Document:

EXECUTION COPY	Exhibit 10.1

 

GLOBAL SETTLEMENT AGREEMENT

 

THIS GLOBAL SETTLEMENT AGREEMENT (this “Agreement”),
dated as of March 3, 2017, is by and among NAVIDEA BIOPHARMACEUTICALS, INC., a Delaware corporation (“Navidea”)
and MACROPHAGE THERAPEUTICS, INC., a Delaware corporation (“Macrophage” and, together with Navidea, collectively
the “Company”), CAPITAL ROYALTY PARTNERS II L.P., a Delaware limited partnership, CAPITAL ROYALTY PARTNERS
II (CAYMAN), L.P., a Cayman Islands limited partnership, CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” L.P.,
a Delaware limited partnership, PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II L.P., a Delaware limited partnership and CAPITAL
ROYALTY PARTNERS II – PARALLEL FUND “B” (CAYMAN) L.P., a Cayman Islands limited partnership (each a “Lender”
and, collectively, the “Lenders”), CRG SERVICING LLC, a Delaware limited liability company, as successor
administrative agent (the “Agent”) and CARDINAL HEALTH 414, LLC, a Delaware limited liability corporation
(“Cardinal Health”). The Company, the Lenders, the Agent and Cardinal Health are referred to herein individually
as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, the Company, the Agent and the
Lenders are party to a certain Term Loan Agreement, dated as of May 8, 2015 (the “Term Loan Agreement”),
a certain Security Agreement, dated as of May 8, 2015 (the “Security Agreement”), and a certain Fee Letter,
dated as of May 8, 2015 (the “Fee Letter” and, together with the Term Loan Agreement, the Security Agreement
and all “Loan Documents”) pursuant to which the Lenders made a secured loan to the Company in the original
principal amount of $50,000,000 (the “Loan”);

 

WHEREAS, by letters dated April 7, 2016
and April 22, 2016, the Agent, on behalf of the Lenders, notified the Company of the occurrence and continuation of several defaults
under the Loan Documents;

 

WHEREAS, on April 7, 2016, the Agent and
the Lenders filed suit against the Company (the “Texas Action”) in the 165th Judicial District Court
of Harris County, Texas, which was later transferred to the 151st Judicial District Court of Harris County, Texas (the
“Texas Court”), alleging breach of contract and seeking a declaratory judgment that certain Events of
Default had occurred under the Loan Documents;

 

    	 	1	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

WHEREAS, by letters dated April 28, 2016
and May 31, 2016, the Agent, on behalf of the Lenders, notified the Company that, following the occurrence of alleged Events of
Default, the Lenders were accelerating the Loans and exercising their remedies under the Loan Documents, including, without limitation,
notifying the Company’s account debtors who owed money to the Company, such as Cardinal Health, to remit all payments due
to the Company directly to the Lenders;

 

WHEREAS, subsequent to the Lenders’
demand to remit all payments due to the Company directly to the Lenders, U.S. Bank National Association (“U.S. Bank”)
informed the Agent that it was closing and liquidating the Company’s account. In response, by letter dated as of June 16,
2016, the Agent’s predecessor instructed U.S. Bank (i) to transfer all funds then in the Company’s bank accounts at
U.S. Bank ($4,112,434.17 (the “U.S. Bank Funds”)) to the Agent’s predecessor and (ii) applied all
such funds transferred against the Obligations for the benefit of the Lenders;

 

WHEREAS, on June 17, 2016, Cardinal Health
filed an interpleader action (the “Ohio Action”) in the Court of Common Pleas in Franklin County, Ohio
(the “Ohio Court”) seeking an Order regarding the distribution of the funds it owed to the Company;

 

WHEREAS, on August 30, 2016, the Texas Court
entered an order (the “Texas Injunction”) holding, among other things, that the Company was prohibited
from using any accounts that were not disclosed to the Lenders and on which account control agreements had not been provided to
the Lenders;

 

WHEREAS, on September 19, 2016, the Company
appealed the Texas Injunction (the “Texas Appeal)” by filing a Notice of Appeal with the Court of Appeals
for the 14th Court of Appeals District, Houston, Texas (the “Texas Appeals Court”), and oral
argument respecting the Texas Appeal is scheduled to be heard on March 8, 2017;

 

WHEREAS, by order dated September 28, 2016
(the “Texas Bond Order”), the Texas Court ordered that the supersedeas bond in the Texas Action would
take the form of $2,5000,000 cash deposited in an account maintained by the Company for which an account control agreement (in
form and substance acceptable to the Lenders) was entered into and provided to the Lenders. The account used by Navidea for this
purpose was the Merrill Lynch bank account number. 656-07D12 (the “ML Account”), with respect to which
the Lenders have an executed control agreement, and in which approximately $3,000,000 was deposited with respect to the Texas Action;

 

    	 	2	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

WHEREAS, by order dated October 21, 2016
(the “Ohio Court Order”), the Ohio Court ordered, among other things, that Navidea deposit an additional
$2 million in the ML Account to serve as a bond in the Ohio Action, and there is currently approximately $5,000,000 in the aggregate
in ML Account;

 

WHEREAS, on January 24, 2017, the Ohio Court
entered an Order and Entry Denying Defendant CRG’s Motion to Stay and Motion to Dismiss;

 

WHEREAS; by interlocutory order dated February
8, 2017 (the “Texas Partial Summary Judgment”), the Texas Court granted partial summary judgment in favor
of the Lenders, holding that, among other things, the Company had committed, as of May 8, 2015, one or more Events of Default under
the Loan Documents and ordering that the Lenders are entitled to exercise their remedies under the Loan Documents in connection
with such Events of Default;

 

WHEREAS, the Company has filed a motion
for reconsideration of the Texas Partial Summary Judgment;

 

WHEREAS, on February 21, 2017, the Agent,
on behalf of the Lenders, delivered to the Company a Notice of Disposition of Collateral (the “Foreclosure Notice”)
commencing the non-judicial foreclosure of Lenders’ perfected security interests in, and liens on, the Company’s U.S.
Lymphoseek-related assets and scheduling a sale to be held on March 13 2017;

 

WHEREAS, on November 23, 2016, the Company
and Cardinal Health entered into an Asset Purchase Agreement (the “APA”), pursuant to which, among other
things, Cardinal Health intends to acquire substantially all of the Company’s Lymphoseek-related assets free and clear of
Liens (as defined in the APA); and

 

WHEREAS, the Company, the Agent, the Lenders
and Cardinal Health desire to settle all current and future claims and disputes between and among the Parties, whether set forth
in the Ohio Action or the Texas Action or otherwise, arising from or related to the Loan Documents or any act or omission taken
or not taken in connection therewith prior to the Closing Date (as hereinafter defined) except for the Texas Claims (as hereinafter
defined) on the terms and conditions set forth herein.

 

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	EXECUTION COPY	Exhibit 10.1

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
mutual covenants, and subject to the terms, contained herein, and intending to be legally bound thereby, the Parties agree as follows:

 

Section 1.           Settlement Transactions.
For purposes of this Agreement, the “Closing Date” shall be the date on which all of the following actions are or have
been taken:

 

Section 1.1.           Closing of the APA.
The parties to the APA will, not later than March 10, 2017 (unless extended upon the prior written consent of all the Parties hereto)
conduct the Closing under and as defined in the APA, including through the exchange of documents as described in Sections 2.8 and
2.9 thereof. If the APA does not close on or before March 10, 2017 (or such later date as all of the Parties agree in writing),
if the APA terminates or if the transactions contemplated by the APA are enjoined from proceeding by any court, and such injunction
continues beyond March 10, 2017, then this Agreement shall terminate and the provisions hereof shall become null and void and of
no force and effect.

 

Section 1.2.           Payment to the Agent
and Other Creditors. The Company shall pay or cause to be paid to the Agent, on behalf of, and for immediate distribution by
the Agent to the Lenders, cash in the aggregate amount equal to $59,000,000 (the “Deposit Amount”) by
wire transfer of immediately available funds. Agent and Lenders agree that, at Closing (as defined in the APA), the Company may
pay or cause to be paid those creditors whose debt may be subordinated to that of the Lenders.

 

Section 1.3.           Instruction to Merrill
Lynch. The Company and the Lenders shall deliver a joint written instruction advising Merrill Lynch that the account control
agreement regarding the ML Account is terminated and the Company shall have sole control over the ML Account.

 

Section 1.4.           Release of Liens.
Upon the Agent’s receipt of the Deposit Amount in accordance with Section 1.2 hereof, the Agent, on behalf of the Lenders,
shall be deemed to have fully and irrevocably released all of the Lenders’ Liens (as defined in the APA) on the Company’s
assets an agrees to (a) deliver to the Company UCC-3 termination statements to be filed by the Company in the Office of the Secretary
of State for the State of Delaware and terminations of assignments statements to be filed by the Company in the United States Patent
and Trademark Office (all in form and substance reasonably acceptable to the Company and Cardinal Health);(b) return to the Company
all stock certificates, instruments or other property or assets of the Company in the possession of the Agent or any Lender that
was delivered to secure any obligations under the Loan Documents; (c) take such other actions and execute or acknowledge such other
documents as may be reasonably requested by the Company or Cardinal Health to evidence the full and irrevocable release of Liens
on the Company’s assets; and (d) send a notice to the Company withdrawing the Foreclosure Notice.

