
Date” is (a) with respect to the Tranche One Term Loan Advance, the date that is twenty-nine (29) months following the
Amortization Date of the Tranche One Term Loan Advance, and (b) with respect to each Tranche Two Term Loan Advance, the date that
is thirty-one (31) months following the Amortization Date of such Tranche Two Term Loan Advance.

 

“MidCap”
is defined in the preamble hereof.

 

“Monthly Financial
Statements” is defined in Section 6.2(a).

 

“Obligations”
are Borrower’s obligations to pay when due any debts, principal, interest, Lenders’ Expenses, the Prepayment Premium,
the Final Payment and other amounts Borrower owes Agent and/or Lenders now or later under this Agreement and the other Loan Documents,
including, without limitation, any interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations
of Borrower assigned to Agent and/or Lenders, and the performance of Borrower’s duties under the Loan Documents. Notwithstanding
the foregoing, the term “Obligations” shall not include obligations of Borrower under the Warrant or any equity-related
agreement executed solely in connection therewith.

 

“Operating
Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of State of
such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a)
if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability
company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement),
each of the foregoing with all current amendments or modifications thereto.

 

“Partial Final
Payment” means a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued
interest) owing to each Lender, with respect to each Term Loan made by such Lender, due on the voluntary prepayment of a portion
of any such Term Loan pursuant to Section 2.2(d), equal to the principal amount of such Term Loan so prepaid multiplied by the
Final Payment Percentage.

 

“Patents”
means all patents, patent applications and like protections including without limitation improvements, divisions, continuations,
renewals, reissues, extensions and continuations-in-part of the same.

 

“Payment Date”
is the first calendar day of each month.

 

“Payment/Advance
Form” is that certain form attached hereto as Exhibit B.

 

“Perfection
Certificate” is defined in Section 5.1.

 

“Permitted
Indebtedness” is:

 

(a)          Borrower’s
Indebtedness to Lenders under this Agreement and the other Loan Documents with respect to the Obligations;

 

(b)          Borrower’s
Indebtedness to SVB consisting of up to $50,000 of Bank Services which are cash collateralized;

 

(c)          Indebtedness
existing on the Effective Date and shown on the Perfection Certificate;

 

(d)          Subordinated
Debt;

 

    	29.

    	 

    

 

(e)          unsecured
Indebtedness to trade creditors incurred in the ordinary course of business and consistent with past practices;

 

(f)          Indebtedness
incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(g)          Indebtedness
secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder; and

 

(h)          extensions,
refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided
that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower
or its Subsidiary, as the case may be.

 

“Permitted
Investments” are:

 

(a)          Investments
(including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; and

 

(b)          (i)
Cash Equivalents, and (ii) any Investments permitted by Borrower’s investment policy as attached Exhibit E, as amended
from time to time, provided such investment policy (and any such amendment thereto) has been provided to Agent and is acceptable
to Agent in its reasonable discretion;

 

(c)          Investments
consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of Borrower;

 

(d)          Investments
consisting of deposit accounts in which Agent, for its benefit and the ratable benefit of Lenders, has a perfected security interest;

 

(e)          Investments
accepted in connection with Transfers permitted by Section 7.1;

 

(f)          Investments
of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed One Hundred Thousand
Dollars ($100,000.00) in the aggregate in any fiscal year;

 

(g)          Investments
consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of
business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries
pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors;

 

(h)          Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; and

 

(i)          Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business; provided that this paragraph (i) shall not apply to Investments of Borrower in any Subsidiary.

 

“Permitted
Liens” are:

 

(a)          Liens
existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

 

(b)          Liens
for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested in good
faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been
filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;

 

    	30.