 

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	EXECUTION COPY	Exhibit 10.1

 

Section 1.5.           Dismissal of Actions.

 

a.           Cardinal Health, the Company and
the Lenders shall file with the Ohio Court a notice of voluntary dismissal of the Ohio Action, with prejudice, substantially in
the form of Exhibit 1.5(a) attached hereto.

 

b.           The Company and the Lenders shall
file with the Texas Appeals Court a notice of voluntary dismissal of the Texas Appeal, without prejudice, substantially in the
form of Exhibit 1.5(b) attached hereto.

 

Section 1.6.           Delivery of Letters of
Credit. The Agent, on behalf of the Lenders, and Cardinal Health, on behalf of the Company, shall exchange the Lender Letters
of Credit and the Cardinal Health Letter of Credit (as those terms are defined herein) in accordance with Sections 2.2 and 2.3
hereof.

 

Section 2.           Texas Court Determination
of Remaining Obligations.

 

Section 2.1           The Texas Claims. The
Company and the Lenders shall continue to litigate, in the Texas Court as part of the Texas Action, the Lenders’ claims against
the Company arising under the Loan Documents and the Company’s defenses and affirmative defenses thereto, (the “Texas
Claims”), provided, however, that (a) the Company shall withdraw its counterclaims against the Agent and the Lenders
in the Texas Action by filing, on the Closing Date, a Notice of Nonsuit With Prejudice, substantially in the form of Exhibit 2.1(a)
hereto, with the Texas Court in the Texas Action and (b) the Company hereby agrees not to assert in the future such (or similar)
counterclaims against the Agent and/or the Lenders and/or their affiliates in the Texas Action. For avoidance of doubt, the Texas
Claims shall include all defenses and affirmative defenses, whether contractual or extra-contractual, (including, without limitation,
rights of setoff and offset) to the causes of action pled by the Lenders in the Texas Action (collectively, “Defenses”),
provided that the Defenses are permitted by New York law, in a manner consistent with the mediation transcript, dated February
22, 2017, Case No.16CV-5801, a copy of which is attached hereto as Exhibit 2.1(b). The Texas Court shall adjudicate the
Texas Claims to determine the final amount of the Obligations owed by the Company to the Lenders under the Loan Documents (the
“Final Obligation Amount”), provided, that the Final Obligation Amount shall in no event be less
than $47,000,000 (the “Obligation Minimum”) or more than $66,000,000 (the “Obligation Maximum”),
with each such amount net of any amounts received by the Lenders on or prior to receipt of the Deposit Amount, and (1) provided
however, that the Company retains, among other rights, the right to assert that all offsets, payments and credits have not
been allowed, including without limitation, the credit due for the U.S. Bank funds previously taken by Lenders and (2) provided
further, that the Texas Court’s decision shall be final and non-appealable and not subject to reconsideration, and shall
be binding on all of the Parties to this Agreement. In furtherance thereof, the Lenders and the Company shall notify the Texas
Court of this Agreement.

 

    	 	5	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

Section 2.2.           The Lender Letters of Credit.
On the latter of (a) the Closing Date and (b) March 6, 2017, the Lenders shall each, severally and not jointly, on a pro rata basis
in accordance with the percentage of the aggregate Loan that each Lender holds (as set forth on Schedule 2.2 hereto) deliver
to the Company a Letter of Credit (each a “Lender Letter of Credit”) issued by a financial institution
substantially in the form attached hereto as Exhibit 2.2, each in an amount equal to such Lender’s pro rata share
of $12,035,000. If the Texas Court determines that the Final Obligation Amount is less than the Deposit Amount, then, if the Lenders
fail to pay the full amount of the required payment to the Company within five (5) days of the Texas Court’s determination,
the Company shall be entitled to draw on each Lender Letter of Credit in an amount equal to such Lender’s pro rata share
of the difference between the Deposit Amount and the Final Obligation Amount plus each Lender’s pro rata share of the actual
out-of-pocket costs incurred by Cardinal Health in procuring the Cardinal Health Letter of Credit, but less any partial payment
made by the Lenders toward the required payment. Upon delivery of such payment to the Company, all of the Lender Letters of Credit
shall terminate. If the Texas Court has not finally adjudicated the Final Obligation Amount by the one-year anniversary of the
Closing Date, the Lenders shall each extend the Lender Letters of Credit, or procure letters of credit in substantially the same
form, until the Texas Court rules on the Final Adjudication. Any costs incurred in extending the Lender Letters of Credit, or in
procuring letters of credit in substantially the same form, shall be borne by the Lenders.

 

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	EXECUTION COPY	Exhibit 10.1

 

Section 2.3.           The Cardinal Health Letter
of Credit On the Closing Date, Cardinal Health shall deliver to the Agent, on behalf of the Lenders, a Letter of Credit (the
“Cardinal Health Letter of Credit”) issued by a financial institution substantially in the form attached
hereto as Exhibit 2.3, in an amount equal to $7,153,000. If the Texas Court determines that the Final Obligation Amount
is more than the Deposit Amount, then, if the Company fails to pay the full amount of the required payment to Lenders within five
(5) days of the Texas Court’s determination, the Agent shall be entitled to draw on the Cardinal Health Letter of Credit
in an amount equal to the difference between the Deposit Amount and the Final Obligation Amount plus the actual out-of-pocket costs
incurred by each Lender in procuring the Lender Letters of Credit, but less any partial payment made by the Company toward the
required payment. Upon delivery of such payment to the Agent, the Cardinal Health Letter of Credit shall terminate. If the Texas
Court has not finally adjudicated the Final Obligation Amount by the one-year anniversary of the Closing Date, Cardinal Health
shall extend the Cardinal Health Letter of Credit or procure a new letter of credit in substantially the same form, until the Texas
Court rules on the Final Adjudication. Any costs incurred in extending the Cardinal Health Letter of Credit, or in procuring a
letter of credit in substantially the same form, shall be borne by Cardinal Health.

 

Section 3.           Insolvency Proceedings.

 

Section 3.1           Company Insolvency Proceeding.
In the event that Navidea and/or Macrophage becomes subject to a voluntary or involuntary bankruptcy or insolvency proceeding prior
to the Texas Court’s determination of the Final Obligation Amount, the Lenders may file a motion for relief from stay in
the bankruptcy or insolvency proceeding and neither Navidea, Macrophage or Cardinal Health shall at any time contest any such motion
nor take any action (directly or indirectly) to seek to adjudicate the Texas Claims in any court other than the Texas Court.

 

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	EXECUTION COPY	Exhibit 10.1

 

Section 3.2           Lender Insolvency Proceeding.
In the event that any of the Lenders becomes subject to a voluntary or involuntary bankruptcy or insolvency proceeding prior to
the Texas Court’s determination of the Final Obligation Amount, the Company may file a motion for relief from stay in the
bankruptcy or insolvency proceeding and neither none of the Lenders shall at any time contest any such motion nor take any action
(directly or indirectly) to seek to adjudicate the Texas Claims in any court other than the Texas Court.

 

Section 4.           Mutual Releases.

 

Section 4.1           Effective as of the Closing
Date, Navidea, Macrophage and Cardinal Health, on behalf of themselves and any entity or person that could claim derivatively,
each hereby irrevocably and forever release and discharge, and covenant not to sue, the Agent, each of the Lenders, all of their
respective directors, officers, members, agents or representatives, and any of them, from or for any and all claims, liability,
damages, counterclaims, claims for equitable relief, actions, causes of action, and/or demands (including, without limitation,
attorneys’ fees or costs) of every nature and description whatsoever, whether matured, unmatured or contingent, liquidated
or unliquidated, whether known, unknown or hereafter discovered, arising in whole or in part prior to the Closing Date in connection
with, arising out of or related to the Loan Documents or any action taken or failed to be taken in connection therewith, except
for the Texas Claims solely as set forth in this Agreement.

 

Section 4.2.           Effective as of the Closing
Date, the Agent and each Lender, on behalf of themselves and any entity or person that could claim derivatively, hereby irrevocably
and forever release and discharge, and covenant not to sue, the Company and Cardinal Health, all of their respective directors,
officers, members, agents or representatives, and any of them, from or for any and all claims, liability, damages, counterclaims,
claims for equitable relief, actions, causes of action, and/or demands (including, without limitation, attorneys’ fees or
costs) of every nature and description whatsoever, whether matured, unmatured, contingent, liquidated or unliquidated, whether
known, unknown or hereafter discovered, arising in whole or in part prior to the Closing Date in connection with, arising out of
or related to the Loan Documents or any action taken or failed to be taken in connection therewith, except that the Agent and each
Lender shall be entitled to pursue against the Company only the Texas Claims solely as set forth in this Agreement.

 

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	EXECUTION COPY	Exhibit 10.1

 

Section 4.3.           Nothing in the foregoing releases
shall preclude a Party or Parties from seeking to enforce the terms of this Agreement.

 

Section 5.           Representations and Warranties.

 

Section 5.1.           Each of the Parties hereto
represent and warrant to all of the other Parties hereto that, as of the Effective Date and as of the Closing Date: (a) it is duly
organized and validly existing under the laws of the state of its organization and has the requisite power, capacity and authority
to execute and deliver this Agreement (including the Exhibits attached hereto), to perform its obligations hereunder and to consummate
the transactions contemplated hereby; (b) this Agreement has been duly and validly executed and delivered by it and constitutes
a legal, valid and binding obligation of it, enforceable against it in accordance with it terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization and similar laws of general applicability relating to or affecting creditors’ rights
and general principles of equity; (c) neither the execution and delivery of this Agreement, nor the performance of this Agreement,
by it will conflict with or result in a violation of, or default under, any of its organization documents or any agreement to which
it is a party, or any law, statute or court order by which it is bound; (d) no notice to, filing with, or authorization, registration,
consent or approval of any governmental authority or other entity is necessary for the execution, delivery or performance by it
of this Agreement or consummation of the transactions contemplated hereby; and (e) except for the claims made challenging the APA
set forth on Schedule 5.1 hereof, there is no action, claim, dispute, arbitration or proceeding (whether civil, criminal,
administrative or investigative) commenced by or before or otherwise involving any court, governmental or arbitration tribunal
pending or, to its knowledge, threatened against it, and there is no judgment, decree or order against it, in each case that would
reasonably be likely to adversely affect its ability to perform its obligations hereunder.

 

Section 5.2.           Each
Lender represents and warrants to all of the other Parties hereto that, as of the Effective Date and as of the Closing Date, all
of the Lenders listed on Schedule 2.2 hereof are the Lenders under the Loan Documents, have executed and delivered a copy of this
Agreement and that each Lender is the sole legal and beneficial owner of the pro rata share of the Loans set forth on Schedule
2.2 hereto.1

 

 

1
The Company agrees that it shall not object to any motion made by the Agent and/or the Lenders in the Texas Action to add as plaintiffs
Capital Royalty Partners II (Cayman) L.P, Capital Royalty Partners II – Parallel Fund “B” (Cayman) L.P. and CRG
Servicing LLC to reflect the current holders of the Loans and the current Agent.

 

    	 	9	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

Section 5.3.           Each Party hereto acknowledges
that the representations and warranties made by each other Party in Sections 5.1 and 5.2 of this Agreement are the exclusive representations
and warranties made by such Party with respect to this Agreement, and no Party is relying on any representations or warranties
other than those contained in Sections 5.1 and 5.2 of this Agreement.

 

Section 6.           Effectiveness. This
Agreement shall become effective (the “Effective Date”) upon execution hereof, as to Sections 1.1, 5, 6, and 7.3,
and shall become effective as to all other Sections hereof on and as of the Closing Date.

 

    	 	10	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

Section 7.           Miscellaneous.

 

Section 7.1.           Notices. Except
as expressly provided in this Agreement, all notices, consents, waivers, requests, or other instruments or communications given
pursuant to this Agreement shall be in writing, shall be signed by the Party giving the same, and shall be delivered by hand; sent
by registered or certified United States mail, return receipt requested, postage prepaid; sent by a recognized overnight delivery
service; or sent by facsimile at the following addresses:

 

	 	If to the Company:	Navidea Biopharmaceuticals, Inc.	 
	 	 	Macrophage Therapeutics, Inc.	 
	 	 	5600 Blazer Parkway, Suite 200	 
	 	 	Dublin, OH  43017-1367	 
	 	 	Attn:  Dr. Michael Goldberg	 
	 	 	Email:  mgoldberg@navidea.com	 
	 	 	 	 
	 	with a copy to:	Barnes & Thornburg LLP
	 	 	41 South High St., Suite 3300	 
	 	 	Columbus, OH 43215-4219	 
	 	 	Attn:  Robert C. Folland, Esq.	 
	 	 	Email:  rob.folland@btlaw.com	 
	 	 	 	 
	 	and to:	Dentons US LLP	 
	 	 	1221 McKinney Street, Suite 1900	 
	 	 	Houston, Texas 77010-2006	 
	 	 	Attn:  Glnn A. Ballard, Jr., Esq.	 
	 	 	Email:  Glenn.ballard@dentons.com	 
	 	 	 	 
	 	If to Lenders:	CRG Servicing LLC, as Successor Control Agent, 
	 	 	Administrative Agent and Secured Parties’ Representative
	 	 	1000 Main Street, Suite 2500	 
	 	 	Houston, Texas  77002	 
	 	 	Attn:  Andrei Dorenbaum	 
	 	 	Email:  adorenbaum@crglp.com	 
	 	 	 	 
	 	with a copy to:	Venable LLP	 
	 	 	1270 Avenue of the Americas	 
	 	 	New York, New York  10020	 
	 	 	Attn:  Jeffrey S. Sabin, Esq.	 
	 	 	Email:  JSSabin@Venable.com	 

 

    	 	11	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

	 	and to:	Lackey Hershman LLP	 
	 	 	3102 Oaklawn Avenue	 
	 	 	Dallas, Texas  75219	 
	 	 	Attn:	Michael Aigen, Esq.	 
	 	 	 	Paul Lackey, Esq.	 
	 	 	Email:	mpa@lhlaw.net	 
	 	 	 	pbl@lhlaw.net	 
	 	 	 	 	 
	 	If to Cardinal Health	c/o Cardinal Health, Inc.	 
	 	 	7000 Cardinal Place	 
	 	 	Dublin, OH 43017	 
	 	 	Attn: 	Vice President, Associate General Counsel,	 
	 	 	 	Mergers & Acquisitions	 
	 	 	Attn:	Senior Vice President, Deputy General Counsel,	 
	 	 	 	Corporate: Legal and Compliance	 
	 	 	Facsimile: 	(614) 757-6448	 

 

or such other address as may be designated in writing hereafter
by such Party.

 

Section 7.2.           Further Assurances.
Each Party agrees to make, execute and deliver all such additional and further acts, things, deeds and instruments as the other
Party may reasonably request to document and consummate the terms of this Agreement.

 

Section 7.3.           Governing Law; Waiver
of Jury Trial. Except for any disputes solely between Cardinal Health and the Company (which are governed by a certain Side
Letter Agreement between Cardinal Health and the Company), this Agreement and all matters arising hereunder or with respect hereto
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of laws thereof. From and after the Effective Date, each Party agrees that all legal proceedings concerning
the interpretation, enforcement and defense of the transactions contemplated by this Agreement (and any and all Exhibits hereto)
shall be commenced exclusively in the Texas Court (and appealed only to a court with jurisdiction over the Texas Court’s
decisions) and each Party submits to the exclusive jurisdiction of the Texas Court (or any appeals court with jurisdiction over
the Texas Court’s decisions) for the adjudication of any dispute thereunder or in connection therewith and hereby waives
any claim that it is not personally subject to the jurisdiction of any such court. Each Party hereby waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby.

 

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	EXECUTION COPY	Exhibit 10.1

 

Section 7.4           Assignment; Successors
and Assigns; No Third Party Rights. This Agreement may not be assigned by any of the Parties hereto without the prior written
consent of the other Parties hereto. Any attempted assignment in violation of the preceding sentence shall be null and void. This
Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns.
This Agreement shall be for the sole benefit of the Parties and their respective permitted successors and assigns, and this Agreement
is not intended, nor shall it be construed, to give any other individual or entity any legal or equitable right, remedy or claim
hereunder.

 

Section 7.5           Headings. The sections
headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this
Agreement.

 

Section 7.6.           Entire Agreement.
This Agreement and the exhibits attached hereto constitutes the entire agreement among the Parties with respect to the matters
covered hereby and supersedes all previous written, oral or implied understandings among the Parties with respect to such matters.
The Recitals set forth in the beginning of this Agreement are incorporated herein.

 

Section 7.7.           Amendments; Waiver.
No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by
all of the Parties, or, in the case of a waiver, by the Party who is the beneficiary of the provision being waived. No waiver of
any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of a subsequent default or a waiver of any other provision, condition or requirement thereof, nor shall
any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

 

Section 7.8.           Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
If any court determines that any covenant, or any part of any covenant, is invalid or unenforceable, such covenant shall be enforced
to the full extent permitted by such court, and all other covenants shall no thereby be affected and shall be given full effect,
without regard to the invalid portions.