    	 

    

 

(c)          purchase
money Liens or capital leases (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment
securing no more than One Hundred Fifty Thousand Dollars ($150,000.00) in the aggregate amount outstanding, or (ii) existing on
Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment; and

 

(d)          Liens
of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business
so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Fifty Thousand Dollars
($50,000) and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate
proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;

 

(e)          Liens
to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations
incurred in the ordinary course of business (other than Liens imposed by ERISA);

 

(f)          leases
or subleases of real property granted in the ordinary course of business, and leases, subleases, non-exclusive licenses or sublicenses
of property (other than real property or intellectual property) granted in the ordinary course of Borrower’s business, if
the leases, subleases, licenses and sublicenses do not prohibit granting Agent a security interest;

 

(g)          non-exclusive
license of intellectual property granted to third parties in the ordinary course of business;

 

(h)          Liens
arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections
8.4 and 8.7;

 

(i)           Liens
in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at
such institutions, provided that Agent, for the ratable benefit of Lenders, has a perfected security interest in the amounts held
in such deposit and/or securities accounts;

 

(j)           Liens
incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (i), but any extension,
renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness
may not increase; and

 

(k)          Liens
in cash collateral pledged to SVB to secure Indebtedness and other obligations owing to SVB in an amount not to exceed $50,000,
which Liens in such cash collateral may be senior to the Lien in favor of Agent granted under this Agreement.

 

“Person”
is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

 

“Prepayment
Premium” shall be an additional fee payable to each Lender in an amount equal to:

 

(a)          for
a prepayment made or required to be made if otherwise due hereunder on or after the Effective Date through and including, but not
after, the date which is twelve (12) months after the Effective Date in respect of any Term Loan owing to such Lender, three percent
(3.0%) multiplied by the aggregate principal amount of such Term Loan so prepaid or required to be prepaid if otherwise
due hereunder;

 

(b)          for
a prepayment made or required to be made if otherwise due hereunder after the date which is twelve (12) months after the Effective
Date through and including, but not after, the date which is twenty-four (24) months after the Effective Date in respect of any
Term Loan owing to such Lender, two percent (2.0%) multiplied by the aggregate principal amount of such Term Loan so prepaid
or required to be prepaid if otherwise due hereunder; or

 

    	31.

    	 

    

 

(c)          for
a prepayment made or required to be made if otherwise due hereunder after the date which is twenty-four (24) months after the Effective
Date and prior to the applicable Maturity Date in respect of any Term Loan owing to such Lender, one percent (1.0%) multiplied
by the aggregate principal amount of such Term Loan so prepaid or required to be prepaid if otherwise due hereunder.

 

“Pro Rata
Share” means, as determined by Agent, with respect to each Lender, a percentage (expressed as a decimal, rounded to the
ninth decimal place) determined by dividing the amount of Term Loans held by such Lender by the aggregate amount of all
outstanding Term Loans.

 

“Required
Lenders” means Lenders having (a) more than 60% of the Term Loan Commitments of all Lenders, or (b) if such Term Loan
Commitments have expired or been terminated, more than 60% of the aggregate outstanding principal amount of the Term Loans; provided,
however, that so long as a party that is a Lender hereunder on the Effective Date does not assign any portion of its Term Loan
Commitment or Term Loan to any Person other than an Affiliate, the term “Required Lenders” shall include such
Lender (and any Affiliate to which it assigns its interests).

 

“Registered
Organization” is any “registered organization” as defined in the Code with such additions to such term as
may hereafter be made “Requirement of Law” is as to any Person, the organizational or governing documents of such Person,
and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject.

 

“Responsible
Officer” is any of the Chief Executive Officer and Chief Financial Officer of Borrower.

 

“Restricted
License” is any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits
or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or
any other property, or (b) for which a default under or termination of could interfere with the Lender’s right to sell any
Collateral.

 

“SBA”
is the United States Small Business Administration or any successor thereto, and any analogous Governmental Authority.

 

“Secured Promissory
Note” is defined in Section 2.6.

 

“Secured Promissory
Note Record” means a record maintained by each Lender with respect to the outstanding Obligations and credits made thereto.

 

“Securities
Account” is any “securities account” as defined in the Code with such additions to such term as may hereafter
be made.

 

“Subordinated
Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Agent
and Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Agent
and Lenders entered into among Agent, Lenders and the other creditor), on terms acceptable to Agent and Lenders.

 

“Subsidiary”
is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership
or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or
more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall
be a reference to a Subsidiary of Borrower.

 

    	32.

    	 

    

 

“SVB”
is defined in the preamble hereof.

 

“Term Loan”
or “Term Loans” has the meaning given it in Section 2.2(a).