 

    	 	13	 

     

    

 

	EXECUTION COPY	Exhibit 10.1

 

Section 7.9.           Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original agreement, but all of which together shall
constitute one and the same instrument. This Agreement may be transmitted by facsimile or electronically, and it is the intent
of the Parties that the facsimile copy or PDF copy of any signature printed by a receiving facsimile machine or computer printer
shall be deemed an original signature and shall have the same force and effect as an original signature.

 

 

[SIGNATURE PAGE FOLLOWS]

 

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	EXECUTION COPY	Exhibit 10.1

 

	THE AGENT	 
	 	 	 	 
	CRG SERVICING LLC	 
	 	 	 	 
	By:	/s/ Andrei Dorenbaum	 
	 	Name:	Andrei Dorenbaum	 
	 	Title:	General Counsel	 

 

	THE LENDERS	 	 
	 	 	 	 	 	 
	CAPITAL ROYALTY PARTNERS II L.P. 	 
	 	 
	 	By CAPITAL ROYALTY PARTNERS II GP L.P., its

 General Partner	 
	 	 	 
	 	 	By CAPITAL ROYALTY PARTNERS II GP LLC,

 its General Partner	 
	 	 	 	 
	 	 	By	 /s/ Andrei Dorenbaum	 
	 	 	 	Name: 	 	 
	 	 	 	Title: 	 	 
	 	 	 	 	 	 
	CAPITAL ROYALTY PARTNERS II (Cayman) L.P., 	 
	 	 
	 	By CAPITAL ROYALTY PARTNERS II GP L.P., its 

General Partner	 
	 	 	 
	 	 	By CAPITAL ROYALTY PARTNERS II GP LLC,

 its General Partner	 
	 	 	 	 
	 	 	By	 /s/ Andrei Dorenbaum	 
	 	 	 	Name: 	 	 
	 	 	 	Title: 	 	 
	 	 	 	 	 	 
	CAPITAL ROYALTY PARTNERS II – PARALLEL

 FUND “A”, L.P. 	 
	 	 
	 	By CAPITAL ROYALTY PARTNERS II GP L.P., its

 General Partner	 
	 	 	 
	 	 	By CAPITAL ROYALTY PARTNERS II GP LLC,

 its General Partner	 
	 	 	 	 
	 	 	By 	/s/ Andrei Dorenbaum	 
	 	 	 	Name: 	 	 
	 	 	 	Title: 	 	 

 

    	 	15	 

     

    

  

	EXECUTION COPY	Exhibit 10.1

 

	CAPITAL ROYALTY PARTNERS II – PARALLEL

 FUND “B” (CAYMAN), L.P. 
	 	 
	 	By CAPITAL ROYALTY PARTNERS II GP L.P., its 

General Partner
	 	 
	 	 	By CAPITAL ROYALTY PARTNERS II GP LLC,

 its General Partner
	 	 	 
	 	 	By	/s/
    Andrei Dorenbaum	 
	 	 	 	Name: 	 	 
	 	 	 	Title: 	 	 
	 	 	 	 	 	 
	PARALLEL INVESTMENT OPPORTUNITIES

 PARTNERS II L.P., 
	 
	 	By PARALLEL INVESTMENT OPPORTUNITIES

 PARTNERS II GP L.P., its

 General Partner
	 	 
	 	 	By PARALLEL INVESTMENT 

OPPORTUNITIES PARTNERS II GP LLC,

 its General Partner
	 	 	 
	 	 	By 	/s/ Andrei Dorenbaum	 
	 	 	 	Name: 	 	 
	 	 	 	Title: 	 	 

 

	THE COMPANY	 
	 	 	 
	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	By:	/s/ Jed Latkin	 
	 	Name: Jed Latkin	 
	 	Title: Interim CFO/COO	 
	 	 	 
	MACROPHAGE THERAPEUTICS, INC.
	 	 	 
	 	 	 
	By:	/s/ Jed Latkin	 
	 	Name: Jed Latkin	 
	 	Title: Interim CFO/COO	 

 

    	 	16	 

     

    

  

	EXECUTION COPY	Exhibit 10.1

 

	CARDINAL HEALTH 414, LLC	 
	 	 	 
	 	 	 
	By:	/s/ Tiffany Olson	 
	 	Name: Tiffany Olson	 
	 	Title: President – Nuclear Pharmacy Services	 

 

 

    	 	17Execution Version	 	Exhibit 10.3

 

LICENSE-BACK AGREEMENT

 

This License-Back Agreement
and its Exhibits (this “Agreement”), is entered into on March 3, 2017 (the “Effective Date”)
between Cardinal Health 414, LLC, a Delaware limited liability company (the “Buyer”), and Navidea Biopharmaceuticals,
Inc., a Delaware corporation (the “Seller”). Buyer and Seller are each individually referred to herein as a
“Party” and are collectively referred to herein as the “Parties”.

 

INTRODUCTION

 

The Parties have entered
into an Asset Purchase Agreement, dated November 23, 2016 (the “APA”), under which, among other things, the
Parties agreed that at Closing, Buyer and Seller would execute and deliver to each other a License-Back Agreement.

 

The Parties agree that
this Agreement is the License-Back Agreement as contemplated under the APA.

 

The Parties also intend
for this Agreement to set forth certain rights and obligations with respect to the Licensed IP, including rights and obligations
with respect to the prosecution, maintenance, enforcement and defense of the Licensed IP.

 

All capitalized terms
not defined in this Agreement have the meanings given to them in the APA.

 

In consideration of
the representations, warranties, covenants and agreements contained in this Agreement and the APA and other good and valuable consideration,
the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

		1.	License Grant

 

		1.1	License Grant. Buyer hereby grants to Seller a perpetual (except as provided in Sections
‎5.2 and ‎5.3), transferable and royalty-free
license to use the Intellectual Property Rights included in the Acquired Assets and owned by Buyer as of the Effective Date (the
“Licensed IP”) only to the extent reasonably necessary for Seller to do any of the following which would otherwise
infringe the Licensed IP but for the grant of this license (together, the “Field”):

 

		(a)	on an exclusive basis (subject to Section ‎1.9), develop,
manufacture, market, sell and distribute new pharmaceutical and other products that are not Competing Products (collectively, “New
Products”); and

 

		(b)	on a non-exclusive basis, develop, manufacture, market, sell and distribute the Business Product
anywhere in the world except in the Territory (the “Licensed Territory”) (such Business Product manufactured,
marketed, sold or distributed in the Licensed Territory, the “Ex-America Product”).

 

As used in this Agreement, a “Competing
Product” is any pharmaceutical or other product that: (i) accumulates in lymphatic tissue or tumor-draining lymph
nodes for the purpose of (A) lymphatic mapping or (B) identifying the existence, location or staging of cancer in a body; (ii) provides
for or facilitates any test or procedure that is reasonably substitutable for any test or procedure provided for or facilitated
by the Business Product; or (iii) is marketed for unapproved uses that allow such product to compete with the Business Product.

 

    	 	 	 

     

    

 

		1.2	Buyer’s Restricted Use. During the term of this Agreement, subject to Section ‎1.9,
Buyer agrees not to use the Intellectual Property Rights included in the Acquired Assets to develop, manufacture, market, sell
or distribute any product other than the Business Product or any other product that (a) accumulates in lymphatic tissue or tumor-draining
lymph nodes for the purpose of (i) lymphatic mapping or (ii) identifying the existence, location or staging of cancer in a body,
or (b) provides for or facilitates any test or procedure that is reasonably substitutable for any test or procedure provided for
or facilitated by the Business Product.

 

		1.3	Sublicenses.

 

		(a)	The license granted under Section ‎1.1 (the “License
Grant”) may be sublicensed to any third party with prior written notice to Buyer, provided that Seller shall ensure that
any sublicense of the License Grant that it (or its sublicensee) enters into (a “Sublicense”):

 

		(i)	contains terms no less protective of Buyer’s rights than those set forth in this Agreement;

 

		(ii)	if the sublicensee is a sublicensee of the Licensed IP with respect to the New Products, expressly
prohibits the sublicensee from manufacturing, marketing, selling or distributing any Competing Products and expressly provides
Seller with a right to terminate the Sublicense in the event the sublicensee fails to comply with such prohibition; and

 

		(iii)	is not in conflict with this Agreement.

 

		(b)	Seller shall and shall ensure that its sublicensees provide Buyer with a complete electronic or
paper copy of each Sublicense within thirty (30) days after execution of the Sublicense.

 

		(c)	Seller shall be fully responsible and liable to Buyer for any breach of the terms of this Agreement
or any sublicense by its sublicensees (or its sublicensees’ sublicensees).

 

		(d)	In the event any sublicensee manufactures, markets, sells or distributes any Competing Products,
in addition to exercising any termination rights it may have under the relevant sublicense, Seller shall immediately: (i) notify
Buyer in writing, including providing Buyer with all information regarding the Competing Products sold or distributed by the sublicensee
as requested by Buyer; and (ii) pay to Buyer an amount equal to two times (2x) Buyer’s then-current list price of the Business
Product in the Territory (as of the date of Seller’s notice under clause (i)) for each Competing Product that the sublicensee
has sold or distributed. Seller acknowledges that in the event a Seller sublicensee sells or distributes any Competing Product,
the damages which Buyer will sustain may be difficult to ascertain and such amount in clause (ii) is reasonable, does not
constitute a penalty, and Seller shall not contest the reasonableness of such amount in any Action commenced by either Party with
respect to this Agreement.

 

    	 	2	 

     

    

 

		1.4	Seller Marks. Exhibit A to this Agreement sets forth the Contracts (the “Existing
Licenses”) under which Seller has committed, as of the date of the APA, to license the trademarks identified in the exhibit
(the “Licensed Marks”) to the distributors identified in the exhibit (the “Licensed Distributors”)
for the purpose of using such Licensed Marks in connection with marketing, selling and distributing the Ex-America Products in
one or more jurisdictions of the Licensed Territory. Subject to the terms and conditions of this Agreement, Buyer hereby grants
to Seller a non-transferable and royalty-free nonexclusive right to allow the Licensed Distributors to use the Licensed Marks only
for the purpose of marketing, selling and distributing the Ex-America Products in one or more jurisdictions of the Licensed Territory,
subject to the terms and conditions of the Existing Licenses and this Section ‎1.4). Except
as expressly set forth in the foregoing license grant (“Trademark License”), nothing in this Agreement grants
or confers to Seller (or its distributors) any right, title or interest in or to the Seller Marks or any goodwill associated with
the Seller Marks (notwithstanding that they form part of the Acquired Assets) and Seller and its distributors have no right to
use the Seller Marks in any other manner, for any other purpose or in any other territory. In addition, nothing in this Agreement
shall be construed as limiting, preventing, or restricting, in any manner, Buyer’s right to use, to license any third party
to use, or to register the Seller Marks in any manner whatsoever anywhere in the world. Except pursuant to the Existing Licenses,
Seller shall not at any time make any commitments or grant any rights with respect to the Seller Marks without the prior written
consent of Buyer. Without limiting the foregoing:

 

		(a)	Seller shall ensure that the Licensed Marks are not used by any Licensed Distributors in a manner
that would disparage, tarnish, or dilute the distinctive quality of the Licensed Marks or the reputation or goodwill represented
by the Licensed Marks or which would reflect adversely on the Seller Marks, Buyer or its Affiliates, the Ex-America Products or
any other products or services of Buyer or its Affiliates;

 

		(b)	Seller shall, to the extent permitted by the applicable Existing License (or, if not permitted
by the applicable Existing License, Seller shall use its commercially reasonable efforts to), cause the Licensed Distributor, upon
reasonable advance notice, to allow Seller and its designees (including Buyer and its Affiliates) to access and inspect any and
all of the Licensed Distributor’s facilities and to inspect, copy and audit the Licensed Distributor’s books and records,
in each case, to the extent related to the Licensed Distributor’s use of any of the Licensed Marks and to confirm that the
Licensed Marks are not used or planned to be used by the Licensed Distributor in any manner that would or could reasonably be expected
to result in a violation of Section ‎1.4(a);

 

    	 	3	 

     

    

 

		(c)	without limiting any rights or remedies available to Buyer, in the event Seller or its distributors
use any Seller Marks outside the scope or in contravention of the Trademark License or this Section ‎1.4,
Seller shall turn over to Buyer all revenues derived from such unauthorized use and promptly withdraw the relevant product and
materials from the market in consultation with Buyer;

 

		(d)	Seller shall not modify the Licensed Marks in any form or manner unless approved in advance in
writing by Buyer;

 

		(e)	Seller shall pass through to Buyer any royalties paid by a Licensed Distributor to Seller to the
extent expressly attributable to a license of the Licensed Marks and not attributable to any other rights licensed by Seller to
the Licensed Distributor; and

 

		(f)	to the extent Seller or its distributors market, distribute or sell any New Products or Ex-America
Products not covered by the Trademark License under this Agreement, such New Products and Ex-America Products shall be:

 

		(i)	marketed, distributed and sold under a different trademark, service mark, service names, brand,
trade dress and logos than any Seller Marks, including “Lymphoseek®”; and

 

		(ii)	otherwise differentiated from the Seller Marks, including “Lymphoseek®” and the
Business Product, to ensure that end customers in the Licensed Territory and other third parties could not reasonably confuse or
substitute such New Products or Ex-America Products for the Business Product or Seller Marks.

 

Without limiting any other remedies or rights that may
be available to Buyer (including under Section ‎7.4), Buyer may immediately terminate the Trademark License upon written notice
to Seller if Seller breaches this Section ‎1.4 and fails to remedy such breach within 30 days after receiving notice of the
breach by Buyer; provided that (A) if the breach is attributable solely to a particular Licensed Distributor, then such termination
shall apply only with respect to such Licensed Distributor and the Trademark License will remain in full force and effect with
respect to Seller and each other Licensed Distributor, and (B) if the breach is attributable solely to Seller, then such termination
shall apply only with respect to Seller and the Trademark License (as a pass through to each Licensed Distributor) will remain
in full force and effect with respect to each Licensed Distributor as long as such Licensed Distributor grants Buyer the right
as an express third party beneficiary to enforce Seller’s rights under the applicable Existing License.

 

    	 	4	 

     

    

 

		1.5	Patent Marking. Seller shall mark any and all New Products and Ex-America Products in accordance
with the applicable patent marking laws. Seller shall be responsible for all monetary and legal liabilities arising from or caused
by failure to abide by applicable patent marking laws and any type of incorrect or improper patent marking for any New Products
or Ex-America Products.

 

		1.6	Government Rights. Seller acknowledges and agrees that the License Grant shall be subject
to any rights or duties to the applicable Governmental Authorities or any academic institutions if the Intellectual Property Rights
were created or invented in the course of government-funded or academic institution-funded research or using government or academic
institution resources or personnel prior to the Effective Date, and Seller agrees that it would be subject to such rights and duties.

 

		1.7	Permission to Reference Data. Seller shall not have the right to use, reference, modify,
amend or supplement any of the Product Registrations (and Buyer shall not be obligated to permit any such use, reference, modification,
amendment or supplement), except that Seller shall have the right to reference data in IND 061757 and NDA 202207 only to
the extent reasonably necessary for Seller to develop, manufacture, market, sell or distribute New Products under one or more new
product registrations.

 

		1.8	Costs and Expenses.

 

		(a)	Seller shall be responsible for all costs and expenses incurred by or on behalf of Buyer in connection
with Seller’s exercise of its rights under this Agreement, including any costs and expenses incurred by or on behalf of Buyer
if Seller submits any new IND, NDA, clinical trial or other product registration or references Buyer’s data as described
in Section 1.7.

 

		(b)	Buyer may invoice Seller any costs and expenses payable under this Agreement and Seller shall pay
each invoice within 30 days of the date of each invoice.

 

		1.9	Breach of License Grant. If Seller markets, sells or distributes the Business Product or
any Competing Product in the Territory and Seller fails to cure such breach to Buyer’s reasonable satisfaction within 30
days of Buyer’s notice to Seller (or if such cure cannot reasonably be accomplished within such original 30-day period, and
Seller notifies Buyer in writing within such 30-day period of Seller’s intention and proposed steps to cure and thereafter
diligently pursues the same, then Seller will have such additional period of time (not to exceed 60 days following expiration of
the original 30-day period) as is necessary to accomplish such cure), then, without limiting any other remedies or rights that
may be available to Buyer (including under Section ‎7.4), upon notice from Buyer to Seller,
(a) the exclusive license granted to Seller under Section ‎1.1(a) shall be converted to
a non-exclusive license, and Buyer’s obligations and Seller’s rights under Sections ‎1.2,
‎2.4, ‎2.5 and ‎2.6
shall no longer apply and (b) Seller shall use reasonable best efforts to cause Buyer to receive the same or substantially similar
rights, on a non-exclusive basis, as Seller currently has under the License Agreement between Seller and the University for Case
No. SD1998-088, effective July 14, 2014, which contemplates a field of use for all diagnostic, detection and therapeutic uses in
targeting of CD206 receptor positive cells, excluding diagnostic uses covered by license agreement #2002-03-0237.

 

    	 	5	 

     

    

 

		2.	Ownership, Prosecution, Defense and Enforcement of Licensed IP

 

		2.1	No Other Rights. Nothing in this Agreement shall be interpreted as conferring by implication,
estoppel or otherwise any license or rights under any Intellectual Property Rights or other rights, other than those expressly
granted under the License Grant. Seller acknowledges and agrees that Buyer has no obligation to deliver or furnish to Seller any
information, materials or items other than those set forth in this Agreement or the APA.