 

“Term Loan
Commitment” is, for any Lender, the obligation of such Lender to make a Term Loan, up to the principal amount shown on
Schedule 1.

 

“Term Loan
Commitments” is the aggregate amount of Term Loan Commitments of all Lenders.

 

“Tranche One”
is defined in Section 2.2(a).

 

“Tranche One
Term Loan Advance” is defined in Section 2.2(a).

 

“Tranche Two”
is defined in Section 2.2(a).

 

“Tranche Two
Draw Period” means the period of time commencing upon the Tranche Two Eligibility Date and continuing through the earlier
to occur of (a) December 31, 2012, and (b) an Event of Default.

 

“Tranche Two
Eligibility Date” means the date on which Agent and each Lender determine, in the sole discretion, exercised in good
faith, of Agent and each Lender, that at least one (1) of the following has occurred: (a) the BARDA Event, (b) the CMX-157 Event,
and (c) the Equity Event.

 

“Tranche Two
Term Loan Advance” and “Tranche Two Term Loan Advances” are defined in Section 2.2.

 

“Trademarks”
means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and
like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.

 

“Transfer”
is defined in Section 7.1.

 

“Warrant”
is that certain Warrant to Purchase Stock dated as of the Effective Date executed by Borrower in favor of SVB.

 

[Signature page follows.]

 

    	33.

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as a sealed instrument under the laws of the Commonwealth of Massachusetts
as of the Effective Date.

 

	BORROWER:	 
	 	 	 
	CHIMERIX, INC.	 
	 	 	 
	By:	/s/ Timothy W. Trost	 
	Name:	Timothy W. Trost	 
	Title:	Senior Vice President and Chief Financial Officer	 

 

	AGENT:	 
	 	 
	MIDCAP FINANCIAL SBIC, LP	 
	By: MIDCAP FINANCIAL SBIC GP, LLC, its General Partner
	 	 	 

 

	 	 	 
	By:	/s/ Colleen S. Kovas	 
	Name:	Colleen S. Kovas	 
	Title:	Authorized Signatory	 

 

	LENDERS:
	 
	MIDCAP FINANCIAL SBIC, LP
	 
	By: MIDCAP FINANCIAL SBIC GP, LLC, its General Partner

 

	By:	/s/ Colleen S. Kovas	 
	Name:	Colleen S. Kovas	 
	Title:	Authorized Signatory	 
	 	 	 
	SILICON VALLEY BANK	 
	 	 	 
	By:	/s/ Chris T. Stoecker	 
	Name:	Chris T. Stoecker	 
	Title:	Vice President	 

 

    	 

    	 

    

 

EXHIBIT A

 

The Collateral consists
of all of Borrower’s right, title and interest in and to the following personal property:

 

All goods, Accounts
(including health-care insurance receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments
(including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates of deposit,
fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment
property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and all Borrower’s
Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions,
attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or
all of the foregoing.

 

Notwithstanding the
foregoing, the Collateral shall not include any Intellectual Property (except as provided below), whether now owned or hereafter
acquired, except to the extent that it is necessary under applicable law to have a Lien and security interest in any such Intellectual
Property in order to have a perfected Lien and security interest in and to IP Proceeds (defined below), and for the avoidance of
any doubt, the Collateral shall include, and Agent shall have a Lien and security interest in, (i) all IP Proceeds, and (ii) all
payments with respect to IP Proceeds that are received after the commencement of a bankruptcy or insolvency proceeding. The term
“IP Proceeds” means, collectively, all cash, Accounts, license and royalty fees, claims, products, awards, judgments,
insurance claims, and other revenues, proceeds or income, arising out of, derived from or relating to any Intellectual Property
of the Borrower, and any claims for damage by way of any past, present or future infringement of any Intellectual Property of the
Borrower (including, without limitation, all cash, royalty fees, other proceeds, Accounts and General Intangibles that consist
of rights of payment to or on behalf of the Borrower and the proceeds from the sale, licensing or other disposition of all or any
part of, or rights in, any Intellectual Property by or on behalf of the Borrower).

 

Pursuant to the terms
of a certain negative pledge arrangement with Agent and Lenders, Borrower has agreed not to encumber any of its Intellectual Property
without Agent’s prior written consent, except as permitted in the Loan and Security Agreement among Borrower, Agent and Lenders.