 

		2.2	Ownership. Subject to the License Grant, Buyer shall remain the sole and exclusive owner
of any and all right, title and interest in and to the Licensed IP, and all modifications, improvements, enhancements, and derivative
works of the Licensed IP created, conceived, discovered, first reduced to practice or invented by or on behalf of Buyer. Seller
shall not, and shall not direct or aid any third party to, attack, dispute, or otherwise challenge Buyer’s ownership of or
the validity of the Licensed IP. Subject to Buyer’s ownership in and to the Licensed IP, Seller shall remain the sole and
exclusive owner of any and all right, title and interest in and to any modifications, improvements, enhancements, and derivative
works of the Licensed IP created, conceived, discovered, first reduced to practice or invented by or on behalf of Seller, provided
that Seller shall not, at any time during the term of this Agreement or thereafter, file or have filed any patent applications
that claim priority to any Licensed IP except with the prior written consent of Buyer (which may be reasonably withheld by Buyer).

 

		2.3	Buyer’s Prosecution, Defense and Enforcement Rights. Without limiting the foregoing
but subject to Buyer’s obligations under Section ‎2.4, Buyer shall retain the sole
right and full discretion to determine the protection mechanism of the Licensed IP and to file, record, prosecute, abandon prosecution
of, maintain, discontinue maintenance of and/or defend or enforce its right, title and interest in and to any and all Licensed
IP. Buyer shall be entitled to any and all recovery or settlement received in connection with any suit or claim initiated or pursued
by Buyer.

 

		2.4	Seller’s Prosecution Rights. Seller may from time to time consult with Buyer (or Buyer’s
external patent counsel) regarding the filing, prosecution or maintenance of any patents or patent applications that form part
of the Licensed IP and comment on all relevant material matters related to prosecution of the Licensed IP that include claims of
a scope that in whole or in part are directed to the Field. Buyer shall reasonably consider any such comments provided by Seller,
and Buyer will within a reasonable time either:

 

    	 	6	 

     

    

 

		(a)	implement such comments received from Seller itself (or direct its external patent counsel to do
so), at Seller’s sole cost and expense (including legal fees and filing, prosecution and maintenance fees) and in a manner
as reasonably determined by Buyer having regard to how Seller’s comments may affect any claims directed in whole or in part
to the Business or the Business Product. Buyer shall keep Seller reasonably informed regarding matters related to the implementation
of Seller’s comments under this clause (a) and shall, without limitation: (i) provide (or direct its external patent counsel
to provide) Seller with access to copies of all material documentation and correspondence relating to the filing, prosecution and
maintenance of the relevant Licensed IP so that Seller may remain informed with respect thereto; and (ii) give Seller, at Seller’s
expense, reasonable opportunity to consult with Buyer (or its external patent counsel) regarding such filing, prosecution, maintenance
and to comment on all relevant material matters related to prosecution of the Licensed IP with claims of a scope that in whole
or in part are directed to the Field. Seller shall, at its sole cost and expense, provide all reasonable assistance to Buyer, as
requested by Buyer, to assist Buyer in implementing Seller’s comments under this clause (a); or

 

		(b)	authorize Seller to implement such comments itself, in which case Seller shall be completely responsible
for the prosecution of the relevant Licensed IP, and all related costs and expenses (including legal fees and filing, prosecution
and maintenance fees). Seller shall keep Buyer reasonably informed regarding matters related to its prosecution activities under
this clause (b) and shall, without limitation: (i) provide (or direct its external patent counsel to provide) Buyer with access
to copies of all material documentation and correspondence relating to the filing, prosecution and maintenance of the Licensed
IP so that Buyer may remain informed with respect thereto; and (ii) give Buyer, at Buyer’s expense, reasonable opportunity
to consult with Seller (or its external patent counsel) regarding such filing, prosecution, maintenance and to comment on all relevant
material matters related to prosecution of the Licensed IP (particularly, but without limitation, to matters that may affect any
claims directed to the Business or the Business Product), provide input on the drafting of any claims and amendments to claims
and review draft responses prior to filing with Governmental Authorities, such that Buyer is given a reasonable opportunity to
provide meaningful input in advance of any applicable deadlines. Seller shall ensure that all comments by Buyer are reasonably
considered by Seller and its prosecuting counsel and shall implement any comments by Buyer that relate to the Business or the Business
Product. Buyer shall, at Seller’s sole cost and expense, provide all reasonable assistance to Seller and provide and execute
all documents prepared and reasonably requested by Seller, to assist Seller in exercising its rights under this clause (b).

 

    	 	7	 

     

    

 

Buyer’s
decision to implement Seller’s comments under clause (a) or authorize Seller to implement such comments itself under clause
(b) shall be made in consultation with Seller, having reasonable regard to the subject matter, scope and territory of the Licensed
IP, the nature of the proposed prosecution activities, Seller’s interests in protecting its rights with respect to the Field
and Buyer’s interests in protecting its rights with respect to the Business Product and Business.

 

		2.5	Abandonment of Licensed IP. In the event Buyer elects, in its sole discretion, not to pursue,
maintain or retain a particular patent or patent application that forms part of the Licensed IP, Buyer shall so notify Seller and,
subject to the rights of relevant Governmental Authorities and any other contractual obligations to research sponsors, Buyer will
authorize Seller to assume the filing, prosecution and/or maintenance of such patent or patent application in Buyer’s name
or Seller’s name, at Seller’s option, and at Seller’s sole cost and expense, and such notification will be in
reasonable time for Seller to satisfy any agency or judicial requirements. In such event, Buyer shall provide to Seller any authorization
necessary to permit Seller to pursue and/or maintain such patent right, on such economic and other terms as the Parties shall mutually
agree.

 

		2.6	Defense and Enforcement of Licensed IP. The Parties shall keep each other informed of any
alleged infringement by a third party of the Licensed IP in the Field and any legal or administrative action by any third party
against the Licensed IP in the Field, including any oppositions, interference, derivation, revocation, reexamination, inter
partes review, post-grant review, nullity action, compulsory license proceeding, or declaratory judgment action (“Invalidity
Action”). Any defense of an Invalidity Action by Seller shall be governed by this Section ‎2.6.
Seller may defend or enforce any Licensed IP with the prior written consent of Buyer, which shall not be unreasonably withheld
or delayed. In the event Buyer provides Seller with written consent to defend or enforce any Licensed IP, Seller shall defend or
enforce the Licensed IP at Seller’s sole cost and expense, shall keep Buyer reasonably informed regarding matters related
to its activities under this Section ‎2.6 and, without limitation:

 

		(a)	provide (or direct its external counsel to provide) Buyer with access to copies of all material
documentation and correspondence relating to the defense and enforcement so that Buyer may remain informed with respect thereto;

 

		(b)	give Buyer reasonable opportunity to consult with Seller (or its external counsel) regarding such
defense and enforcement and to comment on all relevant material matters related to defense and enforcement of the Licensed IP (particularly
but without limiting to matters that may affect any claims directed in whole or in part to the Business or the Business Product)
and provide input on strategy, filings and selection and use of outside counsel; and

 

    	 	8	 

     

    

 

		(c)	ensure that all comments by Buyer are reasonably considered by Seller and its counsel and shall
implement any and all comments provided by Buyer that relate to the Business or the Business Product.

 

Buyer shall, at Seller’s
request and sole cost and expense, provide all reasonable assistance to Seller, provide and execute all documents prepared and
reasonably requested by Seller and, if required, join Seller as a party plaintiff in the relevant suit, to assist Seller in exercising
its rights under this Section ‎2.6. Buyer may also voluntarily join Seller as a party plaintiff in any related suit with counsel
of its choice, and Seller hereby authorizes Buyer to do so. Notwithstanding anything in the foregoing, Seller shall not waive,
release, settle or compromise any claim or make any admission as to Buyer or Buyer’s Affiliates, without the prior written
approval of Buyer, which shall not be unreasonably withheld or delayed. Any recovery or settlement derived from any suit or claim
initiated or pursued by Seller under this Section ‎2.6 shall first be applied to the Parties’ costs and expenses,
including attorney’s fees, in connection therewith, and any balance remaining shall then be divided equally between the Parties.

 

		3.	Supply of New Products and Ex-America Products to Buyer

 

		3.1	Right of First Offer. If at any time during the term of this Agreement, Seller decides to
market, launch, sell or distribute any New Product, Seller shall immediately notify Buyer in writing (the “Offer Notice”).
Except pursuant to a right of first offer granted pursuant to any of the Contracts listed in Exhibit B (each, a “Superior
ROFO”), Seller shall not offer any third party a right to market, sell and/or distribute the New Product until at least
sixty (60) days after the Offering Notice is given to Buyer (plus the amount of time in which any Licensed Distributor has to exercise
a Superior ROFO). Following Buyer’s receipt of the Offer Notice, at Buyer’s option, which Buyer may exercise in its
sole discretion, the Parties shall negotiate in good faith the terms that will apply to Buyer’s marketing, selling and/or
distribution of such New Product (the “Distribution Agreement”), subject to Section ‎3.2
and provided that (i) Buyer may terminate the negotiations at any time, and (ii) Seller may terminate the negotiations in the event
a Licensed Distributor exercises the same right under a Superior ROFO. If the Parties, despite their good faith negotiations are
unable to agree to a Distribution Agreement during such 60-day period, as extended (or such other period as mutually agreed to
by the Parties), or Buyer or Seller terminates the negotiations as provided above, Seller shall have the right to market, launch,
sell and distribute the New Product without restriction hereunder.

 

		3.2	Most Favored Customer. Seller acknowledges and agrees that the terms and conditions under
which Seller may grant Buyer a right to market, sell or distribute any New Product under a Distribution Agreement, including the
amounts payable by Buyer under the Distribution Agreement (the “Distribution Terms”), shall be at least as favorable
as the terms granted by Seller to its other distributors, customers or resellers of the New Product in the country in which Buyer
intends to market, sell or distribute the New Product (if applicable), under agreements signed before, on or after the effective
date of the Distribution Agreement and to whom Seller provides products similar to the New Product. If the terms granted by Seller
to another one of its distributors, customers or resellers are, considering the foregoing, more favorable than the terms under
the Distribution Terms (such as if the amounts payable by the Seller’s other distributors, customers or resellers are lower
than the amounts payable by Buyer), then the Distribution Agreement shall be retrospectively amended to provide Buyer with the
benefit of such more favorable terms on and from the first date on which such more favorable terms first became effective for Seller’s
other distributors, customers or resellers. Every six (6) months commencing from the effective date of the Distribution Agreement,
Seller shall certify in writing to Buyer that it has complied with this Section.

 

    	 	9	 

     

    

 

		3.3	No Obligation. Without limiting Buyer’s rights under Section ‎3.1
or ‎3.2, nothing in this Agreement shall create an obligation on Buyer to market, launch,
buy, sell, supply, resell or distribute any New Products or Ex-America Products.

 

		4.	UCSD Patents

 

		4.1	Definitions. For the purpose of this Section ‎4
only, any capitalized terms which have not been defined in this Agreement have the meanings given to them in the UCSD License Agreements
(defined below).

 

		4.2	Background. Each of the Parties has entered into a license agreement with The Regents of
the University of California (the “University”), represented by its San Diego campus (the “UCSD License
Agreements”), for the license of the University’s rights in any of the following: (a) the US patent application
(serial number 09/569,466, titled “MACROMOLECULAR CARRIER FOR DRUG AND DIAGNOSTIC AGENT DELIVERY”) disclosing and claiming
the Invention, filed by Inventor and assigned to the University; (b) continuing applications thereof including divisions,
substitutions, and continuations-in-part (but only to the extent the claims thereof are entirely supported in the specification
and entitled to the priority date of the parent application), and (c) any patents issuing on said applications including reissues,
reexaminations and extensions; and any corresponding foreign applications or patents. Under such UCSD License Agreements, Buyer
and Seller have separately agreed to reimburse the University for certain Patent Costs and have been granted certain rights with
respect to the infringement and defense of Patent Rights. This Section ‎4 is intended
to set forth each Party’s rights and obligations as between Buyer and Seller, with respect to the matters described in the
foregoing sentence. The Parties acknowledge that nothing in this Agreement is intended to affect or limit the rights of the University
under the UCSD License Agreements.

 

    	 	10	 

     

    

 

		4.3	Maintenance Fees. As between Buyer and Seller:

 

		(a)	Seller shall be responsible for any and all out-of-pocket expenses for the maintenance of all patents
filed in the Licensed Territory (as defined in Section ‎1.1(b) of this Agreement) included
in the Patent Rights, and Seller shall ensure that all such expenses are reimbursed to the University in accordance with the terms
of its UCSD License Agreement;

 

		(b)	Buyer shall be responsible for any and all out-of-pocket expenses for the maintenance of all patents
filed in the Territory (as defined in the APA) included in the Patent Rights, and Buyer shall ensure that all such expenses are
reimbursed to the University in accordance with the terms of its UCSD License Agreement; and

 

		(c)	any other Patent Costs that are required to be reimbursed under the UCSD License Agreement shall
be allocated between the Parties in accordance with a written amendment to this Agreement executed by both Parties.

 

		4.4	Enforcement and Defense of UCSD Patents. Each Party may exercise its rights and fulfill
its obligations with respect to the infringement, enforcement and defense of any Patent Rights (including with respect to Invalidity
Actions relating to the Patent Rights) in accordance with its respective UCSD License Agreement, and without any obligation to
the other Party except as set forth in this Section ‎4.4. Seller may not defend or enforce
any Patent Rights under its UCSD License Agreement (including but not limited to the defense of Invalidity Actions), except with
the prior written consent of Buyer, which shall not be unreasonably withheld or delayed. In the event Buyer provides Seller with
written consent to defend or enforce any such Patent Rights and Seller is permitted to defend or enforce the Patent Rights under
its UCSD License Agreement, Seller shall defend or enforce the Patent Rights at Seller’s sole cost and expense, shall keep
Buyer reasonably informed regarding matters related to its activities under this Section ‎4.4
and shall, without limitation:

 

		(a)	provide (or direct its external counsel to provide) Buyer with access to copies of all material
documentation and correspondence relating to the defense and enforcement so that Buyer may remain informed with respect thereto;

 

		(b)	give Buyer reasonable opportunity to consult with Seller (or its external counsel) regarding such
defense and enforcement and to comment on all relevant material matters related to defense and enforcement of the Licensed IP (particularly
but not limited to such matters that may affect the Business or the Business Product) and provide input on strategy, filings and
selection and use of outside counsel; and

 

    	 	11	 

     

    

 

		(c)	ensure that all comments by Buyer are reasonably considered by Seller and its counsel and shall
implement any and all comments by Buyer which relate to the Business or the Business Product.

 

		4.5	If permitted by the University, Buyer may voluntarily join Seller in the suit initiated by Seller
with counsel of Buyer’s choice at Buyer’s sole cost. If necessary to maintain a lawsuit initiated by Seller, Buyer
will, at Seller’s sole cost, join Seller in any infringement suit necessary to enforce Seller’s rights. Notwithstanding
anything in the foregoing, Seller shall not waive, release, settle or compromise any such claim or make any admission as to Buyer
or Buyer’s Affiliates, without the prior written approval of Buyer, which shall not be unreasonably withheld or delayed.

 

		5.	Term And Termination

 

		5.1	Term. The term of the Agreement shall commence as of the Effective Date and shall continue
perpetually unless terminated in accordance with Section ‎5.2 or ‎5.3.

 

		5.2	Termination by Buyer. Without limiting any other rights or remedies that may be available
to Buyer, Buyer may terminate this Agreement upon written notice to Seller if Seller or any of its Affiliates, or any other Person
acting under direction of Seller or any such Affiliate, directly or indirectly, files or takes any action to challenge any of Buyer’s
or its Affiliate’s rights in the Licensed IP or any University-owned patent licensed under the UCSD License Agreements in
the Territory, and Seller fails to reverse and cure the challenge to Buyer’s reasonable satisfaction within 30 days of Buyer’s
notice to Seller (or if such reversal and cure cannot reasonably be accomplished within such original 30-day period, and Seller
notifies Buyer in writing within such 30-day period of Seller’s intention and proposed steps to reverse and cure and thereafter
diligently pursues the same, then Seller will have such additional period of time (not to exceed 60 days following expiration of
the original 30-day period) as is necessary to accomplish such reversal and cure).

 

		5.3	Termination by Seller. Seller may terminate this Agreement upon at least 90 days’
written notice to Buyer, provided that such notice shall state Seller’s reason for terminating this Agreement.

 

		5.4	Effect of Termination. Upon termination of this Agreement for any reason:

 

		(a)	neither Party’s obligation or liability accrued or any rights arising under this Agreement
prior to such termination shall be impaired or affected;

 

		(b)	Seller’s rights to the Licensed IP shall immediately cease;

 

		(c)	at Buyer’s option, Seller shall destroy or deliver to Buyer any of Buyer’s Confidential
Information in Seller’s or its Sublicensees’ possession or control, including written and electronic records (and copies
thereof) that contain Confidential Information of Buyer or the Licensed IP and materials that are based on or use or incorporate
any Confidential Information of Buyer or the Licensed IP, and certify to Buyer that it has complied with this Section ‎5.4(c);
and

 

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		(d)	Sections ‎1.2, ‎1.3(b),
‎1.3(d), ‎1.7, ‎1.8,
‎2.1, ‎2.2 and ‎4
to ‎8 (inclusive) shall survive any termination of this Agreement.

 

		6.	Confidentiality

 

		6.1	Definition. “Confidential Information” means any and all non public information
or other confidential or proprietary information disclosed by or on behalf of Buyer to Seller, whether orally or in writing, that
is either: (a) conspicuously marked or otherwise identified as confidential or proprietary at the time of disclosure; or (b) should
reasonably be understood by Seller to be confidential based upon the nature of the information disclosed or the circumstances of
the disclosure. Confidential Information includes the Licensed IP.