 

    	1.

    	 

    

 

EXHIBIT B 

 

Deadline
for same day processing is NOON EASTERN TIME

 

	Fax To:	 	Date:___________________________

 

	Loan Payment:	 	 
	 	 	 
	CHIMERIX, INC.
	 	 	 
	From Account #___________________________________	 	To Account #_____________________________________
	(Deposit Account #)	 	(Loan Account #)
	 	 	 
	Principal $ ______________________________________	 	and/or Interest $_______________________________
	 	 	 
	Authorized Signature: ____________________________	 	Phone Number:_________________________
	Print Name/Title:_________________________________	 	 

 

Loan
Advance:

 

Complete Outgoing
Wire Request section below if all or a portion of the funds this loan advance are for an outgoing wire.

 

	From Account #________________________________	 	To Account #_______________________________
	(Loan Account #)	 	(Deposit Account #)
	 	 	 
	Amount of Advance $____________________________	 	 

 

 

All Borrower's representations
and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the request
for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:

 

	Authorized Signature:___________________________	 	Phone Number:___________________________
	Print Name/Title:________________________________	 	 

 

Outgoing
Wire Request:

Complete only if all
or a portion of funds from the loan advance above is to be wired.

 

Deadline for same day
processing is noon, Eastern Time

 

	Beneficiary Name:_________________________________	 	Amount of Wire: $_______________________________
	Beneficiary Bank:_________________________________	 	Account Number:________________________________
	City and State:____________________________________	 	 

 

	Beneficiary Bank Transit (ABA) #:_________________	 	Beneficiary Bank Code (Swift, Sort, Chip, etc.):____________
	 	 	
         (For
International Wire Only)

 

	Intermediary Bank:_______________________________	 	Transit (ABA) #:_________________________________
	For Further
Credit to:___________________________________________________________________________
	 	 	 
	Special Instruction:____________________________________________________________________________

 

By signing below,
I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms
and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received
and executed by me (us).

 

	Authorized Signature:______________________________	 	2nd Signature (if required):__________________________
	Print Name/Title:__________________________________	 	Print Name/Title:_________________________________
	Telephone #:____________________________________	 	Telephone #:____________________________________

 

    	1.

    	 

    
 

EXHIBIT C

 

COMPLIANCE CERTIFICATE

 

	TO:	MIDCAP FINANCIAL SBIC, LP, AS AGENT	Date:__________________________
	FROM:	CHIMERIX, INC.	 

 

The undersigned authorized
officer of Chimerix, Inc. (“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement
among Borrower, Lenders and Agent (the “Agreement”); (1) Borrower is in complete compliance for the period ending ____________________________
with all required covenants except as noted below; (2) there are no Events of Default that have occurred and are continuing; (3)
all representations and warranties in the Agreement and the other Loan Documents, including the Perfection Certificate, as updated
from time to time as permitted by the Agreement, are true and correct in all material respects on this date except as noted below;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly
referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each
of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal,
state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms
of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating
to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Agent. Attached are
the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP
consistently applied from one period to the next except as explained in an accompanying letter or footnotes, except as otherwise
permitted. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower
is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate
is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 

Please indicate compliance
status by circling Yes/No under “Complies” column.

 

	Reporting Covenant	 	Required	 	Complies
	Monthly financial statements with 

Compliance Certificate	 	Monthly within 30 days	 	Yes   No
	 	 	 	 	 
	Annual financial statement (CPA Audited) with Compliance Certificate	 	FYE within 150 days	 	Yes   No
	 	 	 	 	 
	10-Q, 10-K and 8-K	 	Within 5 days after filing with SEC	 	Yes   No
	 	 	 	 	 
	Board Projections	 	Within 30 days after FYE or as materially revised	 	Yes   No
	 	 	 	 	 
	BA Form 468/Other Required Information	 	Annually within 90 days after FYE or as 

requested	 	Yes   No

 

The following are the
exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

 

 

 

	CHIMERIX, INC.	 	AGENT USE ONLY
	 	 	 	 
	 	 	 	Received by:__________________________________
	By:	      	 	AUTHORIZED SIGNER
	Name:	 	 	Date:
	Title:	 	 	Verified_____________________________________
	 	 	 	AUTHORIZED SIGNER
	 	 	 	 
	 	 	 	Date:_______________________________________
	 	 	 	Compliance Status:               Yes     No  

 

    	1.