 

		6.2	Nonuse and Nondisclosure. Seller shall not: (a) use any Confidential Information other than
for the purpose of exercising its rights under the License Grant; or (b) disclose any Confidential Information to any third party.
Seller shall take all reasonable precautions to prevent any unauthorized disclosure of Confidential Information, at least by exercising
no less than the same degree of care as Seller exercises with respect its own proprietary and confidential information. If Seller
receives a subpoena or other validly issued administrative or judicial process requesting Confidential Information, it will, to
the extent legally permissible, promptly notify Buyer, and provide reasonable assistance to Buyer to object to, oppose, squash
or otherwise limit the subpoena or process.

 

		7.	Liability

 

		7.1	Disclaimer. SELLER ACKNOWLEDGES AND AGREES THAT THE LICENSED IP IS LICENSED “AS IS”
WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED. BUYER DISCLAIMS AND SHALL NOT BE LIABLE FOR ANY WARRANTIES, REPRESENTATIONS, GUARANTEES,
COVENANTS AND OBLIGATIONS OF ANY KIND OR NATURE, WHETHER EXPRESS OR IMPLIED, INCLUDING THOSE RELATING TO THE USEFULNESS, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, VALIDITY, PERFORMANCE, MARKETABILITY OR TITLE OF THE LICENSED IP OR SELLER’S
EXERCISE OF ITS RIGHTS UNDER THIS AGREEMENT. SELLER ASSUMES THE ENTIRE RISK AND RESPONSIBILITY FOR THE SAFETY, EFFICACY, PERFORMANCE,
DESIGN, MARKETABILITY, TITLE, AND QUALITY OF ALL PRODUCTS WHICH PRACTICE OR USE THE LICENSED IP (OTHER THAN ANY PRODUCTS OF BUYER
OR BUYER’S OTHER LICENSEES OR ANY USE OF THE LICENSED IP BY BUYER OR ITS OTHER LICENSEES). Seller hereby covenants not to
sue Buyer or its Affiliates with respect to any of the matters which are disclaimed by Buyer in this Section ‎7.1.

 

    	 	13	 

     

    

 

		7.2	Limitation of Liability. In no event shall Buyer or its Affiliates be responsible or liable
for any indirect, special, punitive, incidental, or consequential damages or lost profits, lost business, lost reputation, lost
opportunity, or intellectual property infringement to Seller, regardless of legal theory.

 

		7.3	Application. The disclaimers and limitations in this Section ‎7
apply even though Buyer or its Affiliates may have been advised of the possibility of the relevant loss or damage.

 

		7.4	Indemnification. Seller shall, and will require its Sublicensees (including distributors)
to, indemnify, hold harmless, and defend Buyer and its Affiliates, and each of their officers, employees, sublicensees, distributors,
customers, representatives and agents, against any and all claims, suits, losses, damages, costs, fees, and expenses, including
any indirect, special, punitive, incidental, or consequential damages, and any profits, lost business or lost opportunity, regardless
of legal theory, in connection with: (a) Seller’s exercise of its rights under this Agreement; (b) the New Products or Ex-America
Products; (c) Seller’s breach of this Agreement; or (d) any act or omission by Seller, any Licensed Distributor or any Person
acting under Seller’s control that results in: (i) a material reduction of Buyer’s ability to use, design, develop,
manufacture, use, import, export, offer for sale, sell, license, reproduce, distribute, or otherwise exploit or commercialize any
Business Product; (ii) the withdrawal or any adverse effect on any IND, NDA, clinical trial or other product registration; (iii)
Buyer or its Subsidiaries to be in breach or violation of any condition under any IND, NDA, clinical trial or other product registration
or any Laws applicable to the Business Product; or (iv) any Governmental Authority commencing or threatening an investigation,
audit, Action, suit, hearing, charge, claim, demand, notice or other proceeding (each, an “Indemnified Claim”).
Nothing is indemnified if Seller is merely providing a regulatory agency with information regarding an adverse event. Without limiting
the foregoing obligations of Seller, where an Indemnified Claim is asserted by a third party, Buyer will have the right at its
option, to have sole control over the defense, settlement, compromise, admission, or acknowledgment of the Indemnified Claim, or
to request that Seller undertake the defense, settlement, compromise, admission, or acknowledgment of the Indemnified Claim. If
Buyer notifies Seller that Buyer shall have sole control over the defense, settlement, compromise, admission, or acknowledgment
of the Indemnified Claim, Seller shall at Seller’s own cost and expense, provide all assistance as requested by Buyer. If
Buyer requests that Seller undertakes the defense, settlement, compromise, admission, or acknowledgment of the Indemnified Claim,
Seller shall immediately comply with such request, keep Seller reasonably informed of the progress of the Indemnified Claim (including
providing all information as requested by Buyer) and allow Buyer to reasonably participate, at Buyer’s sole cost and expense,
in such defense, settlement, compromise, admission, or acknowledgment using counsel of Buyer’s choice. Notwithstanding anything
in the foregoing, Seller shall not waive, release, compromise or settle any Indemnified Claim that may adversely affect Buyer in
any manner, without Buyer’s prior written approval.

 

    	 	14	 

     

    

 

		8.	Miscellaneous

 

		8.1	Compliance with Laws. Seller shall comply with all Legal Requirements, including all applicable
United States and foreign laws with respect to the transfer of New Products and Ex-America Products and related technical data
to foreign countries, including the International Traffic in Arms Regulations and the Export Administration Regulations, in the
exercise of its rights and fulfillment of its obligations under this Agreement.

 

		8.2	Right to Injunction. Seller acknowledges that the Licensed IP possesses special, unique
and extraordinary characteristics which could make difficult the assessment of monetary damages, which Buyer could sustain due
to a breach or threatened breach by Seller of this Agreement, such as Seller’s unauthorized use of the Licensed IP or the
Confidential Information. Seller recognizes and acknowledges that such unauthorized activities or breaches of obligations could
cause irreparable injury to Buyer and specifically agrees that injunctive and other equitable relief is appropriate in the event
of a breach or threatened breach by Seller of this Agreement. Such equitable relief shall not be exclusive of or in lieu of any
other remedies available to Buyer. Buyer’s pursuit of equitable remedies hereunder shall not be deemed to be an election
of remedies by Buyer. Seller agrees to waive any requirement for the security or posting of any bond in connection with such remedy.

 

		8.3	Entire Agreement. This Agreement together with the Transaction Documents constitutes the
entire agreement between Seller and Buyer in relation to the subject matter set forth herein. Any prior agreements, letters of
intent, term sheets or understandings among Seller and Buyer, and any representations or statements made by or on behalf of Buyer
or any of its Affiliates to Seller, whether written or oral, with respect to the subject matter of this Agreement are superseded
to the extent not expressly included in this Agreement or the APA.

 

		8.4	Assignment. Seller shall not assign, transfer, or delegate any of its obligations under
this Agreement, in whole or in part, without Buyer’s prior written consent. Any attempt to assign, transfer, or delegate
in breach of the foregoing assignment shall be null and void and of no force or effect. Buyer may assign this Agreement at any
time and Seller hereby agrees to any such assignment.

 

		8.5	Counterparts. This Agreement may be executed in multiple counterparts and by facsimile or
other means of electronically imaging a signature, each of which, when taken together, shall constitute one and the same instrument.

 

		8.6	Relationship of Parties. The Parties are independent contractors. There is no relationship
of principal to agent, master to servant, employer to employee, or franchiser to franchisee between the Parties. Neither Party
has the authority to bind the other or incur any obligation on its behalf.

 

    	 	15	 

     

    

 

		8.7	Incorporation by Reference and Notices to Seller. Sections 1, 9.1, 9.3, 9.5, 9.8, 9.10,
9.11, 9.13, 9.14 and 9.15 of the APA are hereby incorporated into this Agreement by reference; provided that, for purposes of providing
any notice, request instruction or other document to be given hereunder to Seller, a copy thereof shall be provided, in addition
to the Persons set forth in Section 9.1, to: Porzio Bromberg & Newman in DC. Attention: Scott Chambers, Facsimile: (202) 517-6322,
email: SAChambers@pbnlaw.com.

 

Signature Page follows

 

    	 	16	 

     

    

 

	Execution Version	 	Exhibit 10.3

 

IN WITNESS WHEREOF, the Parties have caused
their duly authorized representatives to execute this Agreement as of the Effective Date.

 

	Navidea Biopharmaceuticals, Inc.	 	Cardinal Health 414, LLC
	 	 	 
	 	 	 
	By:	/s/ Jed Latkin	 	By:	/s/ Tiffany Olson
	 	Name: Jed Latkin	 	 	Name: Tiffany Olson
	 	Title: Interim Chief Financial Officer/ 

Chief Operating Officer	 	 	Title: President- Nuclear Pharmacy

 Services

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