    	 

    

 

EXHIBIT D

 

SECURED PROMISSORY
NOTE

 

	$______________________	
        Dated:___________________,
        2012

         

 

FOR VALUE RECEIVED,
the undersigned, CHIMERIX, INC., a Delaware corporation (“Borrower”) HEREBY PROMISES TO PAY to the order of ____________________
(“Lender”) the principal amount of ___________________________ DOLLARS ($__________) or such lesser amount as shall
equal the outstanding principal balance of the Term Loan made to Borrower by Lender as part of the [Tranche One Term Loan Advance][Tranche
Two Term Loan Advance] funded under the Loan Agreement referenced below on the date hereof, plus interest on the aggregate unpaid
principal amount of the Term Loan, at the rates and in accordance with the terms of the Loan and Security Agreement by and between
Borrower, MIDCAP FINANCIAL SBIC, LP, as Agent, and the Lenders as defined therein (as amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”). If not sooner paid, the entire principal amount and all accrued
interest hereunder and under the Loan Agreement shall be due and payable on applicable Maturity Date for such [Tranche One Term
Loan Advance][Tranche Two Term Loan Advance] as set forth in the Loan Agreement.

 

Borrower agrees to pay
any initial partial month interest payment from the date of this Secured Promissory Note (this “Note”) to the first
Payment Date (“Interim Interest”) on the first Payment Date.

 

Principal, interest and
all other amounts due with respect to the Term Loan, are payable in lawful money of the United States of America to Lender as set
forth in the Loan Agreement and this Note. The principal amount of this Note and the interest rate applicable thereto, and all
payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached
hereto which is part of this Note.

 

The Loan Agreement, among
other things, (a) provides for the making of a secured Term Loan to Borrower, and (b) contains provisions for acceleration of the
maturity hereof upon the happening of certain stated events.

 

This Note may not be
prepaid except as set forth in Section 2.2(c) and Section 2.2(d) of the Loan Agreement.

 

This Note and the obligation
of Borrower to repay the unpaid principal amount of the Term Loan, interest on the Term Loan and all other amounts due Lender under
the Loan Agreement is secured under the Loan Agreement.

 

Presentment for payment,
demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance
and enforcement of this Note are hereby waived.

 

Borrower shall pay all
reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in
the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. This Note shall be
governed by, and construed and interpreted in accordance with, the laws of the Commonwealth of Massachusetts. Terms used herein
but not otherwise defined herein shall have the meaning given such terms in the Loan Agreement.

 

Note Register; Ownership
of Note. The ownership of an interest in this Note shall be registered on a record of ownership maintained by Lender or its
agent. Notwithstanding anything else in this Note to the contrary, the right to the principal of, and stated interest on, this
Note may be transferred only if the transfer is registered on such record of ownership and the transferee is identified as the
owner of an interest in the obligation. Borrower shall be entitled to treat the registered holder of this Note (as recorded on
such record of ownership) as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other
claim to or interest in this Note on the part of any other person or entity.

 

    	1.

    	 

    

 

IN WITNESS WHEREOF,
Borrower has caused this Note to be duly executed as a sealed instrument under the laws of the Commonwealth of Massachusetts by
one of its officers thereunto duly authorized on the date hereof.

 

	 	
        BORROWER: 

	 	 
	 	CHIMERIX, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	2.

    	 

    

  

EXHIBIT E - INVESTMENT
POLICY

 

    	3.

    	 

    

  

Exhibit F - SBA
Form 468

  

    	4.

    	 

    

  

SCHEDULE 1

 

LENDERS AND COMMITMENTS

	Lender	 	Term Loan Commitment	 	 	Commitment Percentage	 
	MidCap Financial SBIC, LP	 	$	9,500,000.00	 	 	 	63.33	%
	Silicon Valley Bank	 	$	5,500,000.00	 	 	 	36.67	%
	TOTAL	 	$	15,000,000.00	 	 	 	100.0	%

 

    	5.

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